# EDGAR Filing Document

**Accession Number:** 0001319067
**File Stem:** 0001999371-25-016921
**Filing Date:** 2025-11
**Character Count:** 84933
**Document Hash:** 6e8ff9469310f5fa364e6e399b44dcf0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-016921.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001999371-25-016921

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**EFFECTIVENESS DATE**: 20251105

**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:** 251452338

**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

### Stringer Tactical Adaptive Risk Fund (Series ID: S000040274)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000125147 | Class A Shares             | SRGAX           |
| C000125148 | Class C Shares             | SRGCX           |
| C000125149 | Institutional Class Shares | SRGIX           |

?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 **<u>811-21726</u>**

**360 Funds**

(Exact name of registrant as specified in charter)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**4300 Shawnee Mission Parkway, Suite 100,&nbsp;&nbsp;&nbsp;&nbsp; Fairway, KS** | **66205** |
| &nbsp;&nbsp;(Address of principal executive offices) | &nbsp;&nbsp;(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: **<u>877-244-6235</u>**

Date of fiscal year end: **<u>02/28/2026</u>**

Date of reporting period: **<u>08/31/2025</u>**

ITEM 1. REPORTS TO SHAREHOLDERS

The Semi-Annual report to Shareholders of the Stringer Tactical Adaptive Risk Fund (the "Fund"), a series of the 360 Funds (the "registrant"), for the period ended August 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.

---

| | |
|:---|:---|
| **Stringer Tactical Adaptive Risk Fund** | **SEMI-ANNUAL REPORT** |

---

**Class A (SRGAX) (Unaudited)**

**August 31, 2025**

This semi-annual report to shareholders contains important information of the Stringer Tactical Adaptive Risk Fund (the "Fund"), for the six months ended August 31, 2025. You can find the Fund's prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information at **https://www.stringeramfunds.com/**. You can also request this information without charge by contacting the Fund at (877) 244-6235.

**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;Class A shares | &nbsp;&nbsp;$67 | &nbsp;&nbsp;1.30% |

---

**How has the Fund performed?**

---

| | | | |
|:---|:---|:---|:---|
| &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;Stringer Tactical Adaptive Risk Fund Class A shares without sales charge | &nbsp;&nbsp;5.46% | &nbsp;&nbsp;6.11% | &nbsp;&nbsp;6.78% |
| &nbsp;&nbsp;Stringer Tactical Adaptive Risk Fund Class A shares with sales charge <sup>(a)</sup> | &nbsp;&nbsp;(0.34%) | &nbsp;&nbsp;4.92% | &nbsp;&nbsp;6.18% |
| &nbsp;&nbsp;MSCI ACWI Net Total Return USD/Bloomberg U.S. Aggregate Bond 65/35 Index Blend | &nbsp;&nbsp;11.36% | &nbsp;&nbsp;8.22% | &nbsp;&nbsp;8.59% |

---

<sup>(a)</sup> A maximum sales charge of 5.50% is imposed on Class A shares.

The Fund utilizes a blended index that is a 65%/35% blend of the MSCI ACWI Net Total Return USD Index (the "MSCI") and the Bloomberg U.S. Aggregate Bond Index. The MSCI is a free-float weighted equity index that includes both emerging and developed world markets. 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. 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.

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. 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.

**How has the Fund changed?**

The Fund did not have any material changes that occurred during the reporting period.

**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;$22712129 | &nbsp;&nbsp;Investment Advisory Fees Paid | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;15 | &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;115% |

---

---

| | |
|:---|:---|
| **Stringer Tactical Adaptive Risk Fund** | **SEMI-ANNUAL REPORT** |

---

**Class A (SRGAX) (Unaudited)**

**August 31, 2025**

**What did the Fund invest in?**

---

| | | | |
|:---|:---|:---|:---|
| &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;Vanguard Russell 1000 Growth ETF | &nbsp;&nbsp;12.90% | Vanguard International Dividend Appreciation ETF | &nbsp;&nbsp;6.99% |
| &nbsp;&nbsp;SPDR Bridgewater All Weather ETF | &nbsp;&nbsp;11.03% | iShares MSCI USA Momentum Factor ETF | &nbsp;&nbsp;6.13% |
| &nbsp;&nbsp;SPDR S&P 1500 Value Tilt ETF | &nbsp;&nbsp;9.01% | Goldman Sachs ActiveBeta International Equity ETF | &nbsp;&nbsp;6.02% |
| &nbsp;&nbsp;NYLI Merger Arbitrage ETF | &nbsp;&nbsp;8.18% | SPDR Portfolio Emerging Markets ETF | &nbsp;&nbsp;5.19% |
| &nbsp;&nbsp;PIMCO Multisector Bond Active ETF | &nbsp;&nbsp;8.17% | iShares MSCI International Quality Factor ETF | &nbsp;&nbsp;5.17% |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;80.29% | &nbsp;&nbsp;Debt Fund | &nbsp;&nbsp;8.39% |
| &nbsp;&nbsp;Alternative Fund | &nbsp;&nbsp;11.32% |  |  |

---

**Householding**

To reduce 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 Fund documents not be householded, please contact the Fund at (877) 244-6235 or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund.

---

| | |
|:---|:---|
| **Stringer Tactical Adaptive Risk Fund** | **SEMI-ANNUAL REPORT** |

---

**Class C (SRGCX) (Unaudited)**

**August 31, 2025**

This semi-annual report to shareholders contains important information of the Stringer Tactical Adaptive Risk Fund (the "Fund") for the six months ended August 31, 2025. You can find the Fund's prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information at **https://www.stringeramfunds.com/**. You can also request this information without charge by contacting the Fund at (877) 244-6235.

**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;Class C shares | &nbsp;&nbsp;$106 | &nbsp;&nbsp;2.05% |

---

**How has the Fund performed?**

---

| | | | |
|:---|:---|:---|:---|
| &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;Stringer Tactical Adaptive Risk Fund Class C without CDSC<sup>(a)</sup> | &nbsp;&nbsp;4.75% | &nbsp;&nbsp;5.34% | &nbsp;&nbsp;6.00% |
| &nbsp;&nbsp;MSCI ACWI Net Total Return USD/Bloomberg U.S. Aggregate Bond 65/35 Index Blend | &nbsp;&nbsp;11.36% | &nbsp;&nbsp;8.22% | &nbsp;&nbsp;8.59% |

---

<sup>(a)</sup> A contingent deferred sales charge ("CDSC") of 1.00% is imposed in the event of certain Class C redemption transactions made within one year from the date of purchase.

The Fund utilizes a blended index that is a 65%/35% blend of the MSCI ACWI Net Total Return USD Index (the "MSCI") and the Bloomberg U.S. Aggregate Bond Index. The MSCI is a free-float weighted equity index that includes both emerging and developed world markets. 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. 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.

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. 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.

**How has the Fund changed?**

The Fund did not have any material changes that occurred during the reporting period.

**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;$22712129 | &nbsp;&nbsp;Investment Advisory Fees Paid | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;15 | &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;115% |

---

---

| | |
|:---|:---|
| **Stringer Tactical Adaptive Risk Fund** | **SEMI-ANNUAL REPORT** |

---

**Class C (SRGCX) (Unaudited)**

**August 31, 2025**

**What did the Fund invest in?**

---

| | | | |
|:---|:---|:---|:---|
| &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;Vanguard Russell 1000 Growth ETF | &nbsp;&nbsp;12.90% | Vanguard International Dividend Appreciation ETF | &nbsp;&nbsp;6.99% |
| &nbsp;&nbsp;SPDR Bridgewater All Weather ETF | &nbsp;&nbsp;11.03% | iShares MSCI USA Momentum Factor ETF | &nbsp;&nbsp;6.13% |
| &nbsp;&nbsp;SPDR S&P 1500 Value Tilt ETF | &nbsp;&nbsp;9.01% | Goldman Sachs ActiveBeta International Equity ETF | &nbsp;&nbsp;6.02% |
| &nbsp;&nbsp;NYLI Merger Arbitrage ETF | &nbsp;&nbsp;8.18% | SPDR Portfolio Emerging Markets ETF | &nbsp;&nbsp;5.19% |
| &nbsp;&nbsp;PIMCO Multisector Bond Active ETF | &nbsp;&nbsp;8.17% | iShares MSCI International Quality Factor ETF | &nbsp;&nbsp;5.17% |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;80.29% | &nbsp;&nbsp;Debt Fund | &nbsp;&nbsp;8.39% |
| &nbsp;&nbsp;Alternative Fund | &nbsp;&nbsp;11.32% |  |  |

---

**Householding**

To reduce 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 Fund documents not be householded, please contact the Fund at (877) 244-6235 or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund.

---

| | |
|:---|:---|
| **Stringer Tactical Adaptive Risk Fund** | **SEMI-ANNUAL REPORT** |

---

**Institutional Class (SRGIX) (Unaudited)**

**August 31, 2025**

This semi-annual report to shareholders contains important information of the Stringer Tactical Adaptive Risk Fund (the "Fund") for the six months ended August 31, 2025. You can find the Fund's prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information at **https://www.stringeramfunds.com/**. You can also request this information without charge by contacting the Fund at (877) 244-6235.

**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;$54 | &nbsp;&nbsp;1.05% |

---

**How has the Fund performed?**

---

| | | | |
|:---|:---|:---|:---|
| &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;Stringer Tactical Adaptive Risk Fund Institutional Class | &nbsp;&nbsp;5.72% | &nbsp;&nbsp;6.39% | &nbsp;&nbsp;7.05% |
| &nbsp;&nbsp;MSCI ACWI Net Total Return USD/Bloomberg U.S. Aggregate Bond 65/35 Index Blend | &nbsp;&nbsp;11.36% | &nbsp;&nbsp;8.22% | &nbsp;&nbsp;8.59% |

---

The Fund utilizes a blended index that is a 65%/35% blend of the MSCI ACWI Net Total Return USD Index (the "MSCI") and the Bloomberg U.S. Aggregate Bond Index. The MSCI is a free-float weighted equity index that includes both emerging and developed world markets. 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. 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.

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. 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.

**How has the Fund changed?**

The Fund did not have any material changes that occurred during the reporting period.

**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;$22712129 | &nbsp;&nbsp;Investment Advisory Fees Paid | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;15 | &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;115% |

---

---

| | |
|:---|:---|
| **Stringer Tactical Adaptive Risk Fund** | **SEMI-ANNUAL REPORT** |

---

**Institutional Class (SRGIX) (Unaudited)**

**August 31, 2025**

**What did the Fund invest in?**

---

| | | | |
|:---|:---|:---|:---|
| &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;Vanguard Russell 1000 Growth ETF | &nbsp;&nbsp;12.90% | Vanguard International Dividend Appreciation ETF | &nbsp;&nbsp;6.99% |
| &nbsp;&nbsp;SPDR Bridgewater All Weather ETF | &nbsp;&nbsp;11.03% | iShares MSCI USA Momentum Factor ETF | &nbsp;&nbsp;6.13% |
| &nbsp;&nbsp;SPDR S&P 1500 Value Tilt ETF | &nbsp;&nbsp;9.01% | Goldman Sachs ActiveBeta International Equity ETF | &nbsp;&nbsp;6.02% |
| &nbsp;&nbsp;NYLI Merger Arbitrage ETF | &nbsp;&nbsp;8.18% | SPDR Portfolio Emerging Markets ETF | &nbsp;&nbsp;5.19% |
| &nbsp;&nbsp;PIMCO Multisector Bond Active ETF | &nbsp;&nbsp;8.17% | iShares MSCI International Quality Factor ETF | &nbsp;&nbsp;5.17% |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;80.29% | Debt Fund | &nbsp;&nbsp;8.39% |
| &nbsp;&nbsp;Alternative Fund | &nbsp;&nbsp;11.32% |  |  |

---

**Householding**

To reduce 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 Fund documents not be householded, please contact the Fund at (877) 244-6235 or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the 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 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:** |

---

![](stringerncsrs001.jpg)

**Stringer Tactical Adaptive Risk Fund**

Class A Shares (Ticker Symbol: SRGAX)

Class C Shares (Ticker Symbol: SRGCX)

Institutional Class Shares (Ticker Symbol: SRGIX)

***A series of the***

**360 Funds**

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

**AUGUST 31, 2025**

**Investment Adviser:** 

**Stringer Asset Management, LLC**

**5100 Poplar Avenue, Suite 1502** 

**Memphis, TN 38137**

*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 Fund. Certain information previously included in the Reports, including the Fund's 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>**

---

| | |
|:---|:---|
| [**Schedule of Investments**](#stringerncsrsa001) | **1** |
| [**Statement of Assets and Liabilities**](#stringerncsrsa002) | **2** |
| [**Statement of Operations**](#stringerncsrsa003) | **3** |
| [**Statements of Changes in Net Assets**](#stringerncsrsa004) | **4** |
| [**Financial Highlights**](#stringerncsrsa005) | &nbsp;&nbsp;**5** |
| [**Notes to the Financial Statements**](#stringerncsrsa006) | **8** |
| [**Additional Information**](#stringerncsrsa007) | &nbsp;&nbsp;**15** |

---

---

| | |
|:---|:---|
| **STRINGER TACTICAL ADAPTIVE RISK FUND** |  |
| **SCHEDULE OF INVESTMENTS** |  |
| **August 31, 2025 (Unaudited)** | **SEMI-ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS - 97.41%** |  |  |
| &nbsp;&nbsp;&nbsp;**Alternative Fund - 11.03%** |  |  |
| &nbsp;&nbsp;&nbsp;SPDR Bridgewater All Weather ETF <sup>(a)</sup> | 93673.0 | $2504816 |
| &nbsp;&nbsp;&nbsp;**Debt Fund - 8.17%** |  |  |
| &nbsp;&nbsp;&nbsp;PIMCO Multisector Bond Active ETF | 69492.0 | 1854742 |
| &nbsp;&nbsp;&nbsp;**Equity Funds - 78.21%** |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs ActiveBeta International Equity ETF | 33680.0 | 1367745 |
| &nbsp;&nbsp;&nbsp;iShares Expanded Tech-Software Sector ETF <sup>(a)</sup> | 6234.0 | 673895 |
| &nbsp;&nbsp;&nbsp;iShares Global Financials ETF | 5500.0 | 635195 |
| &nbsp;&nbsp;&nbsp;iShares MSCI International Quality Factor ETF | 27230.0 | 1174702 |
| &nbsp;&nbsp;&nbsp;iShares MSCI USA Momentum Factor ETF | 5710.0 | 1391698 |
| &nbsp;&nbsp;&nbsp;NYLI Merger Arbitrage ETF <sup>(a)</sup> | 51864.0 | 1856731 |
| &nbsp;&nbsp;&nbsp;SPDR MSCI USA StrategicFactors ETF | 5704.0 | 953481 |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Emerging Markets ETF | 26558.0 | 1179175 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 1500 Value Tilt ETF | 10167.0 | 2046620 |
| &nbsp;&nbsp;&nbsp;Vanguard Information Technology ETF | 1497.0 | 1043439 |
| &nbsp;&nbsp;&nbsp;Vanguard International Dividend Appreciation ETF | 17781.0 | 1587132 |
| &nbsp;&nbsp;&nbsp;Vanguard Russell 1000 Growth ETF | 25546.0 | 2929360 |
| &nbsp;&nbsp;&nbsp;Xtrackers U.S. National Critical Technologies ETF | 26273.0 | 924085 |
|  |  | 17763258 |
| **TOTAL EXCHANGE-TRADED FUNDS&nbsp;&nbsp;&nbsp;&nbsp; (Cost $20,142,862)** |  | 22122816 |
| **INVESTMENTS AT VALUE&nbsp;&nbsp;&nbsp;&nbsp; (Cost $20,142,862) - 97.41%** |  | $22122816 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 2.59%** |  | 589313 |
| **NET ASSETS - 100.00%** |  | $22712129 |

---

Percentages are stated as a percent of net assets.

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

*The following abbreviations are used in this portfolio:*

ETF - Exchange-Traded Fund

MSCI - Morgan Stanley Capital International

PIMCO - Pacific Investment Management Company, LLC

S&P - Standard & Poor's

SPDR - Standard & Poor's Depositary Receipts

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

---

| | |
|:---|:---|
| **STRINGER TACTICAL ADAPTIVE RISK FUND** |  |
| **STATEMENT OF ASSETS AND LIABILITIES** |  |
| **August 31, 2025 (Unaudited)** | **SEMI-ANNUAL REPORT** |

---

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $20142862 |
| &nbsp;&nbsp;&nbsp;Investments, at value | 22122816 |
| &nbsp;&nbsp;&nbsp;Due from Adviser | 2906 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 1196895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 129830 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 9385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 23462796 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | 13658 |
| &nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 635580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 52605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued distribution (12b-1) fees | 3966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to administrator | 12208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Trustee fees | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 31330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 750667 |
| **Commitments and contingencies <sup>(a)</sup>** |  |
| **Net Assets** | $22712129 |
| **Sources of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in beneficial interest | $20119798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | 2592331 |
| **Total Net Assets (Unlimited $0 par value shares of beneficial interest authorized)** | $22712129 |
| **Class A Shares:** |  |
| Net assets | $5352120 |
| Shares Outstanding (Unlimited $0 par value shares of beneficial interest authorized) | 401744 |
| Net Asset Value Per Share | $13.32 |
| Maximum Offering Price Per Share <sup>(b)</sup> | $14.10 |
| Minimum Redemption Price Per Share <sup>(c)</sup> | $13.19 |
| **Class C Shares:** |  |
| Net assets | $2728221 |
| Shares Outstanding (Unlimited $0 par value shares of beneficial interest authorized) | 207853 |
| Net Asset Value and Offering Price Per Share | $13.13 |
| Minimum Redemption Price Per Share <sup>(d)</sup> | $13.00 |
| **Institutional Class Shares:** |  |
| Net assets | $14631788 |
| Shares Outstanding (Unlimited $0 par value shares of beneficial interest authorized) | 1094562 |
| Net Asset Value, Offering and Redemption Price Per Share | $13.37 |

---

<sup>(a)</sup> See Note 8 in the Notes to Financial Statements.

<sup>(b)</sup> A maximum sales charge of 5.50% is imposed on Class A shares.

<sup>(c)</sup> Investments in Class A shares made at or above the $1 million breakpoint are not subject to an initial sales charge and may be subject to a 1.00% contingent deferred sales charge ("CDSC") on shares redeemed within one year from the date of purchase.

<sup>(d)</sup> A CDSC of 1.00% is imposed in the event of certain Class C redemption transactions made within one year from the date of purchase.

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

---

| | |
|:---|:---|
| **STRINGER TACTICAL ADAPTIVE RISK FUND** |  |
| **STATEMENT OF OPERATIONS** | **SEMI-ANNUAL REPORT** |

---

---

| | |
|:---|:---|
|  | **For the<br> Six Months Ended<br> August 31, 2025** |
|  | **(Unaudited)** |
| **Investment income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $178326 |
| &nbsp;&nbsp;&nbsp;Interest | 14204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 192530 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees (Note 5) | 108966 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees - Class A (Note 5) | 6498 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees - Class C (Note 5) | 14258 |
| &nbsp;&nbsp;&nbsp;Accounting and transfer agent fees and expenses (Note 5) | 62256 |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 13561 |
| &nbsp;&nbsp;&nbsp;Legal fees | 11336 |
| &nbsp;&nbsp;&nbsp;Audit fees | 7233 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 7095 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 6711 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 6231 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 5039 |
| &nbsp;&nbsp;&nbsp;Pricing fees | 3584 |
| &nbsp;&nbsp;&nbsp;Insurance | 2482 |
| &nbsp;&nbsp;&nbsp;Compliance officer expenses | 685 |
| &nbsp;&nbsp;&nbsp;Non-12b-1 shareholder servicing expense | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 256338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: fees waived and expenses reimbursed (Note 5) | (115142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | 141196 |
| &nbsp;&nbsp;&nbsp;**Net investment income** | 51334 |
| **Realized and unrealized gain (loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 811067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain on investments** | 811067 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 268664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation** | 268664 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1079731 |
| **Net increase in net assets resulting from operations** | $1131065 |

---

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

---

| | |
|:---|:---|
| **STRINGER TACTICAL ADAPTIVE RISK FUND** |  |
| **STATEMENTS OF CHANGES IN NET ASSETS** | **SEMI-ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> August 31, 2025** | **For the<br> Year Ended<br> February 28, 2025** |
|  | **(Unaudited)** | |
| **Increase (decrease) in net assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $51334 | $285006 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 811067 | 2056677 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 268664 | (888904) |
| Net increase in net assets resulting from operations | 1131065 | 1452779 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings - Class A |  | (72337) |
| &nbsp;&nbsp;&nbsp;Distributable earnings - Class C |  | (15990) |
| &nbsp;&nbsp;&nbsp;Distributable earnings - Institutional Class |  | (228673) |
| Total distributions |  | (317000) |
| **Beneficial interest transactions (Note 3):** |  |  |
| &nbsp;&nbsp;&nbsp;Decrease in net assets from beneficial interest transactions | (1327276) | (2186581) |
| **Decrease in net assets** | (196211) | (1050802) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 22908340 | 23959142 |
| &nbsp;&nbsp;&nbsp;End of year/period | $22712129 | $22908340 |

---

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

---

| | |
|:---|:---|
| **STRINGER TACTICAL ADAPTIVE RISK FUND** |  |
| **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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the<br> Six Months Ended<br> August 31, 2025** | **For the<br> Year Ended<br> February 28, 2025** | **For the<br> Year Ended<br> February 29, 2024** | **For the<br> Year Ended<br> February 28, 2023** | **For the<br> Year Ended<br> February 28, 2022** | **For the<br> Year Ended<br> February 28, 2021** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Year/period** | $12.74 | $12.14 | $10.83 | $12.49 | $13.64 | $11.42 |
| **Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.02 | 0.15 | 0.25 | 0.13 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.56 | 0.62 | 1.35 | (1.46) | 0.78 | 2.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.58 | 0.77 | 1.60 | (1.33) | 0.85 | 3.01 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.17) | (0.29) | (0.11) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;From net realized capital gains |  |  |  | (0.22) | (1.95) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (0.17) | (0.29) | (0.33) | (2.00) | (0.79) |
| **Net Asset Value, End of Year/period** | $13.32 | $12.74 | $12.14 | $10.83 | $12.49 | $13.64 |
| **Total Return** <sup>(d)</sup>** | 4.55 %<sup>(f)</sup> | 6.36% | 14.85% | (10.63)%<sup>(e)</sup> | 5.01% | 26.60% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000's) | $5352 | $5339 | $5835 | $5038 | $3953 | $4028 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed <sup>(b)</sup> | 2.30 %<sup>(g)</sup> | 2.30% | 2.31% | 2.17% | 1.98% | 2.16% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed <sup>(b)</sup> | 1.30 %<sup>(g)</sup> | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
| **Ratio of net investment income (loss):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed <sup>(b) (c)</sup> | (0.64)%<sup>(g)</sup> | 0.19% | 1.16% | 0.27% | (0.18)% | (0.27)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed <sup>(b) (c)</sup> | 0.37 %<sup>(g)</sup> | 1.19% | 2.17% | 1.13% | 0.50% | 0.60% |
| **Portfolio turnover rate** | 115 %<sup>(f)</sup> | 133% | 80% | 103% | 105% | 212% |

---

<sup>(a)</sup> Net investment income per share is based on average shares outstanding.

<sup>(b)</sup> These ratios exclude the impact of the expenses of the underlying investment companies in which the Fund invests.

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

<sup>(d)</sup> Total Return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Had the Adviser not waived fees/reimbursed expenses, total returns would have been lower. The returns shown exclude the impact of any sales loads and contingent deferred sales charges.

<sup>(e)</sup> During the year ended February 28, 2023, 0.00% of the Fund's total return consists of a voluntary reimbursement by the administrator for a loss incurred on a NAV error. Excluding these items, total return would have been (10.63)%.

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

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

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

---

| | |
|:---|:---|
| **STRINGER TACTICAL ADAPTIVE RISK FUND** |  |
| **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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the<br> Six Months Ended<br> August 31, 2025** | **For the<br> Year Ended<br> February 28, 2025** | **For the<br> Year Ended<br> February 29, 2024** | **For the<br> Year Ended<br> February 28, 2023** | **For the<br> Year Ended<br> February 28, 2022** | **For the<br> Year Ended<br> February 28, 2021** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Year/period** | $12.60 | $11.99 | $10.69 | $12.30 | $13.51 | $11.34 |
| **Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | (0.02) | 0.06 | 0.16 | 0.03 | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.55 | 0.61 | 1.32 | (1.42) | 0.78 | 2.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.53 | 0.67 | 1.48 | (1.39) | 0.74 | 2.89 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.06) | (0.18) |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized capital gains |  |  |  | (0.22) | (1.95) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (0.06) | (0.18) | (0.22) | (1.95) | (0.72) |
| **Net Asset Value, End of Year/period** | $13.13 | $12.60 | $11.99 | $10.69 | $12.30 | $13.51 |
| **Total Return** <sup>(d)</sup>** | 4.21 %<sup>(e)</sup> | 5.63% | 13.94% | (11.28)% | 4.29% | 25.69% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000's) | $2728 | $3045 | $3577 | $4551 | $8840 | $9924 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed <sup>(b)</sup> | 3.05 %<sup>(f)</sup> | 3.05% | 3.06% | 2.92% | 2.73% | 2.91% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed <sup>(b)</sup> | 2.05 %<sup>(f)</sup> | 2.05% | 2.05% | 2.05% | 2.05% | 2.05% |
| **Ratio of net investment income (loss):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed <sup>(b) (c)</sup> | (1.38)%<sup>(f)</sup> | (0.55)% | 0.45% | (0.60)% | (0.95)% | (1.02)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed <sup>(b) (c)</sup> | (0.37)%<sup>(f)</sup> | 0.45% | 1.46% | 0.27% | (0.27)% | (0.16)% |
| **Portfolio turnover rate** | 115 %<sup>(e)</sup> | 133% | 80% | 103% | 105% | 212% |

---

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> These ratios exclude the impact of the expenses of the underlying investment companies in which the Fund invests.

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

<sup>(d)</sup> Total Return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Had the Adviser not waived fees/reimbursed expenses, total returns would have been lower. The returns shown exclude the impact of any contingent deferred sales charges.

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

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

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

---

| | |
|:---|:---|
| **STRINGER TACTICAL ADAPTIVE RISK FUND** |  |
| **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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the<br> Six Months Ended<br> August 31, 2025** | **For the<br> Year Ended<br> February 28, 2025** | **For the<br> Year Ended<br> February 29, 2024** | **For the<br> Year Ended<br> February 28, 2023** | **For the<br> Year Ended<br> February 28, 2022** | **For the<br> Year Ended<br> February 28, 2021** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Year/period** | $12.76 | $12.16 | $10.85 | $12.51 | $13.65 | $11.42 |
| **Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.04 | 0.18 | 0.28 | 0.14 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.57 | 0.62 | 1.34 | (1.45) | 0.79 | 2.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.61 | 0.80 | 1.62 | (1.31) | 0.89 | 3.05 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.20) | (0.31) | (0.13) | (0.08) | (0.10) |
| &nbsp;&nbsp;&nbsp;From net realized capital gains |  |  |  | (0.22) | (1.95) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (0.20) | (0.31) | (0.35) | (2.03) | (0.82) |
| **Net Asset Value, End of Year/period** | $13.37 | $12.76 | $12.16 | $10.85 | $12.51 | $13.65 |
| **Total Return** <sup>(d)</sup>** | 4.78 %<sup>(e)</sup> | 6.63% | 15.10% | (10.42)% | 5.34% | 26.98% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000's) | $14632 | $14524 | $14547 | $15075 | $26265 | $16316 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed <sup>(b)</sup> | 2.05 %<sup>(f)</sup> | 2.05% | 2.06% | 1.92% | 1.73% | 1.91% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed <sup>(b)</sup> | 1.05 %<sup>(f)</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| **Ratio of net investment income (loss):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed <sup>(b) (c)</sup> | (0.38)%<sup>(f)</sup> | 0.42% | 1.44% | 0.40% | 0.04% | (0.03)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed <sup>(b) (c)</sup> | 0.63 %<sup>(f)</sup> | 1.42% | 2.45% | 1.27% | 0.72% | 0.83% |
| **Portfolio turnover rate** | 115 %<sup>(e)</sup> | 133% | 80% | 103% | 105% | 212% |

---

<sup>(a)</sup> Net investment income per share is based on average shares outstanding.

<sup>(b)</sup> These ratios exclude the impact of the expenses of the underlying investment companies in which the Fund invests.

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

<sup>(d)</sup> Total Return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Had the Adviser not waived fees/reimbursed expenses, total returns would have been lower.

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

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

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

---

| | |
|:---|:---|
| **Stringer Tactical Adaptive Risk Fund** | **SEMI-ANNUAL REPORT** |

---

**NOTES TO THE FINANCIAL STATEMENTS**

**August 31, 2025 (Unaudited)**

**1.** **ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES** 

The Stringer Tactical Adaptive Risk Fund (the "Fund") is a series of 360 Funds (the "Trust"). 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 (the "1940 Act"). The Fund is a diversified fund. The Fund's investment objective is long-term growth of capital. The Fund's investment adviser is Stringer Asset Management, LLC (the "Adviser"). The Fund offers three classes of shares, Class A, Class C, and Institutional. Each class of shares commenced operations on March 27, 2013. Each class differs as to sales and redemption charges and ongoing fees. Income and realized/unrealized gains or losses are allocated to each class based on relative net assets.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company that follows 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 2.

b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds – The Fund may invest in exchange-traded funds ("ETFs"). ETFs are registered investment companies and incur fees and expenses such as operating expenses, licensing fees, registration fees, trustees fees, and marketing expenses, and ETF shareholders, such as the Fund, pay their proportionate share of these expenses. Your cost of investing in the Fund will generally be higher than the cost of investing directly in ETFs. By investing in the Fund, you will indirectly bear fees and expenses charged by the underlying ETFs in which the Fund invests in addition to the Fund's direct fees and expenses.

c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Income Taxes – The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

As of and during the six months ended August 31, 2025, the Fund did not have a liability for any unrecognized tax expenses. The Fund recognizes interest and penalties, if any, related to unrecognized tax liability as income tax expense in the Statement of Operations. During the six months ended August 31, 2025, the Fund did not incur any interest or penalties. The Fund identifies its major tax jurisdictions as U.S. Federal and Delaware State. As required by accounting principles generally accepted in the United States of America ("GAAP"), ASC 740, management has analyzed the Fund's tax positions taken on federal income tax returns for all open tax years (tax years ended 2022, 2023, 2024 and 2025) and for the six months ended August 31, 2025, and has concluded that no provision for income tax is required in these financial statements.

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 beneficial interest. There were no reclassifications necessary for the six months ended August 31, 2025.

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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other – Investment and shareholder transactions are recorded on trade date. The Fund determines 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 is recognized on the ex-dividend date or as soon as information is available to the Fund and interest income is recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

---

| | |
|:---|:---|
| **Stringer Tactical Adaptive Risk Fund** | **SEMI-ANNUAL REPORT** |

---

**NOTES TO THE FINANCIAL STATEMENTS**

**August 31, 2025 (Unaudited)**

**1.** **ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)** 

g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingent Deferred Sales Charges – For initial purchases of Class A shares of the Fund of $1 million or more, a broker-dealer's commission (equal to 1.00% of such purchases over $1 million) may be paid by the Adviser to participating unaffiliated broker-dealers through whom such purchases are effected. A contingent deferred sales charge ("CDSC") may be imposed upon certain redemptions of Class A shares purchased at net asset value in amounts totaling $1 million or more if the dealer's commission described above was paid by the Adviser and the shares are redeemed within one year from the date of purchase. The Adviser may advance a commission to a dealer that sells such Class A shares and any CDSC will be reimbursed to the Adviser and will be equal to 1.00% of the lesser of (1) the net asset value at the time of purchase of the Class A shares being redeemed; or (2) the net asset value of such shares at the time of redemption. There were no CDSC fees from Class A redemptions reimbursed to the Adviser during the six months ended August 31, 2025.

For initial purchases of Class C shares of the Fund, a broker-dealer's commission (equal to 1.00% of such purchases) may be paid by the Adviser to participating unaffiliated broker-dealers through whom such purchases are effected. A CDSC of 1.00% may be imposed on certain redemptions of Class C shares that are redeemed within one year from the date of purchase. The Adviser may advance a commission to a dealer that sells Class C shares and any CDSC will be reimbursed to the Adviser and will be a percentage of the dollar amount of shares redeemed and will be assessed on an amount equal to the net asset value at the time of purchase of the Class C shares being redeemed. There were CDSC fees from Class C redemptions of $21 reimbursed to the Adviser during the six months ended August 31, 2025.

h)&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.

**2.** **SECURITIES VALUATIONS** 

**Processes and Structure**

The Fund's Board of Trustees (the "Board") 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 Adviser to apply those guidelines in determining fair value prices, subject to review by the Board.

**Hierarchy of Fair Value Inputs**

The Fund utilizes various methods to measure the fair value of its 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 an 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.

---

| | |
|:---|:---|
| **Stringer Tactical Adaptive Risk Fund** | **SEMI-ANNUAL REPORT** |

---

**NOTES TO THE FINANCIAL STATEMENTS**

**August 31, 2025 (Unaudited)**

**2.** **SECURITIES VALUATIONS (continued)** 

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.

**Fair Value Measurements** 

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

Equity securities (common stock and ETFs) – 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 that 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 – Money market funds are valued at their net asset value of $1.00 per share and are categorized as Level 1.

The following table summarizes the inputs used to value the Fund's assets and liabilities measured at fair value as of August 31, 2025.

**Financial Instruments** – **Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Classification <sup>(1)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| Exchange-Trades Funds <sup>(2)</sup> | $22122816 | $— | $— | $22122816 |
| Total Assets | $22122816 | $— | $— | $22122816 |

---

 

<sup>(1)</sup> During the six months ended August 31, 2025, the Fund held no securities that were considered to be "Level 3" securities (those valued using significant unobservable inputs). Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable.

<sup>(2)</sup> All ETFs held in the Fund are Level 1 securities. For a detailed break-out of ETFs by investment type, please refer to the Schedule of Investments.

Pursuant to Rule 2a-5, securities for which market quotations are not readily available will have a fair value determined by the Valuation Designee (as defined by Rule 2a-5) in accordance with the fair value policies and procedures adopted by the Board and the Adviser. The Board will oversee the Valuation Designee's fair value determinations and has assigned the Adviser as the Fund's Valuation Designee.

---

| | |
|:---|:---|
| **Stringer Tactical Adaptive Risk Fund** | **SEMI-ANNUAL REPORT** |

---

**NOTES TO THE FINANCIAL STATEMENTS**

**August 31, 2025 (Unaudited)**

**3.** **BENEFICIAL INTEREST TRANSACTIONS** 

Transactions in shares of beneficial interest for the Fund for the six months ended August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Sold** | **Redeemed** | **Reinvested** | **Net Decrease** |
| **Class A** |  |  |  |  |
| Shares | 5572 | (23025) |  | (17453) |
| Value | $71003 | $(290375) | $— | $(219372) |
| **Class C** |  |  |  |  |
| Shares | 407 | (34316) |  | (33909) |
| Value | $5021 | $(431300) | $— | $(426279) |
| **Institutional Class** |  |  |  |  |
| Shares | 140933 | (184231) |  | (43298) |
| Value | $1677204 | $(2358829) | $— | $(681625) |

---

Transactions in shares of beneficial interest for the Fund for the year ended February 28, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Sold** | <br>**Redeemed** | <br>**Reinvested** | <br>**Net Decrease** |
| **Class A** |  |  |  |  |
| Shares | 38079 | (105091) | 5411 | (61601) |
| Value | $476459 | $(1322252) | $67640 | $(778153) |
| **Class C** |  |  |  |  |
| Shares | 1542 | (59223) | 1220 | (56461) |
| Value | $19067 | $(734521) | $15099 | $(700355) |
| **Institutional Class** |  |  |  |  |
| Shares | 135954 | (209337) | 15218 | (58165) |
| Value | $1734029 | $(2632630) | $190528 | $(708073) |

---

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

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

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $25491065 | $26981356 |

---

There were no government securities purchased or sold during the period.

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

The Fund has entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser. Pursuant to the Advisory Agreement, the Adviser manages the operations of the Fund and its investments in accordance with the stated policies of the Fund. As compensation for the investment advisory services provided to the Fund, the Adviser receives a monthly management fee equal to an annual rate of 0.95% of the Fund's average daily net assets.

---

| | |
|:---|:---|
| **Stringer Tactical Adaptive Risk Fund** | **SEMI-ANNUAL REPORT** |

---

**NOTES TO THE FINANCIAL STATEMENTS**

**August 31, 2025 (Unaudited)**

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

The Adviser has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (but excluding interest, borrowing expenses, distribution fees pursuant to Rule 12b-1 Plans, 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 1.05% until and through at least June 30, 2026. 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. The current contractual agreement cannot be terminated without the Board's approval. Please see the table below for information regarding the management fees earned, fee waivers and expenses reimbursed during the six months ended August 31, 2025, as well as amounts due to (from) the Adviser at August 31, 2025.

---

| | |
|:---|:---|
| Advisory fees earned | $108966 |
| Fees waived and reimbursed | 115142 |
| Payable to (Due from) Adviser | (2906) |

---

&nbsp;&nbsp;&nbsp;&nbsp;The amounts subject to repayment by the Fund, pursuant to the aforementioned conditions, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **February 28, 2026** | **February 28, 2027** | **February 29, 2028** | **February 28, 2029** | **Totals** |
| 272136 | $244306 | $233701 | $115142 | $865285 |

---

The Fund has entered into an Investment Company Services Agreement ("ICSA") with M3Sixty Administration, LLC ("M3Sixty"). Pursuant to the ICSA, M3Sixty will provide daily operational services to the Fund including, but not limited to: (a) Fund accounting services; (b) financial statement preparation; (c) valuation of the Fund's portfolio securities; (d) pricing the Fund's 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 Fund's compliance; and (j) maintaining shareholder account records.

For the six months ended August 31, 2025, the Fund accrued servicing fees, including out of pocket expenses, and have amounts payable to M3Sixty as follows.

---

| | |
|:---|:---|
| Service fees accrued | $62256 |
| Service fees payable | 12208 |

---

Certain officers and a Trustee of the Fund are also employees of M3Sixty.

The Fund has entered into a Distribution Agreement with Matrix 360 Distributors, LLC (the "Distributor"). Pursuant to the Distribution Agreement, the Distributor provides distribution services to the Fund. The Distributor serves as underwriter/distributor of the Fund. During the six months ended August 31, 2025, commissions of $14 were paid to the Distributor.

The Distributor is an affiliate of M3Sixty.

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act for each class of shares. The Fund may expend up to 1.00% for Class C shares and up to 0.25% for Class A shares of the Fund's average daily net assets annually to pay for any activity primarily intended to result in the sale of shares of the Fund and the servicing of shareholder accounts, provided that the Trustees have approved the category of expenses for which payment is being made.

The Plans for the Class A and Class C shares of the Fund took effect March 27, 2013. For the six months ended August 31, 2025, the Fund accrued 12b-1 expenses attributable to Class A shares and Class C shares as follows.

---

| | |
|:---|:---|
| **Class A** | **Class C** |
| $6498 | $14258 |

---

---

| | |
|:---|:---|
| **Stringer Tactical Adaptive Risk Fund** | **SEMI-ANNUAL REPORT** |

---

**NOTES TO THE FINANCIAL STATEMENTS**

**August 31, 2025 (Unaudited)**

**6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAX MATTERS** 

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

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross Appreciation** | **Gross Depreciation** | **Net Appreciation** |
| $20233529 | $1898725 | $(9438) | $1889287 |

---

The difference between book basis unrealized appreciation and tax-basis unrealized appreciation for the Fund is attributable primarily to the tax deferral of losses on wash sales.

The Fund did not pay any distributions during the six months ended August 31, 2025.

The tax character of distributions paid by the Fund during the fiscal year ended February 28, 2025 were as follows:

---

| |
|:---|
| Ordinary Income |
| $317000 |

---

The Fund's tax basis distributable earnings are determined only at the end of each fiscal year. As of February 28, 2025, the Fund's most recent fiscal year-end, the components of distributable earnings presented on an income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed Ordinary Income** | **Capital Loss Carryforwards** | **Post-October Capital Losses & Post-December Ordinary Loss** | **Net Unrealized Appreciation** | **Total** <br> **Distributable Earnings** |
| $– $– $| (213543) | $(32704) | $1707513 | $1461266 |

---

Under current tax law, net capital losses realized after October 31st and net ordinary losses incurred after December 31st may be deferred and treated as occurring on the first day of the following fiscal year. As of February 28, 2025, the Fund did not elect to defer any post-October losses but did elect to defer $32,704 of post-December losses.

As of February 28, 2025, the Fund had the following capital loss carryforwards for federal income tax purposes available to offset future capital gains.

---

| | |
|:---|:---|
| **Non-Expiring <br>Short-Term** | **Non-Expiring <br>Long-Term** |
| $213543 | $— |

---

During the fiscal year ended February 28, 2025, the Fund utilized $1,991,048 of capital loss carryforwards.

In accordance with accounting pronouncements, the Fund may record reclassifications in the capital accounts. These reclassifications have no impact on the net asset value of the Fund and are designed generally to present distributable earnings on a tax basis which is considered to be more informative to the shareholder. There were no permanent book and tax differences that resulted in any reclassifications to paid-in capital for the year ended February 28, 2025.

**7.** **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 August 31, 2025, Charles Schwab & Co., Inc. ("Schwab") held, for the benefit of their customers, greater than 25% of the Fund's voting securities. As a result, Schwab may be deemed to control the Fund. The percentage of voting securities of the Fund held by Schwab as of August 31, 2025 was 28%.

**8.** **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 Fund and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote.

---

| | |
|:---|:---|
| **Stringer Tactical Adaptive Risk Fund** | **SEMI-ANNUAL REPORT** |

---

**NOTES TO THE FINANCIAL STATEMENTS**

**August 31, 2025 (Unaudited)**

**9.** **SUBSEQUENT EVENTS** 

In accordance with GAAP, management has evaluated the impact of all subsequent events of the Fund 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.

---

| | |
|:---|:---|
| **Stringer Tactical Adaptive Risk Fund** | **SEMI-ANNUAL REPORT** |

---

**ADDITIONAL INFORMATION**

**August 31, 2025 (Unaudited)**

The Fund files its complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at <u>http://www.sec.gov</u>.

A description of the policies and procedures that the Fund uses 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 Fund 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 - For the year ended February 28, 2025, the Fund paid $317,000 of ordinary income. Tax information is reported from the Fund's 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.

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

4300 Shawnee Mission Parkway

Suite 100

Fairway, KS 66205

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

Stringer Asset Management, LLC

5100 Poplar Avenue

Suite 1502

Memphis, TN 38137

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

M3Sixty Administration, LLC

4300 Shawnee Mission Parkway

Suite 100

Fairway, KS 66205

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

Matrix 360 Distributors, LLC

4300 Shawnee Mission Parkway

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, OH 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.**

There were no changes in or disagreements with Accountants on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the six months ended August 31, 2025.

**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 Fund are within Item 7. Statement of Operations as Trustee fees and expenses.

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

N/A

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

Not applicable as the Fund is an open-end management investment company.

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

Not applicable as the Fund is an open-end management investment company.

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

Not applicable as the Fund is an open-end management investment company.

---

| | |
|:---|:---|
| 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 Fund is an open-end management investment company.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable

ITEM 19. EXHIBITS

(a)(1) Not Applicable.

[(a)(2)](ex99-cert.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.](ex99-cert.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

---

| | |
|:---|:---|
| By: | /s/ Randy Linscott |
|  | Randy Linscott |
|  | Principal Executive Officer |
| Date: | November 5, 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.

---

| | |
|:---|:---|
| By: | /s/ Randy Linscott |
|  | Randy Linscott |
|  | Principal Executive Officer |
| Date: | November 5, 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.

---

| | |
|:---|:---|
| By: | /s/ Larry E. Beaver, Jr. |
|  | Larry E. Beaver, Jr. |
|  | Treasurer and Principal Financial Officer |
| Date: | November 5, 2025 |

---

## Ex-99.Cert

[Stringer Tactical Adaptive Risk Fund N-CSRS](stringer-ncsrs_083125.htm)

**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 Stringer Tactical Adaptive Risk Fund, 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: November 5, 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 Stringer Tactical Adaptive Risk Fund, 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.

---

| | |
|:---|:---|
| <br> Date: November 5, 2025 | /s/ Larry E. Beaver, Jr. |
|  | Larry E. Beaver, Jr. |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

[Stringer Tactical Adaptive Risk Fund N-CSRS](stringer-ncsrs_083125.htm)

**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 August 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: November 5, 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 August 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: | November 5, 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.