# EDGAR Filing Document

**Accession Number:** 0001319067
**File Stem:** 0001999371-25-010986
**Filing Date:** 2025-8
**Character Count:** 110935
**Document Hash:** 66f94c5af230f94b1ae4e8a21ef5ba1c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-010986.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001999371-25-010986

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21726
- **FILM NUMBER:** 251199046

**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

### M3Sixty Small Cap Growth Fund (Series ID: S000080760)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000243293 | Institutional Class Shares | MCSCX           |

?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 Pkwy, Suite 100 Fairway, KS** | &nbsp;&nbsp;**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: **877-244-6235**

Date of fiscal year end: **<u>May 31</u>**

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

ITEM 1. REPORTS TO SHAREHOLDERS

The Annual report to Shareholders of the M3Sixty Small Cap Growth Fund, a series of the 360 Funds (the "registrant"), for the fiscal year ended May 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.

---

| | |
|:---|:---|
| **M3Sixty Small Cap Growth Fund** | **ANNUAL REPORT** |

---

**Institutional Class (MCSCX)**

**May 31, 2025**

This annual report to shareholders contains important information of the M3Sixty Small Cap Growth Fund (the "Fund"), for the year ended May 31, 2025. You can find the Fund's prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information at **https://m3sixtycapital.com**. You can also request this information without charge by contacting the Fund at (877) 244-6235.

**What were the Fund costs for the year?** (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** |
| Institutional Class Shares | &nbsp;&nbsp;$98 | &nbsp;&nbsp;0.99% |

---

**How has the Fund performed?**

![](m3sixtyncsr001.jpg)

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;Since Inception of June 28, 2023 <br> through May 31, 2025 |
| M3Sixty Small Cap Growth Fund – Institutional Class | &nbsp;&nbsp;(2.70)% | &nbsp;&nbsp;2.80% |
| Russell 2000<sup>®</sup> Growth Total Return Index | &nbsp;&nbsp;3.45% | &nbsp;&nbsp;7.65% |

---

The performance information quoted in this 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.

The Russell 2000<sup>®</sup> Growth Total Return Index ("Russell 2000 Growth") measures the performance of the small-cap growth segment of the U.S. equity universe. It includes Russell 2000 companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium-term (2-year) growth, and higher sales per share historical growth (5 years). 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.

**How did the Fund Perform last year?**

The Fund's return during the fiscal year ended May 31, 2025 was (2.70)% compared to the Rusell 2000 Growth's return of 3.45%.

---

| | |
|:---|:---|
| **M3Sixty Small Cap Growth Fund** | **ANNUAL REPORT** |

---

**Institutional Class (MCSCX)**

**May 31, 2025**

**What factors influenced performance during the past year?**

There are points in time where our high-quality investment style underperforms the market, and the most recent fiscal year included many of these factors. While the Fund's underperformance was driven by stock selection, we believe our style was out of favor during the period. We outperformed in the Health Care, Utilities and Real Estate sectors, but this outperformance was more than offset by weakness in Technology, Consumer Discretionary and Industrials. While disappointed by the relative underperformance in the period, we remain confident in our investment process to keep us invested in companies with proven track records, profitable operating models, and strong balance sheets as we believe over the long term these companies will outperform.

Our top contributors and detractors to performance were as follows:

---

| | |
|:---|:---|
| Top Contributors | Top Detractors |
| Sterling Infrastructure, Inc. | &nbsp;&nbsp;Neogen Corp. |
| Corcept Therapeutics, Inc. | &nbsp;&nbsp;Gentherm, Inc. |
| Coherent Corp. | &nbsp;&nbsp;Ameresco, Inc. |
| OSI Systems, Inc. | &nbsp;&nbsp;Diodes, Inc. |
| ExlService Holdings, Inc. | &nbsp;&nbsp;American Eagle Outfitters, Inc. |

---

**How has the Fund changed?**

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

**What are some Fund statistics?**

---

| | | | |
|:---|:---|:---|:---|
| Fund Statistics | Fund Statistics | Fund Statistics | Fund Statistics |
| Total Net Assets | $10451274 | &nbsp;&nbsp;Investment Advisory Fees Paid | $0 |
| Number of Portfolio Holdings | 91 | &nbsp;&nbsp;Portfolio Turnover Rate | 22.03% |

---

**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) |
| Ensign Group, Inc.  | &nbsp;&nbsp;2.90% | &nbsp;&nbsp;OSI Systems, Inc. | &nbsp;&nbsp;1.96% |
| Sterling Infrastructure, Inc. | &nbsp;&nbsp;2.81% | &nbsp;&nbsp;Globus Medical, Inc. | &nbsp;&nbsp;1.77% |
| RBC Bearings, Inc. | &nbsp;&nbsp;2.24% | &nbsp;&nbsp;A10 Networks, Inc. | &nbsp;&nbsp;1.72% |
| Performance Food Group Co. | &nbsp;&nbsp;2.16% | &nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;1.70% |
| MasTec, Inc | &nbsp;&nbsp;2.03% | &nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;1.70% |

---

---

| | | | |
|:---|:---|:---|:---|
| &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) |
| Information Technology | &nbsp;&nbsp;23.49% | &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;3.91% |
| Industrials | &nbsp;&nbsp;22.27% | &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;1.37% |
| Health Care | &nbsp;&nbsp;21.26% | &nbsp;&nbsp;Utilities | &nbsp;&nbsp;0.75% |
| Consumer Discretionary | &nbsp;&nbsp;13.30% | &nbsp;&nbsp;Materials | &nbsp;&nbsp;0.59% |
| Financials | &nbsp;&nbsp;8.04% | &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;0.57% |
| Energy | &nbsp;&nbsp;4.45% |  |  |

---

**Additional information about the Fund**

Additional information about the Fund, including its prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information, is available on the Fund's website at https://m3sixtycapital.com.

**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.

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's
 principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing
 similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(c) During
 the period covered by this report, there were no waivers or implicit waivers of a provision
 of the code of ethics.

(d) The
 registrant's Code of Ethics is filed herewith.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Trustees has determined that Tom Wirtshafter serves on its audit committee as the "audit committee financial expert" as defined in Item 3.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit
 Fees. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's
 annual financial statements or for services that are normally provided by the accountant in connection with statutory and
 regulatory filings or engagements were $7,500 with respect to the registrant's fiscal year ended May 31, 2025 and $7,500
 with respect to the registrant's fiscal year ended May 31, 2024 for the M3Sixty Small Cap Growth Fund. The audit fees
 for the fiscal years ended May 31, 2025 and May 31, 2024 were paid to Tait Weller & Baker, LLP.

(b) Audit-Related
 Fees. There were no fees billed during the fiscal year for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported
 under paragraph (a) of this item.

(c) Tax
 Fees. The aggregate fees billed in the last fiscal year for professional services rendered by the principal accountant for
 tax compliance, tax advice and tax planning were $1,500 with respect to the registrant's fiscal year ended May 31, 2025
 and $1,500 with respect to the registrant's fiscal year ended May 31, 2024 for the M3Sixty Small Cap Growth Fund. The
 tax fees for the fiscal years ended May 31, 2025 and May 31, 2024 were paid to Tait Weller & Baker, LLP and the services
 comprising these fees were the preparation of the registrant's 2025 federal income and excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in last fiscal year for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 for the fiscal year ended May 31, 2025 and $0 for the fiscal year ended May 31, 2024 for the M3Sixty Small Cap Growth Fund.<br>|
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.<br>|
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time permanent employees was zero percent (0%). |

---

(g) All
 non-audit fees billed by the registrant's principal accountant for services rendered
 to the registrant for the last two fiscal years ended May 31, 2025 and May 31, 2024 are
 disclosed in (b)-(d) above. There were no audit or non-audit services performed by the
 registrant's principal accountant for the registrant's adviser.

(h) There
 were no non-audit services rendered to the registrant's investment adviser.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable

ITEM 6. SCHEDULES OF INVESTMENTS

Included in annual financial statements and other information filed under item 7 of this form.

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

![](m3sixtyncsr002.jpg)

**M3Sixty Small Cap Growth Fund**

Institutional Class Shares (Ticker Symbol: MCSCX)

***A series of the***

**360 Funds**

**ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION**

**May 31, 2025**

**Investment Adviser:**

**M3Sixty Capital, LLC**

**4300 Shawnee Mission Parkway, Suite 100** 

**Fairway, KS 66205**

***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 M3Sixty Small Cap Growth Fund (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**](#m3sixtyncsra001) | **1** |
| [**Statement of Assets and Liabilities**](#m3sixtyncsra002) | **5** |
| [**Statement of Operations**](#m3sixtyncsra003) | **6** |
| [**Statements of Changes in Net Assets**](#m3sixtyncsra004) | **7** |
| [**Financial Highlights**](#m3sixtyncsra005) | **8** |
| [**Notes to the Financial Statements**](#m3sixtyncsra006) | **9** |
| [**Report of Independent Registered Public Accounting Firm**](#m3sixtyncsra007) | **15** |
| [**Additional Information**](#m3sixtyncsra008) | **16** |

---

---

| | |
|:---|:---|
| **M3SIXTY SMALL CAP GROWTH FUND** |  |
| **SCHEDULE OF INVESTMENTS** |  |
| **May 31, 2025** | **ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK - 98.35%** | **Shares** | **Value** |
| **Auto Parts & Equipment - 2.48%** |  |  |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.<sup>(a)</sup> | 1312 | $169655 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc. <sup>(a)</sup> | 3258 | 89155 |
|  |  | 258810 |
| **Banks - 5.33%** |  |  |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 3591 | 126619 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 4283 | 177616 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 6888 | 69155 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | 1286 | 76993 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | 3467 | 106714 |
|  |  | 557097 |
| **Building Materials - 3.38%** |  |  |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | 748 | 64986 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.<sup>(a)</sup> | 1575 | 143010 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 1489 | 145267 |
|  |  | 353263 |
| **Chemicals - 1.22%** |  |  |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | 559 | 60618 |
| &nbsp;&nbsp;&nbsp;Rogers Corp.<sup>(a)</sup> | 1010 | 67236 |
|  |  | 127854 |
| **Commercial Services - 4.19%** |  |  |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 2536 | 104800 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc. <sup>(a)</sup> | 2236 | 161529 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. - Puerto Rico | 2400 | 86952 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.<sup>(a)</sup> | 6004 | 84656 |
|  |  | 437937 |
| **Computers - 3.13%** |  |  |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.<sup>(a)</sup> | 3288 | 151215 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 991 | 71857 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.<sup>(a)</sup> | 748 | 103635 |
|  |  | 326707 |
| **Distribution & Wholesale - 1.04%** |  |  |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 929 | 108516 |
| **Diversified Financial Services - 1.00%** |  |  |
| &nbsp;&nbsp;&nbsp;Evercore, Inc. | 454 | 105096 |
| **Electrical Components & Equipment - 1.30%** |  |  |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 3895 | 136403 |

---

**1** 

---

| | |
|:---|:---|
| **M3SIXTY SMALL CAP GROWTH FUND** |  |
| **SCHEDULE OF INVESTMENTS** |  |
| **May 31, 2025** | **ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK - 98.35% (continued)** | **Shares** | **Value** |
| **Electronics - 6.03%** |  |  |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 649 | $161095 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies, Inc. | 3793 | 105825 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | 1030 | 73295 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.<sup>(a)</sup> | 937 | 205306 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.<sup>(a)</sup> | 644 | 84531 |
|  |  | 630052 |
| **Engineering & Construction - 5.89%** |  |  |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 1444 | 110235 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | 1358 | 211753 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.<sup>(a)</sup> | 1560 | 293296 |
|  |  | 615284 |
| **Food - 3.05%** |  |  |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | 806 | 92827 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.<sup>(a)</sup> | 2523 | 225960 |
|  |  | 318787 |
| **Hand & Machine Tools - 0.94%** |  |  |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | 1134 | 97966 |
| **Healthcare - Products - 7.04%** |  |  |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | 1537 | 87225 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc.<sup>(a)</sup> | 3118 | 184523 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | 1763 | 102042 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 1862 | 153056 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.<sup>(a)</sup> | 1405 | 42670 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.<sup>(a)</sup> | 709 | 166048 |
|  |  | 735564 |
| **Healthcare - Services - 7.13%** |  |  |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.<sup>(a)</sup> | 1168 | 129543 |
| &nbsp;&nbsp;&nbsp;Amedisys, Inc. <sup>(a)</sup> | 1223 | 115048 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 2061 | 303503 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc.<sup>(a)</sup> | 5281 | 74726 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | 1628 | 122084 |
|  |  | 744904 |
| **Home Builders - 1.00%** |  |  |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 2015 | 104518 |
| **Household Products & Wares - 0.79%** |  |  |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 340 | 82834 |

---

**2** 

---

| | |
|:---|:---|
| **M3SIXTY SMALL CAP GROWTH FUND** |  |
| **SCHEDULE OF INVESTMENTS** |  |
| **May 31, 2025** | **ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK - 98.35% (continued)** | **Shares** | **Value** |
| **Internet - 2.35%** |  |  |
| &nbsp;&nbsp;&nbsp;ePlus, Inc.<sup>(a)</sup> | 1872 | $133605 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | 1891 | 52986 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.<sup>(a)</sup> | 1806 | 58587 |
|  |  | 245178 |
| **Leisure Time - 0.85%** |  |  |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.<sup>(a)</sup> | 2920 | 89235 |
| **Machinery - Diversified - 3.80%** |  |  |
| &nbsp;&nbsp;&nbsp;Albany International Corp. | 2206 | 145750 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. - Class A | 2863 | 117383 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | 3045 | 91259 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 2947 | 42908 |
|  |  | 397300 |
| **Metal Fabricate & Hardware - 2.24%** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.<sup>(a)</sup> | 639 | 233791 |
| **Miscellaneous Manufacturing - 1.46%** |  |  |
| &nbsp;&nbsp;&nbsp;Fabrinet - Thailand<sup>(a)</sup> | 655 | 152530 |
| **Oil & Gas Services - 3.26%** |  |  |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. - Class A | 5344 | 117782 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.<sup>(a)</sup> | 6165 | 85077 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | 9848 | 43725 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. | 11704 | 94100 |
|  |  | 340684 |
| **Pharmaceuticals - 6.23%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 4099 | 105385 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 4066 | 101487 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. <sup>(a)</sup> | 701 | 54370 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 4402 | 151869 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.<sup>(a)</sup> | 5635 | 145608 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 2924 | 92691 |
|  |  | 651410 |
| **REITS - 1.35%** |  |  |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | 2952 | 86376 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | 1548 | 54784 |
|  |  | 141160 |
| **Retail - 7.38%** |  |  |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 8246 | 90376 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | 1535 | 29111 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 3402 | 142510 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 561 | 177786 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 1284 | 143102 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. - Class A<sup>(a)</sup> | 959 | 124469 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 329 | 64224 |
|  |  | 771578 |

---

**3** 

---

| | |
|:---|:---|
| **M3SIXTY SMALL CAP GROWTH FUND** |  |
| **SCHEDULE OF INVESTMENTS** |  |
| **May 31, 2025** | **ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK - 98.35% (continued)** | **Shares** | **Value** |
| **Semiconductors - 6.97%** |  |  |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.<sup>(a)</sup> | 2950 | $130980 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. - Singapore | 3519 | 113136 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 1390 | 169038 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.<sup>(a)</sup> | 567 | 52130 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc. <sup>(a)</sup> | 4298 | 71820 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc. <sup>(a)</sup> | 1203 | 70688 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.<sup>(a)</sup> | 2940 | 56948 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc.<sup>(a)</sup> | 2467 | 63451 |
|  |  | 728191 |
| **Software - 3.87%** |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.<sup>(a)</sup> | 2857 | 132165 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 2128 | 46752 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 1414 | 77035 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.<sup>(a)</sup> | 2605 | 46108 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.<sup>(a)</sup> | 731 | 102896 |
|  |  | 404956 |
| **Telecommunications - 1.72%** |  |  |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | 10411 | 179694 |
| **Transportation - 1.19%** |  |  |
| &nbsp;&nbsp;&nbsp; Landstar System, Inc. | 905 | 124184 |
| **Water - 0.74%** |  |  |
| &nbsp;&nbsp;&nbsp; California Water Service Group | 1628 | 76923 |
| **TOTAL COMMON STOCK (Cost $10,392,071)** |  | 10278406 |
| **INVESTMENTS AT VALUE (Cost $10,392,071) - 98.35%** |  | $10278406 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 1.65%** |  | 172868 |
| **NET ASSETS - 100.00%** |  | $10451274 |

---

Percentages are stated as a percent of net assets.

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

*The following abbreviations are used in this portfolio:*

REITS - Real Estate Investment Trusts

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

**4** 

---

| | |
|:---|:---|
| **M3SIXTY SMALL CAP GROWTH FUND** |  |
| **STATEMENT OF ASSETS AND LIABILITIES** |  |
| **May 31, 2025** | **ANNUAL REPORT** |

---

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $10392071 |
| &nbsp;&nbsp;&nbsp;Investments, at value | $10278406 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 178243 |
| &nbsp;&nbsp;&nbsp;Due from Adviser | 6162 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 3558 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 3713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 10471091 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to administrator | 6433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Trustee fees | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 11876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 19817 |
| **Commitments and contingencies<sup>(a)</sup>** |  |
| **Net Assets** | $10451274 |
| **Sources of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in beneficial interest | $10722678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Accumulated Deficit | (271404) |
| **Total Net Assets (Unlimited $0 par value shares of beneficial interest authorized)** | $10451274 |
| **Institutional Class Shares:** |  |
| Net assets | $10451274 |
| Shares Outstanding (Unlimited $0 par value shares of beneficial interest authorized) | 1042884 |
| Net Asset Value, Offering and Redemption Price Per Share | $10.02 |

---

<sup>(a)</sup> See Note 9 in the Notes to the Financial Statements.

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

**5** 

---

| | |
|:---|:---|
| **M3SIXTY SMALL CAP GROWTH FUND** |  |
| **STATEMENT OF OPERATIONS** |  |
| | **ANNUAL REPORT** |

---

---

| | |
|:---|:---|
|  | **For the**<br>**Year Ended**<br>**May 31, 2025** |
| **Investment income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $72689 |
| &nbsp;&nbsp;&nbsp;Interest | 11415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 84104 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees (Note 5) | 64422 |
| &nbsp;&nbsp;&nbsp;Accounting and transfer agent fees and expenses (Note 5) | 68625 |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 21749 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 17440 |
| &nbsp;&nbsp;&nbsp;Pricing fees | 15491 |
| &nbsp;&nbsp;&nbsp;Legal fees | 12880 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 9364 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 9334 |
| &nbsp;&nbsp;&nbsp;Audit fees | 9000 |
| &nbsp;&nbsp;&nbsp;Non-12b-1 shareholder servicing expense | 6224 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 5780 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 3470 |
| &nbsp;&nbsp;&nbsp;Insurance | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 245449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: fees waived and reimbursed (Note 5) | (165727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | 79722 |
| &nbsp;&nbsp;&nbsp;**Net investment income** | 4382 |
| **Realized and unrealized gain:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 85104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain on investments** | 85104 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (500666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized depreciation** | (500666) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (415562) |
| **Net decrease in net assets resulting from operations** | $(411180) |

---

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

**6** 

---

| | |
|:---|:---|
| **M3SIXTY SMALL CAP GROWTH FUND** |  |
| **STATEMENTS OF CHANGES IN NET ASSETS** |  |
| | **ANNUAL REPORT** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**May 31, 2025** | **For the**<br>**Period Ended**<br>**May 31, 2024 <sup>(a)</sup>** |
| **Increase (decrease) in net assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4382 | $9807 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 85104 | 116050 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation(depreciation) on investments | (500666) | 387001 |
| Net increase (decrease) in net assets resulting from operations | (411180) | 512858 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings - Institutional Class | (347627) | (26394) |
| Total distributions | (347627) | (26394) |
| **Beneficial interest transactions (Note 3):** |  |  |
| &nbsp;&nbsp;&nbsp;Increase in net assets from beneficial interest transactions | 4524271 | 6199346 |
| **Increase in net assets** | 3765464 | 6685810 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 6685810 |  |
| &nbsp;&nbsp;&nbsp;End of year/period | $10451274 | $6685810 |

---

(a) The M3Sixty Small Cap Growth Fund commenced operations on June 28, 2023.

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

**7** 

---

| | |
|:---|:---|
| **M3SIXTY SMALL CAP GROWTH FUND** |  |
| **FINANCIAL HIGHLIGHTS** |  |
| | **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** |
|  | **For the**<br>**Year Ended**<br>**May 31, 2025** | **For the**<br>**Period Ended**<br>**May 31, 2024 <sup>(a)</sup>** |
| **Net Asset Value, Beginning of Year/Period** | $10.78 | $10.00 |
| **Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.01 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.25) | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.24) | 0.83 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;From net realized capital gains | (0.51) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.52) | (0.05) |
| **Net Asset Value, End of Year/Period** | $10.02 | $10.78 |
| **Total Return**<sup>(c)</sup>** | (2.70)% | 8.37 %<sup>(d)</sup> |
| **Ratios/Supplemental Data** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000's) | $10451 | $6686 |
| **Ratio of expenses to average net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 3.04% | 4.89 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.99% | 1.01 %<sup>(e)</sup> |
| **Ratio of net investment income (loss):** |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (2.00)% | (3.64)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.05% | 0.24 %<sup>(e)</sup> |
| **Portfolio turnover rate** | 22.03% | 18.74 %<sup>(d)</sup> |

---

<sup>(a)</sup> The M3Sixty Small Cap Growth Fund commenced operations on June 28, 2023.

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

<sup>(c)</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>(d)</sup> Not annualized.

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

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

**8** 

---

| | |
|:---|:---|
| **M3Sixty Small Cap Growth Fund** | **ANNUAL REPORT** |

---

**NOTES TO THE FINANCIAL STATEMENTS**

**May 31, 2025**

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

The M3Sixty Small Cap Growth Fund (the "Fund") is a series of 360 Funds (the "Trust"), which 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, and it's investment objective is to seek long-term capital appreciation over a complete market cycle.

The Fund commenced operations on June 28, 2023.

The Fund offers one class of shares, institutional shares.

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; Investments in Small-Cap Companies **-** The Fund may invest in securities of companies with small market capitalizations. Certain small-cap companies may offer greater potential for capital appreciation than larger companies. However, investors should note that this potential for greater capital appreciation is accompanied by a substantial risk of loss and that, by their very nature, investments in small-cap companies tend to be very volatile and speculative. Small-cap companies may have a small share of the market for their products or services, their businesses may be limited to regional markets, or they may provide goods and services for a limited market. For example, they may be developing or marketing new products or services for markets that are not yet established or may never become established. In addition, small companies may have or will develop only a regional market for products or services and thus be affected by local or regional market conditions. In addition, small-cap companies may lack depth of management, or they may be unable to generate funds necessary for growth or potential development, either internally or through external financing on favorable terms. Such companies may also be insignificant in their industries and be subject to or become subject to intense competition from larger companies. Due to these and other factors, the Fund's investments in small-cap companies may suffer significant losses. Further, there is typically a smaller market for the securities of a small-cap company than for securities of a large company. Therefore, investments in small-cap companies may be less liquid and subject to significant price declines that result in losses for the Fund.

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 year ended May 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 year ended May 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.

In addition, accounting principles generally accepted in the United States of America ("GAAP") requires management of the Fund to analyze all open tax years (tax years ended 2024 and 2025), as defined by the Internal Revenue Service statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of the year ended May 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examinations in progress and is not aware of any tax positions for which it is reasonably possible that the total tax amounts of unrecognized tax benefits will significantly change in the next 12 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 beneficial interest.

**9** 

---

| | |
|:---|:---|
| **M3Sixty Small Cap Growth Fund** | **ANNUAL REPORT** |

---

**NOTES TO THE FINANCIAL STATEMENTS**

**May 31, 2025**

**1.** **ORGANIZATION AND 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 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; 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;&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.

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

**Processes and Structure**

The Fund's Board of Trustees (the "Board") has adopted guidelines for valuing securities including in circumstances in which market quotes are not readily available and has delegated authority to M3Sixty Capital, LLC (the "Adviser"), as the Fund's Valuation Designee, 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 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.

**10** 

---

| | |
|:---|:---|
| **M3Sixty Small Cap Growth Fund** | **ANNUAL REPORT** |

---

**NOTES TO THE FINANCIAL STATEMENTS**

**May 31, 2025**

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

**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 REITs) – 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 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 May 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Financial Instruments - Assets**<br>**Security Classification <sup>(1)</sup>** |<br>**Level 1**<br>**(Quoted Prices)** | **Level 2**<br>**(Other Significant**<br>**Observable Inputs)** |<br>**Totals** |
| Common Stock **<sup>(2)</sup>** | $10278406 | $— | $10278406 |
| Totals | $10278406 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $10278406 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of and during the year ended May 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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All common stock held in the Fund are Level 1 securities. For a detailed break-out of common stock by industry, please refer to the Schedule of Investments.

During the year ended May 31, 2025, no securities were valued using alternative procedures approved by the Board.

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.

**Growth Company Risk**

Securities of growth companies can be more sensitive to the company's earnings and more volatile than the market in general. Growth stocks may also fall out of favor and may underperform relative to the overall equity market at times.

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

Transactions in shares of beneficial interest for the Fund for the year ended May 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Sold** | **Redeemed** | **Reinvested** | **Net Increase** |
| **Institutional Class** |  |  |  |  |
| Shares | 428485 | (36859) | 31278 | 422904 |
| Value | $4583506 | $(406425) | $347190 | $4524271 |

---

**11** 

---

| | |
|:---|:---|
| **M3Sixty Small Cap Growth Fund** | **ANNUAL REPORT** |

---

**NOTES TO THE FINANCIAL STATEMENTS**

**May 31, 2025**

**3.** **BENEFICIAL INTEREST TRANSACTIONS (continued)** 

Transactions in shares of beneficial interest for the Fund for the period ended May 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Sold** | **Redeemed** | **Reinvested** | **Net Increase** |
| **Institutional Class** |  |  |  |  |
| Shares | 627690 | (10113) | 2403 | 619980 |
| Value | $6278376 | $(103972) | $24942 | $6199346 |

---

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

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

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $5884488 | $1757346 |

---

There were no government securities purchased or sold during the year ended May 31, 2025.

**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 Fund's operations and investments in accordance with the stated policies of the Fund. As compensation for the investment advisory services provided to the Fund, the Adviser will receive a monthly management fee equal to an annual rate of 0.80% of the Fund's net assets.

The Adviser has entered into an Amended Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses (exclusive of 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 GAAP and, other extraordinary expenses not incurred in the ordinary course of the Fund's business) of the Fund in an amount that limits "Total Annual Fund Operating Expenses" to not more than 0.99% through at least June 30, 2026. These fee waivers and expense reimbursements are subject to recoupment from the Fund within three years of the date on which the waiver or reimbursement occurs, provided that the recoupment payments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limit then in effect, if any, and (ii) the expense limit in effect at the time the expenses to be repaid were incurred. Before June 30, 2026, this agreement may not be modified or terminated without the approval of the Board. Please see the table below for information regarding the management fees earned, fee waivers and expenses reimbursed during the year ended May 31, 2025, as well as amounts due to (from) the Adviser at May 31, 2025.

---

| | |
|:---|:---|
| Advisory fees earned | $64422 |
| Fees waived and reimbursed | 165727 |
| Payable to (Due from) Adviser | (6162) |

---

The amounts subject to repayment by the Fund, pursuant to the aforementioned conditions, are $325,329, of which $159,602 can be repaid no later than May 31, 2027 and $165,727 can be repaid no later than May 31, 2028.

The Fund has entered into an Investment Company Services Agreement ("ICSA") with M3Sixty Administration, LLC ("M3Sixty"), an affiliate of the Adviser. Pursuant to the ICSA, M3Sixty will provide day-to-day 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 year ended May 31, 2025, M3Sixty earned $68,625, including out of pocket expenses, pursuant to the ICSA.

**12** 

---

| | |
|:---|:---|
| **M3Sixty Small Cap Growth Fund** | **ANNUAL REPORT** |

---

**NOTES TO THE FINANCIAL STATEMENTS**

**May 31, 2025**

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

The Fund has 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-1 of the 1940 Act, to the Fund for the year and on the terms and conditions set forth in the CCO Agreement.

For the year ended May 31, 2025, M3Sixty earned $9,364 of fees pursuant to the CCO Agreement.

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

The Fund has entered into a Distribution Agreement with Matrix 360 Distributors, LLC ("Matrix 360"), an affiliate of the Adviser and M3Sixty. Pursuant to the Distribution Agreement, Matrix 360 provides distribution services to the Fund. Matrix 360 serves as underwriter/distributor of the Fund. During the year ended May 31, 2025, no commissions were paid to Matrix 360.

**6.** **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 May 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross Appreciation** | **Gross Depreciation** | **Net Depreciation** |
| $10397737 | $1180934 | $(1300265) | $(119331) |

---

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

The tax character of distributions paid by the Fund during the year ended May 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Ordinary Income** | **Long-Term Capital Gains** |
| $296870 | $50757 |

---

The tax character of distributions paid by the Fund during the period ended May 31, 2024 were as follows:

---

| |
|:---|
| **Ordinary Income** |
| $26394 |

---

The Fund's tax basis distributable earnings are determined at the end of each fiscal year. As of May 31, 2025, the Fund's most recent fiscal year end, the components of distributable earnings presented on an income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed <br> Ordinary <br> Income** | **Undistributed <br> Long-Term <br> Capital Gains** | **Post-October <br> Capital Losses & <br> Post-December <br> Ordinary Loss** | **Net <br> Unrealized <br> Depreciation** | **Total<br> Accumulated <br> Deficit** |
| $217 | $– $– $| (152290) | $(119331) | $(271404) |

---

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 May 31, 2025, the Fund elected to defer post-October losses of $152,290. The Fund did not elect to defer any post-December losses.

Under the Regulated Investment Company Modernization Act of 2010 (the "Act"), net capital losses recognized after December 31, 2010, may be carried forward indefinitely, and their character is retained as short-term and/or long-term. As of May 31, 2025, the Fund did not have any capital loss carryforwards for federal income tax purposes available to offset future capital gains.

During the year ended May 31, 2025, the Fund utilized no capital loss carryforwards.

**13** 

---

| | |
|:---|:---|
| **M3Sixty Small Cap Growth Fund** | **ANNUAL REPORT** |

---

**NOTES TO FINANCIAL STATEMENTS**

**May 31, 2025**

**6.** **TAX MATTERS (continued)** 

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. Permanent book and tax differences, primarily attributable to the reclassifications of net investment losses, capital losses and distributions in excess of accumulated earnings, resulted in reclassifications for the year May 31, 2025 as follows:

---

| | |
|:---|:---|
| **Accumulated Deficit** | **Paid-in Capital** |
| $939 | (939) |

---

**7.** **NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES** 

In September 2023, the SEC adopted a final rule relating to "Names Rule" under the 1940 Act. The amendments expanded the rule to require more funds to adopt an 80 percent investment policy, including funds with names suggesting a focus in investments with particular characteristics (e.g., growth or value) or with terms that reference a thematic investment focus (e.g., environmental, social, or governance factors). The amendments will require that a fund review its name for compliance with the rule. If needed, a fund may need to adopt an 80 percent investment policy and review its portfolio assets' treatment under such policy at least quarterly. The rule also requires additional prospectus disclosure and reporting and record keeping requirements. The amendments to the Names Rule became effective on December 11, 2023. Following a recent extension by the SEC, fund groups with net assets of $1 billion or more must comply by June 11, 2026, while smaller fund groups (less than $1 billion in net assets) have until December 11, 2026. Management has decided to retain the Fund's name and, therefore, it expects to file an amendment to its registration statement that will adopt an 80% policy and comply with the new rule by the compliance date.

**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 May 31, 2025, Charles Schwab & Co. held 29.41% of the Fund's shares and National Financial Services, LLC held 34.17% of the 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 Charles Schwab & Co. and National Financial Services, LLC own more than 25% of the voting securities of the Fund. Shareholders with a controlling interest could affect the outcome of proxy voting or direction of management of the Fund.

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

**10.** **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 events requiring recognition or disclosure in the financial statements.

**14** 

---

| | |
|:---|:---|
| ![](m3sixtyncsr003.jpg) | taitweller.com |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders of**

**M3Sixty Small Cap Growth Fund and the**

**Board of Trustees of 360 Funds**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of M3Sixty Small Cap Growth Fund (the "Fund"), a series of 360 Funds (the "Trust"), including the schedule of investments, as of May 31, 2025, the related statement of operations for the year then ended, the statement of changes in net assets and the financial highlights for the year then ended and for the period June 28, 2023 (commencement of operations) through May 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year then ended and for the period June 28, 2023 (commencement of operations) through May 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the Funds in the Trust since 2023.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian. We believe that our audit provides a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**July 30, 2025**

**15** 

---

| | |
|:---|:---|
| **M3Sixty Small Cap Growth Fund** | **ANNUAL REPORT** |

---

**ADDITIONAL INFORMATION**

**May 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-months 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 May 31, 2025, the Fund paid $296,870 of ordinary income and $50,757 of long-term capital gain distributions. 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.

**16** 

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

4300 Shawnee Mission Parkway

Suite 100

Fairway, KS 66205

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

M3Sixty Capital, LLC

4300 Shawnee Mission Parkway

Suite 100

Fairway, KS 66205

**<u>INVESTMENT SUB-ADVISER</u>**

Bridge City Capital, LLC

One Centerpointe Drive

Suite 565

Lake Oswego, OR 97035

**<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 16<sup>th</sup> 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>**

Huntington National Bank

7 Easton Oval

Columbus, OH 43219

**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. Statement of Operations as Trustee fees and expenses.

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

At meetings of the Board held on April 17, 2025 and April 23, 2025 (the "Meetings"), the Board considered the approval of the renewal of the Advisory Agreement between the Trust and the Adviser for the Fund.

Legal Counsel ("Counsel") reviewed with the Board a memorandum 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 Fund. 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 Fund and the Adviser; (iii) the costs of the services provided and profits realized by the Adviser from the relationship with the Fund; (iv) the extent to which economies of scale would be realized if the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund's 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 Meetings. 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 Fund and its shareholders by the Adviser; (ii) quarterly assessments of the investment performance of the Fund from the Adviser; (iii) periodic commentary on the Fund's performance; (iv) presentations about the Adviser's investment philosophy, investment strategy, personnel, and operations; (v) compliance and audit reports concerning the Fund 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 Fund, information on investment advice, performance, summaries of Fund's 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 Fund; and (iii) benefits to be realized by the Adviser from its relationship with the Fund. 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 Fund, including, without limitation, the Adviser's processes for formulating investment recommendations and assuring compliance with the Fund's investment objectives and limitations; its coordination of services for the Fund among the Fund's service providers; and its efforts to promote the Fund, grow assets, and assist in the distribution of the Fund's shares. The Board considered the Adviser's personnel and operating methods, succession plans, the education and experience of its staff, and its compliance program. The Board also considered the Adviser's processes for the due diligence review, selection, and oversight of the sub-adviser, as well as the Adviser's commitment to dedicating appropriate resources to support the Fund's 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 Fund.

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

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

The Board considered the benchmark and category performance of the Fund over the year ending December 31, 2024. During that period, the Fund underperformed its category average, median, and benchmark, the Russell 2000® Growth Total Return Index. The Board considered the Adviser's explanation for the underperformance and its expectations that performance will improve. After considering the Fund's performance, as presented at the Meetings, the Board concluded it was within a reasonable range for its category. Based on the preceding, the Board concluded that the investment performance information presented for the Fund was 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 Fund.

The Board considered the Adviser's staffing, personnel, and operating methods; the Adviser's financial condition and commitment to the Fund and its assets 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 Fund (including the management fee) relative to its category averages and median as of March 27, 2025, noting that its management fee and net expense ratios were above them but substantially below the maximum and, therefore, within a reasonable range. The Trustees further recognized that the Fund is smaller than most of its peers by a magnitude of over 10 times, which affects the net expense ratios of the Fund 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 Fund, if necessary, to limit their annual operating expenses (with industry-standard exceptions) to not more than 0.99% through June 30, 2026. The Board also noted that the Adviser does not realize any profit for managing the Fund and is waiving all of its management fees and reimbursing some Fund expenses. The Board recognized that the Adviser pays the sub-advisory fee from the management fee and considered the impact of such sub-advisory fees on the Adviser's profitability. Following this analysis, further consideration, and discussion of the preceding, the Board concluded that the management fee is fair and reasonable.

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

The Board considered the Fund's 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 Fund 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 Fund's assets were enough to realize the effect of the breakpoint. The Board further noted that lower expenses for the Fund's shareholders are realized immediately with the expense limitation arrangements with the Adviser. The Board further noted that the Fund's assets were at such levels that the expense limitation arrangement was providing benefits to the Fund's shareholders. Following further discussion of the Fund's asset levels, expectations for growth, and expense structure, the Board determined that the Fund's 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 Fund's 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 Fund, the fact that the Adviser does utilize soft dollars, the basis of decisions to buy or sell securities for the Fund; 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.

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. 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.

At the Meetings, following the presentation and review of the 15c materials by the Sub-Adviser, the Board considered the approval of the renewal of the Sub-Advisory Agreement between the Trust and the Sub-Adviser for the Fund.

Following the presentation and review of the 15c Materials by the Sub-Adviser, the Board considered the approval of the Sub-Advisory Agreement. 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 Sub-Adviser's presentation during the Meetings. The Board requested and was provided with information and reports relevant to the renewal of the Sub-Advisory Agreement, including (i) reports regarding the services and support provided to the Fund and its shareholders by the Sub-Adviser; (ii) quarterly assessments of the investment performance of the Fund from the Sub-Adviser; (iii) periodic commentary on the Fund's performance; (iv) presentations about the Sub-Adviser's investment philosophy, investment strategy, personnel, and operations; (v) compliance and audit reports concerning the Fund and the Sub-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 Sub-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 Sub-Adviser, including its financial condition, a description of personnel and the services provided to the Fund, information on investment advice, performance, summaries of Fund's 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 Fund; and (iii) benefits to be realized by the Sub-Adviser from its relationship with the Fund. In addition, the Board had an extensive discussion with the Sub-Adviser regarding the matters discussed below.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Investment
 Performance of the Fund and the Sub-Adviser.

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

The Board considered the benchmark and category performance of the Fund over periods, the year ending December 31, 2024, which was presented during the renewal of the Fund's advisory agreement. The Board considered the Adviser's and Sub-Adviser's explanations for the underperformance and their expectations that performance will improve. The Trustees also considered the Fund's performance relative to other clients in the Sub-Adviser's Small Cap Growth Composite, noting that the fund's performance trailed the composite performance slightly, due to the higher fees associated with managing the fund. Based on the preceding, the Board concluded that the investment performance information presented for the Fund was satisfactory.

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

The Board considered the Sub-Adviser's staffing, personnel, and operating methods; the Sub-Adviser's financial condition and its commitment to the Fund, and its asset levels and overall expenses. The Trustees considered the financial statements of the Sub-Adviser and the financial stability and productivity of the firm. The Trustees considered the fees and expenses of the Fund (including the management fee) relative to their categories as of March 31, 2025, which was presented to them during the renewal of the Fund's advisory agreement. In considering the Sub-Adviser's profitability, the Board noted the Adviser's undertaking to maintain expense limitations for the Fund; it also noted that the Adviser pays the sub-advisory fee out of the advisory fees it receives under the Advisory Agreement. The Board further considered that the Adviser and Sub-Adviser are unaffiliated and negotiated the Sub-Advisory Agreement at arm's length. The Board noted that the Sub-Adviser did not expect to profit from managing the Fund's portfolio until assets reach at least $25 million. Consequently, the Sub-Adviser's profitability was not a substantial factor in the Board's deliberations. For similar reasons, the Board did not consider the potential economies of scale in the Sub-Adviser's management of the Fund as a substantial factor. The Board also compared the sub-advisory fees paid by the Adviser to fees charged by the Sub-Adviser to manage comparable separate accounts. The Board considered the amount retained by the Adviser and the sub-advisory fee paid to the Sub-Adviser relative to their services to the Fund. Based on the preceding, the Board concluded that the sub-advisory fee was satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 extent to which economies of scale would be realized if the Fund grows and whether sub-advisory
 fee levels reflect these economies of scale for the benefit of the Fund's investors.

The Board noted that the adviser pays the Sub-Advisory fee from the adviser's management fee. The Board noted that, although the sub-advisory fee would stay the same as asset levels increase, shareholders of the Fund benefit from the Adviser's expense limitation arrangement for the Fund. Following further discussion of the Fund's asset levels, expectations for growth, and expense structure, the Board observed that economies of scale are not a primary factor but will be considered in the future as the Fund's asset levels grow.

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

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

Regarding the Sub-Adviser's potential conflicts of interest, the Board considered (i) the experience and ability of the advisory and compliance personnel assigned to the Funds; (ii) the substance and administration of the Adviser's code of ethics and other relevant policies described in its compliance manual and Form ADV; and (iii) the Adviser's oversight of the Sub-Adviser. The Board, including the Independent Trustees, determined that the Sub-Adviser's compliance policies and operational controls were reasonably designed to eliminate or mitigate these conflicts of interest.

In considering the Sub-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 Sub-Advisory Agreements, among others: (a) the Sub-Adviser demonstrated that it possesses the capability and resources to perform the duties required of it under the Sub-Advisory Agreements; (b) the Sub-Adviser maintains an appropriate compliance program; and (c) the Fund's advisory and sub-advisory fees and their respective profitability are reasonable considering the Adviser's and Sub-Adviser's services. Based on their conclusions, the Board, including the Independent Trustees, determined that renewal of the Sub-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, Fund is open-end management investment companies

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

Not applicable, Fund is open-end management investment companies

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

Not applicable, Fund is open-end 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, Fund is open-end management investment companies

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable at this time

ITEM 19. EXHIBITS

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.](ex99-coe.htm)

(a)(2) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002are filed herewith.](ex99-cert.htm)

(a)(3) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002are 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: Randy Linscott | /s/ Randy Linscott |
| Principal Executive Officer, | Principal Executive Officer, |
| Date: August 08, 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 Randy Linscott | /s/ Randy Linscott |
| Principal Executive Officer | Principal Executive Officer |
| Date: August 08, 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 Larry E. Beaver, Jr. | /s/ Larry E. Beaver, Jr. |
| Treasurer and Principal Financial Officer | Treasurer and Principal Financial Officer |
| Date: August 08, 2025 | |

---

## Ex-99.Code

[360 Funds N-CSR](m3sixty-ncsr_053125.htm)

**Exhibit 99.CODE ETH**

**360 FUNDS**

**SUPPLEMENTAL CODE OF ETHICS FOR<br> PRINCIPAL EXECUTIVE AND PRINCIPAL FINANCIAL OFFICERS**

**A.** **Covered Officers/Purpose of the Code** 

This Code of Ethics for Principal Executive and Principal Financial Officers (the "Code") for 360 Funds (the "Trust" or "Company") applies to the Trust's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer(s) (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

**B.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest in any material respect interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Company) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser/administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser/administrator, or for both), be involved in establishing policies and implementing decisions that may have different effects on the adviser/administrator and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser/administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Directors ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

● not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

● not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer to the detriment of the Company;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

● report at least annually any affiliations or other relationships related to conflicts of interest that the Company's Directors and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the Audit Committee of the Company if such situations might have a material adverse effect on the Company. Examples of these include:

● service as a director on the board of any public company;

● the receipt of non-nominal gifts;

● the receipt of entertainment from any company with which the Company has current or prospective business dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions, including but not limited to certain soft dollar arrangements, or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**C.** **Disclosure and Compliance** 

● each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company;

● each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Company and the adviser/administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Company files with, or submits to, the SEC and in other public communications made by the Company; and

● it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**D.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

● annually thereafter affirm to the Board that he has complied with the requirements of the Code;

● not retaliate against any other Covered Officer or any employee of the Company or their affiliated persons for reports of potential violations that are made in good faith; and

● notify the Audit Committee for the Company promptly if he knows of any material violation of this Code.

The Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee.

The Company will follow these procedures in investigating and enforcing this Code:

● the Chief Compliance Officer of the Company (or such other Company officer or other investigator as the Audit Committee may from time to time designate) (the "Investigator"), shall take appropriate action to investigate any potential violations reported to him; if, after such investigation, the Investigator believes that no violation has occurred, the Investigator is not required to take any further action;

● any matter that the Investigator believes is a violation will be reported to the Audit Committee;

● if the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser/administrator or its board; or a recommendation to dismiss the Covered Officer;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

Any potential violation of this Code by the Investigator shall be reported to the Audit Committee and the Audit Committee shall appoint an alternative Company officer or other investigator to investigate the matter.

**E.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Company's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**F.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent directors.

**G.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than the Board and the Audit Committee.

**H.** **Internal Use** 

The Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.

**Exhibit A**

**Persons Covered by this Code of Ethics**

Randy Linscott, Principal Executive Officer, 360 Funds

Larry Beaver, Principal Financial Officer, 360 Funds

**Exhibit B**

**Covered Officer Affirmation of Understanding**

In accordance with Section D of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer has received, read, and understands the Code.

---

| | |
|:---|:---|
| Date: October 22, 2024 | /s/ Randy Linscott |
|  | Covered Officer – Randy Linscott, Principal Executive Officer |

---

---

| | |
|:---|:---|
| Date: October 22, 2024 | /s/ Larry E. Beaver, Jr. |
|  | Covered Officer – Larry E. Beaver, Jr., Principal Financial Officer |

---

## Ex-99.Cert

[360 Funds N-CSR](m3sixty-ncsr_053125.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 of the M3Sixty Small Cap Growth 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 financial condition, results
 of operations, changes in net assets, and cash flows of the registrant as of, and for,
 the periods presented in this report;

&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 Directors (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: August 08, 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 of the M3Sixty Small Cap Growth 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 financial condition, results
 of operations, changes in net assets, and cash flows of the registrant as of, and for,
 the periods presented in this report;

&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 Directors (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: August 08, 2025 | /s/ Larry E. Beaver, Jr. |
|  | Larry E. Beaver, Jr. |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

[360 Funds N-CSR](m3sixty-ncsr_053125.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 M3Sixty Small Cap Growth Fund for the period ended May 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: | August 08, 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.

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 M3Sixty Small Cap Growth Fund for the period ended May 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: | August 08, 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.