united\nstates
securities and exchange commission

Washington,\nD.C. 20549

form\nn-csr

certified\nshareholder report of registered
management investment companies

\n \n \n \n \n \n

Investment\n Company Act file number

811-23581

Waycross\nIndependent Trust

(Exact\nname of registrant as specified in charter)

\n \n \n \n \n \n \n \n \n

225\n Pictoria Drive, Suite 450 Cincinnati, Ohio		45246
(Address\n of principal executive offices)		(Zip\n code)

Jonathan\nD. Burgess

225\nPictoria Drive, Suite 450, Cincinnati, Ohio 45246

(Name\nand address of agent for service)

\n \n \n \n \n \n

Registrant’s\n telephone number, including area code:

(513)\n 587-3400

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

Date\n of fiscal year end:	February 28

Date\n of reporting period:	August 31,\n 2026

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

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

\n \n \n \n

Item\n 1.

Reports\n to Stockholders.

\n \n \n \n

(a)

Tailored Shareholder Report

Waycross Managed Risk Equity Fund

(WAYEX)

Semi-Annual Shareholder Report - August 31, 2026

$\"Image\"$

Fund Overview

This semi-annual shareholder report contains important information about Waycross Managed Risk Equity Fund (the \"Fund\") for the period of March 1, 2026 to August 31, 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Waycross Managed Risk Equity Fund	$118	2.34%

How did the Fund perform during the reporting period?

The Managed Risk Equity Fund produced a 0.51% return for the six-month period ended August 31, 2026, underperforming the benchmark (custom index) comprised of 50% S&P 500^{^®} Index and 50% ICE BofA 3 Month U.S. Treasury Bill Index, which returned 7.17%. Since inception, the Managed Risk Equity Fund produced a 7.32% return ended August 31, 2026, underperforming its benchmark (custom index) comprised of 50% S&P 500^{^®} Index and ICE BofA 3 Month U.S. Treasury Bill Index, which returned 8.25% for the same period.

During the six-month period ended August 31, 2026, the Technology sector was the most significant contributor to performance, led by our long positions in Palo Alto Networks, Inc. (PANW), Microsoft Corporation (MSFT), and Advanced Micro Devices, Inc. (AMD). The Health Care sector was the primary detractor from performance during the period due to our long positions in Intuitive Surgical, Inc. (ISRG) and Boston Scientific Corporation (BSX), and our short position in Amgen, Inc. (AMGN).

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

$\"Growth$

Table Summary
	Waycross Managed Risk Equity Fund	50% S&P 500^® Index/50% ICE BofA 3 Month U.S. Treasury Bill Index	S&P 500^® Index
Aug-2016	$10,000	$10,000	$10,000
Aug-2017	$10,798	$10,821	$11,623
Aug-2018	$12,037	$11,941	$13,909
Aug-2019	$12,058	$12,306	$14,315
Aug-2020	$14,068	$13,766	$17,455
Aug-2021	$16,811	$15,816	$22,895
Aug-2022	$14,900	$15,003	$20,325
Aug-2023	$16,726	$16,563	$23,566
Aug-2024	$19,881	$19,233	$29,960
Aug-2025	$22,379	$21,206	$34,718
Aug-2026	$23,079	$23,748	$41,793

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Waycross Managed Risk Equity Fund	3.13%	6.54%	8.72%
50% S&P 500^® Index/50% ICE BofA 3 Month U.S. Treasury Bill Index	11.99%	8.47%	9.03%
S&P 500^® Index	20.38%	12.79%	15.37%

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$119,278,321
Number of Portfolio Holdings97
Advisory Fee $696,902
Portfolio Turnover22%

Top Ten Short Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Fortinet, Inc.	-1.8%
Accenture plc - Class A	-1.5%
Amgen, Inc.	-1.4%
Consolidated Edison, Inc.	-1.3%
Occidental Petroleum Corporation	-1.4%
EOG Resources, Inc.	-1.3%
Regions Financial Corporation	-1.3%
Paychex, Inc.	-1.3%
Revvity, Inc.	-1.3%
Lam Research Corporation	-1.3%

What did the Fund invest in?

Sector Weighting (% of net assets)^{Footnote Reference*}

$\"Group$

Table Summary
Value	Value
Utilities	0.2%
Energy	2.1%
Materials	2.2%
Consumer Staples	2.2%
Financials	3.6%
Health Care	4.3%
Communications	5.6%
Industrials	6.6%
Consumer Discretionary	8.5%
Technology	15.6%

* 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)

Table Summary
Holding Name	% of Net Assets
Alphabet, Inc. - Class A	4.7%
NVIDIA Corporation	4.5%
Microsoft Corporation	4.0%
Amazon.com, Inc.	3.9%
Apple, Inc.	2.9%
AbbVie, Inc.	2.3%
Mastercard, Inc. - Class A	2.3%
Broadcom, Inc.	2.2%
Emerson Electric Company	2.2%
Palo Alto Networks, Inc.	2.1%

Material Fund Changes

No material changes occurred during the period ended August 31, 2026.

$\"Image\"$

Waycross Managed Risk Equity Fund (WAYEX)

Semi-Annual Shareholder Report - August 31, 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-SAR 083126-WAYEX

Waycross Focused Core Equity Fund

(WAYFX)

Semi-Annual Shareholder Report - August 31, 2026

$\"Image\"$

Fund Overview

This semi-annual shareholder report contains important information about Waycross Focused Core Equity Fund (the \"Fund\") for the period of March 1, 2026 to August 31, 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Waycross Focused Core Equity Fund	$36	0.69%

How did the Fund perform during the reporting period?

The Focused Core Equity Fund produced a 5.37% return for the six-month period ended August 31, 2026, underperforming its primary benchmark, the S&P 500^{^®} Index, which returned 12.37% for the same period. Since inception, the Focused Core Equity Fund produced a 14.09% return ended August 31, 2026, underperforming its primary benchmark, the S&P 500^{^®} Index, which returned 15.33% for the same period.

During the six-month period ended August 31, 2026, the Technology sector was the most significant contributor to performance, led by our positions in NVIDIA Corporation (NVDA), Microsoft Corporation (MSFT), and Advanced Micro Devices, Inc. (AMD). The Health Care sector was the primary detractor from performance during the period due to our positions in Intuitive Surgical, Inc. (ISRG), Boston Scientific Corporation (BSX), and Stryker Corporation (SYK).

How has the Fund performed since\ninception?

Total Return Based on $10,000 Investment

$\"Growth$

Table Summary
	Waycross Focused Core Equity Fund	S&P 500^® Index
Dec-2020	$10,000	$10,000
Aug-2021	$12,620	$12,367
Aug-2022	$10,260	$10,978
Aug-2023	$12,825	$12,729
Aug-2024	$16,309	$16,182
Aug-2025	$19,619	$18,752
Aug-2026	$21,226	$22,574

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (December 15, 2020)
Waycross Focused Core Equity Fund	8.19%	10.96%	14.09%
S&P 500^® Index	20.38%	12.79%	15.33%

Fund Statistics

Net Assets$181,491,022
Number of Portfolio Holdings32
Advisory Fee (net of waivers)$386,535
Portfolio Turnover15%

Asset Weighting (% of total investments)

$\"Group$

Table Summary
Value	Value
Common Stocks	99.7%
Money Market Funds	0.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

$\"Group$

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.1%
Money Market Funds	0.3%
Materials	7.5%
Financials	8.5%
Health Care	10.5%
Communications	11.2%
Consumer Discretionary	11.9%
Industrials	14.6%
Technology	35.4%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
NVIDIA Corporation	8.5%
Alphabet, Inc. - Class A	7.4%
Microsoft Corporation	7.3%
Apple, Inc.	6.6%
Amazon.com, Inc.	5.4%
Broadcom, Inc.	3.8%
Meta Platforms, Inc. - Class A	3.8%
Goldman Sachs Group, Inc. (The)	3.7%
Mastercard, Inc. - Class A	3.6%
Boeing Company (The)	3.4%

Material Fund Changes

No material changes occurred during the period ended August 31, 2026.

$\"Image\"$

Waycross Focused Core Equity Fund (WAYFX)

Semi-Annual Shareholder Report - August 31, 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-SAR 083126-WAYFX

\n \n \n \n

(b)

Included with (a)

\n \n \n \n

Item\n 2.

Code\n of Ethics.

Not\nrequired

\n \n \n \n

Item\n 3.

Audit\n Committee Financial Expert.

Not required

\n \n \n \n

Item\n 4.

Principal\n Accountant Fees and Services.

Not\nrequired

\n \n \n \n

Item\n 5.

Audit\n Committee of Listed Registrants.

Not applicable

\n \n \n \n \n

Item\n 6.

Investments.

\n \n \n \n

(a)

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

\n \n \n \n \n

(b)

Not applicable

\n \n \n \n

Item 7.

Financial\n Statements and Financial Highlights for Open-End Management Investment Companies

\n \n \n \n

(a)

$\"\"$

WAYCROSS\nMANAGED RISK EQUITY FUND

(WAYEX)

WAYCROSS\nFOCUSED CORE EQUITY FUND

(WAYFX)

Semi-Annual\nFinancial Statements and Additional Information

August 31,\n2026

(Unaudited)

WAYCROSS\nMANAGED RISK EQUITY FUND

SCHEDULE\nOF INVESTMENTS

August 31,\n2026 (Unaudited)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

COMMON\n STOCKS — 90.4%	Shares		Value
Communications —\n 6.8%
Internet Media & Services\n — 5.8%
Alphabet, Inc. - Class A ^(a)		16,465		$	5,587,398
Meta Platforms, Inc.\n - Class A ^(a)		2,335			1,336,414
					6,923,812
Telecommunications —\n 1.0%
T-Mobile US, Inc.		6,601			1,191,084

Consumer Discretionary\n — 11.7%
E-Commerce Discretionary\n — 3.9%
Amazon.com, Inc. ^(a)(b)		18,058			4,690,927

Leisure Facilities &\n Services — 3.2%
Chipotle Mexican Grill, Inc. ^(b)		33,584			1,277,199
Marriott International, Inc. - Class A		4,374			1,494,858
McDonald’s Corporation		4,022			1,059,958
					3,832,015
Retail - Discretionary\n — 4.6%
Home Depot, Inc. (The)		2,285			749,091
Lowe’s Companies, Inc.		10,200			2,087,940
O’Reilly Automotive, Inc. ^(b)		20,220			1,795,536
TJX Companies, Inc.\n (The)		6,405			857,694
					5,490,261
Consumer Staples —\n 3.1%
Beverages — 1.2%
Coca-Cola Company (The)		16,213			1,437,607

Retail - Consumer Staples\n — 1.9%
Walmart, Inc.		21,062			2,208,772

Energy — 4.8%
Oil & Gas Producers\n — 3.0%
Devon Energy Corporation		34,742			1,685,334
Diamondback Energy,\n Inc.		9,387			1,881,906
					3,567,240
Oil & Gas Services\n & Equipment — 1.8%
Baker Hughes Company		33,239			2,112,339

WAYCROSS\nMANAGED RISK EQUITY FUND

SCHEDULE\nOF INVESTMENTS (Continued)

COMMON\n STOCKS — 90.4% (Continued)	Shares		Value
Financials — 10.0%
Asset Management —\n 1.1%
Charles\n Schwab Corporation (The)		11,647		$	1,279,074

Banking — 4.3%
Citigroup, Inc. ^(a)		13,814			1,818,199
Fifth Third Bancorp		38,439			2,066,865
Truist Financial Corporation		25,927			1,285,460
					5,170,524
Financial Services —\n 1.8%
BlackRock, Inc.		1,853			2,141,345

Institutional Financial\n Services — 1.6%
Goldman Sachs Group,\n Inc. (The) ^(a)		1,885			1,933,822

Insurance — 0.8%
Marsh & McLennan\n Companies, Inc.		5,271			1,000,436

Specialty Finance —\n 0.4%
American Express Company		1,285			424,268

Health Care — 11.5%
Biotech & Pharma —\n 2.3%
AbbVie, Inc. ^(a)		10,957			2,809,594

Health Care Facilities\n & Services — 1.7%
Cencora, Inc.		6,258			2,025,089

Medical Equipment &\n Devices — 7.5%
Abbott Laboratories		13,119			1,447,813
Becton, Dickinson and Company		3,564			670,424
Boston Scientific Corporation ^(b)		30,000			1,449,000
Danaher Corporation ^(a)		6,638			1,417,611
Intuitive Surgical, Inc. ^(b)		5,229			1,970,601
Stryker Corporation		6,115			1,980,037
					8,935,486
Industrials — 10.7%
Aerospace & Defense\n — 2.1%
Boeing Company (The) ^(b)		10,231			2,125,797

WAYCROSS\nMANAGED RISK EQUITY FUND

SCHEDULE\nOF INVESTMENTS (Continued)

COMMON\n STOCKS — 90.4% (Continued)	Shares		Value
Industrials — 10.7%\n (Continued)
Aerospace & Defense\n — 2.1% (Continued)
Honeywell\n Aerospace, Inc. ^(b)		2,292		$	362,388
					2,488,185
Diversified Industrials\n — 2.2%
Emerson Electric Company		17,127			2,610,840

Electrical Equipment —\n 0.4%
Honeywell International,\n Inc.		2,293			489,518

Machinery — 3.7%
Ingersoll Rand, Inc.		27,599			2,126,503
Stanley Black &\n Decker, Inc.		23,625			2,276,741
					4,403,244
Transportation & Logistics\n — 2.3%
Delta Air Lines, Inc.		9,006			702,468
Knight-Swift Transportation\n Holdings, Inc.		29,299			2,007,274
					2,709,742
Materials — 3.1%
Chemicals — 1.5%
Ecolab, Inc.		3,117			882,734
Sherwin-Williams Company\n (The)		2,839			961,882
					1,844,616
Construction Materials\n — 1.6%
Carlisle Companies,\n Inc.		5,397			1,870,492

Technology — 26.2%
Semiconductors —\n 13.0%
Advanced Micro Devices, Inc. ^(b)		3,729			1,755,315
Applied Materials, Inc.		3,011			1,380,212
Broadcom, Inc.		7,086			2,624,229
Intel Corporation ^(b)		11,870			1,062,484
Marvell Technology, Inc.		2,200			465,652
Micron Technology, Inc.		1,853			1,776,527
NVIDIA Corporation ^(a)		24,258			5,355,681
NXP Semiconductors\n N.V.		5,096			1,144,765
					15,564,865
Software — 7.4%
Microsoft Corporation ^(a)		9,364			4,750,263
Oracle Corporation		3,706			552,639

WAYCROSS\nMANAGED RISK EQUITY FUND

SCHEDULE\nOF INVESTMENTS (Continued)

COMMON\n STOCKS — 90.4% (Continued)	Shares		Value
Technology — 26.2%\n (Continued)
Software — 7.4% (Continued)
Palo Alto Networks, Inc. ^(b)		6,485		$	2,478,113
Synopsys, Inc. ^(b)		2,432			1,069,083
					8,850,098
Technology Hardware —\n 3.5%
Apple, Inc. ^(a)		10,842			3,435,288
Dell Technologies, Inc.\n - Class C		1,505			686,295
					4,121,583
Technology Services —\n 2.3%
Mastercard, Inc. - Class\n A ^(a)		4,667			2,750,310

Utilities — 2.5%
Electric Utilities —\n 2.5%
American Electric Power Company, Inc.		10,538			1,290,168
Xcel Energy, Inc.		22,241			1,683,421
					2,973,589

Total\n Common Stocks (Cost $69,076,049)				$	107,850,777

MONEY\n MARKET FUNDS — 6.9%	Shares		Value
Fidelity\n Institutional Money Market Government Portfolio - Class I, 3.56% ^(c) (Cost $8,167,445)		8,167,445		$	8,167,445

Investments at Value —\n 97.3% (Cost $77,243,494)				$	116,018,222

Other\n Assets in Excess of Liabilities — 2.7%					3,260,099

Net\n Assets — 100.0%				$	119,278,321

N.V. - Naamloze Vennootschap

\n \n \n \n \n \n \n \n \n \n

^(a)	All or a portion of this security is pledged as collateral for open short positions.\n The total value of such securities as of August 31, 2026 was $24,523,688.
^(b)	Non-income producing security.
^(c)	The rate shown is the 7-day effective yield as of August 31, 2026.

See accompanying notes to financial\nstatements.

WAYCROSS\nMANAGED RISK EQUITY FUND

SCHEDULE\nOF SECURITIES SOLD SHORT

August 31,\n2026 (Unaudited)

COMMON\n STOCKS — 39.5%	Shares		Value
Communications —\n 1.2%
Cable & Satellite —\n 1.2%
Comcast\n Corporation - Class A		53,301		$	1,418,873

Consumer Discretionary\n — 3.2%
Home Construction —\n 1.0%
PulteGroup, Inc.		9,550			1,206,356

Leisure Facilities &\n Services — 0.5%
Hyatt Hotels Corporation\n - Class A		3,723			621,629

Retail - Discretionary\n — 1.7%
Burlington Stores, Inc.		2,182			566,796
Genuine Parts Company		10,216			1,386,005
					1,952,801
Consumer Staples —\n 0.9%
Retail - Consumer Staples\n — 0.9%
Target Corporation		6,825			1,098,006

Energy — 2.7%
Oil & Gas Producers\n — 2.7%
EOG Resources, Inc.		10,993			1,593,545
Occidental Petroleum\n Corporation		26,650			1,603,797
					3,197,342
Financials — 6.4%
Asset Management —\n 0.6%
T. Rowe Price Group,\n Inc.		6,113			680,255

Banking — 4.6%
Commerce Bancshares, Inc.		19,343			1,116,284
M&T Bank Corporation		6,107			1,428,672
PNC Financial Services Group, Inc. (The)		5,552			1,330,426
Regions Financial Corporation		52,634			1,572,704
					5,448,086
Specialty Finance —\n 1.2%
Capital One Financial\n Corporation		6,885			1,476,901

Health Care — 7.2%
Biotech & Pharma —\n 1.4%
Amgen, Inc.		3,887			1,670,944

WAYCROSS\nMANAGED RISK EQUITY FUND

SCHEDULE\nOF SECURITIES SOLD SHORT (Continued)

COMMON\n STOCKS — 39.5% (Continued)	Shares		Value
Health Care — 7.2%\n (Continued)
Medical Equipment &\n Devices — 5.8%
Align Technology, Inc.		6,885		$	1,100,154
GE HealthCare Technologies, Inc.		19,988			1,423,745
Medtronic plc		16,434			1,489,742
Revvity, Inc.		12,070			1,553,047
Zimmer Biomet Holdings,\n Inc.		14,225			1,423,069
					6,989,757
Industrials — 4.1%
Diversified Industrials\n — 1.2%
Illinois Tool Works,\n Inc.		5,163			1,421,735

Electrical Equipment —\n 2.1%
Eaton Corporation plc		3,631			1,459,226
Lennox International,\n Inc.		2,621			1,002,900
					2,462,126
Transportation & Logistics\n — 0.8%
Southwest Airlines\n Company		25,540			984,056

Materials — 0.9%
Chemicals — 0.9%
PPG Industries, Inc.		9,550			1,071,223

Technology — 10.6%
Semiconductors —\n 4.0%
KLA Corporation		3,553			623,374
Lam Research Corporation		5,108			1,540,011
ON Semiconductor Corporation		14,436			1,069,563
Texas Instruments,\n Inc.		5,830			1,521,105
					4,754,053
Software — 3.8%
Adobe, Inc.		5,108			1,495,572
Cadence Design Systems, Inc.		2,554			865,244
Fortinet, Inc.		12,770			2,182,776
					4,543,592

WAYCROSS\nMANAGED RISK EQUITY FUND

SCHEDULE\nOF SECURITIES SOLD SHORT (Continued)

COMMON\n STOCKS — 39.5% (Continued)	Shares		Value
Technology — 10.6%\n (Continued)
Technology Services —\n 2.8%
Accenture plc - Class A		9,509		$	1,804,428
Paychex, Inc.		12,215			1,555,458
					3,359,886
Utilities — 2.3%
Electric Utilities —\n 2.3%
Consolidated Edison, Inc.		14,991			1,604,337
Southern Company (The)		13,325			1,172,600
					2,776,937

Total\n Securities Sold Short — 39.5% (Proceeds $45,675,325)				$	47,134,558

plc - Public Limited Company

See accompanying notes to financial\nstatements.

WAYCROSS\nFOCUSED CORE EQUITY FUND

SCHEDULE\nOF INVESTMENTS

August 31,\n2026 (Unaudited)

COMMON\n STOCKS — 99.6%	Shares		Value
Communications —\n 11.2%
Internet Media & Services\n — 11.2%
Alphabet, Inc. - Class A		39,481		$	13,397,877
Meta Platforms, Inc.\n - Class A		12,105			6,928,176
					20,326,053
Consumer Discretionary\n — 11.9%
E-Commerce Discretionary\n — 5.4%
Amazon.com, Inc. ^(a)		37,453			9,729,166

Leisure Facilities &\n Services — 1.3%
McDonald’s Corporation		8,970			2,363,954

Retail - Discretionary\n — 5.2%
Home Depot, Inc. (The)		11,768			3,857,903
Lowe’s Companies,\n Inc.		27,628			5,655,452
					9,513,355
Financials — 8.5%
Banking — 1.9%
Citigroup, Inc.		26,436			3,479,506

Institutional Financial\n Services — 3.7%
Goldman Sachs Group,\n Inc. (The)		6,531			6,700,153

Insurance — 2.9%
Marsh & McLennan\n Companies, Inc.		27,713			5,259,927

Health Care — 10.5%
Biotech & Pharma —\n 3.4%
AbbVie, Inc.		23,875			6,122,028

Medical Equipment &\n Devices — 7.1%
Becton, Dickinson and Company		18,803			3,537,032
Boston Scientific Corporation ^(a)		42,975			2,075,692
Intuitive Surgical, Inc. ^(a)		10,016			3,774,630
Stryker Corporation		11,182			3,620,732
					13,008,086
Industrials — 14.6%
Aerospace & Defense\n — 4.5%
Boeing Company (The) ^(a)		29,843			6,200,778

WAYCROSS FOCUSED CORE EQUITY\nFUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON\n STOCKS — 99.6% (Continued)	Shares		Value
Industrials\n — 14.6% (Continued)
Aerospace\n & Defense — 4.5% (Continued)
Honeywell\n Aerospace, Inc. ^(a)		12,081		$	1,910,127
					8,110,905
Diversified\n Industrials — 2.4%
Emerson\n Electric Company		28,647			4,366,949

Electrical\n Equipment — 1.4%
Honeywell\n International, Inc.		12,083			2,579,976

Machinery\n — 2.9%
Ingersoll\n Rand, Inc.		67,943			5,235,008

Transportation\n & Logistics — 3.4%
Delta\n Air Lines, Inc.		47,145			3,677,310
Knight-Swift\n Transportation Holdings, Inc.		36,650			2,510,892
					6,188,202
Materials\n — 7.5%
Chemicals\n — 5.4%
Ecolab,\n Inc.		16,417			4,649,295
Sherwin-Williams\n Company (The)		15,247			5,165,836
					9,815,131
Construction\n Materials — 2.1%
Carlisle\n Companies, Inc.		10,835			3,755,194

Technology\n — 35.4%
Semiconductors\n — 17.9%
Advanced\n Micro Devices, Inc. ^(a)		8,627			4,060,901
Broadcom,\n Inc.		18,819			6,969,429
NVIDIA\n Corporation		70,045			15,464,535
NXP\n Semiconductors N.V.		26,338			5,916,568
					32,411,433
Software\n — 7.3%
Microsoft\n Corporation		26,091			13,235,704

Technology\n Hardware — 6.6%
Apple,\n Inc.		38,035			12,051,390

WAYCROSS FOCUSED CORE EQUITY\nFUND

SCHEDULE OF INVESTMENTS (Continued)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

COMMON\n STOCKS — 99.6% (Continued)	Shares		Value
Technology — 35.4%\n (Continued)
Technology Services —\n 3.6%
Mastercard,\n Inc. - Class A		11,088		$	6,534,269

Total Common Stocks\n (Cost $146,005,457)				$	180,786,389

MONEY\n MARKET FUNDS — 0.3%	Shares		Value
Fidelity\n Institutional Money Market Government Portfolio - Class I, 3.56% ^(b) (Cost $527,149)		527,149		$	527,149

Investments at Value — 99.9% (Cost $146,532,606)				$	181,313,538

Other Assets in Excess\n of Liabilities — 0.1%					177,484

Net\n Assets — 100.0%				$	181,491,022

N.V. - Naamloze Vennootschap

\n \n \n \n \n \n \n

\n	^(a)	Non-income producing security.
\n	^(b)	The rate shown is the 7-day effective yield as of August 31, 2026.

See accompanying notes to financial\nstatements.

WAYCROSS FUNDS

STATEMENTS OF ASSETS AND\nLIABILITIES

August 31, 2026 (Unaudited)

	Waycross \n Managed Risk Equity Fund		Waycross \n Focused Core Equity Fund
ASSETS
Investments\n in securities:
At\n cost	$	77,243,494		$	146,532,606
At\n value (Note 2)	$	116,018,222		$	181,313,538
Cash\n deposits for securities sold short (Note 2)		50,187,490			—
Receivable\n for capital shares sold		17,345			174,105
Receivable\n for investment securities sold		234,949			1,271,018
Dividends\n and interest receivable		108,752			79,959
Other\n assets		25,214			32,596
Total\n assets		166,591,972			182,871,216

LIABILITIES
Securities\n sold short, at value (proceeds $45,675,325 and $—) (Note\n 2)		47,134,558			—
Payable\n for capital shares redeemed		—			10,905
Payable\n for investment securities purchased		—			1,266,620
Dividends\n payable on securities sold short (Note 2)		62,634			—
Payable\n to Adviser (Note 4)		100,999			77,344
Payable\n to Administrator (Note 4)		9,945			17,201
Other\n accrued expenses		5,515			8,124
Total\n liabilities		47,313,651			1,380,194

Contingencies\n and Commitments (Note 5)		—			—

NET\n ASSETS	$	119,278,321		$	181,491,022

NET\n ASSETS CONSIST OF:
Paid-in\n capital	$	76,220,620		$	146,787,941
Accumulated\n earnings		43,057,701			34,703,081
NET\n ASSETS	$	119,278,321		$	181,491,022

Shares\n of beneficial interest outstanding
(unlimited\n number of shares authorized, no par value)		6,696,497			8,811,869

Net\n asset value, offering price and redemption price per share\n (Note 2)	$	17.81		$	20.60

See accompanying notes to\nfinancial statements.

WAYCROSS FUNDS

STATEMENTS OF OPERATIONS

For the Six Months Ended\nAugust 31, 2026 (Unaudited)

	Waycross \n Managed Risk Equity Fund			Waycross \n Focused Core Equity Fund
INVESTMENT\n INCOME
Dividend\n income (Net of foreign withholding taxes of $1,586 and $5,447, respectively)	$	736,524			$	802,976
Broker\n interest income		762,395				—
		1,498,919				802,976
EXPENSES
Management\n fees (Note 4)		696,902				561,421
Dividend\n expense on securities sold short (Note 2)		459,666				—
Administration\n fees (Note 4)		51,623				67,983
Registration\n and filing fees		19,937				26,037
Transfer\n agent fees (Note 4)		10,567				28,821
Trustees’\n fees (Note 4)		17,500				17,500
Audit\n and tax services fees		10,186				10,186
Legal\n fees		9,470				9,470
Compliance\n fees		7,215				7,215
Custody\n and bank service fees		4,898				8,045
Shareholder\n reporting expenses		4,872				5,877
Insurance\n expense		3,893				3,970
Postage\n and supplies		1,715				3,964
Other\n expenses		9,067				11,337
Total\n expenses		1,307,511				761,826
Less\n fee reductions
by\n the Adviser (Note 4)		—				(174,886	)
Net\n expenses		1,307,511				586,940

NET\n INVESTMENT INCOME		191,408				216,036

REALIZED\n AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND SECURITIES SOLD SHORT
Net\n realized gains (losses) from:
Investments		3,269,552				(2,202,726	)
Securities\n sold short		(417,230	)			—
Net\n change in unrealized appreciation (depreciation) on:
Investments		1,475,623				10,941,259
Securities\n sold short		(3,960,336	)			—
NET\n REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND SECURITIES SOLD SHORT		367,609				8,738,533

CHANGE\n IN NET ASSETS RESULTING FROM OPERATIONS	$	559,017			$	8,954,569

See\naccompanying notes to financial statements.

WAYCROSS MANAGED RISK EQUITY\nFUND

STATEMENTS OF CHANGES IN\nNET ASSETS

	\n Six Months Ended August 31, 2026 (Unaudited)			Year\n Ended February 28, 2026
FROM OPERATIONS
Net investment income	$	191,408			$	813,180
Net realized gains (losses) from:
Investments		3,269,552				6,240,919
Securities sold short		(417,230	)			(3,773,826	)
Net change in unrealized appreciation (depreciation)\n on:
Investments		1,475,623				5,958,674
Securities sold short		(3,960,336	)			1,733,294
Change in net assets resulting\n from operations		559,017				10,972,241

DISTRIBUTIONS\n TO SHAREHOLDERS (Note 2)		—				(5,737,743	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		15,456,696				6,251,253
Net asset value of shares issued in reinvestment\n of distributions		—				663,636
Payments for shares redeemed		(5,705,123	)			(8,711,953	)
Change in net assets\n from capital share transactions		9,751,573				(1,797,064	)

TOTAL CHANGE IN NET ASSETS		10,310,590				3,437,434

NET ASSETS
Beginning of period		108,967,731				105,530,297
End of period	$	119,278,321			$	108,967,731

CAPITAL SHARE ACTIVITY
Shares sold		867,727				354,507
Shares reinvested		—				36,869
Shares redeemed		(319,185	)			(495,227	)
Change in shares outstanding		548,542				(103,851	)
Shares outstanding at\n beginning of period		6,147,955				6,251,806
Shares outstanding at\n end of period		6,696,497				6,147,955

See accompanying notes to\nfinancial statements.

WAYCROSS FOCUSED CORE EQUITY\nFUND

STATEMENTS OF CHANGES IN\nNET ASSETS

	\n Six Months Ended August 31, 2026 (Unaudited)			Year\n Ended February 28, 2026
FROM OPERATIONS
Net investment income	$	216,036			$	446,937
Net realized gains (losses) from investments		(2,202,726	)			1,578,946
Net change in unrealized\n appreciation (depreciation) on investments		10,941,259				14,670,514
Change in net assets resulting\n from operations		8,954,569				16,696,397

DISTRIBUTIONS\n TO SHAREHOLDERS (Note 2)		—				(1,491,414	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		41,206,250				60,532,000
Net asset value of shares issued in reinvestment\n of distributions		—				855,127
Payments for shares redeemed		(17,921,637	)			(13,857,283	)
Change in net assets\n from capital share transactions		23,284,613				47,529,844

TOTAL CHANGE IN NET ASSETS		32,239,182				62,734,827

NET ASSETS
Beginning of period		149,251,840				86,517,013
End of period	$	181,491,022			$	149,251,840

CAPITAL SHARE ACTIVITY
Shares sold		2,066,157				3,299,622
Shares reinvested		—				42,778
Shares redeemed		(888,019	)			(755,073	)
Change in shares outstanding		1,178,138				2,587,327
Shares outstanding at\n beginning of period		7,633,731				5,046,404
Shares outstanding at\n end of period		8,811,869				7,633,731

See accompanying notes to\nfinancial statements.

WAYCROSS MANAGED RISK EQUITY\nFUND

FINANCIAL HIGHLIGHTS

Per Share Data for a Share\nOutstanding Throughout Each Period

	Six\n Months Ended August 31, 2026 (Unaudited)			Year\n Ended February 28, 2026			Year\n Ended February 28, 2025		Year\n Ended February 29, 2024		Year\n Ended February 28, 2023			Year\n Ended February 28, 2022
Net\n asset value at beginning of period	$	17.72			$	16.88		$	16.60		$	13.58			$	14.22		$	14.81
Income\n (loss) from investment operations:
Net\n investment income (loss)		0.02				0.13			0.19			0.21				0.00	^(a)		(0.18	)
Net\n realized and unrealized gains (losses) on investments		0.07				1.66			1.13			3.25				(0.64	)		0.39
Total\n from investment operations		0.09				1.79			1.32			3.46				(0.64	)		0.21
Less\n distributions from:
Net\n investment income		—				(0.08	)		(0.30	)		(0.12	)			—			—
Net\n realized gains		—				(0.87	)		(0.74	)		(0.32	)			—			(0.80	)
Total\n distributions		—				(0.95	)		(1.04	)		(0.44	)			—			(0.80	)
Net\n asset value at end of period	$	17.81			$	17.72		$	16.88		$	16.60			$	13.58		$	14.22
Total\n return ^(b)		0.51	%^(c)\n			10.51	%		7.98	%		25.73	%			(4.50	%)		1.13	%
Net\n assets at end of period (000’s)	$	119,278			$	108,968		$	105,530		$	100,568			$	86,702		$	95,532

Ratios/supplementary\n data:
Ratio\n of total expenses to average net assets		2.34	%^(d)			2.23	%		2.30	%		2.28	%			2.27	%		2.31	%
Ratio\n of net expenses to average net assets		2.34	%^(d)			2.23	%		2.30	%		2.28	%			2.27	%		2.31	%
Ratio\n of net expenses to average net assets excluding dividend expense and brokerage expense on securities sold short		1.52	%^(d)			1.51	%		1.51	%		1.53	%			1.50	%		1.49	%
Ratio\n of net investment income (loss) to average net assets		0.34	%^(d)			0.75	%		1.08	%		1.33	%			0.04	%		(1.26	%)
Portfolio\n turnover rate		22	%^(c)			42	%		55	%		45	%			74	%		72	%

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	^(a)	Amount rounds to less than $0.01 per share.
\n	^(b)	Total return is a measure of the change in value\n of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay\n on Fund distributions, if any, or the redemption of Fund shares.
\n	^(c)	Not annualized.
\n	^(d)	Annualized.

See accompanying notes to\nfinancial statements.

WAYCROSS FOCUSED CORE EQUITY\nFUND

FINANCIAL HIGHLIGHTS

Per Share Data for a Share\nOutstanding Throughout Each Period

	Six\n Months Ended August 31, 2026 (Unaudited)			Year\n Ended February 28, 2026			Year\n Ended February 28, 2025		Year\n Ended February 29, 2024		Year\n Ended February 28, 2023			Year\n Ended February 28, 2022
Net\n asset value at beginning of period	$	19.55			$	17.14		$	14.91		$	10.84			$	11.53		$	10.70
Income\n (loss) from investment operations:
Net\n investment income		0.02				0.05			0.05			0.05				0.06			0.00	^(a)
Net\n realized and unrealized gains (losses) on investments		1.03				2.57			2.23			4.10				(0.70	)		0.90	^(b)
Total\n from investment operations		1.05				2.62			2.28			4.15				(0.64	)		0.90
Less\n distributions from:
Net\n investment income		—				(0.03	)		(0.05	)		(0.08	)			(0.01	)		(0.00	)^(a)\n
Net\n realized gains		—				(0.18	)		—			—				(0.04	)		(0.07	)
Total\n distributions		—				(0.21	)		(0.05	)		(0.08	)			(0.05	)		(0.07	)
Net\n asset value at end of period	$	20.60			$	19.55		$	17.14		$	14.91			$	10.84		$	11.53
Total\n return ^(c)		5.37	%^(d)			15.26	%		15.29	%		38.39	%			(5.54	%)		8.39	%
Net\n assets at end of period (000’s)	$	181,491			$	149,252		$	86,517		$	18,128			$	9,502		$	10,877

Ratios/supplementary\n data:
Ratio\n of total expenses to average net assets		0.90	%^(e)			0.93	%		1.12	%		2.31	%			2.47	%		7.56	%
Ratio\n of net expenses to average net assets ^(f)		0.69	%^(e)			0.69	%		0.69	%		0.74	%			0.89	%		0.89	%
Ratio\n of net investment income to average net assets ^(f)		0.25	%^(e)			0.38	%		0.61	%		0.67	%			0.57	%		0.14	%
Portfolio\n turnover rate		15	%^(d)			38	%		36	%		35	%			30	%		17	%

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	^(a)	Amount rounds to less than $0.01 per share.
\n	^(b)	Represents a balancing figure from other amounts\n in the financial highlights table that captures all other changes affecting net asset value per share. This per share amount does not\n correlate to the aggregate of net realized and unrealized losses on the Statement of Operations for the same period.
\n	^(c)	Total return is a measure of the change in value\n of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay\n on Fund distributions, if any, or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced fees\n and/or reimbursed expenses (Note 4).
\n	^(d)	Not annualized.
\n	^(e)	Annualized.
\n	^(f)	Ratio was determined after management fee reductions and/or expense\n reimbursements (Note 4).

See accompanying notes to\nfinancial statements.

WAYCROSS\nFUNDS

NOTES\nTO FINANCIAL STATEMENTS

August 31,\n2026 (Unaudited)

1.\nOrganization

Waycross\nManaged Risk Equity Fund and Waycross Focused Core Equity Fund (individually, a “Fund,” and collectively, the “Funds”)\nare each a series of Waycross Independent Trust (the “Trust”), an open-end management investment company. The Trust was organized\non May 28, 2020, as a Delaware statutory trust. Waycross Managed Risk Equity Fund is a diversified fund under the Investment Company Act\nof 1940, as amended (the “1940 Act”) and Waycross Focused Core Equity Fund is a non-diversified fund. Waycross Focused Core\nEquity Fund commenced operations on December 15, 2020.

The\ninvestment objective of the Waycross Managed Risk Equity Fund is to seek long-term capital appreciation with a secondary emphasis on reducing\nportfolio risk and volatility relative to the S&P 500^® Index.

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

2.\nSignificant Accounting Policies

Each\nFund follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification\nTopic 946, Financial Services – Investment Companies. The following is a summary of the Funds’ significant accounting\npolicies used in the preparation of their financial statements. These policies are in conformity with accounting principles generally\naccepted in the United States of America (“GAAP”).

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

Securities\nvaluation – The Funds value their portfolio securities at market value as of the close of regular trading on the New York Stock\nExchange (the “NYSE”) (normally 4:00 p.m. Eastern Time) on each day the NYSE is open for business. The Funds value their listed\nsecurities on the basis of the security’s last sale price on the security’s primary exchange, if available, otherwise at the\nexchange’s most recently quoted mean price. NASDAQ-listed securities are valued at the NASDAQ Official Closing Price. Investments\nrepresenting shares of other open-end investment companies that are not listed on an

WAYCROSS\nFUNDS

NOTES\nTO FINANCIAL STATEMENTS (Continued)

exchange, including money market funds, are valued\nat their net asset value (“NAV”) as reported by such companies. When using a quoted price and when the market is considered\nactive, the security will be classified as Level 1 within the fair value hierarchy (see below). In the event that market quotations are\nnot readily available or are considered unreliable due to market or other events, the Funds value their securities and other assets at\nfair value as determined by the Adviser, as the Funds’ valuation designee, in accordance with procedures adopted by the Board of\nTrustees (the “Board”) pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the securities will be classified\nas Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the\nfollowing factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade\nsizes; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as the suspension or limitation\nof trading. As a result, the prices of securities used to calculate each Fund’s NAV may differ from quoted or published prices for\nthe same securities.

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

Various\ninputs are used in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels listed\nbelow:

\n \n \n \n

●

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

\n \n \n \n

●

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

\n \n \n \n

●

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

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

WAYCROSS\nFUNDS

NOTES\nTO FINANCIAL STATEMENTS (Continued)

The\nfollowing is a summary of each Fund’s investments and the inputs used to value the investments as of August 31, 2026:

	Level\n 1			Level\n 2			Level\n 3		Total
Waycross\n Managed Risk Equity Fund:
Common\n Stocks	$	107,850,777			$	—		$	—	$	107,850,777
Money\n Market Funds		8,167,445				—			—		8,167,445
Total	$	116,018,222			$	—		$	—	$	116,018,222

Other\n Financial Instruments:
Common\n Stocks – Sold Short	$	(47,134,558	)		$	—		$	—	$	(47,134,558	)

	Level\n 1		Level\n 2			Level\n 3		Total
Waycross\n Focused Core Equity Fund:
Investments\n in Securities:
Common\n Stocks	$	180,786,389		$	—		$	—	$	180,786,389
Money\n Market Funds		527,149			—			—		527,149
Total	$	181,313,538		$	—		$	—	$	181,313,538

Refer\nto each Fund’s Schedule of Investments and Schedule of Securities Sold Short, as applicable, for a listing of the common stocks\nby sector and industry type. The Funds did not hold derivative instruments or have any assets or liabilities that were measured at fair\nvalue on a recurring basis using significant unobservable inputs (Level 3) as of or during the six months ended August 31, 2026.

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

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

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

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

WAYCROSS\nFUNDS

NOTES\nTO FINANCIAL STATEMENTS (Continued)

Distributions\nto shareholders – Distributions to shareholders arising from net investment income, if any, are declared and paid annually to\nshareholders. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income\nand net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends\nand distributions to shareholders are recorded on the ex-dividend date. The tax character of distributions paid by Waycross Managed Risk\nEquity Fund and Waycross Focused Core Equity Fund during the periods ended August 31, 2026 and February 28, 2026 was as follows:

Period\n Ended	Ordinary \n Income		Long-Term \n Capital Gains			Total \n Distributions
Waycross\n Managed Risk Equity Fund
August 31,\n 2026	$	—		$	—		$	—
February 28,\n 2026	$	487,766		$	5,249,977		$	5,737,743

Waycross\n Focused Core Equity Fund
August 31,\n 2026	$	—		$	—		$	—
February 28,\n 2026	$	496,901		$	994,513		$	1,491,414

Short\nsales – Waycross Managed Risk Equity Fund (for purposes of this section, the “Fund”) sells securities short. When\nthe Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the\nshort 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\nthe 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\nposition except at a price substantially in excess of the last quoted price. The Fund is liable for any dividends payable on securities\nwhile those securities are in a short position and will also bear other costs, such as charges for the prime brokerage accounts, in connection\nwith the short position. These costs, if any, are reported as dividend expense and brokerage expense on securities sold short, respectively,\non the Statements of Operations. Net income earned on short sale proceeds held on deposit with the broker and/or margin interest earned,\nif any, are included in interest income on the Statements of Operations. Under Rule 18f-4 of the 1940 Act, the Fund is permitted\nto engage in derivatives transactions, including short sales, provided it complies with certain conditions aimed at addressing undue speculation\nand asset sufficiency. The rule rescinded the staff’s prior guidance under Investment Company Act Release No. 10666, which required\nthat the Fund segregate collateral deposited with brokers, with such collateral being reported on the Fund’s Statements of Assets\nand Liabilities. Under the rule, the Fund has adopted and implemented a written derivatives risk management program, adheres to a Value-at-Risk\n(VaR) based limit on its derivatives transactions (including short sales), and provides regular reports to the Board on the program’s\neffectiveness and any breaches of risk guidelines. To the extent the Fund invests the proceeds received from selling securities short,\nit is engaging in a form of

WAYCROSS\nFUNDS

NOTES\nTO FINANCIAL STATEMENTS (Continued)

leverage.\nThe 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\nsales are speculative transactions and involve special risks, including greater reliance on the ability of the Adviser to accurately anticipate\nthe future value of a security.

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

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

In\norder to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare\nas 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\ncapital gains (earned during the 12 months ended October 31) plus undistributed amounts from prior years.

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

	Waycross\n Managed Risk Equity Fund			\n Waycross Focused Core Equity Fund
Tax\n cost of investments and securities sold short	$	22,251,716			$	125,361,945
Gross\n unrealized appreciation	$	44,475,686			$	29,061,985
Gross\n unrealized depreciation		(4,996,683	)			(5,277,410	)
Net\n unrealized appreciation		39,479,003				23,784,575
Undistributed\n ordinary income		325,414				651,389
Undistributed\n long-term capital gains		2,694,267				1,312,548
Total\n distributable earnings	$	42,498,684			$	25,748,512

WAYCROSS\nFUNDS

NOTES\nTO FINANCIAL STATEMENTS (Continued)

The federal tax cost, unrealized appreciation (depreciation)\nas of August 31, 2026 is as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Waycross\n Managed Risk Equity Fund			\n Waycross Focused Core Equity Fund
Tax\n cost of investments and securities sold short	$	31,897,041			$	146,946,659
Gross\n unrealized appreciation	$	44,240,771			$	39,941,393
Gross\n unrealized depreciation		(7,254,148	)			(5,574,514	)
Net\n unrealized appreciation	$	36,986,623			$	34,366,879

The\nfederal income tax cost of investments and securities sold short for the Funds temporarily differs from the financial statement cost of\nportfolio investments (“book/tax difference”). These book/tax differences are due to the recognition of capital gains or losses\nunder income tax regulations and GAAP, primarily due to the tax deferral of losses on wash sales.

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

The\nFunds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax on the Statements of Operations. During\nthe six months ended August 31, 2026, the Funds did not incur any interest or penalties and no federal, state or local income taxes\nor any material income taxes in foreign jurisdictions were paid by the Funds.

3.\nInvestment Transactions

Investment\ntransactions, other than short-term investments and U.S. government securities, were as follows for the six months ended August 31,\n2026:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	\n Waycross Managed Risk \n Equity Fund		\n Waycross Focused Core \n Equity Fund
Purchases\n of investment securities	$	24,683,922		$	48,548,332
Proceeds\n from sales of investment securities	$	21,931,553		$	25,065,900

WAYCROSS\nFUNDS

NOTES\nTO FINANCIAL STATEMENTS (Continued)

4.\nTransactions with Related Parties

INVESTMENT\nADVISORY AGREEMENT

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

Pursuant\nto an amended Expense Limitation Agreement between the Trust and the Adviser (the “ELA”), the Adviser has contractually agreed,\nuntil June 30, 2027, to reduce management fees and reimburse other expenses to the extent necessary to limit total annual operating\nexpenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short,\ncosts to organize the Funds, acquired fund fees and expenses, and extraordinary expenses such as litigation and merger or reorganization\ncosts and other expenses not incurred in the ordinary course of the Funds’ business) to an amount not exceeding 1.70% of Waycross\nManaged Risk Equity Fund’s average daily net assets and 0.69% of Waycross Focused Core Equity Fund’s average daily net assets.

During\nthe six months ended August 31, 2026, the Adviser reduced its management fees earned for Waycross Focused Core Equity Fund by $174,886.

Under\nthe terms of the ELA, management fee reductions and expense reimbursements by the Adviser are subject to repayment by the Funds for three\nyears after such fees and expenses were incurred, provided that the repayments do not cause total annual operating expenses (after repayment\nis taken into account) to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time\nthe expenses to be repaid were incurred. Prior to June 30, 2027, this agreement may not be modified or terminated without the approval\nof the Board. This agreement will terminate automatically if the Funds’ investment advisory agreement with the Adviser is terminated.\nAs of August 31, 2026, the Adviser may seek repayment of fee reductions and/or expense reimbursements no later than the date below:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Waycross\n Focused Core Equity Fund
February\n 28, 2027	$	100,635
February\n 29, 2028		233,914
February\n 28, 2029		281,817
August\n 31, 2029		174,886
Total	$	791,252

WAYCROSS\nFUNDS

NOTES\nTO FINANCIAL STATEMENTS (Continued)

OTHER\nSERVICE PROVIDERS

Ultimus\nFund Solutions, LLC (“Ultimus”) provides administration, fund accounting, transfer agency, and other services to the Funds.\nThe Funds pay Ultimus fees in accordance with the agreements for such services. In addition, the Funds pay out-of-pocket expenses including,\nbut not limited to, postage, supplies and certain costs related to the pricing of the Funds’ portfolio securities.

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

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

TRUSTEE\nCOMPENSATION

Each\nmember of the Board (a “Trustee”) who is not an “interested person” of the Trust (“Independent Trustee”)\nreceives from the Trust a $14,000 annual retainer, payable quarterly, and a $1,000 fee for each Board meeting attended plus reimbursement\nfor travel and other meeting-related expenses.

PRINCIPAL\nHOLDERS OF FUND SHARES

A\nbeneficial owner of 25% or more of a Fund’s outstanding shares may be considered a controlling person. That shareholder’s\nvote could have a more significant effect on matters presented at a shareholders’ meeting. As of August 31, 2026, no individual\nshareholders owned of record 25% or more of the outstanding shares of each Fund.

5.\nContingencies and Commitments

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

6.\nSector Risk

If\na Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting\nthat 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\ninvestments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of\nthe Fund’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within

WAYCROSS\nFUNDS

NOTES\nTO FINANCIAL STATEMENTS (Continued)

such\nsector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies\nin a particular sector, and therefore the value of a Fund’s portfolio would be adversely affected.

As\nof August 31, 2026, Waycross Managed Risk Equity Fund had the following percentages of the value of its net assets invested or sold\nshort in common stocks within the Technology sector:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Sector	Long \n Positions	Short \n Positions	Net\n Exposure
Technology	26.2%	(10.6%)	15.6%

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

As\nof August 31, 2026, Waycross Focused Core Equity Fund had 35.4% of the value of its net assets invested in common stocks within the\nTechnology sector.

7.\nSubsequent Events

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

WAYCROSS\nFUNDS

ADDITIONAL\nINFORMATION (Unaudited)

Changes\nin and/or Disagreements with Accountants

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

Proxy\nDisclosures

Not\napplicable.

Remuneration\nPaid to Directors, Officers and Others

Refer\nto the financial statements included herein.

Statement\nRegarding Basis for Approval of Investment Advisory Agreement Renewal

At\na meeting held on April 27, 2026, the Board of Trustees (the “Board”), including the Independent Trustees voting separately,\nconsidered the renewal of the Investment Advisory Agreement (the “Agreement”) between the Trust and Waycross Partners, LLC\n(the “Adviser”) for the Waycross Managed Risk Equity Fund (the “Managed Risk Fund”) and the Waycross Focused Core\nEquity Fund (the “Focused Fund” and, collectively with the Managed Risk Fund, the “Funds”). Legal counsel to the\nTrust advised the Board during its deliberations. Additionally, the Board received and reviewed a substantial amount of information provided\nby the Adviser and other service providers. In determining whether to renew the Agreement, the Trustees considered numerous factors, including:

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

The investment performance of the Funds and\nthe Adviser. The Board compared the performance of the Funds with their respective benchmark indices and custom peer groups for the\ncalendar year ended December 31, 2025. The Board also considered the consistency of the Adviser’s management with each Fund’s\ninvestment objective and policies. The Board noted that the Managed Risk Fund had outperformed its benchmark for the year, its Morningstar\ncategory for the one- and three-year periods, and had also outperformed one or more peers for the one-, three-, and five-year periods,\neach ended December 31, 2025. For the Focused Fund, the Board noted that it had outperformed its benchmark for the year, its Morningstar\ncategory for the one-, three-, and five-year periods, and two or more peers for the three- and five-year periods ended December 31, 2025.\nThe Board reviewed the highlighted primary drivers of underperformance and overperformance relative to each Fund’s peer group, benchmark,\nand Morningstar category as described in the 15(c) Responses. Following a discussion of the investment

WAYCROSS\nFUNDS

ADDITIONAL\nINFORMATION (Unaudited) (Continued)

performance\nof each Fund, the Adviser’s experience in managing the strategies, and other factors, the Board concluded that the investment performance\nof the Funds was satisfactory.

The\ncosts of the services provided and profits realized by the Adviser and its affiliates from their relationship with the Funds. The\nBoard considered the following: (i) the Adviser’s staffing; (ii) its methods of operating; (iii) the education and experience of\nits personnel; (iv) its compliance program; (v) its financial condition and the level of commitment to the Funds and, generally, the Adviser’s\nadvisory business; (vi) the asset levels of each Fund; (vii) the overall expenses of each Fund, including the advisory fee; and (viii)\nthe differences in fees and services to the Adviser’s other similar clients. The Board considered its discussion with the Adviser\nregarding the expense limitation agreement between the Trust and the Adviser dated July 13, 2020, as amended (the “Expense\nLimitation Agreement”) and considered the Adviser’s past fee reductions and expense reimbursements for the Funds. The Board\nfurther considered the Adviser’s willingness to continue the Expense Limitation Agreement for the Funds through at least June 30,\n2027.

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

The Board noted that the Managed Risk Fund’s\n1.25% management fee is above its peer group average and slightly below its category average, and its 2.30% net expense ratio is above\nits peer group and category averages. The Board considered the Adviser’s statement that the Managed Risk Fund’s peer group\nincluded funds with significantly larger net assets, which allow their management fees and overall expense ratios to be reduced beyond\nwhat is currently feasible for the Managed Risk Fund, given its size. The Board further considered the Adviser’s statement that\nthe Managed Risk Fund’s 2.30% net expense ratio includes dividend and brokerage expenses associated with securities sold short,\nwhich are contractually excluded from the 1.70% expense cap under the Expense Limitation Agreement. The Board noted that, excluding these\nshort-sale financing costs, the Managed Risk Fund’s net expense ratio is 1.51%, which is below the Expense Limitation Agreement’s\ncap and within a competitive range relative to the Fund’s peer group, and that such costs are a feature of long/short investment\nstrategies generally and are reflected similarly in the expense ratios of the Fund’s peers. A discussion followed, and the Board\ndetermined that the Managed Risk Fund’s management fee and net expense ratio were within a reasonable range.

WAYCROSS\nFUNDS

ADDITIONAL\nINFORMATION (Unaudited) (Continued)

With\nrespect to the Focused Fund, the Board noted that the 0.66% management fee and 0.69% net expense ratio were below its peer group and category\naverages. A discussion followed, and the Board determined that the Focused Fund’s management fee and net expense ratio were within\na reasonable range.

The Board also compared the fees paid by the Focused\nFund to those paid by other clients of the Adviser using a strategy similar to the Fund’s, and considered the similarities and differences\nin services received by such other clients compared to the services received by the Fund. The Board noted that the fee structures applicable\nto the Adviser’s other clients did not indicate any unreasonableness concerning the advisory fees payable by the Focused Fund. The\nBoard noted that the Adviser does not manage any other accounts with strategies similar to those of the Managed Risk Fund. The Board further\nconsidered the Adviser’s investment strategy and style in managing the Funds’ portfolios. Following these comparisons and\nconsiderations, the Board concluded that the advisory fees payable by the Funds to the Adviser are fair and reasonable.

The extent to which economies of scale would\nbe realized as the Funds grow, and whether advisory fee levels reflect these economies of scale for the benefit of the Funds’ investors.\nThe Board considered that the Funds’ fees payable to the Adviser involve the advisory fees and the Expense Limitation Agreement.\nThe Board determined that, while the advisory fees remained the same as asset levels increased, the Funds’ shareholders have experienced\nand will continue to experience benefits from the Expense Limitation Agreement. Following further discussion of the Funds’ asset\nlevels, expectations for asset growth, and fees relative to each Fund’s peer group and Morningstar category, the Board determined\nthat the fees charged by the Adviser are fair and reasonable, given the nature and quality of the services provided.

The profits to be realized by the Adviser and\nits affiliates from the relationship with the Funds. The Board considered the Adviser’s profitability, noting the Adviser’s\nnet profit in managing each Fund was reasonable and not excessive. The Board also noted that this was only the second year in which the\nAdviser earned a modest profit for managing the Focused Fund, having previously waived its entire management fee and reimbursed expenses.\nBased on the information provided by the Adviser, the Board concluded that Waycross’s profits from its relationship with each Fund\nwere reasonable.

Conclusion. After reviewing the above factors,\namong others, including the Adviser’s trading practices and possible conflicts of interest, the Board determined that it had received\nsufficient information from Waycross to evaluate the terms of the Agreement. Therefore, the Board unanimously concluded that the approval\nof the renewal of the Agreement was in the best interests of each Fund and its respective shareholders. The Board did not identify any\nsingle factor as determinative to its decision to approve the Agreement, and each Trustee may have afforded different weights to the various\nfactors.

\n \n \n \n

(b)

Included\n in (a)

\n \n \n \n

Item 8.

Changes\n in and Disagreements with Accountants for Open-End Management Investment Companies.

Not\napplicable

\n \n \n \n

Item 9.

Proxy\n Disclosures for Open-End Management Investment Companies.

Not\napplicable

\n \n \n \n

Item 10.

Remuneration\n Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included\nunder Item 7

\n \n \n \n

Item 11.

Statement\n Regarding Basis for Approval of Investment Advisory Contract.

Included\nunder Item 7

\n \n \n \n

Item 12.

Disclosure\n of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not\napplicable

\n \n \n \n

Item 13.

Portfolio Managers of Closed-End\n Management Investment Companies.

Not\napplicable

\n \n \n \n

Item 14.

Purchases\n of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not\napplicable

\n \n \n \n

Item 15.

Submission\n of Matters to a Vote of Security Holders.

Not\napplicable

\n \n \n \n

Item 16.

Controls\n and Procedures.

\n \n \n \n

(a)

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

\n \n \n \n

(b)

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

\n \n \n \n

Item 17.

Disclosure\n of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable

\n \n \n \n

Item 18.

Recovery\n of Erroneously Awarded Compensation.

\n \n \n \n

(a)

Not applicable

\n \n \n \n

(b)

Not applicable

\n \n \n \n

Item 19.

Exhibits.

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

\n \n \n \n

(a)(1)

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

\n \n \n \n

(a)(2)

Not applicable

\n \n \n \n

(a)(3)

A separate certification for each principal executive officer and principal financial officer of the registrant\n as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto

\n \n \n \n

(a)(4)

Not applicable

\n \n \n \n

(a)(5)

Not applicable

\n \n \n \n

(b)

Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached\n hereto

\n \n \n \n \n \n \n \n \n \n \n \n \n

Exhibit 99.CERT		Certifications\n required by Rule 30a-2(a) under the Act

Exhibit 99.906CERT		Certifications\n required by Rule 30a-2(b) under the Act

SIGNATURES
\n

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

\n \n \n \n \n \n

(Registrant)

Waycross\n Independent Trust

\n \n \n \n \n \n \n \n \n \n

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

\n \n \n \n \n \n \n

Date

November 3,\n 2026

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

\n \n \n \n \n \n \n \n \n \n

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

\n \n \n \n \n \n \n

Date

November 3,\n 2026

\n \n \n \n

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

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Waycross Managed Risk Equity Fund

(WAYEX)

Semi-Annual Shareholder Report - August 31, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Average Annual Total Returns

Fund Statistics

Top Ten Short Holdings (% of net assets)

What did the Fund invest in?

Sector Weighting (% of net assets)Footnote Reference*

Top Ten Long Holdings (% of net assets)

Material Fund Changes

Waycross Managed Risk Equity Fund (WAYEX)

Semi-Annual Shareholder Report - August 31, 2026

Where can I find additional information about the Fund?

Waycross Focused Core Equity Fund

(WAYFX)

Semi-Annual Shareholder Report - August 31, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

How did the Fund perform during the reporting period?

How has the Fund performed since\ninception?

Total Return Based on $10,000 Investment

Average Annual Total Returns

Fund Statistics

Asset Weighting (% of total investments)

What did the Fund invest in?

Sector Weighting (% of net assets)

Top 10 Holdings (% of net assets)

Material Fund Changes

Waycross Focused Core Equity Fund (WAYFX)

Semi-Annual Shareholder Report - August 31, 2026

Where can I find additional information about the Fund?

Sector Weighting (% of net assets)^{Footnote Reference*}

Waycross Independent Trust 披露两只股票基金半年度报告