M3Sixty Funds Trust

Cognios Large Cap Value Fund

Schedule of Investments

March 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 151.84% (b)
Basic Materials - 0.60%
Linde PLC (b)		676	$	116,948
Communications - 6.81%
AT&T, Inc. (b)		13,900		405,185
CenturyLink, Inc. (b)		15,311		144,842
Facebook, Inc. - Class A (a) (b)		745		124,266
Juniper Networks, Inc. (b)		3,835		73,402
Motorola Solutions, Inc. (b)		1,140		151,529
Omnicom Group, Inc. (b)		6,153		337,800
Verizon Communications, Inc. (b)		1,720		92,416
				1,329,440
Consumer, Cyclical - 33.05%
Alaska Air Group, Inc. (b)		5,990		170,535
AutoZone, Inc. (a) (b)		391		330,786
Capri Holdings Ltd. (a) (b)		9,895		106,767
Copart, Inc. (a) (b)		3,242		222,142
Costco Wholesale Corp. (b)		330		94,093
Darden Restaurants, Inc. (b)		4,117		224,212
Dollar General Corp. (b)		3,510		530,045
Dollar Tree, Inc. (a) (b)		3,517		258,394
Foot Locker, Inc. (b)		3,359		74,066
Gap, Inc. (b)		23,313		164,124
Hanesbrands, Inc. (b)		7,341		57,774
Kohl’s Corp. (b)		1,213		17,698
L Brands, Inc. (b)		20,292		234,576
Macy’s, Inc. (b)		24,040		118,036
McDonald’s Corp. (b)		2,364		390,887
NIKE, Inc. - Class B (b)		3,433		284,046
Nordstrom, Inc.(b)		12,585		193,054
NVR, Inc. (b)		45		115,610
O’Reilly Automotive, Inc. (a) (b)		684		205,918
PulteGroup, Inc. (b)		14,286		318,864
Ralph Lauren Corp. (b)		1,657		110,737
Ross Stores, Inc. (b)		1,591		138,369
Starbucks Corp. (b)		6,025		396,083
Tapestry, Inc. (b)		5,926		76,742
Target Corp. (b)		4,237		393,914
TJX Cos., Inc. (b)		8,556		409,062
Walgreens Boots Alliance, Inc. (b)		1,727		79,010
Walmart, Inc. (b)		4,373		496,860
Yum! Brands, Inc. (b)		3,514		240,814
				6,453,218

M3Sixty Funds Trust

Cognios Large Cap Value Fund

Schedule of Investments

March 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 151.84% (b)
Consumer, Non-cyclical - 59.26%
ABIOMED, Inc. (b)		1,006		146,031
Altria Group, Inc. (b)		10,062		389,098
Bristol-Myers Squibb Co. (b)		7,273		405,397
Campbell Soup Co. (b)		11,628		536,748
Centene Corp. (b)		1,763		104,740
Church & Dwight Co., Inc. (b)		6,653		426,990
Cigna Corp. (b)		546		96,740
Clorox Co. (b)		3,077		533,090
Colgate-Palmolive Co. (b)		6,896		457,619
Conagra Brands, Inc. (b)		17,633		517,352
Constellation Brands, Inc. - Class A (b)		2,490		356,966
Cooper Cos., Inc. (b)		292		80,496
CVS Health Corp. (b)		1,239		73,510
Estee Lauder Cos., Inc. (b)		865		137,829
General Mills, Inc. (b)		9,588		505,959
H&R Block, Inc. (b)		18,937		266,633
HCA Healthcare, Inc. (b)		2,896		260,206
Hershey Co. (b)		3,646		483,095
Hormel Foods Corp. (b)		11,444		533,748
Johnson & Johnson (b)		3,494		458,168
Kellogg Co. (b)		8,133		487,899
Kimberly-Clark Corp. (b)		3,680		470,562
Kroger Co. (b)		10,598		319,212
Lamb Weston Holdings, Inc. (b)		6,359		363,099
McCormick & Co., Inc. (b)		3,098		437,469
Molson Coors Brewing Co. - Class B (b)		8,080		315,201
PepsiCo, Inc. (b)		3,007		361,141
Procter & Gamble Co. (b)		4,323		475,530
Quest Diagnostics, Inc. (b)		2,693		216,248
Sysco Corp. (b)		6,661		303,941
Tyson Foods, Inc. - Class A (b)		6,636		384,025
UnitedHealth Group, Inc. (b)		1,445		360,354
Verisk Analytics, Inc. (b)		2,202		306,915
				11,572,011
Energy - 1.60%
Cabot Oil & Gas Corp. (b)		15,594		268,061
Occidental Petroleum Corp. (b)		3,875		44,872
				312,933
Financials - 24.56%
Aflac, Inc. (b)		9,327		319,356
Allstate Corp. (b)		825		75,677
Aon PLC (b)		880		145,235

M3Sixty Funds Trust

Cognios Large Cap Value Fund

Schedule of Investments

March 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 151.84% (b)
Arthur J. Gallagher & Co. (b)		2,952		240,618
Assurant, Inc. (b)		1,135		118,142
Berkshire Hathaway, Inc.- Class B (a) (b)		1,262		230,731
Cboe Global Markets, Inc. (b)		4,347		387,970
Cincinnati Financial Corp. (b)		1,374		103,668
CME Group, Inc. (b)		1,076		186,051
Everest Re Group Ltd. (b)		497		95,633
Hartford Financial Services Group, Inc. (b)		6,500		229,060
Intercontinental Exchange, Inc. (b)		5,590		451,392
Loews Corp. (b)		2,293		79,865
Marsh & McLennan Cos, Inc. (b)		2,686		232,232
Nasdaq, Inc. (b)		4,869		462,312
Progressive Corp. (b)		6,349		468,810
Public Storage (b)		2,144		425,820
Western Union Co. (b)		11,896		215,674
Willis Towers Watson PLC (b)		1,929		327,641
				4,795,887
Industrials - 10.11%
Amcor PLC (b)		8,826		71,667
Ball Corp. (b)		2,213		143,093
CH Robinson Worldwide, Inc. (b)		5,682		376,148
Expeditors International of Washington, Inc. (b)		1,091		72,792
Northrop Grumman Corp. (b)		1,231		372,439
Raytheon Co. (b)		861		112,920
Republic Services, Inc. (b)		5,632		422,738
United Technologies Corp. (b)		1		94
Waste Management, Inc. (b)		4,332		400,970
				1,972,861
Technology - 11.61%
Activision Blizzard, Inc. (b)		5,135		305,430
Akamai Technologies, Inc. (a) (b)		5,942		543,634
Broadcom, Inc. (b)		694		164,547
Fidelity National Information Services, Inc. (b)		786		95,609
Fiserv, Inc. (a) (b)		2,368		224,936
Fortinet, Inc. (a) (b)		1,531		154,891
Intel Corp. (b)		4,978		269,409
Paychex, Inc. (b)		2,305		145,031
Skyworks Solutions, Inc. (b)		1,004		89,738
Take-Two Interactive Software, Inc. (a) (b)		2,313		274,345
				2,267,570
Utilities - 4.24%
American Electric Power Co., Inc. (b)		2,449		195,871
CMS Energy Corp. (b)		2,089		122,729

M3Sixty Funds Trust

Cognios Large Cap Value Fund

Schedule of Investments

March 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 151.84% (b)
DTE Energy Co. (b)		1,651		156,795
Exelon Corp. (b)		1,770		65,154
NRG Energy, Inc. (b)		4,748		129,430
PPL Corp. (b)		6,402		158,001
				827,980
TOTAL COMMON STOCK (Cost $35,364,582)				29,648,848
TOTAL INVESTMENTS (Cost $35,364,582) - 151.84%			$	29,648,848
LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (51.84%)				(10,122,241	)
NET ASSETS - 100%			$	19,526,607

Percentages are stated as a percent of net assets.

^(a) Non-income producing security

^(b) All or a portion of the security is segregated as collateral for line of credit borrowings.

The following abbreviations are used in this portfolio:

Ltd. - Limited

PLC - Public Limited Company

M3Sixty Funds Trust

Cognios Market Neutral Large Cap Fund

Schedules of Investments

March 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 102.33%
Communications - 3.81%
AT&T, Inc. (b)		17,799	$	518,841
Motorola Solutions, Inc. (b)		3,706		492,602
Omnicom Group, Inc. (b)		9,696		532,310
				1,543,753
Consumer, Cyclical - 23.10%
AutoZone, Inc. (a) (b)		655		554,130
Darden Restaurants, Inc. (b)		7,485		407,633
Dollar General Corp. (b)		4,191		632,883
Dollar Tree, Inc. (a) (b)		8,446		620,528
Gap, Inc. (b)		48,280		339,891
L Brands, Inc. (b)		27,933		322,906
Macy’s, Inc. (b)		55,484		272,426
McDonald’s Corp. (b)		3,316		548,301
Nordstrom, Inc. (b)		21,500		329,810
NVR, Inc. (b)		171		439,318
O’Reilly Automotive, Inc. (a) (b)		1,817		547,008
PulteGroup, Inc. (b)		15,327		342,099
Ross Stores, Inc. (b)		6,289		546,954
Starbucks Corp. (b)		8,688		571,149
Target Corp. (b)		6,219		578,180
TJX Cos., Inc. (b)		10,972		524,571
Walgreens Boots Alliance, Inc. (b)		13,927		637,160
Walmart, Inc. (b)		5,755		653,883
Yum! Brands, Inc. (b)		7,317		501,434
				9,370,264
Consumer, Non-cyclical - 40.45%
AbbVie, Inc. (b)		7,416		565,025
ABIOMED, Inc. (a) (b)		4,400		638,704
Altria Group, Inc. (b)		15,505		599,578
Biogen, Inc. (b)		2,063		652,692
Bristol-Myers Squibb Co. (b)		11,001		613,196
Campbell Soup Co. (b)		12,561		579,816
Church & Dwight Co., Inc. (b)		8,918		572,357
Cigna Corp. (a) (b)		3,292		583,277
Clorox Co. (b)		3,854		667,706
Colgate-Palmolive Co. (b)		9,118		605,070
Constellation Brands, Inc. - Class A (b)		3,660		524,698
General Mills, Inc. (b)		12,477		658,411
H&R Block, Inc. (b)		31,574		444,562
Hershey Co. (b)		4,200		556,500

M3Sixty Funds Trust

Cognios Market Neutral Large Cap Fund

Schedules of Investments

March 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 102.33%
Hormel Foods Corp. (b)		15,188		708,368
Humana, Inc. (b)		1,808		567,748
Johnson & Johnson (b)		4,759		624,048
Kellogg Co. (b)		10,498		629,775
Kimberly-Clark Corp. (b)		4,624		591,271
Lamb Weston Holdings, Inc. (b)		7,704		439,898
McCormick & Co., Inc. (b)		4,380		618,500
Molson Coors Brewing Co. - Class B (b)		13,138		512,513
PepsiCo, Inc. (b)		4,830		580,083
Procter & Gamble Co. (b)		5,533		608,630
Regeneron Pharmaceuticals, Inc. (b)		1,358		663,098
Sysco Corp. (b)		9,654		440,512
Tyson Foods, Inc. - Class A (b)		9,887		572,161
UnitedHealth Group, Inc. (b)		2,359		588,287
				16,406,484
Energy - 1.91%
Cabot Oil & Gas Corp. (b)		45,088		775,063
Financials - 17.31%
Aflac, Inc. (b)		15,790		540,650
Arthur J Gallagher & Co. (b)		6,495		529,407
Berkshire Hathaway, Inc. (a) (b)		3,176		580,668
Cincinnati Financial Corp. (b)		6,594		497,517
Everest Re Group Ltd. (b)		2,557		492,018
Hartford Financial Services Group, Inc. (b)		12,803		451,178
Intercontinental Exchange, Inc. (b)		6,816		550,392
Marsh & McLennan Cos., Inc. (b)		6,225		538,213
Nasdaq, Inc. (b)		5,906		560,775
Progressive Corp. (b)		8,348		616,416
Public Storage (b)		2,946		585,105
Western Union Co. (b)		28,486		516,451
Willis Towers Watson PLC (b)		3,298		560,165
				7,018,955
Industrials - 7.17%
CH Robinson Worldwide, Inc. (b)		9,689		641,412
Expeditors International of Washington, Inc. (b)		9,348		623,699
Northrop Grumman Corp. (b)		1,966		594,813
Republic Services, Inc. (b)		7,009		526,096
Waste Management, Inc. (b)		5,624		520,557
				2,906,577
Technology - 5.89%
Activision Blizzard, Inc. (b)		10,825		643,871
Akamai Technologies, Inc. (a) (b)		7,170		655,983
Broadcom, Inc. (b)		2,388		566,195
Paychex, Inc. (b)		8,340		524,753
				2,390,802

M3Sixty Funds Trust

Cognios Market Neutral Large Cap Fund

Schedules of Investments

March 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 102.33%
Utilities - 2.69%
NiSource, Inc. (b)		22,558		563,273
NRG Energy, Inc. (b)		19,418		529,335
				1,092,608
TOTAL COMMON STOCK (Cost $48,135,112)				41,504,506
SHORT-TERM INVESTMENTS - 2.66%
BlackRock Liquidity Funds T-Fund Portfolio - Retail Class, 0.00% (c)		1,080,365		1,080,365
TOTAL SHORT-TERM INVESTMENTS (Cost $1,080,365)				1,080,365
TOTAL INVESTMENTS (Cost $49,215,477) - 104.99%			$	42,584,871
SECURITIES SOLD SHORT (Proceeds $39,932,408) - (86.14%)				(34,937,590	)
OTHER ASSETS IN EXCESS OF LIABILITES, NET - 81.15%				32,912,834
NET ASSETS - 100%			$	40,560,115

Percentages are stated as a percent of net assets.

^(a) Non-income producing security

^(b) All or a portion of the security is segregated as collateral for securities sold short.

^(c) Rate shown represents the 7-day effective yield at March 31, 2020, is subject to change and resets daily.

The following abbreviations are used in this portfolio:

Ltd. - Limited

PLC - Public Limited Company

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

M3Sixty Funds Trust

Cognios Market Neutral Large Cap Fund

Schedules of Invesments: Securities Sold Short

March 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 86.14%
Basic Materials - 4.09%
Air Products & Chemicals, Inc.		1,249	$	249,313
CF Industries Holdings, Inc.		7,684		209,005
DuPont de Nemours, Inc.		6,704		228,606
Ecolab, Inc.		1,445		225,174
International Flavors & Fragrances, Inc.		2,300		234,784
Linde PLC		1,463		253,099
Newmont Mining Corp.		5,703		258,232
				1,658,213
Communications - 3.63%
Charter Communications, Inc.		565		246,515
Comcast Corp. - Class A		6,997		240,557
T-Mobile US, Inc.		3,175		266,382
Twitter, Inc.		8,158		200,360
Verizon Communications, Inc.		5,074		272,626
Walt Disney Co.		2,529		244,301
				1,470,741
Consumer, Cyclical - 4.12%
Advance Auto Parts, Inc.		2,245		209,503
CarMax, Inc.		3,334		179,469
Chipotle Mexican Grill, Inc.		391		255,870
DR Horton, Inc.		5,034		171,156
Genuine Parts Co.		3,346		225,286
Lennar Corp.		4,425		169,035
NIKE, Inc.		3,188		263,775
Under Armour, Inc. - Class A		21,530		198,291
				1,672,385
Consumer, Non-cyclical - 25.80%
Anthem, Inc.		1,021		231,808
Automatic Data Processing, Inc.		1,805		246,707
Boston Scientific Corp.		7,793		254,286
Brown-Forman Corp. - Class B		4,658		258,566
Centene Corp.		4,726		280,772
Coca-Cola Co.		5,016		221,958
Cooper Cos., Inc.		892		245,898
Coty, Inc.		32,404		167,205
Danaher Corp.		1,917		265,332
DENTSPLY SIRONA, Inc.		6,351		246,609
Edwards Lifesciences Corp.		1,361		256,712
Eli Lilly & Co.		2,085		289,231
Estee Lauder Cos., Inc.		1,532		244,109
Global Payments, Inc.		1,528		220,383
Henry Schein, Inc.		4,885		246,790
Hologic, Inc.		6,005		210,775
IDEXX Laboratories, Inc.		1,127		273,004
IHS Markit Ltd.		3,955		237,300
Illumina, Inc.		1,046		285,684
Intuitive Surgical, Inc.		506		250,576
IQVIA Holdings, Inc.		2,042		220,250
JM Smucker Co.		2,625		291,375
Kraft Heinz Co.		11,087		274,292
Kroger Co.		8,938		269,213
MarketAxess Holdings, Inc.		775		257,742
Medtronic PLC		2,882		259,899
Merck & Co., Inc.		3,558		273,753
Mondelez International, Inc. - Class A		5,097		255,258
Monster Beverage Corp.		4,234		238,205

M3Sixty Funds Trust

Cognios Market Neutral Large Cap Fund

Schedules of Invesments: Securities Sold Short

March 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 86.14%
PayPal Holdings, Inc.		2,539		243,084
Pfizer, Inc.		8,138		265,624
Quanta Services, Inc.		7,337		232,803
ResMed, Inc.		1,691		249,067
Rollins, Inc.		7,211		260,606
S&P Global, Inc.		1,013		248,236
STERIS PLC		1,792		250,826
Stryker Corp.		1,517		252,565
Teleflex, Inc.		846		247,760
Varian Medical Systems, Inc.		2,268		232,833
Verisk Analytics, Inc.		1,744		243,079
Zimmer Biomet Holdings, Inc.		2,194		221,770
Zoetis, Inc.		2,059		242,324
				10,464,269
Energy - 2.06%
Chevron Corp.		2,986		216,366
Exxon Mobil Corp.		5,792		219,922
Kinder Morgan, Inc.		14,541		202,411
Occidental Petroleum Corp.		9,037		104,648
ONEOK, Inc.		4,164		90,817
				834,164
Financials - 19.95%
Alexandria Real Estate Equities, Inc.		1,801		246,845
American Express Co.		2,602		222,757
American Tower Corp.		1,165		253,679
Aon PLC		1,321		218,018
Apartment Investment & Management Co.		5,749		202,077
Assurant, Inc.		2,367		246,381
AvalonBay Communities, Inc.		1,346		198,091
Boston Properties, Inc.		2,120		195,528
Cboe Global Markets, Inc.		2,460		219,555
Chubb Ltd.		1,974		220,476
CME Group, Inc.		1,314		227,204
Crown Castle International Corp.		1,783		257,465
Digital Realty Trust, Inc.		2,175		302,129
Duke Realty Corp.		8,256		267,329
Equinix, Inc.		462		288,551
Equity Residential		3,614		223,020
Essex Property Trust, Inc.		967		212,972
Extra Space Storage, Inc.		2,644		253,189
Federal Realty Investment Trust		2,413		180,034
First Republic Bank		2,873		236,390
Healthpeak Properties, Inc.		8,448		201,485
Iron Mountain, Inc.		9,010		214,438
Kimco Realty Corp.		16,116		155,842
Loews Corp.		6,206		216,155
Mastercard, Inc. - Class A		979		236,487
Mid-America Apartment Communities, Inc.		2,011		207,193
Prologis, Inc.		3,165		254,371
Realty Income Corp.		3,745		186,726
Regency Centers Corp.		4,775		183,503
SBA Communications Corp.		959		258,901

M3Sixty Funds Trust

Cognios Market Neutral Large Cap Fund

Schedules of Invesments: Securities Sold Short

March 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 86.14%
Simon Property Group, Inc.		2,398		131,554
Travelers Cos., Inc.		2,252		223,736
UDR, Inc.		5,942		217,121
Ventas, Inc.		5,519		147,909
Vornado Realty Trust		5,291		191,587
Welltower, Inc.		3,706		169,661
WR Berkley Corp.		4,300		224,331
				8,092,690
Industrials - 6.88%
Amcor PLC		30,363		246,548
Ball Corp.		3,764		243,380
Deere & Co.		1,802		248,964
Jacobs Engineering Group, Inc.		2,906		230,359
Johnson Controls International PLC		7,431		200,340
Kansas City Southern		1,867		237,445
Keysight Technologies, Inc.		2,974		248,864
L3Harris Technologies, Inc.		1,395		251,267
Martin Marietta Materials, Inc.		1,183		223,859
Roper Technologies, Inc.		799		249,136
TransDigm Group, Inc.		525		168,100
Vulcan Materials Co.		2,228		240,780
				2,789,042
Technology - 5.01%
Adobe, Inc.		811		258,093
Broadridge Financial Solutions, Inc.		2,810		266,472
Fidelity National Information Services, Inc.		1,976		240,361
Fiserv, Inc.		2,619		248,779
Intuit, Inc.		1,014		233,220
Jack Henry & Associates, Inc.		1,762		273,533
MSCI, Inc.		936		270,467
salesforce.com, Inc.		1,680		241,886
				2,032,811
Utilities - 14.60%
Alliant Energy Corp.		5,059		244,299
Ameren Corp.		3,371		245,510
American Electric Power Co., Inc.		2,925		233,941
American Water Works Co., Inc.		2,092		250,120
Atmos Energy Corp.		2,614		259,387
CenterPoint Energy, Inc.		12,573		194,253
CMS Energy Corp.		4,265		250,569
Consolidated Edison, Inc.		3,325		259,350
Dominion Energy, Inc.		3,305		238,588
DTE Energy Co.		2,502		237,615
Duke Energy Corp.		2,892		233,905
Edison International		4,133		226,447
Entergy Corp.		2,288		215,003
Evergy, Inc.		4,032		221,962
Eversource Energy		2,971		232,362
Exelon Corp.		6,344		233,523
FirstEnergy Corp.		6,073		243,345
NextEra Energy, Inc.		1,050		252,651
Pinnacle West Capital Corp.		2,935		222,444

M3Sixty Funds Trust

Cognios Market Neutral Large Cap Fund

Schedules of Invesments: Securities Sold Short

March 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 86.14%
PPL Corp.		9,210		227,303
Public Service Enterprise Group, Inc.		5,326		239,191
Sempra Energy		2,030		229,370
Southern Co.		4,274		231,394
WEC Energy Group, Inc.		2,802		246,940
Xcel Energy, Inc.		4,209		253,803
				5,923,275
TOTAL COMMON STOCK (Proceeds $39,932,408)				34,937,590
TOTAL SECURITIES SOLD SHORT (Proceeds $39,932,408)			$	34,937,590

Percentages are stated as a percent of net assets.

^(a) Non-income producing security

The following abbreviations are used in this portfolio:

Ltd. - Limited 

PLC - Public Limited Company

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

M3Sixty Funds Trust

F/m Investments Large Cap Focused Fund

Schedule of Investments

March 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 98.19%
Communications - 14.03%
Alphabet, Inc. - Class A (a)		943	$	1,095,719
Amazon.com, Inc. (a)		1,465		2,856,340
AT&T, Inc.		30,991		903,388
Charter Communications, Inc.		1,943		847,750
				5,703,197
Consumer, Cyclical - 6.06%
NIKE, Inc.		9,993		826,821
Tesla, Inc.		1,381		723,644
TJX Cos., Inc.		19,059		911,211
				2,461,676
Consumer, Non-cyclical - 17.67%
Avery Dennison Corp.		5,020		511,387
Boston Scientific Corp.		23,270		759,300
Coca-Cola Co.		19,426		859,601
Exact Sciences Corp. (a)		18,102		1,049,916
Intuitive Surgical, Inc.		1,859		920,595
Medtronic PLC		7,730		697,091
Procter & Gamble Co.		11,628		1,279,080
Thermo Fisher Scientific, Inc.		3,894		1,104,338
				7,181,308
Financials - 3.36%
Goldman Sachs Group, Inc.		4,905		758,264
Morgan Stanley		17,879		607,886
				1,366,150
Industrials - 6.43%
Keysight Technologies, Inc. (a)		11,400		953,952
Lockheed Martin Corp.		2,082		705,694
TransDigm Group, Inc.		2,981		954,486
				2,614,132
Technology - 50.64%
Adobe, Inc. (a)		5,167		1,644,346
Advanced Micro Devices, Inc. (a)		59,006		2,683,593
Apple, Inc.		13,161		3,346,711
DocuSign, Inc.		15,031		1,388,864
Fiserv, Inc. (a)		9,491		901,550
Lam Research Corp.		2,817		676,080
Micron Technology, Inc.		22,281		937,139
Microsoft Corp.		25,040		3,949,058
NVIDIA Corp.		5,240		1,381,264
RingCentral, Inc.		9,403		1,992,590
Splunk, Inc. (a)		13,303		1,679,238
				20,580,433
TOTAL COMMON STOCK (Cost $38,489,456)				39,906,896
TOTAL INVESTMENTS (Cost $38,489,456) - 98.19%			$	39,906,896
OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 1.81%				736,358
NET ASSETS - 100%			$	40,643,254

Percentages are stated as a percent of net assets.

^(a) Non-income producing security

The following abbreviations are used in this portfolio:

ADR - American Depositary Receipt

PLC - Public Limited Company

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

M3Sixty Funds Trust

Notes to the Schedules of Investments

March 31, 2020 (Unaudited)

The following is a summary of the significant accounting policies followed by the Cognios Large Cap Value Fund (the “Value Fund”), the Cognios Market Neutral Large Cap Fund (the “Market Neutral Fund”) and the F/m Investments Large Cap Focused Fund (the “Focused Fund”) (formerly, the Cognios Large Cap Growth Fund) and, (collectively, the “Funds”) in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies that follow the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies. Each Fund is a series of the M3Sixty Funds Trust.

Processes and Structure

The Funds’ Board of Trustees has adopted guidelines for valuing securities and other derivative instruments including in circumstances in which market quotes are not readily available, and has delegated authority to the Adviser to apply those guidelines in determining fair value prices, subject to review by the Board of Trustees.

Hierarchy of Fair Value Inputs

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

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 Funds’ 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.

Fair Value Measurements

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

Equity securities (common stock) – Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange Traded Funds, 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.

M3Sixty Funds Trust

Notes to the Schedules of Investments

March 31, 2020 (Unaudited)

The following table summarizes the inputs used to value the Funds’ assets and liabilities measured at fair value as of March 31, 2020:

Categories (a)		Level 1	Level 2	Level 3		Total
Value Fund:
Common Stock (b)	$	29,648,848	—	—	$	29,648,848
Total Investments in Securities	$	29,648,848	—	—	$	29,648,848
Market Neutral Fund: Assets:
Common Stock (b)	$	41,504,506	—	—	$	41,504,506
Short-Term Investments		1,080,365	—	—		1,080,365
Total Investments in Securities	$	42,584,871	—	—	$	42,584,871
Liabilities:
Common Stock (b)	$	34,937,590	—	—	$	34,937,590
Total Securities Sold Short (b)	$	34,937,590	—	—	$	34,937,590
Focused Fund:
Common Stock (b)	$	39,906,896	—	—	$	39,906,896
Total Investments in Securities	$	39,906,896	—	—	$	39,906,896

^(a)             As of and during the nine month period ended March 31, 2020, the Funds 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.

^(b)             All common stock held in the Funds are Level 1 securities. For a detailed break-out of common stock by industry, please refer to the Schedules of Investments.

The Funds recognize transfers, if any, between fair value hierarchy levels at the reporting period end. There were no transfers between levels during the nine month period ended March 31, 2020.

Non-Diversified Funds

The Focused Fund is a non-diversified Fund. Non-diversified Funds may or may not have a diversified portfolio of investments at any given time, and may have large amounts of assets invested in a very small number of companies, industries or securities. Such lack of diversification substantially increases market risks and the risk of loss associated with an investment in the Focused Fund, because the value of each security will have a greater impact on the Focused Fund’s performance and the value of each shareholder’s investment. When the value of a security in a non-diversified fund falls, it may have a greater impact on the Focused Fund than it would have in a diversified fund.

Short Sales

The Market Neutral Fund may make short sales of securities consistent with its strategies. A short sale is a transaction in which the Fund sells a security it does not own in anticipation    that the market price of that security will decline.

When the Market Neutral Fund makes a short sale, it must borrow the security sold short and deliver a security equal in value to the security sold short to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Market Neutral Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any accrued interest and dividends on such borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time that  the Market Neutral Fund replaces the borrowed security, the Market Neutral Fund will incur a loss; conversely, if the price declines, the Market Neutral Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

M3Sixty Funds Trust

Notes to the Schedules of Investments

March 31, 2020 (Unaudited)

To the extent that the Market Neutral Fund engages in short sales, it will provide collateral to the broker-dealer and (except in the case of short sales “against the box”) will maintain additional asset coverage in the form of segregated or “earmarked” assets that the Adviser determines to be liquid in accordance with procedures established by the Board and that is equal to the current market value of the securities sold short until the Market Neutral Fund replaces the borrowed security. A short sale is “against the box” to the extent that the Market Neutral Fund contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short. The Market Neutral Fund may engage in short selling to the extent permitted by the federal securities laws and rules and interpretations thereunder. To the extent the Market Neutral Fund engages in short selling in foreign (non-U.S.) jurisdictions, the Market Neutral Fund will do so to the extent permitted by the laws and regulations of such jurisdiction.

Tax Matters

For U.S. Federal income tax purposes, the cost of securities owned, gross appreciation, gross depreciation, and net unrealized appreciation/(depreciation) of investments at March 31, 2020 were as follows:

Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Depreciation
Value Fund	$	35,556,920	$	1,273,398	$	(7,181,470	)	$	(5,908,072	)
Market Neutral Fund		12,464,339	$	8,308,330	$	(13,125,388	)		$ (4,817,058	)
Focused Fund		38,554,221		5,056,205		(3,703,530	)		1,352,675

The difference between book basis unrealized appreciation and tax-basis unrealized appreciation for the Funds is attributable primarily to the tax deferral of losses on wash sales and the tax treatment of the cost of securities received as in-kind subscriptions.