# EDGAR Filing Document

**Accession Number:** 0001815558
**File Stem:** 0000910472-26-000710
**Filing Date:** 2026-1
**Character Count:** 69562
**Document Hash:** 097e6c8b38cf434bbc1a03c2a1c752e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-000710.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000910472-26-000710

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23581
- **FILM NUMBER:** 26567806

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

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

---

---

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

---

---

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

---

---

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

---

N.V. - Naamloze Vennootschap

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

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

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

---

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

---

---

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

---

---

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

---

plc - Public Limited Company <br>

---

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

---

---

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

---

---

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

---

N.V. - Naamloze Vennootschap <br>

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Louisville

  - **State:** KY

  - **Foreign country:** US

  - **Zip / Postal Code:** 40222

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

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

- **a. Name of Series:** WAYCROSS MANAGED RISK EQUITY FUND

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

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

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

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

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

**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:** $159206434.43

**Total Liabilities:** $44043398.86

**Net Assets:** $115163035.57

**Cash Not Reported:** $45773534.83

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221782 | 1.54%                | 1.90%                | 0.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $665892.81               | $1018420.37                                |
| Month 2  | $-3322431.37             | $5437278.77                                |
| Month 3  | $1451810.65              | $-894049.58                                |

**Designated Index Information**

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

- **Index Identifier:** 500

### Schedule of Portfolio Investments

| Name                                         | Title                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Genuine Parts Co                             | Genuine Parts Co                                         | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Short            | EC               | CORP              | US        |     -9200 | NS      | $-1199680.00  | -1.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Revvity Inc                                  | Revvity, Inc. Short                                      | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Short            | EC               | CORP              | US        |    -10870 | NS      | $-1134936.70  | -0.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                        | Lowe's Companies, Inc.                                   | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     10305 | NS      | $2498756.40   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms, Inc. Class A                             | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3137 | NS      | $2032619.15   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.                     | lululemon athletica, inc.                                | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Short            | EC               | CORP              | US        |     -5700 | NS      | $-1049826.00  | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Inc.                      | Carlisle Companies, Inc.                                 | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      5421 | NS      | $1724257.47   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                       | Truist Financial Corporation                             | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     39388 | NS      | $1831542.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.                 | CADENCE DESIGN - SHORT POSITION                          | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Short            | EC               | CORP              | US        |     -1500 | NS      | $-467760.00   | -0.41%            |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc.               | Old Dominion Freight Line, Inc. Short                    | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Short            | EC               | CORP              | US        |     -7600 | NS      | $-1028204.00  | -0.89%            |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                   | BIOGEN IDEC, INC. - SHORT POSITION                       | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Short            | EC               | CORP              | US        |     -6700 | NS      | $-1220003.00  | -1.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company                | Becton Dickinson & Company                               | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      4087 | NS      | $792959.74    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.                     | ILLINOIS TOOL WORKS, INC. SHORT                          | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Short            | EC               | CORP              | US        |     -5400 | NS      | $-1346112.00  | -1.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                  | Zoetis, Inc.                                             | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Short            | EC               | CORP              | US        |     -8000 | NS      | $-1025440.00  | -0.89%            |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated            | MICROCHIP TECHNOLOGY, INC. SHORT                         | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Short            | EC               | CORP              | US        |    -12000 | NS      | $-642960.00   | -0.56%            |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                         | M&T Bank Corporation                                     | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Short            | EC               | CORP              | US        |     -5500 | NS      | $-1046210.00  | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                | MEDTRONIC PLC SHORT                                      | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Short            | EC               | CORP              | US        |    -14800 | NS      | $-1558884.00  | -1.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp.            | BOOZ ALLEN HAMILTON HOLDING CORPORATION SHORT            | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Short            | EC               | CORP              | US        |    -12000 | NS      | $-1001520.00  | -0.87%            |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                          | Fifth Third Bancorp                                      | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     39492 | NS      | $1716322.32   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                               | Citigroup, Inc.                                          | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     25081 | NS      | $2598391.60   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                 | Fortinet, Inc. Short                                     | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Short            | EC               | CORP              | US        |     -8000 | NS      | $-649040.00   | -0.56%            |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc.                       | BURLINGTON STORES, INC. SHORT                            | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Short            | EC               | CORP              | US        |     -4400 | NS      | $-1109812.00  | -0.96%            |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd.                                     | SCHLUMBERGER LTD. SHORT                                  | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Short            | EC               | CORP              | US        |    -42000 | NS      | $-1522080.00  | -1.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc.                      | Intuitive Surgical, Inc.                                 | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      4085 | NS      | $2342665.80   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc.                       | TEXAS INSTRUMENTS, INC. SHORT                            | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Short            | EC               | CORP              | US        |     -6950 | NS      | $-1169476.50  | -1.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Price T Rowe Group Inc.                      | T Rowe Price Group, Inc.                                 | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Short            | EC               | CORP              | US        |    -11100 | NS      | $-1136418.00  | -0.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                   | ZIMMER BIOMET HOLDINGS, INC. SHORT                       | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Short            | EC               | CORP              | US        |    -12810 | NS      | $-1249231.20  | -1.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corporation                | REGIONS FINANCIAL CORPORATION SHORT                      | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Short            | EC               | CORP              | US        |    -47400 | NS      | $-1206330.00  | -1.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.                 | Honeywell International, Inc.                            | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      5253 | NS      | $1009574.07   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker, Inc.                 | Stanley Black & Decker, Inc.                             | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     20900 | NS      | $1494768.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                               | ConocoPhillips                                           | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Short            | EC               | CORP              | US        |    -11500 | NS      | $-1019935.00  | -0.89%            |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                 | Oracle Corporation                                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      3200 | NS      | $646240.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd.       | Check Point Software Technologies Ltd.                   | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |      6443 | NS      | $1203359.11   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                      | Mastercard, Inc. Class A                                 | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      4378 | NS      | $2410220.34   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                                  | Workday, Inc. Class A                                    | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Short            | EC               | CORP              | US        |     -4750 | NS      | $-1024195.00  | -0.89%            |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                          | Analog Devices, Inc.                                     | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      6737 | NS      | $1787595.58   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                   | Intuit, Inc.                                             | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      2141 | NS      | $1357565.28   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                    | Adobe Systems, Inc. Short                                | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Short            | EC               | CORP              | US        |     -3600 | NS      | $-1152468.00  | -1.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc                      | Commerce Bancshares, Inc.                                | CUSIP: 200525103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -16590 | NS      | $-894366.90   | -0.78%            |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corporation             | EDWARDS LIFESCIENCES CORPORATION SHORT                   | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Short            | EC               | CORP              | US        |    -14000 | NS      | $-1213380.00  | -1.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.                 | CHARTER COMMUNICATIONS, INC. CLASS A                     | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Short            | EC               | CORP              | US        |     -2500 | NS      | $-500300.00   | -0.43%            |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co.                         | Emerson Electric Company                                 | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |     10063 | NS      | $1342202.94   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.                  | Advanced Micro Devices, Inc.                             | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      4300 | NS      | $935379.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                         | PPG INDUSTRIES, INC. SHORT                               | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Short            | EC               | CORP              | US        |    -10700 | NS      | $-1070428.00  | -0.93%            |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                         | PayPal Holdings, Inc.                                    | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      6389 | NS      | $400526.41    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                                  | Ovintiv, Inc.                                            | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Short            | EC               | CORP              | US        |    -24000 | NS      | $-983040.00   | -0.85%            |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                                 | Target Corporation                                       | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Short            | EC               | CORP              | US        |    -12000 | NS      | $-1087440.00  | -0.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                              | Xcel Energy, Inc.                                        | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     19205 | NS      | $1576922.55   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                          | COMCAST CORPORATION CLASS A                              | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Short            | EC               | CORP              | US        |    -38000 | NS      | $-1014220.00  | -0.88%            |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands, Inc.                   | Constellation Brands, Inc. Class A                       | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Short            | EC               | CORP              | US        |     -7100 | NS      | $-968298.00   | -0.84%            |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                           | EOG Resources, Inc.                                      | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      5136 | NS      | $553917.60    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                 | Autodesk, Inc. Short                                     | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Short            | EC               | CORP              | US        |     -2700 | NS      | $-819018.00   | -0.71%            |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | Alphabet, Inc. Class A                                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     14657 | NS      | $4692878.26   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                                  | Fiserv, Inc. SHORT                                       | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Short            | EC               | CORP              | US        |    -10000 | NS      | $-614700.00   | -0.53%            |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                    | Consolidated Edison, Inc.                                | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Short            | EC               | CORP              | US        |    -13500 | NS      | $-1354860.00  | -1.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Incorporated | Public Service Enterprise Group, Inc.                    | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     14000 | NS      | $1169280.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                                   | NIKE, Inc. Class B                                       | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     17760 | NS      | $1147828.80   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dupont De Nemours Inc                        | DuPont de Nemours, Inc.                                  | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     29071 | NS      | $1156153.67   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                   | Apple, Inc.                                              | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     10128 | NS      | $2824192.80   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                 | Southern Company (The)                                   | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      5963 | NS      | $543348.56    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colchester Street Trust             | Fidelity Institutional Money Market Government Portfolio | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |  14901297 | PA      | $14901297.40  | 12.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                       | Diamondback Energy, Inc.                                 | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      8106 | NS      | $1236894.54   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Holdings Inc.    | Knight-Swift Transportation Holdings, Inc.               | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30600 | NS      | $1401480.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                       | TJX Companies, Inc. (The)                                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     10977 | NS      | $1667625.84   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corporation                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     23851 | NS      | $4221627.00   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                           | Ingersoll Rand, Inc.                                     | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |     29718 | NS      | $2387544.12   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co.                                   | Boeing Company (The)                                     | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     12944 | NS      | $2446416.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                  | Ecolab, Inc.                                             | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      3857 | NS      | $1061292.12   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                  | Cencora, Inc.                                            | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      5404 | NS      | $1993697.72   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc.                       | APPLIED MATERIALS, INC. SHORT                            | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Short            | EC               | CORP              | US        |     -5500 | NS      | $-1387375.00  | -1.20%            |  |  |  | No            |                  1 | On Loan: No      |
| The Sherwin-Williams Company                 | Sherwin-Williams Company (The)                           | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      3260 | NS      | $1120429.40   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc.                    | Lennox International, Inc.                               | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Short            | EC               | CORP              | US        |     -2160 | NS      | $-1077559.20  | -0.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                          | Abbott Laboratories                                      | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     11328 | NS      | $1460179.20   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.                 | Marriott International Inc Class A                       | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      6236 | NS      | $1900670.44   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corporation                     | Hyatt Hotels Corporation Class A                         | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Short            | EC               | CORP              | US        |    -11000 | NS      | $-1808290.00  | -1.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corporation                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      9287 | NS      | $4569296.87   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corporation                          | Danaher Corporation                                      | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      5732 | NS      | $1299902.96   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                    | Goldman Sachs Group, Inc. (The)                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      3509 | NS      | $2898574.36   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                         | Baker Hughes Company Class A                             | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37102 | NS      | $1862520.40   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc.                                         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     16526 | NS      | $3854193.72   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                              | Home Depot, Inc. (The)                                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Short            | EC               | CORP              | US        |     -2500 | NS      | $-892300.00   | -0.77%            |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC                        | Eaton Corporation plc Short                              | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Short            | EC               | CORP              | US        |     -3200 | NS      | $-1106848.00  | -0.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                 | Synopsys, Inc.                                           | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      1500 | NS      | $627015.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation                | Boston Scientific Corporation                            | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     14394 | NS      | $1462142.52   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                         | Delta Air Lines, Inc.                                    | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     15000 | NS      | $961500.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                              | Salesforce, Inc.                                         | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      4335 | NS      | $999390.90    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                     | O'Reilly Automotive, Inc.                                | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     17460 | NS      | $1775682.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc.                               | Blackrock, Inc.                                          | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      1175 | NS      | $1230577.50   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                  | Walmart, Inc.                                            | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     18187 | NS      | $2009845.37   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                | ACCENTURE PLC CLASS A                                    | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Short            | EC               | CORP              | US        |     -4663 | NS      | $-1165750.00  | -1.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                  | PAYCHEX, INC. SHORT                                      | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Short            | EC               | CORP              | US        |    -11000 | NS      | $-1228590.00  | -1.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Companies, Inc.             | Marsh & McLennan Companies, Inc.                         | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      5244 | NS      | $962011.80    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                     | Devon Energy Corporation                                 | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     30000 | NS      | $1111800.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                  | AbbVie, Inc.                                             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     12953 | NS      | $2949398.10   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation               | Charles Schwab Corporation (The)                         | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     18125 | NS      | $1680731.25   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                               | ServiceNow, Inc.                                         | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1583 | NS      | $1286045.03   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                        | NXP Semiconductors N.V.                                  | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |      6214 | NS      | $1211357.16   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                          | Arista Networks, Inc.                                    | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Short            | EC               | CORP              | US        |     -6000 | NS      | $-784080.00   | -0.68%            |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                 | Broadcom, Inc.                                           | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      7425 | NS      | $2991978.00   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Daniel D. Bauer

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

**Title:** VP, Fund Accounting