| WAYCROSS LONG/SHORT EQUITY FUND | ||||
| SCHEDULE OF INVESTMENTS | ||||
| November 30, 2020 (Unaudited) | ||||
| COMMON STOCKS - 87.6% | Shares | Value | ||
| Communications - 7.4% | ||||
| Entertainment Content - 2.6% | ||||
| Walt Disney Company (The) | 14,296 | $ 2,115,951 | ||
| Internet Media & Services - 4.8% | ||||
| Alphabet, Inc. - Class A (a) (b) | 1,105 | 1,938,612 | ||
| Facebook, Inc. - Class A (a) (b) | 6,850 | 1,897,244 | ||
| 3,835,856 | ||||
| Consumer Discretionary - 11.1% | ||||
| Automotive - 0.8% | ||||
| BorgWarner, Inc. | 16,100 | 625,485 | ||
| E-Commerce Discretionary - 2.9% | ||||
| Amazon.com, Inc. (a) (b) | 740 | 2,344,349 | ||
| Home Construction - 2.7% | ||||
| PulteGroup, Inc. | 49,182 | 2,145,811 | ||
| Retail - Discretionary - 4.7% | ||||
| Burlington Stores, Inc. (a) | 10,700 | 2,338,378 | ||
| Ross Stores, Inc. | 13,700 | 1,473,024 | ||
| 3,811,402 | ||||
| Consumer Staples - 1.6% | ||||
| Wholesale - Consumer Staples - 1.6% | ||||
| Sysco Corporation | 17,835 | 1,271,457 | ||
| Energy - 1.6% | ||||
| Oil & Gas Services & Equipment - 1.6% | ||||
| Helmerich & Payne, Inc. | 25,000 | 569,250 | ||
| Schlumberger Ltd. | 34,900 | 725,571 | ||
| 1,294,821 | ||||
| Financials - 13.5% | ||||
| Asset Management - 1.5% | ||||
| BlackRock, Inc. | 1,729 | 1,207,447 | ||
| Banking - 8.6% | ||||
| Bank of America Corporation (b) | 88,569 | 2,494,103 | ||
| Citigroup, Inc. | 14,588 | 803,361 | ||
| JPMorgan Chase & Company | 9,364 | 1,103,828 | ||
| WAYCROSS LONG/SHORT EQUITY FUND | ||||
| SCHEDULE OF INVESTMENTS (Continued) | ||||
| COMMON STOCKS - 87.6% (Continued) | Shares | Value | ||
| Financials - 13.5% (Continued) | ||||
| Banking - 8.6% (Continued) | ||||
| PNC Financial Services Group, Inc. (The) | 10,060 | $ 1,388,984 | ||
| U.S. Bancorp | 26,650 | 1,151,547 | ||
| 6,941,823 | ||||
| Institutional Financial Services - 1.7% | ||||
| Goldman Sachs Group, Inc. (The) (b) | 5,978 | 1,378,407 | ||
| Insurance - 0.7% | ||||
| American International Group, Inc. | 14,903 | 572,872 | ||
| Specialty Finance - 1.0% | ||||
| American Express Company | 7,100 | 841,989 | ||
| Health Care - 13.5% | ||||
| Biotech & Pharma - 5.8% | ||||
| Elanco Animal Health, Inc. (a) | 97,750 | 2,990,173 | ||
| Vertex Pharmaceuticals, Inc. (a) | 2,951 | 672,090 | ||
| Viatris, Inc. (a) | 62,433 | 1,050,123 | ||
| 4,712,386 | ||||
| Health Care Facilities & Services - 2.1% | ||||
| AmerisourceBergen Corporation | 8,000 | 824,880 | ||
| CVS Health Corporation | 12,400 | 840,596 | ||
| 1,665,476 | ||||
| Medical Equipment & Devices - 5.6% | ||||
| Danaher Corporation | 4,500 | 1,010,835 | ||
| Edwards Lifesciences Corporation (a) (b) | 19,050 | 1,598,105 | ||
| Medtronic plc | 16,855 | 1,916,413 | ||
| 4,525,353 | ||||
| Industrials - 15.2% | ||||
| Diversified Industrials - 1.0% | ||||
| 3M Company | 4,400 | 760,012 | ||
| Engineering & Construction - 0.6% | ||||
| Fluor Corporation | 29,463 | 508,826 | ||
| Machinery - 4.6% | ||||
| Caterpillar, Inc. | 11,251 | 1,953,061 | ||
| Deere & Company (b) | 6,729 | 1,760,441 | ||
| 3,713,502 | ||||
| WAYCROSS LONG/SHORT EQUITY FUND | ||||
| SCHEDULE OF INVESTMENTS (Continued) | ||||
| COMMON STOCKS - 87.6% (Continued) | Shares | Value | ||
| Industrials - 15.2% (Continued) | ||||
| Transportation & Logistics - 9.0% | ||||
| Delta Air Lines, Inc. | 41,330 | $ 1,663,532 | ||
| FedEx Corporation | 9,998 | 2,865,227 | ||
| Knight-Swift Transportation Holdings, Inc. | 21,800 | 900,122 | ||
| Norfolk Southern Corporation | 7,800 | 1,848,756 | ||
| 7,277,637 | ||||
| Technology - 23.7% | ||||
| Semiconductors - 8.1% | ||||
| Analog Devices, Inc. (b) | 13,955 | 1,940,862 | ||
| Broadcom, Inc. | 2,700 | 1,084,266 | ||
| NVIDIA Corporation | 4,217 | 2,260,565 | ||
| Xilinx, Inc. | 8,933 | 1,300,198 | ||
| 6,585,891 | ||||
| Software - 5.2% | ||||
| Adobe, Inc. (a) | 1,330 | 636,365 | ||
| Microsoft Corporation (b) | 13,480 | 2,885,664 | ||
| salesforce.com, Inc. (a) | 2,746 | 674,967 | ||
| 4,196,996 | ||||
| Technology Hardware - 4.4% | ||||
| Apple, Inc. (b) | 22,388 | 2,665,291 | ||
| Hewlett Packard Enterprise Company | 78,000 | 861,120 | ||
| 3,526,411 | ||||
| Technology Services - 6.0% | ||||
| Mastercard, Inc. - Class A (b) | 7,441 | 2,503,971 | ||
| PayPal Holdings, Inc. (a) (b) | 10,786 | 2,309,498 | ||
| 4,813,469 | ||||
| Total Common Stocks (Cost $47,521,801) | $ 70,673,629 | |||
| WAYCROSS LONG/SHORT EQUITY FUND | ||||
| SCHEDULE OF INVESTMENTS (Continued) | ||||
| MONEY MARKET FUNDS - 12.7% | Shares | Value | ||
| Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (c) (Cost $10,218,572) | 10,218,572 | $ 10,218,572 | ||
| Investments at Value - 100.3% (Cost $57,740,373) | $ 80,892,201 | |||
| Liabilities in Excess of Other Assets - (0.3%) | (255,929 ) | |||
| Net Assets - 100.0% | $ 80,636,272 | |||
| (a) | Non-income producing security. |
| (b) | All or a portion this security is pledged as collateral for open short positions. The total value of such securities as of November 30, 2020 was $21,990,177. |
| (c) | The rate shown is the 7-day effective yield as of November 30, 2020. |
| See accompanying notes to Schedules of Investments. |
| WAYCROSS LONG/SHORT EQUITY FUND | ||||
| SCHEDULE OF SECURITIES SOLD SHORT | ||||
| November 30, 2020 (Unaudited) | ||||
| COMMON STOCKS - 28.9% | Shares | Value | ||
| Consumer Discretionary - 2.0% | ||||
| Leisure Facilities & Services - 2.0% | ||||
| McDonald's Corporation | 2,950 | $ 641,448 | ||
| Starbucks Corporation | 9,740 | 954,715 | ||
| 1,596,163 | ||||
| Consumer Staples - 2.1% | ||||
| Household Products - 1.2% | ||||
| Procter & Gamble Company (The) | 6,834 | 949,038 | ||
| Retail - Consumer Staples - 0.9% | ||||
| Walgreens Boots Alliance, Inc. | 19,000 | 722,190 | ||
| Energy - 1.3% | ||||
| Oil & Gas Producers - 0.8% | ||||
| Exxon Mobil Corporation | 17,460 | 665,750 | ||
| Oil & Gas Services & Equipment - 0.5% | ||||
| Halliburton Company | 25,900 | 429,681 | ||
| Financials - 2.3% | ||||
| Asset Management - 1.0% | ||||
| T. Rowe Price Group, Inc. | 5,541 | 794,635 | ||
| Institutional Financial Services - 0.8% | ||||
| Morgan Stanley | 11,000 | 680,130 | ||
| Specialty Finance - 0.5% | ||||
| Capital One Financial Corporation | 4,200 | 359,688 | ||
| Health Care - 5.3% | ||||
| Biotech & Pharma - 3.7% | ||||
| Johnson & Johnson | 5,300 | 766,804 | ||
| Pfizer, Inc. | 31,200 | 1,195,272 | ||
| Zoetis, Inc. | 6,450 | 1,034,451 | ||
| 2,996,527 | ||||
| Health Care Facilities & Services - 0.8% | ||||
| DaVita, Inc. | 6,110 | 671,183 | ||
| WAYCROSS LONG/SHORT EQUITY FUND | ||||
| SCHEDULE OF SECURITIES SOLD SHORT (Continued) | ||||
| COMMON STOCKS - 28.9% (Continued) | Shares | Value | ||
| Health Care - 5.3% (Continued) | ||||
| Medical Equipment & Devices - 0.8% | ||||
| Becton, Dickinson and Company | 2,600 | $ 610,584 | ||
| Industrials - 5.0% | ||||
| Commercial Support Services - 1.4% | ||||
| Waste Management, Inc. | 9,700 | 1,155,561 | ||
| Machinery - 1.0% | ||||
| Roper Industries, Inc. | 1,850 | 789,950 | ||
| Transportation & Logistics - 2.6% | ||||
| Old Dominion Freight Line, Inc. | 3,475 | 706,676 | ||
| Union Pacific Corporation | 3,100 | 632,648 | ||
| United Parcel Service, Inc. - Class B | 4,400 | 752,708 | ||
| 2,092,032 | ||||
| Materials - 1.0% | ||||
| Chemicals - 1.0% | ||||
| Ecolab, Inc. | 3,600 | 799,740 | ||
| Technology - 9.9% | ||||
| Semiconductors - 1.7% | ||||
| Texas Instruments, Inc. | 8,300 | 1,338,375 | ||
| Software - 3.9% | ||||
| Check Point Software Technologies Ltd. | 7,000 | 823,760 | ||
| Citrix Systems, Inc. | 4,100 | 508,072 | ||
| Oracle Corporation | 16,600 | 958,152 | ||
| Workday, Inc. - Class A | 3,850 | 865,441 | ||
| 3,155,425 | ||||
| Technology Hardware - 1.4% | ||||
| Cisco Systems, Inc. | 12,600 | 542,052 | ||
| Juniper Networks, Inc. | 25,500 | 555,135 | ||
| 1,097,187 | ||||
| WAYCROSS LONG/SHORT EQUITY FUND | |||||
| SCHEDULE OF SECURITIES SOLD SHORT (Continued) | |||||
| COMMON STOCKS - 28.9% (Continued) | Shares | Value | |||
| Technology - 9.9% (Continued) | |||||
| Technology Services - 2.9% | |||||
| Accenture plc - Class A | 4,963 | $ 1,236,234 | |||
| International Business Machines Corporation | 9,200 | 1,136,384 | |||
| 2,372,618 | |||||
| Total Securities Sold Short - 28.9% (Proceeds $19,393,608) | $ 23,276,457 | ||||
| See accompanying notes to Schedules of Investments. |
WAYCROSS LONG/SHORT EQUITY FUND
NOTES TO SCHEDULES OF INVESTMENTS
November 30, 2020 (Unaudited)
1. Securities Valuation
Waycross Long/Short Equity Fund (the “Fund”) values its portfolio securities at market value as of the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4:00 p.m. Eastern time) on each day the NYSE is open for business. The Fund values its listed securities on the basis of the security’s last sale price on the security’s primary exchange, if available, otherwise at the exchange’s most recently quoted mean price. NASDAQ-listed securities are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, including money market funds, are valued at their net asset value (“NAV”) as reported by such companies. When using a quoted price and when the market is considered active, the security will be classified as Level 1 within the fair value hierarchy (see below). In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Fund values its securities and other assets at fair value in accordance with procedures established by and under the general supervision of the Board of Trustees of the Waycross Independent Trust. Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade sizes; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as the suspension or limitation of trading. As a result, the prices of securities used to calculate the Fund’s NAV may differ from quoted or published prices for the same securities.
Accounting principles generally accepted in the United States (“GAAP”) establish a single authoritative definition of fair value, set out a framework for measuring fair value and require additional disclosures about fair value measurements.
Various inputs are used in determining the value of the Fund’s investments and other financial instruments. These inputs are summarized in the three broad levels listed below:
• Level 1 – quoted prices in active markets for identical securities
• Level 2 – other significant observable inputs
• Level 3 – significant unobservable inputs
The inputs or methods used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.
WAYCROSS LONG/SHORT EQUITY FUND
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
The following is a summary of the Fund’s investments and other financial instruments and the inputs used to value the investments and other financial instruments as of November 30, 2020:
| Level 1 | Level 2 | Level 3 | Total | |||||
| Investments in Securities: | ||||||||
| Common Stocks | $ 70,673,629 | $ - | $ - | $ 70,673,629 | ||||
| Money Market Funds | 10,218,572 | - | - | 10,218,572 | ||||
| Total | $ 80,892,201 | $ - | $ - | $ 80,892,201 | ||||
| Other Financial Instruments: | ||||||||
| Common Stocks – Sold Short | $ (23,276,457) | $ - | $ - | $ (23,276,457) |
Refer to the Fund’s Schedule of Investments and Schedule of Securities Sold Short for a listing of the common stocks by sector and industry type. The Fund did not hold derivative instruments or any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of during the period ended November 30, 2020.
2. Investment Transactions
Investment transactions are accounted for on trade date. Realized gains and losses on investments sold are determined on a specific identification basis.
3. Federal Income Tax
The following information is computed on a tax basis for each item as of November 30, 2020:
| Tax cost of portfolio investments and securities sold short | $ 38,364,234 | |
| Gross unrealized appreciation | $ 24,658,820 | |
| Gross unrealized depreciation | (5,407,310) | |
| Net unrealized appreciation | $ 19,251,510 |
The federal income tax cost of portfolio investments and securities sold short and the Schedule of Investments and Schedule of Securities Sold Short cost may be temporarily different (“book/tax difference”). These book/tax differences are due to timing differences in the recognition of capital gains or losses under income tax regulations and GAAP, primarily due to the tax deferral of losses on wash sales.
