Semi-Annual Report by Investment Company (Form N-CSRS)

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

811-23581

Waycross Independent Trust

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450 Cincinnati, Ohio		45246
(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:	February 28
Date of reporting period:	August 31, 2026

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)

Tailored Shareholder Report

(b)

Included with (a)

Item 2.

Code of Ethics.

Not required

Item 3.

Audit Committee Financial Expert.

Not required

Item 4.

Principal Accountant Fees and Services.

Not required

Item 5.

Audit Committee of Listed Registrants.

Not applicable

Item 6.

Investments.

(a)

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

(b)

Not applicable

Item 7.

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

(a)

WAYCROSS MANAGED RISK EQUITY FUND

(WAYEX)

WAYCROSS FOCUSED CORE EQUITY FUND

(WAYFX)

Semi-Annual Financial Statements and Additional Information

August 31, 2026

(Unaudited)

WAYCROSS MANAGED RISK EQUITY FUND

SCHEDULE OF INVESTMENTS

August 31, 2026 (Unaudited)

COMMON STOCKS - 90.4%		Shares				Value
Communications - 6.8%
Internet Media & Services - 5.8%
Alphabet, Inc. - Class A (a)			16,465			$	5,587,398
Meta Platforms, Inc. - Class A (a)			2,335				1,336,414
							6,923,812
Telecommunications - 1.0%
T-Mobile US, Inc.			6,601				1,191,084
Consumer Discretionary - 11.7%
E-Commerce Discretionary - 3.9%
Amazon.com, Inc. (a)(b)			18,058				4,690,927
Leisure Facilities & 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 - 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. (The)			6,405				857,694
							5,490,261
Consumer Staples - 3.1%
Beverages - 1.2%
Coca-Cola Company (The)			16,213				1,437,607
Retail - Consumer Staples - 1.9%
Walmart, Inc.			21,062				2,208,772
Energy - 4.8%
Oil & Gas Producers - 3.0%
Devon Energy Corporation			34,742				1,685,334
Diamondback Energy, Inc.			9,387				1,881,906
							3,567,240
Oil & Gas Services & Equipment - 1.8%
Baker Hughes Company			33,239				2,112,339

WAYCROSS MANAGED RISK EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.4% (Continued)		Shares				Value
Financials - 10.0%
Asset Management - 1.1%
Charles 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 - 1.8%
BlackRock, Inc.			1,853				2,141,345
Institutional Financial Services - 1.6%
Goldman Sachs Group, Inc. (The) (a)			1,885				1,933,822
Insurance - 0.8%
Marsh & McLennan Companies, Inc.			5,271				1,000,436
Specialty Finance - 0.4%
American Express Company			1,285				424,268
Health Care - 11.5%
Biotech & Pharma - 2.3%
AbbVie, Inc. (a)			10,957				2,809,594
Health Care Facilities & Services - 1.7%
Cencora, Inc.			6,258				2,025,089
Medical Equipment & 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 - 2.1%
Boeing Company (The) (b)			10,231				2,125,797

WAYCROSS MANAGED RISK EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.4% (Continued)		Shares				Value
Industrials - 10.7% (Continued)
Aerospace & Defense - 2.1% (Continued)
Honeywell Aerospace, Inc. (b)			2,292			$	362,388
							2,488,185
Diversified Industrials - 2.2%
Emerson Electric Company			17,127				2,610,840
Electrical Equipment - 0.4%
Honeywell International, Inc.			2,293				489,518
Machinery - 3.7%
Ingersoll Rand, Inc.			27,599				2,126,503
Stanley Black & Decker, Inc.			23,625				2,276,741
							4,403,244
Transportation & Logistics - 2.3%
Delta Air Lines, Inc.			9,006				702,468
Knight-Swift Transportation 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 (The)			2,839				961,882
							1,844,616
Construction Materials - 1.6%
Carlisle Companies, Inc.			5,397				1,870,492
Technology - 26.2%
Semiconductors - 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.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 MANAGED RISK EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 90.4% (Continued)		Shares				Value
Technology - 26.2% (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 - 3.5%
Apple, Inc. (a)			10,842				3,435,288
Dell Technologies, Inc. - Class C			1,505				686,295
							4,121,583
Technology Services - 2.3%
Mastercard, Inc. - Class A (a)			4,667				2,750,310
Utilities - 2.5%
Electric Utilities - 2.5%
American Electric Power Company, Inc.			10,538				1,290,168
Xcel Energy, Inc.			22,241				1,683,421
							2,973,589
Total Common Stocks (Cost $69,076,049)						$	107,850,777

MONEY MARKET FUNDS - 6.9%		Shares				Value
Fidelity Institutional Money Market Government Portfolio - Class I, 3.56% (c) (Cost $8,167,445)			8,167,445			$	8,167,445
Investments at Value - 97.3% (Cost $77,243,494)						$	116,018,222
Other Assets in Excess of Liabilities - 2.7%							3,260,099
Net Assets - 100.0%						$	119,278,321

N.V. - Naamloze Vennootschap

(a)	All or a portion of this security is pledged as collateral for open short positions. 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 statements.

WAYCROSS MANAGED RISK EQUITY FUND

SCHEDULE OF SECURITIES SOLD SHORT

August 31, 2026 (Unaudited)

COMMON STOCKS - 39.5%		Shares				Value
Communications - 1.2%
Cable & Satellite - 1.2%
Comcast Corporation - Class A			53,301			$	1,418,873
Consumer Discretionary - 3.2%
Home Construction - 1.0%
PulteGroup, Inc.			9,550				1,206,356
Leisure Facilities & Services - 0.5%
Hyatt Hotels Corporation - Class A			3,723				621,629
Retail - Discretionary - 1.7%
Burlington Stores, Inc.			2,182				566,796
Genuine Parts Company			10,216				1,386,005
							1,952,801
Consumer Staples - 0.9%
Retail - Consumer Staples - 0.9%
Target Corporation			6,825				1,098,006
Energy - 2.7%
Oil & Gas Producers - 2.7%
EOG Resources, Inc.			10,993				1,593,545
Occidental Petroleum Corporation			26,650				1,603,797
							3,197,342
Financials - 6.4%
Asset Management - 0.6%
T. Rowe Price Group, 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 - 1.2%
Capital One Financial Corporation			6,885				1,476,901
Health Care - 7.2%
Biotech & Pharma - 1.4%
Amgen, Inc.			3,887				1,670,944

WAYCROSS MANAGED RISK EQUITY FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 39.5% (Continued)		Shares				Value
Health Care - 7.2% (Continued)
Medical Equipment & 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, Inc.			14,225				1,423,069
							6,989,757
Industrials - 4.1%
Diversified Industrials - 1.2%
Illinois Tool Works, Inc.			5,163				1,421,735
Electrical Equipment - 2.1%
Eaton Corporation plc			3,631				1,459,226
Lennox International, Inc.			2,621				1,002,900
							2,462,126
Transportation & Logistics - 0.8%
Southwest Airlines Company			25,540				984,056
Materials - 0.9%
Chemicals - 0.9%
PPG Industries, Inc.			9,550				1,071,223
Technology - 10.6%
Semiconductors - 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, 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 MANAGED RISK EQUITY FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

COMMON STOCKS - 39.5% (Continued)		Shares				Value
Technology - 10.6% (Continued)
Technology Services - 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 - 2.3%
Consolidated Edison, Inc.			14,991				1,604,337
Southern Company (The)			13,325				1,172,600
							2,776,937
Total Securities Sold Short - 39.5% (Proceeds $45,675,325)						$	47,134,558

plc - Public Limited Company

See accompanying notes to financial statements.

WAYCROSS FOCUSED CORE EQUITY FUND

SCHEDULE OF INVESTMENTS

August 31, 2026 (Unaudited)

COMMON STOCKS - 99.6%		Shares				Value
Communications - 11.2%
Internet Media & Services - 11.2%
Alphabet, Inc. - Class A			39,481			$	13,397,877
Meta Platforms, Inc. - Class A			12,105				6,928,176
							20,326,053
Consumer Discretionary - 11.9%
E-Commerce Discretionary - 5.4%
Amazon.com, Inc. (a)			37,453				9,729,166
Leisure Facilities & Services - 1.3%
McDonald's Corporation			8,970				2,363,954
Retail - Discretionary - 5.2%
Home Depot, Inc. (The)			11,768				3,857,903
Lowe's Companies, Inc.			27,628				5,655,452
							9,513,355
Financials - 8.5%
Banking - 1.9%
Citigroup, Inc.			26,436				3,479,506
Institutional Financial Services - 3.7%
Goldman Sachs Group, Inc. (The)			6,531				6,700,153
Insurance - 2.9%
Marsh & McLennan Companies, Inc.			27,713				5,259,927
Health Care - 10.5%
Biotech & Pharma - 3.4%
AbbVie, Inc.			23,875				6,122,028
Medical Equipment & 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 - 4.5%
Boeing Company (The) (a)			29,843				6,200,778

WAYCROSS FOCUSED CORE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.6% (Continued)		Shares				Value
Industrials - 14.6% (Continued)
Aerospace & Defense - 4.5% (Continued)
Honeywell Aerospace, Inc. (a)			12,081			$	1,910,127
							8,110,905
Diversified Industrials - 2.4%
Emerson Electric Company			28,647				4,366,949
Electrical Equipment - 1.4%
Honeywell International, Inc.			12,083				2,579,976
Machinery - 2.9%
Ingersoll Rand, Inc.			67,943				5,235,008
Transportation & Logistics - 3.4%
Delta Air Lines, Inc.			47,145				3,677,310
Knight-Swift Transportation Holdings, Inc.			36,650				2,510,892
							6,188,202
Materials - 7.5%
Chemicals - 5.4%
Ecolab, Inc.			16,417				4,649,295
Sherwin-Williams Company (The)			15,247				5,165,836
							9,815,131
Construction Materials - 2.1%
Carlisle Companies, Inc.			10,835				3,755,194
Technology - 35.4%
Semiconductors - 17.9%
Advanced Micro Devices, Inc. (a)			8,627				4,060,901
Broadcom, Inc.			18,819				6,969,429
NVIDIA Corporation			70,045				15,464,535
NXP Semiconductors N.V.			26,338				5,916,568
							32,411,433
Software - 7.3%
Microsoft Corporation			26,091				13,235,704
Technology Hardware - 6.6%
Apple, Inc.			38,035				12,051,390

WAYCROSS FOCUSED CORE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.6% (Continued)		Shares				Value
Technology - 35.4% (Continued)
Technology Services - 3.6%
Mastercard, Inc. - Class A			11,088			$	6,534,269
Total Common Stocks (Cost $146,005,457)						$	180,786,389

MONEY MARKET FUNDS - 0.3%		Shares				Value
Fidelity 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 of Liabilities - 0.1%							177,484
Net Assets - 100.0%						$	181,491,022

N.V. - Naamloze Vennootschap

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

See accompanying notes to financial statements.

WAYCROSS FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

August 31, 2026 (Unaudited)

		Waycross Managed Risk Equity Fund				Waycross Focused Core Equity Fund
ASSETS
Investments in securities:
At cost		$	77,243,494			$	146,532,606
At value (Note 2)		$	116,018,222			$	181,313,538
Cash deposits for securities sold short (Note 2)			50,187,490				-
Receivable for capital shares sold			17,345				174,105
Receivable for investment securities sold			234,949				1,271,018
Dividends and interest receivable			108,752				79,959
Other assets			25,214				32,596
Total assets			166,591,972				182,871,216
LIABILITIES
Securities sold short, at value (proceeds $45,675,325 and $-) (Note 2)			47,134,558				-
Payable for capital shares redeemed			-				10,905
Payable for investment securities purchased			-				1,266,620
Dividends payable on securities sold short (Note 2)			62,634				-
Payable to Adviser (Note 4)			100,999				77,344
Payable to Administrator (Note 4)			9,945				17,201
Other accrued expenses			5,515				8,124
Total liabilities			47,313,651				1,380,194
Contingencies and Commitments (Note 5)			-				-
NET ASSETS		$	119,278,321			$	181,491,022
NET ASSETS CONSIST OF:
Paid-in capital		$	76,220,620			$	146,787,941
Accumulated earnings			43,057,701				34,703,081
NET ASSETS		$	119,278,321			$	181,491,022
Shares of beneficial interest outstanding
(unlimited number of shares authorized, no par value)			6,696,497				8,811,869
Net asset value, offering price and redemption price per share (Note 2)		$	17.81			$	20.60

See accompanying notes to financial statements.

WAYCROSS FUNDS

STATEMENTS OF OPERATIONS

For the Six Months Ended August 31, 2026 (Unaudited)

		Waycross Managed Risk Equity Fund				Waycross Focused Core Equity Fund
INVESTMENT INCOME
Dividend income (Net of foreign withholding taxes of $1,586 and $5,447, respectively)		$	736,524			$	802,976
Broker interest income			762,395				-
			1,498,919				802,976
EXPENSES
Management fees (Note 4)			696,902				561,421
Dividend expense on securities sold short (Note 2)			459,666				-
Administration fees (Note 4)			51,623				67,983
Registration and filing fees			19,937				26,037
Transfer agent fees (Note 4)			10,567				28,821
Trustees' fees (Note 4)			17,500				17,500
Audit and tax services fees			10,186				10,186
Legal fees			9,470				9,470
Compliance fees			7,215				7,215
Custody and bank service fees			4,898				8,045
Shareholder reporting expenses			4,872				5,877
Insurance expense			3,893				3,970
Postage and supplies			1,715				3,964
Other expenses			9,067				11,337
Total expenses			1,307,511				761,826
Less fee reductions
by the Adviser (Note 4)			-				(174,886	)
Net expenses			1,307,511				586,940
NET INVESTMENT INCOME			191,408				216,036
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND SECURITIES SOLD SHORT
Net realized gains (losses) from:
Investments			3,269,552				(2,202,726	)
Securities sold short			(417,230	)			-
Net change in unrealized appreciation (depreciation) on:
Investments			1,475,623				10,941,259
Securities sold short			(3,960,336	)			-
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND SECURITIES SOLD SHORT			367,609				8,738,533
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	559,017			$	8,954,569

See accompanying notes to financial statements.

WAYCROSS MANAGED RISK EQUITY FUND

STATEMENTS OF CHANGES IN NET ASSETS

		Six Months Ended August 31, 2026 (Unaudited)				Year 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) on:
Investments			1,475,623				5,958,674
Securities sold short			(3,960,336	)			1,733,294
Change in net assets resulting from operations			559,017				10,972,241
DISTRIBUTIONS 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 of distributions			-				663,636
Payments for shares redeemed			(5,705,123	)			(8,711,953	)
Change in net assets 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 beginning of period			6,147,955				6,251,806
Shares outstanding at end of period			6,696,497				6,147,955

See accompanying notes to financial statements.

WAYCROSS FOCUSED CORE EQUITY FUND

STATEMENTS OF CHANGES IN NET ASSETS

		Six Months Ended August 31, 2026 (Unaudited)				Year 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 appreciation (depreciation) on investments			10,941,259				14,670,514
Change in net assets resulting from operations			8,954,569				16,696,397
DISTRIBUTIONS 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 of distributions			-				855,127
Payments for shares redeemed			(17,921,637	)			(13,857,283	)
Change in net assets 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 beginning of period			7,633,731				5,046,404
Shares outstanding at end of period			8,811,869				7,633,731

See accompanying notes to financial statements.

WAYCROSS MANAGED RISK EQUITY FUND

FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

		Six Months Ended August 31, 2026 (Unaudited)				Year Ended February 28, 2026				Year Ended February 28, 2025				Year Ended February 29, 2024				Year Ended February 28, 2023				Year Ended February 28, 2022
Net asset value at beginning of period		$	17.72			$	16.88			$	16.60			$	13.58			$	14.22			$	14.81
Income (loss) from investment operations:
Net investment income (loss)			0.02				0.13				0.19				0.21				0.00	(a)			(0.18	)
Net realized and unrealized gains (losses) on investments			0.07				1.66				1.13				3.25				(0.64	)			0.39
Total from investment operations			0.09				1.79				1.32				3.46				(0.64	)			0.21
Less distributions from:
Net investment income			-				(0.08	)			(0.30	)			(0.12	)			-				-
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 period		$	17.81			$	17.72			$	16.88			$	16.60			$	13.58			$	14.22
Total return (b)			0.51	%(c)			10.51	%			7.98	%			25.73	%			(4.50	%)			1.13	%
Net assets at end of period (000's)		$	119,278			$	108,968			$	105,530			$	100,568			$	86,702			$	95,532
Ratios/supplementary data:
Ratio of total expenses to average net assets			2.34	%(d)			2.23	%			2.30	%			2.28	%			2.27	%			2.31	%
Ratio of net expenses to average net assets			2.34	%(d)			2.23	%			2.30	%			2.28	%			2.27	%			2.31	%
Ratio 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 of net investment income (loss) to average net assets			0.34	%(d)			0.75	%			1.08	%			1.33	%			0.04	%			(1.26	%)
Portfolio turnover rate			22	%(c)			42	%			55	%			45	%			74	%			72	%

	(a)	Amount rounds to less than $0.01 per share.
	(b)	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.
	(c)	Not annualized.
	(d)	Annualized.

See accompanying notes to financial statements.

WAYCROSS FOCUSED CORE EQUITY FUND

FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

		Six Months Ended August 31, 2026 (Unaudited)				Year Ended February 28, 2026				Year Ended February 28, 2025				Year Ended February 29, 2024				Year Ended February 28, 2023				Year Ended February 28, 2022
Net asset value at beginning of period		$	19.55			$	17.14			$	14.91			$	10.84			$	11.53			$	10.70
Income (loss) from investment operations:
Net investment income			0.02				0.05				0.05				0.05				0.06				0.00	(a)
Net realized and unrealized gains (losses) on investments			1.03				2.57				2.23				4.10				(0.70	)			0.90	(b)
Total from investment operations			1.05				2.62				2.28				4.15				(0.64	)			0.90
Less distributions from:
Net investment income			-				(0.03	)			(0.05	)			(0.08	)			(0.01	)			(0.00	)(a)
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 period		$	20.60			$	19.55			$	17.14			$	14.91			$	10.84			$	11.53
Total return (c)			5.37	%(d)			15.26	%			15.29	%			38.39	%			(5.54	%)			8.39	%
Net assets at end of period (000's)		$	181,491			$	149,252			$	86,517			$	18,128			$	9,502			$	10,877
Ratios/supplementary data:
Ratio of total expenses to average net assets			0.90	%(e)			0.93	%			1.12	%			2.31	%			2.47	%			7.56	%
Ratio of net expenses to average net assets (f)			0.69	%(e)			0.69	%			0.69	%			0.74	%			0.89	%			0.89	%
Ratio of net investment income to average net assets (f)			0.25	%(e)			0.38	%			0.61	%			0.67	%			0.57	%			0.14	%
Portfolio turnover rate			15	%(d)			38	%			36	%			35	%			30	%			17	%

	(a)	Amount rounds to less than $0.01 per share.
	(b)	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.
	(c)	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).
	(d)	Not annualized.
	(e)	Annualized.
	(f)	Ratio was determined after management fee reductions and/or expense reimbursements (Note 4).

See accompanying notes to financial statements.

WAYCROSS FUNDS

NOTES TO FINANCIAL STATEMENTS

August 31, 2026 (Unaudited)

1. Organization

Waycross Managed Risk Equity Fund and Waycross Focused Core Equity Fund (individually, a "Fund," and collectively, the "Funds") are each a series of Waycross Independent Trust (the "Trust"), an open-end management investment company. The Trust was organized on May 28, 2020, as a Delaware statutory trust. Waycross Managed Risk Equity Fund is a diversified fund under the Investment Company Act of 1940, as amended (the "1940 Act") and Waycross Focused Core Equity Fund is a non-diversified fund. Waycross 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^® 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.

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

WAYCROSS FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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 asset 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

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.

WAYCROSS FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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

		Level 1				Level 2				Level 3				Total
Waycross Managed Risk Equity Fund:
Common Stocks		$	107,850,777			$	-			$	-			$	107,850,777
Money Market Funds			8,167,445				-				-				8,167,445
Total		$	116,018,222			$	-			$	-			$	116,018,222
Other Financial Instruments:
Common Stocks - Sold Short		$	(47,134,558	)		$	-			$	-			$	(47,134,558	)

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

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

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.

WAYCROSS FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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

Period Ended		Ordinary Income				Long-Term Capital Gains				Total Distributions
Waycross Managed Risk Equity Fund
August 31, 2026		$	-			$	-			$	-
February 28, 2026		$	487,766			$	5,249,977			$	5,737,743
Waycross Focused Core Equity Fund
August 31, 2026		$	-			$	-			$	-
February 28, 2026		$	496,901			$	994,513			$	1,491,414

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 Release No. 10666, 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 provides 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

WAYCROSS FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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.

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

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

WAYCROSS FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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

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

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

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

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax on the Statements of Operations. During the six months ended August 31, 2026, the Funds did not incur any interest or penalties and no federal, state or local income taxes or any material income taxes in foreign jurisdictions were paid by the Funds.

3. Investment Transactions

Investment transactions, other than short-term investments and U.S. government securities, were as follows for the six months ended August 31, 2026:

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

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, 2027, 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 six months ended August 31, 2026, the Adviser reduced its management fees earned for Waycross Focused Core Equity Fund by $174,886.

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, 2027, this agreement may not be modified or terminated without the approval of the Board. This agreement will terminate automatically if the Funds' investment advisory agreement with the Adviser is terminated. As of August 31, 2026, the Adviser may seek repayment of fee reductions and/or expense reimbursements no later than the date below:

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

WAYCROSS FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

OTHER SERVICE PROVIDERS

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting, transfer agency, and other 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

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.

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 August 31, 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.

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

WAYCROSS FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

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

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

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

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

7. Subsequent Events

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

WAYCROSS FUNDS

ADDITIONAL INFORMATION (Unaudited)

Changes in and/or Disagreements with Accountants

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

Proxy Disclosures

Not applicable.

Remuneration Paid to Directors, Officers and Others

Refer to the financial statements included herein.

Statement Regarding Basis for Approval of Investment Advisory Agreement Renewal

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

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

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

WAYCROSS FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

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

The costs of the services provided and profits realized by the Adviser and its affiliates from their relationship with the Funds. The Board considered the following: (i) the Adviser's staffing; (ii) its methods of operating; (iii) the education and experience of its personnel; (iv) its compliance program; (v) its financial condition and the level of commitment to the Funds and, generally, the Adviser's advisory business; (vi) the asset levels of each Fund; (vii) the overall expenses of each Fund, including the advisory fee; and (viii) the differences in fees and services to the Adviser's other similar clients. The Board considered its discussion with the Adviser regarding the expense limitation agreement between the Trust and the Adviser dated July 13, 2020, as amended (the "Expense Limitation Agreement") and considered the Adviser's past fee reductions and expense reimbursements for the Funds. The Board further considered the Adviser's willingness to continue the Expense Limitation Agreement for the Funds through at least June 30, 2027.

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

The Board noted that the Managed Risk Fund's 1.25% management fee is above its peer group average and slightly below its category average, and its 2.30% net expense ratio is above its peer group and category averages. The Board considered the Adviser's statement that the Managed Risk Fund's peer group included funds with significantly larger net assets, which allow their management fees and overall expense ratios to be reduced beyond what is currently feasible for the Managed Risk Fund, given its size. The Board further considered the Adviser's statement that the Managed Risk Fund's 2.30% net expense ratio includes dividend and brokerage expenses associated with securities sold short, which are contractually excluded from the 1.70% expense cap under the Expense Limitation Agreement. The Board noted that, excluding these short-sale financing costs, the Managed Risk Fund's net expense ratio is 1.51%, which is below the Expense Limitation Agreement's cap and within a competitive range relative to the Fund's peer group, and that such costs are a feature of long/short investment strategies generally and are reflected similarly in the expense ratios of the Fund's peers. A discussion followed, and the Board determined that the Managed Risk Fund's management fee and net expense ratio were within a reasonable range.

WAYCROSS FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

With respect 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 averages. A discussion followed, and the Board determined that the Focused Fund's management fee and net expense ratio were within a reasonable range.

The Board also compared the fees paid by the Focused Fund to those paid by other clients of the Adviser using a strategy similar to the Fund's, and considered the similarities and differences in services received by such other clients compared to the services received by the Fund. The Board noted that the fee structures applicable to the Adviser's other clients did not indicate any unreasonableness concerning the advisory fees payable by the Focused Fund. The Board noted that the Adviser does not manage any other accounts with strategies similar to those of the Managed Risk Fund. The Board further considered the Adviser's investment strategy and style in managing the Funds' portfolios. Following these comparisons and considerations, 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 be realized as the Funds grow, and whether advisory fee levels reflect these economies of scale for the benefit of the Funds' investors. The Board considered that the Funds' fees payable to the Adviser involve the advisory fees and the Expense Limitation Agreement. The Board determined that, while the advisory fees remained the same as asset levels increased, the Funds' shareholders have experienced and will continue to experience benefits from the Expense Limitation Agreement. Following further discussion of the Funds' asset levels, expectations for asset growth, and fees relative to each Fund's peer group and Morningstar category, the Board determined that 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 its affiliates from the relationship with the Funds. The Board considered the Adviser's profitability, noting the Adviser's net profit in managing each Fund was reasonable and not excessive. The Board also noted that this was only the second year in which the Adviser earned a modest profit for managing the Focused Fund, having previously waived its entire management fee and reimbursed expenses. Based on the information provided by the Adviser, the Board concluded that Waycross's profits from its relationship with each Fund were reasonable.

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

(b)

Included in (a)

Item 8.

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

Not applicable

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable

Item 10.

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

Included under Item 7

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Included under Item 7

Item 12.

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

Not applicable

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable

Item 14.

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

Not applicable

Item 15.

Submission of Matters to a Vote of Security Holders.

Not applicable

Item 16.

Controls and Procedures.

(a)

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

(b)

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

Item 17.

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

Not applicable

Item 18.

Recovery of Erroneously Awarded Compensation.

(a)

Not applicable

(b)

Not applicable

Item 19.

Exhibits.

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

(a)(1)

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

(a)(2)

Not applicable

(a)(3)

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

(a)(4)

Not applicable

(a)(5)

Not applicable

(b)

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

Exhibit 99.CERT		Certifications required by Rule 30a-2(a) under the Act
Exhibit 99.906CERT		Certifications required by Rule 30a-2(b) under the Act

SIGNATURES

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

(Registrant)

Waycross Independent Trust

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

Date

November 3, 2026

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

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

Date

November 3, 2026

*

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