# EDGAR Filing Document

**Accession Number:** 0001319067
**File Stem:** 0001999371-25-007164
**Filing Date:** 2025-6
**Character Count:** 120524
**Document Hash:** 1a6516e0acc54c7a9a220f29871bfa1b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-007164.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001999371-25-007164

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**EFFECTIVENESS DATE**: 20250604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 360 Funds
- **CENTRAL INDEX KEY:** 0001319067

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21726
- **FILM NUMBER:** 251023591

**BUSINESS ADDRESS:**
- **STREET 1:** 4300 SHAWNEE MISSION PARKWAY, SUITE 100
- **CITY:** FAIRWAY
- **STATE:** KS
- **ZIP:** 66205
- **BUSINESS PHONE:** 877-244-6235

**MAIL ADDRESS:**
- **STREET 1:** 4300 SHAWNEE MISSION PARKWAY, SUITE 100
- **CITY:** FAIRWAY
- **STATE:** KS
- **ZIP:** 66205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Parr Family of Funds
- **DATE OF NAME CHANGE:** 20070905

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PARR FINANCIAL GROUP, LLC
- **DATE OF NAME CHANGE:** 20070829

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POPE FAMILY OF FUNDS
- **DATE OF NAME CHANGE:** 20050225

## Series and Classes Contracts Data

### Timber Point Alternative Income Fund (Series ID: S000058834)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000192966 | Investor Class Shares      | AAIFX           |
| C000209764 | Institutional Class Shares | AIIFX           |

### Timber Point Global Allocations Fund (Series ID: S000058836)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000192969 | Investor Class Shares      | CGHAX           |
| C000192970 | Institutional Class Shares | CGHIX           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number **811-21726**

**360 Funds**

------

(Exact name of registrant as specified in charter)

---

| | |
|:---|:---|
| **4300 Shawnee Mission Parkway, Suite 100, Fairway, KS** | **66205** |
| (Address of principal executive offices) | (Zip code) |

---

**The Corporation Trust Company**

**Corporation Trust Center**

**1209 Orange St.**

**Wilmington, DE 19801**

------

(Name and address of agent for service)

With Copies To:

**Bo J. Howell**

**FinTech Law, LLC**

**6224 Turpin Hills Dr.** 

**Cincinnati, Ohio 45244**

------

Registrant's telephone number, including area code: **877-244-6235**

Date of fiscal year end: **<u>09/30/2025</u>**

Date of reporting period: **<u>03/31/2025</u>**

ITEM 1. REPORTS TO SHAREHOLDERS

The Semi-Annual Report to Shareholders of the Timber Point Global Allocations Fund (the "Global Fund") and the Timber Point Alternative Income Fund (the "Income Fund"), a series of the 360 Funds (the "registrant"), for the period ended March 31, 2025 pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30e-1) is filed herewith.

---

| | |
|:---|:---|
| **Timber Point Global Allocations Fund** | **SEMI-ANNUAL REPORT** |
| **Institutional Class (CGHIX) (Unaudited)** |  |

---

**March 31, 2025**

This semi-annual report to shareholders contains important information of the Timber Point Global Allocations Fund (the "Global Fund") for the six months ended March 31, 2025. You can find the Global Fund's prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information at **<u>www.timberpointcapital.com</u>**. You can also request this information without charge by contacting the Global Fund at (877) 244-6235. **This report describes material changes to the Global Fund that occurred during the reporting period.**

**What were the Fund costs for the six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Institutional Class shares | &nbsp;&nbsp;$78 | &nbsp;&nbsp;1.61% |

---

**How has the Fund performed during the past 10 years?**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;Average Annual Total Returns |
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years |
| &nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;(3.73)% | &nbsp;&nbsp;3.67% | &nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;Bloomberg Global Aggregate Bond/MSCI ACWI Net Total Return USD 50/50 Index Blend | &nbsp;&nbsp;8.16% | &nbsp;&nbsp;8.15% | &nbsp;&nbsp;5.43% |
| &nbsp;&nbsp;S&P 500® Total Return Index ("S&P 500") | &nbsp;&nbsp;8.25% | &nbsp;&nbsp;18.58% | &nbsp;&nbsp;12.49% |

---

The performance information quoted in this semi-annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. Index returns do not include expenses, which are deducted from Fund returns. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The investment return and principal value of an investment will fluctuate and, therefore, an investor's shares, when redeemed, may be worth more or less than their original cost. Updated performance data current to the most recent month-end can be obtained by calling (877) 244-6235.

The Fund utilizes a blended index that is a 50%/50% blend of the Bloomberg Global Aggregate Bond Index and the MSCI ACWI Net Total Return USD Index. The Bloomberg Global Aggregate Bond Index is a flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. The MSCI ACWI Net Total Return USD Index is a free-float weighted index that includes both emerging and developed world markets. The S&P 500 is a broad unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track and individuals cannot invest directly in any index.

**What are some Fund statistics?**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund Statistics | &nbsp;&nbsp;Fund Statistics | &nbsp;&nbsp;Fund Statistics | &nbsp;&nbsp;Fund Statistics |
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$19973392 | &nbsp;&nbsp;Investment Advisory Fees Paid | &nbsp;&nbsp;$42438 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;41 | &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;89% |

---

**What did the Fund invest in?**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Sector Allocation (as a % of Portfolio) | &nbsp;&nbsp;Sector Allocation (as a % of Portfolio) | &nbsp;&nbsp;Sector Allocation (as a % of Portfolio) | &nbsp;&nbsp;Sector Allocation (as a % of Portfolio) |
| &nbsp;&nbsp;Equity Funds | &nbsp;&nbsp;61.21% | &nbsp;&nbsp;Cash and Cash Equivalents | &nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;Debt Funds | &nbsp;&nbsp;11.35% | &nbsp;&nbsp;Consumer, Non-Cyclical | &nbsp;&nbsp;1.28% |
| &nbsp;&nbsp;Asset Allocation Fund | &nbsp;&nbsp;8.81% | &nbsp;&nbsp;Technology | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;6.32% | &nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;Communications | &nbsp;&nbsp;4.70% | &nbsp;&nbsp;Asset-backed and Mortgage-backed securities | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;Alternative Funds | &nbsp;&nbsp;2.96% |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Top Ten Holdings (as a % of Net Assets) | &nbsp;&nbsp;Top Ten Holdings (as a % of Net Assets) | &nbsp;&nbsp;Top Ten Holdings (as a % of Net Assets) | &nbsp;&nbsp;Top Ten Holdings (as a % of Net Assets) |
| &nbsp;&nbsp;Timber Point Alternative Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.69% | &nbsp;&nbsp;Direxion Daily FTSE Europe Bull 3X Shares | &nbsp;&nbsp;4.68% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.54% | &nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;4.63% |
| &nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92% | &nbsp;&nbsp;iShares Core MSCI Europe ETF | &nbsp;&nbsp;4.52% |
| &nbsp;&nbsp;iShares 7-10 Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77% | &nbsp;&nbsp;iShares China Large-Cap ETF | &nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;iShares Core S&P Small-Cap ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71% | &nbsp;&nbsp;Invesco S&P 500 Equal Weight ETF | &nbsp;&nbsp;4.34% |

---

---

| | |
|:---|:---|
| **Timber Point Global Allocations Fund** | **SEMI-ANNUAL REPORT** |
| **Institutional Class (CGHIX) (Unaudited)** |  |

---

**March 31, 2025**

**Material Fund Changes**

Effective October 22, 2024, the Global Fund added the Bloomberg Global Aggregate Bond/MSCI ACWI Net Total Return USD 50/50 Index Blend as a new benchmark. Timber Point Capital Management, LLC, the Global Fund's investment adviser, believes it is more representative of the Global Fund's directional, global, multi-asset strategy approach which incorporates global equities, debt, commodities, currencies and market hedging tools in its portfolio construction.

**Availability of Additional Information**

You can find additional information about the Global Fund such as the prospectus, financial information, fund holdings and proxy voting information at **<u>www.timberpointcapital.com</u>**. You can also request this information by contacting us at (877) 244-6235.

**Householding**

To reduce Global Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Global Fund documents not be householded, please contact the Global Fund at (877) 244-6235 or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Global Fund.

---

| | |
|:---|:---|
| **Timber Point Alternative Income Fund** | **SEMI-ANNUAL REPORT** |
| **Institutional Class (AIIFX) (Unaudited)** |  |

---

**March 31, 2025**

This semi-annual report to shareholders contains important information of the Timber Point Alternative Income Fund (the "Income Fund") for the six months ended March 31, 2025. You can find the Income Fund's prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information at **<u>www.timberpointcapital.com</u>**. You can also request this information without charge by contacting the Income Fund at (877) 244-6235. **This report describes material changes to the Income Fund that occurred during the reporting period.**

**What were the Fund costs for the six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Institutional Class shares | &nbsp;&nbsp;$91 | &nbsp;&nbsp;1.82% |

---

**How has the Fund performed during the past 10 years?**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;Average Annual Total Returns |
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years |
| &nbsp;&nbsp;Institutional Class shares | &nbsp;&nbsp;4.02% | &nbsp;&nbsp;3.06% | &nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;4.88% | &nbsp;&nbsp;(0.40)% | &nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;Bloomberg Global Aggregate Bond Index | &nbsp;&nbsp;3.05% | &nbsp;&nbsp;(1.38)% | &nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;HFRX Absolute Return Index | &nbsp;&nbsp;3.49% | &nbsp;&nbsp;4.04% | &nbsp;&nbsp;2.27% |

---

The performance information quoted in this semi-annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. Index returns do not include expenses, which are deducted from Fund returns. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The investment return and principal value of an investment will fluctuate and, therefore, an investor's shares, when redeemed, may be worth more or less than their original cost. Updated performance data current to the most recent month-end can be obtained by calling (877) 244-6235.

The Bloomberg U.S. Aggregate Bond Index is a widely used indicator of the bond market, it is market capitalization-weighted and is made up of U.S. bonds that are primarily investment grade. The Bloomberg Global Aggregate Bond Index is a flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. The HFRX Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. As a component of the optimization process, the index selects constituents which characteristically exhibit lower volatilities and lower correlations to standard directional benchmarks of equity market and hedge fund industry performance. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track and individuals cannot invest directly in any index.

**What are some Fund statistics?**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund Statistics | &nbsp;&nbsp;Fund Statistics | &nbsp;&nbsp;Fund Statistics | &nbsp;&nbsp;Fund Statistics |
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$23533357 | &nbsp;&nbsp;Investment Advisory Fees Paid | &nbsp;&nbsp;$73331 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;30 | &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;34% |

---

**What did the Fund invest in?**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Sector Allocation (as a % of Portfolio) | &nbsp;&nbsp;Sector Allocation (as a % of Portfolio) | &nbsp;&nbsp;Sector Allocation (as a % of Portfolio) | &nbsp;&nbsp;Sector Allocation (as a % of Portfolio) |
| &nbsp;&nbsp;Debt Funds | &nbsp;&nbsp;82.15% | &nbsp;&nbsp;Cash and Cash Equivalents | &nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;Equity Funds | &nbsp;&nbsp;9.52% | &nbsp;&nbsp;Alternative Fund | &nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;4.42% | &nbsp;&nbsp;Asset-backed and Mortgage-backed securities | &nbsp;&nbsp;0.04% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Top Ten Holdings (as a % of Net Assets) | &nbsp;&nbsp;Top Ten Holdings (as a % of Net Assets) | &nbsp;&nbsp;Top Ten Holdings (as a % of Net Assets) | &nbsp;&nbsp;Top Ten Holdings (as a % of Net Assets) |
| &nbsp;&nbsp;SPDR Doubleline Total Return Tactical ETF | &nbsp;&nbsp;15.41% | &nbsp;&nbsp;SPDR Portfolio Long Term Treasury ETF | &nbsp;&nbsp;4.63% |
| &nbsp;&nbsp;SPDR Portfolio Aggregate Bond ETF | &nbsp;&nbsp;13.02% | &nbsp;&nbsp;Vanguard Short-Term Corporate Bond ETF&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;SPDR Bloomberg Short Term High Yield Bond ETF | &nbsp;&nbsp;12.29% | &nbsp;&nbsp;iShares 7-10 Year Treasury Bond ETF | &nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;SPDR Portfolio Corporate Bond ETF | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp; 7.09% | &nbsp;&nbsp;iShares 1-3 Year Treasury Bond ETF | &nbsp;&nbsp;3.52% |

---

---

| | |
|:---|:---|
| **Timber Point Alternative Income Fund** | **SEMI-ANNUAL REPORT** |
| **Institutional Class (AIIFX) (Unaudited)** |  |

---

**March 31, 2025**

**Material Fund Changes**

Effective January 30, 2025, the Income Fund changed its primary benchmark from the Bloomberg Global Aggregate Bond Index to the Bloomberg U.S. Aggregate Bond Index. The reason behind the benchmark change is that the Fund's clientele are exclusively U.S. clients who use the Income Fund as a diversification tool relative to their traditional, high quality fixed income investments. The index which best represents that universe of traditional fixed income is the Bloomberg U.S. Aggregate Bond Index.

**Availability of Additional Information**

You can find additional information about the Income Fund such as the prospectus, financial information, fund holdings and proxy voting information a t**<u>www.timberpointcapital.com</u>**. You can also request this information by contacting us at (877) 244-6235.

**Householding**

To reduce Income Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Income Fund documents not be householded, please contact the Income Fund at (877) 244-6235 or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Income Fund.

ITEM 2. CODE OF ETHICS.

Not applicable at this time.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable at this time.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable at this time.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable

ITEM 6. SCHEDULE OF INVESTMENTS.

Included in the Semi-Annual Financial Statements and Additional Information filed under Item 7 of this Form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies:**

![](timberpointncsrs001.jpg)

**Timber Point Global Allocations Fund**

Institutional Class Shares (Ticker Symbol: CGHIX)

**Timber Point Alternative Income Fund**

Institutional Class Shares (Ticker Symbol: AIIFX)

***Series of the***

**360 Funds**

**SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION**

**March 31, 2025**

**Investment Adviser:**

**Timber Point Capital Management, LLC 555 Pleasantville Road, Suite N202 Briarcliff Manor, NY 10510**

**1-877-244-6235 www.timberpointcapital.com**

***Distributed by Matrix 360 Distributors, LLC***

***Member FINRA***

*This report is authorized for distribution only to shareholders and to others who have received a copy of the Funds' prospectus.*

***IMPORTANT NOTE:*** *The Securities and Exchange Commission (the "SEC") adopted rule and form amendments which have resulted in changes to the design and delivery of annual and semi-annual reports (the "Reports"). The Reports are now streamlined to highlight key information about the Funds. Certain information previously included in the Reports, including the Funds' financial statements, will no longer appear in the Reports, but will be available online within the Annual and Semi-Annual Financial Statements and Additional Information, delivered free of charge, and filed with the SEC.*

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| [**Schedules of Investments**](#timberpointncsrsa001) | **1** |
| [**Statement of Assets and Liabilities**](#timberpointncsrsa002) | **6** |
| [**Statement of Operations**](#timberpointncsrsa003) | **7** |
| [**Statements of Changes in Net Assets**](#timberpointncsrsa004) | **8** |
| [**Financial Highlights**](#timberpointncsrsa005) | **10** |
| [**Notes to the Financial Statements**](#timberpointncsrsa006) | **12** |
| [**Additional Information**](#timberpointncsrsa007) | **22** |

---

---

| | |
|:---|:---|
| **TIMBER POINT GLOBAL ALLOCATIONS FUND** |  |
| **SCHEDULE OF INVESTMENTS** |  |
| **March 31, 2025 (Unaudited)** | **SEMI-ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK - 11.78%** | **Shares** | **Value** |
| **Banks - 1.84%** |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1500 | $367950 |
| **Biotechnology - 0.82%** |  |  |
| &nbsp;&nbsp;&nbsp;Immix Biopharma, Inc. <sup>(a)</sup> | 40000 | 67200 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc. <sup>(a)</sup> | 4000 | 96600 |
|  |  | 163800 |
| **Diversified Financial Services - 2.16%** |  |  |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 5500 | 430540 |
| **Internet - 4.63%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - China - ADR | 7000 | 925610 |
| **Pharmaceuticals - 0.44%** |  |  |
| &nbsp;&nbsp;&nbsp;Inhibikase Therapeutics, Inc. <sup>(a)</sup> | 40000 | 87600 |
| **Private Equity - 1.05%** |  |  |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | 1500 | 209670 |
| **Real Estate - 0.00%** |  |  |
| &nbsp;&nbsp;&nbsp;Harbor Custom Development, Inc. <sup>(a) (f)</sup> | 7500 |  |
| **Semiconductors - 0.84%** |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1000 | 167430 |
| **TOTAL COMMON STOCK (Cost $2,836,722)** |  | 2352600 |
| **PREFERRED STOCK - 0.38%** |  |  |
| **Real Estate - 0.00%** |  |  |
| &nbsp;&nbsp;&nbsp;Harbor Custom Development, Inc. - Series A, 8.00% <sup>(a) (f)</sup> | 5714 |  |
| **Retail - 0.38%** |  |  |
| &nbsp;&nbsp;&nbsp;FAT Brands, Inc. - Series B, 8.25% | 9451 | 75797 |
| **TOTAL PREFERRED STOCK (Cost $326,906)** |  | 75797 |
| **CLOSED-END FUND - 1.19%** |  |  |
| **Equity Fund - 1.19%** |  |  |
| &nbsp;&nbsp;&nbsp;Royce Small-Cap Trust, Inc. | 16668 | 237352 |
| **TOTAL CLOSED-END FUND (Cost $250,000)** |  | 237352 |
| **EXCHANGE-TRADED FUNDS - 71.44%** |  |  |
| **Alternative Fund - 2.92%** |  |  |
| &nbsp;&nbsp;&nbsp;VanEck Bitcoin ETF/U.S. <sup>(a)</sup> | 25000 | 582750 |

---

 **1**

---

| | |
|:---|:---|
| **TIMBER POINT GLOBAL ALLOCATIONS FUND** |  |
| **SCHEDULE OF INVESTMENTS** |  |
| **March 31, 2025 (Unaudited)** | **SEMI-ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS - 71.44% (continued)** | **Shares** | **Value** |
| **Debt Funds - 11.19%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares 1-3 Year Treasury Bond ETF | 10000 | $827300 |
| &nbsp;&nbsp;&nbsp;iShares 7-10 Year Treasury Bond ETF | 10000 | 953700 |
| &nbsp;&nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | 5000 | 455150 |
|  |  | 2236150 |
| **Equity Funds - 57.33%** |  |  |
| &nbsp;&nbsp;&nbsp;Dimensional U.S. Small Cap ETF | 5000 | 298750 |
| &nbsp;&nbsp;&nbsp;Direxion Daily FTSE Europe Bull 3X Shares | 35000 | 934150 |
| &nbsp;&nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X Shares | 7000 | 982730 |
| &nbsp;&nbsp;&nbsp;Direxion Daily Small Cap Bull 3X Shares | 10000 | 412700 |
| &nbsp;&nbsp;&nbsp;Invesco S&P 500 Equal Weight ETF | 5000 | 866150 |
| &nbsp;&nbsp;&nbsp;iShares China Large-Cap ETF | 25000 | 896000 |
| &nbsp;&nbsp;&nbsp;iShares Core MSCI Europe ETF | 15000 | 902250 |
| &nbsp;&nbsp;&nbsp;iShares Core S&P Mid-Cap ETF | 12000 | 700200 |
| &nbsp;&nbsp;&nbsp;iShares Core S&P Small-Cap ETF | 9000 | 941130 |
| &nbsp;&nbsp;&nbsp;iShares MSCI Hong Kong ETF | 20000 | 350200 |
| &nbsp;&nbsp;&nbsp;iShares MSCI Mexico ETF | 3000 | 152880 |
| &nbsp;&nbsp;&nbsp;KraneShares CSI China Internet ETF | 15000 | 523650 |
| &nbsp;&nbsp;&nbsp;Otter Creek Focus Strategy ETF <sup>(a)</sup> | 12000 | 286907 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 3050 | 1706139 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 600 Small Cap Growth ETF | 5000 | 415000 |
| &nbsp;&nbsp;&nbsp;SPDR S&P Regional Banking ETF | 6000 | 341100 |
| &nbsp;&nbsp;&nbsp;Vanguard U.S. Value Factor ETF | 6500 | 741000 |
|  |  | 11450936 |
| **TOTAL EXCHANGE-TRADED FUNDS (Cost $14,254,517)** |  | 14269836 |
| **MUTUAL FUNDS - 11.74%** |  |  |
| **Asset Allocation Fund - 8.69%** |  |  |
| &nbsp;&nbsp;&nbsp;Timber Point Alternative Income Fund - Institutional Class <sup>(e)</sup> | 216475 | 1736126 |
| **Equity Fund - 3.05%** |  |  |
| &nbsp;&nbsp;&nbsp;LS Opportunity Fund - Institutional Class | 33212 | 608107 |
| **TOTAL MUTUAL FUNDS (Cost $2,228,953)** |  | 2344233 |
| **WARRANTS - 0.00%** |  |  |
| &nbsp;&nbsp;&nbsp;Harbor Custom Development, Inc., $100.00, 06/10/2026 <sup>(a) (f)</sup> | 22500 |  |
| &nbsp;&nbsp;&nbsp;Harbor Custom Development, Inc., $59.40, 10/05/2026 <sup>(a) (f)</sup> | 12500 |  |
| **TOTAL WARRANTS (Cost $350)** |  |  |

---

---

| | | |
|:---|:---|:---|
| **BONDS & NOTES - 0.01%** | **Principal Amount** |  |
| **ASSET-BACKED SECURITIES - 0.00%** |  |  |
| &nbsp;&nbsp;&nbsp;Countrywide Asset-Backed Certificates, 4.224%, due 10/25/2017 <sup>(c) (d)</sup> | $1080 | 973 |
| **Total Asset Backed Securities (Cost $1,080)** |  | 973 |

---

 **2**

---

| | |
|:---|:---|
| **TIMBER POINT GLOBAL ALLOCATIONS FUND** |  |
| **SCHEDULE OF INVESTMENTS** |  |
| **March 31, 2025 (Unaudited)** | **SEMI-ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
| **BONDS & NOTES - 0.01% (continued)** | **Principal Amount** | **Value** |
| **MORTGAGE-BACKED SECURITIES - 0.01%** |  |  |
| &nbsp;&nbsp;&nbsp;Banc of America Funding 2006-2 Trust, 5.750%, due 03/25/2036 | $726 | $626 |
| &nbsp;&nbsp;&nbsp;Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-7 Trust, 3.928%, 09/25/2036 <sup>(c)</sup> | 6211 | 1650 |
| **Total Mortgage-Backed Securities (Cost $3,991)** |  | 2276 |
| **TOTAL BONDS & NOTES (Cost $5,071)** |  | 3249 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **SHORT-TERM INVESTMENT - 2.10%** |  |  |
| &nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Shares, 4.21% <sup>(b)</sup> | 418988 | 418988 |
| **TOTAL SHORT-TERM INVESTMENT (Cost $418,988)** |  | 418988 |
| **INVESTMENTS AT VALUE (Cost $20,321,507) - 98.64%** |  | $19702055 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 1.36%** |  | 271337 |
| **NET ASSETS - 100.00%** |  | $19973392 |

---

*Percentages are stated as a percent of net assets.*

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate shown represents the 7-day effective yield at March 31, 2025, is subject to change and resets daily.

<sup>(c)</sup> Variable rate security - Interest rate shown represents the rate on March 31, 2025.

<sup>(d)</sup> Principal payments are still being received, not yet matured.

<sup>(e)</sup> Affiliated investment company. See Investments in Affiliated Companies section of the accompanying notes.

<sup>(f)</sup> These securities are currently valued by the Valuation Designee using fair valuation procedures approved by the Board of Trustees. These securities have a total value of $0 which is 0.00% of the Fund's net assets.

*The following abbreviations are used in this portfolio:*

ADR - American Depositary Receipt

CSI - China Securities Index

ETF - Exchange-Traded Fund

FTSE - Financial Times Stock Exchange

LS - Long-Short

Ltd. - Limited

MSCI - Morgan Stanley Capital International

S&P - Standard & Poor's

SPDR - Standard & Poor's Depositary Receipts

**The accompanying notes are an integral part of these financial statements.**

 **3**

---

| | |
|:---|:---|
| **TIMBER POINT ALTERNATIVE INCOME FUND** |  |
| **SCHEDULE OF INVESTMENTS** |  |
| **March 31, 2025 (Unaudited)** | **SEMI-ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK - 1.38%** | **Shares** | **Value** |
| **Investment Companies - 1.38%** |  |  |
| &nbsp;&nbsp;&nbsp;Blackstone Secured Lending Fund | 10000 | $323600 |
| **TOTAL COMMON STOCK (Cost $240,519)** |  | 323600 |
| **PREFERRED STOCK - 0.00%** |  |  |
| **Real Estate - 0.00%** |  |  |
| &nbsp;&nbsp;&nbsp;Harbor Custom Development, Inc. - Series A, 8.000% <sup>(a) (e)</sup> | 4286 |  |
| **TOTAL PREFERRED STOCK (Cost $60,019)** |  |  |
| **CLOSED-END FUNDS - 3.05%** |  |  |
| **Asset Allocation Fund - 1.54%** |  |  |
| &nbsp;&nbsp;&nbsp;RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. | 42175 | 361862 |
| **Equity Fund - 1.51%** |  |  |
| &nbsp;&nbsp;&nbsp;Royce Small-Cap Trust, Inc. | 24975 | 355644 |
| **TOTAL CLOSED END FUNDS (Cost $714,675)** |  | 717506 |
| **EXCHANGE-TRADED FUNDS - 93.45%** |  |  |
| **Alternative Fund - 1.68%** |  |  |
| &nbsp;&nbsp;&nbsp;VanEck Bitcoin ETF/U.S.<sup>(a)</sup> | 17000 | 396270 |
| **Debt Funds - 82.24%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares 1-3 Year Treasury Bond ETF | 10000 | 827300 |
| &nbsp;&nbsp;&nbsp;iShares 7-10 Year Treasury Bond ETF | 10000 | 953700 |
| &nbsp;&nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | 29700 | 714582 |
| &nbsp;&nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | 9500 | 939740 |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg High Yield Bond ETF | 17500 | 1667750 |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Short Term High Yield Bond ETF | 115000 | 2893400 |
| &nbsp;&nbsp;&nbsp;SPDR Doubleline Total Return Tactical ETF | 90000 | 3626100 |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Aggregate Bond ETF | 120000 | 3064800 |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Corporate Bond ETF | 60000 | 1741800 |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Long Term Treasury ETF | 40000 | 1090400 |
| &nbsp;&nbsp;&nbsp;Vanguard Short Term Corporate Bond ETF | 13000 | 1026220 |
| &nbsp;&nbsp;&nbsp;Vanguard Total Bond Market ETF | 11000 | 807950 |
|  |  | 19353742 |
| **Equity Funds - 9.53%** |  |  |
| &nbsp;&nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X Shares | 2500 | 350975 |
| &nbsp;&nbsp;&nbsp;Invesco S&P 500 Equal Weight ETF | 1500 | 259845 |
| &nbsp;&nbsp;&nbsp;SPDR S&P Regional Banking ETF | 7000 | 397950 |
| &nbsp;&nbsp;&nbsp;Utilities Select Sector SPDR Fund | 4000 | 315400 |
| &nbsp;&nbsp;&nbsp;Vanguard International High Dividend Yield ETF | 9400 | 692686 |
| &nbsp;&nbsp;&nbsp;YieldMax BABA Option Income Strategy ETF | 11400 | 226290 |
|  |  | 2243146 |
| **TOTAL EXCHANGE-TRADED FUNDS (Cost $21,656,051)** |  | 21993158 |

---

 **4**

---

| | |
|:---|:---|
| **TIMBER POINT ALTERNATIVE INCOME FUND** |  |
| **SCHEDULE OF INVESTMENTS** |  |
| **March 31, 2025 (Unaudited)** | **SEMI-ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
| **WARRANTS - 0.00%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Harbor Custom Development, Inc., $59.40, 10/05/2026 <sup>(a) (e)</sup> | 37500 | $— |
| **TOTAL WARRANTS (Cost $375)** |  |  |

---

---

| | | |
|:---|:---|:---|
| **BONDS & NOTES - 0.04%** | **Principal Amount** |  |
| **ASSET-BACKED SECURITIES - 0.01%** |  |  |
| &nbsp;&nbsp;&nbsp;Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-11, 5.390%, due 12/25/2033 <sup>(c)</sup> | $45 | 83 |
| &nbsp;&nbsp;&nbsp;Countrywide Asset-Backed Certificates, 4.224%, due 10/25/2017 <sup>(c) (d)</sup> | 3240 | 2919 |
| &nbsp;&nbsp;&nbsp;GE Capital Mortgage Services, Inc. 1999-HE1 Trust, 6.265%, due 04/25/2029 | 6 | 6 |
| **Total Asset Backed Securities (Cost $3,291)** |  | 3008 |
| **MORTGAGE-BACKED SECURITIES - 0.03%** |  |  |
| &nbsp;&nbsp;&nbsp;Banc of America Funding 2006-2 Trust, 5.750%, due 03/25/2036 | 2178 | 1878 |
| &nbsp;&nbsp;&nbsp;Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-7 Trust, 3.928%, due 09/25/2036 <sup>(c)</sup> | 18633 | 4950 |
| **Total Mortgage-Backed Securities (Cost $11,909)** |  | 6828 |
| **TOTAL BONDS & NOTES (Cost $15,200)** |  | 9836 |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENT - 2.20%** | **Shares** | |
| &nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Shares, 4.21% <sup>(b)</sup> | 516625 | 516625 |
| **SHORT TERM INVESTMENT (Cost $516,625)** |  | 516625 |
| **INVESTMENTS AT VALUE (Cost $23,203,464) - 100.12%** |  | $23560725 |
| **LIABILITES IN EXCESS OF OTHER ASSETS, NET - (0.12)%** |  | (27368) |
| **NET ASSETS - 100.00%** |  | $23533357 |

---

*Percentages are stated as a percent of net assets.*

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate shown represents the 7-day effective yield at March 31, 2025, is subject to change and resets daily.

<sup>(c)</sup> Variable rate security - Interest rate shown represents the rate on March 31, 2025.

<sup>(d)</sup> Principal payments are still being received, not yet matured.

<sup>(e)</sup> These securities are currently valued by the Valuation Designee using fair valuation procedures approved by the Board of Trustees. These securities have a total value of $0 which is 0.00% of the Fund's net assets.

*The following abbreviations are used in this portfolio:*

ETF - Exchange-Traded Fund

S&P - Standard and Poors

SPDR - Standard & Poor's Depositary Receipts

**The accompanying notes are an integral part of these financial statements.**

 **5**

---

| | |
|:---|:---|
| **TIMBER POINT FUNDS** |  |
| **STATEMENTS OF ASSETS AND LIABILITIES** |  |
| **March 31, 2025 (Unaudited)** | **SEMI-ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
|  | **Timber Point Global<br> Allocations Fund** | **Timber Point Alternative<br> Income Fund** |
| **Assets:** | | |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities at Cost | $18657817 | $23203464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Securities at Cost | 1663690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities at Cost | 20321507 | 23203464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Securities at Value | 17965929 | 23560725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Securities at Value | 1736126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities at Value | 19702055 | 23560725 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 3676 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 13912 | 8440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 263933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 447 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 7553 | 8028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 19991576 | 23579287 |
|  | . |  |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to adviser | 2852 | 9602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to administrator | 9836 | 10455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Trustee fees | 1294 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 4202 | 4579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 18184 | 45930 |
| **Net Assets** | $19973392 | $23533357 |
| **Sources of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $26285724 | $26285679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total accumulated losses | (6312332) | (2752322) |
| **Total Net Assets** | $19973392 | $23533357 |
| **Institutional Class Shares:** |  |  |
| Net assets | $19973392 | $23533357 |
| Shares Outstanding ($0 par value, Unlimited shares of beneficial interest authorized) | 2182422 | 2933592 |
| Net Asset Value, Offering and Redemption Price Per Share | $9.15 | $8.02 |

---

**The accompanying notes are an integral part of these financial statements.**

 **6**

---

| | |
|:---|:---|
| **TIMBER POINT FUNDS** |  |
| **STATEMENTS OF OPERATIONS** |  |
| **March 31, 2025 (Unaudited)** | **SEMI-ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
|  | **Timber Point Global<br> Allocations Fund** | **Timber Point Alternative<br> Income Fund** |
|  | **For the<br> Six Months Ended<br> March 31, 2025** | **For the<br> Six Months Ended<br> March 31, 2025** |
|  | **(Unaudited)** | **(Unaudited)** |
| **Investment income:** | | |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $0 and $0, respectively) | $160586 | $506854 |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated funds | 56623 |  |
| &nbsp;&nbsp;&nbsp;Interest | 28124 | 27411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 245333 | 534265 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 6) | 93031 | 88623 |
| &nbsp;&nbsp;&nbsp;Accounting and transfer agent fees and expenses | 53065 | 54918 |
| &nbsp;&nbsp;&nbsp;Legal fees | 10081 | 10081 |
| &nbsp;&nbsp;&nbsp;Audit fees | 11500 | 11500 |
| &nbsp;&nbsp;&nbsp;Non-12b-1 shareholder servicing expense | 10353 | 13168 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 8976 | 8976 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 7480 | 7480 |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 5532 | 5932 |
| &nbsp;&nbsp;&nbsp;Pricing fees | 5132 | 4665 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 4591 | 4500 |
| &nbsp;&nbsp;&nbsp;Insurance | 2488 | 2491 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 2193 | 2193 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 2081 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 216503 | 216785 |
| &nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived by Adviser (Note 6) | (40761) | (15292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived by Adviser for affiliated holdings (Note 6) | (9832) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | 165910 | 201493 |
| &nbsp;&nbsp;&nbsp;**Net investment income** | 79423 | 332772 |
| **Realized and unrealized gain:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments | 123548 | 165414 |
| &nbsp;&nbsp;&nbsp;Long-term capital gain distributions from Unaffiliated Investments | 1192 |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | 14918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain on investments** | 139658 | 165414 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments | (1417754) | (532574) |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | (80633) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized depreciation on investments** | (1498387) | (532574) |
| &nbsp;&nbsp;&nbsp;Net realized & unrealized loss on investments | (1358729) | (367160) |
| **Net decrease in net assets resulting from operations** | $(1279306) | $(34388) |

---

**The accompanying notes are an integral part of these financial statements.**

 **7**

---

| | |
|:---|:---|
| **TIMBER POINT FUNDS** |  |
| **STATEMENTS OF CHANGES IN NET ASSETS** |  |
| | **SEMI-ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
|  | **Timber Point Global Allocations Fund** | **Timber Point Global Allocations Fund** |
|  | **For the<br> Six Months Ended<br> March 31, 2025** | **For the<br> Year Ended<br> September 30, 2024** |
|  | **(Unaudited)** | |
| **Increase (decrease) in net assets from:** | | |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $79423 | $79412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments | 139658 | 1582149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (1498387) | 1740521 |
| Net increase (decrease) in net assets resulting from operations | (1279306) | 3402082 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings - Institutional Class | (141457) | (115475) |
| &nbsp;&nbsp;&nbsp;Total distributions | (141457) | (115475) |
| **From shares of beneficial interest:** |  |  |
| Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2399659 | 2085923 |
| Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 117781 | 92843 |
| Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1001386) | (1273193) |
| &nbsp;&nbsp;&nbsp;Increase in net assets from transactions in shares of beneficial interest | 1516054 | 905573 |
| **Increase in net assets** | 95291 | 4192180 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 19878101 | 15685921 |
| &nbsp;&nbsp;&nbsp;End of year | $19973392 | $19878101 |
| **Capital share activity:** |  |  |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 244895 | 222940 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 12180 | 10443 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (101699) | (139573) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 155376 | 93810 |

---

**The accompanying notes are an integral part of these financial statements.**

 **8**

---

| | |
|:---|:---|
| **TIMBER POINT FUNDS** |  |
| **STATEMENTS OF CHANGES IN NET ASSETS** |  |
| | **SEMI-ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
|  | **Timber Point Alternative Income Fund** | **Timber Point Alternative Income Fund** |
|  | **For the<br> Six Months Ended<br> March 31, 2025** | **For the<br> Year Ended<br> September 30, 2024** |
|  | **(Unaudited)** | |
| **Increase (decrease) in net assets from:** | | |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $332772 | $400032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments | 165414 | 201064 |
| Net change in unrealized appreciation (depreciation) on investments | (532574) | 1225502 |
| Net increase (decrease) in net assets resulting from operations | (34388) | 1826598 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings - Institutional Class | (558891) | (309993) |
| &nbsp;&nbsp;&nbsp;Total distributions | (558891) | (309993) |
| **From shares of beneficial interest:** |  |  |
| Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 6705614 | 5612069 |
| Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 550873 | 304799 |
| Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1959770) | (2413472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in net assets from transactions in shares of beneficial interest | 5296717 | 3503396 |
| **Increase in net assets** | 4703438 | 5020001 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 18829919 | 13809918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $23533357 | $18829919 |
| **Capital share activity:** |  |  |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 825866 | 704519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 69467 | 39177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (242455) | (316190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 652878 | 427506 |

---

**The accompanying notes are an integral part of these financial statements.**

 **9**

**TIMBER POINT FUNDS**

**FINANCIAL HIGHLIGHTS**

**SEMI-ANNUAL REPORT**

The following tables set forth the per share operating performance data for a share of beneficial interest outstanding, total return, ratios to average net assets and other supplemental data for each of the years/period indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Timber Point Global Allocations Fund** | **Timber Point Global Allocations Fund** | **Timber Point Global Allocations Fund** | **Timber Point Global Allocations Fund** | **Timber Point Global Allocations Fund** | **Timber Point Global Allocations Fund** |
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the<br> Six Months Ended<br> March 31, 2025** | **For the<br> Year Ended<br> September 30, 2024** | **For the<br> Year Ended<br> September 30, 2023** | **For the**<br> **Year Ended**<br> **September 30, 2022 <sup>(a)</sup>** | **For the**<br> **Year Ended**<br> **September 30, 2021 <sup>(a)</sup>** | **For the**<br> **Year Ended**<br> **September 30, 2020 <sup>(a)</sup>** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Year/Period** | $9.81 | $8.11 | $8.16 | $10.25 | $9.11 | $9.04 |
| **Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.04 | 0.04 | 0.10 | 0.04 | (0.04) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.63) | 1.72 | (0.06) | (2.13) | 1.24 | 0.13<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.59) | 1.76 | 0.04 | (2.09) | 1.20 | 0.16 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.07) | (0.06) | (0.09) |  | (0.06) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.07) | (0.06) | (0.09) |  | (0.06) | (0.09) |
| **Net Asset Value, End of Year/Period** | $9.15 | $9.81 | $8.11 | $8.16 | $10.25 | $9.11 |
| **Total Return** <sup>(2)</sup>** | (6.08) | 21.78% | 0.49% | (20.39)% | 13.20% | 1.73% <sup>(5)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000's) | $19973 | $19878 | $15686 | 21544 | $35239 | $38588 |
| **Ratios of expenses to average net assets <sup>(3)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses reimbursed | 2.09 | 2.23% | 2.32% | 2.00% | 1.79% | 2.23% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses reimbursed | 1.61 | 1.59% | 1.47% | 1.55% | 1.58% | 1.46% |
| **Ratios of expenses to average net assets (excluding dividends on securities sold short and interest on margin account) <sup>(3)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses reimbursed | 2.09 | 2.23% | 2.32% | 1.95% | 1.72% | 2.13% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses reimbursed | 1.61 | 1.59% | 1.47% | 1.50% | 1.50% | 1.36% |
| **Ratios of net investment income (loss) to average net assets <sup>(3) (4)</sup>** | 0.77 | 0.45% | 1.17% | 0.39% | (0.42)% | 0.31% |
| **Portfolio turnover rate** | 89 | 187% | 257% | 351% | 374% | 385% |

---

<sup>(a)</sup> Amounts for the years ended September 30, 2020, September 30, 2021 and September 30, 2022 are consolidated.

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total Return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends, if any. Total returns shown exclude the effect of applicable redemption fees.

<sup>(3)</sup> The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of expenses of underlying investment companies in which the Fund invests.

<sup>(4)</sup> Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

<sup>(5)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

<sup>(6)</sup> The amount of net realized and unrealized gain on investment per share for the year ended September 30, 2020, does not accord with the amounts in the Consolidated Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values.

<sup>(7)</sup> Not annualized.

<sup>(8)</sup> Annualized.

**The accompanying notes are an integral part of these financial statements.**

 **10**

**TIMBER POINT FUNDS**

**FINANCIAL HIGHLIGHTS**

**SEMI-ANNUAL REPORT**

The following tables set forth the per share operating performance data for a share of beneficial interest outstanding, total return, ratios to average net assets and other supplemental data for the years/period indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Timber Point Alternative Income Fund** | **Timber Point Alternative Income Fund** | **Timber Point Alternative Income Fund** | **Timber Point Alternative Income Fund** | **Timber Point Alternative Income Fund** | **Timber Point Alternative Income Fund** |
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the<br> Six Months Ended<br> March 31, 2025** | **For the<br> Year Ended<br> September 30, 2024** | **For the<br> Year Ended<br> September 30, 2023** | **For the<br> Year Ended<br> September 30, 2022** | **For the<br> Year Ended<br> September 30, 2021** | **For the<br> Year Ended<br> September 30, 2020** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Year/Period** | $8.26 | $7.45 | $7.40 | $8.56 | $8.32 | $8.54 |
| **Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)</sup> | 0.12 | 0.21 | 0.21 | 0.14 | 0.18 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.15) | 0.78 | 0.02 | (1.15) | 0.26 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.03) | 0.99 | 0.23 | (1.01) | 0.44 | (0.10) |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.21) | (0.18) | (0.18) | (0.15) | (0.20) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.21) | (0.18) | (0.18) | (0.15) | (0.20) | (0.12) |
| **Net Asset Value, End of Year/Period** | $8.02 | $8.26 | $7.45 | $7.40 | $8.56 | $8.32 |
| **Total Return** <sup>(2)</sup>** | (0.39) | 13.42% | 3.22% | (12.03)% | 5.30% | (1.17)% <sup>(5)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000's) | $23533 | $18830 | $13810 | $12710 | $17419 | $16801 |
| **Ratios of expenses to average net assets <sup>(3)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses reimbursed | 1.96 | 2.33% | 2.40% | 2.33% | 2.28% | 2.97% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses reimbursed | 1.82 | 1.82% | 1.70% | 1.73% | 1.78% | 2.04% |
| **Ratios of expenses to average net assets (excluding dividends on securities sold short and interest on margin account) <sup>(3)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses reimbursed | 1.96 | 2.33% | 2.40% | 2.30% | 2.25% | 2.79% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses reimbursed | 1.82 | 1.82% | 1.70% | 1.70% | 1.75% | 1.86% |
| **Ratios of net investment income to average net assets <sup>(3) (4)</sup>** | 3.00 | 2.74% | 2.75% | 1.75% | 2.09% | 1.11% |
| **Portfolio turnover rate** | 34 | 122% | 130% | 348% | 194% | 287% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total Return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

<sup>(3)</sup> The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

<sup>(4)</sup> Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

<sup>(5)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

<sup>(6)</sup> Not annualized.

<sup>(7)</sup> Annualized.

**The accompanying notes are an integral part of these financial statements.**

 **11**

Timber Point Funds SEMI-ANNUAL REPORT

**NOTES TO THE FINANCIAL STATEMENTS (Unaudited)**

**March 31, 2025**

**1.** **ORGANIZATION** 

The Timber Point Global Allocations Fund (the "Global Fund") and the Timber Point Alternative Income Fund (the "Income Fund") (collectively, the "Funds") were organized on October 6, 2017 as separate diversified series of 360 Funds (the "Trust") and are successors by merger to the respective series of Northern Lights Fund Trust II. The Trust was organized on February 24, 2005 as a Delaware statutory trust. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Global Fund's investment objective is to seek superior risk adjusted total returns by investing across a wide variety of global assets. The Income Fund's investment objective is to seek superior risk adjusted returns by investing in income oriented securities.

Each Fund offers one class of shares, Institutional Class.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements and are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds are investment companies that follow the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.

a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Valuation – All investments in securities are recorded at their estimated fair value, as described in note 3.

b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Companies – The Funds may invest in investment companies such as open-end funds (mutual funds), exchange-traded funds ("ETFs") and closed-end funds ("CEFs") (also referred to as "Underlying Funds") subject to limitations as defined in the 1940 Act. Your cost of investing in the Funds will generally be higher than the cost of investing directly in the Underlying Funds. By investing in the Funds, you will indirectly bear fees and expenses charged by the Underlying Funds in which the Funds invest in addition to the Funds' direct fees and expenses. Also, with respect to dividends paid by the Underlying Funds, it is possible for these dividends to exceed the underlying investments' taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Income Taxes – The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). It is the policy of the Funds to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of their net investment company taxable income and net capital gains. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

As of and during the six months ended March 31, 2025, the Funds did not have a liability for any unrecognized tax expenses. The Funds recognize interest and penalties, if any, related to unrecognized tax liability as income tax expense in the statements of operations. During the six months ended March 31, 2025, the Funds did not incur any interest or penalties. The Funds identify their major tax jurisdictions as U.S. Federal and Delaware state.

In addition, GAAP requires management of the Funds to analyze all open tax years, as defined by Internal Revenue Service statute of limitations for all major jurisdictions, including federal tax jurisdictions and certain state tax jurisdictions. As of and during the six months ended March 31, 2025 and the years ended September 30, 2022 through September 30, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examinations in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders – Dividends from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. Income and capital gain distributions, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. GAAP requires that permanent financial reporting differences relating to shareholder distributions be reclassified to paid-in capital or net realized gains. There were no reclassifications necessary during the six months ended March 31, 2025.

 **12**

Timber Point Funds SEMI-ANNUAL REPORT

**NOTES TO THE FINANCIAL STATEMENTS (Unaudited)**

**March 31, 2025**

**2.** **SIGNIFICANT ACCOUNTING POLICIES (continued)** 

e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates.

f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment Reporting – The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund operates as a single reportable segment, an investment company whose investment objective is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's Adviser has been designated as the Fund's CODM, who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

g)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Other – Investment and shareholder transactions are recorded on trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sales proceeds. Dividend income and expenses are recognized on the ex-dividend date or as soon as information is available to the Funds and interest income is recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**3.** **SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS** 

**Processes and Structure**

The Funds' Board of Trustees (the "Board" or "Trustees") has adopted guidelines for valuing securities and other derivative instruments including in circumstances in which market quotes are not readily available, and has delegated authority to the Valuation Designee (as described below) to apply those guidelines in determining fair value prices, subject to review by the Board.

**Hierarchy of Fair Value Inputs**

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

• Level
 1 – Unadjusted quoted prices in active markets for identical assets or liabilities
 that the Fund has the ability to access.

• Level
2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either
directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for
similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

• Level
 3 – Unobservable inputs for the asset or liability to the extent that relevant
 observable inputs are not available, representing the Fund's own assumptions about
 the assumptions that a market participant would use in valuing the asset or liability,
 and that would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

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 in its entirety.

 **13**

Timber Point Funds SEMI-ANNUAL REPORT

**NOTES TO THE FINANCIAL STATEMENTS (Unaudited)**

**March 31, 2025**

**3.** **SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS (continued)** 

**Fair Value Measurements** 

Securities and assets for which representative market quotations are not readily available or that cannot be accurately valued using a fund's normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Board. Fair value pricing may be used, for example, in situations where (i) a portfolio security, such as a small-cap stock, is so thinly traded that there have been no transactions for that stock over an extended period of time or the validity of a market quotation received is questionable; (ii) the exchange on which the portfolio security is principally traded closes early; (iii) trading of the particular portfolio security is halted; (iv) the security is a restricted security not registered under federal securities laws purchased through a private placement not eligible for resale; or (v) the security is purchased on a foreign exchange.

A description of the valuation techniques applied to the Trust's major categories of assets and liabilities measured at fair value on a recurring basis follows.

• Equity
 securities (common stock, preferred stock, warrants, ETFs and CEFs) – Securities
 traded on a national securities exchange (or reported on the NASDAQ national market)
 are stated at the last reported sales price on the day of valuation. To the extent these
 securities are actively traded, and valuation adjustments are not applied, they are categorized
 in level 1 of the fair value hierarchy. Certain foreign securities may be fair valued
 using a pricing service that considers the correlation of the trading patterns of the
 foreign security to the intraday trading in the U.S. markets for investments such as
 American Depositary Receipts, financial futures, ETFs, and the movement of the certain
 indexes of securities based on a statistical analysis of the historical relationship
 and are categorized in level 2. Preferred stock and other equities traded on inactive
 markets or valued by reference to similar instruments are also categorized in level 2.

• Money
 market funds and mutual funds – Money market funds and mutual funds are valued
 at their net asset value per share and are categorized as level 1.

• Fixed
income securities (asset-backed securities ("ABS") and mortgage-backed securities ("MBS") - Securities
valued using market quotations in an active market, will be categorized as Level 2 securities. However, they may be valued on
the basis of prices furnished by a pricing service when the Adviser believes such prices more accurately reflect the fair value
of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to s ecurities
with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard
to sale or bid prices. These securities will generally be categorized as Level 2 securities. If the Adviser decides that a price
provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available
from a pricing service, or when certain restricted or illiquid securities are being valued, securities are valued at fair value
as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review of the Board and the
Fair Valuation Committee. These securities will be categorized as Level 3 securities. The Adviser may use inputs such as evaluated
broker quotes in inactive markets, actual trade prices in inactive markets, present value of expected future cash flows, terms
of expected bond restructurings, and yields on similar securities in determining the fair value of such Level 3 securities.

The SEC adopted Rule 2a-5 under the 1940 Act, which established an updated regulatory framework for registered investment company fair valuation practices. Under the new rule a greater number of the Funds' securities may be subject to fair value pricing. The Funds' fair value policies and procedures and valuation practices were updated to comply with Rule 2a-5. Specifically, the Board designated Timber Point Capital Management, LLC (the "Adviser") as the Funds' "Valuation Designee" to make fair value determinations. The Adviser acts through its Rule 2a-5 Committee (the "Valuation Committee") in accordance with the Trust's and the Adviser's policies and procedures (collectively, the "Valuation Procedures"). While fair value determinations will be based upon all available factors that the Valuation Designee deems relevant at the time of the determination, fair value represents only a good faith approximation of the value of an asset or liability.

The Funds' policies regarding fair value pricing are intended to result in a calculation of a Fund's net asset value that fairly reflects portfolio security values as of the time of pricing. A portfolio security's fair value price may differ from the price next available for that portfolio security using a Fund's normal pricing procedure, and may differ substantially from the price at which the portfolio security may ultimately be traded or sold. If such fair value price differs from the price that would have been determined using a Fund's normal pricing procedures, a shareholder may receive more or less proceeds or shares from redemptions or purchases of Fund shares, respectively, than a shareholder would have otherwise received if the portfolio security was priced using a Fund's normal pricing procedures. The performance of a Fund may also be affected if a portfolio security's fair value price were to differ from the security's price using a Fund's normal pricing procedures.

 **14**

Timber Point Funds SEMI-ANNUAL REPORT

**NOTES TO THE FINANCIAL STATEMENTS (Unaudited)**

**March 31, 2025**

**3.** **SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS (continued)** 

Pursuant to policies adopted by the Board, the Valuation Designee reports all fair valued securities to the Board at least quarterly. The Board monitors and evaluate the Funds' use of fair value pricing. These securities will be categorized as level 3 securities.

The following tables summarize the inputs used to value the Funds' assets and liabilities measured at fair value as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Global Fund:**<br>&nbsp;&nbsp;**Financial Instruments – Assets**<br>&nbsp;&nbsp;**Classification** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Totals** |
| &nbsp;&nbsp;Common Stock <sup>(1) (2)</sup> | $2352600 | $— | $— | $2352600 |
| &nbsp;&nbsp;Preferred Stock <sup>(1) (2)</sup> | 75797 |  |  | 75797 |
| &nbsp;&nbsp;Closed-End Fund <sup>(1)</sup> | 237352 |  |  | 237352 |
| &nbsp;&nbsp;Exchange-Traded Funds <sup>(1)</sup> | 14269836 |  |  | 14269836 |
| &nbsp;&nbsp;Mutual Funds <sup>(1)</sup> | 2344233 |  |  | 2344233 |
| &nbsp;&nbsp;Asset Backed Securities |  | 973 |  | 973 |
| &nbsp;&nbsp;Mortgage Backed Securities |  | 2276 |  | 2276 |
| &nbsp;&nbsp;Warrants <sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;Short-Term Investment | 418988 |  |  | 418988 |
| &nbsp;&nbsp;Total Assets | $19698806 | $3249 | $— | $19702055 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Income Fund:**<br>&nbsp;&nbsp;**Financial Instruments – Assets**<br>&nbsp;&nbsp;**Classification** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Totals** |
| &nbsp;&nbsp;Common Stock <sup>(1)</sup> | $323600 | $— | $— | $323600 |
| &nbsp;&nbsp;Preferred Stock <sup>(1) (2)</sup> |  |  |  |  |
| &nbsp;&nbsp;Closed-End Funds <sup>(1)</sup> | 717506 |  |  | 717506 |
| &nbsp;&nbsp;Exchange-Traded Funds <sup>(1)</sup> | 21993158 |  |  | 21993158 |
| &nbsp;&nbsp;Asset Backed Securities |  | 3008 |  | 3008 |
| &nbsp;&nbsp;Mortgage Backed Securities |  | 6828 |  | 6828 |
| &nbsp;&nbsp;Warrants <sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;Short-Term Investment | 516625 |  |  | 516625 |
| &nbsp;&nbsp;Total Assets | $23550889 | $9836 | $— | $23560725 |

---

<sup>(1)</sup> For a detailed break-out of common stock, preferred stock, closed-end funds, ETFs and mutual funds by industry or asset class, please refer to the Schedule of Investments.

<sup>(2)</sup> Investments in Harbor Custom Development, Inc. common stock, preferred stock and warrants are being valued at zero by the Adviser using Level 3 inputs.

 **15**

Timber Point Funds SEMI-ANNUAL REPORT

**NOTES TO THE FINANCIAL STATEMENTS (Unaudited)**

**March 31, 2025**

**3.** **SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS (continued)** 

Following is a reconciliation of the Harbor Custom Development, Inc. investments in which significant unobservable inputs (Level 3) were used in determining fair values in the Funds:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Global Fund | **Balance as of**<br> **September 30, 2024**  | **Realized gain (loss)** | **Change in unrealized appreciation (depreciation)** | **Purchases** | **Sales** | **Transfers into Level 3** | **Transfers out of Level 3** | **Balance as of**<br> **March 31, 2025** |
| &nbsp;&nbsp;&nbsp;Common Stock | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Preferred Stock |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrants |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;TOTALS | $— | $— | $— | $— | $— | $— | $— | $— |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Income Fund | **Balance as of**<br> **September 30, 2024**  | **Realized gain (loss)** | **Change in unrealized appreciation (depreciation)** | **Purchases** | **Sales** | **Transfers into Level 3** | **Transfers out of Level 3** | **Balance as of**<br> **March 31, 2025** |
| &nbsp;&nbsp;&nbsp;Warrants | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;TOTALS | $— | $— | $— | $— | $— | $— | $— | $— |

---

The following is a quantitative summary of the techniques and inputs used to fair value the Level 3 securities as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** |
| Global Fund | **Fair value at 03/31/2025** | **Valuation technique(s)** | **Unobservable input** | **Range**  |
| Common Stock | $— | Adviser | Estimated proceeds from bankruptcy reorganization <sup>(1)</sup> | $— |
| Preferred Stock |  | Adviser | Estimated proceeds from bankruptcy reorganization <sup>(1)</sup> |  |
| Warrants |  | Adviser | Estimated proceeds from bankruptcy reorganization <sup>(1)</sup> |  |
| Income Fund | **Fair value at 03/31/2025** | **Valuation technique(s)** | **Unobservable input** | **Range**  |
| Preferred Stock | $— | Adviser | Estimated proceeds from bankruptcy reorganization <sup>(1)</sup> | $— |
| Warrants |  | Adviser | Estimated proceeds from bankruptcy reorganization <sup>(1)</sup> |  |

---

<sup>(1)</sup> A significant increase in this input in isolation would result in a significantly higher fair value measurement. Unobservable inputs from the broker quotes were not included because the Income Fund does not develop the quantitative inputs and they are not readily available.

 **16**

Timber Point Funds SEMI-ANNUAL REPORT

**NOTES TO THE FINANCIAL STATEMENTS (Unaudited)**

**March 31, 2025**

**3.** **SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS (continued)** 

The total change in unrealized appreciation attributable to Level 3 investments still held at March 31, 2025 is shown below.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Total Change in Unrealized**<br> **Appreciation** |
| Global Fund | $— |
| Income Fund | $— |

---

**4.** **INVESTMENT TRANSACTIONS** 

For the six months ended March 31, 2025, aggregate purchases and sales of investment securities (excluding short-term investments) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;Global Fund | $19551724 | $17322676 |
| &nbsp;&nbsp;&nbsp;Income Fund | 12771823 | 7255717 |

---

There were no U.S. Government securities purchased or sold by the Funds during the six months ended March 31, 2025.

**5.** **INVESTMENTS IN AFFILIATED COMPANIES** 

An affiliated company is a company in which the Funds have ownership of at least 5% of the voting securities or of common management. Companies which are affiliates of the Funds at March 31, 2025, are noted in the Global Fund's Schedule of Investments. The Income Fund is a mutual fund which is considered affiliated because it is of common management of the Adviser. As of March 31, 2025, the Income Fund is the only affiliated fund of the Global Fund. The Income Fund was not invested in any affiliated funds at March 31, 2025.

Transactions with affiliated companies during the six months ended March 31, 2025 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Global Fund: | **Value as of**<br> **September 30, 2024** | **Shares held as of**<br> **September 30, 2024** | &nbsp;&nbsp;&nbsp;**Realized gain (loss)** | **Change in unrealized appreciation (depreciation)** | **Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** | **Value as of**<br> **March 31, 2025** | **Shares held as of March 31, 2025** | **Income received** |
| Income Fund | $2272984 | 275180 | $14918 | $(80633) | $56623 <sup>(1)</sup> | $(527766) | $1736126 | 216475 | $56623 |
| Total | $2272984 | 275180 | $14918 | $(80633) | &nbsp;&nbsp;&nbsp;&nbsp;$56623 <sup>(1)</sup> | $(527766) | $1736126 | 216475 | $56623 |

---

<sup>(1)</sup> Represents dividends reinvested.

**6.** **ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS** 

The Funds have entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser. Under the Advisory Agreement, the Adviser, under the supervision of the Board, agrees to invest the assets of the Funds in accordance with applicable law and the investment objectives, policies and restrictions set forth in the Funds' current Prospectus and Statement of Additional Information, and subject to such further limitations as the Trust may from time to time impose by written notice to the Adviser. The Adviser shall act as the investment adviser to the Funds and, as such shall (i) obtain and evaluate such information relating to the economy, industries, business, securities markets and securities as it may deem necessary or useful in discharging its responsibilities here under, (ii) formulate a continuing program for the investment of the assets of the Funds in a manner consistent with their investment objectives, policies and restrictions, and (iii) determine from time to time securities to be purchased, sold, retained or lent by the Funds, and implement those decisions, including the selection of entities with or through which such purchases, sales or loans are to be effected; provided, that the Adviser will place orders pursuant to its investment determinations either directly with the issuer or with a broker or dealer, and if with a broker or dealer, (a) will attempt to obtain the best price and execution of its orders, and (b) may nevertheless in its discretion purchase and sell portfolio securities from and to brokers who provide the Adviser with research, analysis, advice and similar services and pay such brokers in return a higher commission or spread than may be charged by other brokers.

Under the terms of the Advisory Agreement with the Funds, the Adviser receives a monthly management fee equal to annual rates of the Funds' net assets as follows:

 **17**

Timber Point Funds SEMI-ANNUAL REPORT

**NOTES TO THE FINANCIAL STATEMENTS (Unaudited)**

**March 31, 2025**

**6.** **ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS (continued)** 

---

| | |
|:---|:---|
|  | **Management Fee Rates** |
| &nbsp;&nbsp;&nbsp;Global Fund | 0.90% |
| &nbsp;&nbsp;&nbsp;Income Fund | 0.80% |

---

For the six months ended March 31, 2025, the Adviser earned management fees as follows:

---

| | |
|:---|:---|
|  | **Management Fees** |
| &nbsp;&nbsp;&nbsp;Global Fund | $93031 |
| &nbsp;&nbsp;&nbsp;Income Fund | 88623 |

---

The Adviser has contractually agreed to waive its fees and to assume other expenses of the Funds, if necessary, in an amount that limits the Total Annual Fund Operating Expenses (but excluding interest, borrowing expenses, distribution fees pursuant to Rule 12b-1 Plans, shareholder services fees pursuant to a Shareholder Services Plan, taxes, acquired fund fees and expenses, brokerage fees and commissions, dividend expenses on short sales, litigation expenses, expenditures which are capitalized in accordance with generally accepted accounting principles and, other extraordinary expenses not incurred in the ordinary course of such Fund's business) to not more than 1.60% of the average daily net assets of the Global Fund and 1.70% of the average daily net assets of the Income Fund through January 31, 2026. The expense limitation agreement can be terminated only by, or with the consent of, the Board.

For the six months ended March 31, 2025, the Adviser waived advisory fees and reimbursed expenses as follows:

---

| | | |
|:---|:---|:---|
|  | **Advisory Fees Waived** | **Expenses Reimbursed** |
| &nbsp;&nbsp;&nbsp;Global Fund | $40761 | $— |
| &nbsp;&nbsp;&nbsp;Income Fund | 15292 |  |

---

The Global Fund invested a portion of its assets in the Income Fund, which is an affiliated Fund (Note 5). As such, the Adviser has agreed to waive its advisory fees on the portions of the Global Fund's assets that are invested in the Income Fund.

For the six months ended March 31, 2025, the Adviser waived advisory fees related to assets invested in the affiliated funds as follows:

---

| | |
|:---|:---|
|  | **Affiliated Funds** <br> **Advisory Fees Waived** |
| &nbsp;&nbsp;&nbsp;Global Fund | $9832 |

---

These waivers are in addition to amounts waived pursuant to the contractual expense limitations detailed in the above paragraphs and are not recoupable.

Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three years from the date of the waiver or reimbursement, provided that the Fund can make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time of recoupment. Expense waivers and reimbursements made by the Funds' prior investment adviser are also subject to possible recoupment by the Adviser under the same terms. As of March 31, 2025, the total amount of expenses waived/reimbursed subject to recapture and their expiration dates, pursuant to the waiver agreements, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount Subject to Recoupment** | **Expiration Dates** |
| &nbsp;&nbsp;&nbsp;Global Fund | 100226 | &nbsp;&nbsp;September 30, 2025 |
| &nbsp;&nbsp;&nbsp;Global Fund | 125587 | &nbsp;&nbsp;September 30, 2026 |
| &nbsp;&nbsp;&nbsp;Global Fund | 94435 | &nbsp;&nbsp;September 30, 2027 |
| &nbsp;&nbsp;&nbsp;Global Fund | 40761 | &nbsp;&nbsp;September 30, 2028 |
| &nbsp;&nbsp;&nbsp;Income Fund | 96422 | &nbsp;&nbsp;September 30, 2025 |
| &nbsp;&nbsp;&nbsp;Income Fund | 100077 | &nbsp;&nbsp;September 30, 2026 |
| &nbsp;&nbsp;&nbsp;Income Fund | 74460 | &nbsp;&nbsp;September 30, 2027 |
| &nbsp;&nbsp;&nbsp;Income Fund | 15292 | &nbsp;&nbsp;September 30, 2028 |

---

 **18**

Timber Point Funds SEMI-ANNUAL REPORT

**NOTES TO THE FINANCIAL STATEMENTS (Unaudited)**

**March 31, 2025**

**6.** **ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS (continued)** 

The Funds have entered into an Investment Company Services Agreement ("ICSA") with M3Sixty Administration, LLC ("M3Sixty"). Pursuant to the ICSA, M3Sixty is responsible for a wide variety of functions, including but not limited to: (a) Fund accounting services; (b) financial statement preparation; (c) valuation of the Funds' portfolio securities; (d) pricing the Funds' shares; (e) assistance in preparing tax returns; (f) preparation and filing of required regulatory reports; (g) communications with shareholders; (h) coordination of Board and shareholder meetings; (i) monitoring the Funds' legal compliance; and (j) maintaining shareholder account records.

For the six months ended March 31, 2025, M3Sixty earned fees pursuant to the ICSA as follows:

---

| | |
|:---|:---|
|  | **ICSA Fees** |
| &nbsp;&nbsp;&nbsp;Global Fund | $53065 |
| &nbsp;&nbsp;&nbsp;Income Fund | 54918 |

---

The Funds have also entered into a Chief Compliance Officer Service Agreement ("CCO Agreement") with M3Sixty. Pursuant to the CCO Agreement, M3Sixty agrees to provide a Chief Compliance Officer ("CCO"), as described in Rule 38a-l of the 1940 Act, to the Funds for the year and on the terms and conditions set forth in the CCO Agreement.

For the six months ended March 31, 2025, M3Sixty earned fees pursuant to the CCO Agreement as follows:

---

| | |
|:---|:---|
|  | **CCO Agreement Fees** |
| &nbsp;&nbsp;&nbsp;Global Fund | $7480 |
| &nbsp;&nbsp;&nbsp;Income Fund | 7480 |

---

Certain officers of the Funds are also employees or officers of M3Sixty.

Matrix 360 Distributors, LLC (the "Distributor") acts as the principal underwriter and distributor (the "Distributor") of each Fund's shares for the purpose of facilitating the registration of shares of the Funds under state securities laws and to assist in sales of the Funds' shares pursuant to a Distribution Agreement (the "Distribution Agreement") approved by the Trustees. The Distribution Agreement between the Funds and the Distributor requires the Distributor to use all reasonable efforts in connection with the distribution of the Funds' shares. However, the Distributor has no obligation to sell any specific number of shares and will only sell shares for orders it receives.

The Distributor is an affiliate of M3Sixty.

**7.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX MATTERS** 

The tax character of distributions during the six months ended March 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Long-Term Capital Gains** |
| Global Fund | $141457 | $— |
| Income Fund | 558891 |  |

---

The tax character of distributions during the year ended September 30, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Long-Term Capital Gains** |
| &nbsp;&nbsp;Global Fund | $115475 | $— |
| &nbsp;&nbsp;Income Fund | 309993 |  |

---

 **19**

Timber Point Funds SEMI-ANNUAL REPORT

**NOTES TO THE FINANCIAL STATEMENTS (Unaudited)**

**March 31, 2025**

**7.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX MATTERS (continued)** 

The Funds' tax basis distributable earnings are determined only at the end of each fiscal year. The tax character of distributable earnings (deficit) at September 30, 2024, the Funds' most recent fiscal year end, was as follows:

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Undistributed**<br> **Ordinary**<br> **Income** | **Post-October**<br> **Loss and**<br> **Late Year Loss** | **Capital Loss**<br> **Carry**<br> **Forwards** | **Other** <br> **Book/Tax**<br> **Differences** | **Unrealized Appreciation/**<br> **(Depreciation)** | **Total**<br> **Accumulated** <br> **Losses** |
| Global Fund | $26940 | $– $| (5627172) | $— | $708663 | $(4891569) |
| Income Fund | 336948 | – | (3347073) | (3794) | 854876 | (2159043) |

---

The difference between book basis and tax basis undistributed net investment income (loss), accumulated net realized loss, and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales. In addition, the amount listed under other book/tax differences for the Income Fund is primarily attributable to unamortized organization expenses.

Capital losses incurred after October 31 and ordinary losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. At September 30, 2024, the Funds did not defer any capital or ordinary losses.

On September 30, 2024, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Non-Expiring<br>Short-Term** | **Non-Expiring<br>Long-Term** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Fund | $4579922 | $1047250 | $5627172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Fund | 3087159 | 259914 | 3347073 |

---

During the year ended September 30, 2024, the Global Fund utilized $58,820 of short-term capital loss and $1,498,345 of long-term capital loss carryforwards and the Income Fund utilized $235,090 of short-term capital loss carryforwards. The Income Fund did not utilize any long-term capital loss carryforwards.

There were no permanent book and tax differences that resulted in reclassifications to paid-in capital for the year ended September 30, 2024.

For U.S. Federal income tax purposes, the cost of securities owned, gross appreciation, gross depreciation, and net unrealized appreciation/(depreciation) of investments at March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross Appreciation** | **Gross Depreciation** | **Net Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;Global Fund | $20556627 | $838761 | $(1693333) | $(854572) |
| &nbsp;&nbsp;&nbsp;Income Fund | 23264567 | 583391 | (287233) | 296158 |

---

The difference between book basis and tax basis unrealized appreciation (depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales.

**8.** **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2025, National Financial Services, LLC held 52.29% of the Global Fund's shares and 48.90% of the Income Fund's shares in omnibus accounts for the sole benefit of their customers. Charles Schwab and Co. held 26.09% of the Global Fund's shares and 48.28% of the Income Fund's shares in omnibus accounts for the sole benefit of their customers. The Trust does not know whether any of the underlying beneficial shareholders of the omnibus accounts held by National Financial Services, LLC or Charles Schwab and Co. own more than 25% of the voting securities of the Funds.

 **20**

Timber Point Funds SEMI-ANNUAL REPORT

**NOTES TO THE FINANCIAL STATEMENTS (Unaudited)**

**March 31, 2025**

**9.** **COMMITMENTS AND CONTINGENCIES** 

In the normal course of business, the Trust may enter into contracts that may contain a variety of representations and warranties and provide general indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote.

**10.** **RECENT AND SUBSEQUENT EVENTS** 

In accordance with GAAP, Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

 **21**

Timber Point Funds SEMI-ANNUAL REPORT

**ADDITIONAL INFORMATION (Unaudited)**

**March 31, 2025**

The Trust, on behalf of the Funds, files a complete statement of investments with the SEC for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. Shareholders may view the filed Forms N-PORT by visiting the SEC's website at <u>http://www.sec.gov</u>.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-877-244-6235; and on the SEC's website at <u>http://www.sec.gov</u>.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available without charge, upon request, by calling 1-877-244-6235; and on the SEC's website at <u>http://www.sec.gov</u>.

Shareholder Tax Information - The Funds are required to advise you within 60 days of the Funds' fiscal year end regarding the federal tax status of distributions received by shareholders during the fiscal year. The Global Fund paid $141,457 of ordinary income distributions during the six months ended March 31, 2025. The Income Fund paid $558,891 of ordinary income distributions during the six months ended March 31, 2025.

Tax information is reported from the Funds' fiscal year and not calendar year, therefore, shareholders should refer to their Form 1099-DIV or other tax information which will be mailed in 2026 to determine the calendar year amounts to be included on their 2025 tax returns. Shareholders should consult their own tax advisors.

 **22**

**<u>360 FUNDS</u>**

4300 Shawnee Mission Pkwy

Suite 100

Fairway, KS 66205

**<u>INVESTMENT ADVISER</u>**

Timber Point Capital Management, LLC

555 Pleasantville Road

Suite N202

Briarcliff Manor, NY 10510

**<u>ADMINISTRATOR & TRANSFER AGENT</u>**

M3Sixty Administration, LLC

4300 Shawnee Mission Pkwy

Suite 100

Fairway, KS 66205

**<u>DISTRIBUTOR</u>**

Matrix 360 Distributors, LLC

4300 Shawnee Mission Pkwy

Suite 100

Fairway, KS 66205

**<u>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

Tait, Weller & Baker, LLP

Two Liberty Place

50 South 16th Street

Suite 2900

Philadelphia, PA 19102-2529

**<u>LEGAL COUNSEL</u>**

FinTech Law, LLC

6224 Turpin Hills Dr.

Cincinnati, Ohio 45244

**<u>CUSTODIAN BANK</u>**

Fifth Third Bank

Fifth Third Center

38 Fountain Square Plaza

Cincinnati, OH 45263

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

N/A

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

N/A

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Trustee fees paid by the Funds are within Item 7. Statements of Operations as Trustee fees and expenses.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**

At a meeting of the Board of Trustee (the "Board" or "Trustees") of 360 Funds (the "Trust") held on April 24, 2025 (the "Meeting"), the Board considered the approval of the renewal of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Timber Point Capital Management, LLC (the "Adviser") for the Timber Point Global Allocations Fund (the "Global Fund") and Timber Point Alternative Income Fund (the "Income Fund" and collectively with the Global Fund, the "Funds").

Legal counsel ("Counsel") reviewed with the Board a memorandum addressed to the Trustees that summarized, among other things, the fiduciary duties and responsibilities of the Board in reviewing and approving the renewal of the Advisory Agreement between the Trust and the Adviser concerning the Funds. Counsel discussed with the Trustees the types of information and factors that they should consider to make an informed decision regarding the approval of the continuation of the Advisory Agreement, including the following material factors: (i) the nature, extent, and quality of the services provided by the Adviser; (ii) the investment performance of the Funds and the Adviser; (iii) the costs of the services provided and profits realized by the Adviser from the relationship with the Funds; (iv) the extent to which economies of scale would be realized if the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds' investors; and (v) the Adviser's practices regarding possible conflicts of interest (collectively, the "Material Factors").

In assessing these factors and reaching its decisions, the Board considered information furnished for its review and consideration throughout the year at Board meetings, as well as information prepared or presented in connection with the annual renewal process, including information in the Adviser's presentation during the Meeting. The Board requested and was provided with information and reports relevant to the annual renewal of the Advisory Agreement, including (i) reports regarding the services and support provided to the Funds and its shareholders by the Adviser; (ii) quarterly assessments of the investment performance of the Funds from the Adviser; (iii) periodic commentary on the Funds' performance; (iv) presentations about the Adviser's investment philosophy, investment strategy, personnel, and operations; (v) compliance and audit reports concerning the Funds and the Adviser; (vi) disclosure information contained in the registration statement of the Trust; and (vii) a memorandum from Counsel that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the Advisory Agreement, including the Material Factors set forth above.

The Board also requested and received various informational materials including, without limitation: (i) documents about the Adviser, including its financial condition, a description of personnel and the services provided to the Funds, information on investment advice, performance, summaries of Funds' expenses, compliance program, current legal matters, and other general information; (ii) comparative expense and performance information for other mutual funds with strategies similar to the Funds; and (iii) benefits to be realized by the Adviser from its relationship with the Funds. In addition, the Board had an extensive discussion with the Adviser regarding the matters discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
nature, extent, and quality of the Adviser's services.

The Board considered the Adviser's contractual duties and responsibilities. The Board reviewed the services provided by the Adviser to the Funds, including, without limitation, the Adviser's processes for formulating investment recommendations and assuring compliance with the Funds' investment objectives and limitations; its coordination of services for the Funds among the Funds' service providers; and its efforts to promote the Funds, grow assets, and assist in the distribution of the Funds' shares. The Board considered the Adviser's personnel and methods of operating, succession plans, the education and experience of its staff, and its compliance program. The Board also considered the Adviser's commitment to dedicating appropriate resources to support the Funds' operations. After reviewing the preceding and further information, including the expanded ownership program at the Adviser, the Board concluded that the nature, extent, and quality of the services provided by the Adviser were satisfactory and adequate for the Funds.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Investment
Performance of the Funds and the Adviser.

The Board compared the short- and long-term performance of the Funds to their benchmarks, comparable funds with similar objectives and size managed by other investment advisers (it's "peer group"), and category indices (*e.g.*, Morningstar category). The Board also considered the consistency of the Adviser's management of the Funds with its investment objective and policies.

The Board considered the peer, benchmark, and category performance of each Fund over various periods. Relative to its peers, each Fund had mixed results over the year ended December 31, 2024, outperforming some but not all of its peers. For the same period, the Income Fund outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond® Index. Relative to their category averages, both Funds underperformed for the year-to-date, one-year, three-year, and five-year periods, each ending December 31, 2024. The Board considered the Adviser's commentary on the underperformance and the measures it is taking to improve it. After considering the Funds' performance, as presented at the meeting, the Board concluded that the Funds' performance was within a reasonable range of its category and satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 costs of the services provided and profits realized by the Adviser from the relationship
 with the Funds.

The Board considered the Adviser's staffing, personnel, and operating methods; the Adviser's financial condition and commitment to the Funds; and their asset levels and overall expenses. The Trustees considered the financial statements of the Adviser and the financial stability and productivity of the firm. The Board considered the Adviser's strategic plans to manage costs related to its operations. The Trustees considered the fees and expenses of the Funds (including the management fee) relative to their categories as of March 31, 2025. The Board noted that the Income Fund's management fee is slightly higher than its category average and above the median. The Global Fund's management fee was slightly above the category average and equal to the median. The net expense ratios of both Funds were above their respective category averages and medians but substantially below the maximum and, therefore, within a reasonable range. The Trustees recognized that the Funds are smaller than most of their peers by a magnitude of over 10 times, which affects the net expense ratios of the Funds and the Adviser's ability to provide breakpoints in its management fee.

The Trustees acknowledged that the Adviser has agreed to waive or reduce its fees and to assume other expenses of the Funds, if necessary, to limit their annual operating expenses (with industry-standard exceptions) to not more than 1.60% for the Global Fund and 1.70% for the Income Fund through January 31, 2026. The Board also noted that the Adviser realized a small profit on managing the Funds but continues to waive most of its management fee. Following this analysis, further consideration, and discussion of the preceding, the Board concluded that the management fee and the Adviser's profitability were fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 extent to which economies of scale would be realized if the Funds grow, and whether advisory
 fee levels reflect these economies of scale for the benefit of the Funds' investors.

The Board considered the Funds' fee arrangements with the Adviser. The Trustees determined that although the management fee would stay the same as asset levels increase, the shareholders of the Funds would benefit from the expense limitation arrangement. The Board noted that while a breakpoint schedule in the Advisory Agreement would be beneficial, such a feature only has benefits if the Funds' assets were enough to realize the effect of the breakpoint. The Board further noted that lower expenses for the Funds' shareholders are realized immediately with the expense limitation arrangements with the Adviser. The Board further noted that the Funds' assets were at such levels that the expense limitation arrangement was providing benefits to the Funds' shareholders. Following further discussion of the Funds' asset levels, expectations for growth, and expense structure, the Board determined that the Funds' fee arrangements, considering all the facts and circumstances, were fair and reasonable and that the expense limitation arrangement provided savings and protection for the benefit of the Funds' investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Possible
 conflicts of interest and benefits derived by the Adviser.

The Board evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory and compliance personnel assigned to the Funds, the fact that the Adviser does utilize soft dollars, the basis of decisions to buy or sell securities for the Funds; and the substance and administration of the Adviser's code of ethics. Based on the preceding, the Board determined that the Adviser's standards and practices for identifying and mitigating possible conflicts of interest were satisfactory.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

Regarding the Adviser's potential conflicts of interest, the Board considered (i) the experience and ability of the advisory and compliance personnel assigned to the Funds; and (ii) the substance and administration of the Adviser's code of ethics and other relevant policies described in its compliance manual and Form ADV. It also considered the results of the Adviser's most recent SEC examination, which did not reveal any material deficiencies or control weaknesses. The Board, including the Independent Trustees, determined that the Adviser's compliance policies and operational controls were reasonably designed to eliminate or mitigate these conflicts of interest.

In considering the Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the numerous factors. The Board reached the following conclusions regarding the Advisory Agreements, among others: (a) the Adviser demonstrated that it possesses the capability and resources to perform the duties required of it under the Advisory Agreements; (b) the Adviser maintains an appropriate compliance program; and (c) each Fund's advisory fee is reasonable considering the Adviser's proposed services. Based on their conclusions, the Board, including the Independent Trustees, determined that renewal of the Advisory Agreements was in the best interests of each Fund and its future shareholders.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable as the Funds are open-ended management investment companies.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable as the Funds are open-ended management investment companies.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable as the Funds are open-ended management investment companies.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

Not applicable at this time.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's principal executive and principal financial officers, or persons performing
 similar functions, have concluded that the registrant's disclosure controls and procedures
 (as defined in Rule 30a-3(c) under the 1940 Act, are effective, as of a date within 90
 days of the filing date of this report, based on the evaluation of these controls and
 procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the
 Securities Exchange Act of 1934, as amended.

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

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable as the Funds are open-ended management investment companies.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable

ITEM 19. EXHIBITS

(a)(1) Not applicable.

[(a)(2)](ex99cert.htm) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed herewith.](ex99cert.htm)

(a)(3) Not applicable.

(a)(4) Not applicable.

[(b)](ex99-906cert.htm) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940 are filed herewith.](ex99-906cert.htm)

SIGNATURES

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

360 Funds

---

| |
|:---|
| /s/ Randy Linscott |
| By: Randy Linscott |
| Principal Executive Officer |
| Date: June 4, 2025 |

---

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

---

| |
|:---|
| /s/ Randy Linscott |
| By: Randy Linscott |
| Principal Executive Officer |
| Date: June 4, 2025 |

---

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

---

| |
|:---|
| /s/ Larry E. Beaver, Jr. |
| By Larry E. Beaver, Jr. |
| Treasurer and Principal Financial Officer |
| Date: June 4, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Randy Linscott, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR for the Timber Point Global Allocations Fund
 and the Timber Point Alternative Income Fund, both a series of the 360 Funds (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report fairly present in all material respects the investments of the registrant
 as of the end of the fiscal period for which the report is filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule
 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over
 financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's Board of Trustees (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 4, 2025 | /s/ Randy Linscott |
|  | Randy Linscott |
|  | Principal Executive Officer  |

---

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Larry E. Beaver, Jr., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR for the Timber Point Global Allocations Fund
 and the Timber Point Alternative Income Fund, both a series of the 360 Funds (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report fairly present in all material respects the investments of the registrant
 as of the end of the fiscal period for which the report is filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule
 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over
 financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's Board of Trustees (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 4, 2025  | /s/ Larry E. Beaver, Jr.  |
|  | Larry E. Beaver, Jr. |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, Randy Linscott, Principal Executive Officer of the 360 Funds (the "registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 N-CSR of the registrant for the period ended March 31, 2025 (the "Report")
 fully complies with the requirements of Section 15(d) of the Securities Exchange Act
 of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the registrant.

---

| | |
|:---|:---|
| By: | /s/ Randy Linscott |
|  | Randy Linscott |
|  | Principal Executive Officer  |
| Date: | June 4, 2025  |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO M3SIXTY ADMINISTRATION, LLC. AND WILL BE RETAINED BY M3SIXTY ADMINSITRATION, LLC AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, Larry E. Beaver, Jr., Treasurer and Principal Financial Officer of the 360 Funds (the "registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 N-CSR of the registrant for the period ended March 31, 2025 (the "Report")
 fully complies with the requirements of Section 15(d) of the Securities Exchange Act
 of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the registrant.

---

| | |
|:---|:---|
| By: | /s/ Larry E. Beaver, Jr. |
|  | Larry E. Beaver, Jr. |
|  | Treasurer and Principal Financial Officer |
| Date: | June 4, 2025 |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO M3SIXTY ADMINISTRATION, LLC AND WILL BE RETAINED BY M3SIXTY ADMINISTRATION, LLC AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.