Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-21726

360 Funds

(Exact name of registrant as specified in charter)

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

The Corporation Trust Company

Corporation Trust Center

1209 Orange St.

Wilmington, DE 19801

(Name and address of agent for service)

With Copies To:

Bo J. Howell

FinTech Law, LLC

6224 Turpin Hills Dr.

Cincinnati, Ohio 45244

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

Date of fiscal year end: 05/31/2026

Date of reporting period: 11/30/2025

ITEM 1.

REPORTS TO SHAREHOLDERS

The Semi-Annual report to Shareholders of the M3Sixty Small Cap Growth Fund (the "Fund"), a series of the 360 Funds (the "registrant"), for the period ended November 30, 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	SEMI-ANNUAL REPORT
Institutional Class(MCSCX) (Unaudited)
November 30, 2025

This semi-annual reportto shareholders contains important information of the M3Sixty Small Cap Growth Fund (the "Fund"), for the six months ended November 30, 2025. You can find the Fund's prospectus, financial information on Form N-CSR, holdings, proxy voting information and other information at https://m3sixtyfunds.com/mutual-fund-documents/. You can also request this information without charge by contacting the Fund at (877) 244-6235.

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

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class Shares	$53	0.99%

How has the Fund performed?

	1 Year	Since Inception of June 28, 2023 through November 30, 2025
M3Sixty Small Cap Growth Fund - Institutional Class	(3.33)%	8.08%
Russell 2000® Growth Total Return Index	5.11%	15.03%

The performance information quoted in this semi-annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance. The Fund's past performance is not a good predictor of the Fund's future performance. 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® 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 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
Total Net Assets	$12,068,368	Investment Advisory Fees Paid	$0
Number of Portfolio Holdings	92	Portfolio Turnover Rate	15.52%

What did the Fund invest in?
Top Ten Holdings (as a % of Net Assets)
Ensign Group, Inc.	2.74%	Globus Medical, Inc.	1.88%
Sterling Infrastructure., Inc.	2.21%	Credo Technology Group Holding Ltd.	1.79%
Harmony Biosciences Holdings, Inc.	2.05%	Modine Manufacturing Co.	1.72%
MACOM Technology Solutions Holdings, Inc.	2.02%	Fabrinet - Thailand	1.61%
RBC Bearings, Inc.	1.88%	Glacier Bancorp, Inc.	1.61%

Sector Allocation (as a % of Portfolio)
Information Technology	28.58%	Consumer Staples	1.35%
Health Care	23.89%	Real Estate	1.21%
Industrials	20.15%	Materials	0.66%
Consumer Discretionary	11.00%	Utilities	0.63%
Financials	8.34%	Communication Services	0.51%
Energy	3.68%

M3Sixty Small Cap Growth Fund	SEMI-ANNUAL REPORT
Institutional Class (MCSCX) (Unaudited)
November 30, 2025

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://m3sixtyfunds.com/mutual-fund-documents/.

Householding

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

ITEM 2.

CODE OF ETHICS.

Not applicable at this time.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable at this time.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable at this time.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable

ITEM 6.

SCHEDULE OF INVESTMENTS.

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

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies:

M3Sixty Small Cap Growth Fund Institutional Class Shares (Ticker Symbol: MCSCX) A series of the 360 Funds

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

November 30, 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.

TABLE OF CONTENTS

Schedule of Investments	1
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to the Financial Statements	9
Additional Information	15

M3SIXTY SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)	SEMI-ANNUAL REPORT

COMMON STOCK - 96.56%		Shares				Value
Auto Parts & Equipment - 2.40%
Dorman Products, Inc.(a)			1,312			$	173,538
Gentherm, Inc.(a)			3,258				116,213
							289,751
Banks - 4.83%
First Financial Bankshares, Inc.			4,124				128,834
Glacier Bancorp, Inc.			4,582				193,819
Hope Bancorp, Inc.			6,888				73,151
Lakeland Financial Corp.			1,286				74,922
WesBanco, Inc.			3,467				111,880
							582,606
Biotechnology - 0.91%
Krystal Biotec, Inc.(a)			506				110,308
Building Materials - 3.34%
Boise Cascade Co.			748				57,028
Modine Manufacturing Co.(a)			1,280				207,526
UFP Industries, Inc.			1,489				138,462
							403,016
Chemicals - 1.34%
Quaker Chemical Corp.			559				77,058
Rogers Corp.(a)			1,010				84,648
							161,706
Commercial Services - 4.54%
Barrett Business Services, Inc.			2,536				88,988
CBIZ, Inc.(a)			2,749				133,876
CRA International, Inc.			714				125,907
EVERTEC, Inc. - Puerto Rico			3,009				86,960
Healthcare Services Group, Inc.(a)			6,004				112,755
							548,486
Computers - 4.14%
EPAM Systems, Inc.(a)			757				141,559
ExlService Holdings, Inc.(a)			4,360				173,223
Maximus, Inc.			920				79,203
Qualys, Inc.(a)			748				105,356
							499,341
Distribution & Wholesale - 1.24%
SiteOne Landscape Supply, Inc.(a)			1,113				149,454
Diversified Financial Services - 1.71%
Evercore, Inc.			454				145,312
PJT Partners, Inc. - Class A			362				60,820
							206,132
Electrical Components & Equipment - 0.86%
Insteel Industries, Inc.			3,388				103,605

M3SIXTY SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)	SEMI-ANNUAL REPORT

COMMON STOCK - 96.56% (continued)		Shares				Value
Electronics - 5.05%
Badger Meter, Inc.			939			$	167,649
Napco Security Technologies, Inc.			2,144				86,618
NVE Corp.			1,434				91,690
OSI Systems, Inc.(a)			633				171,448
Plexus Corp.(a)			644				92,060
							609,465
Engineering & Construction - 3.25%
Exponent, Inc.			1,729				125,007
Sterling Infrastructure, Inc.(a)			776				267,185
							392,192
Food - 0.75%
J & J Snack Foods Corp.			986				91,057
Hand & Machine Tools - 0.89%
Franklin Electric Co., Inc.			1,134				107,900
Healthcare - Products - 7.12%
CONMED Corp.			1,537				66,737
Globus Medical, Inc.(a)			2,487				226,416
iRadimed Corp.			1,763				164,347
LeMaitre Vascular, Inc.			1,862				154,453
Omnicell, Inc.(a)			2,364				86,310
UFP Technologies, Inc.(a)			709				160,723
							858,986
Healthcare - Services - 7.02%
Addus HomeCare Corp.(a)			1,168				140,394
Ensign Group, Inc.			1,780				330,261
National HealthCare Corp.			681				92,814
Pediatrix Medical Group, Inc.(a)			6,268				150,996
U.S. Physical Therapy, Inc.			1,797				132,708
							847,173
Home Builders - 1.27%
Century Communities, Inc.			2,354				153,693
Household Products & Wares - 0.55%
WD-40 Co.			340				66,572
Internet - 2.28%
ePlus, Inc.			1,872				167,731
HealthStream, Inc.			1,891				47,559
Ziff Davis, Inc.(a)			1,806				59,273
							274,563

M3SIXTY SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)	SEMI-ANNUAL REPORT

COMMON STOCK - 96.56% (continued)		Shares					Value
Leisure Time - 1.00%
YETI Holdings, Inc.(a)			2,920			$	121,122
Machinery - Diversified - 2.80%
Albany International Corp.			2,801				133,552
Cactus, Inc. - Class A			2,863				122,880
Cognex Corp.			2,127				81,039
							337,471
Metal Fabricate & Hardware - 1.88%
RBC Bearings, Inc.(a)			509				226,490
Miscellaneous Manufacturing - 1.61%
Fabrinet - Thailand(a)			424				194,790
Oil & Gas Services - 2.54%
Innovex International, Inc.(a)			6,165				135,753
RPC, Inc.			9,848				52,391
Select Water Solutions, Inc.			11,704				118,210
							306,354
Pharmaceuticals - 7.62%
Amphastar Pharmaceuticals, Inc.(a)			4,857				134,539
Catalyst Pharmaceuticals, Inc.(a)			6,513				152,469
Corcept Therapeutics, Inc.(a)			1,227				97,424
Harmony Biosciences Holdings, Inc.(a)			7,011				247,418
Pacira BioSciences, Inc.(a)			7,710				181,725
Supernus Pharmaceuticals, Inc.(a)			2,326				106,042
							919,617
REITS - 1.16%
Getty Realty Corp.			2,952				84,043
LTC Properties, Inc.			1,548				56,487
							140,530
Retail - 5.95%
American Eagle Outfitters, Inc.			5,383				109,813
La-Z-Boy, Inc.			2,732				106,329
Lithia Motors, Inc.			561				178,869
Ollie's Bargain Outlet Holdings, Inc.(a)			1,284				158,073
Shake Shack, Inc. - Class A(a)			613				53,625
Texas Roadhouse, Inc.			633				110,933
							717,642
Semiconductors - 8.30%
Diodes, Inc.(a)			3,450				159,425
Kulicke & Soffa Industries, Inc. - Singapore			3,519				158,742
MACOM Technology Solutions Holdings, Inc.(a)			1,390				243,236
Onto Innovation, Inc.(a)			1,275				182,529
Photronics, Inc.(a)			4,298				98,467
Ultra Clean Holdings, Inc.(a)			2,940				74,558
Vishay Precision Group, Inc.(a)			2,467				84,223
							1,001,180

M3SIXTY SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)	SEMI-ANNUAL REPORT

COMMON STOCK - 96.56% (continued)		Shares				Value
Software - 5.34%
ACI Worldwide, Inc.(a)			3,330			$	156,044
BlackLine, Inc.(a)			1,291				73,574
Consensus Cloud Solutions, Inc.(a)			2,760				60,278
Donnelley Financial Solutions, Inc.(a)			1,951				95,716
LiveRamp Holdings, Inc.(a)			2,533				73,077
PDF Solutions, Inc.(a)			3,730				101,083
SPS Commerce, Inc.(a)			1,015				84,570
							644,342
Telecommunications - 3.28%
A10 Networks, Inc.			10,411				179,277
Credo Technology Group Holding Ltd.(a)			1,217				216,139
							395,416
Transportation - 0.98%
Landstar System, Inc.			905				118,410
Water - 0.61%
California Water Service Group			1,628				73,862
TOTAL COMMON STOCK (Cost $10,691,449)							11,653,232
INVESTMENTS AT VALUE (Cost $10,691,449) - 96.56%						$	11,653,232
OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 3.44%							415,136
NET ASSETS - 100.00%						$	12,068,368

Percentages are stated as a percent of net assets.

^(a) Non-income producing security.

The following abbreviations are used in this portfolio:

Ltd. - Limited

REITS - Real Estate Investment Trusts

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

M3SIXTY SMALL CAP GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2025 (Unaudited)	SEMI-ANNUAL REPORT

Assets:
Investments, at cost		$	10,691,449
Investments, at value		$	11,653,232
Cash and cash equivalents			400,887
Due from Adviser			15,468
Receivables:
Interest			1,575
Dividends			8,879
Prepaid expenses			4,011
Total assets			12,084,052
Liabilities:
Payables:
Due to administrator			7,118
Accrued Trustee fees			1,396
Accrued expenses			7,170
Total liabilities			15,684
Commitments and contingencies(a)			-
Net Assets		$	12,068,368
Sources of Net Assets:
Paid-in beneficial interest		$	10,813,929
Total distributable earnings			1,254,439
Total Net Assets (Unlimited $0 par value shares of beneficial interest authorized)		$	12,068,368
Institutional Class Shares:
Net assets		$	12,068,368
Shares Outstanding (Unlimited $0 par value shares of beneficial interest authorized)			1,051,970
Net Asset Value, Offering and Redemption Price Per Share		$	11.47

^(a) See Note 9 in the Notes to the Financial Statements.

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

M3SIXTY SMALL CAP GROWTH FUND
STATEMENT OF OPERATIONS
	SEMI-ANNUAL REPORT

		For the
		Six Months Ended
		November 30, 2025
		(Unaudited)
Investment income:
Dividends		$	51,977
Interest			7,246
Total investment income			59,223
Expenses:
Advisory fees (Note 5)			45,600
Accounting and transfer agent fees and expenses (Note 5)			35,580
Reports to shareholders			15,837
Legal fees			11,373
Trustee fees and expenses			8,601
Pricing fees			7,686
Non-12b-1 shareholder servicing expense			5,388
Miscellaneous			5,200
Compliance officer fees			5,014
Audit fees			4,513
Registration and filing fees			2,592
Custodian fees			1,793
Insurance			566
Total expenses			149,743
Less: fees waived and reimbursed (Note 5)			(93,313	)
Net expenses			56,430
Net investment income			2,793
Realized and unrealized gain:
Net realized gain on:
Investments			447,602
Net realized gain on investments			447,602
Net change in unrealized appreciation on:
Investments			1,075,448
Net change in unrealized appreciation			1,075,448
Net realized and unrealized gain on investments			1,523,050
Net increase in net assets resulting from operations		$	1,525,843

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

M3SIXTY SMALL CAP GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
	SEMI-ANNUAL REPORT

		For the				For the
		Six Months Ended				Year Ended
		November 30, 2025				May 31, 2025
		(Unaudited)
Increase (decrease) in net assets from:
Operations:
Net investment income		$	2,793			$	4,382
Net realized gain on investments			447,602				85,104
Net change in unrealized appreciation (depreciation) on investments			1,075,448				(500,666	)
Net increase (decrease) in net assets resulting from operations			1,525,843				(411,180	)
Distributions to shareholders from:
Distributable earnings - Institutional Class			-				(347,627	)
Total distributions			-				(347,627	)
Beneficial interest transactions (Note 3):
Increase in net assets from beneficial interest transactions			91,251				4,524,271
Increase in net assets			1,617,094				3,765,464
Net Assets:
Beginning of year/period			10,451,274				6,685,810
End of year/period		$	12,068,368			$	10,451,274

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

M3SIXTY SMALL CAP GROWTH FUND
FINANCIAL HIGHLIGHTS
	SEMI-ANNUAL REPORT

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

		Institutional Class
		For the Six Months Ended November 30, 2025				For the Year Ended May 31, 2025				For the Period Ended May 31, 2024 (a)
		(Unaudited)
Net Asset Value, Beginning of Year/Period		$	10.02			$	10.78			$	10.00
Investment Operations:
Net investment income(b)			0.00	(f)			0.01				0.02
Net realized and unrealized gain (loss) on investments			1.45				(0.25	)			0.81
Total from investment operations			1.45				(0.24	)			0.83
Distributions:
From net investment income			-				(0.01	)			(0.02	)
From net realized capital gains			-				(0.51	)			(0.03	)
Total distributions			-				(0.52	)			(0.05	)
Net Asset Value, End of Year/Period		$	11.47			$	10.02			$	10.78
Total Return(c)			14.47	%(d)			(2.70	)%			8.37	%(d)
Ratios/Supplemental Data
Net assets, end of year/period (in 000's)		$	12,068			$	10,451			$	6,686
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed			2.63	%(e)			3.04	%			4.89	%(e)
After fees waived and expenses absorbed			0.99	%(e)			0.99	%			1.01	%(e)
Ratio of net investment income (loss):
Before fees waived and expenses absorbed			(1.59	)%(e)			(2.00	)%			(3.64	)%(e)
After fees waived and expenses absorbed			0.05	%(e)			0.05	%			0.24	%(e)
Portfolio turnover rate			15.52	%(d)			22.03	%			18.74	%(d)

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

(b)	Net investment income per share is based on average shares outstanding.

(c)	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.

(d)	Not annualized.

(e)	Annualized.

(f)	Net Investment income was less than $0.005 per share.

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

M3Sixty Small Cap Growth Fund

SEMI-ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS

November 30, 2025 (Unaudited)

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 its 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) Security Valuation - All investments in securities are recorded at their estimated fair value, as described in Note 2.

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

As of and during the six months ended November 30, 2025, the Fund did not have a liability for any unrecognized tax expenses. The Fund recognizes interest and penalties, if any, related to unrecognized tax liability as income tax expense in the Statement of Operations. During the six months ended November 30, 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, 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 six months ended November 30, 2025 and for all other open tax years (year ended May 31, 2025 and the period ended May 31, 2024), 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) Distributions to Shareholders - Dividends from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. Income and capital gain distributions, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. GAAP requires that permanent financial reporting differences relating to shareholder distributions be reclassified to paid-in beneficial interest. There were no reclassifications necessary for the six months ended November 30, 2025.

M3Sixty Small Cap Growth Fund

SEMI-ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS

November 30, 2025 (Unaudited)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

e) 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) 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, M3Sixty Capital, LLC (the "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) 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 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.

M3Sixty Small Cap Growth Fund

SEMI-ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS

November 30, 2025 (Unaudited)

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 that are 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 November 30, 2025.

Financial Instruments - Assets						Level 2
		Level 1				(Other Significant
Security Classification (1)		(Quoted Prices)				Observable Inputs)				Totals
Common Stock (2)		$	11,653,232			$	-			$	11,653,232
Totals		$	11,653,232			$	-			$	11,653,232

⁽¹⁾ As of and during the six months ended November 30, 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.

⁽²⁾ 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 six months ended November 30, 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 six months ended November 30, 2025 were as follows:

		Sold				Redeemed				Reinvested				Net Increase
Institutional Class
Shares			39,681				(30,595	)			-				9,086
Value		$	421,935			$	(330,684	)		$	-			$	91,251

M3Sixty Small Cap Growth Fund

SEMI-ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS

November 30, 2025 (Unaudited)

3.

BENEFICIAL INTEREST TRANSACTIONS (continued)

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			428,485				(36,859	)			31,278				422,904
Value		$	4,583,506			$	(406,425	)		$	347,190			$	4,524,271

4.

INVESTMENT TRANSACTIONS

For the six months ended November 30, 2025, aggregate purchases and sales of investment securities (excluding short-term investments) for the Fund were as follows:

Purchases				Sales
$	1,705,896			$	1,852,824

There were no government securities purchased or sold during the six months ended November 30, 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 six months ended November 30, 2025, as well as amounts due to (from) the Adviser at November 30, 2025.

Advisory fees earned		$	45,600
Fees waived and reimbursed			93,313
Payable to (Due from) Adviser			(15,468	)

The amounts subject to repayment by the Fund, pursuant to the aforementioned conditions, are $418,642, 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, and $93,313 can be repaid no later than May 31, 2029.

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 six months ended November 30, 2025, M3Sixty earned $35,580, including out of pocket expenses, pursuant to the ICSA.

M3Sixty Small Cap Growth Fund

SEMI-ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS

November 30, 2025 (Unaudited)

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 six months ended November 30, 2025, M3Sixty earned $5,014 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 six months ended November 30, 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 November 30, 2025 were as follows:

Cost				Gross Appreciation				Gross Depreciation				Net Depreciation
$	10,697,115			$	2,012,390			$	(1,056,273	)		$	956,117

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 Fund did not pay any distributions during the six months ended November 30, 2025.

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
$	296,870			$	50,757

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 Ordinary Income				Undistributed Long-Term Capital Gains				Capital Loss Carryforwards				Post-October Capital Losses & Post-December Ordinary Loss				Net Unrealized Depreciation				Total Accumulated Deficit
$	217			$	-			$	-			$	(152,290	)		$	(119,331	)		$	(271,404	)

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.

M3Sixty Small Cap Growth Fund

SEMI-ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS

November 30, 2025 (Unaudited)

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 has filed an amendment to its registration statement that has adopted an 80% policy in compliance with the new rule.

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 November 30, 2025, National Financial Services, LLC held 33.58% of the Fund's shares and Charles Schwab & Co. held 30.32% 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 National Financial Services, LLC and Charles Schwab & Co. 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

On December 22, 2025, the Fund declared ordinary income distributions of $5,641 and long-term capital gains distributions of $213,731, which were paid on December 22, 2025.

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.

M3Sixty Small Cap Growth Fund

SEMI-ANNUAL REPORT

ADDITIONAL INFORMATION

November 30, 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 http://www.sec.gov.

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 http://www.sec.gov.

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 http://www.sec.gov.

Shareholder Tax Information - For the six months ended November 30, 2025, the Fund did not pay any 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.

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

N/A

ITEM 12.

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

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

ITEM 13.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

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

ITEM 14.

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

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

ITEM 15.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable at this time.

ITEM 16.

CONTROLS AND PROCEDURES.

(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.

(b)

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

ITEM 17.

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

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

ITEM 18.

RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable

ITEM 19.

EXHIBITS

(a)(1)

Not Applicable.

(a)(2)

Not Applicable.

(a)(3)

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

(a)(4)

Not Applicable.

(a)(5)

Not Applicable.

(b)

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

SIGNATURES

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

360 Funds

/s/ Randy Linscott
By: Randy Linscott
Principal Executive Officer
Date: February 4, 2026

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

/s/ Randy Linscott
By: Randy Linscott
Principal Executive Officer
Date: February 4, 2026

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

/s/ Larry E. Beaver, Jr.
By Larry E. Beaver, Jr.
Treasurer and Principal Financial Officer
Date: February 4, 2026