Cognios Funds

Cognios Large Cap Value Fund

Schedule of Investments
September 30, 2020 (Unaudited)
	Shares		Fair Value
COMMON STOCK - 146.93%
Communications - 6.36%
AT&T, Inc. (b)		633	$	18,047
CenturyLink, Inc. (b)		671		6,770
F5 Networks, Inc. (a) (b)		30		3,683
Motorola Solutions, Inc. (b)		86		13,486
Omnicom Group, Inc. (b)		311		15,394
VeriSign, Inc. (a)		25		5,121
Verizon Communications, Inc. (b)		91		5,413
				67,914
Consumer, Cyclical - 30.80%
Alaska Air Group, Inc. (b)		116		4,249
AutoZone, Inc. (a) (b)		11		12,954
Capri Holdings Ltd. (a) (b)		313		5,634
Copart, Inc. (a) (b)		98		10,306
Costco Wholesale Corp. (b)		26		9,230
Darden Restaurants, Inc. (b)		99		9,973
Dollar General Corp. (b)		130		27,251
Dollar Tree, Inc. (a) (b)		158		14,432
Domino's Pizza, Inc. (b)		13		5,529
Foot Locker, Inc. (b)		65		2,147
Gap, Inc. (b)		590		10,048
Kohl's Corp. (b)		52		963
L Brands, Inc. (b)		525		16,700
Macy's, Inc. (b)		582		3,317
McDonald's Corp. (b)		103		22,607
NIKE, Inc. - Class B (b)		91		11,424
Nordstrom, Inc.  (b)		331		3,945
NVR, Inc. (a) (b)		2		8,166
O'Reilly Automotive, Inc. (a) (b)		30		13,832
PulteGroup, Inc. (b)		343		15,877
Ralph Lauren Corp. (b)		29		1,971
Ross Stores, Inc. (b)		73		6,812
Starbucks Corp. (b)		189		16,239
Tapestry, Inc. (b)		124		1,938
Target Corp. (b)		153		24,085
TJX Cos., Inc. (b)		278		15,471
Tractor Supply Co. (b)		40		5,734
Walgreens Boots Alliance, Inc. (b)		284		10,201
Walmart, Inc. (b)		172		24,064
Yum! Brands, Inc. (b)		153		13,969
				329,068

	Shares		Fair Value
Consumer, Non-cyclical - 59.22%
AbbeVie, Inc. (b)		100		8,759
ABIOMED, Inc. (a) (b)		42		11,637
Altria Group, Inc. (b)		451		17,427
Amgen, Inc. (b)		16		4,066
Biogen, Inc. (a) (b)		30		8,510
Bristol-Myers Squibb Co. (b)		396		23,875
Campbell Soup Co. (b)		452		21,863
Centene Corp. (a) (b)		77		4,491
Church & Dwight Co., Inc. (b)		261		24,458
Cigna Corp. (b)		50		8,471
Clorox Co. (b)		115		24,170
Colgate-Palmolive Co. (b)		284		21,911
Conagra Brands, Inc. (b)		653		23,319
Constellation Brands, Inc. - Class A (b)		80		15,161
Cooper Cos., Inc. (b)		13		4,383
CVS Health Corp. (b)		195		11,388
Eli Lilly and Co. (b)		35		5,181
Estee Lauder Cos., Inc. (b)		26		5,675
General Mills, Inc. (b)		364		22,452
Gilead Sciences, Inc. (b)		125		7,899
H&R Block, Inc. (b)		711		11,582
HCA Healthcare, Inc. (b)		91		11,346
Hershey Co. (b)		148		21,214
Hormel Foods Corp. (b)		391		19,116
Humana, Inc. (b)		23		9,519
Incyte Corp. (a) (b)		40		3,590
Johnson & Johnson (b)		146		21,736
Kellogg Co. (b)		275		17,762
Kimberly-Clark Corp. (b)		147		21,706
Kroger Co. (b)		448		15,192
Lamb Weston Holdings, Inc. (b)		312		20,676
McCormick & Co., Inc. (b)		124		24,068
McKesson Corp. (b)		61		9,085
Molson Coors Brewing Co. - Class B (b)		202		6,779
PepsiCo, Inc. (b)		153		21,206
Phillip Morris International, Inc. (b)		117		8,774
Procter & Gamble Co. (b)		173		24,045
Quest Diagnostics, Inc. (b)		77		8,816
Regeneron Pharmaceuticals, Inc. (a) (b)		16		8,956
STERIS PLC (b)		34		5,990
Sysco Corp. (b)		158		9,831

	Shares		Fair Value
Tyson Foods, Inc. - Class A (b)		291		17,309
UnitedHealth Group, Inc. (b)		77		24,006
Verisk Analytics, Inc. (b)		55		10,192
Vertex Pharmaceuticals, Inc. (a)		19		5,170
				632,762
Energy - 1.51%
Cabot Oil & Gas Corp. (b)		829		14,391
Occidental Petroleum Corp. (b)		170		1,702
				16,093
Financials - 22.84%
Aflac, Inc. (b)		368		13,377
Allstate Corp. (b)		91		8,567
Aon PLC - Class A (b)		45		9,284
Arthur J. Gallagher & Co. (b)		178		18,793
Berkshire Hathaway, Inc.  - Class B (a) (b)		81		17,248
Cboe Global Markets, Inc. (b)		202		17,723
Cincinnati Financial Corp. (b)		43		3,353
CME Group, Inc. (b)		55		9,202
Everest Re Group Ltd. (b)		18		3,556
Hartford Financial Services Group, Inc. (b)		209		7,704
Intercontinental Exchange, Inc. (b)		229		22,911
Marsh & McLennan Cos, Inc. (b)		115		13,191
Nasdaq, Inc. (b)		193		23,683
Progressive Corp. (b)		255		24,141
Public Storage (b)		95		21,158
Western Union Co. (b)		355		7,608
Willis Towers Watson PLC (b)		108		22,553
				244,052
Industrials - 10.30%
Amcor PLC (b)		382		4,221
CH Robinson Worldwide, Inc. (b)		238		24,321
Expeditors International of Washington, Inc. (b)		161		14,574
L3Harris Technologies, Inc. (b)		30		5,095
Northrop Grumman Corp. (b)		50		15,775
Raytheon Co. (b)		35		2,014
Republic Services, Inc. (b)		244		22,777
Waste Management, Inc. (b)		188		21,276
				110,053
Technology - 13.46%
Activision Blizzard, Inc. (b)		209		16,919
Akamai Technologies, Inc. (a) (b)		222		24,540
Broadcom, Inc. (b)		26		9,472
Cerner Corp. (b)		127		9,181

	Shares		Fair Value
Citrix Systems, Inc. (b)		61		8,400
Electronics Art, Inc. (a) (b)		31		4,043
Fidelity National Information Services, Inc. (b)		35		5,152
Fiserv, Inc. (a) (b)		45		4,637
Intel Corp. (b)		319		16,518
Jack Henry & Associates, Inc. (b)		28		4,553
Oracle Corp. (b)		163		9,731
Paychex, Inc. (b)		49		3,909
Skyworks Solutions, Inc. (b)		43		6,257
Take-Two Interactive Software, Inc. (a) (b)		124		20,487
				143,799
Utilities - 2.44%
American Electric Power Co., Inc. (b)		46		3,760
DTE Energy Co. (b)		76		8,743
Exelon Corp. (b)		77		2,754
NiSource, Inc. (b)		217		4,774
NRG Energy, Inc. (b)		88		2,705
PPL Corp. (b)		124		3,374
				26,110
TOTAL COMMON STOCK (Cost $1544,989)				1,569,851
TOTAL INVESTMENTS (Cost $1,544,989) - 146.93%			$	1,569,851
LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (46.93%)				(501,442	)
NET ASSETS - 100%			$	1,068,409
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

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

Cognios Funds

Cognios Market Neutral Large Cap Fund

Schedules of Investments
September 30, 2020 (Unaudited)
	Shares		Fair Value
COMMON STOCK - 120.32%
Communications - 7.83%
AT&T, Inc. (b)		16,488	$	470,073
Cisco Systems, Inc. (b)		12,029		473,822
Motorola Solutions, Inc. (b)		3,041		476,859
Omnicom Group, Inc. (b)		9,166		453,717
Verison Communications, Inc. (b)		7,897		469,793
				2,344,264
Consumer, Cyclical - 13.08%
Cosco Wholesale Corp. (b)		1,424		505,520
Dollar General Corp. (b)		2,317		485,690
Dollar Tree, Inc. (a) (b)		5,447		497,529
Domino's Pizza, Inc. (b)		1,225		520,968
Ross Stores, Inc. (b)		5,147		480,318
TJX Cos., Inc. (a)		8,516		473,915
Walgreens Boots Alliance, Inc. (b)		12,984		466,385
Walmart, Inc. (b)		3,522		492,763
				3,923,088
Consumer, Non-cyclical - 53.45%
AbbVie, Inc. (b)		5,319		465,891
Altria Group, Inc. (b)		11,939		461,323
Biogen, Inc. (a) (b)		1,753		497,291
Bristol-Myers Squibb Co. (b)		8,074		486,782
Campbell Soup Co. (b)		10,588		512,142
Church & Dwight Co., Inc. (b)		5,293		496,007
Cigna Corp. (b)		2,849		482,649
Clorox Co. (b)		2,334		490,537
Colgate-Palmolive Co. (b)		6,301		486,122
Conagra Brands, Inc. (b)		13,829		493,834
CVS Health Corp. (b)		8,141		475,434
Eli Lilly and Co. (b)		3,124		462,414
General Mills, Inc. (b)		8,366		516,015
Gilead Sciences, Inc. (b)		7,425		469,186
H&R Block, Inc. (b)		33,734		549,527
Hershey Co. (b)		3,437		492,660
Hormel Foods Corp. (b)		9,772		477,753
JM Smucker and Co. (b)		4,375		505,400
Johnson & Johnson (b)		3,246		483,265
Kellogg Co. (b)		7,686		496,439
Kimberly-Clark Corp. (b)		3,303		487,721
Kroger Co. (b)		14,663		497,222
Lamb Weston Holding, Inc. (b)		6,889		456,534
McCormick & Co., Inc. (b)		2,495		484,280

	Shares		Fair Value
McKesson Corp. (b)		3,154		469,725
PepsiCo, Inc. (b)		3,630		503,118
Philip Morris Intertnational, Inc. (b)		6,065		454,814
Procter & Gamble Co. (b)		3,499		486,326
Regeneron Pharmaceuticals, Inc. (a) (b)		862		482,530
ResMed, Inc. (b)		2,809		481,547
STERIS PLC (b)		2,753		485,051
Tyson Foods, Inc. - Class A (b)		7,577		450,680
UnitedHealth Group, Inc. (b)		1,557		485,426
				16,025,645
Energy - 1.42%
Cabot Oil & Gas Corp. (b)		24,506		425,424
Financials - 19.11%
Aflac, Inc. (b)		12,607		458,264
Allstate Corp. (b)		5,215		490,940
Aon PLC - Class A (b)		2,369		488,725
Arthur J Gallagher & Co. (b)		4,566		482,078
Berkshire Hathaway, Inc. - Class B (a) (b)		2,179		463,996
Cboe Global Markets, Inc. (b)		5,406		474,322
CME Group, Inc. (b)		2,820		471,814
Intercontinental Exchange, Inc. (b)		4,853		485,543
Nasdaq, Inc. (b)		3,871		475,010
Progressive Corp. (b)		4,986		472,025
Public Storage (b)		2,160		481,075
Willis Towers Watson PLC  (b)		2,321		484,671
				5,728,463
Industrials - 9.18%
Amcor PLC (b)		42,496		469,581
CH Robinson Worldwide, Inc. (b)		4,605		470,585
L3Harris Technologies, Inc. (b)		2,577		437,678
Northrop Grumman Corp. (b)		1,391		438,847
Republic Services, Inc. (b)		4,972		464,136
Waste Management, Inc. (b)		4,169		471,806
				2,752,633
Technology - 13.05%
Activision Blizzard, Inc. (b)		6,055		490,152
Akamai Technologies, Inc. (a) (b)		4,471		494,224
Cerner Corp. (b)		6,762		488,825
Citrix Systems, Inc. (b)		3,583		493,415
Intel Corp. (b)		9,607		497,450
Jack Henry & Associates, Inc. (b)		2,935		477,202
Oracle Corp. (b)		8,000		477,600
Take-Two Interactive Software, Inc. (a) (b)		2,999		495,495
				3,914,363

	Shares		Fair Value
Utilities - 3.20%
DTE Energy Co. (b)		4,259		489,955
NiSource, Inc. (b)		21,338		469,436
				959,391
TOTAL COMMON STOCK (Cost $33,431,636)				36,073,271
SHORT-TERM INVESTMENTS - 0.04%
BlackRock Liquidity Funds T-Fund Portfolio - Retail Class,   0.03% (c)		13,593		13,593
TOTAL SHORT-TERM INVESTMENTS (Cost $13,593)				13,593
TOTAL INVESTMENTS (Cost $33,445,229) - 120.36%			$	36,086,864
SECURITIES SOLD SHORT (Proceeds $21,767,253) - (77.07%)				(23,108,086	)
OTHER ASSETS IN EXCESS OF LIABILITES, NET - 56.71%				17,002,509
NET ASSETS - 100%			$	29,981,287
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 September 30, 2020, is subject to change and resets daily.
The following abbreviations are used in this portfolio:
PLC - Public Limited Company
The accompanying notes are an integral part of these financial statements.

Cognios Funds

Cognios Market Neutral Large Cap Fund

Schedules of Investments: Securities Sold Short
September 30, 2020 (Unaudited)
	Shares		Fair Value
COMMON STOCK - 77.08%
Basic Materials - 4.48%
Air Products & Chemicals, Inc.		524	$	156,079
Albernarle Corp.		1,564		139,634
DuPont de Nemours, Inc.		2,626		145,691
Ecolab, Inc.		753		150,480
FMC Corp.		1,392		147,427
International Flavors & Fragrances, Inc.		1,261		154,409
Linde PLC		629		149,784
Newmont Mining Corp.		2,378		150,884
PPG Industries, Inc.		1,217		148,571
				1,342,959
Communications - 5.32%
Amazon.com, Inc.		53		166,883
Charter Communications, Inc. - Class A		252		157,334
Comcast Corp. - Class A		3,460		160,060
Corning, Inc.		4,749		153,915
E*TRADE Financial Corp.		2,979		149,099
Netflix, Inc.		333		166,510
NortonLifeLock, Inc.		7,500		156,300
T-Mobile US, Inc.		1,414		161,705
Twitter, Inc.		3,930		174,885
Walt Disney Co.		1,203		149,268
				1,595,959
Consumer, Cyclical - 4.08%
Advance Auto Parts, Inc.		1,007		154,575
Chipotle Mexican Grill, Inc.		128		159,195
Live Nation Entertainment, Inc.		2,718		146,446
NIKE, Inc. - Class B		1,340		168,224
Ralph Lauren Corp.		2,034		138,251
Tiffany & Co.		1,360		157,556
Under Armour, Inc. - Class A		13,353		149,954
VF Corp.		2,115		148,579
				1,222,780
Consumer, Non-cyclical - 19.07%
Abbott Laboratories		1,453		158,130
AmerisourceBergen Corp.		1,616		156,623
Archer-Daniels-Midland Co.		3,231		150,209
Automatic Data Processing, Inc.		1,146		159,856
Baxter International, Inc.		1,880		151,190
Becton Dickerson and Co.		675		157,059
Bio-Rad Laboratories, Inc.		306		157,731
Boston Scientific Corp.		3,982		152,152
Brown-Forman Corp. - Class B		2,042		153,804
Centene Corp.		2,571		149,966
Coca-Cola Co.		3,074		151,763
Cooper Cos., Inc.		445		150,018
Corteva, Inc.		5,305		152,837
Coty, Inc. - Class A		49,777		134,398

	Shares		Fair Value
Danaher Corp.		753		162,144
DENTSPLY SIRONA, Inc.		3,284		143,609
DexCom, Inc.		397		163,655
Global Payments, Inc.		854		151,653
Henry Schein, Inc.		2,516		147,890
Hologic, Inc.		2,456		163,250
IHS Markit Ltd.		1,973		154,900
Incyte Corp.		1,764		158,301
Intuitive Surgical, Inc.		235		166,742
IQVIA Holdings, Inc.		980		154,477
Medtronic PLC		1,443		149,957
Merck & Co., Inc.		1,818		150,803
Mondelez International, Inc. - Class A		2,738		157,298
PayPal Holdings, Inc.		888		174,963
Perrigo Co. PLC		3,349		153,753
Pfizer, Inc.		4,240		155,608
Stryker Corp.		748		155,861
Sysco Corp.		2,267		141,053
Teleflex, Inc.		454		154,551
Thermo Fisher Scientific, Inc.		361		159,389
Varian Medical Systems, Inc.		902		155,144
West Pharmaceutical Services, Inc.		558		153,394
Zimmer Biomet Holdings, Inc.		1,118		152,205
				5,716,336
Energy - 0.96%
Chevron Corp.		1,983		142,776
Exxon Mobil Corp.		4,198		144,117
				286,893
Financials - 19.69%
Alexandria Real Estate Equities, Inc.		988		158,080
American Express Co.		1,482		148,571
American International Group, Inc.		5,416		149,102
American Tower Corp.		638		154,224
Apartment Investment & Management Co.		4,418		148,975
Assurant, Inc.		1,294		156,975
AvalonBay Communities, Inc.		1,028		153,522
Boston Properties, Inc.		1,808		145,182
Chubb Ltd.		1,326		153,975
Cincinnati Financial Corp.		2,004		156,252
Crown Castle International Corp.		978		162,837
Digital Realty Trust, Inc.		1,076		157,914
Duke Realty Corp.		4,251		156,862
Equinix, Inc.		209		158,867
Equity Residential		2,842		145,880
Essex Property Trust, Inc.		736		147,781
Everest Re Group Ltd.		766		151,316
Extra Space Storage, Inc.		1,419		151,819
Federal Realty Investment Trust		1,905		139,903

	Shares		Fair Value
First Republic Bank		1,441		157,155
Healthpeak Properties, Inc.		5,737		155,760
Host Hotels & Resorts, Inc.		13,705		147,877
Iron Mountain, Inc.		5,446		145,898
Kimco Realty Corp.		12,499		140,739
Loews Corp.		4,220		146,645
Mid-America Apartment Communities, Inc.		1,356		157,228
Prologis, Inc.		1,566		157,571
Realty Income Corp.		2,494		151,511
Regency Centers Corp.		3,855		146,567
SBA Communications Corp.		505		160,832
Simon Property Group, Inc.		2,211		143,007
Travelers Cos., Inc.		1,390		150,384
Truist Financial Corp.		3,978		151,363
UDR, Inc.		4,553		148,473
Ventas, Inc.		3,590		150,636
Vornado Realty Trust		4,289		144,582
Welltower, Inc.		2,754		151,718
Wells Fargo & Co.		6,205		145,880
WR Berkley Corp.		2,449		149,756
				5,901,619
Industrials - 9.18%
Agilent Technologies, Inc.		1,563		157,769
Ball Corp.		1,868		155,268
Boeing Co.		940		155,344
Caterpillar, Inc.		1,005		149,896
CXS Corp.		1,945		151,068
Deere & Co.		700		155,141
General Dynamics Corp.		1,075		148,812
General Electric Co.		22,123		137,826
Ingersoll Rand, inc.		4,235		150,766
Jacobs Engineering Group, Inc.		1,645		152,607
Johnson Controls International PLC		3,641		148,735
Kansas City Southern		852		154,067
Keysight Technologies, Inc.		1,588		156,863
Martin Marietta Materials, Inc.		687		161,692
Norfolk Southern Corp.		699		149,579
PerkinElmer, Inc.		1,310		164,418
Raytheon Technologies Corp.		2,485		142,987
Vulcan Materials Co.		1,173		158,988
				2,751,826
Technology - 2.06%
Fidelity National Information Services, Inc.		1,055		155,307
Hewlett Packard Enterprise Co.		16,401		153,677
Qorvo, Inc.		1,215		156,747
Western Digital Corp.		4,184		152,925
				618,656

	Shares		Fair Value
Utilities - 12.24%
Alliant Energy Corp.		3,045		157,274
Ameren Corp.		2,015		159,346
American Electric Power Co., Inc.		1,978		161,662
American Water Works Co., Inc.		1,125		162,990
Atmos Energy Corp.		1,694		161,929
CMS Energy Corp.		2,564		157,455
Consolidated Edison, Inc.		2,111		164,236
Dominion Energy, Inc.		1,985		156,676
Duke Energy Corp.		1,868		165,430
Edison International		3,020		153,537
Entergy Corp.		1,624		160,013
Evergy, Inc.		3,070		156,017
Eversource Energy		1,960		163,758
Exelon Corp.		4,401		157,380
FirstEnergy Corp.		5,329		152,996
NextEra Energy, Inc.		565		156,821
Pinnacle West Capital Corp.		2,195		163,637
PPL Corp.		5,813		158,172
Public Service Enterprise Group, Inc.		3,037		166,762
Sempra Energy		1,306		154,578
Southern Co.		2,954		160,166
WEC Energy Group, Inc.		1,651		159,982
Xcel Energy, Inc.		2,322		160,241
				3,671,058
TOTAL COMMON STOCK (Proceeds $33,968,633)				23,108,086
TOTAL SECURITIES SOLD SHORT (Proceeds $21,767,253)			$	23,108,086
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.

F/m Investments Funds

F/m Investments Large Cap Focused Fund

Schedule of Investments

September 30, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCK - 93.09%
Communications - 11.80%
Alphabet, Inc. - Class A (a)		943	$	1,382,061
Amazon.com, Inc. (a)		1,465		4,612,889
Charter Communications, Inc. - Class A (a)		1,943		1,213,093
				7,208,043
Consumer, Cyclical - 2.39%
Home Depot, Inc.		5,260		1,460,754
Consumer, Non-cyclical - 22.25%
Avantor, Inc. (a)		66,800		1,502,332
Clorox Co.		5,419		1,138,911
Horizon Therapeutics PLC (a)		23,428		1,819,887
Johnson & Johnson		5,768		858,740
Moderna, Inc. (a)		10,397		735,588
PPD, Inc.		37,588		1,390,380
Procter & Gamble Co.		11,628		1,616,176
Teladoc Health, Inc. (a)		6,272		1,375,073
Thermo Fisher Scientific, Inc.		3,894		1,719,279
Vertex Pharmaceuticals, Inc. (a)		5,265		1,432,712
				13,589,078
Financials - 3.85%
Mastercard, Inc. - Class A		4,385		1,482,875
Morgan Stanley		17,879		864,450
				2,347,325
Industrials - 2.32%
FedEx Corp.		5,635		1,417,315
Technology - 45.83%
Activision Blizzard, Inc.		14,677		1,188,103
Adobe Systems, Inc. (a)		5,167		2,534,052
Advanced Micro Devices, Inc. (a)		27,735		2,273,993
Akamai Technologies, Inc. (a)		13,121		1,450,395
Apple, Inc.		52,644		6,096,702
Lam Research Corp.		5,118		1,697,897
Microsoft Corp.		26,088		5,487,089
MSCI, Inc.		3,733		1,331,860
NVIDIA Corp.		4,813		2,604,891
Salesforce.com, Inc. (a)		6,837		1,718,275
Zynga, Inc. (a)		175,943		1,604,600
				27,987,857
Utilities - 4.65%
American Electric Power Co., Inc.		18,390		1,503,015
Evergy, Inc.		26,247		1,333,872
				2,836,887
TOTAL COMMON STOCK (Cost $41,081,053)				56,847,259
SHORT-TERM INVESTMENTS - 6.96%
Goldman Sachs Financial Square Government Fund,  0.00% (b)		4,249,905		4,249,905
TOTAL SHORT-TERM INVESTMENTS (Cost $4,249,905)				4,249,905
TOTAL INVESTMENTS (Cost $45,330,958) - 100.02%			$	61,097,164
OTHER ASSETS IN EXCESS OF LIABILITIES, NET - (0.05)%				(28,460	)
NET ASSETS - 100%			$	61,068,704

Percentages are stated as a percent of net assets. 

^(a) Non-income producing security

^(b) Rate shown represents the 7-day effective yield at September 30,  2020, is subject to change and resets daily.

The following abbreviations are used in this portfolio:

PLC - Public Limited Company

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

M3Sixty Funds Trust

Notes to the Schedules of Investments

September 30, 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

September 30, 2020 (Unaudited)

The following table summarizes the inputs used to value the Funds’ assets and liabilities measured at fair value as of September 30, 2020:

Categories (a)	Level 1		Level 2		Level 3		Total
Value Fund:
Common Stock (b)	$	1,569,851		—		—	$	1,569,851
Total Investments in Securities	$	1,569,851		—		—	$	1,569,851
Market Neutral Fund: Assets:
Common Stock (b)	$	36,073,271		—		—	$	36,073,271
Short-Term Investments		13,593		—		—		13,593
Total Investments in Securities	$	36,086,864		—		—	$	36,086,864
Liabilities:
Common Stock (b)	$	23,108,086		—		—	$	23,108,086
Total Securities Sold Short (b)	$	23,108,086		—		—	$	23,108,086
Focused Fund:
Common Stock (b)	$	56,847,259		—		—	$	56,847,259
Short-Term Investments		4,249,905						4,249,905
Total Investments in Securities	$	61,097,164		—		—	$	61,097,164

^(a)       As of and during the three month period ended September 30, 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 three month period ended September 30, 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

September 30, 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 September 30, 2020 were as follows:

Fund		Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
	Value Fund	$	1,621,916	$	108,437	$	(160,502	)	$	(52,065	)
	Market Neutral Fund		13,635,209		4,858,790		(5,515,221	)		(656,431	)
	Focused Fund		45,395,679		16,086,460		(384,975	)		15,701,485

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.