0001815558 2026-06-25 2026-06-25 0001815558 waycross:S000069481Member 2026-06-25 2026-06-25 0001815558 waycross:S000069481Member waycross:LongShortStrategyRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069481Member waycross:ShortSalesRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069481Member waycross:MarketRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069481Member waycross:EquitySecuritiesRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069481Member waycross:LargeCapitalizationCompanyRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069481Member waycross:MidCapitalizationCompanyRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069481Member waycross:PreferredStockRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069481Member waycross:ManagementStyleRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069481Member waycross:SectorRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069481Member waycross:ExchangetradedFundsRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069481Member waycross:WarrantsRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069481Member waycross:MoneyMarketFundRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069480Member 2026-06-25 2026-06-25 0001815558 waycross:S000069480Member oef:RiskNondiversifiedStatusMember 2026-06-25 2026-06-25 0001815558 waycross:S000069480Member waycross:EquitySecuritiesRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069480Member waycross:LargeCapitalizationCompanyRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069480Member waycross:MidCapitalizationCompanyRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069480Member waycross:SectorRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069480Member waycross:TechnologySectorRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069480Member waycross:MarketRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069480Member waycross:ForeignSecuritiesRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069480Member waycross:ManagementStyleRiskMember 2026-06-25 2026-06-25 0001815558 waycross:S000069481Member waycross:C000221782Member 2026-06-25 2026-06-25 0001815558 waycross:S000069480Member waycross:C000221781Member 2026-06-25 2026-06-25 0001815558 waycross:S000069481Member waycross:C000221782Member 2016-01-01 2016-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member 2017-01-01 2017-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member 2018-01-01 2018-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member 2019-01-01 2019-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member 2020-01-01 2020-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member 2021-01-01 2021-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member 2022-01-01 2022-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member 2023-01-01 2023-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member 2024-01-01 2024-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member 2025-01-01 2025-12-31 0001815558 waycross:S000069480Member waycross:C000221781Member 2021-01-01 2021-12-31 0001815558 waycross:S000069480Member waycross:C000221781Member 2022-01-01 2022-12-31 0001815558 waycross:S000069480Member waycross:C000221781Member 2023-01-01 2023-12-31 0001815558 waycross:S000069480Member waycross:C000221781Member 2024-01-01 2024-12-31 0001815558 waycross:S000069480Member waycross:C000221781Member 2025-01-01 2025-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member 2021-01-01 2025-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member 2016-01-01 2025-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001815558 waycross:S000069481Member waycross:C000221782Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001815558 waycross:S000069481Member waycross:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001815558 waycross:S000069481Member waycross:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001815558 waycross:S000069481Member waycross:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2016-01-01 2025-12-31 0001815558 waycross:S000069481Member waycross:SAndP500IndexTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001815558 waycross:S000069481Member waycross:SAndP500IndexTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001815558 waycross:S000069481Member waycross:SAndP500IndexTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2016-01-01 2025-12-31 0001815558 waycross:S000069480Member waycross:C000221781Member 2021-01-01 2025-12-31 0001815558 waycross:S000069480Member waycross:C000221781Member 2020-12-15 2025-12-31 0001815558 waycross:S000069480Member waycross:C000221781Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001815558 waycross:S000069480Member waycross:C000221781Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001815558 waycross:S000069480Member waycross:C000221781Member oef:AfterTaxesOnDistributionsMember 2020-12-15 2025-12-31 0001815558 waycross:S000069480Member waycross:C000221781Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001815558 waycross:S000069480Member waycross:C000221781Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001815558 waycross:S000069480Member waycross:C000221781Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-12-15 2025-12-31 0001815558 waycross:S000069480Member waycross:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001815558 waycross:S000069480Member waycross:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001815558 waycross:S000069480Member waycross:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-12-15 2025-12-31 iso4217:USD pure false 485BPOS 2026-02-28 0001815558 2026-06-25 N-1A Waycross Independent Trust 2026-06-28 2026-06-28 SUMMARY – WAYCROSS MANAGED RISK EQUITY FUND INVESTMENT OBJECTIVE The Waycross Managed Risk Equity Fund (the “Fund”) seeks long-term capital appreciation with a secondary emphasis on reducing portfolio risk and volatility relative to the S&P 500® Index. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zTX758djL1qi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zufr8fJweQR6" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"></td> <td id="xdx_49C_20260625__20260625__dei--LegalEntityAxis__custom--S000069481Member__oef--ClassAxis__custom--C000221782Member_znogcPcfNMM2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"></td></tr> <tr id="xdx_40B_eoef--ShareholderFeeOther_dpn_zfEyPxxwUdmb" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 90%; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; text-align: center">None</td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zj1wPzkToS59"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zx6p3JC1twg5" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"> </td> <td id="xdx_498_20260625__20260625__dei--LegalEntityAxis__custom--S000069481Member__oef--ClassAxis__custom--C000221782Member_zLsf3sSfs8Xl" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zhzjFZ6uGWqi" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">Management Fees</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.25%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zg7lIptfKKlf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">Distribution and/or Service (12b-1) Fees</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">None</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">Other Expenses</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"> </td></tr> <tr id="xdx_406_eoef--Component1OtherExpensesOverAssets_dpn_zKnjPMqiE3n3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 0.3in; text-align: left; text-indent: -8.65pt; color: #231F20">Dividend expense on securities sold short</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: center"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: center">0.72%</td></tr> <tr id="xdx_406_eoef--Component2OtherExpensesOverAssets_dpn_zKtZKUIhGzr3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 0.3in; text-align: left; text-indent: -8.65pt; color: #231F20">Brokerage expenses on securities sold short</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--Component3OtherExpensesOverAssets_dpn_zOk6t6xQbS8g" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 0.3in; text-align: left; text-indent: -8.65pt; color: #231F20">Other operating expenses</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">0.26%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zUOe5JO3JzJk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 0.45in; text-align: left; text-indent: -8.65pt; color: #231F20">Total Other Expenses</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.98%</td></tr> <tr id="xdx_40C_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zYl7XmP0Slc9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">Acquired Fund Fees and Expenses(1)</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.02%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zoewmzPtCxC5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">2.25%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left">(1)</td><td style="text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</td> </tr></table> 0.0125 0 0.0072 0.0000 0.0026 0.0098 0.0002 0.0225 The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the periods indicated and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the operating expenses of the Fund remain the same during the periods listed below. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zw6ZBzDegvtg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zDzUFHFu5uk1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 1%"> </td> <td id="xdx_480_eoef--ExpenseExampleYear01_zgH0G51XKwkg" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 24.5%; text-align: center">1 Year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_zX0sECvmg12c" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 24.5%; text-align: center">3 Years</td> <td id="xdx_488_eoef--ExpenseExampleYear05_zbvjYlspunJ4" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 24.5%; text-align: center">5 Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zYFKzmoQ6204" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 24.5%; text-align: center">10 Years</td></tr> <tr id="xdx_41A_20260625__20260625__dei--LegalEntityAxis__custom--S000069481Member__oef--ClassAxis__custom--C000221782Member_zu4F2pLbrfpa" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$228</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$703</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$1,205</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$2,585</td></tr> </table> 228 703 1205 2585 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 42% of the average value of its portfolio. 0.42 PRINCIPAL INVESTMENT STRATEGIES Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities traded in the United States. These securities may include common stocks, preferred stocks, exchange-traded funds, and warrants. This investment policy may be changed without shareholder approval upon at least 60 days’ prior written notice to shareholders. In pursuing its investment strategy, the Fund may also invest in cash and cash equivalents, including securities of money market funds. The Fund seeks to achieve lower risk and volatility by constructing a portfolio of long and short equity positions. (A short position is created when a trader borrows and then sells a security, with the expectation that the borrowed security will be repurchased at a lower price. Such a position benefits when the security’s price decreases, whereas a long position benefits when the price increases.) The Fund’s long positions are purchased with the intended goal of benefiting from rising valuations. The Fund’s short positions are purchased with the intended goal of benefiting from declining valuations or as a hedge against long positions to reduce portfolio volatility and manage systemic risk. The Fund’s long positions will principally consist of common stocks of mid-capitalization and large-capitalization companies with attractive valuations based on proprietary analysis by Waycross Partners, LLC (the “Adviser”). The Adviser defines mid-capitalization companies as companies with a total market capitalization of between $1 billion and $10 billion at the time of purchase and large-capitalization companies as companies with a total market capitalization of $10 billion or more at the time of purchase. For these positions, the Adviser generates a focus universe of approximately 300 companies traded in the U.S. The Adviser analyzes each investment candidate, evaluating company-specific metrics (“key factors”) that the Adviser deems most likely to affect annual earnings, and then ranks the companies based on the Adviser’s assessment of these key factors. The Adviser then employs its proprietary earnings models to determine price target ranges for each stock in the focus universe. Following further analysis, the Adviser buys stocks for the Fund’s portfolio that it determines to have improving key factors that are available at reasonable valuations. The Fund will establish short positions in common stocks of mid-capitalization and large-capitalization companies. The Fund will typically sell short securities based on the following criteria: 1) to seek to take advantage of companies the Adviser has identified as overvalued; 2) when the Adviser determines that a company’s key factors are weakening; and/or 3) to hedge market exposures from the Fund’s long positions. The Adviser will typically identify securities to sell short during the process of generating the focus universe of investment candidates. The Adviser will sell a long position when there is a material adverse change in the issuer’s key factors and will cover a short position when there is a material positive change in the issuer’s key factors. Additionally, the Adviser sets a target price for each security in the Fund’s portfolio that is updated periodically (normally at least quarterly) and when a security reaches or exceeds its target price, the Adviser’s strategy typically requires that the security be sold. A security position may also be sold when the Adviser believes other investment opportunities are more attractive or that the security is unlikely to benefit from current business, market, or economic conditions if a long position, or the company’s prospects have improved in the case of a short position. Under normal market conditions, the Fund expects to maintain a net long exposure (i.e., the market value of the Fund’s long positions minus the market value of the Fund’s short positions) of at most 60%; however, the Adviser seeks to target a net long exposure of approximately 50% over a full market cycle. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. The success of the Fund’s investment strategy depends upon the Adviser’s skill in selecting securities for purchase and sale by the Fund and there is no assurance that the Fund will achieve its investment objective. Because of the types of securities in which the Fund invests and the investment techniques the Adviser uses, the Fund is designed for investors who are investing for the long term. The Fund may not be appropriate for use as a complete investment program. The principal risks of an investment in the Fund are described below. Long/Short Strategy Risk. The Adviser expects to employ a “long/short” strategy for the Fund, meaning that the Fund expects to invest in both long positions and short positions. There is the risk that the Fund’s long or short positions will not perform as expected, and losses on one type of position could more than offset gains on the other, or both positions may suffer losses. Additionally, there can be no assurance that the Fund’s short positions will be successful in hedging against portfolio risk. Short Sales Risk. The Fund expects to sell securities short. The Fund will incur a loss because of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. In addition, the lender of the borrowed security may request, or market conditions may dictate, that the securities sold short be returned to the lender on short notice, and, as a result, the Fund may have to buy the securities sold short at an unfavorable time and for an unfavorable price. If this occurs, the Fund’s investment may result in a loss. The Fund’s losses are potentially unlimited in a short-sale transaction. Market Risk. Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are beyond the Adviser’s control, including fluctuations in interest rates, the quality of the Fund’s investments, economic conditions, and general equity market conditions. Certain market events could increase volatility and exacerbate market risk, such as changes in governments’ economic policies, political turmoil, environmental events, trade disputes, and epidemics, pandemics, or other public health issues. Turbulence in financial markets, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers domestically and around the world, and can result in trading halts, any of which could have an adverse impact on the Fund. During periods of market volatility, security prices (including securities held by the Fund) could fall drastically and rapidly, and therefore adversely affect the Fund. Equity Securities Risk. As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’s investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds. Large-Capitalization Company Risk. Large-capitalization companies are more mature and may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Mid-Capitalization Company Risk. Investments in mid-capitalization companies often involve higher risks than large-capitalization companies because these companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Therefore, the securities of mid-capitalization companies may be more susceptible to market downturns and other events, and their prices may be subject to greater price fluctuations. Mid-capitalization companies are typically subject to greater changes in earnings and business prospects than larger, more established companies and may not be widely followed by investors, which can lower the demand for their stock. Preferred Stock Risk. Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. Management Style Risk. The Adviser’s method of security selection may not be successful, and the Fund may underperform relative to its benchmark index or to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. The ability of the Fund to meet its investment objective is directly related to the success of the Adviser’s investment process and there is no guarantee that the Adviser’s judgments about the attractiveness, value, and potential appreciation of a particular investment for the Fund will be correct or produce the desired results. Sector Risk. The Fund may have significant exposure to one or more sectors that the Adviser believes offer more growth potential in current market conditions. The Fund may face various risks associated with investing substantially in certain sectors, such as that an individual sector may be more volatile than the broader market, or could perform differently, and that the stocks of multiple companies within a sector could simultaneously decline in price because of an event that affects the entire sector. Exchange-Traded Funds Risk. The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF’s expenses. Warrants Risk. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Money Market Fund Risk. When the Fund invests in an underlying fund, including a money market fund, it will indirectly bear its proportionate share of any fees and expenses payable directly by the underlying fund. Therefore, the Fund will incur higher expenses, many of which may be duplicative. Although each underlying money market fund in which the Fund may invest seeks to maintain the value of the investments at $1.00 per share, there is no assurance that the underlying fund will be able to do so. Long/Short Strategy Risk. The Adviser expects to employ a “long/short” strategy for the Fund, meaning that the Fund expects to invest in both long positions and short positions. There is the risk that the Fund’s long or short positions will not perform as expected, and losses on one type of position could more than offset gains on the other, or both positions may suffer losses. Additionally, there can be no assurance that the Fund’s short positions will be successful in hedging against portfolio risk.<div id="xdx_C00_gRBRTB-NWVQ_zT4jr6a9e8Dd"> </div> Short Sales Risk. The Fund expects to sell securities short. The Fund will incur a loss because of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. In addition, the lender of the borrowed security may request, or market conditions may dictate, that the securities sold short be returned to the lender on short notice, and, as a result, the Fund may have to buy the securities sold short at an unfavorable time and for an unfavorable price. If this occurs, the Fund’s investment may result in a loss. The Fund’s losses are potentially unlimited in a short-sale transaction. Market Risk. Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are beyond the Adviser’s control, including fluctuations in interest rates, the quality of the Fund’s investments, economic conditions, and general equity market conditions. Certain market events could increase volatility and exacerbate market risk, such as changes in governments’ economic policies, political turmoil, environmental events, trade disputes, and epidemics, pandemics, or other public health issues. Turbulence in financial markets, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers domestically and around the world, and can result in trading halts, any of which could have an adverse impact on the Fund. During periods of market volatility, security prices (including securities held by the Fund) could fall drastically and rapidly, and therefore adversely affect the Fund.<div id="xdx_C06_gRBRTB-NWVQ_zqB99mriLZob"> </div> Equity Securities Risk. As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’s investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.<div id="xdx_C03_gRBRTB-NWVQ_zFMf4avM16i7"> </div> Large-Capitalization Company Risk. Large-capitalization companies are more mature and may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.<div id="xdx_C09_gRBRTB-NWVQ_z0tHsfD46nPf"> </div> Mid-Capitalization Company Risk. Investments in mid-capitalization companies often involve higher risks than large-capitalization companies because these companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Therefore, the securities of mid-capitalization companies may be more susceptible to market downturns and other events, and their prices may be subject to greater price fluctuations. Mid-capitalization companies are typically subject to greater changes in earnings and business prospects than larger, more established companies and may not be widely followed by investors, which can lower the demand for their stock.<div id="xdx_C03_gRBRTB-NWVQ_zRZhfp5I9N9e"> </div> Preferred Stock Risk. Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.<div id="xdx_C0B_gRBRTB-NWVQ_z46IQWTzcXyk"> </div> Management Style Risk. The Adviser’s method of security selection may not be successful, and the Fund may underperform relative to its benchmark index or to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. The ability of the Fund to meet its investment objective is directly related to the success of the Adviser’s investment process and there is no guarantee that the Adviser’s judgments about the attractiveness, value, and potential appreciation of a particular investment for the Fund will be correct or produce the desired results. Sector Risk. The Fund may have significant exposure to one or more sectors that the Adviser believes offer more growth potential in current market conditions. The Fund may face various risks associated with investing substantially in certain sectors, such as that an individual sector may be more volatile than the broader market, or could perform differently, and that the stocks of multiple companies within a sector could simultaneously decline in price because of an event that affects the entire sector.<div id="xdx_C09_gRBRTB-NWVQ_zYKTfnF6W48f"> </div> Exchange-Traded Funds Risk. The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF’s expenses.<div id="xdx_C00_gRBRTB-NWVQ_zJzNyyyQlFEa"> </div> Warrants Risk. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.<div id="xdx_C0E_gRBRTB-NWVQ_zKhJq6K0Hl9j"> </div> Money Market Fund Risk. When the Fund invests in an underlying fund, including a money market fund, it will indirectly bear its proportionate share of any fees and expenses payable directly by the underlying fund. Therefore, the Fund will incur higher expenses, many of which may be duplicative. Although each underlying money market fund in which the Fund may invest seeks to maintain the value of the investments at $1.00 per share, there is no assurance that the underlying fund will be able to do so. PERFORMANCE SUMMARY The Fund was reorganized as of the close of business on November 17, 2020, from a series of Ultimus Managers Trust, an Ohio business trust (the “Predecessor Fund”), to a series of Waycross Independent Trust, a Delaware statutory trust (the “Reorganization”). While the Fund’s investment objective, principal investment strategies, and risks are identical to the Predecessor Fund and theoretically would have invested in the same portfolio of securities, the Fund’s performance may be different than the performance of the Predecessor Fund due to, among other things, differences in fees and expenses. The Fund has adopted the performance of the Predecessor Fund, and the performance information presented below for the Fund reflects the performance of the Predecessor Fund for periods prior to November 17, 2020. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for one year, five years and since inception compare with those of a broad-based securities market index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available by calling 1-866-267-4304 or by visiting the Fund’s website at https://www.waycrosspartners.com/strategies-and-funds. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for one year, five years and since inception compare with those of a broad-based securities market index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-866-267-4304 https://www.waycrosspartners.com/strategies-and-funds Calendar Year Returns <div id="xdx_A8F_eoef--BarChartTableTextBlock_zYXEVVmkeuB"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z699CssJwnE2" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_49D_20160101__20161231_zTTY1aU5ze6a" style="width: 9%">2016</td> <td id="xdx_49D_20170101__20171231_z0AO3AKAxYt8" style="width: 9%">2017</td> <td id="xdx_49D_20180101__20181231_zMuyuT64FhVf" style="width: 9%">2018</td> <td id="xdx_49D_20190101__20191231_zx1Q3oASjz4e" style="width: 9%">2019</td> <td id="xdx_49D_20200101__20201231_zj9b0gAbapZ7" style="width: 9%">2020</td> <td id="xdx_49D_20210101__20211231_zKHxa5BB4Kf1" style="width: 9%">2021</td> <td id="xdx_49D_20220101__20221231_zltW5xcakGzi" style="width: 9%">2022</td> <td id="xdx_49D_20230101__20231231_zTNRdTPIJCLb" style="width: 9%">2023</td> <td id="xdx_49D_20240101__20241231_zqnXZxLWhcld" style="width: 9%">2024</td> <td id="xdx_49D_20250101__20251231_zQbnzhY8vA01" style="width: 9%">2025</td></tr> <tr id="xdx_407_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000069481Member__oef--ClassAxis__custom--C000221782Member_zyzLu0ySWYqi" style="vertical-align: top; text-align: left"> <td> </td> <td>1.26%</td> <td>13.06%</td> <td>-8.80%</td> <td>21.18%</td> <td>22.26%</td> <td>11.45%</td> <td>-11.66%</td> <td>18.98%</td> <td>14.93%</td> <td>13.16%</td></tr> </table> <img alt="(BAR GRAPH)" src="wa002_v1.jpg"/> 0.0126 0.1306 -0.0880 0.2118 0.2226 0.1145 -0.1166 0.1898 0.1493 0.1316 The Fund’s year-to-date return through March 31, 2026 is (5.57%). Quarterly Returns During This Time Period <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td id="xdx_98E_eoef--HighestQuarterlyReturnLabel_c20260625__20260625__dei--LegalEntityAxis__custom--S000069481Member_zWbDfx31Q0S3" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: left">Highest:</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 40%; text-align: left">13.91% (quarter ended June 30, 2020)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td id="xdx_989_eoef--LowestQuarterlyReturnLabel_c20260625__20260625__dei--LegalEntityAxis__custom--S000069481Member_zD0F551RZqo" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Lowest:</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">(14.43%) (quarter ended December 31, 2018)</td></tr> </table> The Fund’s year-to-date 2026-03-31 -0.0557 Highest: 0.1391 2020-06-30 Lowest: -0.1443 2018-12-31 Average Annual Total Returns (for periods ended December 31, 2025) <div id="xdx_A85_eoef--PerformanceTableTextBlock_zHa0Ru5DW35j"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zOARH0LwGeEh" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 70%; text-align: justify"> </td> <td id="xdx_494_20250101__20251231_zuQZi1yCSmye" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: center">One Year</td> <td id="xdx_494_20210101__20251231_zEfgS6m6slB5" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: center">Five Years</td> <td id="xdx_494_20160101__20251231_ztRyTpkDOcQ" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: center">Ten Years</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">Waycross Managed Risk Equity Fund</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000069481Member__oef--ClassAxis__custom--C000221782Member_zXBGFNMHng2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 15.85pt; text-align: left; text-indent: -8.65pt; color: #231F20">Return Before Taxes</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">13.16%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">8.78%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">8.95%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000069481Member__oef--ClassAxis__custom--C000221782Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zVF6xEMoHrt2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 15.85pt; text-align: left; text-indent: -8.65pt; color: #231F20">Return After Taxes on Distributions</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">11.73%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">7.78%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">8.37%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000069481Member__oef--ClassAxis__custom--C000221782Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zx9u5p6G0xq7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 15.85pt; text-align: left; text-indent: -8.65pt; color: #231F20">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">8.68%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">6.80%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">7.25%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000069481Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zKVTRsP2vm2g" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">S&P 500® Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">17.88%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">14.42%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">14.82%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000069481Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z6gwFJSaUnD9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">S&P 500® Index/Treasury Bill Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">11.00%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">8.98%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">8.64%</td></tr> </table> Return Before Taxes 0.1316 0.0878 0.0895 0.1173 0.0778 0.0837 0.0868 0.0680 0.0725 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 reflects no deduction for fees, expenses, or taxes 0.1100 0.0898 0.0864 <p id="xdx_A8A_eoef--PerformanceTableClosingTextBlock_z3v8zjMIgcOc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown above. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (“IRA”). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown above. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (“IRA”). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares. SUMMARY – WAYCROSS FOCUSED CORE EQUITY FUND INVESTMENT OBJECTIVE The Waycross Focused Core Equity Fund (the “Fund”) seeks 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. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zzyhDRhY5Xy1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zeA4B8YmCoL8" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"></td> <td id="xdx_49B_20260625__20260625__dei--LegalEntityAxis__custom--S000069480Member__oef--ClassAxis__custom--C000221781Member_zBCWxXTAkRm4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"></td></tr> <tr id="xdx_40C_eoef--ShareholderFeeOther_dpn_zBTHovELswbf" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 90%; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; text-align: center">None</td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zvcphOMa2Dd8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zuwhsHDfAnSi" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49B_20260625__20260625__dei--LegalEntityAxis__custom--S000069480Member__oef--ClassAxis__custom--C000221781Member_ztjV1JhUxAKl" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zHJ3cbPbIT7f" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; padding-top: 1pt; padding-right: 1.5pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">Management Fees</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-top: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.66%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zcfDR95gLHl7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 1.5pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">Distribution and/or Service (12b-1) Fees</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">None</td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dpn_zimeiyuEBdwk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 1.5pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">Other Expenses</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.27%</td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zR8g3LKXV1ad" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 1.5pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.93%</td></tr> <tr id="xdx_40F_eoef--FeeWaiverOrReimbursementOverAssets_dp_zrSpFvKmUmSc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 1.5pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">Less Management Fee Reductions and/or Expense Reimbursements(1)</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">(0.24%)</td></tr> <tr id="xdx_408_eoef--NetExpensesOverAssets_dpn_zgSFBOoqn50g" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 1.5pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements(1)</td> <td style="border-bottom: Black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.69%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left">(1)</td><td style="text-align: justify">Waycross Partners, LLC (the “Adviser”) has contractually agreed, until June 30, 2027, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, costs to organize the Fund, 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 Fund’s business) to an amount not exceeding 0.69% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the 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. Before June 30, 2027, this agreement may not be modified or terminated without the approval of the Board of Trustees (the “Board”). This agreement will terminate automatically if the Fund’s investment advisory agreement (the “Advisory Agreement”) with the Adviser is terminated.</td> </tr></table> 0.0066 0 0.0027 0.0093 -0.0024 0.0069 June 30, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the operating expenses of the Fund remain the same and the contractual agreement to limit expenses remains in effect through the expiration date described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvn8lYvbckQ1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zO5W47qh0mTi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 1%"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear01_ziasYijbsNa4" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 24.5%; text-align: center">1 Year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_zCNgKer52frd" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 24.5%; text-align: center">3 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear05_z1r6ZetYGM67" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 24.5%; text-align: center">5 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_zpLoPoSXh4o3" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 24.5%; text-align: center">10 Years</td></tr> <tr id="xdx_419_20260625__20260625__dei--LegalEntityAxis__custom--S000069480Member__oef--ClassAxis__custom--C000221781Member_zxiiJKlClon8" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$70</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$272</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$491</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$1,121</td></tr> </table> 70 272 491 1121 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 38% of the average value of its portfolio. 0.38 PRINCIPAL INVESTMENT STRATEGIES The Fund is a non-diversified portfolio and pursues its investment objective by investing, under normal circumstances, 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities traded in the U.S. This investment policy may be changed without shareholder approval upon at least 60 days’ prior written notice to shareholders. The Fund holds a portfolio of common stocks of mid-capitalization and large-capitalization companies with attractive valuations based on the Adviser’s proprietary analysis. The Adviser defines mid-capitalization companies as companies with a total market capitalization of between $1 billion and $10 billion at the time of purchase and large-capitalization companies as companies with a total market capitalization of $10 billion or more at the time of purchase. The Fund may also invest in securities of foreign companies that are publicly traded in the U.S., including in American Depositary Receipts (“ADRs”). The Fund expects to hold 25-35 holdings, under normal market circumstances. The number of securities held by the Fund may exceed this range occasionally, such as when the Adviser is accumulating new positions, phasing out or replacing existing positions, or responding to unusual market conditions. The Fund may invest a significant portion of its assets in securities of companies conducting business within a single sector, as defined by third-party sources, including the technology sector. The Adviser seeks to emphasize companies that have proven their ability to sustainably grow earnings, sometimes through innovation, above market expectations. The Adviser generates a focus universe of investment candidates of approximately 300 companies traded in the United States. The Adviser rigorously analyzes each investment candidate, evaluating key factors it deems most likely to affect annual earnings, and then ranks the companies based on the Adviser’s assessment of these key factors. The Adviser defines key factors as the most critical drivers of a company’s annual earnings estimates; for example, foot traffic at a restaurant, units sold for a tech product company, or operating costs for an industrial company. Following further analysis, the Adviser buys stocks for the Fund’s portfolio that it determines to have improving key factors and are available at reasonable valuations. The Adviser will sell a stock when there is a material adverse change in the issuer’s key factors. A security position may also be sold when the Adviser believes other investment opportunities are more attractive or that the security is unlikely to benefit from current business, market, or economic conditions. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. The success of the Fund’s investment strategy depends upon the Adviser’s skill in selecting securities for purchase and sale by the Fund and there is no assurance that the Fund will achieve its investment objective. Because of the types of securities in which the Fund invests and the investment techniques the Adviser uses, the Fund is designed for investors who are investing for the long term. The Fund may not be appropriate for use as a complete investment program. The principal risks of an investment in the Fund are described below. Non-Diversification Risk. The Fund is non-diversified under the Investment Company Act and employs a concentrated investment strategy. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified, less concentrated fund. Further, the Fund may experience greater losses because of a single issuer’s unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer’s securities. Equity Securities Risk. As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’s investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds. Large-Capitalization Company Risk. Large-capitalization companies are more mature and may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Mid-Capitalization Company Risk. Investments in mid-capitalization companies often involve higher risks than large-capitalization companies because these companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Therefore, the securities of mid-capitalization companies may be more susceptible to market downturns and other events, and their prices may be subject to greater price fluctuations. In addition, in many instances, the securities of mid-capitalization companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is less than is typical of larger companies. Because mid-capitalization companies normally have fewer shares outstanding than larger companies, it may be more difficult to buy or sell significant amounts of such shares without an unfavorable impact on prevailing prices. Mid-capitalization companies are typically subject to greater changes in earnings and business prospects than larger, more established companies and may not be widely followed by investors, which can lower the demand for their stock. Sector Risk. The Fund may have significant exposure to one or more sectors that the Adviser believes offer more growth potential in current market conditions. The Fund may face various risks associated with investing substantially in certain sectors, such as that an individual sector may be more volatile than the broader market, or could perform differently, and that the stocks of multiple companies within a sector could simultaneously decline in price because of an event that affects the entire sector. Technology Sector Risk. At times, the Fund’s assets are focused on the Technology sector, which means it will be affected by performance of and developments in that sector, as compared to a more diversified fund. The value of stocks of technology companies is particularly vulnerable to rapid changes in technology product cycles, product obsolescence, government regulation, and competition, both domestically and internationally. Market Risk. Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are beyond the Adviser’s control, including fluctuations in interest rates, the quality of the Fund’s investments, economic conditions, and general equity market conditions. Certain market events could increase volatility and exacerbate market risk, such as changes in governments’ economic policies, political turmoil, environmental events, trade disputes, and epidemics, pandemics, or other public health issues. Turbulence in financial markets, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers domestically and around the world, and can result in trading halts, any of which could have an adverse impact on the Fund. During periods of market volatility, security prices (including securities held by the Fund) could fall drastically and rapidly, and therefore adversely affect the Fund. Foreign Securities Risk. Since the Fund’s investments may include ADRs, which represent interests in foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing, and financial reporting standards differ from those applicable to U.S. companies. Management Style Risk. The Adviser’s method of security selection may not be successful, and the Fund may underperform relative to its benchmark index or to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. The ability of the Fund to meet its investment objective is directly related to the success of the Adviser’s investment process and there is no guarantee that the Adviser’s judgments about the attractiveness, value and potential appreciation of a particular investment for the Fund will be correct or produce the desired results. Non-Diversification Risk. The Fund is non-diversified under the Investment Company Act and employs a concentrated investment strategy. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified, less concentrated fund. Further, the Fund may experience greater losses because of a single issuer’s unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer’s securities.<div id="xdx_C02_gRBRTB-XY_za88YsjdwPji"> </div> Equity Securities Risk. As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’s investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.<div id="xdx_C0F_gRBRTB-XY_zQsgimoikCx"> </div> Large-Capitalization Company Risk. Large-capitalization companies are more mature and may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Mid-Capitalization Company Risk. Investments in mid-capitalization companies often involve higher risks than large-capitalization companies because these companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Therefore, the securities of mid-capitalization companies may be more susceptible to market downturns and other events, and their prices may be subject to greater price fluctuations. In addition, in many instances, the securities of mid-capitalization companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is less than is typical of larger companies. Because mid-capitalization companies normally have fewer shares outstanding than larger companies, it may be more difficult to buy or sell significant amounts of such shares without an unfavorable impact on prevailing prices. Mid-capitalization companies are typically subject to greater changes in earnings and business prospects than larger, more established companies and may not be widely followed by investors, which can lower the demand for their stock.<div id="xdx_C0F_gRBRTB-XY_zOAz33UNNzCl"> </div> Sector Risk. The Fund may have significant exposure to one or more sectors that the Adviser believes offer more growth potential in current market conditions. The Fund may face various risks associated with investing substantially in certain sectors, such as that an individual sector may be more volatile than the broader market, or could perform differently, and that the stocks of multiple companies within a sector could simultaneously decline in price because of an event that affects the entire sector.<div id="xdx_C08_gRBRTB-XY_zwZ27X4n9w59"> </div> Technology Sector Risk. At times, the Fund’s assets are focused on the Technology sector, which means it will be affected by performance of and developments in that sector, as compared to a more diversified fund. The value of stocks of technology companies is particularly vulnerable to rapid changes in technology product cycles, product obsolescence, government regulation, and competition, both domestically and internationally.<div id="xdx_C0D_gRBRTB-XY_zI3lQEl8XOql"> </div> Market Risk. Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are beyond the Adviser’s control, including fluctuations in interest rates, the quality of the Fund’s investments, economic conditions, and general equity market conditions. Certain market events could increase volatility and exacerbate market risk, such as changes in governments’ economic policies, political turmoil, environmental events, trade disputes, and epidemics, pandemics, or other public health issues. Turbulence in financial markets, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers domestically and around the world, and can result in trading halts, any of which could have an adverse impact on the Fund. During periods of market volatility, security prices (including securities held by the Fund) could fall drastically and rapidly, and therefore adversely affect the Fund.<div id="xdx_C0E_gRBRTB-XY_zPFNoTGJCpQg"> </div> Foreign Securities Risk. Since the Fund’s investments may include ADRs, which represent interests in foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing, and financial reporting standards differ from those applicable to U.S. companies.<div id="xdx_C03_gRBRTB-XY_zXODE9S0SAL7"> </div> Management Style Risk. The Adviser’s method of security selection may not be successful, and the Fund may underperform relative to its benchmark index or to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. The ability of the Fund to meet its investment objective is directly related to the success of the Adviser’s investment process and there is no guarantee that the Adviser’s judgments about the attractiveness, value and potential appreciation of a particular investment for the Fund will be correct or produce the desired results. PERFORMANCE SUMMARY The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for one year and since inception compare with those of a broad-based securities market index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available by calling 1-866-267-4304 or by visiting the Fund’s website at https://www.waycrosspartners.com/strategies-and-funds. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for one year and since inception compare with those of a broad-based securities market index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-866-267-4304 https://www.waycrosspartners.com/strategies-and-funds Calendar Year Returns <div id="xdx_A8A_eoef--BarChartTableTextBlock_zgK8IZpcchn8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zdcEm3peK0sg" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 20%"> </td> <td id="xdx_49C_20210101__20211231_zAr3ptE26Cwk" style="width: 16%">2021</td> <td id="xdx_49C_20220101__20221231_znKmo8im9x77" style="width: 16%">2022</td> <td id="xdx_49C_20230101__20231231_zjSX9RDNmRE1" style="width: 16%">2023</td> <td id="xdx_49C_20240101__20241231_zkKvZgdAF54i" style="width: 16%">2024</td> <td id="xdx_49C_20250101__20251231_zw3QtolGuwlj" style="width: 16%">2025</td></tr> <tr id="xdx_402_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000069480Member__oef--ClassAxis__custom--C000221781Member_zZqXRJFa7K18" style="vertical-align: top; text-align: left"> <td> </td> <td>26.33%</td> <td>-19.69%</td> <td>33.43%</td> <td>25.10%</td> <td>18.35%</td></tr> </table> <img alt="(BAR GRAPH)" src="wa003_v1.jpg"/> 0.2633 -0.1969 0.3343 0.2510 0.1835 The Fund’s year-to-date return through March 31, 2026 is (7.96%). Quarterly Returns During This Time Period <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td id="xdx_984_eoef--HighestQuarterlyReturnLabel_c20260625__20260625__dei--LegalEntityAxis__custom--S000069480Member_zdSH9DErN4n9" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left">Highest:</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 40%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left">13.77% (quarter ended June 30, 2025)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td id="xdx_98E_eoef--LowestQuarterlyReturnLabel_c20260625__20260625__dei--LegalEntityAxis__custom--S000069480Member_zbDfM5H8xjwj" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left">Lowest:</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left">(17.50%) (quarter ended June 30, 2022)</td></tr> </table> The Fund’s year-to-date return 2026-03-31 -0.0796 Highest: 0.1377 2025-06-30 Lowest: -0.1750 2022-06-30 Average Annual Total Returns (for periods ended December 31, 2025) <div id="xdx_A89_eoef--PerformanceTableTextBlock_zQPAIayQq5w5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zYBP4ad3RNub" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 55%; text-align: justify"> </td> <td id="xdx_49E_20250101__20251231_zjaWTvhs9ir4" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center">One Year</td> <td id="xdx_499_20210101__20251231_zhLSKvJd0Xj" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center">Five Years</td> <td id="xdx_495_20201215__20251231_zKHngotL3Y9l" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center">Since Inception (December 15, 2020)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">Waycross Focused Core Equity Fund</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000069480Member__oef--ClassAxis__custom--C000221781Member_zVCdo6f7wNx8" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 0.1in; text-align: left">Return Before Taxes</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">18.35%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">14.92%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">15.23%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000069480Member__oef--ClassAxis__custom--C000221781Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zLVlymm7OCL2" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 0.1in; text-align: left">Return After Taxes on Distributions</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">18.05%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">14.73%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">15.05%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000069480Member__oef--ClassAxis__custom--C000221781Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zddEsK3vppfb" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 0.1in; text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">11.07%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">11.98%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">12.25%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000069480Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zyEiryAwumKg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">S&P 500® Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">17.88%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">14.42%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">14.68%</td></tr> </table> 2020-12-15 Return Before Taxes 0.1835 0.1492 0.1523 0.1805 0.1473 0.1505 0.1107 0.1198 0.1225 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1468 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown above. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as a 401(k) plan or an IRA. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown above. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as a 401(k) plan or an IRA. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Waycross Partners, LLC (the “Adviser”) has contractually agreed, until June 30, 2027, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, costs to organize the Fund, 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 Fund’s business) to an amount not exceeding 0.69% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the 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. Before June 30, 2027, this agreement may not be modified or terminated without the approval of the Board of Trustees (the “Board”). This agreement will terminate automatically if the Fund’s investment advisory agreement (the “Advisory Agreement”) with the Adviser is terminated.