NPORT-EX 2 NPORT_1TM2_92279026_0922.htm

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Common Stocks—69.0%     
           
     Australia—4.8%     
 3,170   29Metals Ltd.§  $4,583 
 5,596   Adbri Ltd.†,§   6,534 
 7,407   AGL Energy Ltd.§   32,221 
 4,474   Allkem Ltd.*,§   39,776 
 4,977   ALS Ltd.§   32,043 
 1,335   Altium Ltd.§   28,925 
 23,001   Alumina Ltd.§   18,431 
 32,068   AMP Ltd.*,§   22,270 
 2,797   Ampol Ltd.§   51,643 
 2,225   Ansell Ltd.§   35,587 
 8,493   APA Group§   51,858 
 2,756   Appen Ltd.§   5,417 
 1,183   ARB Corp. Ltd.†,§   21,044 
 16,116   Ardent Leisure Group Ltd.*,§   5,355 
 3,393   Aristocrat Leisure Ltd.§   70,810 
 978   ASX Ltd.§   44,971 
 15,957   Atlas Arteria Ltd.†,§   63,100 
 1,672   AUB Group Ltd.§   20,340 
 27,196   Aurizon Holdings Ltd.§   59,753 
 9,677   Austal Ltd.§   14,120 
 13,544   Australia & New Zealand Banking Group Ltd.§   196,656 
 2,559   Australian Ethical Investment Ltd.§   8,117 
 6,809   Bank of Queensland Ltd.†,§   28,240 
 5,183   Bapcor Ltd.†,§   20,283 
 36,897   Beach Energy Ltd.§   35,285 
 4,696   Bega Cheese Ltd.§   10,346 
 6,079   Bendigo & Adelaide Bank Ltd.†,§   30,355 
 19,147   BHP Group Ltd.§   476,854 
 12,902   BHP Group Ltd.§   324,035 
 4,598   BHP Group Ltd., ADR†   230,084 
 177   Blackmores Ltd.†,§   7,081 
 5,520   BlueScope Steel Ltd.§   53,403 
 12,498   Brambles Ltd.§   90,681 
 10,167   Bravura Solutions Ltd.§   8,010 
 849   Breville Group Ltd.†,§   9,756 
 1,779   Brickworks Ltd.§   24,296 
 3,952   Capricorn Metals Ltd.*,§   7,625 
 3,533   carsales.com Ltd.§   42,043 
 10,594   Challenger Ltd.§   39,734 
 5,558   Champion Iron Ltd.†,§   17,224 
 5,238   City Chic Collective Ltd.*,†,§   4,317 
 27,499   Cleanaway Waste Management Ltd.†,§   47,742 
 816   Clinuvel Pharmaceuticals Ltd.†,§   9,604 
 444   Cochlear Ltd.§   54,864 
 748   Codan Ltd.†,§   2,682 
 8,123   Coles Group Ltd.§   85,459 
 1,452   Collins Foods Ltd.§   8,040 
 10,118   Commonwealth Bank of Australia§   588,030 
 3,782   Computershare Ltd.§   59,980 
 55,582   Cooper Energy Ltd.*,†,§   9,075 
 1,259   Corporate Travel Management Ltd.§   13,367 
 5,529   Costa Group Holdings Ltd.§   7,864 
 1,552   Credit Corp. Group Ltd.†,§   17,156 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Australia (Continued)     
 2,406   CSL Ltd.§  $436,263 
 9,383   CSR Ltd.§   26,624 
 2,536   Data#3 Ltd.§   10,043 
 16,496   De Grey Mining Ltd.*,†,§   10,827 
 4,714   Deterra Royalties Ltd.§   12,080 
 1,480   Dicker Data Ltd.§   9,697 
 4,479   Domain Holdings Australia Ltd.§   9,253 
 464   Domino's Pizza Enterprises Ltd.†,§   15,191 
 18,120   Downer EDI Ltd.§   52,555 
 3,054   Eagers Automotive Ltd.†,§   21,291 
 13,551   Eclipx Group Ltd.*,†,§   19,403 
 5,248   Elders Ltd.†,§   39,812 
 9,649   Endeavour Group Ltd.§   43,247 
 7,109   Estia Health Ltd.†,§   8,965 
 1,597   EVENT Hospitality & Entertainment Ltd.*,§   13,113 
 13,941   Evolution Mining Ltd.§   18,384 
 1,312   Flight Centre Travel Group Ltd.*,†,§   11,805 
 13,104   Fortescue Metals Group Ltd.§   140,441 
 20,944   G8 Education Ltd.†,§   12,780 
 9,874   Genworth Mortgage Insurance Australia Ltd.§   17,030 
 10,788   Gold Road Resources Ltd.†,§   8,895 
 7,355   GrainCorp Ltd., Class A§   36,469 
 18,983   Grange Resources Ltd.§   8,394 
 2,140   GUD Holdings Ltd.†,§   10,173 
 9,346   GWA Group Ltd.§   11,372 
 2,555   Hansen Technologies Ltd.§   7,248 
 13,339   Harvey Norman Holdings Ltd.†,§   34,243 
 15,902   Healius Ltd.§   33,955 
 10,246   Humm Group Ltd.†,§   2,957 
 877   IDP Education Ltd.†,§   14,674 
 6,512   IGO Ltd.§   56,764 
 6,363   Iluka Resources Ltd.†,§   36,677 
 11,076   Imdex Ltd.§   12,522 
 28,249   Incitec Pivot Ltd.§   63,613 
 11,778   Infomedia Ltd.†,§   8,819 
 5,200   Inghams Group Ltd.†,§   7,876 
 16,077   Insignia Financial Ltd.†,§   30,174 
 17,033   Insurance Australia Group Ltd.§   50,154 
 7,725   Integral Diagnostics Ltd.§   13,635 
 1,626   InvoCare Ltd.†,§   10,446 
 2,813   IPH Ltd.§   16,936 
 3,090   IRESS Ltd.§   17,458 
 3,097   James Hardie Industries PLC§   60,317 
 1,012   JB Hi-Fi Ltd.†,§   24,393 
 2,838   Johns Lyng Group Ltd.†,§   11,282 
 7,993   Karoon Energy Ltd.*,§   9,294 
 2,906   Kelsian Group Ltd.§   8,913 
 5,029   Lendlease Corp. Ltd.§   28,442 
 1,418   Lifestyle Communities Ltd.†,§   13,612 
 10,522   Link Administration Holdings Ltd.§   19,162 
 14,886   Lottery Corp. Ltd.*,§   39,547 
 1,516   Lovisa Holdings Ltd.†,§   20,432 
 4,254   Lynas Rare Earths Ltd.*,†,§   20,473 
 1,234   Macquarie Group Ltd.§   119,753 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Australia (Continued)     
 309   Macquarie Telecom Group Ltd.*,§  $11,798 
 1,209   Magellan Financial Group Ltd.†,§   8,637 
 22,423   Mayne Pharma Group Ltd.*,§   3,918 
 1,182   McMillan Shakespeare Ltd.§   9,748 
 15,509   Medibank Pvt Ltd.§   34,467 
 13,978   Metcash Ltd.§   34,645 
 1,307   Mineral Resources Ltd.§   54,711 
 1,365   Monadelphous Group Ltd.§   11,315 
 7,231   Money3 Corp. Ltd.§   8,329 
 39,713   Mount Gibson Iron Ltd.*,†,§   10,335 
 7,649   Nanosonics Ltd.*,†,§   16,728 
 16,983   National Australia Bank Ltd.§   311,404 
 2,783   Netwealth Group Ltd.§   21,297 
 10,216   New Hope Corp. Ltd.†,§   41,032 
 6,467   Newcrest Mining Ltd.§   70,362 
 2,652   NEXTDC Ltd.*,§   14,769 
 5,984   nib holdings Ltd.§   28,324 
 932   Nick Scali Ltd.†,§   5,497 
 12,378   Nickel Mines Ltd.§   6,166 
 23,033   Nine Entertainment Co. Holdings Ltd.§   27,171 
 6,323   Northern Star Resources Ltd.§   31,877 
 12,393   NRW Holdings Ltd.§   18,703 
 10,138   Nufarm Ltd.§   32,137 
 5,115   Omni Bridgeway Ltd.*,§   12,292 
 11,530   oOh!media Ltd.§   9,049 
 4,231   Orica Ltd.§   35,523 
 13,491   Origin Energy Ltd.§   44,205 
 14,629   Orora Ltd.§   27,919 
 3,779   OZ Minerals Ltd.§   62,033 
 42,639   Paladin Energy Ltd.*,†,§   20,690 
 3,852   Pendal Group Ltd.§   11,019 
 12,923   Perenti Global Ltd.§   7,627 
 1,594   Perpetual Ltd.†,§   24,094 
 25,348   Perseus Mining Ltd.§   24,968 
 9,957   Pilbara Minerals Ltd.*,§   29,164 
 1,933   Pinnacle Investment Management Group Ltd.†,§   10,108 
 3,992   Platinum Asset Management Ltd.†,§   4,305 
 2,030   Premier Investments Ltd.§   28,931 
 1,044   Pro Medicus Ltd.†,§   33,155 
 1,615   PWR Holdings Ltd.§   8,772 
 9,686   Qantas Airways Ltd.*,§   31,179 
 9,612   QBE Insurance Group Ltd.§   71,005 
 10,685   Qube Holdings Ltd.†,§   16,866 
 17,985   Ramelius Resources Ltd.§   8,272 
 1,186   Ramsay Health Care Ltd.§   43,497 
 355   REA Group Ltd.†,§   25,753 
 34,816   Red 5 Ltd.*,†,§   4,190 
 1,390   Reece Ltd.§   12,295 
 10,111   Regis Resources Ltd.*,†,§   10,137 
 13,366   Reliance Worldwide Corp. Ltd.§   28,577 
 26,531   Resolute Mining Ltd.*,†,§   3,573 
 9,216   Ridley Corp. Ltd.§   12,038 
 4,367   Rio Tinto Ltd.§   259,893 
 10,781   Sandfire Resources Ltd.†,§   25,587 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Australia (Continued)     
 21,093   Santos Ltd.§  $95,536 
 2,252   SEEK Ltd.§   27,249 
 3,263   Select Harvests Ltd.§   10,932 
 2,744   Seven Group Holdings Ltd.†,§   29,490 
 62,916   Seven West Media Ltd.*,†,§   16,511 
 6,363   Sierra Rutile Holdings Ltd.*,†,§   849 
 30,638   Silver Lake Resources Ltd.*,§   23,281 
 3,115   Sims Ltd.§   26,295 
 4,280   SmartGroup Corp. Ltd.§   13,675 
 4,450   Sonic Healthcare Ltd.§   86,589 
 35,383   South32 Ltd.§   81,784 
 3,457   Southern Cross Media Group Ltd.§   2,041 
 21,630   St. Barbara Ltd.*,†,§   10,294 
 13,525   Star Entertainment Group Ltd.*,§   22,167 
 10,939   Steadfast Group Ltd.§   32,234 
 7,077   Suncorp Group Ltd.§   45,159 
 4,830   Super Retail Group Ltd.†,§   27,202 
 24,332   Superloop Ltd.*,§   10,195 
 15,937   Tabcorp Holdings Ltd.§   9,543 
 6,444   Tassal Group Ltd.§   21,337 
 4,562   Technology One Ltd.§   30,571 
 32,412   Telstra Corp. Ltd.†,§   79,440 
 2,964   TPG Telecom Ltd.†,§   9,140 
 15,024   Transurban Group§   117,840 
 2,687   Treasury Wine Estates Ltd.§   21,635 
 4,434   United Malt Group Ltd.†,§   8,842 
 14,458   Viva Energy Group Ltd.#,§   24,015 
 3,525   Webjet Ltd.*,†,§   10,656 
 6,135   Wesfarmers Ltd.§   166,737 
 24,722   West African Resources Ltd.*,§   16,408 
 11,815   Westgold Resources Ltd.*,†,§   6,326 
 15,208   Westpac Banking Corp.§   199,700 
 14,291   Whitehaven Coal Ltd.§   82,178 
 679   WiseTech Global Ltd.§   22,302 
 15,822   Woodside Energy Group Ltd.§   321,875 
 2,331   Woodside Energy Group Ltd.§   47,850 
 1,661   Woodside Energy Group Ltd., ADR†   33,486 
 7,882   Woolworths Group Ltd.§   170,541 
 2,386   Worley Ltd.§   19,399 
 487   Xero Ltd.*,§   22,381 
         8,758,718 
     Austria—0.3%     
 984   ANDRITZ AG§   41,641 
 829   AT&S Austria Technologie & Systemtechnik AG§   27,045 
 1,157   BAWAG Group AG*,#,§   49,648 
 694   CA Immobilien Anlagen AG§   20,565 
 133   DO & Co. AG*,§   8,772 
 1,848   Erste Group Bank AG§   40,470 
 614   EVN AG§   10,217 
 1,377   FACC AG*,†,§   8,187 
 1,233   Immofinanz AG†,§   — 
 332   Lenzing AG†,§   18,061 
 59   Mayr Melnhof Karton AG§   7,572 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Austria (Continued)     
 463   Oesterreichische Post AG†,§  $12,350 
 1,892   OMV AG§   68,097 
 3,082   Raiffeisen Bank International AG§   36,591 
 127   Schoeller-Bleckmann Oilfield Equipment AG§   5,570 
 279   Strabag SE, Bearer Shares§   10,548 
 1,874   Telekom Austria AG*,§   10,816 
 4,149   UNIQA Insurance Group AG§   24,432 
 470   Verbund AG§   40,049 
 884   Vienna Insurance Group AG Wiener Versicherung Gruppe§   18,059 
 1,881   voestalpine AG§   31,811 
 1,465   Wienerberger AG§   29,371 
         519,872 
     Belgium—0.7%     
 535   Ackermans & van Haaren NV§   67,713 
 2,470   Ageas SA§   89,618 
 5,568   AGFA-Gevaert NV*,§   16,474 
 5,540   Anheuser-Busch InBev SA§   250,618 
 127   Argenx SE*,§   45,385 
 863   Barco NV§   18,279 
 781   Bekaert SA§   19,513 
 2,798   bpost SA†,§   14,967 
 105   Cie d'Entreprises CFE*,§   999 
 229   D'ieteren Group§   32,133 
 105   Deme Group NV*,§   10,889 
 289   Elia Group SA§   33,966 
 1,392   Etablissements Franz Colruyt NV†,§   30,461 
 2,756   Euronav NV*,†   42,415 
 1,410   Euronav NV§   22,046 
 548   EVS Broadcast Equipment SA§   10,099 
 1,400   Fagron§   17,157 
 799   Galapagos NV*,§   34,189 
 431   Gimv NV§   18,457 
 2,644   KBC Group NV§   124,026 
 9   Lotus Bakeries NV§   45,987 
 216   Melexis NV§   14,615 
 2,034   Ontex Group NV*,†,§   10,843 
 1,080   Orange Belgium SA*,§   19,005 
 2,894   Proximus SADP§   29,986 
 207   Shurgard Self Storage SA§   8,434 
 214   Sipef NV§   11,322 
 1,351   Solvay SA§   103,344 
 449   Telenet Group Holding NV§   6,124 
 688   Tessenderlo Group SA*,§   20,251 
 1,264   UCB SA§   87,424 
 1,613   Umicore SA§   46,767 
 138   VGP NV§   13,039 
         1,316,545 
     Canada—8.5%     
 757   Aclara Resources, Inc.*   175 
 5,500   Advantage Energy Ltd.*   39,537 
 1,679   Aecon Group, Inc.†   11,571 
 607   Ag Growth International, Inc.   14,149 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Canada (Continued)     
 2,698   Agnico-Eagle Mines Ltd.  $113,987 
 5,042   Aimia, Inc.*,†   12,593 
 1,100   Air Canada*,†   13,219 
 7,363   Alamos Gold, Inc., Class A   54,582 
 904   Algonquin Power & Utilities Corp.†   9,875 
 1,439   Algonquin Power & Utilities Corp.†   15,699 
 5,608   Alimentation Couche-Tard, Inc.   225,765 
 2,174   AltaGas Ltd.†   41,628 
 1,300   Altius Minerals Corp.   18,220 
 685   Altus Group Ltd.†   22,206 
 600   Andlauer Healthcare Group, Inc.   20,654 
 10,436   ARC Resources Ltd.†   125,336 
 1,389   Aritzia, Inc.*   45,641 
 1,300   Atco Ltd., Class I†   39,950 
 1,053   ATS Automation Tooling Systems, Inc.*   27,793 
 84   Aurora Cannabis, Inc.*,†   102 
 3,200   B2Gold Corp.   10,304 
 16,677   B2Gold Corp.   53,604 
 850   Badger Infrastructure Solutions Ltd.†   17,322 
 4,435   Ballard Power Systems, Inc.*,†   27,142 
 4,517   Bank of Montreal†   395,898 
 8,200   Bank of Nova Scotia   390,010 
 800   Bank of Nova Scotia†   38,056 
 8,276   Barrick Gold Corp.   128,278 
 2,209   Barrick Gold Corp.   34,238 
 2,683   Bausch Health Cos., Inc.*   18,530 
 12,953   Baytex Energy Corp.*,†   54,856 
 708   BCE, Inc.†   29,686 
 5,066   BCE, Inc.†   212,468 
 8,300   Birchcliff Energy Ltd.†   58,945 
 4,601   BlackBerry Ltd.*   21,684 
 1,028   Bombardier, Inc., Class B*,†   18,404 
 1,662   Boralex, Inc., Class A   52,783 
 200   Boyd Group Services, Inc.†   25,186 
 8   Brookfield Asset Management Reinsurance Partners Ltd., Class A*,†   327 
 10   Brookfield Asset Management Reinsurance Partners Ltd., Class A*   409 
 3,172   Brookfield Asset Management, Inc., Class A†   129,703 
 1,680   Brookfield Asset Management, Inc., Class A   68,728 
 1,075   Brookfield Infrastructure Corp., Class A†   43,760 
 385   BRP, Inc.†   23,716 
 2,002   Cameco Corp.   53,132 
 1,985   Canaccord Genuity Group, Inc.   9,728 
 400   Canada Goose Holdings, Inc.*   6,087 
 2,002   Canadian Imperial Bank of Commerce   87,608 
 6,070   Canadian Imperial Bank of Commerce†   265,676 
 3,208   Canadian National Railway Co.   346,451 
 10,892   Canadian Natural Resources Ltd.   507,008 
 2,700   Canadian Pacific Railway Ltd.   180,235 
 784   Canadian Tire Corp. Ltd., Class A   83,460 
 1,300   Canadian Utilities Ltd., Class A†   33,814 
 1,880   Canadian Western Bank†   30,609 
 1,876   Canfor Corp.*,†   27,311 
 700   Canopy Growth Corp.*,†   1,911 
 1,494   Capital Power Corp.   50,725 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Canada (Continued)     
 4,800   Capstone Copper Corp.*,†  $11,328 
 3,000   Cardinal Energy Ltd.†   15,420 
 3,900   Cascades, Inc.†   22,700 
 1,124   CCL Industries, Inc., Class B†   54,485 
 2,966   Celestica, Inc.*,†   24,993 
 6,625   Cenovus Energy, Inc.   101,772 
 7,215   Cenovus Energy, Inc.   110,895 
 5,235   Centerra Gold, Inc.   23,042 
 9,000   CES Energy Solutions Corp.†   14,203 
 1,621   CGI, Inc.*   122,031 
 2,739   CI Financial Corp.   26,253 
 900   Cineplex, Inc.*,†   5,929 
 440   Cogeco Communications, Inc.†   22,969 
 300   Cogeco, Inc.†   11,967 
 325   Colliers International Group, Inc.†   29,784 
 2,500   Computer Modelling Group Ltd.†   9,194 
 122   Constellation Software, Inc.   169,758 
 4,700   Converge Technology Solutions Corp.*   22,354 
 5,812   Corus Entertainment, Inc., Class B†   9,930 
 10,298   Crescent Point Energy Corp.   63,436 
 3,354   Crescent Point Energy Corp.   20,639 
 4,900   Crew Energy, Inc.*   18,268 
 7,600   Denison Mines Corp.*,†   8,858 
 322   Descartes Systems Group, Inc.*   20,457 
 1,840   Dollarama, Inc.   105,630 
 1,821   Dorel Industries, Inc., Class B†   6,262 
 1,100   DREAM Unlimited Corp., Class A†   19,590 
 6,100   Dundee Precious Metals, Inc.   27,114 
 4,100   ECN Capital Corp.†   13,564 
 3,501   Eldorado Gold Corp.*,†   21,163 
 8,020   Element Fleet Management Corp.   94,636 
 2,163   Emera, Inc.†   87,516 
 2,038   Empire Co. Ltd., Class A   50,694 
 5,387   Enbridge, Inc.   199,858 
 5,120   Enbridge, Inc.   189,848 
 2,415   Endeavour Mining PLC   44,546 
 2,894   Endeavour Silver Corp.*   8,740 
 2,494   Enerflex Ltd.   10,706 
 3,834   Enerplus Corp.†   54,290 
 882   Enghouse Systems Ltd.†   18,517 
 7,100   Ensign Energy Services, Inc.*   11,616 
 500   EQB, Inc.   16,810 
 1,697   Equinox Gold Corp.*   6,194 
 700   ERO Copper Corp.*,†   7,738 
 700   Exchange Income Corp.†   21,000 
 4,400   Extendicare, Inc.†   21,628 
 216   Fairfax Financial Holdings Ltd.   98,651 
 2,600   Fiera Capital Corp.†   16,356 
 3,498   Finning International, Inc.†   61,484 
 2,505   First Majestic Silver Corp.†   19,088 
 400   First National Financial Corp.†   10,427 
 5,971   First Quantum Minerals Ltd.   101,365 
 347   FirstService Corp.   41,305 
 3,101   Fortis, Inc.   117,813 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Canada (Continued)     
 300   Fortis, Inc.  $11,397 
 10,041   Fortuna Silver Mines, Inc.*,†   25,151 
 206   Franco-Nevada Corp.   24,606 
 400   Franco-Nevada Corp.   47,792 
 3,500   Freehold Royalties Ltd.†   36,435 
 2,000   Frontera Energy Corp.*   14,493 
 645   George Weston Ltd.   67,533 
 700   GFL Environmental, Inc.   17,703 
 2,300   Gibson Energy, Inc.†   36,581 
 571   Gildan Activewear, Inc.   16,142 
 1,038   Gildan Activewear, Inc.†   29,344 
 5,700   Gran Tierra Energy, Inc.*   6,974 
 1,406   Great-West Lifeco, Inc.   30,352 
 1,700   Home Capital Group, Inc.†   33,844 
 7,321   Hudbay Minerals, Inc.†   29,467 
 2,098   Hydro One Ltd.#,†   51,305 
 1,352   iA Financial Corp., Inc.   68,699 
 3,400   IAMGOLD Corp.*,†   3,667 
 511   IGM Financial, Inc.†   12,733 
 800   Imperial Oil Ltd.†   34,639 
 1,100   Imperial Oil Ltd.   47,597 
 1,017   Innergex Renewable Energy, Inc.   12,803 
 988   Intact Financial Corp.†   139,823 
 1,545   Interfor Corp.*   27,045 
 1,600   Invesque, Inc.*,†   1,664 
 3,868   Ivanhoe Mines Ltd., Class A*,†   24,893 
 700   Jamieson Wellness, Inc.#   16,981 
 500   K-Bro Linen, Inc.†   10,204 
 2,067   Karora Resources, Inc.*   4,265 
 7,152   Kelt Exploration Ltd.*,†   26,975 
 1,948   Keyera Corp.†   40,106 
 11,598   Kinross Gold Corp.†   43,660 
 3,700   Knight Therapeutics, Inc.*   14,223 
 600   Labrador Iron Ore Royalty Corp.†   12,557 
 200   Lassonde Industries, Inc., Class A†   15,743 
 800   Laurentian Bank of Canada†   17,154 
 1,700   Leon's Furniture Ltd.   19,691 
 1,110   Lightspeed Commerce, Inc.*,†   19,514 
 889   Linamar Corp.   34,631 
 1,161   Loblaw Cos. Ltd.†   91,932 
 8,900   Lucara Diamond Corp.*,†   3,544 
 1,300   Lundin Gold, Inc.   9,035 
 13,050   Lundin Mining Corp.   65,942 
 725   MAG Silver Corp.*   9,048 
 409   Magna International, Inc.   19,395 
 3,572   Magna International, Inc.   169,452 
 4,800   Major Drilling Group International, Inc.*   28,876 
 4,473   Manulife Financial Corp.   70,092 
 8,035   Manulife Financial Corp.   126,108 
 1,530   Maple Leaf Foods, Inc.†   22,861 
 1,800   Martinrea International, Inc.   11,141 
 1,895   Medical Facilities Corp.   14,720 
 6,400   MEG Energy Corp.*   71,628 
 1,000   Methanex Corp.   31,853 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Canada (Continued)     
 1,782   Metro, Inc.†  $89,232 
 470   MTY Food Group, Inc.†   19,397 
 2,700   Mullen Group Ltd.†   27,834 
 3,340   National Bank of Canada   209,344 
 14,800   New Gold, Inc.*   13,178 
 1,740   NFI Group, Inc.†   15,292 
 721   North American Construction Group Ltd.†   6,885 
 1,126   North West Co., Inc.†   26,076 
 2,512   Northland Power, Inc.†   73,559 
 554   Nutrien Ltd.   46,202 
 4,599   Nutrien Ltd.   383,465 
 2,800   NuVista Energy Ltd.*,†   19,885 
 18,600   OceanaGold Corp.*   30,296 
 1,293   Onex Corp.†   59,308 
 2,115   Open Text Corp.   55,901 
 1,848   Osisko Gold Royalties Ltd.   18,823 
 3,213   Osisko Mining, Inc.*   7,187 
 3,696   Pan American Silver Corp.   58,757 
 1,300   Paramount Resources Ltd., Class A†   22,963 
 2,849   Parex Resources, Inc.†   41,600 
 700   Park Lawn Corp.†   12,197 
 2,535   Parkland Corp.†   54,321 
 1,760   Pason Systems, Inc.   16,844 
 1,360   Pembina Pipeline Corp.†   41,311 
 1,424   Pembina Pipeline Corp.†   43,247 
 4,630   Peyto Exploration & Development Corp.†   36,937 
 2,600   PrairieSky Royalty Ltd.†   33,522 
 280   Precision Drilling Corp.*   14,175 
 500   Premium Brands Holdings Corp.†   30,767 
 1,959   Primo Water Corp.   24,563 
 1,764   Quebecor, Inc., Class B   32,525 
 1,200   Real Matters, Inc.*,†   4,126 
 700   Recipe Unlimited Corp.*   10,449 
 400   Restaurant Brands International, Inc.   21,272 
 1,500   Restaurant Brands International, Inc.   79,792 
 745   Richelieu Hardware Ltd.†   20,672 
 889   Ritchie Bros Auctioneers, Inc.   55,547 
 500   Rogers Communications, Inc., Class B   19,270 
 2,704   Rogers Communications, Inc., Class B   104,159 
 5,300   Rogers Sugar, Inc.†   23,712 
 12,544   Royal Bank of Canada   1,129,400 
 1,740   Russel Metals, Inc.†   32,373 
 2,900   Sandstorm Gold Ltd.   14,993 
 1,304   Saputo, Inc.†   31,086 
 1,585   Savaria Corp.†   15,835 
 107   Seabridge Gold, Inc.*   1,270 
 800   Seabridge Gold, Inc.*   9,515 
 4,547   Secure Energy Services, Inc.   18,993 
 4,613   Shaw Communications, Inc., Class B   112,173 
 1,968   ShawCor Ltd.*   12,167 
 1,400   Shopify, Inc., Class A*   37,692 
 1,794   Sienna Senior Living, Inc.†   15,299 
 300   Sierra Wireless, Inc.*   9,132 
 1,359   Sleep Country Canada Holdings, Inc.#,†   24,074 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Canada (Continued)     
 1,519   SNC-Lavalin Group, Inc.†  $25,292 
 400   Spin Master Corp.#   12,037 
 4,381   SSR Mining, Inc.†   64,414 
 1,100   Stantec, Inc.†   48,241 
 700   Stelco Holdings, Inc.†   17,437 
 1,100   Stella-Jones, Inc.†   30,881 
 3,700   Sun Life Financial, Inc.   147,112 
 999   Sun Life Financial, Inc.   39,726 
 11,106   Suncor Energy, Inc.   312,634 
 7,810   Suncor Energy, Inc.   219,936 
 3,579   Superior Plus Corp.†   25,961 
 1,699   Surge Energy, Inc.†   9,606 
 10,300   Tamarack Valley Energy Ltd.†   28,260 
 4,400   Taseko Mines Ltd.*   5,016 
 2,442   TC Energy Corp.†   98,362 
 1,164   TC Energy Corp.   46,898 
 4,037   Teck Resources Ltd., Class B   122,765 
 2,972   Teck Resources Ltd., Class B   90,385 
 251   TELUS Corp.   4,984 
 850   TELUS International CDA, Inc.*   22,251 
 840   TFI International, Inc.   76,019 
 261   Thomson Reuters Corp.   26,784 
 287   Thomson Reuters Corp.   29,461 
 3,200   Timbercreek Financial Corp.†   17,606 
 498   TMX Group Ltd.   45,807 
 2,171   Torex Gold Resources, Inc.*   15,669 
 639   Toromont Industries Ltd.†   44,483 
 10,199   Toronto-Dominion Bank   625,518 
 3,878   Tourmaline Oil Corp.   201,543 
 6,038   TransAlta Corp.†   53,371 
 2,812   TransAlta Renewables, Inc.†   29,762 
 2,100   Transcontinental, Inc., Class A†   24,461 
 12,242   Trican Well Service Ltd.*   25,435 
 3,001   Tricon Residential, Inc.   25,962 
 496   Trisura Group Ltd.*   11,996 
 1,570   Turquoise Hill Resources Ltd.*   46,486 
 1,000   Uni-Select, Inc.*   26,409 
 1,200   Vermilion Energy, Inc.†   25,704 
 2,344   Vermilion Energy, Inc.   50,177 
 1,800   Wajax Corp.   24,237 
 800   Waste Connections, Inc.   108,104 
 272   Waste Connections, Inc.†   36,753 
 2,200   Wesdome Gold Mines Ltd.*   14,875 
 870   West Fraser Timber Co. Ltd.   62,938 
 12,500   Western Forest Products, Inc.   11,945 
 1,100   Westshore Terminals Investment Corp.†   21,118 
 1,543   Wheaton Precious Metals Corp.†   49,964 
 12,563   Whitecap Resources, Inc.   79,488 
 400   Winpak Ltd.†   13,010 
 752   WSP Global, Inc.   82,813 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Canada (Continued)     
 16,121   Yamana Gold, Inc.  $72,940 
         15,430,931 
     China—0.0%     
 4,100   BOC Aviation Ltd.#,§   28,904 
           
     Denmark—1.6%     
 2,040   ALK-Abello AS*,§   32,091 
 24,690   Alm Brand AS§   30,106 
 827   Ambu AS, Class B§   7,146 
 29   AP Moller - Maersk AS, Class A§   51,106 
 30   AP Moller - Maersk AS, Class B§   54,343 
 2,721   Bang & Olufsen AS*,§   3,251 
 713   Bavarian Nordic AS*,§   20,800 
 716   Carlsberg AS, Class B§   83,543 
 106   Chemometec AS§   8,002 
 646   Chr Hansen Holding AS§   31,666 
 730   Coloplast AS, Class B§   73,803 
 805   D/S Norden AS§   33,621 
 4,232   Danske Bank AS*,§   52,373 
 1,139   Demant AS*,§   28,068 
 778   Dfds AS§   20,143 
 68   Drilling Company of 1972 AS*,§   3,250 
 1,178   DSV AS§   136,537 
 1,244   FLSmidth & Co. AS§   26,817 
 330   Genmab AS*,§   106,372 
 1,611   GN Store Nord AS§   28,063 
 3,855   H Lundbeck AS§   12,214 
 818   H+H International AS, Class B*,§   10,791 
 3,142   ISS AS*,§   48,114 
 958   Jyske Bank AS, Registered*,§   49,425 
 1,970   Matas AS§   17,497 
 432   Netcompany Group AS*,#,§   14,402 
 266   Nilfisk Holding AS*,§   4,619 
 742   NKT AS*,§   34,834 
 362   NNIT AS*,#,§   2,505 
 12,082   Novo Nordisk AS, Class B§   1,204,261 
 1,357   Novozymes AS, Class B§   67,683 
 218   NTG Nordic Transport Group AS*,§   5,411 
 1,034   Orsted AS#,§   82,278 
 1,564   Pandora AS§   72,847 
 376   Per Aarsleff Holding AS§   9,233 
 576   Ringkjoebing Landbobank AS§   61,030 
 80   ROCKWOOl AS, Class A§   12,639 
 137   ROCKWOOl AS, Class B§   21,477 
 980   Royal Unibrew AS§   63,423 
 1,644   Scandinavian Tobacco Group AS, Class A#,§   23,721 
 336   Schouw & Co. AS§   19,609 
 664   SimCorp AS§   37,172 
 105   Solar AS, Class B§   6,856 
 1,256   Spar Nord Bank AS§   13,995 
 1,121   Sydbank AS§   30,691 
 676   Topdanmark AS§   31,608 
 1,813   Tryg AS§   37,260 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Denmark (Continued)     
 4,688   Vestas Wind Systems AS§  $85,949 
 615   Zealand Pharma AS*,§   13,867 
         2,926,512 
     Finland—0.9%     
 844   Cargotec Oyj, Class B§   25,408 
 2,048   Caverion Oyj§   8,588 
 1,387   Elisa Oyj§   62,902 
 25,135   Finnair Oyj*,†,§   8,699 
 945   Fiskars Oyj Abp§   13,707 
 2,973   Fortum Oyj§   39,961 
 1,326   Huhtamaki Oyj§   42,272 
 3,680   Kemira Oyj§   40,560 
 1,396   Kesko Oyj, Class A†,§   25,167 
 3,759   Kesko Oyj, Class B§   69,851 
 2,038   Kojamo Oyj§   25,900 
 2,164   Kone Oyj, Class B§   83,333 
 1,119   Konecranes Oyj§   22,170 
 1,919   Lassila & Tikanoja Oyj†,§   18,650 
 560   Marimekko Oyj§   4,751 
 3,137   Metsa Board Oyj, Class B§   22,700 
 6,084   Metso Outotec Oyj§   40,317 
 705   Musti Group Oyj*,§   12,212 
 2,731   Neste Oyj§   118,446 
 21,352   Nokia Oyj, ADR   91,173 
 3,005   Nokian Renkaat Oyj§   28,849 
 16,219   Nordea Bank Abp§   138,767 
 281   Olvi Oyj, Class A§   8,670 
 7,100   Oriola Oyj, Class B§   12,424 
 727   Orion Oyj, Class A§   30,973 
 1,150   Orion Oyj, Class B§   48,471 
 14,814   Outokumpu Oyj§   50,950 
 7,476   Raisio Oyj , Class V§   13,800 
 667   Revenio Group Oyj§   24,780 
 3,821   Sampo Oyj, Class A§   163,071 
 5,236   Stora Enso Oyj, Class R§   66,779 
 1,519   Terveystalo Oyj#,†,§   12,287 
 1,860   TietoEVRY Oyj†,§   41,951 
 1,633   Tokmanni Group Corp.§   17,776 
 3,581   UPM-Kymmene Oyj§   113,795 
 775   Uponor Oyj§   10,176 
 559   Vaisala Oyj, Class A§   20,525 
 1,959   Valmet Oyj§   39,509 
 3,925   Wartsila Oyj Abp†,§   25,007 
 6,293   YIT Oyj†,§   17,690 
         1,663,017 
     France—5.5%     
 1,513   ABC arbitrage§   9,474 
 1,476   Accor SA*,§   30,817 
 162   Aeroports de Paris*,§   18,659 
 9,718   Air France-KLM*,§   12,148 
 1,832   Air Liquide SA§   208,604 
 3,475   Airbus SE§   300,213 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     France (Continued)     
 660   ALD SA#,†,§  $6,046 
 2,461   Alstom SA§   39,573 
 397   Alten SA§   43,466 
 514   Amundi SA#,§   21,313 
 1,002   Arkema SA§   73,080 
 820   Atos SE*,†,§   6,420 
 368   Aubay§   15,723 
 8,844   AXA SA§   193,637 
 1,320   Beneteau SA§   13,535 
 340   BioMerieux§   26,791 
 5,090   BNP Paribas SA§   214,886 
 5,145   Bollore SE§   23,537 
 541   Bonduelle SCA§   5,970 
 3,865   Bouygues SA†,§   100,688 
 2,700   Bureau Veritas SA§   60,297 
 854   Capgemini SE§   136,478 
 7,004   Carrefour SA§   97,032 
 461   Casino Guichard Perrachon SA*,†,§   4,293 
 20,011   CGG SA*,§   13,844 
 474   Chargeurs SA†,§   5,467 
 4,104   Cie de Saint-Gobain§   146,364 
 834   Cie des Alpes*,§   10,043 
 8,132   Cie Generale des Etablissements Michelin SCA§   181,172 
 1,245   Cie Plastic Omnium SA§   16,235 
 2,606   Coface SA§   24,903 
 7,672   Credit Agricole SA§   61,773 
 2,234   Danone SA§   105,259 
 150   Dassault Aviation SA§   17,036 
 1,755   Dassault Systemes SE§   60,326 
 3,271   Derichebourg SA§   12,975 
 2,080   Edenred§   95,603 
 1,244   Eiffage SA§   99,585 
 4,023   Electricite de France SA§   46,841 
 1,532   Elior Group SA*,#,†,§   2,763 
 5,099   Elis SA§   51,379 
 16,086   Engie SA§   184,568 
 228   Eramet SA§   18,012 
 997   EssilorLuxottica SA§   135,089 
 4,202   Etablissements Maurel et Prom SA§   16,330 
 654   Eurazeo SE§   34,148 
 216   Euroapi SA*,§   3,596 
 1,263   Eurofins Scientific SE§   74,894 
 820   Euronext NV#,§   51,888 
 4,666   Eutelsat Communications SA§   36,118 
 2,461   Faurecia SE*,§   26,294 
 496   Faurecia SE*,§   5,260 
 539   Fnac Darty SA§   14,867 
 451   Gaztransport Et Technigaz SA§   49,897 
 2,345   Getlink SE§   36,346 
 183   Hermes International§   215,090 
 77   ID Logistics Group*,§   18,897 
 743   Imerys SA§   22,446 
 632   Ipsen SA§   58,369 
 810   IPSOS§   36,041 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     France (Continued)     
 530   Jacquet Metals SACA§  $6,592 
 1,625   JCDecaux SA*,§   19,132 
 685   Kaufman & Broad SA†,§   13,428 
 568   Kering SA§   251,180 
 1,540   Korian SA§   15,675 
 1,149   L'Oreal SA§   365,862 
 1,095   La Francaise des Jeux SAEM#,§   32,400 
 454   Lectra§   12,611 
 1,514   Legrand SA§   97,818 
 1,783   LVMH Moet Hennessy Louis Vuitton SE§   1,048,110 
 971   Maisons du Monde SA#,†,§   7,566 
 444   Mersen SA§   12,269 
 529   Metropole Television SA†,§   6,400 
 554   Neoen SA#,§   18,437 
 594   Nexans SA§   52,594 
 1,338   Nexity SA§   26,988 
 26,025   Orange SA§   235,337 
 676   Orpea SA*,†,§   7,323 
 674   Pernod-Ricard SA§   123,196 
 1,901   Publicis Groupe SA§   89,951 
 993   Quadient SA§   13,727 
 204   Remy Cointreau SA†,§   33,809 
 2,121   Renault SA*,§   56,967 
 4,680   Rexel SA*,§   69,608 
 931   Rothschild & Co.§   30,465 
 995   Rubis SCA§   20,591 
 738   Safran SA§   67,102 
 3,472   Sanofi§   264,984 
 174   Sartorius Stedim Biotech§   53,191 
 200   Savencia SA§   9,993 
 2,771   Schneider Electric SE§   310,881 
 2,906   SCOR SE§   42,105 
 432   SEB SA†,§   27,096 
 7,893   SES SA§   43,255 
 411   Societe BIC SA§   26,110 
 7,241   Societe Generale SA§   143,670 
 106   Societe LDC SA§   9,639 
 302   Societe pour l'Informatique Industrielle†,§   12,727 
 794   Sodexo SA§   59,716 
 185   SOITEC*,§   21,015 
 109   Somfy SA§   10,162 
 344   Sopra Steria Group SACA§   43,339 
 2,556   SPIE SA§   53,416 
 130   Stef SA§   9,472 
 3,434   STMicroelectronics NV§   105,955 
 1,124   STMicroelectronics NV   34,777 
 218   Sword Group§   7,774 
 4,532   Technicolor Creative Studios SA*   8,661 
 2,982   Technip Energies NV§   33,744 
 404   Teleperformance§   102,067 
 2,268   Television Francaise 1§   12,987 
 936   Thales SA§   103,241 
 99   Thermador Groupe§   6,568 
 491   Tikehau Capital SCA†,§   11,896 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     France (Continued)     
 28,588   TotalEnergies SE§  $1,345,635 
 198   Trigano SA§   17,370 
 2,151   Ubisoft Entertainment SA*,§   59,055 
 5,801   Valeo SA§   87,191 
 1,461   Vallourec SA*,§   14,083 
 4,532   Vantiva SA*,§   4,523 
 4,260   Veolia Environnement SA§   80,826 
 1,229   Verallia SA#,§   27,553 
 436   Vicat SA§   9,797 
 86   Vilmorin & Cie SA§   3,369 
 2,983   Vinci SA§   239,611 
 95   Virbac SA§   24,682 
 6,270   Vivendi SE§   48,598 
 385   Wavestone§   16,510 
 1,633   Worldline SA*,#,§   63,859 
 1,412   X-Fab Silicon Foundries SE*,#,§   7,036 
         10,005,675 
     Germany—4.3%     
 696   1&1 AG§   9,253 
 1,887   Aareal Bank AG*,§   59,563 
 79   Adesso SE§   8,005 
 1,004   adidas AG§   116,515 
 434   AIXTRON SE§   10,494 
 2,007   Allianz SE, Registered§   317,609 
 52   Amadeus Fire AG§   4,289 
 10,081   Aroundtown SA§   22,244 
 90   Atoss Software AG§   10,040 
 408   Aurubis AG§   21,553 
 1,862   Auto1 Group SE*,#,§   11,718 
 10,009   BASF SE§   387,887 
 546   Basler AG§   12,444 
 461   Bauer AG*,§   2,889 
 9,175   Bayer AG, Registered§   423,407 
 2,163   Bayerische Motoren Werke AG§   147,882 
 474   BayWa AG§   19,018 
 1,075   Bechtle AG§   39,113 
 775   Befesa SA#,§   23,641 
 431   Beiersdorf AG§   42,650 
 1,136   Bilfinger SE§   28,684 
 1,628   Borussia Dortmund GmbH & Co. KGaA*,§   5,297 
 1,982   Brenntag SE§   120,942 
 603   CANCOM SE§   14,375 
 309   Carl Zeiss Meditec AG, Bearer Shares§   32,540 
 3,791   CECONOMY AG§   4,452 
 159   Cewe Stiftung & Co. KGAA§   11,534 
 15,207   Commerzbank AG*,§   109,111 
 270   CompuGroup Medical SE & Co. KgaA§   9,357 
 1,349   Continental AG§   60,609 
 3,156   Covestro AG#,§   91,246 
 1,025   CropEnergies AG§   12,326 
 709   CTS Eventim AG & Co. KGaA*,§   29,550 
 4,833   Daimler Truck Holding AG*,§   110,608 
 722   Delivery Hero SE*,#,§   26,738 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Germany (Continued)     
 182   Dermapharm Holding SE§  $6,660 
 1,382   Deutsche Bank AG, Registered   10,227 
 11,171   Deutsche Bank AG, Registered§   83,555 
 730   Deutsche Beteiligungs AG§   15,415 
 716   Deutsche Boerse AG§   117,880 
 6,296   Deutsche Lufthansa AG, Registered*,§   36,318 
 3,746   Deutsche Pfandbriefbank AG#,§   25,937 
 7,000   Deutsche Post AG, Registered§   212,999 
 38,581   Deutsche Telekom AG, Registered§   661,358 
 667   Deutsche Wohnen SE§   12,730 
 3,473   Deutz AG§   10,825 
 889   Duerr AG§   18,616 
 364   DWS Group GmbH & Co. KGaA#,§   8,705 
 29,223   E.ON SE§   226,168 
 465   Eckert & Ziegler Strahlen- und Medizintechnik AG§   15,544 
 185   Elmos Semiconductor SE§   7,020 
 1,130   Encavis AG§   20,510 
 101   Energiekontor AG§   8,273 
 1,524   Evonik Industries AG§   25,699 
 334   Fielmann AG§   10,769 
 472   flatexDEGIRO AG*,§   4,264 
 479   Fraport AG Frankfurt Airport Services Worldwide*,§   17,402 
 2,143   Freenet AG§   40,885 
 2,486   Fresenius Medical Care AG & Co. KGaA§   70,660 
 4,056   Fresenius SE & Co. KGaA§   86,877 
 496   FUCHS PETROLUB SE§   10,974 
 1,192   GEA Group AG§   38,979 
 652   Gerresheimer AG§   32,017 
 287   Gesco AG§   6,141 
 455   GFT Technologies SE§   13,712 
 1,489   Grand City Properties SA§   14,853 
 738   Hamburger Hafen und Logistik AG§   8,054 
 336   Hannover Rueck SE§   50,745 
 243   Hapag-Lloyd AG#,§   41,484 
 1,959   HeidelbergCement AG§   78,471 
 6,593   Heidelberger Druckmaschinen AG*,§   7,512 
 1,677   HelloFresh SE*,§   35,400 
 462   Henkel AG & Co. KGaA§   26,370 
 760   Hensoldt AG§   15,265 
 222   HOCHTIEF AG   10,465 
 322   Hornbach Holding AG & Co. KGaA§   20,304 
 1,048   HUGO BOSS AG§   49,313 
 38   Hypoport SE*,§   3,370 
 721   Indus Holding AG§   12,838 
 7,674   Infineon Technologies AG§   170,060 
 790   Instone Real Estate Group SE#,§   6,576 
 788   Jenoptik AG§   15,583 
 268   JOST Werke AG#,§   9,308 
 5,497   K&S AG, Registered§   104,592 
 828   KION Group AG§   16,045 
 2,961   Kloeckner & Co. SE§   22,881 
 571   Knorr-Bremse AG§   24,756 
 434   Koenig & Bauer AG*,§   4,836 
 959   Kontron AG§   13,714 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Germany (Continued)     
 326   Krones AG§  $29,001 
 131   KWS Saat SE & Co. KGaA§   7,272 
 1,173   LANXESS AG§   34,350 
 698   LEG Immobilien SE§   41,999 
 9,184   Mercedes-Benz Group AG§   469,648 
 472   Merck KGaA§   77,032 
 3,251   METRO AG*,§   22,815 
 2,085   MLP SE§   10,612 
 279   MTU Aero Engines AG§   42,102 
 517   Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered§   125,056 
 147   Nagarro SE*,§   13,047 
 537   Nemetschek SE§   25,859 
 33   New Work SE§   3,950 
 188   Nexus AG§   8,795 
 1,438   Nordex SE*,§   11,474 
 1,039   Norma Group SE§   14,077 
 390   OHB SE§   11,622 
 471   PATRIZIA SE§   4,867 
 53   Pfeiffer Vacuum Technology AG§   6,565 
 2,884   ProSiebenSat.1 Media SE§   20,688 
 962   Puma SE§   45,039 
 458   PVA TePla AG*,§   6,620 
 1,192   QIAGEN NV*,§   50,161 
 401   QIAGEN NV*   16,553 
 51   Rational AG§   24,909 
 606   Rheinmetall AG§   93,865 
 641   RTL Group SA*,§   20,388 
 5,816   RWE AG§   213,998 
 1,686   SAF-Holland SE§   10,114 
 523   Salzgitter AG§   10,011 
 2,136   SAP SE§   176,081 
 826   Scout24 SE#,§   41,856 
 25   Secunet Security Networks AG§   4,511 
 2,542   SGL Carbon SE*,§   14,930 
 3,808   Siemens AG, Registered§   376,891 
 2,640   Siemens Energy AG*,§   29,386 
 853   Siemens Healthineers AG#,§   36,949 
 279   Siltronic AG§   15,857 
 337   Sixt SE§   27,012 
 435   Software AG§   10,052 
 638   Stabilus SE§   28,244 
 286   STRATEC SE§   22,869 
 324   Stroeer SE & Co. KGaA§   12,204 
 1,626   Suedzucker AG§   19,733 
 643   Symrise AG§   63,272 
 1,057   Synlab AG   13,293 
 2,135   TAG Immobilien AG§   17,200 
 1,202   Takkt AG§   11,139 
 315   Talanx AG*,§   11,245 
 1,776   TeamViewer AG*,#,§   13,933 
 420   Technotrans SE§   10,251 
 21,504   Telefonica Deutschland Holding AG§   43,552 
 8,985   thyssenkrupp AG*,§   38,391 
 2,447   United Internet AG, Registered§   46,153 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Germany (Continued)     
 426   VERBIO Vereinigte BioEnergie AG§  $25,122 
 622   Vitesco Technologies Group AG, Class A*,§   30,471 
 542   Volkswagen AG§   89,333 
 4,905   Vonovia SE§   106,751 
 257   Vossloh AG§   7,860 
 236   Wacker Chemie AG§   24,418 
 904   Wacker Neuson SE§   11,915 
 209   Washtec AG§   6,629 
 959   Wuestenrot & Wuerttembergische AG§   12,787 
 714   Zalando SE*,#,§   14,157 
 117   Zeal Network SE§   3,021 
         7,867,454 
     Hong Kong—1.7%     
 89,200   AIA Group Ltd.§   740,588 
 5,700   ASMPT Ltd.§   34,313 
 9,681   Bank of East Asia Ltd.§   10,567 
 21,000   BOC Hong Kong Holdings Ltd.§   69,427 
 9,600   Budweiser Brewing Co. APAC Ltd.#,§   25,022 
 10,000   Cafe de Coral Holdings Ltd.§   12,366 
 26,181   Cathay Pacific Airways Ltd.*,§   27,440 
 15,000   Chow Sang Sang Holdings International Ltd.§   15,249 
 20,400   Chow Tai Fook Jewellery Group Ltd.§   38,193 
 56,000   CITIC Telecom International Holdings Ltd.§   18,122 
 10,906   CK Asset Holdings Ltd.§   65,442 
 14,500   CK Hutchison Holdings Ltd.§   79,627 
 6,000   CK Infrastructure Holdings Ltd.§   30,613 
 11,000   CLP Holdings Ltd.§   82,892 
 6,000   Dah Sing Banking Group Ltd.§   3,953 
 4,800   Dah Sing Financial Holdings Ltd.§   10,889 
 16,000   EC Healthcare§   9,920 
 78,750   Esprit Holdings Ltd.*,§   7,401 
 7,400   ESR Group Ltd.#,§   18,666 
 61,642   Far East Consortium International Ltd.§   13,805 
 58,000   First Pacific Co. Ltd.§   17,634 
 5,000   Galaxy Entertainment Group Ltd.§   29,194 
 40,000   Giordano International Ltd.§   7,134 
 7,361   Great Eagle Holdings Ltd.§   13,722 
 142,000   Guotai Junan International Holdings Ltd.§   10,492 
 118,800   Haitong International Securities Group Ltd.*,§   10,093 
 8,000   Hang Lung Group Ltd.§   12,910 
 23,000   Hang Lung Properties Ltd.§   37,545 
 3,600   Hang Seng Bank Ltd.§   54,401 
 8,500   Henderson Land Development Co. Ltd.§   23,725 
 24,500   HK Electric Investments & HK Electric Investments Ltd.§   17,172 
 7,500   HKBN Ltd.§   5,817 
 19,200   HKR International Ltd.§   5,425 
 56,000   HKT Trust & HKT Ltd.§   65,497 
 59,457   Hong Kong & China Gas Co. Ltd.§   52,231 
 7,706   Hong Kong Exchanges & Clearing Ltd.§   261,643 
 19,000   Hong Kong Technology Venture Co. Ltd.§   11,571 
 14,179   Hongkong & Shanghai Hotels Ltd.*,§   12,259 
 50,000   Hutchison Telecommunications Hong Kong Holdings Ltd.§   7,317 
 9,000   Hysan Development Co. Ltd.§   22,665 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Hong Kong (Continued)     
 41,000   IGG, Inc.*,§  $12,541 
 5,602   Johnson Electric Holdings Ltd.§   5,572 
 37,000   K Wah International Holdings Ltd.§   11,491 
 7,000   Kerry Logistics Network Ltd.§   11,183 
 6,000   Kerry Properties Ltd.§   11,334 
 9,000   Kowloon Development Co. Ltd.§   10,399 
 5,750   L'Occitane International SA§   17,302 
 38,400   Landing International Development Ltd.*,§   832 
 15,500   Lifestyle International Holdings Ltd.*,§   8,961 
 6,000   Luk Fook Holdings International Ltd.§   14,070 
 26,800   Man Wah Holdings Ltd.§   16,924 
 480,000   Mason Group Holdings Ltd.*,§   1,474 
 11,000   Melco International Development Ltd.*,§   8,470 
 6,185   MTR Corp. Ltd.§   28,303 
 10,094   NagaCorp Ltd.*,§   6,626 
 14,000   New World Development Co. Ltd.§   39,557 
 44,000   NewOcean Energy Holdings Ltd.*,§   164 
 38,000   NWS Holdings Ltd.§   34,320 
 1,500   Orient Overseas International Ltd.§   26,161 
 115,000   Pacific Basin Shipping Ltd.§   35,619 
 7,128   Pacific Century Premium Developments Ltd.*,§   307 
 29,000   Pacific Textiles Holdings Ltd.§   9,046 
 59,789   PCCW Ltd.§   27,010 
 10,000   Power Assets Holdings Ltd.§   49,981 
 4,800   PRADA SpA§   22,035 
 15,600   Samsonite International SA*,#,§   37,443 
 9,600   Sands China Ltd.*,§   23,768 
 12,000   Shangri-La Asia Ltd.*,§   8,327 
 100,000   Shun Tak Holdings Ltd.*,§   13,908 
 138,000   Singamas Container Holdings Ltd.§   10,513 
 42,027   Sino Land Co. Ltd.§   55,307 
 13,000   SITC International Holdings Co. Ltd.§   23,809 
 31,250   SJM Holdings Ltd.*,§   11,620 
 13,500   SmarTone Telecommunications Holdings Ltd.§   7,065 
 11,500   Stella International Holdings Ltd.§   11,404 
 31,000   Sun Hung Kai & Co. Ltd.§   11,167 
 7,000   Sun Hung Kai Properties Ltd.§   76,966 
 27,000   SUNeVision Holdings Ltd.§   14,276 
 4,500   Swire Pacific Ltd., Class A§   33,582 
 15,000   Swire Pacific Ltd., Class B§   17,504 
 6,200   Swire Properties Ltd.§   13,323 
 11,000   Techtronic Industries Co. Ltd.§   103,922 
 12,000   Television Broadcasts Ltd.*,§   5,294 
 7,600   Transport International Holdings Ltd.§   9,244 
 30,000   United Laboratories International Holdings Ltd.§   12,473 
 32,000   Value Partners Group Ltd.§   7,566 
 12,000   Vitasoy International Holdings Ltd.*,§   14,915 
 24,000   VSTECS Holdings Ltd.§   13,323 
 3,500   VTech Holdings Ltd.§   20,001 
 135,326   WH Group Ltd.#,§   85,126 
 11,000   Wharf Real Estate Investment Co. Ltd.§   49,676 
 27,000   Xinyi Glass Holdings Ltd.§   39,107 
 14,500   Yue Yuen Industrial Holdings Ltd.§   18,546 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Hong Kong (Continued)     
29,000   Zensun Enterprises Ltd.*,§  $5,985 
        3,157,784 
    Ireland—0.4%     
12,093   AIB Group PLC†,§   29,126 
12,674   Bank of Ireland Group PLC§   81,019 
10,801   Cairn Homes PLC*,§   8,674 
3,828   CRH PLC§   122,577 
4,547   CRH PLC, ADR†   146,550 
2,359   Dalata Hotel Group PLC*,§   6,441 
782   Flutter Entertainment PLC*,§   85,429 
3,602   Glanbia PLC§   41,371 
7,929   Glenveagh Properties PLC*,#,§   6,909 
1,946   Irish Continental Group PLC§   7,294 
526   Kerry Group PLC, Class A§   46,729 
1,303   Kingspan Group PLC§   58,218 
3,377   Smurfit Kappa Group PLC§   95,405 
        735,742 
    Israel—0.9%     
182   AFI Properties Ltd.§   6,477 
734   Airport City Ltd.*,§   11,561 
1,386   Alony Hetz Properties & Investments Ltd.§   16,507 
160   Alrov Properties & Lodgings Ltd.§   9,554 
2,317   Amot Investments Ltd.§   13,254 
471   Ashtrom Group Ltd.§   9,875 
1,425   AudioCodes Ltd.   31,079 
2,639   Azorim-Investment Development & Construction Co. Ltd.§   9,083 
154   Azrieli Group Ltd.§   10,491 
8,099   Bank Hapoalim BM§   68,159 
15,548   Bank Leumi Le-Israel BM§   132,390 
22,557   Bezeq The Israeli Telecommunication Corp. Ltd.§   36,896 
92   Big Shopping Centers Ltd.§   10,252 
124   Blue Square Real Estate Ltd.§   7,504 
63   Brack Capital Properties NV*,§   7,242 
726   Camtek Ltd.*,§   16,666 
2,356   Cellcom Israel Ltd.*,§   11,907 
1,006   Clal Insurance Enterprises Holdings Ltd.*,§   17,140 
66   Danel Adir Yeoshua Ltd.§   6,917 
764   Delek Automotive Systems Ltd.§   10,336 
153   Delek Group Ltd.*,§   24,225 
611   Delta Galil Industries Ltd.§   28,101 
96   Elbit Systems Ltd.†   18,256 
30   Electra Ltd.§   16,762 
986   Electra Real Estate Ltd.§   13,126 
4,030   Energix-Renewable Energies Ltd.§   15,697 
8,990   Enlight Renewable Energy Ltd.*,§   18,981 
567   Equital Ltd.*,§   16,605 
166   Fattal Holdings 1998 Ltd.*,§   16,071 
699   First International Bank Of Israel Ltd.§   28,292 
122   Formula Systems 1985 Ltd., ADR   9,858 
294   Fox Wizel Ltd.§   32,984 
1,517   Gav-Yam Lands Corp. Ltd.§   12,491 
2,147   Harel Insurance Investments & Financial Services Ltd.§   18,844 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Israel (Continued)     
313   Hilan Ltd.§  $16,702 
5,268   ICL Group Ltd.§   42,220 
275   IDI Insurance Co. Ltd.§   7,428 
135   IES Holdings Ltd.§   10,059 
2,482   Inrom Construction Industries Ltd.§   9,820 
6,972   Isracard Ltd.§   19,123 
2,814   Israel Canada T.R Ltd.§   9,387 
10,322   Israel Discount Bank Ltd., Class A§   51,858 
50   Isras Investment Co. Ltd.§   9,131 
302   Kenon Holdings Ltd.§   10,328 
325   M Yochananof & Sons Ltd.§   18,562 
2,838   Magic Software Enterprises Ltd.   44,159 
1,175   Matrix IT Ltd.§   26,538 
1,507   Maytronics Ltd.§   18,571 
252   Mega Or Holdings Ltd.§   7,359 
298   Melisron Ltd.§   19,943 
526   Menora Mivtachim Holdings Ltd.*,§   10,121 
12,957   Migdal Insurance & Financial Holdings Ltd.§   17,267 
8,220   Mivne Real Estate KD Ltd.§   24,079 
1,207   Mizrahi Tefahot Bank Ltd.§   42,177 
2,005   Naphtha Israel Petroleum Corp. Ltd.*,§   10,541 
156   Nice Ltd.*,§   29,483 
12   Nice Ltd., ADR*   2,259 
130   Nova Ltd.*,§   11,074 
70,417   Oil Refineries Ltd.§   24,005 
1,226   One Software Technologies Ltd.§   18,481 
1,134   OPC Energy Ltd.*,§   12,608 
2,397   Partner Communications Co. Ltd.*,§   17,285 
134   Paz Oil Co. Ltd.*,§   14,641 
499   Perion Network Ltd.*,§   9,623 
3,099   Phoenix Holdings Ltd.§   29,331 
282   Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.§   20,236 
313   Scope Metals Group Ltd.§   13,595 
1,415   Shapir Engineering and Industry Ltd.§   11,452 
5,108   Shikun & Binui Ltd.*,§   20,679 
2,661   Shufersal Ltd.§   16,483 
700   Strauss Group Ltd.§   16,607 
1,314   Summit Real Estate Holdings Ltd.§   18,321 
67   Tadiran Group Ltd.§   9,371 
526   Tera Light Ltd.*,§   936 
5,001   Teva Pharmaceutical Industries Ltd., ADR*   40,358 
862   Tower Semiconductor Ltd.*   37,876 
171   YH Dimri Construction & Development Ltd.§   11,729 
        1,525,389 
    Italy—1.5%     
23,194   A2A SpA†,§   22,484 
1,164   ACEA SpA§   12,623 
1,290   Amplifon SpA§   33,782 
6,692   Anima Holding SpA#,§   18,973 
7,433   Assicurazioni Generali SpA†,§   101,173 
1,709   Azimut Holding SpA§   24,323 
1,239   Banca Generali SpA†,§   34,277 
801   Banca IFIS SpA§   8,827 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Italy (Continued)     
2,201   Banca Mediolanum SpA§  $13,785 
9,396   Banca Popolare di Sondrio SPA§   31,134 
21,761   Banco BPM SpA†,§   56,584 
2,332   BFF Bank SpA#,§   15,464 
26,017   BPER Banca§   39,631 
2,680   Brembo SpA§   22,083 
732   Brunello Cucinelli SpA§   35,635 
1,230   Buzzi Unicem SpA§   17,439 
3,016   Cairo Communication SpA§   4,134 
1,300   Carel Industries SpA#,§   24,293 
27,159   CIR SpA-Compagnie Industriali*,§   10,486 
7,842   CNH Industrial NV§   87,549 
3,914   Credito Emiliano SpA§   22,051 
51,958   d'Amico International Shipping SA*,§   12,040 
660   Danieli & C Officine Meccaniche SpA†,§   11,149 
3,500   Davide Campari-Milano NV§   31,046 
432   De' Longhi SpA†,§   6,319 
253   DiaSorin SpA†,§   28,271 
3,319   Enav SpA*,#,§   12,091 
43,401   Enel SpA§   177,858 
26,813   Eni SpA†,§   284,853 
806   ERG SpA§   22,159 
741   Ferrari NV§   138,210 
18,781   Fincantieri SpA*,†,§   8,503 
4,611   FinecoBank Banca Fineco SpA§   56,674 
725   Gruppo MutuiOnline SpA§   14,237 
11,797   Hera SpA§   24,959 
1,991   Infrastrutture Wireless Italiane SpA#,§   17,408 
924   Interpump Group SpA§   29,888 
76,753   Intesa Sanpaolo SpA§   126,329 
9,018   Iren SpA§   11,859 
7,345   Italgas SpA§   34,142 
2,588   Iveco Group NV*,§   12,196 
7,160   Leonardo SpA§   50,669 
15,202   MediaForEurope NV, Class A§   4,481 
8,088   MediaForEurope NV, Class B†,§   3,565 
5,161   Mediobanca Banca di Credito Finanziario SpA§   40,347 
1,242   Moncler SpA§   50,996 
3,909   Nexi SpA*,#,†,§   31,565 
9,750   OVS SpA#,†,§   16,252 
7,136   Piaggio & C SpA†,§   14,411 
8,299   Pirelli & C SpA#,§   27,003 
3,814   Poste Italiane SpA#,§   28,808 
1,584   Prysmian SpA§   45,371 
2,926   RAI Way SpA#,§   13,399 
1,030   Recordati Industria Chimica e Farmaceutica SpA§   37,837 
272   Reply SpA§   28,375 
514   Salvatore Ferragamo SpA†,§   7,202 
10,551   Saras SpA*,§   10,054 
103   Sesa SpA§   11,134 
13,350   Snam SpA§   53,928 
575   SOL SpA†,§   8,790 
20,599   Stellantis NV§   243,248 
3,313   Tamburi Investment Partners SpA§   21,258 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Italy (Continued)     
2,650   Technogym SpA#,§  $16,462 
151,273   Telecom Italia SpA*,§   28,078 
1,807   Tenaris SA§   23,427 
1,050   Tenaris SA, ADR   27,132 
12,130   Terna - Rete Elettrica Nazionale§   73,894 
514   Tod's SpA*,§   21,079 
10,905   UniCredit SpA§   110,273 
7,073   Unipol Gruppo SpA§   27,383 
9,399   UnipolSai Assicurazioni SpA†,§   19,478 
        2,792,820 
    Japan—15.6%     
1,200   77 Bank Ltd.§   14,791 
600   ABC-Mart, Inc.§   25,860 
4,900   Acom Co. Ltd.†,§   10,544 
1,200   Adastria Co. Ltd.§   17,796 
1,500   ADEKA Corp.†,§   22,456 
1,200   Advantest Corp.§   55,768 
3,600   Aeon Co. Ltd.§   67,342 
1,100   Aeon Delight Co. Ltd.§   21,586 
2,900   AEON Financial Service Co. Ltd.§   28,750 
2,100   Aeon Mall Co. Ltd.§   23,246 
2,300   AGC, Inc.§   71,488 
1,300   Ai Holdings Corp.§   18,573 
700   Aica Kogyo Co. Ltd.†,§   15,170 
2,900   Aida Engineering Ltd.†,§   16,442 
8,600   Aiful Corp.§   22,422 
300   Ain Holdings, Inc.§   12,966 
3,100   Air Water, Inc.§   36,660 
1,500   Aisin Corp.†,§   38,529 
2,900   Ajinomoto Co., Inc.§   79,008 
1,200   Alconix Corp.§   10,929 
1,400   Alfresa Holdings Corp.†,§   16,301 
3,500   Alps Alpine Co. Ltd.†,§   25,363 
2,700   Amada Co. Ltd.§   18,342 
1,000   Amano Corp.§   16,824 
1,600   ANA Holdings, Inc.*,§   30,095 
1,500   Anritsu Corp.†,§   16,393 
1,100   AOKI Holdings, Inc.†,§   5,383 
900   Aoyama Trading Co. Ltd.§   5,683 
1,800   Aozora Bank Ltd.†,§   32,142 
500   Arata Corp.§   14,199 
1,200   ARCLANDS Corp.§   11,978 
1,000   Arcs Co. Ltd.§   14,244 
400   Argo Graphics, Inc.§   10,008 
1,400   Arisawa Manufacturing Co. Ltd.§   11,839 
900   Aruhi Corp.†,§   8,557 
200   As One Corp.†,§   8,227 
1,800   Asahi Diamond Industrial Co. Ltd.§   8,918 
3,100   Asahi Group Holdings Ltd.§   96,166 
2,000   Asahi Holdings, Inc.†,§   28,098 
1,600   Asahi Intecc Co. Ltd.§   25,316 
15,000   Asahi Kasei Corp.§   99,205 
700   ASAHI YUKIZAI Corp.§   10,652 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
2,100   Asics Corp.§  $33,462 
1,400   ASKUL Corp.§   14,451 
5,600   Astellas Pharma, Inc.§   74,023 
1,600   Autobacs Seven Co. Ltd.§   15,441 
800   Avex, Inc.†,§   8,531 
800   Awa Bank Ltd.†,§   10,454 
400   Axial Retailing, Inc.§   8,959 
1,100   Azbil Corp.†,§   28,711 
1,100   Bandai Namco Holdings, Inc.§   71,844 
600   Bank of Kyoto Ltd.§   21,963 
1,300   Bank of the Ryukyus Ltd.§   6,877 
100   BayCurrent Consulting, Inc.§   25,688 
300   Belc Co. Ltd.§   11,136 
1,300   Bell System24 Holdings, Inc.§   12,419 
1,300   Belluna Co. Ltd.†,§   6,249 
1,000   Benefit One, Inc.§   13,843 
800   Benesse Holdings, Inc.†,§   11,850 
1,500   Bic Camera, Inc.†,§   12,775 
900   BIPROGY, Inc.§   19,449 
500   BML, Inc.§   11,279 
6,000   Bridgestone Corp.§   193,960 
4,000   Broadleaf Co. Ltd.†,§   13,848 
2,700   Brother Industries Ltd.§   46,554 
3,200   Bunka Shutter Co. Ltd.§   22,668 
400   C Uyemura & Co. Ltd.§   16,812 
1,700   Calbee, Inc.§   36,341 
900   Canon Electronics, Inc.§   9,795 
1,200   Canon Marketing Japan, Inc.§   26,570 
5,200   Canon, Inc.§   113,410 
1,600   Capcom Co. Ltd.§   40,004 
2,700   Casio Computer Co. Ltd.†,§   23,735 
600   Central Glass Co. Ltd.†,§   13,725 
700   Central Japan Railway Co.§   82,005 
3,700   Chiba Bank Ltd.§   19,923 
7,600   Chiyoda Corp.*,†,§   20,047 
600   Chofu Seisakusho Co. Ltd.§   8,469 
3,800   Chubu Electric Power Co., Inc.†,§   34,167 
700   Chudenko Corp.§   10,124 
4,200   Chugai Pharmaceutical Co. Ltd.§   104,870 
3,900   Chugoku Electric Power Co., Inc.§   19,673 
2,300   Chugoku Marine Paints Ltd.†,§   14,146 
5,400   Citizen Watch Co. Ltd.†,§   22,583 
400   CKD Corp.§   4,761 
2,600   Coca-Cola Bottlers Japan Holdings, Inc.§   25,266 
600   Colowide Co. Ltd.†,§   7,700 
900   COMSYS Holdings Corp.§   15,241 
1,300   Comture Corp.†,§   20,374 
8,000   Concordia Financial Group Ltd.§   24,734 
1,200   Cosmo Energy Holdings Co. Ltd.§   30,783 
200   Cosmos Pharmaceutical Corp.†,§   19,734 
1,500   Create Restaurants Holdings, Inc.§   10,127 
600   Create SD Holdings Co. Ltd.§   12,977 
1,900   Credit Saison Co. Ltd.§   22,298 
600   CTI Engineering Co. Ltd.§   11,778 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
3,600   CyberAgent, Inc.§  $29,985 
1,700   Dai Nippon Printing Co. Ltd.§   33,923 
500   Dai-Dan Co. Ltd.§   7,407 
4,700   Dai-ichi Life Holdings, Inc.§   74,709 
3,800   Daicel Corp.§   22,455 
3,700   Daido Metal Co. Ltd.†,§   12,315 
600   Daido Steel Co. Ltd.§   14,617 
400   Daifuku Co. Ltd.§   18,796 
500   Daihen Corp.§   12,746 
700   Daiho Corp.†,§   20,118 
300   Daiichi Jitsugyo Co. Ltd.§   7,975 
2,700   Daiichi Sankyo Co. Ltd.§   75,106 
1,200   Daikin Industries Ltd.§   185,424 
1,400   Daikyonishikawa Corp.†,§   5,157 
1,900   Daio Paper Corp.†,§   15,252 
480   Daiseki Co. Ltd.§   14,645 
400   Daishi Hokuetsu Financial Group, Inc.§   7,421 
700   Daito Trust Construction Co. Ltd.§   65,729 
5,300   Daiwa House Industry Co. Ltd.§   108,009 
9,500   Daiwa Securities Group, Inc.†,§   37,224 
2,500   Daiwabo Holdings Co. Ltd.§   32,244 
2,200   DCM Holdings Co. Ltd.§   17,905 
1,200   DeNA Co. Ltd.§   15,184 
1,300   Denka Co. Ltd.§   28,573 
2,300   Denso Corp.§   104,981 
2,300   Dentsu Group, Inc.§   65,481 
1,000   Dexerials Corp.†,§   22,526 
1,200   DIC Corp.§   19,993 
400   Digital Arts, Inc.§   17,199 
300   Digital Garage, Inc.§   7,105 
700   dip Corp.§   17,819 
200   Disco Corp.§   43,583 
1,800   DMG Mori Co. Ltd.§   20,360 
1,100   Doutor Nichires Holdings Co. Ltd.§   13,211 
1,100   Dowa Holdings Co. Ltd.§   39,309 
600   DTS Corp.§   14,270 
1,000   Duskin Co. Ltd.§   19,641 
400   DyDo Group Holdings, Inc.†,§   13,258 
1,100   Eagle Industry Co. Ltd.§   8,254 
300   Earth Corp.§   10,716 
1,900   East Japan Railway Co.§   97,541 
1,400   Ebara Corp.§   45,385 
2,100   EDION Corp.†,§   17,031 
1,000   eGuarantee, Inc.§   17,274 
500   Eiken Chemical Co. Ltd.§   6,211 
900   Eisai Co. Ltd.§   48,275 
300   Eizo Corp.§   7,536 
600   Elecom Co. Ltd.†,§   5,997 
1,700   Electric Power Development Co. Ltd.§   24,003 
700   en-Japan, Inc.§   10,691 
43,600   ENEOS Holdings, Inc.§   140,786 
1,500   eRex Co. Ltd.§   28,967 
1,000   Exedy Corp.§   11,363 
1,000   EXEO Group, Inc.§   14,452 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
500   Ezaki Glico Co. Ltd.§  $12,324 
900   Fancl Corp.§   17,908 
700   FANUC Corp.§   96,837 
300   Fast Retailing Co. Ltd.§   159,429 
1,100   FCC Co. Ltd.§   10,055 
1,100   Ferrotec Holdings Corp.†,§   17,813 
1,300   Food & Life Cos. Ltd.§   19,840 
900   Foster Electric Co. Ltd.§   4,621 
800   FP Corp.†,§   19,519 
1,100   Fudo Tetra Corp.§   11,208 
1,600   Fuji Corp.§   20,777 
1,000   Fuji Electric Co. Ltd.§   36,656 
500   Fuji Kyuko Co. Ltd.§   14,813 
1,600   Fuji Media Holdings, Inc.§   11,759 
700   Fuji Oil Holdings, Inc.†,§   11,649 
700   Fuji Seal International, Inc.†,§   7,413 
500   Fuji Soft, Inc.§   28,174 
400   Fujibo Holdings, Inc.§   9,038 
700   Fujicco Co. Ltd.§   9,246 
1,200   FUJIFILM Holdings Corp.§   54,913 
4,100   Fujikura Ltd.*,§   24,473 
300   Fujimi, Inc.§   12,574 
500   Fujimori Kogyo Co. Ltd.†,§   11,032 
600   Fujitsu General Ltd.†,§   12,492 
1,200   Fujitsu Ltd.§   129,411 
200   Fukuda Denshi Co. Ltd.§   9,924 
2,200   Fukuoka Financial Group, Inc.§   39,040 
500   Fukushima Galilei Co. Ltd.§   12,285 
600   Fukuyama Transporting Co. Ltd.†,§   13,550 
1,200   FULLCAST Holdings Co. Ltd.§   20,995 
1,000   Funai Soken Holdings, Inc.§   16,996 
900   Furukawa Co. Ltd.§   7,554 
1,200   Furukawa Electric Co. Ltd.§   19,048 
1,200   Furuno Electric Co. Ltd.§   9,118 
400   Fuso Chemical Co. Ltd.§   8,619 
800   Futaba Corp.§   3,382 
2,000   Future Corp.§   21,707 
500   Fuyo General Lease Co. Ltd.§   27,300 
800   G-7 Holdings, Inc.§   7,842 
2,200   G-Tekt Corp.§   19,263 
800   Geo Holdings Corp.§   9,754 
700   GLOBERIDE, Inc.§   10,318 
1,000   Glory Ltd.§   14,695 
900   GMO internet, Inc.§   15,631 
300   GMO Payment Gateway, Inc.§   20,272 
700   Goldcrest Co. Ltd.†,§   8,011 
400   Goldwin, Inc.§   21,213 
1,000   GS Yuasa Corp.§   15,599 
1,100   GungHo Online Entertainment, Inc.§   16,932 
4,900   Gunma Bank Ltd.†,§   13,284 
600   Gunze Ltd.§   16,039 
1,500   H.U. Group Holdings, Inc.§   27,195 
1,700   H2O Retailing Corp.§   13,027 
5,000   Hachijuni Bank Ltd.†,§   16,493 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
2,900   Hakuhodo DY Holdings, Inc.§  $20,454 
600   Halows Co. Ltd.§   12,025 
800   Hamakyorex Co. Ltd.§   17,381 
1,100   Hamamatsu Photonics KK§   47,229 
800   Hankyu Hanshin Holdings, Inc.§   24,080 
800   Hanwa Co. Ltd.§   19,028 
300   Harmonic Drive Systems, Inc.†,§   9,323 
3,500   Haseko Corp.§   38,039 
3,500   Hazama Ando Corp.†,§   20,258 
1,200   Heiwa Corp.§   18,572 
600   Heiwa Real Estate Co. Ltd.§   16,486 
900   Heiwado Co. Ltd.§   12,377 
200   Hikari Tsushin, Inc.§   23,404 
4,400   Hino Motors Ltd.§   18,156 
200   Hioki EE Corp.†,§   8,696 
400   Hirata Corp.§   11,285 
3,100   Hirogin Holdings, Inc.§   13,030 
200   Hirose Electric Co. Ltd.§   25,994 
400   Hisamitsu Pharmaceutical Co., Inc.§   9,334 
1,100   Hitachi Construction Machinery Co. Ltd.§   20,438 
8,000   Hitachi Ltd.§   338,738 
2,000   Hitachi Metals Ltd.*,§   30,070 
600   Hitachi Transport System Ltd.§   35,903 
3,400   Hitachi Zosen Corp.§   20,015 
400   Hogy Medical Co. Ltd.†,§   9,817 
2,900   Hokkaido Electric Power Co., Inc.§   9,084 
700   Hokkoku Financial Holdings, Inc.§   22,845 
3,000   Hokuetsu Corp.†,§   15,675 
1,800   Hokuhoku Financial Group, Inc.§   10,626 
2,300   Hokuriku Electric Power Co.†,§   7,705 
1,200   Hokuto Corp.†,§   15,712 
8,800   Honda Motor Co. Ltd.§   191,700 
704   Honda Motor Co. Ltd., ADR   15,199 
500   Horiba Ltd.§   19,429 
600   Hoshizaki Corp.§   16,605 
3,100   Hosiden Corp.§   31,462 
500   Hosokawa Micron Corp.§   8,499 
600   House Foods Group, Inc.§   11,973 
2,200   Hoya Corp.§   211,519 
4,100   Hulic Co. Ltd.§   30,168 
3,000   Hyakugo Bank Ltd.†,§   6,578 
1,600   Ibiden Co. Ltd.†,§   43,931 
6,700   Ichigo, Inc.§   13,817 
600   Idec Corp.§   12,235 
4,100   Idemitsu Kosan Co. Ltd.†,§   88,713 
3,000   IDOM, Inc.§   17,927 
1,400   IHI Corp.§   30,127 
1,100   Iida Group Holdings Co. Ltd.§   14,944 
4,200   Iino Kaiun Kaisha Ltd.§   18,934 
500   Inaba Denki Sangyo Co. Ltd.§   9,425 
900   Inabata & Co. Ltd.†,§   14,512 
1,300   Infocom Corp.§   16,982 
4,200   Infomart Corp.§   12,492 
400   Information Services International-Dentsu Ltd.§   12,139 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
4,712   INFRONEER Holdings, Inc.†,§  $31,851 
14,800   Inpex Corp.§   138,853 
700   Insource Co. Ltd.§   12,533 
1,100   Intage Holdings, Inc.§   11,552 
1,200   Internet Initiative Japan, Inc.§   18,242 
300   IR Japan Holdings Ltd.†,§   4,201 
300   Iriso Electronics Co. Ltd.†,§   8,242 
5,000   Isetan Mitsukoshi Holdings Ltd.§   42,459 
1,600   Ishihara Sangyo Kaisha Ltd.§   11,294 
7,500   Isuzu Motors Ltd.§   82,910 
500   Ito En Ltd.§   20,121 
10,100   ITOCHU Corp.§   244,782 
1,200   Itochu Enex Co. Ltd.§   8,482 
700   Itochu Techno-Solutions Corp.§   16,327 
3,400   Itoham Yonekyu Holdings, Inc.§   15,660 
700   Iwatani Corp.§   26,399 
4,100   Iyo Bank Ltd.*,†,§   19,802 
1,000   Izumi Co. Ltd.§   21,488 
2,300   J Trust Co. Ltd.†,§   9,090 
700   J-Oil Mills, Inc.†,§   7,496 
1,600   J. Front Retailing Co. Ltd.§   13,022 
1,300   Jaccs Co. Ltd.§   32,292 
2,100   JAFCO Group Co. Ltd.§   30,906 
1,400   Japan Airlines Co. Ltd.*,§   25,019 
500   Japan Airport Terminal Co. Ltd.*,§   20,688 
1,800   Japan Aviation Electronics Industry Ltd.†,§   26,425 
1,100   Japan Elevator Service Holdings Co. Ltd.§   14,189 
3,600   Japan Exchange Group, Inc.§   48,665 
1,500   Japan Lifeline Co. Ltd.§   9,943 
1,200   Japan Material Co. Ltd.†,§   15,359 
1,100   Japan Petroleum Exploration Co. Ltd.§   26,305 
12,800   Japan Post Holdings Co. Ltd.§   84,757 
1,000   Japan Post Insurance Co. Ltd.§   14,010 
600   Japan Pulp & Paper Co. Ltd.§   18,090 
3,000   Japan Securities Finance Co. Ltd.§   17,023 
1,000   Japan Steel Works Ltd.§   19,721 
6,800   Japan Tobacco, Inc.§   111,613 
1,700   Japan Wool Textile Co. Ltd.§   12,521 
600   JCR Pharmaceuticals Co. Ltd.§   8,906 
400   JCU Corp.§   8,043 
500   Jeol Ltd.§   16,481 
7,600   JFE Holdings, Inc.§   70,740 
2,700   JGC Holdings Corp.§   33,837 
400   JINS Holdings, Inc.§   11,764 
600   Joshin Denki Co. Ltd.§   7,870 
1,700   JSR Corp.§   32,396 
3,800   JTEKT Corp.§   24,185 
800   Juroku Financial Group, Inc.§   13,498 
300   Justsystems Corp.†,§   6,837 
8,900   JVCKenwood Corp.§   12,138 
2,200   K's Holdings Corp.§   18,109 
800   Kadokawa Corp.§   14,585 
700   Kaga Electronics Co. Ltd.§   19,581 
800   Kagome Co. Ltd.§   16,681 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
3,700   Kajima Corp.§  $35,147 
1,100   Kakaku.com, Inc.§   18,495 
500   Kaken Pharmaceutical Co. Ltd.§   13,196 
600   Kameda Seika Co. Ltd.†,§   19,033 
1,000   Kamigumi Co. Ltd.§   18,415 
1,300   Kanamoto Co. Ltd.§   18,521 
2,200   Kandenko Co. Ltd.§   12,661 
600   Kaneka Corp.§   15,003 
1,700   Kanematsu Corp.§   16,788 
700   Kanematsu Electronics Ltd.§   19,299 
4,400   Kansai Electric Power Co., Inc.§   36,668 
1,200   Kansai Paint Co. Ltd.†,§   17,015 
1,500   Kanto Denka Kogyo Co. Ltd.§   9,580 
3,100   Kao Corp.§   125,700 
900   Katitas Co. Ltd.†,§   20,049 
400   Kato Sangyo Co. Ltd.§   9,243 
300   KAWADA TECHNOLOGIES, Inc.§   7,657 
2,100   Kawasaki Heavy Industries Ltd.†,§   31,848 
15,000   KDDI Corp.§   439,949 
1,200   Keihan Holdings Co. Ltd.§   31,180 
3,100   Keikyu Corp.§   31,431 
700   Keio Corp.§   25,321 
600   Keisei Electric Railway Co. Ltd.§   16,361 
2,500   Keiyo Bank Ltd.†,§   8,162 
3,100   Keiyo Co. Ltd.§   19,514 
900   Kewpie Corp.§   14,763 
900   Keyence Corp.§   298,803 
500   KFC Holdings Japan Ltd.†,§   9,355 
1,100   KH Neochem Co. Ltd.§   20,087 
300   Ki-Star Real Estate Co. Ltd.†,§   9,076 
800   Kikkoman Corp.§   44,978 
1,200   Kinden Corp.§   12,685 
1,700   Kintetsu Group Holdings Co. Ltd.§   56,371 
2,000   Kirin Holdings Co. Ltd.§   30,802 
800   Kissei Pharmaceutical Co. Ltd.§   14,138 
1,500   Kito Corp.§   28,142 
2,600   Kitz Corp.§   14,437 
1,600   Kiyo Bank Ltd.§   15,367 
300   Kobayashi Pharmaceutical Co. Ltd.§   17,490 
1,300   Kobe Bussan Co. Ltd.§   31,113 
9,300   Kobe Steel Ltd.†,§   37,339 
1,000   Koei Tecmo Holdings Co. Ltd.§   16,265 
900   Kohnan Shoji Co. Ltd.§   20,943 
1,600   Koito Manufacturing Co. Ltd.§   21,927 
1,500   Kokuyo Co. Ltd.§   19,058 
5,200   Komatsu Ltd.§   94,036 
1,100   KOMEDA Holdings Co. Ltd.§   17,641 
1,000   Komeri Co. Ltd.§   19,117 
1,400   Komori Corp.§   6,836 
700   Konami Holdings Corp.†,§   32,363 
6,900   Konica Minolta, Inc.†,§   21,301 
700   Konishi Co. Ltd.†,§   7,537 
1,200   Konoike Transport Co. Ltd.§   11,723 
100   Kose Corp.§   10,180 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
5,100   Kubota Corp.§  $70,723 
400   Kumagai Gumi Co. Ltd.§   6,978 
1,500   Kumiai Chemical Industry Co. Ltd.†,§   10,595 
4,700   Kuraray Co. Ltd.§   32,955 
400   Kureha Corp.§   24,463 
700   Kurita Water Industries Ltd.§   24,687 
400   Kusuri No. Aoki Holdings Co. Ltd.§   18,811 
1,000   KYB Corp.§   21,432 
1,600   Kyocera Corp.§   80,878 
1,500   Kyoei Steel Ltd.§   14,400 
1,700   Kyokuto Kaihatsu Kogyo Co. Ltd.§   15,569 
500   Kyokuyo Co. Ltd.§   12,462 
500   KYORIN Holdings, Inc.†,§   6,099 
900   Kyowa Kirin Co. Ltd.§   20,646 
600   Kyudenko Corp.§   11,416 
5,300   Kyushu Electric Power Co., Inc.§   28,159 
5,000   Kyushu Financial Group, Inc.†,§   13,229 
1,200   Kyushu Railway Co.§   25,934 
500   Lasertec Corp.§   50,279 
900   Lawson, Inc.§   29,397 
900   Life Corp.§   16,611 
1,000   Lintec Corp.§   15,372 
1,900   Lion Corp.§   21,414 
200   LITALICO, Inc.§   3,791 
2,800   Lixil Corp.§   40,573 
500   M&A Capital Partners Co. Ltd.*,†,§   12,851 
2,800   M3, Inc.§   77,209 
700   Mabuchi Motor Co. Ltd.§   19,000 
1,300   Macnica Holdings, Inc.§   24,437 
900   Macromill, Inc.§   6,749 
800   Maeda Kosen Co. Ltd.§   17,540 
600   Makino Milling Machine Co. Ltd.§   18,433 
1,500   Makita Corp.§   29,083 
1,800   Mandom Corp.§   18,941 
500   Mani, Inc.§   6,089 
9,300   Marubeni Corp.§   81,652 
800   Marudai Food Co. Ltd.†,§   7,893 
700   Maruha Nichiro Corp.§   11,909 
1,300   Marui Group Co. Ltd.†,§   21,584 
700   Maruichi Steel Tube Ltd.§   14,337 
2,200   Marusan Securities Co. Ltd.†,§   6,589 
200   Maruwa Co. Ltd.§   21,211 
1,000   Maruwa Unyu Kikan Co. Ltd.†,§   10,047 
500   Maruzen Showa Unyu Co. Ltd.§   10,583 
1,300   Matsuda Sangyo Co. Ltd.§   19,431 
4,100   Matsui Securities Co. Ltd.§   22,115 
1,040   MatsukiyoCocokara & Co.§   44,480 
1,700   Maxell Ltd.§   16,127 
4,100   Mazda Motor Corp.§   27,139 
500   McDonald's Holdings Co. Japan Ltd.§   17,417 
1,300   MCJ Co. Ltd.§   8,880 
9,000   Mebuki Financial Group, Inc.§   17,548 
1,600   Medipal Holdings Corp.§   20,280 
600   Megachips Corp.§   10,490 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
1,000   Megmilk Snow Brand Co. Ltd.§  $11,848 
1,700   Meidensha Corp.§   23,195 
1,000   MEIJI Holdings Co. Ltd.§   44,359 
900   Meiko Electronics Co. Ltd.†,§   15,574 
1,500   Meitec Corp.§   23,825 
400   Menicon Co. Ltd.§   8,119 
400   Mercari, Inc.*,§   5,326 
1,900   Micronics Japan Co. Ltd.§   15,448 
600   Milbon Co. Ltd.§   26,463 
1,200   Mimasu Semiconductor Industry Co. Ltd.§   15,843 
2,200   MINEBEA MITSUMI, Inc.§   32,630 
1,600   MIRAIT ONE Corp.§   16,237 
1,500   MISUMI Group, Inc.§   31,914 
600   Mitani Sekisan Co. Ltd.†,§   14,391 
19,200   Mitsubishi Chemical Group Corp.§   88,165 
8,300   Mitsubishi Corp.§   227,949 
7,800   Mitsubishi Electric Corp.§   70,461 
5,800   Mitsubishi Estate Co. Ltd.§   76,101 
1,500   Mitsubishi Gas Chemical Co., Inc.§   19,695 
13,800   Mitsubishi HC Capital, Inc.§   59,366 
1,300   Mitsubishi Heavy Industries Ltd.§   43,342 
900   Mitsubishi Logistics Corp.§   21,235 
2,000   Mitsubishi Materials Corp.§   27,532 
5,200   Mitsubishi Motors Corp.*,§   18,656 
900   Mitsubishi Pencil Co. Ltd.§   8,785 
54,900   Mitsubishi UFJ Financial Group, Inc.§   247,567 
600   Mitsuboshi Belting Ltd.†,§   12,499 
6,600   Mitsui & Co. Ltd.§   141,596 
1,900   Mitsui Chemicals, Inc.§   37,100 
2,100   Mitsui E&S Holdings Co. Ltd.*,§   5,862 
3,600   Mitsui Fudosan Co. Ltd.§   68,624 
300   Mitsui High-Tec, Inc.†,§   14,156 
2,200   Mitsui Mining & Smelting Co. Ltd.§   46,075 
1,500   Mitsui OSK Lines Ltd.†,§   26,941 
800   Mitsui-Soko Holdings Co. Ltd.§   17,027 
1,000   Miura Co. Ltd.§   20,416 
1,000   Mixi, Inc.§   15,862 
700   Miyazaki Bank Ltd.§   10,390 
13,390   Mizuho Financial Group, Inc.§   144,665 
1,000   Mizuho Leasing Co. Ltd.†,§   21,535 
1,200   Mochida Pharmaceutical Co. Ltd.†,§   28,034 
400   Modec, Inc.§   4,117 
3,300   Monex Group, Inc.†,§   10,133 
600   Monogatari Corp.§   28,645 
1,600   MonotaRO Co. Ltd.§   24,185 
400   Morinaga & Co. Ltd.§   10,969 
1,200   Morinaga Milk Industry Co. Ltd.§   35,179 
2,100   Morita Holdings Corp.§   18,630 
1,700   MS&AD Insurance Group Holdings, Inc.§   44,988 
4,100   Murata Manufacturing Co. Ltd.§   188,333 
2,000   Musashi Seimitsu Industry Co. Ltd.†,§   21,564 
1,000   Musashino Bank Ltd.§   11,789 
1,200   Nabtesco Corp.§   24,571 
600   Nachi-Fujikoshi Corp.§   14,640 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
1,500   Nagase & Co. Ltd.§  $20,468 
2,700   Nagoya Railroad Co. Ltd.§   41,536 
1,100   Nakanishi, Inc.§   19,973 
1,200   Nankai Electric Railway Co. Ltd.§   24,541 
800   Nanto Bank Ltd.§   11,624 
2,000   NEC Corp.§   64,019 
1,600   NEC Networks & System Integration Corp.§   17,255 
1,100   NET One Systems Co. Ltd.§   21,197 
1,000   Nexon Co. Ltd.§   17,488 
1,100   Nextage Co. Ltd.§   23,885 
3,000   NGK Insulators Ltd.§   37,397 
2,500   NGK Spark Plug Co. Ltd.§   44,343 
1,000   NH Foods Ltd.§   26,357 
2,400   NHK Spring Co. Ltd.†,§   14,145 
1,200   Nichias Corp.§   18,651 
1,400   Nichicon Corp.†,§   13,458 
900   Nichiden Corp.§   10,791 
700   Nichiha Corp.§   13,311 
1,500   Nichirei Corp.§   24,744 
1,500   Nichireki Co. Ltd.§   13,312 
2,100   Nidec Corp.§   118,297 
1,600   Nifco, Inc.§   33,312 
700   Nihon Kohden Corp.§   14,787 
2,000   Nihon M&A Center Holdings, Inc.§   22,624 
1,800   Nihon Parkerizing Co. Ltd.§   11,603 
1,700   Nikkiso Co. Ltd.§   10,695 
1,300   Nikkon Holdings Co. Ltd.†,§   20,321 
3,000   Nikon Corp.§   28,410 
7,000   Nintendo Co. Ltd.§   283,449 
900   Nippn Corp.§   9,669 
600   Nippon Carbon Co. Ltd.§   16,389 
600   Nippon Chemi-Con Corp.*,§   7,750 
9,100   Nippon Denko Co. Ltd.§   21,044 
700   Nippon Densetsu Kogyo Co. Ltd.§   8,898 
900   Nippon Electric Glass Co. Ltd.§   15,532 
800   NIPPON EXPRESS HOLDINGS, Inc.§   40,451 
1,800   Nippon Gas Co. Ltd.§   25,462 
800   Nippon Kayaku Co. Ltd.§   6,414 
400   Nippon Koei Co. Ltd.§   9,883 
1,520   Nippon Light Metal Holdings Co. Ltd.†,§   15,230 
2,700   Nippon Paint Holdings Co. Ltd.§   18,084 
1,200   Nippon Paper Industries Co. Ltd.§   7,811 
1,100   Nippon Pillar Packing Co. Ltd.†,§   17,422 
100   Nippon Road Co. Ltd.§   3,970 
1,900   Nippon Sanso Holdings Corp.§   30,010 
1,200   Nippon Seiki Co. Ltd.§   6,283 
5,100   Nippon Sheet Glass Co. Ltd.*,§   17,980 
300   Nippon Shinyaku Co. Ltd.§   15,219 
400   Nippon Shokubai Co. Ltd.§   14,952 
2,600   Nippon Signal Company Ltd.†,§   17,018 
900   Nippon Soda Co. Ltd.§   27,448 
9,700   Nippon Steel Corp.§   135,014 
500   Nippon Steel Trading Corp.§   17,400 
9,600   Nippon Suisan Kaisha Ltd.§   36,194 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
7,200   Nippon Telegraph & Telephone Corp.§  $194,242 
530   Nippon Yakin Kogyo Co. Ltd.§   9,587 
4,800   Nippon Yusen KK†,§   81,975 
2,200   Nipro Corp.†,§   16,488 
2,000   Nishi-Nippon Financial Holdings, Inc.§   10,379 
900   Nishi-Nippon Railroad Co. Ltd.†,§   17,962 
1,000   Nishimatsu Construction Co. Ltd.†,§   26,248 
1,600   Nishimatsuya Chain Co. Ltd.†,§   14,785 
700   Nishio Rent All Co. Ltd.†,§   13,817 
800   Nissan Chemical Corp.§   35,752 
17,300   Nissan Motor Co. Ltd.*,§   55,302 
3,200   Nissan Shatai Co. Ltd.†,§   17,961 
600   Nissei ASB Machine Co. Ltd.†,§   14,866 
1,100   Nissha Co. Ltd.§   13,019 
800   Nisshin Oillio Group Ltd.§   17,673 
1,400   Nisshin Seifun Group, Inc.§   14,213 
4,400   Nisshinbo Holdings, Inc.§   31,982 
400   Nissin Foods Holdings Co. Ltd.§   27,770 
600   Nitori Holdings Co. Ltd.§   50,209 
900   Nitta Corp.§   17,315 
600   Nitto Boseki Co. Ltd.†,§   9,584 
1,200   Nitto Denko Corp.§   65,065 
700   Nitto Kogyo Corp.†,§   11,466 
300   Noevir Holdings Co. Ltd.§   11,788 
700   NOF Corp.§   25,380 
900   Nohmi Bosai Ltd.§   9,999 
2,200   Nojima Corp.†,§   20,523 
1,500   NOK Corp.†,§   11,707 
18,800   Nomura Holdings, Inc.§   62,064 
1,500   Nomura Real Estate Holdings, Inc.§   34,005 
2,200   Nomura Research Institute Ltd.§   54,071 
300   Noritake Co. Ltd.§   8,336 
700   Noritsu Koki Co. Ltd.§   11,834 
7,800   North Pacific Bank Ltd.§   12,248 
800   NSD Co. Ltd.†,§   13,521 
2,900   NSK Ltd.†,§   14,210 
10,800   NTN Corp.†,§   19,002 
4,900   NTT Data Corp.§   63,326 
600   Obara Group, Inc.§   13,288 
6,000   Obayashi Corp.§   38,527 
500   OBIC Business Consultants Co. Ltd.§   15,385 
200   Obic Co. Ltd.§   26,517 
2,100   Odakyu Electric Railway Co. Ltd.§   26,863 
1,100   Ogaki Kyoritsu Bank Ltd.†,§   13,033 
800   Oisix ra daichi, Inc.*,†,§   8,980 
13,300   Oji Holdings Corp.†,§   49,507 
1,000   Okamura Corp.§   9,554 
4,600   Okasan Securities Group, Inc.†,§   10,375 
1,800   Oki Electric Industry Co. Ltd.§   8,941 
1,000   Okinawa Cellular Telephone Co.§   17,574 
1,155   Okinawa Electric Power Co., Inc.†,§   8,420 
500   OKUMA Corp.§   16,986 
700   Okumura Corp.§   13,779 
8,100   Olympus Corp.§   155,891 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
1,100   Omron Corp.§  $50,135 
2,000   Ono Pharmaceutical Co. Ltd.§   46,524 
3,700   Onward Holdings Co. Ltd.§   7,478 
900   Open House Group Co. Ltd.§   30,502 
1,000   Optex Group Co. Ltd.§   14,703 
200   Oracle Corp. Japan§   10,558 
800   Organo Corp.§   11,261 
810   Orient Corp.§   6,417 
400   Oriental Land Co. Ltd.§   54,510 
9,700   ORIX Corp.§   136,421 
2,100   Osaka Gas Co. Ltd.§   31,619 
700   Osaka Organic Chemical Industry Ltd.§   9,726 
1,100   OSG Corp.§   13,568 
700   Otsuka Corp.§   21,694 
1,700   Otsuka Holdings Co. Ltd.§   53,921 
1,900   Outsourcing, Inc.§   14,212 
1,600   Pacific Industrial Co. Ltd.§   11,278 
900   Pacific Metals Co. Ltd.§   13,536 
300   PALTAC Corp.§   9,249 
2,300   Pan Pacific International Holdings Corp.§   40,416 
25,500   Panasonic Holdings Corp.†,§   179,074 
700   Paramount Bed Holdings Co. Ltd.§   12,407 
1,500   Park24 Co. Ltd.*,§   19,411 
700   Pasona Group, Inc.†,§   9,700 
3,900   Penta-Ocean Construction Co. Ltd.§   19,623 
2,000   PeptiDream, Inc.*,§   21,973 
1,300   Persol Holdings Co. Ltd.§   23,692 
1,100   Pigeon Corp.§   16,038 
500   Pilot Corp.§   18,868 
1,100   Piolax, Inc.†,§   13,490 
900   Pola Orbis Holdings, Inc.§   10,086 
2,500   Press Kogyo Co. Ltd.§   6,819 
600   Pressance Corp.†,§   6,073 
2,100   Prestige International, Inc.§   9,126 
1,100   Prima Meat Packers Ltd.§   15,899 
600   Procrea Holdings, Inc.†,§   8,810 
1,000   Proto Corp.§   7,127 
1,300   Qol Holdings Co. Ltd.§   10,785 
900   Raito Kogyo Co. Ltd.§   11,839 
1,700   Rakus Co. Ltd.†,§   15,678 
7,900   Rakuten Group, Inc.§   33,891 
8,500   Recruit Holdings Co. Ltd.§   245,337 
1,200   Relia, Inc.§   8,015 
900   Relo Group, Inc.§   13,676 
9,100   Renesas Electronics Corp.*,§   75,840 
2,800   Rengo Co. Ltd.§   16,271 
500   RENOVA, Inc.*,†,§   11,676 
10,600   Resona Holdings, Inc.§   38,704 
1,100   Resorttrust, Inc.§   17,574 
5,100   Ricoh Co. Ltd.§   37,217 
400   Ricoh Leasing Co. Ltd.†,§   9,757 
800   Riken Keiki Co. Ltd.†,§   21,335 
400   Rinnai Corp.§   28,766 
4,000   Riso Kyoiku Co. Ltd.†,§   8,856 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
400   Rohm Co. Ltd.§  $26,234 
1,400   Rohto Pharmaceutical Co. Ltd.§   44,634 
300   Roland Corp.§   9,124 
400   Roland DG Corp.§   8,147 
300   Rorze Corp.§   14,328 
3,600   Round One Corp.§   15,647 
500   Ryobi Ltd.§   4,294 
3,700   Ryohin Keikaku Co. Ltd.§   30,713 
200   Ryosan Co. Ltd.§   3,099 
600   S Foods, Inc.§   12,596 
1,600   S-Pool, Inc.§   11,568 
1,300   Sakata INX Corp.§   8,789 
2,700   Sala Corp.§   14,186 
1,800   SAMTY Co. Ltd.§   28,002 
300   San-A Co. Ltd.§   9,055 
2,100   San-Ai Oil Co. Ltd.§   16,237 
3,000   San-In Godo Bank Ltd.§   14,528 
1,200   Sangetsu Corp.§   13,214 
600   Sanken Electric Co. Ltd.§   18,071 
1,300   Sanki Engineering Co. Ltd.§   14,238 
600   Sankyo Co. Ltd.§   18,095 
500   Sankyu, Inc.§   14,446 
3,600   Santen Pharmaceutical Co. Ltd.§   24,126 
2,300   Sanwa Holdings Corp.§   19,814 
500   Sanyo Chemical Industries Ltd.§   15,150 
300   Sanyo Denki Co. Ltd.§   10,249 
900   Sanyo Special Steel Co. Ltd.†,§   11,593 
1,200   Sapporo Holdings Ltd.§   26,392 
900   Sato Holdings Corp.§   11,204 
400   Sawai Group Holdings Co. Ltd.§   11,162 
2,800   SBI Holdings, Inc.§   50,317 
500   SBS Holdings, Inc.§   9,651 
300   SCREEN Holdings Co. Ltd.§   16,397 
1,600   SCSK Corp.§   24,007 
800   Secom Co. Ltd.§   45,454 
2,100   Sega Sammy Holdings, Inc.§   28,619 
3,000   Seibu Holdings, Inc.†,§   30,011 
1,000   Seikagaku Corp.§   5,751 
3,100   Seiko Epson Corp.§   42,281 
700   Seiko Holdings Corp.†,§   14,617 
1,600   Seino Holdings Co. Ltd.§   12,846 
1,400   Seiren Co. Ltd.†,§   20,396 
2,900   Sekisui Chemical Co. Ltd.§   35,496 
5,000   Sekisui House Ltd.§   83,041 
900   Sekisui Jushi Corp.§   10,257 
1,600   Senko Group Holdings Co. Ltd.§   10,591 
8,500   Senshu Ikeda Holdings, Inc.§   12,285 
1,100   Seria Co. Ltd.§   19,144 
6,100   Seven & i Holdings Co. Ltd.§   245,031 
7,000   Seven Bank Ltd.†,§   12,537 
2,400   SG Holdings Co. Ltd.§   32,616 
4,900   Sharp Corp.†,§   29,278 
1,100   Shibaura Machine Co. Ltd.§   21,952 
600   Shibuya Corp.§   9,971 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
200   SHIFT, Inc.*,§  $25,852 
1,000   Shiga Bank Ltd.†,§   18,088 
900   Shikoku Chemicals Corp.§   7,637 
1,700   Shikoku Electric Power Co., Inc.§   8,448 
900   Shima Seiki Manufacturing Ltd.†,§   12,526 
1,000   Shimadzu Corp.§   26,030 
200   Shimamura Co. Ltd.§   16,908 
500   Shimano, Inc.§   78,801 
3,500   Shimizu Corp.§   17,175 
1,000   Shin Nippon Biomedical Laboratories Ltd.†,§   18,654 
2,500   Shin-Etsu Chemical Co. Ltd.§   248,259 
2,000   Shin-Etsu Polymer Co. Ltd.§   16,607 
600   Shinko Electric Industries Co. Ltd.†,§   12,963 
1,700   Shinmaywa Industries Ltd.§   11,422 
1,300   Shinsei Bank Ltd.†,§   18,657 
600   Shionogi & Co. Ltd.§   29,026 
1,200   Ship Healthcare Holdings, Inc.§   22,579 
2,300   Shiseido Co. Ltd.§   80,507 
4,800   Shizuoka Bank Ltd.*,§   29,036 
2,800   Shizuoka Gas Co. Ltd.§   19,182 
300   SHO-BOND Holdings Co. Ltd.§   12,903 
300   Shoei Co. Ltd.§   10,871 
3,000   Showa Denko KK§   42,702 
1,000   Siix Corp.†,§   7,523 
1,100   Sinfonia Technology Co. Ltd.§   10,220 
3,900   SKY Perfect JSAT Holdings, Inc.§   13,948 
2,600   Skylark Holdings Co. Ltd.§   27,742 
300   SMC Corp.§   121,027 
1,300   SMS Co. Ltd.§   25,976 
2,700   Sodick Co. Ltd.§   14,168 
16,100   SoftBank Corp.†,§   161,011 
5,700   SoftBank Group Corp.§   193,630 
1,100   Sohgo Security Services Co. Ltd.§   27,700 
1,560   Sojitz Corp.†,§   22,796 
900   Solasto Corp.§   5,307 
3,300   Sompo Holdings, Inc.§   131,522 
9,100   Sony Group Corp.§   585,697 
800   Sotetsu Holdings, Inc.†,§   13,264 
700   Square Enix Holdings Co. Ltd.§   30,020 
2,100   Stanley Electric Co. Ltd.§   32,945 
1,600   Star Micronics Co. Ltd.§   18,041 
800   Starts Corp., Inc.§   14,630 
3,500   Subaru Corp.§   52,497 
800   Sugi Holdings Co. Ltd.§   32,130 
4,500   SUMCO Corp.§   52,287 
400   Sumitomo Bakelite Co. Ltd.§   10,988 
12,700   Sumitomo Chemical Co. Ltd.§   43,849 
5,200   Sumitomo Corp.§   64,891 
4,900   Sumitomo Electric Industries Ltd.§   49,739 
2,300   Sumitomo Forestry Co. Ltd.§   34,806 
1,700   Sumitomo Heavy Industries Ltd.§   31,465 
2,800   Sumitomo Metal Mining Co. Ltd.§   80,684 
3,600   Sumitomo Mitsui Construction Co. Ltd.§   11,081 
5,600   Sumitomo Mitsui Financial Group, Inc.§   155,835 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
1,800   Sumitomo Mitsui Financial Group, Inc., ADR†  $9,900 
1,900   Sumitomo Mitsui Trust Holdings, Inc.§   53,707 
900   Sumitomo Osaka Cement Co. Ltd.†,§   20,287 
2,000   Sumitomo Pharma Co. Ltd.§   14,273 
2,400   Sumitomo Realty & Development Co. Ltd.§   54,651 
3,700   Sumitomo Rubber Industries Ltd.§   29,490 
400   Sumitomo Seika Chemicals Co. Ltd.§   8,250 
900   Sumitomo Warehouse Co. Ltd.§   12,272 
2,600   Sun Frontier Fudousan Co. Ltd.§   20,149 
700   Sundrug Co. Ltd.§   16,943 
1,100   Suntory Beverage & Food Ltd.§   39,033 
6,300   Suruga Bank Ltd.§   16,213 
400   Suzuken Co. Ltd.†,§   9,120 
2,200   Suzuki Motor Corp.§   68,244 
1,300   Sysmex Corp.§   69,966 
6,800   Systena Corp.§   18,826 
800   T Hasegawa Co. Ltd.†,§   16,456 
2,400   T&D Holdings, Inc.§   22,696 
700   Tachi-S Co. Ltd.§   5,189 
2,200   Tadano Ltd.§   12,834 
1,800   Taiheiyo Cement Corp.†,§   25,440 
1,300   Taisei Corp.§   36,160 
600   Taisho Pharmaceutical Holdings Co. Ltd.§   21,865 
600   Taiyo Holdings Co. Ltd.§   9,982 
1,100   Taiyo Yuden Co. Ltd.§   28,391 
2,000   Takara Bio, Inc.§   23,354 
2,500   Takara Holdings, Inc.§   18,291 
2,100   Takara Standard Co. Ltd.§   18,813 
900   Takasago Thermal Engineering Co. Ltd.§   10,596 
1,600   Takashimaya Co. Ltd.§   18,942 
8,400   Takeda Pharmaceutical Co. Ltd.§   218,166 
1,200   Takeuchi Manufacturing Co. Ltd.§   22,112 
700   Takuma Co. Ltd.§   6,008 
500   Tamron Co. Ltd.§   10,043 
2,100   Tamura Corp.†,§   9,938 
4,400   TDK Corp.§   133,523 
1,300   TechMatrix Corp.§   14,963 
1,000   TechnoPro Holdings, Inc.§   21,022 
2,100   Teijin Ltd.§   20,374 
400   Tekken Corp.§   4,908 
2,400   Terumo Corp.§   67,725 
1,300   THK Co. Ltd.§   22,492 
1,400   TIS, Inc.§   37,173 
200   TKC Corp.§   4,748 
3,100   Toagosei Co. Ltd.§   23,156 
1,500   Tobu Railway Co. Ltd.§   35,389 
2,200   Tocalo Co. Ltd.†,§   17,847 
3,500   Toda Corp.†,§   18,027 
600   Toho Co. Ltd.§   21,622 
1,300   Toho Gas Co. Ltd.§   25,707 
1,500   Toho Holdings Co. Ltd.†,§   20,113 
1,400   Toho Titanium Co. Ltd.†,§   22,922 
1,500   Toho Zinc Co. Ltd.§   22,579 
3,300   Tohoku Electric Power Co., Inc.§   15,537 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
4,500   Tokai Carbon Co. Ltd.§  $30,532 
1,000   Tokai Corp.§   12,328 
1,300   TOKAI Holdings Corp.§   7,830 
1,300   Tokai Rika Co. Ltd.†,§   12,391 
4,800   Tokai Tokyo Financial Holdings, Inc.†,§   11,719 
200   Token Corp.§   11,094 
10,200   Tokio Marine Holdings, Inc.§   181,291 
1,100   Tokuyama Corp.†,§   13,258 
700   Tokyo Century Corp.†,§   22,349 
10,300   Tokyo Electric Power Co. Holdings, Inc.*,§   32,734 
1,100   Tokyo Electron Ltd.§   272,350 
2,400   Tokyo Gas Co. Ltd.§   40,533 
1,400   Tokyo Kiraboshi Financial Group, Inc.§   20,565 
500   Tokyo Ohka Kogyo Co. Ltd.§   20,920 
800   Tokyo Seimitsu Co. Ltd.§   23,454 
2,000   Tokyo Steel Manufacturing Co. Ltd.†,§   17,464 
2,700   Tokyo Tatemono Co. Ltd.§   38,457 
400   Tokyotokeiba Co. Ltd.§   11,433 
1,700   Tokyu Construction Co. Ltd.§   7,422 
3,000   Tokyu Corp.§   34,186 
9,700   Tokyu Fudosan Holdings Corp.§   50,585 
5,300   TOMONY Holdings, Inc.†,§   11,365 
1,900   Tomy Co. Ltd.§   16,287 
1,500   Topcon Corp.§   16,772 
1,500   TOPPAN, Inc.§   22,384 
1,100   Topre Corp.†,§   8,451 
500   Topy Industries Ltd.§   5,012 
10,400   Toray Industries, Inc.§   51,044 
1,100   Toridoll Holdings Corp.§   22,743 
1,300   Tosei Corp.§   12,481 
2,200   Toshiba Corp.§   78,358 
500   Toshiba TEC Corp.§   12,949 
3,600   Tosoh Corp.§   40,199 
1,300   TOTO Ltd.§   43,409 
1,700   Towa Corp.§   18,884 
900   Towa Pharmaceutical Co. Ltd.†,§   13,155 
3,100   Toyo Construction Co. Ltd.§   18,250 
200   Toyo Gosei Co. Ltd.†,§   8,803 
500   Toyo Ink SC Holdings Co. Ltd.§   6,572 
1,000   Toyo Seikan Group Holdings Ltd.§   12,069 
800   Toyo Suisan Kaisha Ltd.§   32,969 
1,100   Toyo Tanso Co. Ltd.§   25,023 
3,700   Toyo Tire Corp.†,§   40,218 
2,500   Toyobo Co. Ltd.§   17,909 
1,600   Toyoda Gosei Co. Ltd.§   24,207 
700   Toyota Industries Corp.§   33,352 
56,800   Toyota Motor Corp.§   739,356 
2,800   Toyota Tsusho Corp.§   86,915 
600   TPR Co. Ltd.§   4,937 
1,200   Trend Micro, Inc.§   64,990 
800   Tri Chemical Laboratories, Inc.§   9,743 
1,100   Trusco Nakayama Corp.§   15,172 
1,600   TS Tech Co. Ltd.§   15,722 
1,200   Tsubaki Nakashima Co. Ltd.§   9,344 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

Shares      Value
(Note 1)		 
    Japan (Continued)     
600   Tsubakimoto Chain Co.§  $12,670 
1,900   Tsugami Corp.§   15,409 
700   Tsumura & Co.§   14,890 
500   Tsuruha Holdings, Inc.§   29,217 
700   TV Asahi Holdings Corp.§   6,786 
1,000   UACJ Corp.§   13,877 
2,000   UBE Corp.§   26,799 
200   Uchida Yoko Co. Ltd.§   6,068 
500   Ulvac, Inc.§   17,787 
2,200   Unicharm Corp.§   71,911 
800   Unipres Corp.§   4,915 
1,100   United Super Markets Holdings, Inc.†,§   7,988 
500   Universal Entertainment Corp.*,§   6,409 
2,000   Ushio, Inc.§   20,800 
1,300   USS Co. Ltd.§   20,008 
600   UT Group Co. Ltd.§   9,739 
400   V Technology Co. Ltd.§   7,082 
1,200   Valor Holdings Co. Ltd.†,§   14,765 
1,000   Valqua Ltd.§   17,355 
1,400   Vital KSK Holdings, Inc.§   6,286 
3,800   VT Holdings Co. Ltd.§   12,513 
800   Wacoal Holdings Corp.†,§   11,875 
3,000   Wacom Co. Ltd.§   14,568 
800   Welcia Holdings Co. Ltd.§   16,809 
500   West Holdings Corp.§   14,424 
1,200   West Japan Railway Co.§   45,990 
300   Workman Co. Ltd.†,§   9,442 
1,000   Xebio Holdings Co. Ltd.§   6,670 
500   Yakult Honsha Co. Ltd.§   29,075 
9,500   Yamada Holdings Co. Ltd.§   31,182 
2,100   Yamaguchi Financial Group, Inc.§   11,153 
900   Yamaha Corp.§   32,052 
3,100   Yamaha Motor Co. Ltd.§   58,091 
1,300   Yamaichi Electronics Co. Ltd.§   16,105 
2,800   Yamato Holdings Co. Ltd.§   41,916 
900   Yamato Kogyo Co. Ltd.§   27,353 
2,100   Yamazaki Baking Co. Ltd.§   24,136 
400   Yaoko Co. Ltd.§   18,144 
1,200   Yaskawa Electric Corp.§   34,639 
1,200   Yellow Hat Ltd.§   14,869 
600   Yokogawa Bridge Holdings Corp.§   7,900 
2,000   Yokogawa Electric Corp.§   31,517 
2,100   Yokohama Rubber Co. Ltd.§   32,292 
2,500   Yokorei Co. Ltd.§   15,233 
1,100   Yoshinoya Holdings Co. Ltd.†,§   17,853 
10,500   Z Holdings Corp.§   27,284 
700   Zenkoku Hosho Co. Ltd.§   23,167 
900   Zensho Holdings Co. Ltd.§   22,317 
2,300   Zeon Corp.§   20,362 
800   ZERIA Pharmaceutical Co. Ltd.§   11,394 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Japan (Continued)     
 1,000   ZOZO, Inc.§  $19,943 
         28,327,814 
     Netherlands—2.1%     
 2,261   Aalberts NV§   73,880 
 4,575   ABN AMRO Bank NV, CVA#,§   41,007 
 576   Acomo NV§   10,533 
 76   Adyen NV*,#,§   94,548 
 14,993   Aegon NV§   59,584 
 1,266   Akzo Nobel NV§   71,397 
 292   Alfen Beheer BV*,#,§   26,821 
 580   AMG Advanced Metallurgical Group NV§   13,077 
 898   APERAM SA§   20,995 
 1,391   Arcadis NV§   45,025 
 5,174   ArcelorMittal SA§   103,470 
 316   ASM International NV§   70,702 
 2,066   ASML Holding NV§   856,959 
 290   ASML Holding NV, Registered   120,451 
 2,402   ASR Nederland NV§   92,343 
 894   Basic-Fit NV*,#,†,§   26,752 
 881   BE Semiconductor Industries NV§   37,496 
 1,849   Coca-Cola European Partners PLC§   79,982 
 988   Corbion NV§   24,572 
 919   CTP NV#,†,§   9,490 
 691   Flow Traders#,§   13,026 
 2,215   Fugro NV*,§   22,507 
 1,262   Heijmans NV, ADR CVA§   11,733 
 1,490   Heineken NV§   130,623 
 561   IMCD NV§   66,579 
 16,312   ING Groep NV§   139,864 
 2,027   Intertrust NV*,#,§   38,841 
 1,082   JDE Peet's NV§   31,559 
 12,878   Koninklijke Ahold Delhaize NV§   327,925 
 7,677   Koninklijke BAM Groep NV*,§   18,874 
 967   Koninklijke DSM NV§   109,677 
 36,886   Koninklijke KPN NV§   99,951 
 1,682   Koninklijke Philips NV   25,886 
 3,491   Koninklijke Philips NV†,§   53,924 
 899   Koninklijke Vopak NV§   16,401 
 198   Nedap NV§   10,386 
 1,694   NN Group NV§   65,932 
 1,110   OCI NV§   40,816 
 4,749   Ordina NV§   17,598 
 13,723   PostNL NV†,§   22,878 
 2,559   Prosus NV*,§   133,360 
 1,606   Randstad NV†,§   69,448 
 2,766   SBM Offshore NV§   34,568 
 2,800   Signify NV#,§   72,467 
 839   Sligro Food Group NV§   10,877 
 506   TKH Group NV§   16,320 
 1,381   TomTom NV*,†,§   9,873 
 4,879   Universal Music Group NV†,§   91,970 
 388   Van Lanschot Kempen NV§   7,503 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Netherlands (Continued)     
 2,325   Wolters Kluwer NV§  $226,364 
         3,816,814 
     New Zealand—0.3%     
 5,589   a2 Milk Co. Ltd.*,§   19,081 
 45,960   Air New Zealand Ltd.*,§   18,415 
 11,612   Arvida Group Ltd.§   9,368 
 8,303   Auckland International Airport Ltd.*,§   33,373 
 7,155   Chorus Ltd.§   30,356 
 5,950   Contact Energy Ltd.§   24,926 
 1,186   EBOS Group Ltd.§   24,876 
 2,488   Fisher & Paykel Healthcare Corp. Ltd.§   25,654 
 8,253   Fletcher Building Ltd.§   22,378 
 3,759   Freightways Ltd.§   20,630 
 4,735   Genesis Energy Ltd.§   7,266 
 13,723   Heartland Group Holdings Ltd.†,§   12,711 
 7,492   Infratil Ltd.§   36,173 
 21,719   KMD Brands Ltd.†,§   12,781 
 647   Mainfreight Ltd.§   24,346 
 5,888   Meridian Energy Ltd.§   15,832 
 11,908   Oceania Healthcare Ltd.§   6,071 
 1,991   Port of Tauranga Ltd.§   7,189 
 8,615   Pushpay Holdings Ltd.*,§   5,280 
 684   Restaurant Brands New Zealand Ltd.†,§   2,929 
 1,854   Ryman Healthcare Ltd.§   8,861 
 2,832   Skellerup Holdings Ltd.§   8,509 
 7,231   SKY Network Television Ltd.§   8,682 
 18,375   SKYCITY Entertainment Group Ltd.*,§   27,809 
 15,590   Spark New Zealand Ltd.§   43,673 
 4,121   Summerset Group Holdings Ltd.§   24,889 
 7,097   Vector Ltd.§   16,060 
 5,190   Warehouse Group Ltd.§   8,989 
         507,107 
     Norway—0.8%     
 21,108   ABG Sundal Collier Holding ASA§   10,652 
 2,559   Adevinta ASA*,§   15,013 
 511   AF Gruppen ASA§   6,473 
 204   Aker ASA, Class A§   13,187 
 2,037   Aker BP ASA†,§   58,409 
 4,348   Aker Solutions ASA§   15,211 
 1,456   Atea ASA*,§   12,884 
 629   Atlantic Sapphire ASA*,†,§   633 
 2,299   Austevoll Seafood ASA§   15,518 
 11,411   B2Holding ASA§   7,817 
 438   Bakkafrost P/F§   17,347 
 480   Bonheur ASA§   13,599 
 1,580   Borregaard ASA§   18,652 
 1,681   Bouvet ASA†,§   8,390 
 1,195   BW Energy Ltd.*,§   2,349 
 3,354   BW LPG Ltd.#,§   24,305 
 5,362   BW Offshore Ltd.§   11,230 
 968   Crayon Group Holding ASA*,#,†,§   7,472 
 3,857   DNB Bank ASA§   61,064 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Norway (Continued)     
 12,792   DNO ASA§  $14,492 
 6,672   Elkem ASA*,#,§   21,498 
 745   Entra ASA#,§   6,874 
 10,289   Equinor ASA§   339,368 
 4,440   Europris ASA#,§   22,117 
 1,329   FLEX LNG Ltd.§   42,141 
 1,736   Frontline Ltd.†   19,244 
 1,401   Gjensidige Forsikring ASA§   23,973 
 2,309   Golden Ocean Group Ltd.§   17,272 
 768   Grieg Seafood ASA§   5,180 
 2,715   Hexagon Composites ASA*,§   5,933 
 391   Kongsberg Gruppen ASA§   11,861 
 2,342   Leroy Seafood Group ASA§   9,187 
 1,592   Mowi ASA§   20,173 
 6,935   MPC Container Ships ASA§   11,559 
 14,484   NEL ASA*,†,§   15,891 
 864   Nordic Semiconductor ASA*,§   11,317 
 10,947   Norsk Hydro ASA§   58,889 
 23,135   Norwegian Air Shuttle ASA*,†,§   15,293 
 621   Norwegian Energy Co. ASA*,§   20,048 
 5,186   Odfjell Drilling Ltd.*,§   11,361 
 864   Odfjell Technology Ltd.*,§   1,786 
 4,229   Orkla ASA§   30,706 
 11,538   PGS ASA*,§   6,658 
 1,686   Protector Forsikring ASA§   17,392 
 397   Salmar ASA§   13,370 
 1,104   Scatec ASA#,§   7,518 
 614   Schibsted ASA, Class A§   8,243 
 404   Schibsted ASA, Class B§   5,028 
 1,199   SpareBank 1 SR-Bank ASA§   11,200 
 580   Stolt-Nielsen Ltd.§   11,541 
 3,149   Storebrand ASA§   21,661 
 2,103   Subsea 7 SA§   16,613 
 4,815   Telenor ASA§   43,945 
 1,294   TGS ASA§   15,763 
 1,776   TOMRA Systems ASA§   31,203 
 1,273   Veidekke ASA§   9,490 
 2,083   Wallenius Wilhelmsen ASA§   10,344 
 1,669   Yara International ASA§   58,337 
         1,344,674 
     Portugal—0.2%     
 3,185   Altri SGPS SA†,§   16,057 
 136,257   Banco Comercial Portugues SA, Class R†,§   16,131 
 976   Corticeira Amorim SGPS SA†,§   8,699 
 2,841   CTT-Correios de Portugal SA†,§   7,477 
 1,808   EDP Renovaveis SA§   37,159 
 18,638   Energias de Portugal SA§   80,686 
 6,892   Galp Energia SGPS SA†,§   66,052 
 766   Greenvolt-Energias Renovaveis SA*,†,§   6,400 
 1,861   Jeronimo Martins SGPS SA†,§   34,673 
 5,953   Navigator Co. SA§   20,172 
 3,482   NOS SGPS SA†,§   11,369 
 10,709   Redes Energeticas Nacionais SGPS SA§   25,259 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Portugal (Continued)     
 20,529   Sonae SGPS SA†,§  $16,504 
         346,638 
     Singapore—0.8%     
 4,200   AEM Holdings Ltd.§   11,564 
 23,500   Ascendas India Trust§   17,086 
 14,300   Capitaland Investment Ltd.§   34,445 
 540   CDL Hospitality Trusts§   437 
 3,400   City Developments Ltd.§   17,925 
 23,400   ComfortDelGro Corp. Ltd.§   21,401 
 11,522   DBS Group Holdings Ltd.§   266,388 
 3,900   DFI Retail Group Holdings Ltd.§   8,983 
 18,300   First Resources Ltd.§   17,714 
 35,400   Genting Singapore Ltd.§   19,256 
 132,400   Golden Agri-Resources Ltd.§   24,378 
 800   Great Eastern Holdings Ltd.§   10,455 
 11,200   GuocoLand Ltd.§   12,800 
 2,600   Haw Par Corp. Ltd.§   18,495 
 3,200   Hong Leong Finance Ltd.§   5,270 
 7,200   Hongkong Land Holdings Ltd.§   31,585 
 71,500   Hutchison Port Holdings Trust§   13,114 
 1,900   iFAST Corp. Ltd.†,§   5,243 
 1,800   Jardine Cycle & Carriage Ltd.§   42,109 
 9,600   Keppel Corp. Ltd.§   46,094 
 57,577   Keppel Infrastructure Trust§   21,634 
 12,300   Nanofilm Technologies International Ltd.§   17,812 
 46,800   NETLINK NBN TRUST§   29,474 
 8,300   Olam Group Ltd.§   7,525 
 21,139   Oversea-Chinese Banking Corp. Ltd.§   173,159 
 25,200   Raffles Medical Group Ltd.§   23,372 
 10,600   SATS Ltd.*,†,§   22,101 
 10,100   Sembcorp Industries Ltd.§   21,678 
 299,400   Sembcorp Marine Ltd.*,†,§   21,897 
 19,200   Sheng Siong Group Ltd.§   21,097 
 9,299   Singapore Airlines Ltd.*,†,§   32,815 
 5,400   Singapore Exchange Ltd.§   35,403 
 32,900   Singapore Post Ltd.§   12,508 
 8,200   Singapore Technologies Engineering Ltd.§   20,327 
 25,600   Singapore Telecommunications Ltd.§   47,119 
 22,000   StarHub Ltd.§   16,866 
 5,192   Straits Trading Co. Ltd.§   8,784 
 9,500   UMS Holdings Ltd.§   8,284 
 8,100   United Overseas Bank Ltd.§   147,068 
 6,300   UOL Group Ltd.§   29,046 
 1,800   Venture Corp. Ltd.§   20,501 
 23,900   Wilmar International Ltd.§   63,629 
 15,000   Wing Tai Holdings Ltd.§   15,833 
 29,500   Yangzijiang Financial Holding Ltd.*,§   7,681 
 45,900   Yangzijiang Shipbuilding Holdings Ltd.§   32,820 
         1,483,175 
     Spain—1.4%     
 375   Acciona SA§   66,189 
 4,531   Acerinox SA§   36,108 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Spain (Continued)     
 3,157   ACS Actividades de Construccion y Servicios SA†,§  $70,651 
 382   Aena SME SA*,#,§   39,527 
 1,165   Almirall SA§   11,223 
 2,432   Amadeus IT Group SA*,§   112,575 
 4,833   Applus Services SA§   27,109 
 54,257   Banco Bilbao Vizcaya Argentaria SA§   243,699 
 13,416   Banco Bilbao Vizcaya Argentaria SA, ADR   59,701 
 71,163   Banco de Sabadell SA§   47,460 
 91,385   Banco Santander SA§   212,401 
 5,075   Bankinter SA†,§   28,453 
 22,158   CaixaBank SA§   71,402 
 1,957   Cellnex Telecom SA#,§   60,337 
 796   Cia de Distribucion Integral Logista Holdings SA§   14,485 
 861   CIE Automotive SA§   17,806 
 318   Construcciones y Auxiliar de Ferrocarriles SA§   7,115 
 1,692   Ebro Foods SA†,§   24,663 
 986   Elecnor SA§   9,746 
 2,991   Enagas SA†,§   46,163 
 2,253   Endesa SA§   33,773 
 4,660   Ercros SA§   12,279 
 4,201   Faes Farma SA†,§   15,192 
 2,569   Ferrovial SA§   58,302 
 598   Fluidra SA†,§   8,915 
 1,318   Fomento de Construcciones y Contratas SA†,§   10,620 
 3,465   Gestamp Automocion SA#,§   10,331 
 4,339   Global Dominion Access SA#,§   14,179 
 1,891   Grifols SA*,†,§   16,189 
 364   Grupo Catalana Occidente SA§   9,105 
 33,693   Iberdrola SA†,§   313,223 
 2,164   Indra Sistemas SA§   16,445 
 6,499   Industria de Diseno Textil SA§   134,239 
 147   Laboratorios Farmaceuticos Rovi SA§   6,303 
 5,075   Linea Directa Aseguradora SA Cia de Seguros y Reaseguros§   4,765 
 7,728   Mapfre SA†,§   11,973 
 4,190   Melia Hotels International SA*,§   19,395 
 875   Naturgy Energy Group SA†,§   20,171 
 145   Pharma Mar SA†,§   7,640 
 2,459   Prosegur Cia de Seguridad SA§   3,725 
 3,850   Red Electrica Corp. SA§   58,967 
 17,197   Repsol SA§   197,897 
 10,795   Sacyr SA†,§   23,567 
 1,856   Solaria Energia y Medio Ambiente SA*,§   29,211 
 57,825   Telefonica SA§   190,634 
 3,839   Tubacex SA*,§   7,305 
 15,835   Unicaja Banco SA#,§   14,297 
 179   Vidrala SA†,§   10,419 
 582   Viscofan SA§   31,775 
         2,497,649 
     Sweden—1.9%     
 984   AAK AB§   12,974 
 1,552   AcadeMedia AB#,§   6,722 
 1,327   AddLife AB, Class B§   13,828 
 3,120   AddNode Group AB, Class B§   21,757 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Sweden (Continued)     
 2,288   AddTech AB, Class B§  $29,846 
 1,023   AFRY AB§   12,820 
 1,372   Alfa Laval AB§   33,896 
 933   Alimak Group AB#,†,§   4,970 
 1,793   Alleima AB*   5,622 
 510   Alligo AB, Class A§   3,524 
 4,107   Ambea AB#,§   14,294 
 556   Annehem Fastigheter AB, Class B*,§   1,100 
 3,735   Arjo AB, Class B§   13,601 
 3,136   Assa Abloy AB, Class B§   58,604 
 15,988   Atlas Copco AB, Class A§   148,052 
 9,748   Atlas Copco AB, Class B§   80,655 
 810   Atrium Ljungberg AB, Class B§   10,014 
 3,696   Attendo AB*,#,§   6,569 
 1,217   Avanza Bank Holding AB†,§   18,349 
 1,245   Axfood AB§   28,472 
 1,079   Beijer Alma AB§   14,057 
 2,679   Beijer Ref AB§   32,842 
 808   Bergman & Beving AB§   6,016 
 2,259   Betsson AB*,§   13,162 
 1,218   Bilia AB, Class A§   13,867 
 1,635   BillerudKorsnas AB§   19,107 
 1,495   BioGaia AB, Class B§   10,336 
 981   Biotage AB§   14,612 
 3,089   Boliden AB*,§   95,533 
 1,253   Bonava AB, Class B†,§   2,934 
 1,482   Bravida Holding AB#,§   12,142 
 670   Bufab AB§   12,022 
 1,399   Bure Equity AB§   22,812 
 1,751   Castellum AB†,§   19,402 
 447   Catena AB§   13,189 
 660   Cellavision AB§   15,094 
 1,045   Cibus Nordic Real Estate AB§   13,583 
 855   Clas Ohlson AB, Class B§   5,094 
 7,868   Cloetta AB, Class B§   12,426 
 1,370   Coor Service Management Holding AB#,§   9,300 
 14,402   Corem Property Group AB, Class B§   10,777 
 2,643   Dios Fastigheter AB§   16,607 
 2,657   Dometic Group AB#,§   13,554 
 1,685   Duni AB*,§   9,579 
 2,823   Dustin Group AB#,§   11,127 
 2,954   Electrolux AB, Class B†,§   30,595 
 3,376   Electrolux Professional AB, Class B§   13,765 
 4,884   Elekta AB, Class B§   24,714 
 5,131   Epiroc AB, Class A§   73,392 
 3,047   Epiroc AB, Class B§   38,324 
 689   Essity AB, Class A§   13,628 
 3,160   Essity AB, Class B§   62,376 
 723   Evolution AB#,§   56,938 
 1,567   Fabege AB†,§   10,572 
 2,158   Fagerhult AB§   7,242 
 6,378   Fastighets AB Balder, Class B*,§   25,208 
 79   Fenix Outdoor International AG§   5,613 
 703   GARO AB§   6,182 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Sweden (Continued)     
 1,600   Getinge AB, Class B§  $27,463 
 1,494   Granges AB§   9,587 
 5,111   H & M Hennes & Mauritz AB, Class B†,§   47,236 
 6,357   Hexagon AB, Class B§   58,937 
 1,400   Hexatronic Group AB§   13,065 
 3,325   Hexpol AB§   27,199 
 366   HMS Networks AB§   9,890 
 3,175   Hoist Finance AB*,#,†,§   7,940 
 833   Holmen AB, Class B§   31,697 
 690   Hufvudstaden AB, Class A§   7,599 
 7,410   Husqvarna AB, Class B§   40,839 
 1,347   Indutrade AB§   21,723 
 1,465   Instalco AB†,§   5,826 
 1,262   International Petroleum Corp.*,§   10,092 
 631   Intrum AB§   7,924 
 2,675   Inwido AB§   21,026 
 1,080   JM AB§   14,863 
 1,855   Kindred Group PLC§   13,842 
 512   KNOW IT AB§   10,211 
 3,488   Lagercrantz Group AB, Class B§   30,327 
 1,140   Lifco AB, Class B§   15,737 
 1,567   Lindab International AB§   17,366 
 981   Loomis AB§   24,073 
 487   Medicover AB, Class B†,§   5,218 
 2,179   MEKO AB§   17,844 
 2,979   Millicom International Cellular SA, SDR*,§   34,120 
 302   MIPS AB§   8,908 
 1,742   Modern Times Group MTG AB, Class B*,§   11,485 
 510   Momentum Group Komponenter & Tjanster AB*,§   2,849 
 1,828   Munters Group AB#,§   12,700 
 1,021   Mycronic AB§   12,390 
 2,840   NCAB Group AB†,§   11,688 
 1,536   NCC AB, Class B§   10,999 
 648   New Wave Group AB, Class B§   8,458 
 4,635   Nibe Industrier AB, Class B§   41,154 
 3,170   Nobia AB§   5,950 
 3,940   Nolato AB, Class B§   18,014 
 1,234   Nordic Waterproofing Holding AB†,§   16,578 
 1,467   Nordnet AB publ§   16,654 
 474   Note AB*,§   6,751 
 1,681   Nyfosa AB§   9,669 
 1,014   OEM International AB, Class B*,§   5,188 
 1,353   Orron Energy ab†,§   2,410 
 609   Pandox AB*,§   6,405 
 2,782   Peab AB, Class B§   13,275 
 1,578   Platzer Fastigheter Holding AB, Class B§   9,372 
 4,394   Ratos AB, Class B§   14,985 
 5,625   Resurs Holding AB#,§   10,302 
 528   Saab AB, Class B§   16,425 
 1,598   Sagax AB, Class B§   26,305 
 6,434   Samhallsbyggnadsbolaget i Norden AB†,§   6,866 
 8,967   Sandvik AB§   122,108 
 2,495   Scandi Standard AB*,§   10,414 
 2,471   Scandic Hotels Group AB*,#,†,§   7,063 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Sweden (Continued)     
 1,030   Sectra AB, Class B*,§  $11,437 
 4,432   Securitas AB, Class B†,§   30,856 
 1,240   Sinch AB*,#,†,§   1,626 
 7,990   Skandinaviska Enskilda Banken AB, Class A§   75,843 
 2,462   Skanska AB, Class B§   30,601 
 426   SKF AB, Class A§   5,918 
 2,717   SKF AB, Class B§   36,332 
 1,180   SkiStar AB§   11,729 
 562   Solid Forsakring AB*,§   2,270 
 4,349   SSAB AB, Class A§   19,050 
 7,778   SSAB AB, Class B§   33,019 
 9,462   Stillfront Group AB*,§   20,172 
 2,352   Svenska Cellulosa AB SCA, Class B§   29,827 
 6,847   Svenska Handelsbanken AB, Class A§   55,951 
 1,170   Sweco AB, Class B§   9,754 
 3,365   Swedbank AB, Class A§   43,996 
 7,357   Swedish Match AB§   72,837 
 987   Swedish Orphan Biovitrum AB*,§   19,106 
 5,725   Tele2 AB, Class B§   49,379 
 1,292   Telefonaktiebolaget LM Ericsson, Class A†,§   7,753 
 27,705   Telefonaktiebolaget LM Ericsson, Class B†,§   161,346 
 30,061   Telia Co. AB§   86,523 
 1,057   Thule Group AB#,†,§   20,993 
 2,299   Trelleborg AB, Class B§   42,877 
 353   Troax Group AB§   4,966 
 700   Viaplay Group AB, Class B*,§   13,676 
 471   Vitec Software Group AB, Class B§   13,936 
 1,877   Volvo AB, Class A§   27,799 
 14,187   Volvo AB, Class B§   200,182 
 1,622   Wallenstam AB, Class B§   5,913 
 2,008   Wihlborgs Fastigheter AB§   12,151 
         3,448,219 
     Switzerland—5.5%     
 17,392   ABB Ltd., Registered§   447,861 
 2,407   Adecco Group AG, Registered*,§   66,097 
 2,917   Alcon, Inc.§   168,924 
 242   Allreal Holding AG, Registered§   33,574 
 137   ALSO Holding AG, Registered*,§   20,256 
 5,154   ams-OSRAM AG*,§   32,077 
 47   APG SGA SA§   7,970 
 1,914   Arbonia AG†,§   21,835 
 14,351   Aryzta AG*,†,§   14,343 
 590   Ascom Holding AG, Registered†,§   3,544 
 119   Autoneum Holding AG†,§   9,921 
 190   Bachem Holding AG, Registered Class B†,§   11,819 
 605   Baloise Holding AG, Registered§   77,127 
 243   Banque Cantonale Vaudoise, Registered§   22,999 
 50   Barry Callebaut AG, Registered§   94,014 
 154   Belimo Holding AG, Registered§   56,398 
 35   Bell Food Group AG, Registered§   7,659 
 276   Bellevue Group AG§   8,470 
 76   Berner Kantonalbank AG, Registered†,§   16,551 
 301   BKW AG§   35,858 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Switzerland (Continued)     
 127   Bossard Holding AG, Registered Class A§  $21,525 
 147   Bucher Industries AG, Registered§   45,524 
 78   Burckhardt Compression Holding AG§   29,013 
 137   Burkhalter Holding AG§   10,320 
 40   Bystronic AG§   21,484 
 262   Calida Holding AG, Registered§   10,797 
 456   Cembra Money Bank AG§   32,282 
 1   Chocoladefabriken Lindt & Spruengli AG, Registered§   99,151 
 3,077   Cie Financiere Richemont SA, Registered§   288,725 
 3,504   Clariant AG, Registered*,§   55,766 
 205   Coltene Holding AG, Registered*,§   15,971 
 168   Comet Holding AG, Registered§   24,383 
 8,760   Credit Suisse Group AG, ADR*,†   34,339 
 5,213   Credit Suisse Group AG, Registered*,§   20,545 
 93   Daetwyler Holding AG, Bearer Shares§   14,764 
 514   DKSH Holding AG§   37,247 
 66   dormakaba Holding AG§   22,229 
 1,873   Dufry AG, Registered*,†,§   56,919 
 1,608   EFG International AG*,§   12,708 
 36   Emmi AG, Registered§   28,016 
 41   EMS-Chemie Holding AG, Registered†,§   25,805 
 338   Flughafen Zurich AG, Registered*,§   50,029 
 20   Forbo Holding AG, Registered§   21,671 
 1,069   Galenica AG#,§   77,339 
 5,107   GAM Holding AG*,†,§   4,733 
 266   Geberit AG, Registered§   113,810 
 1,909   Georg Fischer AG, Registered§   90,178 
 63   Givaudan SA, Registered§   189,940 
 566   Helvetia Holding AG, Registered§   52,872 
 136   Hiag Immobilien Holding AG§   11,567 
 3,415   Holcim AG*,§   139,324 
 298   Huber & Suhner AG, Registered§   23,439 
 547   Implenia AG, Registered*,§   17,455 
 109   Ina Invest Holding AG*,§   2,162 
 36   Inficon Holding AG, Registered§   23,962 
 8   Interroll Holding AG, Registered§   15,118 
 16   Intershop Holding AG§   10,060 
 110   Investis Holding SA§   10,820 
 2,363   Julius Baer Group Ltd.*,§   102,822 
 80   Jungfraubahn Holding AG, Registered*,§   9,507 
 169   Kardex Holding AG, Registered§   22,370 
 90   Komax Holding AG, Registered§   20,745 
 354   Kuehne & Nagel International AG, Registered§   71,729 
 580   Landis & Gyr Group AG*,§   31,373 
 8   LEM Holding SA, Registered§   12,221 
 167   Liechtensteinische Landesbank AG†,§   9,380 
 1,460   Logitech International SA, Registered   67,160 
 765   Logitech International SA, Registered†,§   34,933 
 259   Lonza Group AG, Registered§   125,954 
 63   Luzerner Kantonalbank AG, Registered§   25,897 
 103   Medacta Group SA#,§   8,671 
 636   Medmix AG#,§   11,125 
 2   Metall Zug AG, Registered Class B§   3,641 
 1,480   Mobilezone Holding AG, Registered§   22,119 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     Switzerland (Continued)     
 165   Mobimo Holding AG, Registered§  $35,646 
 13,814   Nestle SA, Registered§   1,495,775 
 4,808   Novartis AG, ADR   365,456 
 12,302   Novartis AG, Registered§   937,821 
 4,832   OC Oerlikon Corp. AG, Registered§   30,826 
 136   Orior AG§   9,408 
 143   Partners Group Holding AG§   114,882 
 699   PSP Swiss Property AG, Registered§   69,995 
 78   Rieter Holding AG, Registered†,§   6,584 
 3,948   Roche Holding AG§   1,287,281 
 158   Roche Holding AG, Bearer Shares†,§   61,564 
 239   Schindler Holding AG, Registered§   35,927 
 25   Schweiter Technologies AG, Bearer Shares§   18,563 
 108   Sensirion Holding AG*,#,§   8,756 
 423   SFS Group AG§   36,198 
 45   SGS SA, Registered§   96,122 
 73   Siegfried Holding AG, Registered*,§   53,766 
 3,372   SIG Group AG*,§   68,509 
 910   Sika AG, Registered§   182,226 
 2,142   Softwareone Holding AG*,§   23,223 
 307   Sonova Holding AG, Registered§   67,512 
 88   St. Galler Kantonalbank AG, Registered§   40,281 
 520   Straumann Holding AG, Registered§   47,325 
 497   Sulzer AG, Registered§   28,400 
 218   Swatch Group AG, Bearer Shares§   48,958 
 853   Swatch Group AG, Registered§   35,697 
 173   Swiss Life Holding AG, Registered§   76,223 
 967   Swiss Prime Site AG, Registered*,§   76,924 
 1,686   Swiss Re AG§   123,846 
 297   Swisscom AG, Registered§   138,719 
 247   Swissquote Group Holding SA, Registered§   25,642 
 71   Tecan Group AG, Registered*,§   24,379 
 904   Temenos AG, Registered§   60,871 
 276   u-blox Holding AG*,§   33,577 
 13,089   UBS Group AG, Registered§   189,083 
 335   Valiant Holding AG, Registered§   31,751 
 94   Valora Holding AG*,§   24,769 
 310   VAT Group AG#,§   62,585 
 23   Vaudoise Assurances Holding SA§   9,125 
 400   Vetropack Holding AG, Registered§   11,809 
 540   Vontobel Holding AG, Registered§   28,937 
 77   VP Bank AG, Class A§   6,910 
 142   VZ Holding AG§   9,942 
 6   Warteck Invest AG, Registered§   13,124 
 59   Ypsomed Holding AG, Registered§   8,766 
 104   Zehnder Group AG, Registered§   5,328 
 2   Zuger Kantonalbank AG, Brearer Shares§   14,427 
 857   Zurich Insurance Group AG§   340,678 
         10,023,052 
     United Kingdom—9.3%     
 10,852   3i Group PLC§   130,302 
 217   4imprint Group PLC§   8,175 
 2,172   888 Holdings PLC*,†,§   2,238 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     United Kingdom (Continued)     
 30,679   abrdn PLC†,§  $46,619 
 2,010   Admiral Group PLC§   42,657 
 1,488   AG Barr PLC§   7,566 
 13,183   Airtel Africa PLC#,§   19,027 
 6,044   AJ Bell PLC§   18,147 
 12,432   Alliance Pharma PLC§   7,744 
 14,555   Anglo American PLC§   439,683 
 5,917   Anglo Pacific Group PLC§   9,994 
 4,073   Antofagasta PLC§   50,241 
 4,535   Ascential PLC*,†,§   10,415 
 8,024   Ashmore Group PLC†,§   17,588 
 4,086   Ashtead Group PLC§   182,423 
 355   ASOS PLC*,†,§   2,221 
 2,728   Associated British Foods PLC§   38,033 
 4,772   AstraZeneca PLC§   524,777 
 6,994   Auto Trader Group PLC#,§   39,654 
 669   AVEVA Group PLC§   23,306 
 20,017   Aviva PLC§   85,977 
 835   Avon Rubber PLC§   10,465 
 11,755   B&M European Value Retail SA§   39,916 
 7,505   Babcock International Group PLC*,§   23,175 
 26,412   BAE Systems PLC§   232,051 
 9,792   Balfour Beatty PLC§   33,219 
 617   Bank of Georgia Group PLC§   13,538 
 128,411   Barclays PLC§   204,728 
 10,368   Barratt Developments PLC§   39,274 
 7,152   Beazley PLC§   44,368 
 2,110   Bellway PLC§   39,907 
 1,267   Berkeley Group Holdings PLC§   46,443 
 4,891   Biffa PLC#,§   22,458 
 2,271   Bloomsbury Publishing PLC§   9,269 
 2,945   Bodycote PLC§   15,273 
 8,370   boohoo Group PLC*,†,§   3,330 
 163,993   BP PLC§   779,845 
 2,366   BP PLC, ADR   67,549 
 9,231   Breedon Group PLC§   5,474 
 9,634   British American Tobacco PLC§   344,506 
 3,178   British American Tobacco PLC, ADR   112,819 
 4,032   Britvic PLC§   32,057 
 95,431   BT Group PLC§   129,029 
 2,788   Bunzl PLC§   84,845 
 3,793   Burberry Group PLC§   75,637 
 3,634   Burford Capital Ltd.§   26,682 
 1,708   Bytes Technology Group PLC§   7,965 
 4,589   C&C Group PLC*,§   7,651 
 40,000   Capita PLC*,§   11,099 
 11,065   Capricorn Energy PLC*,†,§   30,218 
 7,460   Card Factory PLC*,§   3,679 
 510   Carnival PLC*,§   3,142 
 756   Cazoo Group Ltd.*   348 
 21,596   Centamin PLC§   21,523 
 6,675   Central Asia Metals PLC§   16,117 
 102,113   Centrica PLC*,§   80,378 
 2,609   Chesnara PLC§   7,951 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     United Kingdom (Continued)     
 577   Clarkson PLC§  $16,838 
 2,800   Close Brothers Group PLC†,§   28,876 
 3,114   CMC Markets PLC#,§   7,634 
 33,791   Coats Group PLC§   19,111 
 1,369   Coca-Cola HBC AG*,§   28,810 
 9,501   Compass Group PLC§   189,918 
 865   Computacenter PLC§   18,607 
 4,173   ContourGlobal PLC#,§   11,723 
 16,130   ConvaTec Group PLC#,§   36,558 
 3,254   Countryside Partnerships PLC*,#,†,§   7,235 
 637   Cranswick PLC§   19,028 
 4,845   Crest Nicholson Holdings PLC§   9,871 
 826   Croda International PLC§   59,005 
 21,706   Currys PLC†,§   13,566 
 914   CVS Group PLC§   17,416 
 1,019   DCC PLC§   53,013 
 2,945   De La Rue PLC*,†,§   2,828 
 498   Dechra Pharmaceuticals PLC§   14,432 
 5,029   Devro PLC§   9,306 
 6,669   DFS Furniture PLC§   7,874 
 12,494   Diageo PLC§   523,695 
 1,038   Diploma PLC§   26,613 
 16,489   Direct Line Insurance Group PLC§   33,918 
 1,383   DiscoverIE Group PLC§   9,935 
 3,416   Domino's Pizza Group PLC§   8,458 
 7,636   Drax Group PLC§   50,929 
 17,477   DS Smith PLC§   49,625 
 1,117   Dunelm Group PLC§   9,104 
 2,569   easyJet PLC*,§   8,441 
 13,055   Elementis PLC*,†,§   13,095 
 1,355   EMIS Group PLC§   28,534 
 886   Energean PLC§   13,154 
 74,403   EnQuest PLC*,†,§   21,978 
 2,921   Entain PLC§   35,077 
 7,801   Esken Ltd.*,§   461 
 5,759   Essentra PLC§   11,578 
 1,262   Euromoney Institutional Investor PLC§   20,238 
 3,432   Evraz PLC§   — 
 5,156   Experian PLC§   151,160 
 1,729   FDM Group Holdings PLC§   11,999 
 1,425   Ferguson PLC§   148,382 
 5,122   Ferrexpo PLC§   6,816 
 454   Fevertree Drinks PLC§   4,210 
 11,197   Firstgroup PLC†,§   13,080 
 3,491   Frasers Group PLC*,§   26,057 
 2,026   Fresnillo PLC†,§   17,312 
 1,255   Fuller Smith & Turner PLC, Class A§   6,453 
 1,004   Future PLC§   14,791 
 2,798   Galliford Try Holdings PLC§   4,580 
 505   Games Workshop Group PLC§   32,401 
 1,706   Gamma Communications PLC§   19,897 
 6,960   Genel Energy PLC§   9,554 
 2,857   Genuit Group PLC†,§   9,242 
 100,979   Glencore PLC*,§   533,223 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     United Kingdom (Continued)     
 1,404   Go-Ahead Group PLC*,§  $24,237 
 2,026   Grafton Group PLC§   15,149 
 6,739   Grainger PLC§   17,241 
 6,489   Greencore Group PLC*,§   5,210 
 1,534   Greggs PLC§   29,076 
 26,798   GSK PLC§   390,875 
 9,789   Gulf Keystone Petroleum Ltd.§   21,542 
 4,549   Gym Group PLC*,#,†,§   5,564 
 33,498   Haleon PLC*,§   103,646 
 6,271   Halfords Group PLC§   9,199 
 1,399   Halma PLC§   31,501 
 4,078   Harbour Energy PLC§   20,311 
 2,284   Hargreaves Lansdown PLC†,§   21,923 
 21,097   Hays PLC§   23,823 
 1,995   Headlam Group PLC§   5,147 
 3,050   Helical PLC†,§   12,170 
 7,460   Helios Towers PLC*,§   9,340 
 3,074   Henry Boot PLC§   8,471 
 1,984   Hikma Pharmaceuticals PLC§   30,039 
 2,154   Hill & Smith Holdings PLC§   21,818 
 2,081   Hilton Food Group PLC§   12,358 
 3,163   Hiscox Ltd.§   30,924 
 5,513   Hochschild Mining PLC§   3,615 
 3,986   Hollywood Bowl Group PLC§   8,351 
 4,547   HomeServe PLC§   60,083 
 7,520   Howden Joinery Group PLC§   41,841 
 61,234   HSBC Holdings PLC§   317,309 
 6,698   HSBC Holdings PLC, ADR†   174,617 
 3,532   Hunting PLC§   9,222 
 4,879   Ibstock PLC#,§   8,891 
 5,952   IG Group Holdings PLC§   50,491 
 2,877   IMI PLC§   35,694 
 910   Impax Asset Management Group PLC§   5,286 
 12,148   Imperial Brands PLC§   250,683 
 5,321   Inchcape PLC§   40,042 
 14,920   Indivior PLC*,§   47,203 
 6,450   Informa PLC§   37,159 
 3,740   IntegraFin Holdings PLC§   9,199 
 917   InterContinental Hotels Group PLC§   43,994 
 390   InterContinental Hotels Group PLC, ADR†   18,958 
 2,732   Intermediate Capital Group PLC§   29,742 
 10,061   International Consolidated Airlines Group SA*,†,§   10,485 
 4,161   International Personal Finance PLC§   3,805 
 1,532   Intertek Group PLC§   63,027 
 8,515   Investec PLC§   34,281 
 3,042   iomart Group PLC§   5,544 
 35,770   IP Group PLC§   23,302 
 21,591   IQE PLC*,§   8,100 
 50,788   ITV PLC§   32,327 
 9,541   IWG PLC*,§   13,361 
 22,063   J. Sainsbury PLC§   42,613 
 2,074   J.D. Wetherspoon PLC*,§   9,319 
 1,083   James Fisher & Sons PLC*,§   3,410 
 3,618   James Halstead PLC†,§   8,340 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     United Kingdom (Continued)     
 27,745   JD Sports Fashion PLC§  $30,303 
 1,084   JET2 PLC*,§   8,300 
 10,403   John Wood Group PLC*,§   14,540 
 2,647   Johnson Matthey PLC§   53,820 
 7,194   Johnson Service Group PLC*,§   6,325 
 897   JTC PLC#,†,§   6,870 
 8,912   Jupiter Fund Management PLC†,§   9,120 
 239   Just Eat Takeaway.com NV*,#,†,§   3,644 
 927   Just Eat Takeaway.com NV*,#,†,§   14,318 
 30,973   Just Group PLC§   19,294 
 1,680   Kainos Group PLC§   24,031 
 1,556   Keller Group PLC§   10,863 
 11,122   Kier Group PLC*,†,§   8,389 
 24,636   Kingfisher PLC†,§   59,846 
 4,919   Lancashire Holdings Ltd.§   27,131 
 39,847   Legal & General Group PLC§   95,354 
 796   Liontrust Asset Management PLC†,§   6,486 
 399,205   Lloyds Banking Group PLC§   182,383 
 10,613   Lloyds Banking Group PLC, ADR   18,997 
 1,161   London Stock Exchange Group PLC§   97,900 
 10,707   Lookers PLC†,§   7,864 
 31,096   M&G PLC§   57,248 
 20,939   Man Group PLC§   52,157 
 35,161   Marks & Spencer Group PLC*,§   38,222 
 1,885   Marshalls PLC§   6,144 
 18,395   Marston's PLC*,†,§   7,251 
 11,392   ME GROUP INTERNATIONAL PLC§   10,751 
 3,805   Mears Group PLC§   8,166 
 8,277   Mediclinic International PLC§   45,457 
 31,313   Melrose Industries PLC§   34,962 
 3,713   Micro Focus International PLC§   21,517 
 8,089   Mitchells & Butlers PLC*,§   10,245 
 24,076   Mitie Group PLC§   16,751 
 150   MJ Gleeson PLC§   688 
 4,163   Mondi PLC§   64,304 
 14,223   Moneysupermarket.com Group PLC§   29,322 
 3,811   Moonpig Group PLC*,§   6,764 
 7,506   Morgan Advanced Materials PLC§   18,978 
 1,378   Morgan Sindall Group PLC§   22,580 
 765   Mortgage Advice Bureau Holdings Ltd.§   5,423 
 10,029   National Express Group PLC*,§   18,703 
 3,907   National Grid PLC§   40,320 
 2,823   National Grid PLC, ADR   145,469 
 14,393   NatWest Group PLC§   35,920 
 7,545   NatWest Group PLC, ADR†   37,650 
 5,311   NCC Group PLC§   12,883 
 731   Next Fifteen Communications Group PLC†,§   6,308 
 900   Next PLC§   47,818 
 5,427   Ninety One PLC†,§   10,983 
 537   NMC Health PLC*,§   — 
 1,743   Ocado Group PLC*,§   9,051 
 4,680   On the Beach Group PLC*,#,§   5,245 
 6,516   OSB Group PLC§   30,466 
 1,080   Oxford Instruments PLC§   21,528 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     United Kingdom (Continued)     
 5,545   Pagegroup PLC§  $22,829 
 40,396   Pan African Resources PLC†,§   7,901 
 5,714   Paragon Banking Group PLC§   24,965 
 1,213   PayPoint PLC§   8,056 
 6,551   Pearson PLC§   62,783 
 41,805   Pendragon PLC*,§   12,521 
 3,518   Pennon Group PLC§   30,841 
 3,146   Persimmon PLC§   43,311 
 4,723   Petrofac Ltd.*,†,§   5,308 
 6,396   Pets at Home Group PLC§   18,625 
 5,331   Phoenix Group Holdings PLC§   31,038 
 8,181   Playtech PLC*,§   39,689 
 1,545   Plus500 Ltd.§   28,227 
 1,124   Polar Capital Holdings PLC§   5,158 
 14,328   Premier Foods PLC§   15,421 
 6,783   Provident Financial PLC§   12,580 
 9,402   Prudential PLC§   92,375 
 520   Prudential PLC, ADR†   10,358 
 7,065   QinetiQ Group PLC§   25,830 
 19,168   Quilter PLC#,§   19,563 
 956   Rathbones Group PLC†,§   17,431 
 3,205   Reach PLC§   2,481 
 3,918   Reckitt Benckiser Group PLC†,§   258,946 
 6,125   Redde Northgate PLC§   19,796 
 3,865   Redrow PLC§   17,065 
 10,683   RELX PLC§   260,800 
 1,210   RELX PLC, ADR   29,415 
 2,776   Renew Holdings PLC§   17,644 
 1,514   Renewi PLC*,§   9,458 
 428   Renishaw PLC§   16,715 
 11,676   Rentokil Initial PLC§   61,654 
 17,999   Restaurant Group PLC*,§   5,883 
 787   RHI Magnesita NV†,§   14,786 
 1,162   Ricardo PLC§   5,961 
 8,346   Rightmove PLC§   44,269 
 13,779   Rio Tinto PLC§   746,319 
 60,172   Rolls-Royce Holdings PLC*,§   46,242 
 9,205   Rotork PLC§   23,994 
 10,685   Royal Mail PLC†,§   21,790 
 159   RPS Group PLC§   418 
 5,778   RS GROUP PLC§   61,659 
 3,518   RWS Holdings PLC†,§   12,578 
 3,036   Sabre Insurance Group PLC#,§   3,277 
 948   Saga PLC*,†,§   943 
 6,139   Sage Group PLC§   47,232 
 2,515   Savills PLC§   22,063 
 5,215   Schroders PLC§   22,578 
 5,266   Senior PLC*,§   6,841 
 25,172   Serco Group PLC§   43,621 
 4,307   Serica Energy PLC§   17,885 
 11,630   Severfield PLC§   6,330 
 1,830   Severn Trent PLC§   47,839 
 41,803   Shell PLC§   1,040,071 
 6,324   Shell PLC, ADR   314,682 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     United Kingdom (Continued)     
 9,302   SIG PLC*,§  $3,097 
 11,912   Sirius Real Estate Ltd.§   9,395 
 998   Smart Metering Systems PLC§   8,900 
 4,652   Smith & Nephew PLC§   53,669 
 2,936   Smiths Group PLC§   49,206 
 1,667   Softcat PLC§   21,757 
 1,032   Spectris PLC§   31,197 
 12,936   Speedy Hire PLC§   5,341 
 525   Spirax-Sarco Engineering PLC§   60,307 
 7,170   Spire Healthcare Group PLC*,#,§   17,204 
 10,386   Spirent Communications PLC§   30,435 
 10,908   SSE PLC§   184,946 
 7,895   SSP Group PLC*,§   16,509 
 5,411   St. James's Place PLC§   61,724 
 18,943   Standard Chartered PLC§   119,148 
 4,177   SThree PLC§   16,036 
 8,653   Synthomer PLC§   10,218 
 5,495   Tate & Lyle PLC§   41,428 
 44,971   Taylor Wimpey PLC§   43,854 
 533   TBC Bank Group PLC§   9,915 
 978   Telecom Plus PLC†,§   18,756 
 52,373   Tesco PLC§   119,919 
 5,954   TI Fluid Systems PLC#,§   7,984 
 16,738   TP ICAP Group PLC†,§   36,499 
 3,712   Travis Perkins PLC§   31,937 
 1,235   Treatt PLC§   8,092 
 2,958   TT Electronics PLC§   4,602 
 42,736   Tullow Oil PLC*,†,§   20,096 
 4,191   Tyman PLC§   9,183 
 9,584   Unilever PLC§   422,689 
 6,614   Unilever PLC§   291,015 
 478   Unilever PLC, ADR†   20,956 
 4,946   United Utilities Group PLC§   48,978 
 5,245   Vesuvius PLC§   18,108 
 504   Victrex PLC§   9,316 
 386   VIDENDUM PLC†,§   5,163 
 20,342   Virgin Money U.K. PLC§   28,024 
 3,721   Vistry Group PLC†,§   24,380 
 317,870   Vodafone Group PLC§   358,010 
 6,400   Volution Group PLC†,§   20,791 
 2,625   Watches of Switzerland Group PLC*,#,§   19,450 
 5,138   Watkin Jones PLC§   8,677 
 2,052   Weir Group PLC§   31,607 
 1,764   WH Smith PLC*,§   23,412 
 1,648   Whitbread PLC§   42,083 
 5,006   Wickes Group PLC§   6,680 
 3,672   Wincanton PLC§   12,017 
 8,767   WPP PLC§   72,551 
 510   XP Power Ltd.§   9,559 
 589   Young & Co's Brewery PLC, Class A§   6,123 
         16,980,252 
     United States—0.0%     
 1,592   ADTRAN Holdings, Inc.§   31,661 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
     United States (Continued)     
 21   GXO Logistics, Inc.*  $736 
         32,397 
           
     TOTAL COMMON STOCKS (Cost $142,483,109)   125,537,154 
           
     Affiliated Investment Company—29.8%     
           
     United States—29.8%     
2,949,746   DFA Emerging Markets Core Equity Portfolio, Class I‡‡ (Cost $59,111,930)   54,186,835 

 

       Expiration
Date		     
     Rights—0.0%          
                
     Austria—0.0%          
 1,417   S Immo AG *,§          
         08/11/2023    0 
                
     Preferred Stocks—0.3%          
                
     Germany—0.3%          
 566   Bayerische Motoren Werke AG, 8.77%§        37,010 
 387   Draegerwerk AG & Co. KGaA, 0.45%§        16,186 
 1,497   FUCHS PETROLUB SE, 4.00%§        38,087 
 887   Henkel AG & Co. KGaA, 3.04%§        53,018 
 949   Jungheinrich AG, 3.28%§        19,434 
 917   Porsche Automobil Holding SE, 4.26%§        52,236 
 162   Sartorius AG, 0.35%§        56,582 
 252   Sixt SE, 8.00%§        11,540 
 173   STO SE & Co. KGaA, 0.25%§        21,010 
 2,797   Volkswagen AG, 6.01%§        345,482 
              650,585 
     Italy—0.0%          
 1,392   Danieli & C Officine Meccaniche SpA, 2.45%§        16,582 
 29,205   Telecom Italia SpA, 0.0%*,§        5,231 
              21,813 
                
     TOTAL PREFERRED STOCK (Cost $1,009,644)        672,398 

 

       7-Day
Yield		         
     Short-Term Investments—3.1%               
 5,615,987   State Street Navigator Securities Lending Prime Portfolio (Money Market)
(Cost $5,615,987) ††		   3.100%        5,615,987 
     TOTAL INVESTMENTS, AT VALUE—102.2%
(Cost $208,220,670)		             186,012,374 
     Liabilities in Excess of Other Assets—(2.2)%             (4,076,367)
     NET ASSETS—100.0%            $181,936,007 

 

Notes to the Schedule of Investments:

ADR—American Depositary Receipt

§Fair valued security - Represents fair value as measured based on the Portfolio Valuation policies specified in Note 1. As of September 30, 2022, the total value of the fair valued securities was $108,254,446.
†Denotes all or a portion of security on loan. As of September 30, 2022, the market value of the securities on loan was $10,293,113 (Note 1).
*Non-income producing security
#Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The aggregate value of securities exempt from registration under Rule 144A of the Securities Act of 1933 at September 30, 2022, amounts to approximately $2,500,571, and represents 1.37% of net assets.
‡‡Affiliated issuer. Assets with a total aggregate market value of $54,186,835, or 29.8% of net assets, were affiliated with the Fund as of September 30, 2022 (Note 2).
††Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $5,307,763.

Percentages indicated are based on net assets.

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

At September 30, 2022, industry diversification of the M International Equity Fund's investments as a percentage of net assets was as follows:

 

Summary of Industry Classifications  Percentage
of Net
Assets		 
Mutual Funds   29.8%
Banks   6.1%
Oil, Gas and Consumable Fuels   5.4%
Metals and Mining   3.9%
Pharmaceuticals   3.9%
Insurance   2.9%
Chemicals   2.6%
Machinery   2.4%
Food Products   2.0%
Capital Markets   1.7%
Automobiles   1.6%
Diversified Telecommunication Services   1.5%
Food and Staples Retailing   1.5%
Textiles, Apparel and Luxury Goods   1.5%
Real Estate Management and Development   1.4%
Semiconductors and Semiconductor Equipment   1.4%
Trading Companies and Distributors   1.3%
Electronic Equipment, Instruments & Components   1.2%
IT Services   1.2%
Construction and Engineering   1.1%
Electric Utilities   1.1%
Professional Services   1.1%
Auto Components   1.0%
Beverages   1.0%
Electrical Equipment   1.0%
Health Care Equipment and Supplies   1.0%
Household Durables   1.0%
Hotels, Restaurants & Leisure   0.9%
Personal Products   0.9%
Road and Rail   0.9%
Specialty Retail   0.9%
Commercial Services & Supplies   0.8%
Wireless Telecommunication Services   0.8%
Aerospace & Defense   0.7%
Building Products   0.7%
Industrial Conglomerates   0.7%
Software   0.7%
Media   0.6%
Multi-Utilities   0.6%
Construction Materials   0.5%
Health Care Providers and Services   0.5%
Independent Power and Renewable Electricity Producers   0.5%
Tobacco   0.5%
Air Freight and Logistics   0.4%
Biotechnology   0.4%
Entertainment   0.4%
Multiline Retail   0.4%
Containers and Packaging   0.3%
Diversified Financial Services   0.3%
Gas Utilities   0.3%
Household Products   0.3%
Life Sciences Tools and Services   0.3%
Marine   0.3%
Paper and Forest Products   0.3%
Technology Hardware, Storage & Peripherals   0.3%
Transportation Infrastructure   0.3%
Airlines   0.2%
Communications Equipment   0.2%
Consumer Finance   0.2%
Energy Equipment and Services   0.2%
Interactive Media & Services   0.2%
Internet and Catalog Retail   0.2%
Leisure Equipment and Products   0.2%
Distributors   0.1%
Diversified Consumer Services   0.1%
Equity Real Estate Investment Trusts (REITs)   0.1%
Health Care Technology   0.1%
Thrifts and Mortgage Finance   0.1%
Water Utilities   0.1%
Short-Term Investments   3.1%
Total   102.2%

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M Large Cap Growth Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

 

Shares      Value
(Note 1)		 
    Common Stocks—98.0%     
          
    Beverages—5.7%     
164,250   Keurig Dr. Pepper, Inc.  $5,883,435 
58,000   Monster Beverage Corp.*   5,043,680 
        10,927,115 
    Biotechnology—3.3%     
59,700   Neurocrine Biosciences, Inc.*   6,340,737 
          
    Capital Markets—6.1%     
161,700   Charles Schwab Corp.   11,621,379 
          
    Chemicals—2.0%     
14,000   Linde PLC   3,774,260 
          
    Health Care Equipment and Supplies—4.9%     
245,330   Boston Scientific Corp.*   9,501,631 
          
    Health Care Providers and Services—4.9%     
18,625   UnitedHealth Group, Inc.   9,406,370 
          
    Insurance—4.2%     
21,650   Aon PLC, Class A   5,799,386 
11,000   Willis Towers Watson PLC   2,210,340 
        8,009,726 
    Interactive Media & Services—11.0%     
180,400   Alphabet, Inc., Class A*   17,255,260 
27,900   Meta Platforms, Inc., Class A*   3,785,472 
        21,040,732 
    Internet and Catalog Retail—5.8%     
99,100   Amazon.com, Inc.*   11,198,300 
          
    IT Services—23.8%     
25,200   Accenture PLC, Class A   6,483,960 
16,250   Automatic Data Processing, Inc.   3,675,588 
18,100   EPAM Systems, Inc.*   6,555,639 
40,800   Fiserv, Inc.*   3,817,656 
27,550   FleetCor Technologies, Inc.*   4,853,483 
21,200   Mastercard, Inc., Class A   6,028,008 
89,800   PayPal Holdings, Inc.*   7,729,086 
37,000   Visa, Inc., Class A   6,573,050 
        45,716,470 
    Pharmaceuticals—2.3%     
78,900   AstraZeneca PLC, ADR   4,326,876 
          
    Semiconductors and Semiconductor Equipment—4.5%     
10,000   ASML Holding NV, Registered   4,153,500 
11,200   Entegris, Inc.   929,824 
22,550   NVIDIA Corp.   2,737,344 

 

 

 

 

M Large Cap Growth Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
    Semiconductors and Semiconductor Equipment (Continued)     
3,800   SolarEdge Technologies, Inc.*  $879,548 
        8,700,216 
    Software—16.8%     
17,050   Adobe, Inc.*   4,692,160 
5,200   Autodesk, Inc.*   971,360 
16,000   Intuit, Inc.   6,197,120 
87,620   Microsoft Corp.   20,406,698 
        32,267,338 
    Specialty Retail—2.7%     
7,300   Burlington Stores, Inc.*   816,797 
6,200   O'Reilly Automotive, Inc.*   4,360,770 
        5,177,567 
          
    TOTAL COMMON STOCKS (Cost $156,665,687)   188,008,717 
          
    TOTAL INVESTMENTS, AT VALUE—98.0%
(Cost $156,665,687)		   188,008,717 
    Other Assets in Excess of Liabilities—2.0%   3,819,530 
    NET ASSETS—100.0%  $191,828,247 

 

Notes to the Schedule of Investments:

*Non-income producing security

 

Percentages indicated are based on net assets.

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M Large Cap Growth Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

At September 30, 2022, industry sector diversification of the M Large Cap Growth Fund's investments as a percentage of net assets was as follows:

 

Summary of Sector Classifications  Percentage
of Net
Assets		 
Information Technology   45.2%
Health Care   15.4%
Communication Services   11.0%
Financials   10.2%
Consumer Discretionary   8.5%
Consumer Staples   5.7%
Materials   2.0%
Total   98.0%

 

 

 

 

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

 

Shares      Value
(Note 1)		 
    Common Stocks—99.1%     
          
    Aerospace & Defense—0.6%     
48,022   Kratos Defense & Security Solutions, Inc.*  $487,904 
63,836   Triumph Group, Inc.*   548,351 
        1,036,255 
    Airlines—2.3%     
33,181   Alaska Air Group, Inc.*   1,299,036 
130,526   Azul SA, ADR†, *   1,062,482 
225,859   Controladora Vuela Cia de Aviacion SAB de CV, ADR*, †   1,578,754 
        3,940,272 
    Auto Components—3.5%     
37,958   BorgWarner, Inc.   1,191,881 
162,237   Dana, Inc.   1,854,369 
91,807   Modine Manufacturing Co.*   1,187,983 
99,220   Stoneridge, Inc.*   1,681,779 
        5,916,012 
    Banks—6.7%     
101,045   Bancorp, Inc.*   2,220,969 
19,396   BankUnited, Inc.   662,761 
139,358   First BanCorp   1,906,418 
18,595   Pinnacle Financial Partners, Inc.   1,508,055 
24,557   Popular, Inc.   1,769,577 
11,232   Signature Bank   1,696,032 
20,788   Wintrust Financial Corp.   1,695,261 
        11,459,073 
    Biotechnology—3.0%     
31,377   ACADIA Pharmaceuticals, Inc.*   513,328 
14,827   BioMarin Pharmaceutical, Inc.*   1,256,885 
23,589   Exact Sciences Corp.*   766,406 
10,910   Incyte Corp.*   727,042 
37,683   Iovance Biotherapeutics, Inc.*   361,003 
90,571   Karyopharm Therapeutics, Inc.†, *   494,518 
4,524   United Therapeutics Corp.*   947,235 
        5,066,417 
    Building Products—4.2%     
65,771   Builders FirstSource, Inc.*   3,875,227 
98,691   Caesarstone Ltd.   918,813 
11,788   Masonite International Corp.*   840,367 
35,853   Trex Co., Inc.*   1,575,381 
        7,209,788 
    Capital Markets—4.4%     
38,862   Carlyle Group, Inc.   1,004,194 
9,967   Evercore Inc., Class A   819,786 
14,295   LPL Financial Holdings, Inc.   3,123,172 
19,078   Raymond James Financial, Inc.   1,885,288 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
    Capital Markets (Continued)     
22,241   TPG, Inc.†  $619,189 
        7,451,629 
    Chemicals—3.9%     
11,049   Albemarle Corp.   2,921,798 
164,822   Diversey Holdings Ltd.*   801,035 
18,236   FMC Corp.   1,927,545 
33,979   Livent Corp.*   1,041,456 
        6,691,834 
    Commercial Services & Supplies—0.6%     
110,603   Interface, Inc.   994,321 
          
    Construction and Engineering—4.4%     
30,285   AECOM   2,070,586 
44,457   Granite Construction, Inc.   1,128,763 
30,951   MasTec, Inc.*   1,965,389 
17,560   Quanta Services, Inc.   2,236,968 
        7,401,706 
    Construction Materials—2.2%     
18,661   Eagle Materials, Inc.   2,000,086 
74,903   Summit Materials, Inc., Class A*   1,794,676 
        3,794,762 
    Consumer Finance—0.4%     
38,197   Green Dot Corp., Class A*   724,979 
          
    Containers and Packaging—0.5%     
102,446   Pactiv Evergreen, Inc.   894,354 
          
    Diversified Consumer Services—1.3%     
103,861   2U, Inc.*   649,131 
147,536   Perdoceo Education Corp.*   1,519,621 
        2,168,752 
    Diversified Telecommunication Services—1.2%     
16,211   Cogent Communications Holdings, Inc.   845,566 
132,603   Radius Global Infrastructure, Inc., Class A*   1,249,120 
        2,094,686 
    Electrical Equipment—3.1%     
177,301   Array Technologies, Inc.*   2,939,651 
11,690   EnerSys   680,007 
41,971   Shoals Technologies Group, Inc. Class A*   904,475 
70,256   Vertiv Holdings Co.   682,888 
        5,207,021 
    Electronic Equipment, Instruments & Components—4.2%     
6,706   Belden, Inc.   402,494 
38,834   Coherent Corp.*   1,353,365 
11,958   Fabrinet*   1,141,391 
108,165   Flex Ltd.*   1,802,029 
41,528   Jabil, Inc.   2,396,581 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
    Electronic Equipment, Instruments & Components (Continued)     
89,926   Ouster, Inc.†, *  $86,635 
        7,182,495 
    Equity Real Estate Investment Trusts (REITs)—1.4%     
9,528   Agree Realty Corp.   643,902 
34,291   NETSTREIT Corp.   610,723 
62,644   SITE Centers Corp.   670,917 
17,364   STAG Industrial, Inc.   493,659 
        2,419,201 
    Health Care Equipment and Supplies—7.1%     
2,434   ABIOMED, Inc.*   597,936 
45,031   AngioDynamics, Inc.*   921,334 
7,611   Cooper Cos., Inc.   2,008,543 
15,931   Hologic, Inc.*   1,027,868 
12,580   Insulet Corp.*   2,885,852 
9,436   Merit Medical Systems, Inc.*   533,228 
15,876   Novocure Ltd.*   1,206,259 
24,124   NuVasive, Inc.*   1,056,873 
16,483   Tandem Diabetes Care, Inc.*   788,712 
50,302   Varex Imaging Corp.*   1,063,384 
        12,089,989 
    Health Care Providers and Services—0.5%     
10,546   Acadia Healthcare Co., Inc.*   824,486 
          
    Hotels, Restaurants & Leisure—3.7%     
23,977   Boyd Gaming Corp.   1,142,504 
58,616   Caesars Entertainment, Inc.*   1,890,952 
51,195   Cheesecake Factory, Inc.†   1,498,990 
30,855   Planet Fitness, Inc., Class A*   1,779,099 
        6,311,545 
    Insurance—3.2%     
24,477   Argo Group International Holdings Ltd.   471,427 
5,097   Everest Re Group Ltd.   1,337,657 
17,700   Trupanion, Inc.†, *   1,051,911 
39,657   WR Berkley Corp.   2,561,049 
        5,422,044 
    Internet and Direct Marketing Retail—0.8%     
31,015   Chewy, Inc., Class A†, *   952,781 
43,544   Lands' End, Inc.*   336,159 
        1,288,940 
    IT Services—2.6%     
29,765   Genpact Ltd.   1,302,814 
3,436   Okta, Inc.*   195,405 
129,314   Paya Holdings, Inc.*   790,109 
93,748   Paymentus Holdings, Inc., Class A*   911,231 
9,267   SS&C Technologies Holdings, Inc.   442,499 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
    IT Services (Continued)     
5,845   WEX, Inc.*  $741,964 
        4,384,022 
    Leisure dProducts—1.3%     
113,554   Mattel, Inc.*   2,150,713 
          
    Life Sciences Tools and Services—0.7%     
19,781   QIAGEN NV*   816,559 
53,051   Sotera Health Co.*   361,808 
        1,178,367 
    Machinery—0.3%     
32,201   CIRCOR International, Inc.*   530,994 
          
    Marine—0.7%     
19,311   Kirby Corp.*   1,173,529 
          
    Media—0.8%     
50,686   Cardlytics, Inc.*   476,449 
114,363   Integral Ad Science Holding Corp.*   827,988 
        1,304,437 
    Metals and Mining—2.7%     
100,992   ATI, Inc.*   2,687,397 
58,160   Carpenter Technology Corp.   1,811,103 
        4,498,500 
    Oil, Gas and Consumable Fuels—3.7%     
31,862   Devon Energy Corp.   1,915,862 
121,677   Navigator Holdings Ltd.*   1,393,202 
174,789   Permian Resources Corp.*   1,188,565 
48,696   SM Energy Co.   1,831,456 
        6,329,085 
    Pharmaceuticals—2.2%     
29,428   Amphastar Pharmaceuticals, Inc.*   826,927 
27,559   Pacira BioSciences, Inc.*   1,465,863 
42,899   Supernus Pharmaceuticals, Inc.*   1,452,131 
        3,744,921 
    Professional Services—2.4%     
68,106   KBR, Inc.   2,943,541 
10,930   TransUnion   650,226 
39,858   Upwork, Inc.*   542,866 
        4,136,633 
    Road and Rail—1.9%     
35,638   Knight-Swift Transportation Holdings, Inc.   1,743,767 
32,104   XPO Logistics, Inc.*   1,429,270 
        3,173,037 
    Semiconductors and Semiconductor Equipment—8.4%     
64,028   MACOM Technology Solutions Holdings, Inc.*   3,316,010 
32,254   MaxLinear, Inc.*   1,052,126 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
    Semiconductors and Semiconductor Equipment (Continued)     
2,880   Monolithic Power Systems, Inc.  $1,046,592 
19,305   Qorvo, Inc.*   1,533,010 
37,668   Semtech Corp.*   1,107,816 
14,104   SiTime Corp.*   1,110,408 
13,894   Universal Display Corp.   1,310,899 
37,526   Wolfspeed, Inc.*   3,878,687 
        14,355,548 
    Software—2.9%     
12,441   CommVault Systems, Inc.*   659,871 
10,242   Coupa Software, Inc.*   602,230 
11,976   Envestnet, Inc.*   531,734 
1,692   HubSpot, Inc.*   457,043 
27,472   LiveRamp Holdings, Inc.*   498,892 
52,000   Qualtrics International, Inc., Class A*   529,360 
13,593   Workiva, Inc.*   1,057,535 
84,379   Zuora, Inc., Class A*   622,717 
        4,959,382 
    Specialty Retail—2.1%     
4,068   Advance Auto Parts, Inc.   635,991 
15,449   Floor & Decor Holdings, Inc., Class A*   1,085,447 
97,100   Leslie's, Inc.†, *   1,428,341 
16,269   Victoria's Secret & Co.*   473,753 
        3,623,532 
    Technology Hardware, Storage & Peripherals—0.2%     
27,157   Stratasys Ltd.*   391,332 
          
    Thrifts and Mortgage Finance—0.6%     
47,694   NMI Holdings, Inc., Class A*   971,527 
          
    Trading Companies and Distributors—2.4%     
33,578   Beacon Roofing Supply, Inc.*   1,837,388 
311,834   MRC Global, Inc.*   2,242,087 
        4,079,475 
          
    TOTAL COMMON STOCKS (Cost $157,203,138)   168,575,595 

 

       7-Day
Yield		             
    Short-Term Investments—1.4%                  
2,352,013   State Street Navigator Securities Lending Prime Portfolio (Money Market)
(Cost $2,352,013) ††		   3.100%           2,352,013 
    TOTAL INVESTMENTS, AT VALUE—100.5%
(Cost $159,555,151)		               170,927,608 
    Liabilities in Excess of Other Assets—(0.5)%                (890,874)
    NET ASSETS—100.0%               $170,036,734 

 

Notes to the Schedule of Investments:
ADR—American Depositary Receipt
REIT—Real Estate Investment Trust
* Non-income producing security
† Denotes all or a portion of security on loan. As of September 30, 2022, the market value of the securities on loan was $4,714,404 (Note 1).
†† Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $2,484,933.
Percentages indicated are based on net assets.

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

At September 30, 2022, industry sector diversification of the M Capital Appreciation Fund's investments as a percentage of net assets was as follows:

 

Summary of Sector Classifications  Percentage
of Net
Assets		 
Industrials   22.9%
Information Technology   18.3%
Financials   15.3%
Health Care   13.5%
Consumer Discretionary   12.7%
Materials   9.3%
Energy   3.7%
Communication Services   2.0%
Real Estate   1.4%
Short-Term Investments   1.4%
Total   100.5%

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

 

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

 

Shares      Value
(Note 1)		 
    Common Stocks—97.4%     
          
    Aerospace & Defense—2.0%     
600   Huntington Ingalls Industries, Inc.  $132,900 
2,800   L3Harris Technologies, Inc.   581,924 
3,400   Lockheed Martin Corp.   1,313,386 
3,900   Textron, Inc.   227,214 
        2,255,424 
    Air Freight and Logistics—2.0%     
1,700   C.H. Robinson Worldwide, Inc.   163,727 
2,200   Expeditors International of Washington, Inc.   194,282 
2,900   FedEx Corp.   430,563 
9,300   United Parcel Service, Inc., Class B   1,502,322 
        2,290,894 
    Auto Components—0.2%     
2,800   BorgWarner, Inc.   87,920 
800   Lear Corp.   95,752 
        183,672 
    Automobiles—0.7%     
67,800   Ford Motor Co.   759,360 
          
    Banks—10.3%     
113,200   Bank of America Corp.   3,418,640 
800   BOK Financial Corp.   71,088 
1,900   Comerica, Inc.   135,090 
1,643   Commerce Bancshares, Inc.   108,701 
1,900   East West Bancorp, Inc.   127,566 
9,700   Fifth Third Bancorp   310,012 
5,537   First Horizon Corp.   126,797 
15,800   Huntington Bancshares, Inc.   208,244 
37,100   JPMorgan Chase & Co.   3,876,950 
13,300   KeyCorp   213,066 
500   Pinnacle Financial Partners, Inc.   40,550 
5,800   PNC Financial Services Group, Inc.   866,636 
1,100   Prosperity Bancshares, Inc.   73,348 
13,100   Regions Financial Corp.   262,917 
900   Synovus Financial Corp.   33,759 
18,000   Truist Financial Corp.   783,720 
20,089   U.S. Bancorp   809,989 
2,200   Zions Bancorp NA   111,892 
        11,578,965 
    Beverages—0.1%     
2,299   Molson Coors Beverage Co., Class B   110,329 
          
    Biotechnology—6.0%     
22,400   AbbVie, Inc.   3,006,304 
6,100   Amgen, Inc.   1,374,940 
1,500   Biogen, Inc.*   400,500 
15,900   Gilead Sciences, Inc.   980,871 

 

 

 

 

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
    Biotechnology (Continued)     
1,400   Regeneron Pharmaceuticals, Inc.*  $964,418 
        6,727,033 
    Building Products—0.7%     
2,000   Builders FirstSource, Inc.*   117,840 
9,178   Carrier Global Corp.   326,370 
4,600   Masco Corp.   214,774 
1,800   Owens Corning   141,498 
        800,482 
    Capital Markets—3.7%     
1,600   Ameriprise Financial, Inc.   403,120 
12,100   Bank of New York Mellon Corp.   466,092 
4,600   Goldman Sachs Group, Inc.   1,348,030 
3,600   Jefferies Financial Group, Inc.   106,200 
18,800   Morgan Stanley   1,485,388 
2,800   Northern Trust Corp.   239,568 
2,100   SEI Investments Co.   103,005 
        4,151,403 
    Chemicals—1.7%     
2,200   Celanese Corp.   198,748 
8,300   Dow, Inc.   364,619 
6,600   DuPont de Nemours, Inc.   332,640 
2,400   Eastman Chemical Co.   170,520 
1,700   FMC Corp.   179,690 
1,600   Huntsman Corp.   39,264 
3,685   LyondellBasell Industries NV, Class A   277,407 
6,700   Mosaic Co.   323,811 
1,750   Olin Corp.   75,040 
        1,961,739 
    Communications Equipment—2.0%     
56,600   Cisco Systems, Inc.   2,264,000 
          
    Consumer Finance—1.6%     
10,400   American Express Co.   1,403,064 
200   Credit Acceptance Corp.†, *   87,600 
3,900   Discover Financial Services   354,588 
        1,845,252 
    Containers and Packaging—1.0%     
27,300   Amcor PLC   292,929 
1,500   Berry Global Group, Inc.*   69,795 
2,400   Crown Holdings, Inc.   194,472 
4,100   International Paper Co.   129,970 
1,600   Packaging Corp. of America   179,664 
2,800   Sealed Air Corp.   124,628 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
    Containers and Packaging (Continued)     
2,900   Westrock Co.  $89,581 
        1,081,039 
    Distributors—0.2%     
5,300   LKQ Corp.   249,895 
          
    Diversified Consumer Services—0.2%     
3,200   Service Corp. International   184,768 
          
    Diversified Financial Services—0.2%     
6,100   Equitable Holdings, Inc.   160,735 
1,800   Voya Financial, Inc.   108,900 
        269,635 
    Diversified Telecommunication Services—1.1%     
77,300   AT&T, Inc.   1,185,782 
          
    Electric Utilities—2.8%     
3,300   Alliant Energy Corp.   174,867 
8,700   Duke Energy Corp.   809,274 
4,800   Edison International   271,584 
2,800   Entergy Corp.   281,764 
3,100   Evergy, Inc.   184,140 
4,300   Eversource Energy   335,228 
16,900   Exelon Corp.   633,074 
2,252   OGE Energy Corp.   82,108 
1,349   Pinnacle West Capital Corp.   87,024 
9,600   PPL Corp.   243,360 
        3,102,423 
    Electrical Equipment—0.1%     
2,000   Sensata Technologies Holding PLC   74,560 
          
    Electronic Equipment, Instruments & Components—0.5%     
1,300   Arrow Electronics, Inc.*   119,847 
9,300   Corning, Inc.   269,886 
2,700   Jabil, Inc.   155,817 
        545,550 
    Energy Equipment and Services—0.4%     
3,200   Sempra Energy   479,808 
          
    Food and Staples Retailing—0.7%     
10,000   Kroger Co.   437,500 
11,700   Walgreens Boots Alliance, Inc.   367,380 
        804,880 
    Food Products—2.2%     
9,700   Archer-Daniels-Midland Co.   780,365 
2,197   Campbell Soup Co.   103,523 
5,451   Conagra Brands, Inc.   177,866 
1,800   Darling Ingredients, Inc.*   119,070 
300   Ingredion, Inc.   24,156 
1,500   JM Smucker Co.   206,115 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
    Food Products (Continued)     
4,400   Kellogg Co.  $306,504 
16,500   Kraft Heinz Co.   550,275 
3,900   Tyson Foods, Inc., Class A   257,127 
        2,525,001 
    Gas Utilities—0.1%     
1,100   National Fuel Gas Co.   67,705 
2,300   UGI Corp.   74,359 
        142,064 
    Health Care Equipment and Supplies—0.2%     
3,200   Hologic, Inc.*   206,464 
          
    Health Care Providers and Services—8.2%     
3,500   AmerisourceBergen Corp.   473,655 
3,162   Cardinal Health, Inc.   210,842 
7,600   Centene Corp.*   591,356 
4,600   Cigna Corp.   1,276,362 
16,810   CVS Health Corp.   1,603,170 
2,100   DaVita, Inc.*   173,817 
4,400   Elevance Health, Inc.   1,998,656 
5,900   HCA Healthcare, Inc.   1,084,361 
1,900   Henry Schein, Inc.*   124,963 
1,700   Laboratory Corp. of America Holdings   348,177 
2,800   McKesson Corp.   951,636 
2,400   Quest Diagnostics, Inc.   294,456 
1,400   Universal Health Services, Inc., Class B   123,452 
        9,254,903 
    Hotels, Restaurants & Leisure—0.1%     
849   Boyd Gaming Corp.   40,455 
900   Darden Restaurants, Inc.   113,688 
        154,143 
    Household Durables—1.2%     
6,500   DR Horton, Inc.   437,775 
4,800   Lennar Corp., Class A   357,840 
4,600   Newell Brands, Inc.   63,894 
50   NVR, Inc.*   199,354 
4,700   PulteGroup, Inc.   176,250 
100   TopBuild Corp.*   16,478 
1,100   Whirlpool Corp.   148,291 
        1,399,882 
    Independent Power and Renewable Electricity Producers—0.1%     
6,100   Vistra Corp.   128,100 
          
    Insurance—6.7%     
9,600   Aflac, Inc.   539,520 
4,100   Allstate Corp.   510,573 
1,200   American Financial Group, Inc.   147,516 
5,500   Arch Capital Group Ltd.*   250,470 
800   Assurant, Inc.   116,216 
6,200   Chubb Ltd.   1,127,656 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
    Insurance (Continued)     
2,300   Cincinnati Financial Corp.  $206,011 
600   Everest Re Group Ltd.   157,464 
3,800   Fidelity National Financial, Inc.   137,560 
1,500   First American Financial Corp.   69,150 
1,300   Globe Life, Inc.   129,610 
4,900   Hartford Financial Services Group, Inc.   303,506 
2,800   Lincoln National Corp.   122,948 
3,500   Loews Corp.   174,440 
180   Markel Corp.*   195,159 
12,300   MetLife, Inc.   747,594 
2,900   Old Republic International Corp.   60,697 
3,700   Principal Financial Group, Inc.   266,955 
5,400   Prudential Financial, Inc.   463,212 
800   Reinsurance Group of America, Inc.   100,648 
600   RenaissanceRe Holdings Ltd.   84,234 
6,300   Travelers Cos., Inc.   965,160 
2,300   Unum Group   89,240 
1,800   Willis Towers Watson PLC   361,692 
3,650   WR Berkley Corp.   235,717 
        7,562,948 
    Interactive Media & Services—0.4%     
3,000   Meta Platforms, Inc., Class A*   407,040 
          
    IT Services—2.9%     
5,600   Cognizant Technology Solutions Corp., Class A   321,664 
2,700   DXC Technology Co.*   66,096 
6,700   Fidelity National Information Services, Inc.   506,319 
7,344   Fiserv, Inc.*   687,178 
800   FleetCor Technologies, Inc.*   140,936 
1,000   Global Payments, Inc.   108,050 
11,400   International Business Machines Corp.   1,354,434 
4,300   Western Union Co.   58,050 
        3,242,727 
    Leisure Equipment and Products—0.1%     
1,400   Brunswick Corp.   91,630 
700   Polaris, Inc.   66,955 
        158,585 
    Machinery—3.5%     
850   AGCO Corp.   81,745 
5,800   Caterpillar, Inc.   951,664 
1,700   Cummins, Inc.   345,967 
4,200   Deere & Co.   1,402,338 
1,700   Dover Corp.   198,186 
800   Oshkosh Corp.   56,232 
3,848   PACCAR, Inc.   322,039 
1,800   Parker-Hannifin Corp.   436,158 
1,000   Snap-on, Inc.   201,350 
        3,995,679 
    Media—2.2%     
61,400   Comcast Corp., Class A   1,800,862 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
    Media (Continued)     
5,900   Fox Corp., Class A  $181,012 
4,200   Interpublic Group of Cos., Inc.   107,520 
4,200   News Corp., Class A   63,462 
500   Nexstar Media Group, Inc., Class A   83,425 
3,700   Omnicom Group, Inc.   233,433 
        2,469,714 
    Metals and Mining—1.7%     
2,200   Alcoa Corp.   74,052 
16,487   Freeport-McMoRan, Inc.   450,590 
10,300   Newmont Corp.   432,909 
5,300   Nucor Corp.   567,047 
1,100   Reliance Steel & Aluminum Co.   191,851 
3,600   Steel Dynamics, Inc.   255,420 
        1,971,869 
    Multi-Utilities—1.1%     
10,900   Dominion Energy, Inc.   753,299 
9,300   Public Service Enterprise Group, Inc.   522,939 
        1,276,238 
    Oil, Gas and Consumable Fuels—9.6%     
4,600   APA Corp.   157,274 
9,067   Chevron Corp.   1,302,656 
4,300   ConocoPhillips   440,062 
7,200   Devon Energy Corp.   432,936 
2,000   Diamondback Energy, Inc.   240,920 
10,200   EOG Resources, Inc.   1,139,646 
54,400   Exxon Mobil Corp.   4,749,664 
30,600   Kinder Morgan, Inc.   509,184 
10,035   Marathon Oil Corp.   226,590 
5,700   ONEOK, Inc.   292,068 
3,300   Ovintiv, Inc.   151,800 
1,000   PDC Energy, Inc.   57,790 
2,600   Pioneer Natural Resources Co.   562,978 
5,600   Valero Energy Corp.   598,360 
        10,861,928 
    Pharmaceuticals—6.3%     
24,000   Bristol-Myers Squibb Co.   1,706,160 
30,700   Merck & Co., Inc.   2,643,884 
62,900   Pfizer, Inc.   2,752,504 
        7,102,548 
    Professional Services—0.3%     
300   CACI International, Inc., Class A*   78,318 
1,599   Leidos Holdings, Inc.   139,864 
1,200   Robert Half International, Inc.   91,800 
        309,982 
    Real Estate Management and Development—0.3%     
3,262   CBRE Group, Inc., Class A*   220,218 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
    Real Estate Management and Development (Continued)     
900   Jones Lang LaSalle, Inc.*  $135,963 
        356,181 
    Road and Rail—0.3%     
400   AMERCO   203,688 
2,300   Knight-Swift Transportation Holdings, Inc.   112,539 
        316,227 
    Semiconductors and Semiconductor Equipment—1.9%     
1,500   First Solar, Inc.*   198,405 
1,600   KLA Corp.   484,208 
12,600   QUALCOMM, Inc.   1,423,548 
        2,106,161 
    Software—2.7%     
50,600   Oracle Corp.   3,090,142 
          
    Specialty Retail—3.3%     
1,500   AutoNation, Inc.*   152,805 
310   AutoZone, Inc.*   663,998 
2,500   Best Buy Co., Inc.   158,350 
600   Dick's Sporting Goods, Inc.   62,784 
300   Lithia Motors, Inc.   64,365 
12,800   Lowe's Cos., Inc.   2,403,968 
1,100   Penske Automotive Group, Inc.   108,273 
700   Williams-Sonoma, Inc.   82,495 
        3,697,038 
    Technology Hardware, Storage & Peripherals—1.0%     
3,100   Dell Technologies, Inc. Class C   105,927 
22,500   Hewlett Packard Enterprise Co.   269,550 
22,400   HP, Inc.   558,208 
2,400   NetApp, Inc.   148,440 
        1,082,125 
    Textiles, Apparel and Luxury Goods—0.2%     
2,000   Capri Holdings Ltd.*   76,880 
549   Ralph Lauren Corp.   46,626 
1,600   Skechers USA, Inc., Class A*   50,752 
2,900   Tapestry, Inc.   82,447 
        256,705 
    Tobacco—2.4%     
24,800   Altria Group, Inc.   1,001,424 

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

Shares      Value
(Note 1)		 
    Tobacco (Continued)     
21,000   Philip Morris International, Inc.  $1,743,210 
        2,744,634 
    Trading Companies and Distributors—0.2%     
1,000   United Rentals, Inc.*   270,120 
          
    TOTAL COMMON STOCKS (Cost $103,830,928)   109,996,041 
          
    Exchange-Traded Fund—2.0%     
16,580   iShares Russell 1000 Value ETF
(Cost $2,346,463)		   2,254,714 

 

       7-Day
Yield		             
    Short-Term Investments—0.0%                  
25,650   State Street Navigator Securities Lending Prime Portfolio (Money Market)
(Cost $25,650) ††		   3.100%           25,650 
    TOTAL INVESTMENTS, AT VALUE—99.4%
(Cost $106,203,041)		               112,276,405 
    Other Assets in Excess of Liabilities—0.6%                654,686
    NET ASSETS—100.0%               $112,931,091 

 

Notes to the Schedule of Investments:

*Non-income producing security
†Denotes all or a portion of security on loan. As of September 30, 2022, the market value of the securities on loan was $24,966 (Note 1)
††Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $0.

 

Percentages indicated are based on net assets.

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2022

 

At September 30, 2022, industry sector diversification of the M Large Cap Value Fund's investments as a percentage of net assets was as follows:

 

Summary of Sector Classifications  Percentage
of Net
Assets		 
Financials   24.5%
Health Care   20.7%
Information Technology   11.0%
Energy   9.6%
Industrials   9.1%
Consumer Discretionary   6.2%
Consumer Staples   5.4%
Utilities   4.5%
Materials   4.4%
Communication Services   3.7%
Real Estate   0.3%
Short-Term Investments   0.0%
Total   99.4%

 

The accompanying notes are an integral part of these Schedules of Investments.

 

 

 

 

M Fund, Inc.

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)

 

M Fund, Inc. (the "Corporation") was incorporated in Maryland on August 11, 1995 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of September 30, 2022, the Corporation consisted of four separate diversified investment portfolios: M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund (each singularly a “Fund” or collectively the “Funds”), each of which is a separate mutual fund.

 

1.Significant Accounting Policies

 

The following is a summary of significant accounting policies for the Funds. Such policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") for investment companies and are consistently followed by the Funds in the preparation of their Schedules of Investments.

 

Portfolio Valuation

 

Equity securities and other similar investments traded on a recognized U.S. securities exchange (other than the National Association of Securities Dealers Automated Quotation System “NASDAQ”) are valued at the last sale price on the exchange on which the securities are traded. If no sale occurs, equity securities and other similar investments traded on a U.S. exchange (other than NASDAQ) are valued at the most recent bid price. Equity securities and other similar investments traded on NASDAQ are valued at the NASDAQ Official Closing Price. If no sale occurs, equity securities and other similar investments traded on NASDAQ are valued at the most recent bid price. Equity securities and other similar investments traded on a non-U.S. exchange are generally valued according to the latest closing values on that exchange prior to the close of the New York Stock Exchange. However, if an event which may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, the Board of Directors may decide to value the security based on fair value. The Board of Directors has approved the use of an independent fair value service for foreign securities, which may provide a fair value price on trading days when the S&P 500 Index moves more than 0.5%. The use of a fair value price may cause the value of the security on the books of the Fund to be significantly different from the closing value on the non-U.S. exchange and may affect the calculation of the Fund’s NAV. Over-the-counter securities are valued at the last sale price on the valuation date or, if no sale occurs, at the most recent bid price. Short-term obligations maturing in sixty days or less are valued at amortized cost, which approximates market value.

 

Amortized cost valuation involves initially valuing a security at its cost, and thereafter, assuming a constant accretion or amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. Securities for which a pricing service supplies no quotations or quotations are not deemed to be representative of market value or for which there are no readily available market quotations are valued at fair value as determined in good faith by the Pricing Committee appointed by the Board of Directors (excluding debt securities with a remaining maturity of sixty days or less). Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the fair value hierarchy.

 

 

 

 

M Fund, Inc.

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited) (Continued)

 

Fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is utilized to maximize the use of observable data inputs and minimize the use of unobservable data inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use to price the asset or liability, including assumptions about risk. Observable inputs are inputs that reflect the assumptions market participants would use to price the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use to price the asset or liability based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

 

●Level 1 — quoted prices in active markets for identical investments;
●Level 2 — quoted prices in markets that are not active or other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
●Level 3 — significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments).

 

The valuation techniques used by the Funds to measure fair value during the period ended September 30, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs.

 

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.

 

As of September 30, 2022, the M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund, had (i) all long-term investments classified as Level 1, as represented on the Schedule of Investments; and (ii) all short-term investments classified as Level 2.

 

 

 

 

M Fund, Inc.

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited) (Continued)

 

The following is a summary of the inputs used as of September 30, 2022 in valuing the M International Equity Fund investments:

 

Assets Valuation Input

 

Description  Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		   Significant
Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		   Total 
Common Stocks                    
Australia  $263,570   $8,495,148   $—   $8,758,718 
Austria   —    519,872    —    519,872 
Belgium   42,415    1,274,130    —    1,316,545 
Canada   15,430,931    —    —    15,430,931 
China   —    28,904    —    28,904 
Denmark   —    2,926,512    —    2,926,512 
Finland   91,173    1,571,844    —    1,663,017 
France   43,438    9,962,237    —    10,005,675 
Germany   50,538    7,816,916    —    7,867,454 
Hong Kong   —    3,157,784    —    3,157,784 
Ireland   146,550    589,192    —    735,742 
Israel   183,845    1,341,544    —    1,525,389 
Italy   27,132    2,765,688    —    2,792,820 
Japan   25,099    28,302,715    —    28,327,814 
Netherlands   146,337    3,670,477    —    3,816,814 
New Zealand   —    507,107    —    507,107 
Norway   19,244    1,325,430    —    1,344,674 
Portugal   —    346,638    —    346,638 
Singapore   —    1,483,175    —    1,483,175 
Spain   59,701    2,437,948    —    2,497,649 
Sweden   5,622    3,442,597    —    3,448,219 
Switzerland   466,957    9,556,095    —    10,023,052 
United Kingdom   951,820    16,028,432    —    16,980,252 
United States   736    31,661    —    32,397 
Total Common Stocks   17,955,108    107,582,046    —    125,537,154 
Affiliated Investment Company                    
United States   54,186,835    —    —    54,186,835 
Rights                    
Austria   —    —    —    — 
Preferred Stocks                    
Germany   —    650,585    —    650,585 
Italy   —    21,813    —    21,813 
Total Preferred Stock   —    672,398    —    672,398 
Short-Term Investments                    
Investments in Security Lending Collateral   —    5,615,987    —    5,615,987 
Total  $72,141,943   $113,870,431   $—   $186,012,374 

 

At September 30, 2022, Level 2 Common Stocks were priced using a fair value factor applied to quoted market prices.

 

Securities Lending

 

The Funds participate in a securities lending program under the terms of a Securities Lending Agency Agreement with State Street Bank and Trust Company, which serves as the Funds’ securities lending agent. Each Fund may loan its portfolio securities in an amount up to 33 1/3 of its total assets. The Funds receive cash (U.S. currency) and non-cash (U.S. Treasuries and Agencies) as collateral against the loaned securities. Cash collateral is invested by the securities lending agent in a money market mutual fund that meets the quality and diversification requirements in accordance with Rule 2a-7 under the 1940 Act. All collateral received will be in an amount at least equal to 102% (for loans of U.S. securities) or 105% (for loans of non-U.S. securities) of the market value of the loaned securities at the inception of each loan. The market value of the loaned securities is determined each day at the close of business of the Funds and any change in the amount of collateral is delivered to or paid by the Fund the next day. The collateral value does not include the calculated mark, which is the amount charged/returned to the borrower daily to maintain 102% or 105% of market value. There is a day lag in receiving the mark, which may at times result in a collateral percentage above or below 102% or 105%.

 

 

 

 

M Fund, Inc.

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited) (Continued)

 

The collateral received is recorded on a lending Fund’s statement of assets and liabilities, along with the related obligation to return the collateral. A Fund may also record realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. Upon an event of default under the Securities Agency Lending Agreement, there is a risk of delay in the recovery of the securities or loss of rights in the collateral. If the borrower fails to return loaned securities and collateral is insufficient to cover the value of loaned securities (provided that the insufficiency is not due to investment losses), the securities lending agent has agreed, at its option, to pay the amount of any shortfall in collateral to the Funds; or to replace the securities. Any dividends or interest payable by the issuers of the loaned portfolio securities, during the time that the securities are on loan, are paid to the borrowers of those securities. Dividend or interest payments that are made to borrowers of the loaned securities are reimbursed by the borrowers to the Funds. Such reimbursement amounts do not comprise qualified dividend income under the Internal Revenue Code of 1986, as amended.

 

Income generated from the investment of collateral, less negotiated rebate fees paid to the borrower through the securities lending agent, is the source of the Fund’s securities lending income, 70% of which is paid to the Fund, 30% of which is paid to the custodian as securities lending agent.

 

As of September 30, 2022, the value of the securities on loan and the value of the related collateral were as follows:

 

   Market Value of
Loaned Securities		   Market Value of
Collateral		 
M International Equity Fund  $10,293,113   $10,923,750 
M Capital Appreciation Fund   4,714,404    4,836,946 
M Large Cap Value Fund   24,966    25,650 

 

2. Tax Information

 

As of September 30, 2022, aggregated gross unrealized appreciation for investment securities in which there is an excess of value over tax cost and aggregate gross unrealized depreciation for investment securities in which there is an excess of tax cost over value were as follows:

 

   Federal
Income Tax
Cost		   Tax Basis
Unrealized
Appreciation		   Tax Basis
Unrealized
Depreciation		   Tax Basis
Net Unrealized
Appreciation/
Depreciation		 
M International Equity Fund  $209,749,353   $10,427,849   $(34,164,828)  $(23,736,979)
M Large Cap Growth Fund   156,683,086    43,494,336    (12,168,705)   31,325,631 
M Capital Appreciation Fund   158,348,812    42,912,484    (32,685,701)   10,226,783 
M Large Cap Value Fund   106,745,839    13,649,074    (8,118,508)   5,530,566 

 

The Funds did not have any unrecognized tax benefits as of September 30, 2022, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense. During the period ended September 30, 2022, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years, December 2019 through December 2021. No examination of any of the Funds' tax filings is currently in progress.