| WAYCROSS MANAGED RISK EQUITY FUND |
| SCHEDULE OF INVESTMENTS |
| May 31, 2025 (Unaudited) |
| |
| COMMON STOCKS - 90.2% |
Shares |
Value |
| Communications - 6.7% |
|
|
| Internet Media & Services - 5.5% |
|
|
| Alphabet, Inc. - Class A (a) |
15,657 |
$ 2,688,933 |
| Meta Platforms, Inc. - Class A (a) |
4,690 |
3,036,728 |
| |
|
|
|
5,725,661 |
| Telecommunications - 1.2% |
|
|
| T-Mobile US, Inc. |
5,396 |
1,306,911 |
| |
|
|
|
|
| Consumer Discretionary - 11.9% |
|
|
| Apparel & Textile Products - 1.3% |
|
|
| NIKE, Inc. - Class B |
22,760 |
1,379,028 |
| |
|
|
|
|
| E-Commerce Discretionary - 2.9% |
|
|
| Amazon.com, Inc. (a)(b) |
14,942 |
3,063,259 |
| |
|
|
|
|
| Leisure Facilities & Services - 2.8% |
|
|
| Marriott International, Inc. - Class A |
6,236 |
1,645,244 |
| Starbucks Corporation |
14,587 |
1,224,579 |
| |
|
|
|
2,869,823 |
| Retail - Discretionary - 4.9% |
|
|
| Lowe's Companies, Inc. |
9,538 |
2,153,013 |
| O'Reilly Automotive, Inc. (b) |
1,164 |
1,591,770 |
| TJX Companies, Inc. (The) |
10,977 |
1,392,981 |
| |
|
|
|
5,137,764 |
| Consumer Staples - 3.1% |
|
|
| Retail - Consumer Staples - 2.2% |
|
|
| Target Corporation |
5,658 |
531,908 |
| Walmart, Inc. |
18,187 |
1,795,421 |
| |
|
|
|
2,327,329 |
| Wholesale - Consumer Staples - 0.9% |
|
|
| Sysco Corporation (a) |
12,570 |
917,610 |
| |
|
|
|
|
| Energy - 3.8% |
|
|
| Oil & Gas Producers - 2.5% |
|
|
| Diamondback Energy, Inc. |
8,106 |
1,090,663 |
| EOG Resources, Inc. |
14,237 |
1,545,711 |
| |
|
|
|
2,636,374 |
| WAYCROSS MANAGED RISK EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 90.2% (Continued) |
Shares |
Value |
| Energy - 3.8% (Continued) |
|
|
| Oil & Gas Services & Equipment - 1.3% |
|
|
| Baker Hughes Company |
37,102 |
$ 1,374,629 |
| |
|
|
|
|
| Financials - 11.7% |
|
|
| Asset Management - 1.5% |
|
|
| Charles Schwab Corporation (The) |
18,125 |
1,601,163 |
| |
|
|
|
|
| Banking - 7.1% |
|
|
| Citigroup, Inc. (a) |
25,081 |
1,889,101 |
| Fifth Third Bancorp |
39,492 |
1,508,199 |
| Truist Financial Corporation |
39,388 |
1,555,826 |
| Wells Fargo & Company (a) |
32,332 |
2,417,787 |
| |
|
|
|
7,370,913 |
| Financial Services - 1.1% |
|
|
| BlackRock, Inc. |
1,175 |
1,151,371 |
| |
|
|
|
|
| Institutional Financial Services - 2.0% |
|
|
| Goldman Sachs Group, Inc. (The) (a) |
3,509 |
2,106,979 |
| |
|
|
|
|
| Health Care - 11.6% |
|
|
| Biotech & Pharma - 2.3% |
|
|
| AbbVie, Inc. (a) |
12,953 |
2,410,683 |
| |
|
|
|
|
| Health Care Facilities & Services - 1.5% |
|
|
| Cencora, Inc. |
5,404 |
1,573,861 |
| |
|
|
|
|
| Medical Equipment & Devices - 7.8% |
|
|
| Abbott Laboratories |
11,328 |
1,513,194 |
| Becton, Dickinson and Company |
4,087 |
705,375 |
| Boston Scientific Corporation (b) |
14,394 |
1,515,113 |
| Danaher Corporation (a) |
5,732 |
1,088,507 |
| IDEXX Laboratories, Inc. (b) |
1,592 |
817,269 |
| Intuitive Surgical, Inc. (b) |
4,427 |
2,445,209 |
| |
|
|
|
8,084,667 |
| Industrials - 10.3% |
|
|
| Aerospace & Defense - 2.6% |
|
|
| Boeing Company (The) (b) |
12,944 |
2,683,550 |
| |
|
|
|
|
| Diversified Industrials - 2.6% |
|
|
| Emerson Electric Company |
13,763 |
1,643,027 |
| WAYCROSS MANAGED RISK EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 90.2% (Continued) |
Shares |
Value |
| Industrials - 10.3% (Continued) |
|
|
| Diversified Industrials - 2.6% (Continued) |
|
|
| Honeywell International, Inc. |
4,978 |
$ 1,128,363 |
| |
|
|
|
2,771,390 |
| Machinery - 2.5% |
|
|
| Ingersoll Rand, Inc. |
17,032 |
1,390,493 |
| Stanley Black & Decker, Inc. |
18,000 |
1,177,740 |
| |
|
|
|
2,568,233 |
| Transportation & Logistics - 2.6% |
|
|
| CSX Corporation |
47,541 |
1,501,820 |
| Delta Air Lines, Inc. |
15,000 |
725,850 |
| Knight-Swift Transportation Holdings, Inc. |
12,000 |
531,840 |
| |
|
|
|
2,759,510 |
| Materials - 3.3% |
|
|
| Chemicals - 2.1% |
|
|
| DuPont de Nemours, Inc. |
17,471 |
1,167,063 |
| International Flavors & Fragrances, Inc. |
13,427 |
1,027,971 |
| |
|
|
|
2,195,034 |
| Construction Materials - 1.2% |
|
|
| Carlisle Companies, Inc. |
3,368 |
1,280,446 |
| |
|
|
|
|
| Technology - 25.0% |
|
|
| Semiconductors - 8.7% |
|
|
| Analog Devices, Inc. (a) |
8,737 |
1,869,543 |
| Broadcom, Inc. |
10,775 |
2,608,304 |
| NVIDIA Corporation (a) |
28,130 |
3,801,207 |
| NXP Semiconductors N.V. |
4,214 |
805,422 |
| |
|
|
|
9,084,476 |
| Software - 11.2% |
|
|
| Adobe, Inc. (b) |
1,630 |
676,597 |
| Check Point Software Technologies Ltd. (b) |
6,443 |
1,474,674 |
| Intuit, Inc. |
2,151 |
1,620,714 |
| Microsoft Corporation (a) |
10,787 |
4,965,903 |
| Salesforce, Inc. |
5,335 |
1,415,749 |
| ServiceNow, Inc. (b) |
1,583 |
1,600,555 |
| |
|
|
|
11,754,192 |
| Technology Hardware - 2.2% |
|
|
| Apple, Inc. (a) |
11,628 |
2,335,484 |
| |
|
|
|
|
| WAYCROSS MANAGED RISK EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 90.2% (Continued) |
Shares |
Value |
| Technology - 25.0% (Continued) |
|
|
| Technology Services - 2.9% |
|
|
| Mastercard, Inc. - Class A (a) |
4,378 |
$ 2,563,757 |
| PayPal Holdings, Inc. (a)(b) |
6,389 |
449,019 |
| |
|
|
|
3,012,776 |
| Utilities - 2.8% |
|
|
| Electric Utilities - 2.8% |
|
|
| Edison International |
21,825 |
1,214,561 |
| Southern Company (The) |
3,909 |
351,810 |
| Xcel Energy, Inc. |
19,205 |
1,346,271 |
| |
|
|
|
2,912,642 |
| |
|
| Total Common Stocks (Cost $63,867,295) |
$ 94,395,758 |
| |
|
|
|
|
| |
|
|
|
|
| MONEY MARKET FUNDS - 7.7% |
Shares |
Value |
| Fidelity Institutional Money Market Government Portfolio - Class I, 4.18% (c) (Cost $8,034,043) |
8,034,043 |
$ 8,034,043 |
| |
|
|
|
|
| Investments at Value - 97.9% (Cost $71,901,338) |
$ 102,429,801 |
| |
|
|
|
| Other Assets in Excess of Liabilities - 2.1% |
2,189,961 |
| |
|
|
|
| Net Assets - 100.0% |
$ 104,619,762 |
| |
| WAYCROSS MANAGED RISK EQUITY FUND |
| SCHEDULE OF SECURITIES SOLD SHORT |
| May 31, 2025 (Unaudited) |
| |
| COMMON STOCKS - 40.5% |
Shares |
Value |
| Communications - 2.6% |
|
|
| Cable & Satellite - 1.3% |
|
|
| Comcast Corporation - Class A |
38,000 |
$ 1,313,660 |
| |
|
|
|
|
| Entertainment Content - 1.3% |
|
|
| Walt Disney Company (The) |
12,000 |
1,356,480 |
| |
|
|
|
|
| Consumer Discretionary - 5.4% |
|
|
| Leisure Facilities & Services - 1.5% |
|
|
| Hilton Worldwide Holdings, Inc. |
6,400 |
1,590,016 |
| |
|
|
|
|
| Retail - Discretionary - 3.9% |
|
|
| AutoZone, Inc. |
300 |
1,119,912 |
| Burlington Stores, Inc. |
4,400 |
1,004,388 |
| Home Depot, Inc. (The) |
2,500 |
920,725 |
| Lululemon Athletica, Inc. |
3,100 |
981,677 |
| |
|
|
|
4,026,702 |
| Consumer Staples - 0.7% |
|
|
| Beverages - 0.7% |
|
|
| Constellation Brands, Inc. - Class A |
4,100 |
730,989 |
| |
|
|
|
|
| Energy - 2.9% |
|
|
| Oil & Gas Producers - 1.8% |
|
|
| Occidental Petroleum Corporation |
24,000 |
978,720 |
| Ovintiv, Inc. |
24,000 |
859,680 |
| |
|
|
|
1,838,400 |
| Oil & Gas Services & Equipment - 1.1% |
|
|
| NOV, Inc. |
100,500 |
1,206,000 |
| |
|
|
|
|
| Financials - 4.0% |
|
|
| Asset Management - 1.0% |
|
|
| T. Rowe Price Group, Inc. |
11,100 |
1,038,849 |
| |
|
|
|
|
| Banking - 3.0% |
|
|
| Commerce Bancshares, Inc. |
16,590 |
1,045,336 |
| M&T Bank Corporation |
5,500 |
1,004,520 |
| PNC Financial Services Group, Inc. (The) |
6,200 |
1,077,622 |
| |
|
|
|
3,127,478 |
| WAYCROSS MANAGED RISK EQUITY FUND |
| SCHEDULE OF SECURITIES SOLD SHORT (Continued) |
| |
| COMMON STOCKS - 40.5% (Continued) |
Shares |
Value |
| Health Care - 7.1% |
|
|
| Biotech & Pharma - 1.9% |
|
|
| Biogen, Inc. |
6,700 |
$ 869,593 |
| Johnson & Johnson |
7,100 |
1,101,991 |
| |
|
|
|
1,971,584 |
| Medical Equipment & Devices - 5.2% |
|
|
| Edwards Lifesciences Corporation |
14,000 |
1,095,080 |
| Medtronic plc |
14,800 |
1,228,104 |
| Mettler-Toledo International, Inc. |
850 |
982,192 |
| Revvity, Inc. |
10,870 |
982,865 |
| Zimmer Biomet Holdings, Inc. |
12,810 |
1,180,698 |
| |
|
|
|
5,468,939 |
| Industrials - 6.4% |
|
|
| Aerospace & Defense - 1.3% |
|
|
| Lockheed Martin Corporation |
2,900 |
1,398,902 |
| |
|
|
|
|
| Diversified Industrials - 1.3% |
|
|
| Illinois Tool Works, Inc. |
5,400 |
1,323,432 |
| |
|
|
|
|
| Electrical Equipment - 2.6% |
|
|
| Lennox International, Inc. |
2,160 |
1,219,212 |
| Rockwell Automation, Inc. |
4,900 |
1,546,195 |
| |
|
|
|
2,765,407 |
| Transportation & Logistics - 1.2% |
|
|
| Norfolk Southern Corporation |
5,000 |
1,235,600 |
| |
|
|
|
|
| Materials - 0.9% |
|
|
| Chemicals - 0.9% |
|
|
| PPG Industries, Inc. |
8,600 |
952,880 |
| |
|
|
|
|
| Technology - 9.2% |
|
|
| Semiconductors - 3.2% |
|
|
| Advanced Micro Devices, Inc. |
9,500 |
1,051,935 |
| Applied Materials, Inc. |
8,000 |
1,254,000 |
| Texas Instruments, Inc. |
5,350 |
978,247 |
| |
|
|
|
3,284,182 |
| WAYCROSS MANAGED RISK EQUITY FUND |
| SCHEDULE OF SECURITIES SOLD SHORT (Continued) |
| |
| COMMON STOCKS - 40.5% (Continued) |
Shares |
Value |
| Technology - 9.2% (Continued) |
|
|
| Software - 4.4% |
|
|
| Atlassian Corporation - Class A |
2,700 |
$ 560,601 |
| Autodesk, Inc. |
3,930 |
1,163,752 |
| Oracle Corporation |
4,700 |
777,991 |
| Palo Alto Networks, Inc. |
6,300 |
1,212,246 |
| Workday, Inc. - Class A |
3,750 |
928,912 |
| |
|
|
|
4,643,502 |
| Technology Services - 1.6% |
|
|
| Accenture plc - Class A |
2,863 |
907,056 |
| Paychex, Inc. |
5,000 |
789,550 |
| |
|
|
|
1,696,606 |
| Utilities - 1.3% |
|
|
| Electric Utilities - 1.3% |
|
|
| Consolidated Edison, Inc. |
13,500 |
1,410,615 |
| |
|
|
|
|
| Total Securities Sold Short - 40.5% (Proceeds $44,030,727) |
$ 42,380,223 |
| |
| WAYCROSS FOCUSED CORE EQUITY FUND |
| SCHEDULE OF INVESTMENTS |
| May 31, 2025 (Unaudited) |
| |
| COMMON STOCKS - 99.1% |
Shares |
Value |
| Communications - 10.6% |
|
|
| Internet Media & Services - 10.6% |
|
|
| Alphabet, Inc. - Class A |
27,688 |
$ 4,755,137 |
| Meta Platforms, Inc. - Class A |
8,630 |
5,587,839 |
| |
|
|
|
10,342,976 |
| Consumer Discretionary - 6.9% |
|
|
| E-Commerce Discretionary - 4.0% |
|
|
| Amazon.com, Inc. (a) |
19,379 |
3,972,889 |
| |
|
|
|
|
| Retail - Discretionary - 2.9% |
|
|
| Lowe's Companies, Inc. |
12,462 |
2,813,047 |
| |
|
|
|
|
| Consumer Staples - 4.2% |
|
|
| Retail - Consumer Staples - 1.6% |
|
|
| Target Corporation |
17,055 |
1,603,340 |
| |
|
|
|
|
| Wholesale - Consumer Staples - 2.6% |
|
|
| Sysco Corporation |
35,006 |
2,555,438 |
| |
|
|
|
|
| Energy - 1.7% |
|
|
| Oil & Gas Producers - 1.7% |
|
|
| EOG Resources, Inc. |
14,938 |
1,621,819 |
| |
|
|
|
|
| Financials - 11.0% |
|
|
| Banking - 7.0% |
|
|
| Citigroup, Inc. |
44,225 |
3,331,027 |
| Wells Fargo & Company |
46,982 |
3,513,314 |
| |
|
|
|
6,844,341 |
| Institutional Financial Services - 4.0% |
|
|
| Goldman Sachs Group, Inc. (The) |
6,540 |
3,926,943 |
| |
|
|
|
|
| Health Care - 10.8% |
|
|
| Biotech & Pharma - 3.0% |
|
|
| AbbVie, Inc. |
15,691 |
2,920,252 |
| |
|
|
|
|
| Medical Equipment & Devices - 7.8% |
|
|
| Becton, Dickinson and Company |
12,357 |
2,132,694 |
| IDEXX Laboratories, Inc. (a) |
4,927 |
2,529,325 |
| WAYCROSS FOCUSED CORE EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 99.1% (Continued) |
Shares |
Value |
| Health Care - 10.8% (Continued) |
|
|
| Medical Equipment & Devices - 7.8% (Continued) |
|
|
| Intuitive Surgical, Inc. (a) |
5,367 |
$ 2,964,409 |
| |
|
|
|
7,626,428 |
| Industrials - 12.5% |
|
|
| Aerospace & Defense - 4.2% |
|
|
| Boeing Company (The) (a) |
19,613 |
4,066,167 |
| |
|
|
|
|
| Diversified Industrials - 3.5% |
|
|
| Honeywell International, Inc. |
14,908 |
3,379,196 |
| |
|
|
|
|
| Transportation & Logistics - 4.8% |
|
|
| CSX Corporation |
82,388 |
2,602,637 |
| Delta Air Lines, Inc. |
44,038 |
2,130,999 |
| |
|
|
|
4,733,636 |
| Technology - 40.3% |
|
|
| Semiconductors - 16.1% |
|
|
| Analog Devices, Inc. |
13,788 |
2,950,356 |
| Broadcom, Inc. |
13,819 |
3,345,165 |
| NVIDIA Corporation |
52,124 |
7,043,516 |
| NXP Semiconductors N.V. |
12,706 |
2,428,498 |
| |
|
|
|
15,767,535 |
| Software - 13.8% |
|
|
| Adobe, Inc. (a) |
4,903 |
2,035,186 |
| Microsoft Corporation |
15,032 |
6,920,132 |
| Salesforce, Inc. |
10,282 |
2,728,534 |
| ServiceNow, Inc. (a) |
1,786 |
1,805,807 |
| |
|
|
|
13,489,659 |
| Technology Hardware - 5.2% |
|
|
| Apple, Inc. |
24,997 |
5,020,647 |
| |
|
|
|
|
| Technology Services - 5.2% |
|
|
| Mastercard, Inc. - Class A |
6,406 |
3,751,354 |
| PayPal Holdings, Inc. (a) |
19,093 |
1,341,856 |
| |
|
|
|
5,093,210 |
| WAYCROSS FOCUSED CORE EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 99.1% (Continued) |
Shares |
Value |
| Utilities - 1.1% |
|
|
| Electric Utilities - 1.1% |
|
|
| Southern Company (The) |
11,701 |
$ 1,053,090 |
| |
|
|
|
|
| Total Common Stocks (Cost $87,198,873) |
$ 96,830,613 |
| |
|
|
|
|
| |
|
|
|
|
| MONEY MARKET FUNDS - 0.8% |
Shares |
Value |
| Fidelity Institutional Money Market Government Portfolio - Class I, 4.18% (b) (Cost $788,518) |
788,518 |
$ 788,518 |
| |
|
|
|
|
| Investments at Value - 99.9% (Cost $87,987,391) |
$ 97,619,131 |
| |
|
|
|
| Other Assets in Excess of Liabilities - 0.1% |
86,575 |
| |
|
|
|
| Net Assets - 100.0% |
$ 97,705,706 |
| |