# EDGAR Filing Document

**Accession Number:** 0001815558
**File Stem:** 0001580642-26-002919
**Filing Date:** 2026-5
**Character Count:** 103256
**Document Hash:** 9734f4ac98516865db9450c244c9a468
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002919.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001580642-26-002919

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**EFFECTIVENESS DATE**: 20260505

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23581
- **FILM NUMBER:** 26941110

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

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

## Series and Classes Contracts Data

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

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

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

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

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

**united states securities and exchange commission**

**Washington, D.C. 20549**

**form n-csr**

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

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

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

(Exact name of registrant as specified in charter)

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

Jonathan D. Burgess

225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246

(Name and address of agent for service)

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

Date of fiscal year end: <u>February 28</u> <br>Date of reporting period: <u>February 28, 2026</u>

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

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

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

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

### Annual Shareholder Report - February 28, 2026
![Image](i5e653a295defa0672bb29acf.jpg)

## Fund Overview
This annual shareholder report contains important information about Waycross Managed Risk Equity Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://funddocs.filepoint.com/waycross/**. You can also request this information by contacting us at (866) 267-4304.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Waycross Managed Risk Equity Fund | $235 | 2.23% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Waycross Managed Risk Equity Fund (the "Fund") produced a 10.51% return for the one-year period ended February 28, 2026, modestly outperforming its primary benchmark—a custom index comprised of 50% S&P 500<sup>®</sup> Index and 50% ICE BofA 3-Month U.S. Treasury Bill Index—which returned 10.50%. Since inception, the Fund has generated a 7.62% return through February 28, 2026, compared to 7.96% for the benchmark over the same period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the one-year period, the Industrials sector was the most significant contributor to performance, driven by long positions in Boeing Company (BA) and Knight-Swift Transportation Holdings, Inc. (KNX), as well as a short position in Paychex, Inc. (PAYX). Boeing contributed positively as improving aircraft delivery volumes and easing supply chain constraints supported earnings recovery. Knight-Swift added to performance as freight conditions stabilized, and operational efficiencies supported margins. The short position in Paychex benefited returns as the stock faced headwinds from moderating employment trends and slower growth in payroll-related services.

&nbsp;&nbsp;&nbsp;&nbsp; The Health Care sector was the primary detractor from performance during the period, driven by short positions in Biogen, Inc. (BIIB), and long positions in Boston Scientific Corporation (BSX) and Intuitive Surgical, Inc. (ISRG). The short position in Biogen detracted as the stock outperformed expectations, supported by improved sentiment around its product pipeline. Boston Scientific and Intuitive Surgical weighed on results due to periods of valuation compression and variability in procedural volumes.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i542b17db1a5120c766598351.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Waycross Managed Risk Equity Fund** | **50% S&P 500<sup>®</sup> Index/50% ICE BofA 3 Month U.S. Treasury Bill Index** | **S&P 500<sup>®</sup> Index** |
| **Feb-2016** | $10000 | $10000 | $10000 |
| **Feb-2017** | $10857 | $11214 | $12498 |
| **Feb-2018** | $12099 | $12206 | $14635 |
| **Feb-2019** | $12099 | $12654 | $15320 |
| **Feb-2020** | $12708 | $13341 | $16575 |
| **Feb-2021** | $16806 | $15429 | $21761 |
| **Feb-2022** | $16996 | $16688 | $25327 |
| **Feb-2023** | $16231 | $16310 | $23379 |
| **Feb-2024** | $20407 | $19160 | $30499 |
| **Feb-2025** | $22034 | $21406 | $36113 |
| **Feb-2026** | $24351 | $23655 | $42249 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Waycross Managed Risk Equity Fund | 10.51% | 7.70% | 7.62% |
| 50% S&P 500<sup>®</sup> Index/50% ICE BofA 3 Month U.S. Treasury Bill Index | 10.50% | 8.92% | 7.96% |
| S&P 500<sup>®</sup> Index | 16.99% | 14.19% | 13.51% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (866) 267-4304.***

## **Fund Statistics** 
* Net Assets$108,967,731

* Number of Portfolio Holdings100

* Advisory Fee $1,361,714

* Portfolio Turnover42%

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Hyatt Hotels Corporation - Class A | -1.6% |
| Illinois Tool Works, Inc. | -1.4% |
| Consolidated Edison, Inc. | -1.4% |
| Ovintiv, Inc. | -1.4% |
| Accenture plc - Class A | -1.3% |
| Medtronic plc | -1.3% |
| ConocoPhillips | -1.3% |
| Target Corporation | -1.3% |
| Burlington Stores, Inc. | -1.2% |
| Regions Financial Corporation | -1.2% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)<sup>Footnote Reference \*</sup>**![Group By Sector Chart](ibbaa1c55fa71ab5b3f87aeb0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.2% |
| Consumer Staples | 2.0% |
| Energy | 2.1% |
| Materials | 3.9% |
| Health Care | 5.2% |
| Communications | 5.2% |
| Industrials | 5.8% |
| Financials | 6.2% |
| Consumer Discretionary | 7.8% |
| Technology | 12.0% |

---

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

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alphabet, Inc. - Class A | 4.4% |
| NVIDIA Corporation | 3.9% |
| Amazon.com, Inc. | 3.2% |
| Microsoft Corporation | 2.9% |
| Apple, Inc. | 2.6% |
| AbbVie, Inc. | 2.3% |
| Goldman Sachs Group, Inc. (The) | 2.3% |
| Mastercard, Inc. - Class A | 2.2% |
| Boeing Company (The) | 2.2% |
| Walmart, Inc. | 2.1% |

---

## Material Fund Changes
No material changes occurred during the year ended February 28, 2026.

![Image](i5e653a295defa0672bb29acf.jpg)

# Waycross Managed Risk Equity Fund (WAYEX)

## Annual Shareholder Report - February 28, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 022826-WAYEX

# Waycross Focused Core Equity Fund
(WAYFX)

### Annual Shareholder Report - February 28, 2026
![Image](i7f7aafc69ee45afa6496008d.jpg)

## Fund Overview
This annual shareholder report contains important information about Waycross Focused Core Equity Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://funddocs.filepoint.com/waycross/**. You can also request this information by contacting us at (866) 267-4304.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Waycross Focused Core Equity Fund | $74 | 0.69% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Waycross Focused Core Equity Fund (the "Fund") produced a 15.26% return for the one-year period ended February 28, 2026, underperforming its primary benchmark, the S&P 500<sup>®</sup> Index, which returned 16.99% for the same period. Since inception, the Fund produced a 14.40% return ended February 28, 2026, modestly outperforming its benchmark, which returned 14.34% over the same period.

&nbsp;&nbsp;&nbsp;&nbsp; During the one-year period, the Technology sector was the most significant contributor to performance, driven by positions in NVIDIA Corporation (NVDA), Broadcom, Inc. (AVGO), and NXP Semiconductors N.V. (NXPI). NVIDIA contributed strongly as continued demand for artificial intelligence (AI) and data center infrastructure supported robust revenue growth and positive earnings revisions. Broadcom added to performance due to strength in semiconductor and infrastructure software segments, benefiting from ongoing enterprise and AI-related spending. NXP Semiconductors also contributed as improving conditions in automotive and industrial end markets supported results.

&nbsp;&nbsp;&nbsp;&nbsp; The Utilities sector was the primary detractor from performance during the period, driven by the Fund's position in Southern Company (SO). Southern weighed on results as higher interest rates pressured the relative attractiveness of dividend-oriented utilities and increased financing costs, contributing to weaker share price performance.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4f99f080579775c8f27845cd.jpg)

---

| | | |
|:---|:---|:---|
| | **Waycross Focused Core Equity Fund** | **S&P 500<sup>®</sup> Index** |
| **Dec-2020** | $10000 | $10000 |
| **Feb-2021** | $10700 | $10347 |
| **Feb-2022** | $11598 | $12043 |
| **Feb-2023** | $10955 | $11116 |
| **Feb-2024** | $15160 | $14501 |
| **Feb-2025** | $17478 | $17171 |
| **Feb-2026** | $20144 | $20088 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 15, 2020)** |
| Waycross Focused Core Equity Fund | 15.26% | 13.49% | 14.40% |
| S&P 500<sup>®</sup> Index | 16.99% | 14.19% | 14.34% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (866) 267-4304.***

## **Fund Statistics** 
* Net Assets$149,251,840

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$490,368

* Portfolio Turnover38%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iab701a26d977cd8a2ee56682.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.6% |
| Money Market Funds | 0.4% |

---

## What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i61db5d666cd0f5b133a42dcb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 0.4% |
| Energy | 1.6% |
| Consumer Staples | 3.4% |
| Materials | 8.2% |
| Health Care | 9.1% |
| Consumer Discretionary | 9.8% |
| Financials | 10.3% |
| Communications | 11.7% |
| Industrials | 13.1% |
| Technology | 32.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;7.1% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Boeing Company (The) | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;3.5% |

---

## Material Fund Changes
No material changes occurred during the year ended February 28, 2026.

![Image](i7f7aafc69ee45afa6496008d.jpg)

# Waycross Focused Core Equity Fund (WAYFX)

## Annual Shareholder Report - February 28, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 022826-WAYFX

(b) Not applicable

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

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 12(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

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

The registrant's board of trustees has determined that the registrant has an audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is Mr. William Chandler. Mr. Chandler is "independent" for purposes of this item.

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

(a) Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for the
 audit of the registrant's annual financial statements or for services that are normally provided by the principal accountant in
 connection with statutory and regulatory filings or engagements were $32,700 and $31,200 with respect to the registrant's fiscal
 years ended February 28, 2026 and February 28, 2025, respectively.

(b) Audit-Related Fees. No fees were billed in the last fiscal year for assurance and related services by the
 principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are
 not reported under paragraph (a) of this Item.

(c) Tax Fees. The aggregate fees billed for professional services rendered by the principal accountant for tax
 compliance, tax advice and tax planning were $6,500 and $6,000 with respect to the fiscal years ended February 28, 2026 and February 28,
 2025, respectively. The services comprising these fees are related to the preparation of the Funds' federal income and excise tax
 returns.

(d) All Other Fees. No fees were billed in the last fiscal year for products and services provided by the principal
 accountant, other than the services reported in paragraphs (a) through (c) of this Item.

(e)(1) The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50% of hours expended on the principal accountant's engagement to audit the registrant's
 financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's
 full-time, permanent employees.

(g) Aggregate non-audit fees of $6,500 and $6,000 were billed by the registrant's accountant for services
 rendered to the registrant with respect to the fiscal years ended February 28, 2026 and February 28, 2025, respectively. No non-audit
 fees were billed in either of the last two fiscal years by the registrant's accountant for services rendered to the registrant's
 investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by
 another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing
 services to the registrant.

(h) The principal accountant has not provided any non-audit services to the registrant's investment adviser
 (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
 adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services
 to the registrant.

(i) Not applicable

(j) Not applicable

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

Not applicable

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

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

(b) Not applicable

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

(a) ![](img_001.jpg)

**WAYCROSS MANAGED RISK EQUITY FUND**

**(WAYEX)**

**WAYCROSS FOCUSED CORE EQUITY FUND**

**(WAYFX)**

**Annual Financial Statements and Additional Information**

February 28, 2026

**WAYCROSS MANAGED RISK EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 92.1%** | **Shares** | **Value** |
| **Communications — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 6.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A <sup>(a)</sup> | 15410 | $4804221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A <sup>(a)</sup> | 3137 | 2033341 |
|  |  | 6837562 |
| **Consumer Discretionary — 13.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Apparel & Textile Products — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B <sup>(a)</sup> | 17760 | 1104317 |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)(b)</sup> | 16526 | 3470460 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(b)</sup> | 29000 | 1079380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc. - Class A | 6236 | 2131029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | 3737 | 1274541 |
|  |  | 4484950 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 8505 | 2250168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(b)</sup> | 17460 | 1639144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 10977 | 1774542 |
|  |  | 5663854 |
| **Consumer Staples — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Beverages — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Company (The) | 14000 | 1141840 |
| &nbsp;&nbsp;&nbsp;*Household Products — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Company (The) | 7560 | 1264032 |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 18187 | 2327026 |
| **Energy — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation | 30000 | 1305900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 8106 | 1411092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 5136 | 637275 |
|  |  | 3354267 |

---

**WAYCROSS MANAGED RISK EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 92.1% (Continued)** | **Shares** | **Value** |
| **Energy — 4.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company | 28702 | $1873093 |
| **Financials — 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | 18125 | 1725500 |
| &nbsp;&nbsp;&nbsp;*Banking — 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. <sup>(a)</sup> | 20281 | 2234764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 39492 | 1953669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | 39388 | 1942222 |
|  |  | 6130655 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) <sup>(a)</sup> | 2845 | 2445477 |
| &nbsp;&nbsp;&nbsp;*Insurance — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 6037 | 1127349 |
| **Health Care — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. <sup>(a)</sup> | 10753 | 2495556 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 5404 | 2011045 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 7.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 11328 | 1318013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | 4087 | 721274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corporation <sup>(b)</sup> | 25047 | 1924862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation <sup>(a)</sup> | 5732 | 1207388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(b)</sup> | 4449 | 2240116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corporation | 2700 | 1046142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waters Corporation <sup>(b)</sup> | 0 \* | 47 |
|  |  | 8457842 |
| **Industrials — 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The) <sup>(b)</sup> | 10444 | 2376323 |
| &nbsp;&nbsp;&nbsp;*Diversified Industrials — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Company | 10063 | 1516997 |

---

**WAYCROSS MANAGED RISK EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 92.1% (Continued)** | **Shares** | **Value** |
| **Industrials — 10.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Diversified Industrials — 2.6% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 5253 | $1279578 |
|  |  | 2796575 |
| &nbsp;&nbsp;&nbsp;*Machinery — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 23618 | 2223399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 17600 | 1522224 |
|  |  | 3745623 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 15000 | 985500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 25300 | 1591876 |
|  |  | 2577376 |
| **Materials — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 29071 | 1454713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | 3570 | 1100810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | 3260 | 1182043 |
|  |  | 3737566 |
| &nbsp;&nbsp;&nbsp;*Construction Materials — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | 4577 | 1806862 |
| **Technology — 22.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 11.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(b)</sup> | 7592 | 1519994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. <sup>(a)</sup> | 3057 | 1087650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 3000 | 1116900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 6930 | 2214482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 2600 | 1072162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation <sup>(a)</sup> | 23851 | 4226159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | 6214 | 1410640 |
|  |  | 12647987 |
| &nbsp;&nbsp;&nbsp;*Software — 6.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd. <sup>(b)</sup> | 6443 | 979787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 2393 | 978809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation <sup>(a)</sup> | 8057 | 3164306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | 3200 | 465280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(b)</sup> | 3010 | 325110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. <sup>(b)</sup> | 2100 | 869400 |
|  |  | 6782692 |

---

**WAYCROSS MANAGED RISK EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 92.1% (Continued)** | **Shares** | **Value** |
| **Technology — 22.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. <sup>(a)</sup> | 10500 | $2773890 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A <sup>(a)</sup> | 4624 | 2391579 |
| **Utilities — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 14000 | 1204980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 19205 | 1600929 |
|  |  | 2805909 |
| **Total Common Stocks (Cost $63,058,102)** |  | $100357207 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 6.3%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 3.55% <sup>(c)</sup> (Cost $6,837,659) | 6837659 | $6837659 |
| **Investments at Value — 98.4% (Cost $69,895,761)** |  | $107194866 |
| **Other Assets in Excess of Liabilities — 1.6%** |  | 1772865 |
| **Net Assets — 100.0%** |  | $108967731 |

---

N.V. - Naamloze Vennootschap

\* Amount rounds to less than 1.

<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 February 28, 2026 was $23,557,089.

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

<sup>(c)</sup> The rate shown is the 7-day effective yield as of February 28, 2026.

See accompanying notes to financial statements.

**WAYCROSS MANAGED RISK EQUITY FUND**

**SCHEDULE OF SECURITIES SOLD SHORT**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 41.7%** | **Shares** | **Value** |
| **Communications — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Cable & Satellite — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | 38000 | $1176480 |
| **Consumer Discretionary — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corporation - Class A | 11000 | 1776500 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 4400 | 1350228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Company | 9200 | 1097192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 2500 | 951800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. | 5700 | 1055469 |
|  |  | 4454689 |
| **Consumer Staples — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Beverages — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | 7100 | 1120806 |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corporation | 12000 | 1365480 |
| **Energy — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 12600 | 1429596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 29300 | 1482287 |
|  |  | 2911883 |
| **Financials — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 13300 | 1258579 |
| &nbsp;&nbsp;&nbsp;*Banking — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 17419 | 888195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corporation | 5500 | 1193390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corporation | 47400 | 1319142 |
|  |  | 3400727 |
| **Health Care — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc. | 6700 | 1285194 |

---

**WAYCROSS MANAGED RISK EQUITY FUND**

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 41.7% (Continued)** | **Shares** | **Value** |
| **Health Care — 6.7% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 2.1% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | 8000 | $1048800 |
|  |  | 2333994 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corporation | 14000 | 1210580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | 14800 | 1445368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revvity, Inc. | 10870 | 1068630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 12810 | 1261016 |
|  |  | 4985594 |
| **Industrials — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Diversified Industrials — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 5400 | 1569402 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | 3200 | 1202944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennox International, Inc. | 2160 | 1231070 |
|  |  | 2434014 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 5600 | 1137080 |
| **Materials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 10700 | 1318989 |
| **Technology — 10.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 3650 | 774202 |
| &nbsp;&nbsp;&nbsp;*Software — 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | 4600 | 1207086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. | 4000 | 983480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. | 2300 | 693220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc. | 11500 | 908845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 6000 | 1168740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc. - Class A | 8750 | 1170400 |
|  |  | 6131771 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | 4300 | 574050 |

---

**WAYCROSS MANAGED RISK EQUITY FUND**

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 41.7% (Continued)** | **Shares** | **Value** |
| **Technology — 10.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Technology Services — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | 6963 | $1453317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corporation | 12000 | 945960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc. | 10000 | 622900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 11000 | 1030150 |
|  |  | 4052327 |
| **Utilities — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 13500 | 1519020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company (The) | 12000 | 1168560 |
|  |  | 2687580 |
| **Total Securities Sold Short — 41.7% (Proceeds $47,965,250)** |  | $45464147 |

---

plc - Public Limited Company

See accompanying notes to financial statements.

**WAYCROSS FOCUSED CORE EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.5%** | **Shares** | **Value** |
| **Communications — 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 11.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 34210 | $10665309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 10488 | 6798112 |
|  |  | 17463421 |
| **Consumer Discretionary — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 32180 | 6757800 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | 7772 | 2650718 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 19579 | 5180016 |
| **Consumer Staples — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Household Products — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Company (The) | 30171 | 5044591 |
| **Energy — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 19694 | 2443632 |
| **Financials — 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 39741 | 4379061 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 7517 | 6461387 |
| &nbsp;&nbsp;&nbsp;*Insurance — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 24012 | 4484001 |
| **Health Care — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 20686 | 4800807 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | 16293 | 2875389 |

---

**WAYCROSS FOCUSED CORE EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.5% (Continued)** | **Shares** | **Value** |
| **Health Care — 9.1% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 5.9% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corporation <sup>(a)</sup> | 29051 | $2232569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | 7293 | 3672099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waters Corporation <sup>(a)</sup> | 1 | 240 |
|  |  | 8780297 |
| **Industrials — 13.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The) <sup>(a)</sup> | 25857 | 5883243 |
| &nbsp;&nbsp;&nbsp;*Diversified Industrials — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 20938 | 5100287 |
| &nbsp;&nbsp;&nbsp;*Machinery — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 50805 | 4782783 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 58064 | 3814805 |
| **Materials — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 6.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | 14223 | 4385662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | 13212 | 4790539 |
|  |  | 9176201 |
| &nbsp;&nbsp;&nbsp;*Construction Materials — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | 7832 | 3091839 |
| **Technology — 32.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 14.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(a)</sup> | 7474 | 1496370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 16308 | 5211221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | 63536 | 11257944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | 16749 | 3802190 |
|  |  | 21767725 |
| &nbsp;&nbsp;&nbsp;*Software — 8.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 6547 | 2677919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 22606 | 8878281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 11779 | 1272250 |
|  |  | 12828450 |

---

**WAYCROSS FOCUSED CORE EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.5% (Continued)** | **Shares** | **Value** |
| **Technology — 32.3% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 5.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 32953 | $8705524 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 9607 | 4968836 |
| **Total Common Stocks (Cost $124,725,751)** |  | $148565424 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 0.4%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 3.55% <sup>(b)</sup> (Cost $581,096) | 581096 | $581096 |
| **Investments at Value — 99.9% (Cost $125,306,847)** |  | $149146520 |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 105320 |
| **Net Assets — 100.0%** |  | $149251840 |

---

N.V. - Naamloze Vennootschap

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of February 28, 2026.

See accompanying notes to financial statements.

**WAYCROSS FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| | **Waycross<br> Managed Risk<br> Equity Fund** | **Waycross<br> Focused Core<br> Equity Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $69895761 | $125306847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $107194866 | $149146520 |
| &nbsp;&nbsp;&nbsp;Cash deposits for securities sold short (Note 2) | 47239693 |  |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 21265 | 88590 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 90110 | 68479 |
| &nbsp;&nbsp;&nbsp;Other assets | 40376 | 38862 |
| Total assets | 154586310 | 149342451 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value (proceeds $47,965,250 and $—) (Note 2) | 45464147 |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 4152 | 11946 |
| &nbsp;&nbsp;&nbsp;Dividends payable on securities sold short (Note 2) | 55162 |  |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 4) | 82480 | 53588 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 8604 | 13566 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 4034 | 11511 |
| Total liabilities | 45618579 | 90611 |
| **Contingencies and Commitments (Note 5)** |  |  |
| **NET ASSETS** | $108967731 | $149251840 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $66469047 | $123503328 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 42498684 | 25748512 |
| **NET ASSETS** | $108967731 | $149251840 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | 6147955 | 7633731 |
| Net asset value, offering price and redemption price per share (Note 2) | $17.72 | $19.55 |

---

See accompanying notes to financial statements.

**WAYCROSS FUNDS**

**STATEMENTS OF OPERATIONS**

**For the Year Ended February 28, 2026**

---

| | | |
|:---|:---|:---|
| | **Waycross<br> Managed Risk<br> Equity Fund** | **Waycross<br> Focused Core<br> Equity Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income (Net of foreign withholding taxes of $2,835 and $6,426, respectively) | $1651496 | $1254220 |
| &nbsp;&nbsp;&nbsp;Broker interest income | 1593403 |  |
|  | 3244899 | 1254220 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 1361714 | 772185 |
| &nbsp;&nbsp;&nbsp;Dividend expense on securities sold short (Note 2) | 785102 |  |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 92692 | 98087 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 38439 | 49716 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 4) | 20614 | 40070 |
| &nbsp;&nbsp;&nbsp;Trustees' fees (Note 4) | 27000 | 27000 |
| &nbsp;&nbsp;&nbsp;Audit fees | 18982 | 18982 |
| &nbsp;&nbsp;&nbsp;Legal fees | 17705 | 17705 |
| &nbsp;&nbsp;&nbsp;Compliance fees and expenses | 13986 | 13986 |
| &nbsp;&nbsp;&nbsp;Custody and bank service fees | 9637 | 14228 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 8105 | 7604 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 7512 | 7522 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 2387 | 3654 |
| &nbsp;&nbsp;&nbsp;Other expenses | 27844 | 18361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2431719 | 1089100 |
| &nbsp;&nbsp;&nbsp;Less fee reductions by the Adviser (Note 4) |  | (281817) |
| Net expenses | 2431719 | 807283 |
| **NET INVESTMENT INCOME** | 813180 | 446937 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND SECURITIES SOLD SHORT** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6240919 | 1578946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (3773826) |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5958674 | 14670514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 1733294 |  |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND SECURITIES SOLD SHORT** | 10159061 | 16249460 |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | $10972241 | $16696397 |

---

See accompanying notes to financial statements.

**WAYCROSS MANAGED RISK EQUITY FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> February 28,<br> 2026** | **Year Ended<br> February 28,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $813180 | $1138333 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6240919 | 12849437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (3773826) | (4405799) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5958674 | (3211574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 1733294 | 1685458 |
| &nbsp;&nbsp;&nbsp;Change in net assets resulting from operations | 10972241 | 8055855 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (5737743) | (6323435) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 6251253 | 7628325 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions | 663636 | 616766 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (8711953) | (5015137) |
| Change in net assets from capital share transactions | (1797064) | 3229954 |
| **TOTAL CHANGE IN NET ASSETS** | 3437434 | 4962374 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 105530297 | 100567923 |
| &nbsp;&nbsp;&nbsp;End of year | $108967731 | $105530297 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 354507 | 447705 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 36869 | 36822 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (495227) | (291483) |
| &nbsp;&nbsp;&nbsp;Change in shares outstanding | (103851) | 193044 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 6251806 | 6058762 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 6147955 | 6251806 |

---

See accompanying notes to financial statements.

**WAYCROSS FOCUSED CORE EQUITY FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> February 28,<br> 2026** | **Year Ended<br> February 28,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $446937 | $332953 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | 1578946 | 1604934 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 14670514 | 5406520 |
| &nbsp;&nbsp;&nbsp;Change in net assets resulting from operations | 16696397 | 7344407 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (1491414) | (219798) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 60532000 | 65880279 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions | 855127 | 138440 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (13857283) | (4754577) |
| Change in net assets from capital share transactions | 47529844 | 61264142 |
| **TOTAL CHANGE IN NET ASSETS** | 62734827 | 68388751 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 86517013 | 18128262 |
| &nbsp;&nbsp;&nbsp;End of year | $149251840 | $86517013 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3299622 | 4112780 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 42778 | 8139 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (755073) | (290508) |
| &nbsp;&nbsp;&nbsp;Change in shares outstanding | 2587327 | 3830411 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 5046404 | 1215993 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 7633731 | 5046404 |

---

See accompanying notes to financial statements.

**WAYCROSS MANAGED RISK EQUITY FUND**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br> February 28,<br> 2026** | **Year Ended<br> February 28,<br> 2025** | **Year Ended<br> February 29,<br> 2024** | **Year Ended<br> February 28,<br> 2023** | **Year Ended<br> February 28,<br> 2022** |
| Net asset value at beginning of year | $16.88 | $16.60 | $13.58 | $14.22 | $14.81 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.13 | 0.19 | 0.21 | 0.00 <sup>(a)</sup> | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.66 | 1.13 | 3.25 | (0.64) | 0.39 |
| Total from investment operations | 1.79 | 1.32 | 3.46 | (0.64) | 0.21 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.30) | (0.12) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.87) | (0.74) | (0.32) |  | (0.80) |
| Total distributions | (0.95) | (1.04) | (0.44) |  | (0.80) |
| Net asset value at end of year | $17.72 | $16.88 | $16.60 | $13.58 | $14.22 |
| Total return <sup>(b)</sup> | 10.51% | 7.98% | 25.73% | (4.50 %) | 1.13% |
| Net assets at end of year (000's) | $108968 | $105530 | $100568 | $86702 | $95532 |
| **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets | 2.23% | 2.30% | 2.28% | 2.27% | 2.31% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 2.23% | 2.30% | 2.28% | 2.27% | 2.31% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets excluding dividend expense and brokerage expense on securities sold short | 1.51% | 1.51% | 1.53% | 1.50% | 1.49% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.75% | 1.08% | 1.33% | 0.04% | (1.26%) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 42% | 55% | 45% | 74% | 72% |

---

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

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares.

See accompanying notes to financial statements.

**WAYCROSS FOCUSED CORE EQUITY FUND**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br> February 28,<br> 2026** | **Year Ended<br> February 28,<br> 2025** | **Year Ended<br> February 29,<br> 2024** | **Year Ended<br> February 28,<br> 2023** | **Year Ended<br> February 28,<br> 2022** |
| Net asset value at beginning of year | $17.14 | $14.91 | $10.84 | $11.53 | $10.70 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.05 | 0.05 | 0.05 | 0.06 | 0.00 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 2.57 | 2.23 | 4.10 | (0.70) | 0.90 <sup>(b)</sup> |
| Total from investment operations | 2.62 | 2.28 | 4.15 | (0.64) | 0.90 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.05) | (0.08) | (0.01) | (0.00)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.18) |  |  | (0.04) | (0.07) |
| Total distributions | (0.21) | (0.05) | (0.08) | (0.05) | (0.07) |
| Net asset value at end of year | $19.55 | $17.14 | $14.91 | $10.84 | $11.53 |
| Total return <sup>(c)</sup> | 15.26% | 15.29% | 38.39% | (5.54%) | 8.39% |
| Net assets at end of year (000's) | $149252 | $86517 | $18128 | $9502 | $10877 |
| **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets | 0.93% | 1.12% | 2.31% | 2.47% | 7.56% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(d)</sup> | 0.69% | 0.69% | 0.74% | 0.89% | 0.89% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(d)</sup> | 0.38% | 0.61% | 0.67% | 0.57% | 0.14% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 38% | 36% | 35% | 30% | 17% |

---

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

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

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

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

See accompanying notes to financial statements.

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**February 28, 2026**

**1.** **Organization** 

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

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

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

**2.** **Significant Accounting Policies** 

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

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

**Accounting pronouncement** – In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Fund Management concluded that there is no material impact on the Funds' financial statements.

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

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

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

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

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

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

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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

The following is a summary of each Fund's investments and the inputs used to value the investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Waycross Managed Risk Equity Fund:** |  |  |  |  |
| Common Stocks | $100357207 | $— | $— | $100357207 |
| Money Market Funds | 6837659 |  |  | 6837659 |
| Total | $107194866 | $— | $— | $107194866 |
| **Other Financial Instruments:** |  |  |  |  |
| Common Stocks – Sold Short | $(45464147) | $— | $— | $(45464147) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Waycross Focused Core Equity Fund:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | $148565424 | $— | $— | $148565424 |
| Money Market Funds | 581096 |  |  | 581096 |
| Total | $149146520 | $— | $— | $149146520 |

---

Refer to each Fund's Schedule of Investments and Schedule of Securities Sold Short, as applicable, for a listing of the common stocks by sector and industry type. The Funds did not hold derivative instruments or have any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the year ended February 28, 2026.

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

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

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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

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

**Distributions to shareholders** – Distributions to shareholders arising from net investment income, if any, are declared and paid annually to shareholders. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions to shareholders are recorded on the ex-dividend date. The tax character of distributions paid by Waycross Managed Risk Equity Fund and Waycross Focused Core Equity Fund during the years ended February 28, 2026 and 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended** | **Ordinary<br> Income** | **Long-Term<br> Capital<br> Gains** | **Total<br> Distributions** |
| **Waycross Managed Risk Equity Fund** |  |  |  |
| February 28, 2026 | $487766 | $5249977 | $5737743 |
| February 28, 2025 | $1650277 | $4673158 | $6323435 |
| **Waycross Focused Core Equity Fund** |  |  |  |
| February 28, 2026 | $496901 | $994513 | $1491414 |
| February 28, 2025 | $219798 | $— | $219798 |

---

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

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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

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

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

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

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The following information is computed on a tax basis for each item as of February 28, 2026:

---

| | | |
|:---|:---|:---|
| | **Waycross Managed<br> Risk Equity<br> Fund** | **Waycross Focused<br> Core Equity<br> Fund** |
| Tax cost of investments and securities sold short | $22251716 | $125361945 |
| Gross unrealized appreciation | $44475686 | $29061985 |
| Gross unrealized depreciation | (4996683) | (5277410) |
| Net unrealized appreciation | 39479003 | 23784575 |
| Undistributed ordinary income | 325414 | 651389 |
| Undistributed long-term capital gains | 2694267 | 1312548 |
| Total distributable earnings | $42498684 | $25748512 |

---

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

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

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax on the Statements of Operations. During the year ended February 28, 2026, the Funds did not incur any interest or penalties.

**3.** **Investment Transactions** 

Investment transactions, other than short-term investments and U.S. government securities, were as follows for the year ended February 28, 2026:

---

| | | |
|:---|:---|:---|
| | **Waycross Managed<br> Risk Equity**<br> **Fund** | **Waycross Focused<br> Core Equity**<br> **Fund** |
| Purchases of investment securities | $41120223 | $90337426 |
| Proceeds from sales of investment securities | $48337846 | $43869621 |

---

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**4.** **Transactions with Related Parties** 

INVESTMENT ADVISORY AGREEMENT

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

Pursuant to an amended Expense Limitation Agreement between the Trust and the Adviser (the "ELA"), the Adviser has contractually agreed, until June 30, 2026, to reduce management fees and reimburse other expenses to the extent necessary to limit total annual operating expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, costs to organize the Funds, acquired fund fees and expenses, and extraordinary expenses such as litigation and merger or reorganization costs and other expenses not incurred in the ordinary course of the Funds' business) to an amount not exceeding 1.70% of Waycross Managed Risk Equity Fund's average daily net assets and 0.69% of Waycross Focused Core Equity Fund's average daily net assets.

During the year ended February 28, 2026, the Adviser reduced its management fees earned for Waycross Focused Core Equity Fund by $281,817.

Under the terms of the ELA, management fee reductions and expense reimbursements by the Adviser are subject to repayment by the Funds for three years after such fees and expenses were incurred, provided that the repayments do not cause total annual operating expenses (after repayment is taken into account) to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to June 30, 2026, this agreement may not be modified or terminated without the approval of the Board. This agreement will terminate automatically if the Funds' investment advisory agreement with the Adviser is terminated. As of February 28, 2026, the Adviser may seek repayment of fee reductions and/or expense reimbursements no later than the date below:

---

| | |
|:---|:---|
| | **Waycross Focused<br> Core Equity<br> Fund** |
| February 28, 2027 | $188264 |
| February 29, 2028 | 233914 |
| February 28, 2029 | 281817 |
| Total | $703995 |

---

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

OTHER SERVICE PROVIDERS

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

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

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

TRUSTEE COMPENSATION

Effective November 1, 2025, each member of the Board (a "Trustee") who is not an "interested person" of the Trust ("Independent Trustee") receives from the Trust a $14,000 annual retainer, payable quarterly and a $1,000 fee for each Board meeting attended plus reimbursement for travel and other meeting-related expenses. Prior to November 1, 2025, each Independent Trustee received an $8,000 annual retainer, payable quarterly and a $1,000 fee for each Board meeting attended plus reimbursement for travel and other meeting-related expenses.

PRINCIPAL HOLDERS OF FUND SHARES

A beneficial owner of 25% or more of a Fund's outstanding shares may be considered a controlling person. That shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting. As of February 28, 2026, no individual shareholders owned of record 25% or more of the outstanding shares of each Fund.

**5.** **Contingencies and Commitments** 

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

**WAYCROSS FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**6.** **Sector Risk** 

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

As of February 28, 2026, Waycross Focused Core Equity Fund had 32.3% of the value of its net assets invested in common stocks within the Technology sector.

**7.** **Subsequent Events** 

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

**WAYCROSS FUNDS**

**REPORT OF INDEPENDENT REGISTERED**

**PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees of

Waycross Independent Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and securities sold short, of Waycross Independent Trust, comprising Waycross Managed Risk Equity Fund and Waycross Focused Core Equity Fund (the "Funds") as of February 28, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**WAYCROSS FUNDS**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)**

We have served as the Funds' auditor since 2015.

![](img_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

April 27, 2026

**WAYCROSS FUNDS**

**ADDITIONAL INFORMATION (Unaudited)**

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

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

Not applicable.

**FEDERAL TAX INFORMATION (Unaudited)**

For the fiscal year ended February 28, 2026, Waycross Managed Risk Equity Fund and Waycross Focused Core Equity Fund designated $5,249,977 and $994,513, respectively, as long-term capital gain distributions.

**Qualified Dividend Income** – Waycross Managed Risk Equity Fund and Waycross Focused Core Equity Fund designates 100% and 100%, respectively, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate.

**Dividends Received Deduction** – Corporate shareholders are generally entitled to take the dividends received deduction on the portion of a Fund's dividend distribution that qualifies under tax law. For Waycross Managed Risk Equity Fund and Waycross Focused Core Equity Fund's fiscal year 2026 ordinary income dividends, 56.78% and 100%, respectively, of each Fund qualifies for the corporate dividends received deduction.

(b) Included
 in (a)

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

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

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

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

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

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

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

Not applicable

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

(a) Not applicable

(b) Not applicable

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

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

(a)(1) [Code of Ethics is filed herewith.](waycross_ex99codeeth.htm)

(a)(2) Not applicable.

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

(a)(4) Not applicable.

(a)(5) Not applicable.

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

---

| | |
|:---|:---|
| Exhibit 99.CODE ETH | [Code of Ethics](waycross_ex99codeeth.htm) |
| Exhibit 99.CERT | [Certifications required by Rule 30a-2(a) under the Act](waycross_ex99cert.htm) |
| Exhibit 99.906CERT | [Certifications required by Rule 30a-2(b) under the Act](waycross_ex99-906cert.htm) |

---

**SIGNATURES** 

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

(Registrant) Waycross
 Independent Trust

---

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

---

Date <u>May 5, 2026</u>

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

---

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

---

Date <u>May 5, 2026</u>

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

## Ex-99.Cert

**EX-99.CERT**

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

I, Matthew G. Bevin, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | May 5, 2026 | /s/ Matthew G. Bevin |
|  |  | Matthew G. Bevin, Principal Executive Officer, President,<br> Principal Financial Officer & Treasurer |

---

## Exhibit 99.906

**EX-99.906CERT**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended February 28, 2026 (the "Form N-CSR") fully complies
with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and

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

PRINCIPAL EXECUTIVE OFFICER & PRINCIPAL FINANCIAL OFFICER

Waycross Independent Trust

---

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

---

Date: May 5, 2026

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

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

## Ex-99.Code

**EX-99.CODE ETH**

**WAYCROSS INDEPENDENT TRUST**

**Code of Ethics for Principal Executive and**

**Principal Financial Officers**

**Effective: July 2020**

**I.** **Covered Officers/Purpose of the Code** 

The code of ethics (this "Code") for Waycross Independent Trust (the "Trust") applies to the Trust's Principal Executive Officer(s) and Principal Financial Officer(s) (the "Covered Officers") for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust or the Trust's investment advisers (the "investment advisers") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and an investment adviser or a third party service provider of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust and/or for the investment adviser or third party service provider) be involved in establishing policies and implementing decisions that will have different effects on the investment adviser(s) or third party service provider and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the investment adviser or third party service provider and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. The foregoing activities, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

● not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

● not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

● report at least annually any affiliations or other relationships that could potentially present a conflict of interest with the Trust.

There are some conflict of interest situations that should always be discussed with the Chief Compliance Officer of the Trust (the "CCO"), who may choose to seek the assistance of legal counsel to the Trust ("Trust Counsel"), if such situations might have a material adverse effect on the Trust. Examples of these include:

● service as a director on the board of any public company;

● the receipt of non-nominal gifts from affiliates of the Fund or the Fund's service providers;

● the receipt of entertainment from any company with which the Trust has current or prospective business dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment advisers, principal underwriter, administrator or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions, including but not limited to certain soft dollar arrangements, or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

● each Covered Officer shall become familiar with the disclosure requirements generally applicable to the Trust;

● each Covered Officer shall not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's management and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer may, to the extent appropriate within the Covered Officer's area of responsibility and to the extent deemed necessary in the sole discretion of the Covered Officer, consult with other officers and employees of the Trust and the investment advisers and the Trust's administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

● it is the responsibility of each Covered Officer to promote Trust compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that the Covered Officer has received, read and understands this Code;

● annually thereafter affirm to the Board that the Covered Officer has complied with the requirements of this Code;

● not retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for reports of potential violations of this Code that are made in good faith; and

● notify the CCO promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CCO may seek the advice of Trust Counsel regarding specific situations in which questions are presented under the Code and the CCO has the authority to interpret this Code in any particular situation. However, any approvals or waivers<sup>1</sup> will be considered by the Board.

<sup>1</sup> For this purpose, the term "waiver" includes the approval by the Trust of a material departure from a provision of this Code or the Trust's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Trust's management.

The Trust will follow these procedures in investigating and enforcing this Code:

● the CCO shall (with the assistance of Trust Counsel if requested) take all appropriate action to investigate any reported potential violations;

● if, after such investigation, the CCO believes that no violation has occurred, then no further action is required;

● any matter that the CCO believes may be a violation shall be reported to the Trustees of the Trust who are not "interested persons," as defined by Section 2(a)(19) of the Investment Company Act, of the Trust (the "Independent Trustees");

● if the Independent Trustees concur that a violation may have occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include a review of, and appropriate modifications to, applicable Trust policies and procedures; notification to appropriate personnel or the board of the investment adviser or other relevant service provider; or a recommendation to dismiss the Covered Officer;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and the investment advisers' and the principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

**VII.** **Confidentiality** 

All reports and records of the Trust prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than an investment adviser to any series of the Trust to which such reports or records relate, the Board, the CCO and Trust Counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.