Waycross Partners, LLC (“Waycross” or “Firm”) is an investment management firm with its principal place of business in Louisville, Kentucky and maintains a secondary office in Ponte Vedra Beach, Florida. The firm began operations in 2005. Benjamin H. Thomas is the founding partner, Chief Investment Officer, and a member of the Firm’s board of Directors. He, through his interests in Waycross Holdings, Inc., will retain a controlling stake in the Firm. Matthew Bevin is a member of the Firm’s board of directors and, through his interests in Integrity Holdings, LLC, holds a controlling interest in the Firm. In 2021, Waycross entered into an agreement to provide investment advisory services to Waycross GP, LLC, a related advisor that is wholly owned by Benjamin H. Thomas. Chris Greco is the Principal of the Firm, as well as the CEO and a member of the Firm’s board of Directors. Waycross primarily provides five distinct investment strategies to our clients, which are made up of institutional and high net worth (HNW) individuals. These strategies include the Waycross Managed Risk Equity Strategy, the Waycross Opportunity Strategy, the Waycross Focused Core Equity Strategy, the Waycross Diversified Core Equity Strategy, and the Waycross Advantage Strategy. In addition, we offer additional strategies through the Juniper Fund, LLC and Juniper Fund Cayman, LLC. Please note that these funds will no longer be managed by Waycross as of April 1, 2024 (please see strategy description below). Lastly, we offer the Waycross Premier Fund, which is a fund of fund strategy generally combining our Managed Risk Equity and Opportunity strategies. In some cases, portfolios can be slightly altered to better fit our client’s needs. Clients typically access our strategies through separately managed accounts (SMAs), pooled investment vehicles (40 Act funds, limited partnerships, limited liability companies) or third-party platforms (model portfolios). Because we offer distinct strategies we cannot tailor our services to each client’s unique needs, but we can tailor portfolios that match a range of risk tolerances and timeframes. In addition, we will do our best to meet client mandates or restrictions within the framework of our strategies but cannot promise to meet every mandate or restriction. The Waycross Managed Risk Equity Strategy is available to clients through third-party platforms and a 40 Act fund called the Waycross Managed Risk Equity Fund (Ticker: WAYEX). Ultimus Fund Solutions, LLC serves as administrator, transfer agent and accounting agent to the 40 Act fund while Ultimus Fund Distributors, LLC is the principal underwriter. The Strategy purchases equity and equity- like securities, as well as selling short equities and equity-like investments. Selling a security short involves borrowing a security you do not own and selling it. Collateral is posted and held until the transaction is reversed and the original security is repurchased and returned to the owner (See Risks under Item 8). The Long/Short Equity Strategy seeks to produce strong risk-adjusted returns with lower volatility than the overall equity markets. The Strategy typically targets gross long exposure between 90-100% and gross short exposure between 40-60%. Net market exposure typically ranges from 40% to 60%. The Waycross Opportunity Strategy is currently only available to clients through a limited partnership (the “Partnership”). The Partnership seeks capital appreciation and outperformance of the broader equity markets with slightly less market volatility. The strategy targets net market exposure in the range of 40-80%, but it can range from 0-100%, with a maximum gross exposure (longs plus shorts) of 200%. The resulting portfolio is positioned to participate in equity market up-trends but maintains downside protection. The Waycross Opportunity Strategy uses equity and equity-like securities, options on individual stocks and other equity-like investments, as well as selling short equities and equity-like investments. The Strategy seeks to generate capital appreciation while controlling the downside risk. The investment style is active and causes significant security turnover in some market conditions (See Risks under Item 8). The Waycross Focused Core Equity Strategy is available to clients through SMAs, third-party platforms, and a 40 Act fund called the Waycross Focused Equity Fund (Ticker: WAYFX). Ultimus Fund Solutions, LLC serves as administrator, transfer agent and accounting agent to the 40 Act fund while Ultimus Fund Distributors, LLC is the principal underwriter. The strategy was historically available through SMAs. The Strategy purchases equity and equity-like securities. The Focused Core Equity Strategy seeks capital appreciation over a full market cycle, which the Fund defines as a sustained upswing in equity markets followed by a pullback, and recovery. This strategy is a long-only approach, which is likely to appeal to investors interested in portfolios composed of common stocks primarily issued by large and medium capitalization domestic companies which are generally perceived to be high quality. This approach may be suitable for individuals or institutions with long-term investment horizons that are seeking capital appreciation and willing to accept market-like risk. The Waycross Diversified Equity Strategy is available to clients through SMAs and model delivery. The Diversified Equity Strategy seeks capital appreciation over a full market cycle, which the Fund defines as a sustained upswing in equity markets followed by a pullback, and recovery. This strategy is a long-only approach, which is likely to appeal to investors interested in portfolios composed of common stocks primarily issued by large and medium capitalization domestic companies which are generally perceived to be high quality. This approach may be suitable for individuals or institutions with long-term investment

horizons that are seeking capital appreciation and willing to accept market-like risk. The Waycross Advantage Strategy is available to clients via a limited liability company. The Partnership seeks to outperform a traditional, moderate-risk portfolio (60% investment-grade bonds and 40% equities) through the use of private investments, exchange-traded funds (“ETFs”), mutual funds, and individual stock positions. This strategy is likely to appeal to investors looking to increase their exposure to the equity markets while maintaining downside protection. The Waycross Premier Strategy is available to clients via a limited liability company. The Partnership seeks to outperform a traditional, moderate-risk portfolio (30% investment-grade bonds and 70% equities) through the use of private investments, exchange-traded funds (“ETFs”), mutual funds, and individual stock positions. This strategy is likely to appeal to investors looking to increase their exposure to the equity markets while maintaining downside protection. The Juniper Fund Strategy is available to clients via a limited liability company. The Partnership seeks to outperform a traditional, moderate-risk portfolio through the use of private investments, exchange- traded funds (“ETFs”), mutual funds, and individual stock and bond positions. This strategy is likely to appeal to investors looking to increase their exposure to the equity markets while maintaining downside protection. The Juniper Fund Cayman Strategy is available to clients via a limited liability company. The Partnership seeks to outperform a traditional, moderate-risk portfolio through the use of private investments, exchange-traded funds (“ETFs”), mutual funds, and individual stock and bond positions. This strategy is likely to appeal to investors looking to increase their exposure to the equity markets while maintaining downside protection. Waycross also offers models to institutional advisors. These models purchase equity and equity-like securities. The fees associated with the models and the risk parameters are handled on a case-by-case basis. Potential investors in SMAs are asked to complete a client information profile and investment questionnaire before opening an account to determine their investment goals and risk tolerance. Potential investors in our limited partnership and limited liability company are asked to complete a Purchase Questionnaire (subscription agreement) and to review the Private Offering Memorandum. Because the Partnership may charge a performance-based fee, they only accept clients who are determined to be “qualified clients” as defined by Rule 205-2 of the Investment Advisers Act. The term “qualified clients” refers to investors who are financially sophisticated and have a reduced need for the protection provided by certain government filings. "Qualified clients" include: a) an individual or entity is a qualified client if he, she, or it: i. has $1,100,000 or more of assets under management with the investment adviser after the investment in the fund; ii. has a net worth of $2,200,000 prior to the investment in the fund (excluding the value of his or her primary residence); iii. is a “qualified purchaser”; or is an officer or director of the fund manager or is an employee who participates in the investment activities of the investment adviser and has been doing so for 12 months. As of December 31, 2023, we had $566.1 million in Regulatory Assets Under Management (“RAUM”), and approximately $2.8 billion in Assets Under Advisement1. (“AUA”) for institutional clients that 1 Assets under advisement represent client assets for which we provide consulting services, but with neither discretionary authority nor responsibility for implementing investment recommendations. Inclusion of these assets will make our asset totals as provided here different from our assets under management as disclosed subscribe to our model delivery business. Our RAUM of $300.7 million is managed on a discretionary basis while our AUA clients have the ability to impose their own trading restrictions and are therefore considered to be managed on a non-discretionary basis. Retirement Account Recommendations In complying with the DOL's Prohibited Transaction Exemption 2020-02 ("PTE 2020-02"), when applicable, Waycross is providing the following acknowledgment to clients. When Waycross provides investment advice to clients regarding their retirement plan account or individual retirement account, Waycross is a fiduciary within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way Waycross makes money creates some conflicts with the clients’ interests, so Waycross operates under an exemption that requires Waycross to act in the clients’ best interest and not put Waycross’ interests ahead of the clients. Under this exemption, Waycross must:
• Meet a professional standard of care when making investment recommendations (give prudent advice),
• Never put Waycross’ financial interests ahead of the clients when making recommendations (give loyal advice),
• Avoid misleading statements about conflicts of interest, fees, and investments,
• Follow policies and procedures designed to ensure that Waycross gives advice that is in the clients’ best interest,
• Charge no more than is reasonable for Waycross’ services, and
• Give the clients basic information about conflicts of interest. Waycross benefits financially from the rollover of the clients’ assets from a retirement account to an account that Waycross manages or provides investment advice, because the assets increase Waycross’ assets under management and, in turn, Waycross’ advisory fees. As a fiduciary, Waycross only recommends a rollover or retirement account when Waycross believes it is in the clients’ best interest.