# EDGAR Filing Document

**Accession Number:** 0001815558
**File Stem:** 0001580642-25-007076
**Filing Date:** 2025-11
**Character Count:** 92837
**Document Hash:** 55eed1e763ee37efa02179a6135ee47b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007076.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001580642-25-007076

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**EFFECTIVENESS DATE**: 20251106

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23581
- **FILM NUMBER:** 251457720

**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           |

### WAYCROSS MANAGED RISK EQUITY FUND (Series ID: S000069481)

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

?xml version='1.0' encoding='ASCII'?

**united states securities and exchange commission**

**Washington, D.C. 20549**

**form n-csr**

**certified shareholder report of registered management investment companies**

Investment Company Act file number <u>811-23581</u>

**<u>Waycross Independent Trust</u>**

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 <br> (Address of principal executive offices) (Zip code)

Jonathan D. Burgess

225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246

(Name and address of agent for service)

Registrant's telephone number, including area code: (513) 587-3400

Date of fiscal year end: <u>February 28</u> <br>Date of reporting period: <u>August 31, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1.** **Reports to Stockholders.**

(a) # Waycross Managed Risk Equity Fund
(WAYEX)

### Semi-Annual Shareholder Report - August 31, 2025
![Image](i5b7711767ee964e4fccd7ed7.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Waycross Managed Risk Equity Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/waycross/**. You can also request this information by contacting us at (866) 267-4304.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Waycross Managed Risk Equity Fund | $116 | 2.21% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Managed Risk Equity Fund produced a 7.70% return for the six-month period ending August 31, 2025, outperforming the primary benchmark (custom index) comprised of 50% S&P 500<sup>®</sup> Index and 50% ICE BofA 3 Month U.S. Treasury Bill Index, which collectively returned 5.75%. Since inception, the Managed Risk Equity Fund produced a 7.73% return ending August 31, 2025, underperforming its primary benchmark, (custom index) comprised of 50% S&P 500<sup>®</sup> Index and 50% ICE BofA 3 Month U.S. Treasury Bill Index, which returned 7.89% for the same period.

&nbsp;&nbsp;&nbsp;&nbsp; During the six-month period ending August 31, 2025, the Technology sector was the most significant contributor to performance, led by our long positions in NVIDIA Corporation (NVDA), Microsoft Corporation (MSFT), and Broadcom, Inc. (AVGO). The Health Care sector was the primary detractor of performance during the period due to long positions in Intuitive Surgical, Inc. (ISRG), Thermo Fisher Scientific, Inc. (TMO), and UnitedHealth Group, Inc. (UNH).

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i60ddf4546b31c42f7ca706a6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Waycross Managed Risk Equity Fund** | **50% S&P 500<sup>®</sup> Index/50% ICE BofA 3 Month U.S. Treasury Bill Index** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $10000 | $10000 |
| **Aug-2016** | $10105 | $10642 | $11255 |
| **Aug-2017** | $10911 | $11516 | $13082 |
| **Aug-2018** | $12163 | $12708 | $15655 |
| **Aug-2019** | $12185 | $13097 | $16112 |
| **Aug-2020** | $14215 | $14651 | $19647 |
| **Aug-2021** | $16987 | $16831 | $25770 |
| **Aug-2022** | $15056 | $15966 | $22876 |
| **Aug-2023** | $16901 | $17627 | $26524 |
| **Aug-2024** | $20089 | $20469 | $33721 |
| **Aug-2025** | $22613 | $22568 | $39076 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Waycross Managed Risk Equity Fund | 12.56% | 9.73% | 7.73% |
| 50% S&P 500<sup>®</sup> Index/50% ICE BofA 3 Month U.S. Treasury Bill Index | 10.25% | 9.02% | 7.89% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 13.45% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$111,195,847

* Number of Portfolio Holdings98

* Advisory Fee $665,012

* Portfolio Turnover23%

## Top Ten Short Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Hilton Worldwide Holdings, Inc. | -1.6% |
| Illinois Tool Works, Inc. | -1.3% |
| Texas Instruments, Inc. | -1.3% |
| Halliburton Company | -1.3% |
| Medtronic plc | -1.2% |
| Zimmer Biomet Holdings, Inc. | -1.2% |
| Consolidated Edison, Inc. | -1.2% |
| Lockheed Martin Corporation | -1.2% |
| Comcast Corporation - Class A | -1.2% |
| PNC Financial Services Group, Inc. (The) | -1.2% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)\***![Group By Sector Chart](i11753af8bc6143c74cb75f72.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 1.0% |
| Utilities | 1.6% |
| Materials | 2.2% |
| Consumer Staples | 2.4% |
| Communications | 2.8% |
| Health Care | 4.7% |
| Industrials | 5.2% |
| Consumer Discretionary | 6.6% |
| Financials | 7.4% |
| Technology | 16.1% |

---

\* The net percentages are computed by taking the net dollar exposure, including short positions, and dividing by the net assets of the Fund. Consequently, the percentages will not total to 100%.

## Top Ten Long Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 4.7% |
| Microsoft Corporation | 4.2% |
| Amazon.com, Inc. | 3.4% |
| Boeing Company (The) | 2.7% |
| Meta Platforms, Inc. - Class A | 2.5% |
| Broadcom, Inc. | 2.5% |
| AbbVie, Inc. | 2.5% |
| Alphabet, Inc. - Class A | 2.4% |
| Lowe's Companies, Inc. | 2.4% |
| Goldman Sachs Group, Inc. (The) | 2.3% |

---

## Material Fund Changes
No material changes occurred during the period ended August 31, 2025.

![Image](i5b7711767ee964e4fccd7ed7.jpg)

# Waycross Managed Risk Equity Fund (WAYEX)

## Semi-Annual Shareholder Report - August 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/waycross/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 083125-WAYEX

# Waycross Focused Core Equity Fund
(WAYFX)

### Semi-Annual Shareholder Report - August 31, 2025
![Image](ia3899a5c4294b5e263fe6550.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Waycross Focused Core Equity Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/waycross/**. You can also request this information by contacting us at (866) 267-4304.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Waycross Focused Core Equity Fund | $37 | 0.69% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Focused Fund produced a 12.25% return for the six-month period ending August 31, 2025, outperforming its primary benchmark, the S&P 500<sup>®</sup> Index, which returned 9.21% for the same period. Since inception, the Focused Fund produced a 15.38% return ending August 31, 2025, outperforming its primary benchmark, the S&P 500<sup>®</sup> Index, which returned 14.28% for the same period.

&nbsp;&nbsp;&nbsp;&nbsp; During the six-month period ending August 31, 2025, the Technology sector was the most significant contributor to performance, led by our positions in NVIDIA Corporation (NVDA), Microsoft Corporation (MSFT), and Broadcom, Inc. (AVGO). The Health Care sector was the primary detractor of performance during the period due to our positions in Intuitive Surgical, Inc. (ISRG), Becton, Dickinson and Company (BDX), and UnitedHealth Group, Inc. (UNH).

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8646197a5ad069ffd9661561.jpg)

---

| | | |
|:---|:---|:---|
| | **Waycross Focused Core Equity Fund** | **S&P 500<sup>®</sup> Index** |
| **Dec-2020** | $10000 | $10000 |
| **Aug-2021** | $12620 | $12367 |
| **Aug-2022** | $10260 | $10978 |
| **Aug-2023** | $12825 | $12729 |
| **Aug-2024** | $16309 | $16182 |
| **Aug-2025** | $19619 | $18752 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (December 15, 2020)** |
| Waycross Focused Core Equity Fund | 20.29% | 15.38% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.28% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$118,674,995

* Number of Portfolio Holdings31

* Advisory Fee (net of waivers)$193,034

* Portfolio Turnover19%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1628dab97cddd4e79517bf57.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Money Market Funds | 0.6% |

---

## What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i050c865f0105e0366696e3c5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 0.6% |
| Utilities | 1.5% |
| Materials | 1.6% |
| Energy | 1.7% |
| Consumer Staples | 4.0% |
| Consumer Discretionary | 8.5% |
| Health Care | 9.9% |
| Communications | 10.7% |
| Financials | 11.2% |
| Industrials | 12.4% |
| Technology | 37.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Boeing Company (The) | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;3.7% |

---

## Material Fund Changes
No material changes occurred during the period ended August 31, 2025.

![Image](ia3899a5c4294b5e263fe6550.jpg)

# Waycross Focused Core Equity Fund (WAYFX)

## Semi-Annual Shareholder Report - August 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/waycross/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 083125-WAYFX

(b) Included with (a)

**Item 2.** **Code of Ethics.**

Not required

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

Not required

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

Not required

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable

**Item 6.** **Investments.**

(a) The Registrant(s)
 schedule(s) of investments is included in the Financial Statements under Item 7 of this form.

(b) Not applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) ![](img_001.jpg)

**WAYCROSS MANAGED RISK EQUITY FUND**

**(WAYEX)**

**WAYCROSS FOCUSED CORE EQUITY FUND**

**(WAYFX)**

**Semi-Annual Financial Statements and Additional Information**

August 31, 2025

(Unaudited)

**WAYCROSS MANAGED RISK EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 90.4%** | **Shares** | **Value** |
| **Communications — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A <sup>(a)</sup> | 12657 | $2694802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A <sup>(a)</sup> | 3787 | 2797457 |
|  |  | 5492259 |
| **Consumer Discretionary — 12.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Apparel & Textile Products — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B <sup>(a)</sup> | 17760 | 1374091 |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)(b)</sup> | 16526 | 3784454 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc. - Class A | 6236 | 1670375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation | 10587 | 933668 |
|  |  | 2604043 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 5.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 10305 | 2659308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(b)</sup> | 17460 | 1810253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 10977 | 1499568 |
|  |  | 5969129 |
| **Consumer Staples — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corporation | 5658 | 543055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 18187 | 1763775 |
|  |  | 2306830 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corporation <sup>(a)</sup> | 12570 | 1011508 |
| **Energy — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 8106 | 1205849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 14237 | 1777062 |
|  |  | 2982911 |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company | 37102 | 1684431 |

---

**WAYCROSS MANAGED RISK EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 90.4% (Continued)** | **Shares** | **Value** |
| **Financials — 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | 18125 | $1737100 |
| &nbsp;&nbsp;&nbsp;*Banking — 5.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. <sup>(a)</sup> | 25081 | 2422072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 39492 | 1807549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | 39388 | 1844146 |
|  |  | 6073767 |
| &nbsp;&nbsp;&nbsp;*Financial Services — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc. | 1175 | 1324389 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) <sup>(a)</sup> | 3509 | 2615082 |
| &nbsp;&nbsp;&nbsp;*Insurance — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 5244 | 1079268 |
| **Health Care — 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. <sup>(a)</sup> | 12953 | 2725311 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 5404 | 1575861 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 7.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 11328 | 1502773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | 4087 | 788709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corporation <sup>(b)</sup> | 14394 | 1518567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation <sup>(a)</sup> | 5732 | 1179760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. <sup>(b)</sup> | 1592 | 1030167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(b)</sup> | 4085 | 1933410 |
|  |  | 7953386 |
| **Industrials — 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The) <sup>(b)</sup> | 12944 | 3037698 |
| &nbsp;&nbsp;&nbsp;*Diversified Industrials — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Company | 10063 | 1328316 |

---

**WAYCROSS MANAGED RISK EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 90.4% (Continued)** | **Shares** | **Value** |
| **Industrials — 10.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Diversified Industrials* **—** *2.2% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 4978 | $1092671 |
|  |  | 2420987 |
| &nbsp;&nbsp;&nbsp;*Machinery — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 29718 | 2360501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 20900 | 1552661 |
|  |  | 3913162 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 15000 | 926700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 30600 | 1343340 |
|  |  | 2270040 |
| **Materials — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 17471 | 1343869 |
| &nbsp;&nbsp;&nbsp;*Construction Materials — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | 5421 | 2091910 |
| **Technology — 27.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 11.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(b)</sup> | 6500 | 1057095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. <sup>(a)</sup> | 8737 | 2195696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 9175 | 2728553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation <sup>(a)</sup> | 29851 | 5199447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | 6214 | 1459358 |
|  |  | 12640149 |
| &nbsp;&nbsp;&nbsp;*Software — 10.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd. <sup>(b)</sup> | 6443 | 1244401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 2151 | 1434717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation <sup>(a)</sup> | 9287 | 4705630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | 6800 | 1537684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 4335 | 1110844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(b)</sup> | 1583 | 1452339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. <sup>(b)</sup> | 800 | 482816 |
|  |  | 11968431 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. <sup>(a)</sup> | 10128 | 2351114 |

---

**WAYCROSS MANAGED RISK EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 90.4% (Continued)** | **Shares** | **Value** |
| **Technology — 27.0% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Technology Services — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A <sup>(a)</sup> | 4378 | $2606179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. <sup>(a)(b)</sup> | 6389 | 448444 |
|  |  | 3054623 |
| **Utilities — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edison International | 21825 | 1225037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company (The) | 5963 | 550385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 19205 | 1390250 |
|  |  | 3165672 |
| **Total Common Stocks** (Cost $63,153,940) |  | $100551475 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 9.7%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 4.21% <sup>(c)</sup> (Cost $10,732,333) | 10732333 | $10732333 |
| **Investments at Value — 100.1%** (Cost $73,886,273) |  | $111283808 |
| **Liabilities in Excess of Other Assets — (0.1%)** |  | (87961) |
| **Net Assets — 100.0%** |  | $111195847 |

---

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 August 31, 2025 was $25,891,547.

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

<sup>(c)</sup> The rate shown is the 7-day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

**WAYCROSS MANAGED RISK EQUITY FUND**

**SCHEDULE OF SECURITIES SOLD SHORT**

**August 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 40.4%** | **Shares** | **Value** |
| **Communications — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Cable & Satellite — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | 38000 | $1290860 |
| &nbsp;&nbsp;&nbsp;*Entertainment Content — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | 8500 | 1006230 |
| **Consumer Discretionary — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 6400 | 1766784 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. | 300 | 1259559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 4400 | 1278992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 2500 | 1016925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. | 5700 | 1152540 |
|  |  | 4708016 |
| **Consumer Staples — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Beverages — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | 4100 | 663954 |
| **Energy — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation | 24000 | 1142640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 24000 | 1010880 |
|  |  | 2153520 |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Company | 61000 | 1386530 |
| **Financials — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 11100 | 1194582 |
| &nbsp;&nbsp;&nbsp;*Banking — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 16590 | 1027584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corporation | 5500 | 1109130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 6200 | 1286128 |
|  |  | 3422842 |

---

**WAYCROSS MANAGED RISK EQUITY FUND**

**SCHEDULE OF SECURITIES SOLD SHORT (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 40.4% (Continued)** | **Shares** | **Value** |
| **Health Care — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc. | 6700 | $885874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 7100 | 1257907 |
|  |  | 2143781 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corporation | 14000 | 1138760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | 14800 | 1373588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revvity, Inc. | 10870 | 979496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 12810 | 1359141 |
|  |  | 4850985 |
| **Industrials — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | 2900 | 1321327 |
| &nbsp;&nbsp;&nbsp;*Diversified Industrials — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 5400 | 1429110 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennox International, Inc. | 2160 | 1204978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 3400 | 1167662 |
|  |  | 2372640 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 5400 | 815238 |
| **Materials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 8600 | 956578 |
| **Technology — 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 5500 | 884180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 6950 | 1407236 |
|  |  | 2291416 |
| &nbsp;&nbsp;&nbsp;*Software — 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | 3000 | 1070100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian Corporation - Class A | 3900 | 693342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. | 3930 | 1236771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. | 1500 | 525645 |

---

**WAYCROSS MANAGED RISK EQUITY FUND**

**SCHEDULE OF SECURITIES SOLD SHORT (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 40.4% (Continued)** | **Shares** | **Value** |
| **Technology — 10.9% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Software — 5.2% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. | 6300 | $1200276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc. - Class A | 4750 | 1096395 |
|  |  | 5822529 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | 5500 | 751025 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | 4663 | 1212240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc. | 5500 | 759990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 9000 | 1255095 |
|  |  | 3227325 |
| **Utilities — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 13500 | 1326105 |
| **Total Securities Sold Short — 40.4%** (Proceeds $45,015,143) |  | $44901377 |

---

plc - Public Limited Company

See accompanying notes to financial statements.

**WAYCROSS FOCUSED CORE EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.3%** | **Shares** | **Value** |
| **Communications — 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 10.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 29760 | $6336201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 8551 | 6316624 |
|  |  | 12652825 |
| **Consumer Discretionary — 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 26237 | 6008273 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 15961 | 4118896 |
| **Consumer Staples — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corporation | 18335 | 1759793 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corporation | 37630 | 3028086 |
| **Energy — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 16057 | 2004235 |
| **Financials — 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 47538 | 4590745 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 7029 | 5238362 |
| &nbsp;&nbsp;&nbsp;*Insurance — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 16968 | 3492184 |
| **Health Care — 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 16866 | 3548606 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 6.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | 13282 | 2563160 |

---

**WAYCROSS FOCUSED CORE EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.3% (Continued)** | **Shares** | **Value** |
| **Health Care — 9.9% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 6.9% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. <sup>(a)</sup> | 5295 | $3426342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | 4667 | 2208868 |
|  |  | 8198370 |
| **Industrials — 12.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The) <sup>(a)</sup> | 21080 | 4947054 |
| &nbsp;&nbsp;&nbsp;*Diversified Industrials — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 16023 | 3517049 |
| &nbsp;&nbsp;&nbsp;*Machinery — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 41425 | 3290388 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 47337 | 2924480 |
| **Materials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Construction Materials — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | 4880 | 1883143 |
| **Technology — 37.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 17.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 14819 | 3724163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 14853 | 4417134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | 51796 | 9021827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | 13656 | 3207112 |
|  |  | 20370236 |
| &nbsp;&nbsp;&nbsp;*Software — 10.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 16156 | 8186084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 11049 | 2831306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 1919 | 1760606 |
|  |  | 12777996 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 26867 | 6236905 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 6886 | 4099167 |

---

**WAYCROSS FOCUSED CORE EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.3% (Continued)** | **Shares** | **Value** |
| **Technology — 37.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Technology Services — 4.7% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. <sup>(a)</sup> | 20527 | $1440790 |
|  |  | 5539957 |
| **Utilities — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company (The) | 19098 | 1762745 |
| **Total Common Stocks (Cost $95,595,765)** |  | $117890328 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 0.6%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 4.21% <sup>(b)</sup> (Cost $677,057) | 677057 | $677057 |
| **Investments at Value — 99.9% (Cost $96,272,822)** |  | $118567385 |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 107610 |
| **Net Assets — 100.0%** |  | $118674995 |

---

N.V. - Naamloze Vennootschap

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

See accompanying notes to financial statements.

**WAYCROSS FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES**

**August 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Waycross<br> Managed Risk<br> Equity Fund** | **Waycross<br> Focused Core<br> Equity Fund** |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $73886273 | $96272822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $111283808 | $118567385 |
| &nbsp;&nbsp;&nbsp;Cash deposits for securities sold short (Note 2) | 44798934 |  |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold |  | 77200 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 143716 | 102424 |
| &nbsp;&nbsp;&nbsp;Other assets | 21145 | 25190 |
| Total assets | 156247603 | 118772199 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value (proceeds $45,015,143 and $—) (Note 2) | 44901377 |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 10585 | 36554 |
| &nbsp;&nbsp;&nbsp;Dividends payable on securities sold short (Note 2) | 34755 |  |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 4) | 91539 | 42527 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 9350 | 11088 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 4150 | 7035 |
| Total liabilities | 45051756 | 97204 |
| **NET ASSETS** | 111195847 | 118674995 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $66001157 | $94540182 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 45194690 | 24134813 |
| **NET ASSETS** | $111195847 | $118674995 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | 6117965 | 6166563 |
| Net asset value, offering price and redemption price per share (Note 2) | $18.18 | $19.24 |

---

See accompanying notes to financial statements.

**WAYCROSS FUNDS**

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended August 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Waycross<br> Managed Risk<br> Equity Fund** | **Waycross<br> Focused Core<br> Equity Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income (Net of foregn withholding taxes of $945 and $1,990, respectively) | $861126 | $605260 |
| &nbsp;&nbsp;&nbsp;Broker interest income | 849236 |  |
|  | 1710362 | 605260 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 665012 | 325233 |
| &nbsp;&nbsp;&nbsp;Dividend expense on securities sold short (Note 2) | 370941 |  |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 45500 | 42420 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 19993 | 25873 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 4) | 10122 | 15847 |
| &nbsp;&nbsp;&nbsp;Trustees' fees (Note 4) | 12000 | 12000 |
| &nbsp;&nbsp;&nbsp;Audit fees | 9300 | 9300 |
| &nbsp;&nbsp;&nbsp;Legal fees | 9047 | 9047 |
| &nbsp;&nbsp;&nbsp;Compliance fees and expenses (Note 4) | 7236 | 7236 |
| &nbsp;&nbsp;&nbsp;Custody and bank service fees | 4739 | 6364 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 4166 | 3682 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 3631 | 3360 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 1374 | 2765 |
| &nbsp;&nbsp;&nbsp;Other expenses | 12975 | 9088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1176036 | 472215 |
| &nbsp;&nbsp;&nbsp;Less fee reductions and expense reimbursements by the Adviser (Note 4) |  | (132199) |
| Net expenses | 1176036 | 340016 |
| **NET INVESTMENT INCOME** | 534326 | 265244 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND SECURITIES SOLD SHORT** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1899960 | 200636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 93157 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6057104 | 13125404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (654043) |  |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND SECURITIES SOLD SHORT** | 7396178 | 13326040 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $7930504 | $13591284 |

---

See accompanying notes to financial statements.

**WAYCROSS MANAGED RISK EQUITY FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> August 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> February 28,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $534326 | $1138333 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1899960 | 12849437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 93157 | (4405799) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6057104 | (3211574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (654043) | 1685458 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 7930504 | 8055855 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** |  | (6323435) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2649262 | 7628325 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions |  | 616766 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (4914216) | (5015137) |
| Net increase (decrease) in net assets from captial share transactions | (2264954) | 3229954 |
| **TOTAL INCREASE IN NET ASSETS** | 5665550 | 4962374 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 105530297 | 100567923 |
| &nbsp;&nbsp;&nbsp;End of period | $111195847 | $105530297 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 157329 | 447705 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  | 36822 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (291170) | (291483) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (133841) | 193044 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 6251806 | 6058762 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 6117965 | 6251806 |

---

See accompanying notes to financial statements.

**WAYCROSS FOCUSED CORE EQUITY FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> August 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> February 28,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $265244 | $332953 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | 200636 | 1604934 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 13125404 | 5406520 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 13591284 | 7344407 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** |  | (219798) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 25124868 | 65880279 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions |  | 138440 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (6558170) | (4754577) |
| Net increase in net assets from capital share transactions | 18566698 | 61264142 |
| **TOTAL INCREASE IN NET ASSETS** | 32157982 | 68388751 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 86517013 | 18128262 |
| &nbsp;&nbsp;&nbsp;End of period | $118674995 | $86517013 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1503925 | 4112780 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  | 8139 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (383766) | (290508) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 1120159 | 3830411 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 5046404 | 1215993 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 6166563 | 5046404 |

---

See accompanying notes to financial statements.

**WAYCROSS MANAGED RISK EQUITY FUND**

**FINANCIAL HIGHLIGHTS**

**Per Share Data for a Share Outstanding Throughout Each Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> August 31,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **February 28,**<br> **2025** | **Year Ended**<br> **February 29,**<br> **2024** | **Year Ended<br> February 28,<br> 2023** | **Year Ended<br> February 28,<br> 2022** | **Year Ended<br> February 28,<br> 2021** |
| Net asset value at beginning of period | $16.88 | $16.60 | $13.58 | $14.22 | $14.81 | $11.33 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.09 | 0.19 | 0.21 | 0.00 <sup>(a)</sup> | (0.18) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.21 | 1.13 | 3.25 | (0.64) | 0.39 | 3.81 |
| Total from investment operations | 1.30 | 1.32 | 3.46 | (0.64) | 0.21 | 3.65 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.30) | (0.12) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.74) | (0.32) |  | (0.80) | (0.17) |
| Total distributions |  | (1.04) | (0.44) |  | (0.80) | (0.17) |
| Net asset value at end of period | $18.18 | $16.88 | $16.60 | $13.58 | $14.22 | $14.81 |
| Total return <sup>(b)</sup> | 7.70 %<sup>(c)</sup> | 7.98% | 25.73% | (4.50 %) | 1.13% | 32.24% |
| Net assets at end of period (000's) | $111196 | $105530 | $100568 | $86702 | $95532 | $89262 |
| **Ratios/supplementary data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets | 2.21 %<sup>(d)</sup> | 2.30% | 2.28% | 2.27% | 2.31% | 2.35% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 2.21 %<sup>(d)</sup> | 2.30% | 2.28% | 2.27% | 2.31% | 2.45 %<sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets excluding dividend expense and brokerage expense on securities sold short | 1.51 %<sup>(d)</sup> | 1.51% | 1.53% | 1.50% | 1.49% | 1.69 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 1.00 %<sup>(d)</sup> | 1.08% | 1.33% | 0.04% | (1.26%) | (1.39 %)<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 23 %<sup>(c)</sup> | 55% | 45% | 74% | 72% | 63% |

---

<sup>(a)</sup> Amount rounds to less than $0.01 per share.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced fees and reimbursed expenses (Note 4).

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Ratio was determined after management fee recoupments, reductions and/or expense reimbursements (Note 4).

<sup>(f)</sup> Ratio was determined including prior years' management fee reductions recouped by the Adviser in the amount of 0.10% for the year ended February 28, 2021 (Note 4).

See accompanying notes to financial statements.

**WAYCROSS FOCUSED CORE EQUITY FUND**

**FINANCIAL HIGHLIGHTS**

**Per Share Data for a Share Outstanding Throughout Each Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> August 31,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **February 28,**<br> **2025** | **Year Ended**<br> **February 29,**<br> **2024** | **Year Ended**<br> **February 28,**<br> **2023** | **Year Ended**<br> **February 28,**<br> **2022** | **Period Ended**<br> **February 28,**<br> **2021 <sup>(a)</sup>** |
| Net asset value at beginning of period | $17.14 | $14.91 | $10.84 | $11.53 | $10.70 | $10.00 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.04 | 0.05 | 0.05 | 0.06 | 0.00 <sup>(b)</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 2.06 | 2.23 | 4.10 | (0.70) | 0.90 <sup>(c)</sup> | 0.71 |
| Total from investment operations | 2.10 | 2.28 | 4.15 | (0.64) | 0.90 <sup>(c)</sup> | 0.70 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.05) | (0.08) | (0.01) | (0.00)<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.04) | (0.07) |  |
| Total distributions |  | (0.05) | (0.08) | (0.05) | (0.07) |  |
| Net asset value at end of period | $19.24 | $17.14 | $14.91 | $10.84 | $11.53 | $10.70 |
| Total return <sup>(d)</sup> | 12.25 %<sup>(e)</sup> | 15.29% | 38.39% | (5.54%) | 8.39% | 7.00 %<sup>(e)</sup> |
| Net assets at end of period (000's) | $118675 | $86517 | $18128 | $9502 | $10877 | $498 |
| **Ratios/supplementary data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets | 0.96 %<sup>(f)</sup> | 1.12% | 2.31% | 2.47% | 7.56% | 31.14 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(g)</sup> | 0.69 %<sup>(f)</sup> | 0.69% | 0.74% | 0.89% | 0.89% | 1.14 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(g)</sup> | 0.54 %<sup>(f)</sup> | 0.61% | 0.67% | 0.57% | 0.14% | (0.26 %)<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 19 %<sup>(e)</sup> | 36% | 35% | 30% | 17% | 4 %<sup>(e)</sup> |

---

<sup>(a)</sup> Represents the period from the commencement of operations (December 15, 2020) through February 28, 2021.

<sup>(b)</sup> Amount rounds to less than $0.01 per share.

<sup>(c)</sup> Represents a balancing figure from other amounts in the financial highlights table that captures all other changes affecting net asset value per share. This per share amount does not correlate to the aggregate of net realized and unrealized losses on the Statement of Operations for the same period.

<sup>(d)</sup> Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced fees and/or reimbursed expenses (Note 4).

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Ratio was determined after management fee reductions and/or expense reimbursements (Note 4).

See accompanying notes to financial statements.

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**August 31, 2025 (Unaudited)**

**1. Organization**

Waycross Managed Risk Equity Fund and Waycross Focused Core Equity Fund (individually, a "Fund," and collectively, the "Funds") are each a series of Waycross Independent Trust (the "Trust"), an open-end management investment company. The Trust was organized on May 28, 2020 as a Delaware statutory trust. Waycross Managed Risk Equity Fund is a diversified fund under the Investment Company Act of 1940, as amended (the "1940 Act") and Waycross Focused Core Equity Fund is a non-diversified fund. Waycross Managed Risk Equity Fund was reorganized into the Trust as of the close of business on November 17, 2020. It was formerly a series of Ultimus Managers Trust. Waycross Focused Core Equity Fund commenced operations on December 15, 2020.

The investment objective of the Waycross Managed Risk Equity Fund is to seek long-term capital appreciation with a secondary emphasis on reducing portfolio risk and volatility relative to the S&P 500<sup>®</sup> Index.

The investment objective of the Waycross Focused Core Equity Fund is to seek capital appreciation over a full market cycle, which the Fund defines as a sustained upswing in equity markets followed by a pull back and recovery.

**2. Significant Accounting Policies**

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*. The following is a summary of the Funds' significant accounting policies used in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

**Segment reporting** – The Vice President of the Trust acts as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by Waycross Partners, LLC ("the "Adviser"). The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in each Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

**New accounting pronouncement** – In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management does not believe there will be any impact on the Funds' financial statements.

**Securities valuation** – The Funds value their portfolio securities at market value as of the close of regular trading on the New York Stock Exchange (the "NYSE") (normally 4:00 p.m. Eastern time) on each day the NYSE is open for business. The Funds value their listed securities on the basis of the security's last sale price on the security's primary exchange, if available, otherwise at the exchange's most recently quoted mean price. NASDAQ-listed securities are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies that are not listed on an exchange, including money market funds, are valued at their net asset value ("NAV") as reported by such companies. When using a quoted price and when the market is considered active, the security will be classified as Level 1 within the fair value hierarchy (see below). In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Funds value their securities and other assets at fair value as determined by the Adviser, as the Funds' valuation designee, in accordance with procedures adopted by the Board of Trustees (the "Board") pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade sizes; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as the suspension or limitation of trading. As a result, the prices of securities used to calculate each Fund's NAV may differ from quoted or published prices for the same securities.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.

Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities

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

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

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The inputs or methods used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following is a summary of each Fund's investments and the inputs used to value the investments as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Waycross Managed Risk Equity Fund:** |  |  |  |  |
| Common Stocks | $100551475 | $— | $— | $100551475 |
| Money Market Funds | 10732333 |  |  | 10732333 |
| Total | $111283808 | $— | $— | $111283808 |
| **Other Financial Instruments:** |  |  |  |  |
| Common Stocks – Sold Short | $(44901377) | $— | $— | $(44901377) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Waycross Focused Core Equity Fund:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | $117890328 | $— | $— | $117890328 |
| Money Market Funds | 677057 |  |  | 677057 |
| Total | $118567385 | $— | $— | $118567385 |

---

Refer to each Fund's Schedule of Investments and Schedule of Securities Sold Short, as applicable, for a listing of the common stocks by sector and industry type. The Funds did not hold derivative instruments or have any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the six months ended August 31, 2025.

**Share valuation** – The NAV per share of each Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of each Fund is equal to the NAV per share.

**Investment income** – Dividend income and expense is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received. Interest income and expense is accrued as earned. Withholding taxes on foreign dividends have been recorded in accordance with each Fund's understanding of the applicable country's tax rules and rates.

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**Investment transactions** – Investment transactions are accounted for on the trade date. Realized gains and losses on investments sold are determined on a specific identification basis.

**Common expenses** – Common expenses of the Trust are allocated among the Funds based on the relative net assets of each series, the number of series in the Trust, or the nature of the services performed and the relative applicability to each series.

**Distributions to shareholders** – Distributions to shareholders arising from net investment income, if any, are declared and paid annually to shareholders. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions to shareholders are recorded on the ex-dividend date. The tax character of distributions paid by Waycross Managed Risk Equity Fund and Waycross Focused Core Equity Fund during the periods ended August 31, 2025 and February 28, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Period Ended** | **Ordinary<br> Income** | **Long-Term<br> Capital<br> Gains** | **Total<br> Distributions** |
| **Waycross Managed Risk Equity Fund** |  |  |  |
| August 31, 2025 | $— | $— | $— |
| February 28, 2025 | $1650277 | $4673158 | $6323435 |
| **Waycross Focused Core Equity Fund** |  |  |  |
| August 31, 2025 | $— | $— | $— |
| February 28, 2025 | $219798 | $— | $219798 |

---

**Short sales** – Waycross Managed Risk Equity Fund sells securities short. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. The Fund is also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. The Fund is liable for any dividends payable on securities while those securities are in a short position and will also bear other costs, such as charges for the prime brokerage accounts, in connection with the short position. These costs, if any, are reported as dividend expense and brokerage expense on securities sold short, respectively, on the Statements of Operations. Net income earned on short sale proceeds held on deposit with the broker and/or margin interest earned, if any, are included in interest income on the Statements of Operations. Under Rule 18f-4 of the 1940 Act, the Fund is permitted to engage in derivatives transactions, including short sales, provided it complies with certain conditions aimed at addressing undue speculation and asset sufficiency. The rule rescinded the staff's prior guidance under Investment Company Act

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

Release No. 10-666, which required that the Fund segregate collateral deposited with brokers, with such collateral being reported on the Fund's Statements of Assets and Liabilities. Under the rule's new conditions, the Fund must adopt and implement a written derivatives risk management program (unless it qualifies as a limited derivatives user), adhere to a Value-at-Risk (VaR) based limit on its derivatives transactions (including short sales), and providing regular reports to the Board on the program's effectiveness and any breaches of risk guidelines. To the extent the Fund invests the proceeds received from selling securities short, it is engaging in a form of leverage. The use of leverage by the Fund may make any change in the Fund's NAV greater than it would be without the use of leverage. Short sales are speculative transactions and involve special risks, including greater reliance on the ability of the Adviser to accurately anticipate the future value of a security.

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal income tax** – Each Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the 12 months ended October 31) plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of August 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Waycross Managed<br> Risk Equity<br> Fund** | **Waycross Focused<br> Core Equity<br> Fund** |
| Tax cost of investments and securities sold short | $29035544 | $96347841 |
| Gross unrealized appreciation | $41698274 | $24207023 |
| Gross unrealized depreciation | (4351387) | (1987479) |
| Net unrealized appreciation | 37346887 | 22219544 |
| Undistributed ordinary income |  | 446667 |
| Undistributed long-term capital gains | 5249427 | 994169 |
| Accumulated ordinary income | 534326 | 265244 |
| Other gains | 2064050 | 209189 |
| Total accumulated earnings | $45194690 | $24134813 |

---

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The federal income tax cost of investments and securities sold short for the Funds temporarily differ from the financial statement cost of portfolio investments ("book/tax difference"). These book/tax differences are due to the recognition of capital gains or losses under income tax regulations and GAAP, primarily due to the tax deferral of losses on wash sales.

The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Funds' tax positions for the current and all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Funds identify their major tax jurisdiction as U.S. federal.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax on the Statements of Operations. During the six months ended August 31, 2025, the Funds did not incur any interest or penalties.

**3. Investment Transactions**

Investment transactions, other than short-term investments and U.S. government securities, were as follows for the six months ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Waycross Managed<br> Risk Equity<br> Fund** | **Waycross Focused<br> Core Equity<br> Fund** |
| Purchases of investment securities | $21670634 | $37425517 |
| Proceeds from sales of investment securities | $24451483 | $18709387 |

---

**4. Transactions with Related Parties**

INVESTMENT ADVISORY AGREEMENT

Under the Investment Advisory Agreement, Waycross Managed Risk Equity Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 1.25% of its average daily net assets. Under the Investment Advisory Agreement, Waycross Focused Core Equity Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.66% of its average daily net assets.

Pursuant to an amended Expense Limitation Agreement between the Trust and the Adviser (the "ELA"), the Adviser has contractually agreed, until June 30, 2026, to reduce management fees and reimburse other expenses to the extent necessary to limit total annual operating expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, costs to organize the Funds, acquired fund fees and expenses, and extraordinary expenses such as litigation and merger or reorganization costs and other expenses not incurred in the ordinary

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

course of the Funds' business) to an amount not exceeding 1.70% of Waycross Managed Risk Equity Fund's average daily net assets and 0.69% of Waycross Focused Core Equity Fund's average daily net assets.

During the six months ended August 31, 2025, the Adviser reduced its management fees earned for Waycross Focused Core Equity Fund by $132,199.

Under the terms of the ELA, management fee reductions and expense reimbursements by the Adviser are subject to repayment by the Funds for three years after such fees and expenses were incurred, provided that the repayments do not cause total annual operating expenses (after repayment is taken into account) to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to June 30, 2026, this agreement may not be modified or terminated without the approval of the Board. This agreement will terminate automatically if the Funds' investment advisory agreement with the Adviser is terminated. As of August 31, 2025, the Adviser may seek repayment of fee reductions and/or expense reimbursements no later than the date below:

---

| | |
|:---|:---|
| | **Waycross Focused<br> Core Equity<br> Fund** |
| February 28, 2026 | $80186 |
| February 28, 2027 | 188264 |
| February 29, 2028 | 233914 |
| August 31, 2028 | 132199 |
| Total | $634563 |

---

OTHER SERVICE PROVIDERS

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting, and transfer agency services to the Funds. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, the Funds pay out-of-pocket expenses including, but not limited to, postage, supplies and certain costs related to the pricing of the Funds' portfolio securities.

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as principal underwriter to the Funds. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.

Certain officers of the Trust are also officers of Ultimus and/or the Distributor and are not paid for serving in such capacities.

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

TRUSTEE COMPENSATION

Each member of the Board (a "Trustee") who is not an "interested person" of the Trust ("Independent Trustee") receives from the Trust an $8,000 annual retainer, payable quarterly and a $1,000 fee for each Board meeting attended plus reimbursement for travel and other meeting-related expenses.

PRINCIPAL HOLDERS OF FUND SHARES

As of August 31, 2025, the following shareholders owned of record 25% or more of the outstanding shares of each Fund:

---

| | |
|:---|:---|
| **Name of Record Owner** | **% Ownership** |
| **Waycross Managed Risk Equity Fund** |  |
| National Financial Services, LLC (for the benefit of its customers) | 97% |
| **Waycross Focused Core Equity Fund** |  |
| National Financial Services, LLC (for the benefit of its customers) | 55% |

---

A beneficial owner of 25% or more of a Fund's outstanding shares may be considered a controlling person. That shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting.

**5. Contingencies and Commitments**

The Funds indemnify the Trust's officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**6. Sector Risk**

If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio would be adversely affected.

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

As of August 31, 2025, Waycross Managed Risk Equity Fund had the following percentages of the value of its net assets invested or sold short in common stocks within the Technology sector:

---

| | | | |
|:---|:---|:---|:---|
| **Sector** | **Long<br> Positions** | **Short<br> Positions** | **Net <br> Exposure** |
| Technology | 27.0% | (10.9%) | 16.1% |

---

As shown above, although Waycross Managed Risk Equity Fund has greater than 25% of its net assets invested in long positions in the sector noted, the sector exposure is mitigated by short positions. As part of the Fund's principal investment strategies, the Adviser monitors the Fund's exposure to ensure the Fund's portfolio is adequately diversified.

As of August 31, 2025, Waycross Focused Core Equity Fund had 37.8% of the value of its net assets invested in common stocks within the Technology sector.

**7. Subsequent Events**

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

**WAYCROSS FUNDS**

**ADDITIONAL INFORMATION (Unaudited)**

**Changes in and/or Disagreements with Accountants**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement Renewal**

At a meeting held on April 23, 2025, the Board of Trustees (the "Board"), including the Independent Trustees voting separately, considered the renewal of the Investment Advisory Agreement (the "Agreement") between the Trust and Waycross Partners, LLC (the "Adviser") for the Waycross Managed Risk Equity Fund (the "Managed Risk Fund") and the Waycross Focused Core Equity Fund (the "Focused Fund" and, collectively with the Managed Risk Fund, the "Funds"). Legal counsel to the Trust advised the Board during its deliberations. Additionally, the Board received and reviewed a substantial amount of information provided by the Adviser and other service providers. In determining whether to renew the Agreement, the Trustees considered numerous factors, including:

*The nature, extent, and quality of the Adviser's services to the Funds*. The Board reviewed the services provided by the Adviser to the Funds, including, without limitation, its investment advisory services since each Fund's inception; compliance and operational procedures and practices; efforts to promote the Funds and assist in their distribution; key personnel and support staff; and management of the Funds' daily operations. After reviewing the foregoing and further information in the Meeting Materials, the Board concluded that the nature, extent, and quality of the services provided by the Adviser to the Funds were satisfactory and adequate.

*The investment performance of the Funds and the Adviser*. The Board compared the performance of the Funds with their respective benchmark indices and custom peer groups for the calendar year ended December 31, 2024. The Board also considered the consistency of the Adviser's management with each Fund's investment objective and policies. The Board noted that the Managed Risk Fund had outperformed its benchmark for the year, its Morningstar category for the one-, three-, and five-year periods, and two of three peers for the one-, three-, and five-year periods, each ended December 31, 2024. For the Focused Fund, the Board noted that it had outperformed its benchmark for the year, its Morningstar category for the one- and three-year periods, and two of three peers for the one- and three-year periods ended December 31, 2024. The Board reviewed the highlighted primary drivers of underperformance and overperformance relative to each Fund's peer group, benchmark, and Morningstar category as described in the 15(c)

**WAYCROSS FUNDS**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

Responses. Following a discussion of the investment performance of each Fund, the Adviser's experience in managing the strategies, and other factors, the Board concluded that the investment performance of the Funds was satisfactory.

*The costs of the services provided and profits realized by the Adviser and its affiliates from their relationship with the Funds*. The Board considered the following: (i) the Adviser's staffing; (ii) its methods of operating; (iii) the education and experience of its personnel; (iv) its compliance program; (v) its financial condition and the level of commitment to the Funds and, generally, the Adviser's advisory business; (vi) the asset levels of each Fund; (vii) the overall expenses of each Fund, including the advisory fee; and (viii) the differences in fees and services to the Adviser's other similar clients. The Board considered its discussion with the Adviser regarding the expense limitation agreement between the Trust and the Adviser dated July 13, 2020, as amended (the "Expense Limitation Agreement") and considered the Adviser's past fee reductions and expense reimbursements for the Funds. The Board further considered the Adviser's willingness to continue the Expense Limitation Agreement for the Funds through at least June 30, 2026.

The Board also considered the benefits for the Adviser in managing the Funds, including promoting the Adviser's name. The Board compared each Fund's advisory fee and overall expense ratio to its respective peer group and Morningstar category, along with the fees charged to the Adviser's other client accounts. In considering the comparison in fees and expense ratios between the Funds and other comparable funds, the Board looked at the differences in the types of funds being compared, the style of investment management, the size of the Funds, and the nature of the investment strategies.

The Board noted that the Managed Risk Fund's 1.25% management fee is above its peer group average and slightly below its category average, and its 2.28% net expense ratio is above its peer group and category averages. The Board considered the Adviser's statement that the Managed Risk Fund's peer group included funds with significantly larger net assets, which allow their management fees and overall expense ratios to be reduced beyond what is currently feasible for the Managed Risk Fund, given its size. A discussion followed, and the Board determined that the Managed Risk Fund's management fee and net expense ratio were within a reasonable range.

With respect to the Focused Fund, the Board noted that the 0.66% management fee and 0.69% were below its peer group and category averages. A discussion followed, and the Board determined that the Focused Fund's management fee and net expense ratio were within a reasonable range.

The Board also compared the fees paid by the Focused Fund to those paid by other clients of the Adviser utilizing a similar strategy to the Fund and considered the similarities and differences in services received by such other clients compared to the services received by the Fund. The Board noted that the fee structures applicable to the Adviser's other clients did not indicate any unreasonableness concerning the advisory fees payable by the Focused Fund. The Board noted that the Adviser does not manage any other accounts

**WAYCROSS FUNDS**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

with a strategy similar to that of the Managed Risk Fund. The Board further considered the Adviser's investment strategy and style in managing the Funds' portfolios. Upon further discussion following these comparisons and considerations, the Board concluded that the advisory fees to be paid to the Adviser by the Funds are fair and reasonable.

*The extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect these economies of scale for the benefit of the Funds' investors*. The Board considered that the Funds' fees payable to the Adviser involve the advisory fees and the Expense Limitation Agreement. The Board determined that, while the advisory fees remained the same as asset levels increased, the Funds' shareholders have experienced, and will experience, benefits from the Expense Limitation Agreement. Following further discussion of the Funds' asset levels, expectations for asset growth, and fees compared to each Fund's peer group and Morningstar category, the Board determined that the fees with the Adviser are fair and reasonable considering the nature and quality of services provided.

*The profits to be realized by the Adviser and its affiliates from the relationship with the Funds*. The Board considered the Adviser's profitability, noting the Adviser's net profit in managing each Fund was reasonable and not excessive. The Board also noted that this was the first year in which the Adviser earned a modest profit for managing the Focused Fund, having previously waived its entire management fee and reimbursed expenses. Based on the information provided by the Adviser, the Board concluded that Waycross's profits from its relationship with each Fund were reasonable.

*Conclusion*. After reviewing the above factors, among others, including the Adviser's trading practices and possible conflicts of interest, the Board determined that it had received sufficient information from Waycross to evaluate the terms of the Advisory Agreement. Therefore, the Board unanimously concluded that the approval of the renewal of the Advisory Agreement was in the best interests of each Fund and its respective shareholders. The Board did not identify any information that was most relevant to its consideration in approving the Advisory Agreement, and each Trustee may have afforded different weights to the various factors.

(b) Included
 in (a)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

Not applicable

**Item 16.** **Controls and Procedures.**

(a) Based on their evaluation of the registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90
 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded
 that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information
 relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly
 during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed,
 summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal
 control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the
 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal
 control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19.** **Exhibits.**

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not required

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](waycross_ex99cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](waycross_ex99-906cert.htm)

Exhibit 99.CERT [Certifications required by Rule 30a-2(a) under the Act](waycross_ex99cert.htm) <br>Exhibit 99.906CERT [Certifications required by Rule 30a-2(b) under the Act](waycross_ex99-906cert.htm)

**SIGNATURES** 

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

(Registrant) Waycross
 Independent Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Matthew G. Bevin |
|  | Matthew G. Bevin, Principal Executive Officer and Principal Financial Officer |

---

Date <u>November 6, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Matthew G. Bevin |
|  | Matthew G. Bevin, Principal Executive Officer and Principal Financial Officer |

---

Date <u>November 6, 2025</u>

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATIONS</u>**

I, Matthew G. Bevin, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. I have reviewed this report on Form N-CSR of Waycross Independent Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 6, 2025 | /s/ Matthew G. Bevin |
|  |  | Matthew G. Bevin, Principal Executive Officer and<br> Principal Executive Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**<u>certifications</u>**

Matthew G. Bevin, Principal Executive Officer and Principal Financial Officer, of Waycross Independent Trust (the "Registrant"), certifies to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for
the period ended August 31, 2025 (the "Form N-CSR") fully complies with the requirements of section 13(a) or section 15(d)
of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents,
in all material respects, the financial condition and results of operations of the Registrant.

PRINCIPAL EXECUTIVE OFFICER and PRINCIPAL FINANCIAL OFFICER

Waycross Independent Trust

---

| |
|:---|
| /s/ Matthew G. Bevin |
| Matthew G. Bevin, Principal Executive Officer and<br> Principal Financial Officer |

---

Date: November 6, 2025

***A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Waycross Independent Trust and will be retained by Waycross Independent Trust and furnished to the Securities and Exchange Commission or its staff upon request.***

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.