# EDGAR Filing Document

**Accession Number:** 0001815558
**File Stem:** 0001752724-23-009067
**Filing Date:** 2023-1
**Character Count:** 48219
**Document Hash:** ba00ee0ca4128b8bdfe7335e2d930ffe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-009067.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001752724-23-009067

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Waycross Independent Trust
- **CENTRAL INDEX KEY:** 0001815558
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23581
- **FILM NUMBER:** 23544180

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **WAYCROSS LONG/SHORT EQUITY FUND** | **WAYCROSS LONG/SHORT EQUITY FUND** | **WAYCROSS LONG/SHORT EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** |
| **COMMON STOCKS - 100.2%** | **Shares** | **Value** |
| **Communications - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 6.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A <sup>(a)(b)</sup> | &nbsp;&nbsp;17800 | &nbsp;&nbsp;$1797622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;10786 | &nbsp;&nbsp;628285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4591 | &nbsp;&nbsp;490502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A <sup>(a)(b)</sup> | &nbsp;&nbsp;10072 | &nbsp;&nbsp;1189503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3411 | &nbsp;&nbsp;1042163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roku, Inc. <sup>(a)</sup> | &nbsp;&nbsp;7596 | &nbsp;&nbsp;450975 |
|  |  | &nbsp;&nbsp;5599050 |
| **Consumer Discretionary - 17.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)(b)</sup> | &nbsp;&nbsp;24336 | &nbsp;&nbsp;2349397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. <sup>(a)</sup> | &nbsp;&nbsp;667 | &nbsp;&nbsp;620967 |
|  |  | &nbsp;&nbsp;2970364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 6.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(a)</sup> | &nbsp;&nbsp;301 | &nbsp;&nbsp;489715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corporation <sup>(a)</sup> | &nbsp;&nbsp;13074 | &nbsp;&nbsp;612386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International | &nbsp;&nbsp;15949 | &nbsp;&nbsp;587880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. <sup>(a)</sup> | &nbsp;&nbsp;13142 | &nbsp;&nbsp;787600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation | &nbsp;&nbsp;25275 | &nbsp;&nbsp;2583105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;5398 | &nbsp;&nbsp;536130 |
|  |  | &nbsp;&nbsp;5596816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 7.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;1609 | &nbsp;&nbsp;521300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lululemon athletica, inc. <sup>(a)</sup> | &nbsp;&nbsp;1197 | &nbsp;&nbsp;455231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | &nbsp;&nbsp;855 | &nbsp;&nbsp;739182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;30197 | &nbsp;&nbsp;2417270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. <sup>(a)</sup> | &nbsp;&nbsp;5340 | &nbsp;&nbsp;2482245 |
|  |  | &nbsp;&nbsp;6615228 |
| **Consumer Staples - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corporation | &nbsp;&nbsp;3510 | &nbsp;&nbsp;586416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corporation <sup>(b)</sup> | &nbsp;&nbsp;14470 | &nbsp;&nbsp;1251799 |

---

---

| | | |
|:---|:---|:---|
| **WAYCROSS LONG/SHORT EQUITY FUND** | **WAYCROSS LONG/SHORT EQUITY FUND** | **WAYCROSS LONG/SHORT EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 100.2% (Continued)** | **Shares** | **Value** |
| **Energy - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer Natural Resources Company | &nbsp;&nbsp;5000 | &nbsp;&nbsp;$1179950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Company | &nbsp;&nbsp;33100 | &nbsp;&nbsp;1254159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. | &nbsp;&nbsp;24100 | &nbsp;&nbsp;1242355 |
|  |  | &nbsp;&nbsp;2496514 |
| **Financials - 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 8.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. <sup>(b)</sup> | &nbsp;&nbsp;16650 | &nbsp;&nbsp;806027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;10769 | &nbsp;&nbsp;1488060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) <sup>(b)</sup> | &nbsp;&nbsp;8160 | &nbsp;&nbsp;1373002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp | &nbsp;&nbsp;27900 | &nbsp;&nbsp;1266381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;45178 | &nbsp;&nbsp;2166285 |
|  |  | &nbsp;&nbsp;7099755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) <sup>(b)</sup> | &nbsp;&nbsp;7950 | &nbsp;&nbsp;3069892 |
| **Health Care - 20.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 8.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. <sup>(b)</sup> | &nbsp;&nbsp;20100 | &nbsp;&nbsp;3239718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | &nbsp;&nbsp;7000 | &nbsp;&nbsp;706860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc. <sup>(a)(b)</sup> | &nbsp;&nbsp;42400 | &nbsp;&nbsp;545688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company <sup>(b)</sup> | &nbsp;&nbsp;9090 | &nbsp;&nbsp;3373117 |
|  |  | &nbsp;&nbsp;7865383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerisourceBergen Corporation | &nbsp;&nbsp;8000 | &nbsp;&nbsp;1365520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | &nbsp;&nbsp;12400 | &nbsp;&nbsp;1263312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;900 | &nbsp;&nbsp;494910 |
|  |  | &nbsp;&nbsp;3123742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 8.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>(a)</sup> | &nbsp;&nbsp;500 | &nbsp;&nbsp;98330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corporation <sup>(a)</sup> | &nbsp;&nbsp;22000 | &nbsp;&nbsp;995940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation <sup>(b)</sup> | &nbsp;&nbsp;3600 | &nbsp;&nbsp;984276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DexCom, Inc. <sup>(a)</sup> | &nbsp;&nbsp;5400 | &nbsp;&nbsp;627912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corporation <sup>(a)</sup> | &nbsp;&nbsp;19166 | &nbsp;&nbsp;1480574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | &nbsp;&nbsp;10715 | &nbsp;&nbsp;2897229 |
|  |  | &nbsp;&nbsp;7084261 |

---

---

| | | |
|:---|:---|:---|
| **WAYCROSS LONG/SHORT EQUITY FUND** | **WAYCROSS LONG/SHORT EQUITY FUND** | **WAYCROSS LONG/SHORT EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 100.2% (Continued)** | **Shares** | **Value** |
| **Industrials - 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The) <sup>(a)</sup> | &nbsp;&nbsp;7600 | &nbsp;&nbsp;$1359488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raytheon Technologies Corporation | &nbsp;&nbsp;11700 | &nbsp;&nbsp;1155024 |
|  |  | &nbsp;&nbsp;2514512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;6000 | &nbsp;&nbsp;1317300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corporation <sup>(a)</sup> | &nbsp;&nbsp;40300 | &nbsp;&nbsp;1354483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Company | &nbsp;&nbsp;2800 | &nbsp;&nbsp;1234800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | &nbsp;&nbsp;5000 | &nbsp;&nbsp;911100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | &nbsp;&nbsp;6325 | &nbsp;&nbsp;1622363 |
|  |  | &nbsp;&nbsp;2533463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation Equipment - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;5350 | &nbsp;&nbsp;1343706 |
| **Technology - 26.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. <sup>(b)</sup> | &nbsp;&nbsp;11325 | &nbsp;&nbsp;1946880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;12250 | &nbsp;&nbsp;569870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;9625 | &nbsp;&nbsp;1628839 |
|  |  | &nbsp;&nbsp;4145589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 7.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)(b)</sup> | &nbsp;&nbsp;3425 | &nbsp;&nbsp;1181385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian Corporation - Class A <sup>(a)</sup> | &nbsp;&nbsp;3450 | &nbsp;&nbsp;453847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;2050 | &nbsp;&nbsp;835560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation <sup>(b)</sup> | &nbsp;&nbsp;12995 | &nbsp;&nbsp;3315544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3246 | &nbsp;&nbsp;520172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;3500 | &nbsp;&nbsp;500150 |
|  |  | &nbsp;&nbsp;6806658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 7.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. <sup>(b)</sup> | &nbsp;&nbsp;18150 | &nbsp;&nbsp;2686744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;58837 | &nbsp;&nbsp;2925376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | &nbsp;&nbsp;9800 | &nbsp;&nbsp;519106 |
|  |  | &nbsp;&nbsp;6131226 |

---

---

| | | |
|:---|:---|:---|
| **WAYCROSS LONG/SHORT EQUITY FUND** | **WAYCROSS LONG/SHORT EQUITY FUND** | **WAYCROSS LONG/SHORT EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 100.2% (Continued)** | **Shares** | **Value** |
| **Technology - 26.7% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 7.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc. <sup>(a)</sup> | &nbsp;&nbsp;12100 | &nbsp;&nbsp;$1262756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;8300 | &nbsp;&nbsp;2958120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. <sup>(a)(b)</sup> | &nbsp;&nbsp;16750 | &nbsp;&nbsp;1313368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;4349 | &nbsp;&nbsp;943733 |
|  |  | &nbsp;&nbsp;6477977 |
| **Total Common Stocks** (Cost $68,722,428) | **Total Common Stocks** (Cost $68,722,428) | &nbsp;&nbsp;$88398884 |
| **MONEY MARKET FUNDS - 7.5%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - <br> Class I, 3.55% <sup>(c)</sup> (Cost $6,625,150) | &nbsp;&nbsp;6625150 | &nbsp;&nbsp;$6625150 |
| **Investments at Value - 107.7%** (Cost $75,347,578) | **Investments at Value - 107.7%** (Cost $75,347,578) | &nbsp;&nbsp;$95024034 |
| **Liabilities in Excess of Other Assets - (7.7%)** | **Liabilities in Excess of Other Assets - (7.7%)** | &nbsp;&nbsp; (6763799) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$88260235 |

---

plc - Public Limited Company <br>

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

<sup>(b)</sup> All or a portion this security is pledged as collateral for open short positions. The total value of such securities as of November 30, 2022 was $24,441,755.

<sup>(c)</sup> The rate shown is the 7-day effective yield as of November 30, 2022.

---

| | | |
|:---|:---|:---|
| **WAYCROSS LONG/SHORT EQUITY FUND** | **WAYCROSS LONG/SHORT EQUITY FUND** | **WAYCROSS LONG/SHORT EQUITY FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT** | **SCHEDULE OF SECURITIES SOLD SHORT** | **SCHEDULE OF SECURITIES SOLD SHORT** |
| **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** |
| **COMMON STOCKS - 47.5%** | **Shares** | **Value** |
| **Communications - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Cable & Satellite - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | &nbsp;&nbsp;26801 | &nbsp;&nbsp;$981989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;248 | &nbsp;&nbsp;515704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;15417 | &nbsp;&nbsp;449251 |
|  |  | &nbsp;&nbsp;964955 |
| **Consumer Discretionary - 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Apparel & Textile Products - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nike, Inc. - Class B | &nbsp;&nbsp;5307 | &nbsp;&nbsp;582125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Automotive - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | &nbsp;&nbsp;13683 | &nbsp;&nbsp;644880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;13244 | &nbsp;&nbsp;601807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corporation | &nbsp;&nbsp;86361 | &nbsp;&nbsp;857565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;3841 | &nbsp;&nbsp;564589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | &nbsp;&nbsp;1913 | &nbsp;&nbsp;521847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. | &nbsp;&nbsp;21826 | &nbsp;&nbsp;768057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;3562 | &nbsp;&nbsp;297997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;4202 | &nbsp;&nbsp;540629 |
|  |  | &nbsp;&nbsp;3550684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. | &nbsp;&nbsp;225 | &nbsp;&nbsp;580275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Buy Company, Inc. | &nbsp;&nbsp;12496 | &nbsp;&nbsp;1065909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarMax, Inc. | &nbsp;&nbsp;5269 | &nbsp;&nbsp;365458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;2491 | &nbsp;&nbsp;529462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;4143 | &nbsp;&nbsp;484316 |
|  |  | &nbsp;&nbsp;3025420 |
| **Consumer Staples - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;22000 | &nbsp;&nbsp;913000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;3890 | &nbsp;&nbsp;592914 |
|  |  | &nbsp;&nbsp;1505914 |

---

---

| | | |
|:---|:---|:---|
| **WAYCROSS LONG/SHORT EQUITY FUND** | **WAYCROSS LONG/SHORT EQUITY FUND** | **WAYCROSS LONG/SHORT EQUITY FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Continued)** | **SCHEDULE OF SECURITIES SOLD SHORT (Continued)** | **SCHEDULE OF SECURITIES SOLD SHORT (Continued)** |
| **COMMON STOCKS - 47.5% (Continued)** | **Shares** | **Value** |
| **Energy - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;6850 | &nbsp;&nbsp;$1255673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation | &nbsp;&nbsp;9300 | &nbsp;&nbsp;1242666 |
|  |  | &nbsp;&nbsp;2498339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company | &nbsp;&nbsp;44000 | &nbsp;&nbsp;1276880 |
| **Financials - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corporation | &nbsp;&nbsp;12000 | &nbsp;&nbsp;1026240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;13000 | &nbsp;&nbsp;1209910 |
| **Health Care - 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;3000 | &nbsp;&nbsp;859200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;6300 | &nbsp;&nbsp;1121400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;9000 | &nbsp;&nbsp;451170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;4800 | &nbsp;&nbsp;739872 |
|  |  | &nbsp;&nbsp;3171642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;975 | &nbsp;&nbsp;519597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patterson Companies, Inc. | &nbsp;&nbsp;30000 | &nbsp;&nbsp;853200 |
|  |  | &nbsp;&nbsp;1372797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | &nbsp;&nbsp;3950 | &nbsp;&nbsp;984893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. | &nbsp;&nbsp;1300 | &nbsp;&nbsp;553631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;9700 | &nbsp;&nbsp;766688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | &nbsp;&nbsp;4000 | &nbsp;&nbsp;558920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;7400 | &nbsp;&nbsp;888740 |
|  |  | &nbsp;&nbsp;3752872 |
| **Industrials - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Company | &nbsp;&nbsp;16300 | &nbsp;&nbsp;1401311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;22400 | &nbsp;&nbsp;1208928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;3000 | &nbsp;&nbsp;1316670 |
|  |  | &nbsp;&nbsp;2525598 |

---

---

| | | |
|:---|:---|:---|
| **WAYCROSS LONG/SHORT EQUITY FUND** | **WAYCROSS LONG/SHORT EQUITY FUND** | **WAYCROSS LONG/SHORT EQUITY FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Continued)** | **SCHEDULE OF SECURITIES SOLD SHORT (Continued)** | **SCHEDULE OF SECURITIES SOLD SHORT (Continued)** |
| **COMMON STOCKS - 47.5% (Continued)** | **Shares** | **Value** |
| **Industrials - 5.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;21100 | &nbsp;&nbsp;$1169573 |
| **Materials - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese Corporation | &nbsp;&nbsp;11100 | &nbsp;&nbsp;1191030 |
| **Technology - 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;4500 | &nbsp;&nbsp;493200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation | &nbsp;&nbsp;20900 | &nbsp;&nbsp;628463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;17000 | &nbsp;&nbsp;1346230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;5100 | &nbsp;&nbsp;920346 |
|  |  | &nbsp;&nbsp;3388239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. | &nbsp;&nbsp;4100 | &nbsp;&nbsp;827995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | &nbsp;&nbsp;13400 | &nbsp;&nbsp;1112602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc. - Class A | &nbsp;&nbsp;7200 | &nbsp;&nbsp;1208880 |
|  |  | &nbsp;&nbsp;3149477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;25150 | &nbsp;&nbsp;755506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | &nbsp;&nbsp;3363 | &nbsp;&nbsp;1012028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | &nbsp;&nbsp;7700 | &nbsp;&nbsp;1146530 |
|  |  | &nbsp;&nbsp;2158558 |
| **Total Securities Sold Short - 47.5%** (Proceeds $41,328,688) | **Total Securities Sold Short - 47.5%** (Proceeds $41,328,688) | &nbsp;&nbsp;$41905746 |

---

plc - Public Limited Company <br>

---

| | | |
|:---|:---|:---|
| **WAYCROSS FOCUSED CORE EQUITY FUND** | **WAYCROSS FOCUSED CORE EQUITY FUND** | **WAYCROSS FOCUSED CORE EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** |
| **COMMON STOCKS - 98.8%** | **Shares** | **Value** |
| **Communications - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;3591 | &nbsp;&nbsp;$362655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;2006 | &nbsp;&nbsp;236909 |
|  |  | &nbsp;&nbsp;599564 |
| **Consumer Discretionary - 15.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3549 | &nbsp;&nbsp;342620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation | &nbsp;&nbsp;3699 | &nbsp;&nbsp;378038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 7.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;4363 | &nbsp;&nbsp;349258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. <sup>(a)</sup> | &nbsp;&nbsp;963 | &nbsp;&nbsp;447641 |
|  |  | &nbsp;&nbsp;796899 |
| **Consumer Staples - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corporation | &nbsp;&nbsp;3143 | &nbsp;&nbsp;271901 |
| **Financials - 16.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 12.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;3471 | &nbsp;&nbsp;168031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;2146 | &nbsp;&nbsp;296534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;1810 | &nbsp;&nbsp;304551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp | &nbsp;&nbsp;5277 | &nbsp;&nbsp;239523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;4571 | &nbsp;&nbsp;219180 |
|  |  | &nbsp;&nbsp;1227819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;1054 | &nbsp;&nbsp;407002 |
| **Health Care - 17.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 9.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;2930 | &nbsp;&nbsp;472258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc. <sup>(a)</sup> | &nbsp;&nbsp;10398 | &nbsp;&nbsp;133822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;1014 | &nbsp;&nbsp;376275 |
|  |  | &nbsp;&nbsp;982355 |

---

---

| | | |
|:---|:---|:---|
| **WAYCROSS FOCUSED CORE EQUITY FUND** | **WAYCROSS FOCUSED CORE EQUITY FUND** | **WAYCROSS FOCUSED CORE EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 98.8% (Continued)** | **Shares** | **Value** |
| **Health Care - 17.4% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 7.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corporation <sup>(a)</sup> | &nbsp;&nbsp;4377 | &nbsp;&nbsp;$338123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1609 | &nbsp;&nbsp;435057 |
|  |  | &nbsp;&nbsp;773180 |
| **Industrials - 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corporation <sup>(a)</sup> | &nbsp;&nbsp;8394 | &nbsp;&nbsp;282122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | &nbsp;&nbsp;1387 | &nbsp;&nbsp;252739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | &nbsp;&nbsp;1327 | &nbsp;&nbsp;340376 |
|  |  | &nbsp;&nbsp;593115 |
| **Technology - 32.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 7.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;2222 | &nbsp;&nbsp;381984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;2066 | &nbsp;&nbsp;349629 |
|  |  | &nbsp;&nbsp;731613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 8.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> | &nbsp;&nbsp;702 | &nbsp;&nbsp;242141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;2196 | &nbsp;&nbsp;560287 |
|  |  | &nbsp;&nbsp;802428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 10.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4516 | &nbsp;&nbsp;668503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;7569 | &nbsp;&nbsp;376331 |
|  |  | &nbsp;&nbsp;1044834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 7.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | &nbsp;&nbsp;1032 | &nbsp;&nbsp;367805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2158 | &nbsp;&nbsp;169209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;875 | &nbsp;&nbsp;189875 |
|  |  | &nbsp;&nbsp;726889 |
| **Total Common Stocks** (Cost $10,374,079) | **Total Common Stocks** (Cost $10,374,079) | &nbsp;&nbsp;$9960379 |

---

---

| | | |
|:---|:---|:---|
| **WAYCROSS FOCUSED CORE EQUITY FUND** | **WAYCROSS FOCUSED CORE EQUITY FUND** | **WAYCROSS FOCUSED CORE EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 1.0%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - <br> Class I, 3.55% <sup>(b)</sup> (Cost $99,806) | &nbsp;&nbsp;99806 | &nbsp;&nbsp;$99806 |
| **Investments at Value - 99.8%** (Cost $10,473,885) | **Investments at Value - 99.8%** (Cost $10,473,885) | &nbsp;&nbsp;$10060185 |
| **Other Assets in Excess of Liabilities - 0.2%** | **Other Assets in Excess of Liabilities - 0.2%** | &nbsp;&nbsp;15212 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$10075397 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of November 30, 2022.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Louisville

  - **State:** KY

  - **Foreign country:** US

  - **Zip / Postal Code:** 40222

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2023-02-28

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $10085574.33

**Total Liabilities:** $10177.00

**Net Assets:** $10075397.33

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221781 | -10.00%              | 9.59%                | 8.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-45553.40               | $-883076.88                                |
| Month 2  | $-0.02                   | $795868.85                                 |
| Month 3  | $60019.75                | $715979.29                                 |

### Schedule of Portfolio Investments

| Name                                   | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fidelity Institutional Cash Portfolios | Fidelity Institutional Money Market Government Por Tfolio | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |     99806 | PA      | $99805.91     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Incorporation          | PayPal Holdings, Inc.                                     | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      2158 | NS      | $169208.78    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                              | Adobe, Inc.                                               | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       702 | NS      | $242140.86    | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corporation                      | Sysco Corporation                                         | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      3143 | NS      | $271900.93    | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corporation                      | Fluor Corporation                                         | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |      8394 | NS      | $282122.34    | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc.                | Intuitive Surgical, Inc.                                  | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1609 | NS      | $435057.51    | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                         | Citigroup, Inc.                                           | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      3471 | NS      | $168031.11    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                               | Visa, Inc. Class A                                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       875 | NS      | $189875.00    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corporation                  | Starbucks Corporation                                     | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      3699 | NS      | $378037.80    | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                | Mastercard, Inc. Class A                                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1032 | NS      | $367804.80    | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                  | Microsoft Corporation                                     | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      2196 | NS      | $560287.44    | 5.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                           | NVIDIA Corporation                                        | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      2066 | NS      | $349629.18    | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                    | Analog Devices, Inc.                                      | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      2222 | NS      | $381984.02    | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                        | Ulta Beauty, Inc.                                         | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       963 | NS      | $447640.92    | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                    | Cisco Systems, Inc.                                       | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      7569 | NS      | $376330.68    | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                             | Apple, Inc.                                               | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      4516 | NS      | $668503.48    | 6.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                     | Meta Platforms, Inc. Class A                              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2006 | NS      | $236908.60    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc       | PNC Financial Services Group, Inc. (The)                  | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      1810 | NS      | $304550.60    | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                        | Eli Lilly & Company                                       | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1014 | NS      | $376275.12    | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corporation       | Edwards Lifesciences Corporation                          | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      4377 | NS      | $338123.25    | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.              | Goldman Sachs Group, Inc. (The)                           | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1054 | NS      | $407002.10    | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corporation           | Norfolk Southern Corporation                              | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      1327 | NS      | $340375.50    | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                          | Alphabet, Inc. Class A                                    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      3591 | NS      | $362655.09    | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                            | AbbVie, Inc.                                              | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      2930 | NS      | $472257.40    | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corporation                      | FedEx Corporation                                         | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1387 | NS      | $252739.14    | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                 | TJX Companies, Inc. (The)                                 | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      4363 | NS      | $349258.15    | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc               | Elanco Animal Health Incorporated                         | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |     10398 | NS      | $133822.26    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Company                  | Wells Fargo & Company                                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      4571 | NS      | $219179.45    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                          | U.S. Bancorp                                              | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      5277 | NS      | $239523.03    | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                   | JPMorgan Chase & Company                                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2146 | NS      | $296534.28    | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                       | Amazon.com, Inc.                                          | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      3549 | NS      | $342620.46    | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-21

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

**Signature:** Daniel Bauer

**Name of Signer:** Daniel Bauer

**Title:** VP, Fund Accounting