M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
Shares | Value (Note 1) | |||||||
Common Stocks—69.2% | ||||||||
Australia—4.3% | ||||||||
5,596 | Adbri Ltd.§ | $ | 12,843 | |||||
271 | Afterpay Ltd.*, § | 23,445 | ||||||
3,733 | AGL Energy Ltd.§ | 15,450 | ||||||
5,415 | ALS Ltd.§ | 48,968 | ||||||
1,335 | Altium Ltd.§ | 33,932 | ||||||
23,001 | Alumina Ltd.§ | 34,679 | ||||||
24,812 | AMP Ltd.*, § | 17,688 | ||||||
1,732 | Ampol Ltd.§ | 34,757 | ||||||
1,231 | Ansell Ltd.§ | 30,181 | ||||||
8,493 | APA Group§ | 53,322 | ||||||
1,714 | ARB Corp. Ltd.§ | 59,925 | ||||||
16,116 | Ardent Leisure Group Ltd. *, § | 18,959 | ||||||
3,236 | Aristocrat Leisure Ltd.§ | 108,323 | ||||||
785 | ASX Ltd.§ | 45,857 | ||||||
5,956 | Atlas Arteria Ltd.§ | 27,601 | ||||||
27,196 | Aurizon Holdings Ltd.§ | 74,071 | ||||||
16,206 | AusNet Services Ltd.§ | 29,639 | ||||||
9,677 | Austal Ltd.§ | 13,069 | ||||||
16,565 | Australia & New Zealand Banking Group Ltd.§ | 334,199 | ||||||
23,353 | Australian Pharmaceutical Industries Ltd.†, § | 24,732 | ||||||
10,095 | Bank of Queensland Ltd.§ | 67,450 | ||||||
5,183 | Bapcor Ltd.§ | 28,043 | ||||||
36,897 | Beach Energy Ltd.†, § | 39,570 | ||||||
4,696 | Bega Cheese Ltd.§ | 18,225 | ||||||
6,079 | Bendigo & Adelaide Bank Ltd.§ | 41,132 | ||||||
19,147 | BHP Group Ltd.†, § | 514,620 | ||||||
177 | Blackmores Ltd.†, § | 12,018 | ||||||
7,397 | BlueScope Steel Ltd.§ | 107,312 | ||||||
12,498 | Brambles Ltd.§ | 97,209 | ||||||
849 | Breville Group Ltd.§ | 17,791 | ||||||
1,779 | Brickworks Ltd.§ | 31,663 | ||||||
2,848 | carsales.com Ltd.§ | 52,361 | ||||||
6,463 | Challenger Ltd.§ | 28,980 | ||||||
2,711 | Champion Iron Ltd.*, § | 9,307 | ||||||
16,096 | Cleanaway Waste Management Ltd.§ | 32,056 | ||||||
444 | Cochlear Ltd.§ | 70,126 | ||||||
748 | Codan Ltd.§ | 6,883 | ||||||
8,123 | Coles Group Ltd.§ | 99,132 | ||||||
10,521 | Commonwealth Bank of Australia§ | 784,020 | ||||||
5,942 | Computershare Ltd.§ | 77,762 | ||||||
34,520 | Cooper Energy Ltd. *, †, § | 6,679 | ||||||
1,227 | Corporate Travel Management Ltd. *, †, § | 21,467 | ||||||
5,529 | Costa Group Holdings Ltd.§ | 12,960 | ||||||
496 | Credit Corp. Group Ltd.§ | 10,816 | ||||||
2,419 | Crown Resorts Ltd. *, †, § | 16,731 | ||||||
2,552 | CSL Ltd.§ | 538,159 | ||||||
9,383 | CSR Ltd.§ | 37,597 | ||||||
2,536 | Data#3 Ltd.§ | 8,732 | ||||||
857 | Domino's Pizza Enterprises Ltd.§ | 98,807 | ||||||
8,535 | Downer EDI Ltd.§ | 39,101 | ||||||
4,688 | Eagers Automotive Ltd.§ | 50,169 | ||||||
13,551 | Eclipx Group Ltd.*, § | 23,944 | ||||||
2,597 | Elders Ltd.§ | 22,884 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Australia (Continued) | ||||||||
9,649 | Endeavour Group Ltd.§ | $ | 48,452 | |||||
7,109 | Estia Health Ltd.†, § | 11,643 | ||||||
1,597 | EVENT Hospitality and Entertainment Ltd. *, †, § | 17,572 | ||||||
13,941 | Evolution Mining Ltd.§ | 35,328 | ||||||
1,312 | Flight Centre Travel Group Ltd. *, †, § | 20,143 | ||||||
14,260 | Fortescue Metals Group Ltd.§ | 150,379 | ||||||
20,944 | G8 Education Ltd.*, †, § | 15,870 | ||||||
9,874 | Genworth Mortgage Insurance Australia Ltd.§ | 15,608 | ||||||
3,873 | GrainCorp Ltd., Class A§ | 17,718 | ||||||
9,346 | GWA Group Ltd.§ | 18,376 | ||||||
7,543 | Harvey Norman Holdings Ltd.†, § | 27,089 | ||||||
15,902 | Healius Ltd.§ | 54,622 | ||||||
10,246 | Humm Group Ltd.*, †, § | 6,272 | ||||||
9,401 | IGO Ltd.§ | 59,036 | ||||||
4,268 | Iluka Resources Ltd.§ | 27,611 | ||||||
21,765 | Incitec Pivot Ltd.§ | 45,948 | ||||||
11,778 | Infomedia Ltd.§ | 14,905 | ||||||
5,200 | Inghams Group Ltd.†, § | 15,425 | ||||||
10,589 | Insurance Australia Group Ltd.§ | 37,316 | ||||||
1,626 | InvoCare Ltd.†, § | 13,799 | ||||||
15,570 | IOOF Holdings Ltd.§ | 47,780 | ||||||
2,813 | IPH Ltd.§ | 18,505 | ||||||
3,090 | IRESS Ltd.§ | 25,453 | ||||||
2,351 | James Hardie Industries PLC§ | 84,328 | ||||||
2,408 | JB Hi-Fi Ltd.§ | 78,526 | ||||||
5,029 | Lendlease Corp. Ltd.§ | 39,036 | ||||||
1,418 | Lifestyle Communities Ltd.§ | 22,389 | ||||||
10,522 | Link Administration Holdings Ltd.§ | 33,329 | ||||||
7,511 | Lynas Rare Earths Ltd.*, § | 36,308 | ||||||
2,500 | Macquarie Group Ltd.§ | 328,007 | ||||||
1,209 | Magellan Financial Group Ltd.§ | 30,813 | ||||||
22,423 | Mayne Pharma Group Ltd.*, †, § | 4,551 | ||||||
1,182 | McMillan Shakespeare Ltd.§ | 12,429 | ||||||
33,345 | Medibank Pvt Ltd.§ | 86,215 | ||||||
13,978 | Metcash Ltd.†, § | 39,275 | ||||||
1,851 | Mineral Resources Ltd.§ | 59,029 | ||||||
1,365 | Monadelphous Group Ltd.†, § | 8,867 | ||||||
21,227 | National Australia Bank Ltd.§ | 423,061 | ||||||
879 | Netwealth Group Ltd.§ | 9,246 | ||||||
10,216 | New Hope Corp. Ltd.†, § | 17,717 | ||||||
2,024 | Newcrest Mining Ltd.§ | 33,182 | ||||||
2,652 | NEXTDC Ltd.*, § | 22,885 | ||||||
5,984 | nib holdings Ltd.§ | 29,801 | ||||||
33,934 | Nine Entertainment Co. Holdings Ltd.§ | 63,986 | ||||||
13,163 | Northern Star Resources Ltd.§ | 81,080 | ||||||
12,393 | NRW Holdings Ltd.§ | 13,990 | ||||||
6,389 | Nufarm Ltd.*, § | 21,951 | ||||||
18,036 | Oil Search Ltd.§ | 57,093 | ||||||
11,530 | oOh!media Ltd.*, § | 14,767 | ||||||
1,802 | Orica Ltd.§ | 17,761 | ||||||
13,491 | Origin Energy Ltd.§ | 45,467 | ||||||
4,474 | Orocobre Ltd.§, * | 27,545 | ||||||
7,294 | Orora Ltd.§ | 16,276 | ||||||
6,797 | OZ Minerals Ltd.§ | 108,224 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Australia (Continued) | ||||||||
3,852 | Pendal Group Ltd.†, § | $ | 22,692 | |||||
12,923 | Perenti Global Ltd.§ | 7,646 | ||||||
1,594 | Perpetual Ltd.§ | 43,421 | ||||||
43,898 | Perseus Mining Ltd.*, § | 44,390 | ||||||
3,992 | Platinum Asset Management Ltd.§ | 10,111 | ||||||
2,030 | Premier Investments Ltd.§ | 43,802 | ||||||
1,044 | Pro Medicus Ltd.†, § | 40,853 | ||||||
4,109 | Qantas Airways Ltd.*, § | 16,795 | ||||||
8,115 | QBE Insurance Group Ltd.§ | 67,700 | ||||||
10,570 | Qube Holdings Ltd.§ | 25,140 | ||||||
17,985 | Ramelius Resources Ltd.§ | 17,372 | ||||||
1,186 | Ramsay Health Care Ltd.§ | 59,659 | ||||||
355 | REA Group Ltd.§ | 40,365 | ||||||
1,390 | Reece Ltd.§ | 18,948 | ||||||
10,111 | Regis Resources Ltd.§ | 14,709 | ||||||
6,796 | Reliance Worldwide Corp. Ltd.§ | 24,908 | ||||||
26,531 | Resolute Mining Ltd. *, § | 7,976 | ||||||
2,915 | Rio Tinto Ltd.§ | 207,140 | ||||||
4,596 | Sandfire Resources Ltd.†, § | 18,075 | ||||||
5,958 | Sandfire Resources Ltd.§ | 23,001 | ||||||
20,936 | Santos Ltd.§ | 107,941 | ||||||
2,007 | SEEK Ltd.†, § | 44,678 | ||||||
3,220 | Select Harvests Ltd.§ | 19,031 | ||||||
6,012 | Senex Energy Ltd.†, § | 16,047 | ||||||
1,184 | Seven Group Holdings Ltd.†, § | 17,420 | ||||||
62,916 | Seven West Media Ltd. *, †, § | 18,468 | ||||||
11,474 | Silver Lake Resources, Ltd.§, * | 11,137 | ||||||
4,361 | Sims Ltd.†, § | 41,675 | ||||||
4,234 | Sonic Healthcare Ltd.§ | 124,309 | ||||||
21,815 | South32 Ltd.§ | 55,372 | ||||||
3,457 | Southern Cross Media Group Ltd.§ | 5,389 | ||||||
13,215 | Spark Infrastructure Group§ | 26,739 | ||||||
9,141 | SpeedCast International Ltd. *, †, § | 0 | ||||||
9,514 | St. Barbara Ltd.§ | 9,216 | ||||||
13,525 | Star Entertainment Grp Ltd.*, § | 43,408 | ||||||
10,471 | Steadfast Group Ltd.§ | 36,665 | ||||||
7,077 | Suncorp Group Ltd.§ | 63,565 | ||||||
4,830 | Super Retail Group Ltd.†, § | 42,515 | ||||||
9,346 | Sydney Airport*, § | 55,518 | ||||||
14,863 | Tabcorp Holdings Ltd.§ | 52,607 | ||||||
6,444 | Tassal Group Ltd.†, § | 16,319 | ||||||
4,562 | Technology One Ltd.§ | 37,195 | ||||||
48,961 | Telstra Corp. Ltd.§ | 137,997 | ||||||
2,964 | TPG Telecom Ltd.†, § | 15,030 | ||||||
14,998 | Transurban Group§ | 152,211 | ||||||
5,229 | Treasury Wine Estates Ltd.§ | 46,485 | ||||||
4,434 | United Malt Grp Ltd.§ | 13,034 | ||||||
5,028 | Uniti Group, Ltd. *, § | 13,872 | ||||||
1,605 | Viva Energy Group, Ltd.#, § | 2,747 | ||||||
3,525 | Webjet Ltd. *, †, § | 15,930 | ||||||
6,301 | Wesfarmers Ltd.§ | 253,567 | ||||||
7,396 | Western Areas Ltd.*, § | 15,982 | ||||||
22,518 | Westpac Banking Corp.§ | 418,730 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Australia (Continued) | ||||||||
19,506 | Whitehaven Coal Ltd.*, § | $ | 44,384 | |||||
6,285 | Woodside Petroleum Ltd.§ | 108,151 | ||||||
9,649 | Woolworths Group Ltd.§ | 273,983 | ||||||
4,639 | Worley Ltd.§ | 32,635 | ||||||
647 | Xero Ltd.*, § | 64,477 | ||||||
9,886,462 | ||||||||
Austria—0.3% | ||||||||
984 | ANDRITZ AG§ | 53,777 | ||||||
1,218 | AT&S Austria Technologie & Systemtechnik AG§ | 46,442 | ||||||
371 | BAWAG Group AG*, #, § | 23,267 | ||||||
133 | DO & Co. AG*, § | 10,790 | ||||||
1,848 | Erste Group Bank AG§ | 80,706 | ||||||
614 | EVN AG§ | 16,324 | ||||||
1,377 | FACC AG*, †, § | 14,906 | ||||||
1,233 | IMMOFINANZ AG*, †, § | 29,408 | ||||||
332 | Lenzing AG*, § | 40,116 | ||||||
1,311 | OMV AG§ | 78,777 | ||||||
3,082 | Raiffeisen Bank International AG§ | 80,178 | ||||||
1,417 | S IMMO AG§ | 32,757 | ||||||
127 | Schoeller-Bleckmann Oilfield Equipment AG*, § | 5,080 | ||||||
1,874 | Telekom Austria AG*, § | 16,136 | ||||||
4,149 | UNIQA Insurance Group AG§ | 36,975 | ||||||
252 | Verbund AG§ | 25,456 | ||||||
884 | Vienna Insurance Group AG Wiener Versicherung Gruppe§ | 25,421 | ||||||
1,881 | voestalpine AG§ | 69,135 | ||||||
921 | Wienerberger AG§ | 30,963 | ||||||
716,614 | ||||||||
Belgium—0.7% | ||||||||
366 | Ackermans & van Haaren NV§ | 63,038 | ||||||
2,082 | Ageas SA/NV§ | 103,038 | ||||||
5,568 | AGFA-Gevaert NV*, § | 25,700 | ||||||
5,947 | Anheuser-Busch InBev SA/NV§ | 335,875 | ||||||
127 | Argenx SE*, § | 38,328 | ||||||
851 | Barco NV§ | 18,439 | ||||||
1,086 | Bekaert SA§ | 45,101 | ||||||
991 | bpost SA*, § | 8,734 | ||||||
105 | Cie d'Entreprises CFE§ | 10,750 | ||||||
333 | D'ieteren Group§ | 48,497 | ||||||
196 | Elia Group SA/NV§ | 23,410 | ||||||
609 | Etablissements Franz Colruyt NV†, § | 31,024 | ||||||
1,410 | Euronav NV§ | 13,240 | ||||||
2,756 | Euronav SA*, † | 26,899 | ||||||
548 | EVS Broadcast Equipment SA§ | 12,253 | ||||||
1,400 | Fagron§ | 27,271 | ||||||
415 | Gimv NV§ | 26,346 | ||||||
1,602 | KBC Group NV§ | 143,820 | ||||||
9 | Lotus Bakeries NV§ | 55,057 | ||||||
216 | Melexis NV§ | 22,863 | ||||||
2,034 | Ontex Group NV*, § | 21,557 | ||||||
1,080 | Orange Belgium SA§ | 24,236 | ||||||
1,637 | Proximus SADP§ | 32,364 | ||||||
207 | Shurgard Self Storage SA§ | 11,366 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Belgium (Continued) | ||||||||
214 | Sipef NV§ | $ | 12,476 | |||||
1,145 | Solvay SA§ | 142,477 | ||||||
449 | Telenet Group Holding NV§ | 17,168 | ||||||
688 | Tessenderlo Group SA*, § | 25,596 | ||||||
852 | UCB SA§ | 94,798 | ||||||
1,277 | Umicore SA§ | 75,673 | ||||||
1,537,394 | ||||||||
Canada—7.4% | ||||||||
1,800 | Absolute Software Corp. | 19,782 | ||||||
6,700 | Advantage Energy Ltd.*, † | 33,854 | ||||||
1,679 | Aecon Group, Inc. | 25,412 | ||||||
607 | Ag Growth International, Inc.† | 13,558 | ||||||
1,651 | Agnico-Eagle Mines Ltd. | 85,612 | ||||||
5,042 | Aimia, Inc.* | 17,237 | ||||||
1,100 | Air Canada*, † | 20,088 | ||||||
7,309 | Alamos Gold, Inc., Class A | 52,570 | ||||||
890 | Algonquin Power & Utilities Corp.† | 13,049 | ||||||
5,308 | Alimentation Couche-Tard, Inc., Class B | 203,084 | ||||||
2,174 | AltaGas Ltd.† | 42,893 | ||||||
1,185 | Altus Group Ltd. | 57,819 | ||||||
18,656 | ARC Resources Ltd.† | 174,836 | ||||||
989 | Aritzia, Inc.* | 31,483 | ||||||
700 | Atco Ltd., Class I | 22,455 | ||||||
84 | Aurora Cannabis, Inc.*, † | 582 | ||||||
16,677 | B2Gold Corp. | 57,012 | ||||||
850 | Badger Infrastructure Solutions Ltd.† | 22,716 | ||||||
5,855 | Bank of Montreal | 584,488 | ||||||
8,200 | Bank of Nova Scotia | 504,715 | ||||||
12,285 | Barrick Gold Corp. | 221,758 | ||||||
3,183 | Bausch Health Cos., Inc.* | 88,760 | ||||||
1,208 | BCE, Inc. | 60,514 | ||||||
9,500 | Birchcliff Energy Ltd.† | 52,578 | ||||||
4,601 | BlackBerry Ltd.*, † | 44,789 | ||||||
862 | Boralex, Inc., Class A† | 25,453 | ||||||
8 | Brookfield Asset Management Reinsurance Partners Ltd., Class A* | 444 | ||||||
10 | Brookfield Asset Management Reinsurance Partners Ltd., Class A*, † | 554 | ||||||
3,016 | Brookfield Asset Management, Inc., Class A | 161,511 | ||||||
717 | Brookfield Infrastructure Corp., Class A† | 42,983 | ||||||
785 | BRP, Inc.† | 72,662 | ||||||
4,802 | Cameco Corp. | 104,335 | ||||||
1,985 | Canaccord Genuity Group, Inc. | 21,831 | ||||||
400 | Canada Goose Holdings, Inc.*, † | 14,284 | ||||||
3,035 | Canadian Imperial Bank of Commerce† | 337,861 | ||||||
1,700 | Canadian Imperial Bank of Commerce | 189,210 | ||||||
4,408 | Canadian National Railway Co.† | 510,821 | ||||||
14,634 | Canadian Natural Resources Ltd. | 535,055 | ||||||
4,315 | Canadian Pacific Railway Ltd.† | 281,773 | ||||||
532 | Canadian Tire Corp. Ltd., Class A | 74,445 | ||||||
1,300 | Canadian Utilities Ltd., Class A | 35,030 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Canada (Continued) | ||||||||
1,880 | Canadian Western Bank | $ | 54,429 | |||||
1,876 | Canfor Corp.* | 41,205 | ||||||
700 | Canopy Growth Corp.*, † | 9,702 | ||||||
2,194 | Capital Power Corp.† | 73,982 | ||||||
6,100 | Cardinal Energy Ltd.* | 20,131 | ||||||
6,100 | Cascades, Inc. | 75,467 | ||||||
1,637 | CCL Industries, Inc., Class B† | 84,784 | ||||||
6,166 | Celestica, Inc.* | 54,767 | ||||||
6,617 | Cenovus Energy, Inc. | 66,713 | ||||||
5,235 | Centerra Gold, Inc. | 35,751 | ||||||
9,000 | CES Energy Solutions Corp.† | 13,501 | ||||||
1,621 | CGI, Inc.* | 137,694 | ||||||
2,739 | CI Financial Corp. | 55,597 | ||||||
190 | Cogeco Communications, Inc. | 16,885 | ||||||
300 | Cogeco, Inc. | 21,364 | ||||||
825 | Colliers International Group, Inc. | 105,603 | ||||||
122 | Constellation Software, Inc. | 199,868 | ||||||
5,812 | Corus Entertainment, Inc., Class B | 26,064 | ||||||
3,354 | Crescent Point Energy Corp. | 15,464 | ||||||
322 | Descartes Systems Group, Inc.*, † | 26,166 | ||||||
1,840 | Dollarama, Inc. | 79,812 | ||||||
1,821 | Dorel Industries, Inc., Class B* | 15,700 | ||||||
1,100 | DREAM Unlimited Corp., Class A | 24,334 | ||||||
6,100 | Dundee Precious Metals, Inc. | 36,698 | ||||||
4,100 | ECN Capital Corp. | 33,794 | ||||||
3,501 | Eldorado Gold Corp.* | 27,088 | ||||||
9,925 | Element Fleet Management Corp.† | 100,143 | ||||||
2,163 | Emera, Inc. | 97,955 | ||||||
500 | Empire Co. Ltd., Class A | 15,238 | ||||||
5,120 | Enbridge, Inc. | 203,975 | ||||||
4,387 | Enbridge, Inc.† | 174,603 | ||||||
3,515 | Endeavour Mining PLC | 79,119 | ||||||
2,494 | Enerflex Ltd. | 18,273 | ||||||
7,134 | Enerplus Corp.† | 57,113 | ||||||
882 | Enghouse Systems Ltd.† | 38,696 | ||||||
7,100 | Ensign Energy Services, Inc.* | 10,538 | ||||||
700 | ERO Copper Corp.*, † | 12,413 | ||||||
4,400 | Extendicare, Inc.† | 25,498 | ||||||
216 | Fairfax Financial Holdings Ltd. | 87,196 | ||||||
2,600 | Fiera Capital Corp.† | 21,472 | ||||||
2,098 | Finning International, Inc. | 51,763 | ||||||
3,380 | First Quantum Minerals Ltd. | 62,578 | ||||||
547 | FirstService Corp. | 98,897 | ||||||
3,013 | Fortis, Inc. | 133,665 | ||||||
10,041 | Fortuna Silver Mines, Inc.*, † | 39,479 | ||||||
406 | Franco-Nevada Corp. | 52,744 | ||||||
3,500 | Freehold Royalties Ltd. | 28,738 | ||||||
1,045 | George Weston Ltd.† | 112,717 | ||||||
1,500 | Gibson Energy, Inc.† | 27,546 | ||||||
571 | Gildan Activewear, Inc. | 20,864 | ||||||
5,700 | Gran Tierra Energy, Inc.* | 4,185 | ||||||
1,406 | Great-West Lifeco, Inc. | 42,782 | ||||||
1,700 | Home Capital Group, Inc.*, † | 49,808 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Canada (Continued) | ||||||||
7,321 | Hudbay Minerals, Inc.† | $ | 45,662 | |||||
2,998 | Hydro One Ltd.# | 70,867 | ||||||
1,352 | iA Financial Corp., Inc. | 76,705 | ||||||
3,400 | IAMGOLD Corp.*, † | 7,704 | ||||||
511 | IGM Financial, Inc.† | 18,256 | ||||||
800 | Imperial Oil Ltd.† | 25,283 | ||||||
1,017 | Innergex Renewable Energy, Inc.† | 16,300 | ||||||
706 | Intact Financial Corp. | 93,353 | ||||||
2,045 | Interfor Corp. | 50,503 | ||||||
2,087 | Intertape Polymer Group, Inc. | 45,395 | ||||||
1,600 | Invesque, Inc.*, † | 3,328 | ||||||
6,568 | Ivanhoe Mines Ltd., Class A*, † | 42,003 | ||||||
700 | Jamieson Wellness, Inc. #, † | 20,017 | ||||||
500 | K-Bro Linen, Inc. | 16,086 | ||||||
7,152 | Kelt Exploration Ltd.*, † | 25,692 | ||||||
2,848 | Keyera Corp.† | 71,661 | ||||||
17,698 | Kinross Gold Corp. | 94,876 | ||||||
4,203 | Kirkland Lake Gold Ltd.† | 175,075 | ||||||
3,700 | Knight Therapeutics, Inc.*, † | 15,628 | ||||||
600 | Labrador Iron Ore Royalty Corp.† | 16,684 | ||||||
800 | Laurentian Bank of Canada† | 25,391 | ||||||
562 | LifeWorks, Inc.† | 14,318 | ||||||
889 | Linamar Corp. | 46,163 | ||||||
1,322 | Loblaw Cos. Ltd. | 90,722 | ||||||
8,900 | Lucara Diamond Corp.*, † | 4,427 | ||||||
13,050 | Lundin Mining Corp. | 93,862 | ||||||
5,972 | Magna International, Inc. | 449,432 | ||||||
4,800 | Major Drilling Group International, Inc.* | 32,023 | ||||||
8,035 | Manulife Financial Corp. | 154,661 | ||||||
2,280 | Manulife Financial Corp.† | 43,867 | ||||||
1,530 | Maple Leaf Foods, Inc.† | 31,093 | ||||||
1,800 | Martinrea International, Inc. | 15,988 | ||||||
1,895 | Medical Facilities Corp. | 14,572 | ||||||
4,700 | MEG Energy Corp.* | 36,699 | ||||||
1,000 | Methanex Corp.† | 46,084 | ||||||
1,382 | Metro, Inc. | 67,529 | ||||||
470 | MTY Food Group, Inc.† | 23,726 | ||||||
2,700 | Mullen Group Ltd.† | 27,456 | ||||||
4,527 | National Bank of Canada† | 347,692 | ||||||
14,800 | New Gold, Inc.*, † | 15,658 | ||||||
1,740 | NFI Group, Inc. | 32,750 | ||||||
1,126 | North West Co., Inc. | 30,066 | ||||||
2,076 | Northland Power, Inc.† | 65,234 | ||||||
3,190 | Nutrien Ltd. | 206,859 | ||||||
11,800 | OceanaGold Corp.*, † | 19,285 | ||||||
793 | Onex Corp. | 56,060 | ||||||
2,715 | Open Text Corp. | 132,513 | ||||||
1,828 | Osisko Gold Royalties Ltd.† | 20,537 | ||||||
3,696 | Pan American Silver Corp.† | 86,053 | ||||||
4,549 | Parex Resources, Inc.† | 82,748 | ||||||
700 | Park Lawn Corp. | 20,183 | ||||||
1,907 | Parkland Corp. | 53,584 | ||||||
1,760 | Pason Systems, Inc. | 11,978 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Canada (Continued) | ||||||||
3,984 | Pembina Pipeline Corp. | $ | 126,266 | |||||
4,630 | Peyto Exploration & Development Corp.† | 36,043 | ||||||
900 | PrairieSky Royalty Ltd.† | 9,600 | ||||||
580 | Precision Drilling Corp.* | 23,445 | ||||||
300 | Premium Brands Holdings Corp.† | 30,682 | ||||||
1,959 | Primo Water Corp.† | 30,856 | ||||||
1,764 | Quebecor, Inc., Class B | 42,631 | ||||||
1,200 | Real Matters, Inc.*, † | 9,512 | ||||||
700 | Recipe Unlimited Corp.*, † | 10,766 | ||||||
1,900 | Restaurant Brands International, Inc. | 116,376 | ||||||
1,345 | Richelieu Hardware Ltd. | 44,239 | ||||||
1,489 | Ritchie Bros Auctioneers, Inc.† | 91,884 | ||||||
3,204 | Rogers Communications, Inc., Class B | 149,596 | ||||||
5,300 | Rogers Sugar, Inc.† | 22,596 | ||||||
12,900 | Royal Bank of Canada | 1,283,584 | ||||||
1,740 | Russel Metals, Inc.† | 41,721 | ||||||
2,900 | Sandstorm Gold Ltd.* | 16,704 | ||||||
1,204 | Saputo, Inc. | 30,618 | ||||||
4,547 | Secure Energy Services, Inc. | 17,088 | ||||||
4,613 | Shaw Communications, Inc., Class B | 134,100 | ||||||
1,968 | ShawCor Ltd.* | 8,794 | ||||||
140 | Shopify, Inc., Class A* | 236,125 | ||||||
1,794 | Sienna Senior Living, Inc.† | 20,368 | ||||||
1,359 | Sleep Country Canada Holdings, Inc.# | 36,051 | ||||||
1,519 | SNC-Lavalin Group, Inc. | 42,190 | ||||||
4,381 | SSR Mining, Inc. | 63,712 | ||||||
1,600 | Stantec, Inc. | 75,162 | ||||||
400 | Stella-Jones, Inc. | 13,469 | ||||||
999 | Sun Life Financial, Inc.† | 51,425 | ||||||
1,100 | Sun Life Financial, Inc. | 56,595 | ||||||
7,810 | Suncor Energy, Inc. | 161,922 | ||||||
3,579 | Superior Plus Corp. | 38,231 | ||||||
7,700 | Tamarack Valley Energy Ltd.* | 19,393 | ||||||
2,442 | TC Energy Corp.† | 117,531 | ||||||
3,539 | TC Energy Corp. | 170,190 | ||||||
2,972 | Teck Resources Ltd., Class B | 73,983 | ||||||
1,944 | TFI International, Inc. | 198,882 | ||||||
287 | Thomson Reuters Corp.† | 31,734 | ||||||
1,465 | Tilray, Inc.*, † | 16,540 | ||||||
3,200 | Timbercreek Financial Corp.† | 24,355 | ||||||
698 | TMX Group Ltd. | 75,272 | ||||||
2,171 | Torex Gold Resources, Inc.* | 21,700 | ||||||
1,339 | Toromont Industries Ltd.† | 111,774 | ||||||
11,275 | Toronto-Dominion Bank | 746,415 | ||||||
5,111 | Tourmaline Oil Corp.† | 178,558 | ||||||
7,036 | TransAlta Corp. | 74,326 | ||||||
2,812 | TransAlta Renewables, Inc.† | 42,160 | ||||||
3,800 | Transcontinental, Inc., Class A | 60,363 | ||||||
12,242 | Trican Well Service Ltd.*, † | 28,609 | ||||||
3,001 | Tricon Residential, Inc.† | 40,042 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Canada (Continued) | |||||||
1,570 | Turquoise Hill Resources Ltd.* | $ | 23,217 | ||||
1,000 | Uni-Select, Inc.* | 14,006 | |||||
2,344 | Vermilion Energy, Inc.*, † | 23,170 | |||||
1,800 | Wajax Corp. | 32,615 | |||||
272 | Waste Connections, Inc.† | 34,282 | |||||
600 | Waste Connections, Inc. | 75,558 | |||||
2,200 | Wesdome Gold Mines Ltd.* | 17,630 | |||||
2,070 | West Fraser Timber Co. Ltd. | 174,347 | |||||
12,500 | Western Forest Products, Inc. | 21,712 | |||||
1,100 | Westshore Terminals Investment Corp.† | 21,234 | |||||
1,528 | Wheaton Precious Metals Corp. | 57,520 | |||||
18,463 | Whitecap Resources, Inc.† | 102,183 | |||||
400 | Winpak Ltd. | 12,932 | |||||
752 | WSP Global, Inc.† | 90,043 | |||||
19,921 | Yamana Gold, Inc. | 78,640 | |||||
17,094,015 | |||||||
Denmark—1.7% | |||||||
102 | ALK-Abello A/S*, § | 42,861 | |||||
2,469 | Alm Brand A/S§ | 17,288 | |||||
827 | Ambu A/S, Class B§ | 24,428 | |||||
20 | AP Moller - Maersk A/S, Class A§ | 51,174 | |||||
23 | AP Moller - Maersk A/S, Class B§ | 62,214 | |||||
2,721 | Bang & Olufsen A/S*, § | 12,802 | |||||
253 | Bavarian Nordic A/S*, § | 12,809 | |||||
749 | Carlsberg A/S, Class B§ | 121,844 | |||||
555 | Chr Hansen Holding A/S§ | 45,323 | |||||
568 | Coloplast A/S, Class B§ | 89,028 | |||||
805 | D/S Norden A/S§ | 20,385 | |||||
3,111 | Danske Bank A/S§ | 52,443 | |||||
816 | Demant A/S*, § | 41,094 | |||||
778 | Dfds A/S*, § | 41,228 | |||||
68 | Drilling Co. of 1972 A/S*, § | 2,554 | |||||
1,168 | DSV A/S§ | 278,856 | |||||
1,244 | FLSmidth & Co. A/S§ | 43,374 | |||||
330 | Genmab A/S*, § | 144,172 | |||||
1,611 | GN Store Nord A/S§ | 109,791 | |||||
771 | H Lundbeck A/S§ | 20,937 | |||||
818 | H+H International A/S, Class B*, § | 28,356 | |||||
3,142 | ISS A/S*, § | 66,310 | |||||
958 | Jyske Bank A/S, Registered*, § | 41,311 | |||||
1,970 | Matas A/S§ | 37,108 | |||||
432 | Netcompany Group A/S#, § | 49,663 | |||||
266 | Nilfisk Holding A/S*, § | 8,521 | |||||
257 | NKT A/S*, § | 11,156 | |||||
362 | NNIT A/S#, § | 6,883 | |||||
12,082 | Novo Nordisk A/S, Class B§ | 1,162,108 | |||||
2,254 | Novozymes A/S, Class B§ | 154,315 | |||||
831 | Orsted A/S#, § | 109,643 | |||||
1,611 | Pandora A/S§ | 195,366 | |||||
376 | Per Aarsleff Holding A/S§ | 15,352 | |||||
576 | Ringkjoebing Landbobank A/S§ | 66,408 | |||||
44 | Rockwool International A/S, Class A§ | 16,055 | |||||
86 | Rockwool International A/S, Class B§ | 36,772 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Denmark (Continued) | |||||||
1,104 | Royal Unibrew A/S§ | $ | 132,936 | ||||
1,644 | Scandinavian Tobacco Group A/S, Class A#, § | 32,461 | |||||
336 | Schouw & Co. A/S§ | 32,209 | |||||
638 | SimCorp A/S§ | 75,146 | |||||
1,256 | Spar Nord Bank A/S§ | 14,590 | |||||
1,818 | Sydbank A/S§ | 54,247 | |||||
676 | Topdanmark A/S§ | 34,901 | |||||
1,813 | Tryg A/S§ | 41,187 | |||||
6,155 | Vestas Wind Systems A/S§ | 246,425 | |||||
615 | Zealand Pharma A/S*, § | 17,662 | |||||
3,921,696 | |||||||
Finland—0.9% | |||||||
510 | Cargotec Oyj, Class B§ | 25,871 | |||||
1,769 | Elisa Oyj§ | 109,832 | |||||
25,135 | Finnair Oyj*, †, § | 19,662 | |||||
425 | Fiskars Oyj Abp§ | 9,423 | |||||
3,720 | Fortum Oyj§ | 113,133 | |||||
971 | Huhtamaki Oyj†, § | 43,783 | |||||
1,799 | Kemira Oyj§ | 27,604 | |||||
1,396 | Kesko Oyj, Class A§ | 43,249 | |||||
2,664 | Kesko Oyj, Class B§ | 91,956 | |||||
578 | Kojamo Oyj§ | 11,941 | |||||
1,938 | Kone Oyj, Class B§ | 135,896 | |||||
1,119 | Konecranes Oyj§ | 44,828 | |||||
3,137 | Metsa Board Oyj§ | 29,243 | |||||
9,643 | Metso Outotec Oyj§ | 87,885 | |||||
3,866 | Neles Oyj§ | 151,136 | |||||
14,612 | Nokia Oyj*, § | 80,387 | |||||
13,280 | Nokia Oyj, ADR* | 72,376 | |||||
1,922 | Nokian Renkaat Oyj§ | 68,195 | |||||
12,077 | Nordea Bank Abp§, * | 156,556 | |||||
281 | Olvi Oyj, Class A§ | 16,238 | |||||
7,100 | Oriola Oyj, Class B§ | 14,555 | |||||
727 | Orion Oyj, Class A§ | 28,868 | |||||
1,558 | Orion Oyj, Class B§ | 61,667 | |||||
10,116 | Outokumpu Oyj*, § | 61,704 | |||||
7,476 | Raisio Oyj , Class V†, § | 29,379 | |||||
873 | Revenio Group Oyj§ | 55,369 | |||||
2,447 | Sampo Oyj, Class A§ | 121,421 | |||||
3,652 | Stora Enso Oyj, Class R§ | 60,638 | |||||
1,519 | Terveystalo Oyj#, § | 18,936 | |||||
760 | TietoEVRY Oyj§ | 22,791 | |||||
1,633 | Tokmanni Group Corp.§ | 39,658 | |||||
4,345 | UPM-Kymmene Oyj§ | 153,519 | |||||
775 | Uponor Oyj§ | 19,107 | |||||
559 | Vaisala Oyj, Class A§ | 24,238 | |||||
1,446 | Valmet Oyj§ | 52,274 | |||||
5,634 | Wartsila Oyj Abp§ | 67,467 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Finland (Continued) | |||||||
6,293 | YIT Oyj†, § | $ | 33,290 | ||||
2,204,075 | |||||||
France—5.8% | |||||||
1,053 | Accor SA*, § | 37,276 | |||||
162 | Aeroports de Paris*, †, § | 20,563 | |||||
3,054 | Air Liquide SA§ | 488,662 | |||||
3,566 | Airbus SE*, § | 468,198 | |||||
370 | Akka Technologies§, * | 20,380 | |||||
947 | Albioma SA§ | 37,247 | |||||
660 | ALD SA#, § | 8,983 | |||||
972 | Alstom SA§ | 36,879 | |||||
476 | Alten SA§ | 69,399 | |||||
272 | Amundi SA#, § | 22,937 | |||||
1,401 | Arkema SA§ | 185,329 | |||||
820 | Atos SE§ | 43,662 | |||||
368 | Aubay§ | 20,619 | |||||
10,652 | AXA SA§ | 296,338 | |||||
1,320 | Beneteau SA*, § | 19,562 | |||||
234 | BioMerieux§ | 26,576 | |||||
5,566 | BNP Paribas SA†, § | 356,532 | |||||
5,145 | Bollore SA§ | 29,751 | |||||
541 | Bonduelle SCA§ | 13,432 | |||||
3,865 | Bouygues SA§ | 159,501 | |||||
3,079 | Bureau Veritas SA§ | 94,500 | |||||
1,394 | Capgemini SE§ | 289,910 | |||||
7,667 | Carrefour SA§ | 138,009 | |||||
20,011 | CGG SA*, †, § | 15,321 | |||||
5,818 | Cie de Saint-Gobain§ | 391,854 | |||||
1,522 | Cie Generale des Etablissements Michelin SCA§ | 233,582 | |||||
585 | Cie Plastic Omnium SA§ | 14,944 | |||||
1,598 | CNP Assurances§ | 25,350 | |||||
2,606 | Coface SA§ | 32,816 | |||||
5,863 | Credit Agricole SA§ | 80,891 | |||||
4,080 | Danone SA§ | 278,480 | |||||
150 | Dassault Aviation SA§ | 16,829 | |||||
1,755 | Dassault Systemes SE§ | 92,009 | |||||
5,436 | Derichebourg SA*, § | 62,759 | |||||
3,064 | Edenred§ | 165,029 | |||||
1,777 | Eiffage SA§ | 179,267 | |||||
6,904 | Electricite de France SA§ | 86,699 | |||||
1,532 | Elior Group SA*, #, § | 12,097 | |||||
4,742 | Elis SA*, § | 90,823 | |||||
11,893 | Engie SA§ | 156,090 | |||||
601 | Eramet SA*, § | 45,074 | |||||
1,110 | EssilorLuxottica SA§ | 212,250 | |||||
1,550 | Eurofins Scientific SE§ | 198,767 | |||||
1,033 | Euronext NV#, § | 116,568 | |||||
4,666 | Eutelsat Communications SA§ | 64,140 | |||||
2,354 | Faurecia SE§ | 110,036 | |||||
178 | Fnac Darty SA§ | 11,694 | |||||
180 | Gaztransport Et Technigaz SA§ | 13,449 | |||||
173 | Hermes International§ | 239,099 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
France (Continued) | |||||||
77 | ID Logistics Group*, § | $ | 24,591 | ||||
743 | Imerys SA§ | 32,009 | |||||
415 | Ipsen SA§ | 39,619 | |||||
1,041 | IPSOS§ | 47,245 | |||||
530 | Jacquet Metals SACA§ | 13,359 | |||||
614 | JCDecaux SA*, § | 16,214 | |||||
685 | Kaufman & Broad SA§ | 28,502 | |||||
428 | Kering SA§ | 304,405 | |||||
1,540 | Korian SA†, § | 53,719 | |||||
976 | L'Oreal SA§ | 402,817 | |||||
203 | La Francaise des Jeux SAEM#, § | 10,442 | |||||
1,721 | Lagardere SA*, § | 45,349 | |||||
1,064 | Lectra§ | 41,828 | |||||
2,297 | Legrand SA§ | 246,361 | |||||
1,624 | LVMH Moet Hennessy Louis Vuitton SE§ | 1,161,264 | |||||
971 | Maisons du Monde SA#, § | 19,604 | |||||
444 | Mersen SA§ | 16,400 | |||||
529 | Metropole Television SA§ | 10,998 | |||||
812 | Nexans SA§ | 75,973 | |||||
1,827 | Nexity SA§ | 87,059 | |||||
31,311 | Orange SA§ | 339,202 | |||||
676 | Orpea SA§ | 78,290 | |||||
829 | Pernod-Ricard SA§ | 181,292 | |||||
3,518 | Publicis Groupe SA§ | 236,915 | |||||
993 | Quadient SA§ | 23,881 | |||||
101 | Remy Cointreau SA§ | 19,576 | |||||
2,261 | Renault SA*, § | 80,652 | |||||
5,791 | Rexel SA§ | 111,431 | |||||
931 | Rothschild & Co.§ | 40,067 | |||||
995 | Rubis SCA§ | 34,463 | |||||
1,755 | Safran SA§ | 220,042 | |||||
2,623 | Sanofi§ | 252,502 | |||||
174 | Sartorius Stedim Biotech§ | 97,124 | |||||
200 | Savencia SA§ | 14,546 | |||||
1,900 | Schneider Electric SE§ | 315,894 | |||||
2,540 | SCOR SE§ | 72,799 | |||||
432 | SEB SA§ | 60,913 | |||||
6,297 | SES SA§ | 56,317 | |||||
411 | Societe BIC SA§ | 24,195 | |||||
4,495 | Societe Generale SA§ | 141,130 | |||||
832 | Sodexo SA*, § | 72,853 | |||||
206 | SOITEC*, § | 44,712 | |||||
55 | Somfy SA§ | 9,954 | |||||
344 | Sopra Steria Group SACA§ | 63,826 | |||||
1,621 | SPIE SA§ | 36,725 | |||||
3,434 | STMicroelectronics NV§ | 149,714 | |||||
3,853 | Suez SA§ | 87,865 | |||||
889 | Technicolor SA, Registered*, § | 3,003 | |||||
729 | Technip Energies NV*, § | 11,435 | |||||
606 | Teleperformance§ | 238,435 | |||||
2,268 | Television Francaise 1†, § | 22,209 | |||||
943 | Thales SA§ | 91,068 | |||||
16,638 | TotalEnergies SE†, § | 797,278 | |||||
198 | Trigano SA§ | 37,188 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
France (Continued) | |||||||
956 | Ubisoft Entertainment SA§, * | $ | 57,342 | ||||
2,796 | Valeo§ | 78,025 | |||||
3,814 | Veolia Environnement SA§ | 116,719 | |||||
574 | Verallia SA#, § | 19,786 | |||||
436 | Vicat SA§ | 19,324 | |||||
86 | Vilmorin & Cie SA§ | 5,109 | |||||
3,938 | Vinci SA§ | 407,913 | |||||
95 | Virbac SA§ | 40,649 | |||||
2,749 | Vivendi SE†, § | 34,674 | |||||
1,284 | Worldline SA*, #, § | 97,964 | |||||
13,452,921 | |||||||
Germany—5.2% | |||||||
696 | 1&1 AG§ | 22,089 | |||||
1,887 | Aareal Bank AG§ | 52,463 | |||||
1,127 | adidas AG§ | 355,125 | |||||
1,932 | ADVA Optical Networking SE*, § | 27,651 | |||||
718 | AIXTRON SE§ | 18,074 | |||||
1,882 | Allianz SE, Registered§ | 424,473 | |||||
10,081 | Aroundtown SA§ | 69,646 | |||||
408 | Aurubis AG§ | 30,908 | |||||
3,903 | BASF SE§ | 297,380 | |||||
461 | Bauer AG*, § | 5,870 | |||||
6,085 | Bayer AG, Registered§ | 331,887 | |||||
4,607 | Bayerische Motoren Werke AG§ | 442,198 | |||||
474 | BayWa AG§ | 19,980 | |||||
1,107 | Bechtle AG§ | 75,947 | |||||
592 | Befesa SA#, § | 45,182 | |||||
435 | Beiersdorf AG§ | 47,030 | |||||
1,136 | Bilfinger SE§ | 39,674 | |||||
1,357 | Borussia Dortmund GmbH & Co. KGaA*, § | 7,583 | |||||
1,982 | Brenntag SE§ | 184,886 | |||||
603 | CANCOM SE§ | 35,762 | |||||
226 | Carl Zeiss Meditec AG§ | 43,443 | |||||
3,791 | CECONOMY AG*, § | 16,378 | |||||
159 | Cewe Stiftung & Co. KGAA§ | 21,309 | |||||
13,940 | Commerzbank AG*, § | 92,852 | |||||
270 | CompuGroup Medical SE & Co. KgaA§ | 22,233 | |||||
1,121 | Continental AG*, § | 122,897 | |||||
612 | Corestate Capital Holding SA*, †, § | 8,032 | |||||
2,243 | Covestro AG#, § | 154,053 | |||||
1,019 | CTS Eventim AG & Co. KGaA*, § | 77,103 | |||||
9,159 | Daimler AG, Registered§ | 814,193 | |||||
167 | Delivery Hero SE*, #, § | 21,385 | |||||
11,171 | Deutsche Bank AG, Registered*, § | 143,271 | |||||
730 | Deutsche Beteiligungs AG§ | 30,298 | |||||
1,312 | Deutsche Boerse AG§ | 213,576 | |||||
696 | Deutsche EuroShop AG§ | 14,215 | |||||
3,148 | Deutsche Lufthansa AG, Registered*, †, § | 21,660 | |||||
3,746 | Deutsche Pfandbriefbank AG#, § | 42,598 | |||||
7,000 | Deutsche Post AG, Registered§ | 441,186 | |||||
36,590 | Deutsche Telekom AG, Registered§ | 737,733 | |||||
1,745 | Deutsche Wohnen SE* | 106,928 | |||||
3,473 | Deutz AG*, § | 30,302 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Germany (Continued) | |||||||
889 | Duerr AG§ | $ | 38,290 | ||||
28,452 | E.ON SE§ | 348,095 | |||||
1,192 | Eckert & Ziegler Strahlen- und Medizintechnik AG§ | 153,882 | |||||
1,524 | Evonik Industries AG§ | 48,270 | |||||
280 | Evotec SE*, § | 13,361 | |||||
334 | Fielmann AG§ | 22,325 | |||||
472 | flatexDEGIRO AG*, § | 10,046 | |||||
479 | Fraport AG Frankfurt Airport Services Worldwide*, § | 33,380 | |||||
2,143 | Freenet AG§ | 56,217 | |||||
2,283 | Fresenius Medical Care AG & Co. KGaA§ | 160,887 | |||||
3,491 | Fresenius SE & Co. KGaA§ | 167,845 | |||||
199 | FUCHS PETROLUB SE§ | 7,296 | |||||
2,497 | GEA Group AG§ | 114,434 | |||||
425 | Gerresheimer AG§ | 41,725 | |||||
287 | Gesco AG*, § | 8,308 | |||||
1,489 | Grand City Properties SA§ | 37,143 | |||||
336 | Hannover Rueck SE§ | 58,848 | |||||
243 | Hapag-Lloyd AG#, § | 53,147 | |||||
1,117 | HeidelbergCement AG§ | 83,773 | |||||
6,593 | Heidelberger Druckmaschinen AG*, § | 15,090 | |||||
524 | Hella GmbH & Co. KgaA*, § | 36,682 | |||||
1,225 | HelloFresh SE*, § | 113,411 | |||||
462 | Henkel AG & Co. KGaA§ | 39,862 | |||||
160 | HOCHTIEF AG§ | 12,842 | |||||
461 | Hornbach Holding AG & Co. KGaA§ | 59,797 | |||||
1,048 | HUGO BOSS AG§ | 63,190 | |||||
38 | Hypoport SE*, § | 25,643 | |||||
721 | Indus Holding AG§ | 27,712 | |||||
10,553 | Infineon Technologies AG§ | 433,825 | |||||
790 | Instone Real Estate Group SE#, § | 22,545 | |||||
788 | Jenoptik AG§ | 26,672 | |||||
6,571 | K+S AG, Registered*, § | 106,551 | |||||
828 | KION Group AG§ | 77,481 | |||||
2,961 | Kloeckner & Co. SE*, § | 37,014 | |||||
165 | Knorr-Bremse AG§ | 17,706 | |||||
434 | Koenig & Bauer AG*, § | 13,292 | |||||
326 | Krones AG§ | 31,903 | |||||
730 | LANXESS AG§ | 49,640 | |||||
698 | LEG Immobilien SE§ | 98,754 | |||||
685 | Merck KGaA§ | 148,959 | |||||
4,159 | METRO AG§ | 54,127 | |||||
373 | MTU Aero Engines AG§ | 84,340 | |||||
675 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered§ | 185,014 | |||||
147 | Nagarro SE*, § | 25,786 | |||||
772 | Nemetschek SE§ | 81,140 | |||||
33 | New Work SE§ | 8,099 | |||||
188 | Nexus AG§ | 15,567 | |||||
1,039 | Norma Group SE§ | 44,043 | |||||
390 | OHB SE§ | 17,268 | |||||
471 | PATRIZIA AG§ | 12,475 | |||||
1,490 | ProSiebenSat.1 Media SE§ | 27,418 | |||||
656 | Puma SE§ | 73,314 | |||||
1,192 | QIAGEN NV*, § | 61,977 | |||||
51 | Rational AG§ | 48,090 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Germany (Continued) | |||||||
824 | Rheinmetall AG§ | $ | 80,895 | ||||
641 | RTL Group SA*, § | 38,318 | |||||
3,858 | RWE AG§ | 136,386 | |||||
959 | S&T AG§ | 25,025 | |||||
1,686 | SAF-Holland SE*, § | 22,682 | |||||
523 | Salzgitter AG*, § | 17,682 | |||||
4,060 | SAP SE§ | 550,023 | |||||
826 | Scout24 AG#, § | 57,335 | |||||
2,763 | Siemens AG, Registered§ | 454,173 | |||||
1,782 | Siemens Energy AG*, § | 47,887 | |||||
524 | Siemens Healthineers AG#, § | 34,097 | |||||
279 | Siltronic AG§ | 43,866 | |||||
185 | Sixt SE*, § | 28,439 | |||||
435 | Software AG§ | 20,315 | |||||
638 | Stabilus SA§ | 44,742 | |||||
286 | STRATEC SE§ | 40,463 | |||||
324 | Stroeer SE & Co. KGaA§ | 26,771 | |||||
1,626 | Suedzucker AG§ | 26,160 | |||||
731 | Symrise AG§ | 96,435 | |||||
1,795 | TAG Immobilien AG§ | 52,605 | |||||
1,202 | Takkt AG§ | 19,099 | |||||
315 | Talanx AG*, § | 13,487 | |||||
685 | TeamViewer AG*, #, § | 20,198 | |||||
420 | Technotrans SE§ | 13,477 | |||||
13,304 | Telefonica Deutschland Holding AG§ | 37,870 | |||||
2,041 | thyssenkrupp AG*, § | 21,750 | |||||
1,060 | Uniper SE§ | 44,245 | |||||
2,405 | United Internet AG, Registered§ | 93,582 | |||||
426 | VERBIO Vereinigte BioEnergie AG§ | 28,057 | |||||
224 | Vitesco Technologies Group AG* | 13,245 | |||||
542 | Volkswagen AG§ | 168,280 | |||||
3,634 | Vonovia SE§ | 218,451 | |||||
257 | Vossloh AG§ | 13,672 | |||||
236 | Wacker Chemie AG§ | 44,289 | |||||
904 | Wacker Neuson SE§ | 26,266 | |||||
209 | Washtec AG§ | 13,162 | |||||
959 | Wuestenrot & Wuerttembergische AG§ | 20,342 | |||||
284 | Zalando SE*, #, § | 26,098 | |||||
117 | Zeal Network SE§ | 5,556 | |||||
42 | zooplus AG*, § | 23,696 | |||||
12,073,075 | |||||||
Hong Kong—1.8% | |||||||
86,000 | AIA Group Ltd.§ | 990,216 | |||||
2,500 | ASM Pacific Technology Ltd.§ | 27,225 | |||||
9,400 | Bank of East Asia Ltd.§ | 15,118 | |||||
2,700 | BOC Aviation Ltd.#, § | 22,441 | |||||
18,000 | BOC Hong Kong Holdings Ltd.§ | 53,925 | |||||
3,500 | Budweiser Brewing Co. APAC Ltd.#, § | 8,810 | |||||
10,000 | Cafe de Coral Holdings Ltd.§ | 18,290 | |||||
26,181 | Cathay Pacific Airways Ltd.*, § | 21,973 | |||||
15,000 | Chow Sang Sang Holdings International Ltd.§ | 22,411 | |||||
10,200 | Chow Tai Fook Jewellery Group Ltd.§ | 19,419 | |||||
56,000 | CITIC Telecom International Holdings Ltd.§ | 19,064 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Hong Kong (Continued) | |||||||
6,906 | CK Asset Holdings Ltd.§ | $ | 39,690 | ||||
22,500 | CK Hutchison Holdings Ltd.§ | 149,205 | |||||
2,000 | CK Infrastructure Holdings Ltd.§ | 11,112 | |||||
11,000 | CLP Holdings Ltd.§ | 105,802 | |||||
6,000 | Dah Sing Banking Group Ltd.§ | 5,477 | |||||
4,800 | Dah Sing Financial Holdings Ltd.§ | 14,276 | |||||
78,750 | Esprit Holdings Ltd.*, § | 6,965 | |||||
55,258 | Far East Consortium International Ltd.§ | 18,716 | |||||
58,000 | First Pacific Co. Ltd.§ | 20,803 | |||||
5,000 | Galaxy Entertainment Group Ltd.*, § | 25,228 | |||||
40,000 | Giordano International Ltd.§ | 7,706 | |||||
7,138 | Great Eagle Holdings Ltd.§ | 19,483 | |||||
142,000 | Guotai Junan International Holdings Ltd.§ | 22,532 | |||||
108,000 | Haitong International Securities Group Ltd.§ | 28,570 | |||||
4,000 | Hang Lung Group Ltd.§ | 9,326 | |||||
11,000 | Hang Lung Properties Ltd.§ | 25,005 | |||||
8,300 | Hang Seng Bank Ltd.§ | 141,654 | |||||
8,500 | Henderson Land Development Co. Ltd.§ | 32,267 | |||||
11,000 | HK Electric Investments & HK Electric Investments Ltd.§ | 10,920 | |||||
7,500 | HKBN Ltd.§ | 8,864 | |||||
19,200 | HKR International Ltd.§ | 7,583 | |||||
56,000 | HKT Trust & HKT Ltd.§ | 76,587 | |||||
50,457 | Hong Kong & China Gas Co. Ltd.§ | 76,429 | |||||
7,706 | Hong Kong Exchanges & Clearing Ltd.§ | 467,741 | |||||
19,000 | Hong Kong Technology Venture Co. Ltd.§ | 26,941 | |||||
14,179 | Hongkong & Shanghai Hotels Ltd.*, § | 13,248 | |||||
50,000 | Hutchison Telecommunications Hong Kong Holdings Ltd.§ | 7,773 | |||||
9,000 | Hysan Development Co. Ltd.§ | 29,289 | |||||
41,000 | IGG, Inc.§ | 38,420 | |||||
5,602 | Johnson Electric Holdings Ltd.§ | 11,908 | |||||
11,000 | JS Global Lifestyle Co. Ltd.#, § | 25,535 | |||||
7,000 | Kerry Logistics Network Ltd.§ | 14,959 | |||||
6,000 | Kerry Properties Ltd.§ | 15,791 | |||||
5,750 | L'Occitane International SA§ | 19,366 | |||||
38,400 | Landing International Development Ltd.*, § | 1,182 | |||||
15,500 | Lifestyle International Holdings Ltd.*, § | 8,333 | |||||
6,000 | Luk Fook Holdings International Ltd.§ | 15,371 | |||||
51,600 | Man Wah Holdings Ltd.§ | 74,914 | |||||
480,000 | Mason Group Holdings Ltd.*, § | 1,414 | |||||
11,000 | Melco International Development Ltd.*, § | 12,852 | |||||
6,185 | MTR Corp. Ltd.§ | 33,205 | |||||
10,000 | NagaCorp Ltd.§ | 8,519 | |||||
9,000 | New World Development Co. Ltd.§ | 36,519 | |||||
44,000 | NewOcean Energy Holdings Ltd.*, § | 1,856 | |||||
17,000 | NWS Holdings Ltd.§ | 15,704 | |||||
1,000 | Orient Overseas International Ltd.§ | 17,262 | |||||
87,000 | Pacific Basin Shipping Ltd.§ | 40,290 | |||||
7,128 | Pacific Century Premium Developments Ltd.*, § | 549 | |||||
29,000 | Pacific Textiles Holdings Ltd.§ | 14,661 | |||||
59,789 | PCCW Ltd.§ | 30,668 | |||||
10,000 | Power Assets Holdings Ltd.§ | 58,606 | |||||
4,800 | PRADA SpA§ | 26,180 | |||||
6,900 | Samsonite International SA*, #, § | 14,785 | |||||
9,600 | Sands China Ltd.*, § | 19,674 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Hong Kong (Continued) | |||||||
12,000 | Shangri-La Asia Ltd.*, § | $ | 9,504 | ||||
100,000 | Shun Tak Holdings Ltd.*, § | 26,727 | |||||
138,000 | Singamas Container Holdings Ltd.§ | 15,718 | |||||
16,352 | Sino Land Co. Ltd.§ | 22,001 | |||||
23,000 | SITC International Holdings Co. Ltd.§ | 81,999 | |||||
25,000 | SJM Holdings Ltd.*, § | 16,915 | |||||
13,500 | SmarTone Telecommunications Holdings Ltd.§ | 7,635 | |||||
7,000 | Sun Hung Kai Properties Ltd.§ | 86,991 | |||||
27,000 | SUNeVision Holdings Ltd.§ | 25,380 | |||||
4,500 | Swire Pacific Ltd., Class A§ | 26,672 | |||||
15,000 | Swire Pacific Ltd., Class B§ | 14,723 | |||||
6,200 | Swire Properties Ltd.§ | 15,513 | |||||
8,000 | Techtronic Industries Co. Ltd.§ | 156,828 | |||||
12,000 | Television Broadcasts Ltd.*, § | 9,463 | |||||
30,000 | United Laboratories International Holdings Ltd.§ | 19,903 | |||||
32,000 | Value Partners Group Ltd.§ | 16,098 | |||||
12,000 | Vitasoy International Holdings Ltd.§ | 30,383 | |||||
24,000 | VSTECS Holdings Ltd.§ | 21,528 | |||||
1,300 | VTech Holdings Ltd.§ | 9,461 | |||||
116,326 | WH Group Ltd.#, § | 82,753 | |||||
11,000 | Wharf Real Estate Investment Co. Ltd.§ | 56,829 | |||||
34,000 | Xinyi Glass Holdings Ltd.§ | 100,996 | |||||
14,500 | Yue Yuen Industrial Holdings Ltd.*, § | 29,388 | |||||
29,000 | Zensun Enterprises Ltd.§ | 21,860 | |||||
4,091,875 | |||||||
Ireland—0.5% | |||||||
5,093 | AIB Group PLC†, §, * | 13,734 | |||||
10,939 | Bank of Ireland Group PLC*, § | 64,476 | |||||
10,801 | Cairn Homes PLC*, § | 14,174 | |||||
3,828 | CRH PLC§ | 178,561 | |||||
6,465 | CRH PLC, ADR | 302,174 | |||||
563 | Flutter Entertainment PLC*, § | 111,300 | |||||
1,946 | Irish Continental Group PLC*, § | 9,716 | |||||
526 | Kerry Group PLC, Class A§ | 70,423 | |||||
2,044 | Kingspan Group PLC§ | 202,186 | |||||
4,774 | Smurfit Kappa Group PLC§ | 250,262 | |||||
1,217,006 | |||||||
Israel—0.5% | |||||||
734 | Airport City Ltd.*, § | 13,185 | |||||
568 | Alony Hetz Properties & Investments Ltd.§ | 8,699 | |||||
2,317 | Amot Investments Ltd.§ | 16,341 | |||||
335 | AudioCodes Ltd. | 10,901 | |||||
154 | Azrieli Group Ltd.§ | 13,847 | |||||
6,983 | Bank Hapoalim BM§ | 61,306 | |||||
13,368 | Bank Leumi Le-Israel BM§ | 113,474 | |||||
22,557 | Bezeq The Israeli Telecommunication Corp. Ltd.*, § | 26,611 | |||||
92 | Big Shopping Centers Ltd.§ | 13,636 | |||||
2,356 | Cellcom Israel Ltd.*, § | 8,217 | |||||
1,006 | Clal Insurance Enterprises Holdings Ltd.*, § | 21,467 | |||||
66 | Danel Adir Yeoshua Ltd.§ | 12,863 | |||||
442 | Delek Group Ltd.*, § | 31,290 | |||||
611 | Delta Galil Industries Ltd.§ | 30,418 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Israel (Continued) | |||||||
187 | Elbit Systems Ltd. | $ | 27,085 | ||||
58 | Electra Ltd.§ | 36,450 | |||||
464 | Equital Ltd.*, § | 13,085 | |||||
432 | First International Bank of Israel Ltd.§ | 15,781 | |||||
122 | Formula Systems 1985 Ltd., ADR† | 11,993 | |||||
375 | Fox Wizel Ltd.§ | 47,090 | |||||
2,500 | Gav-Yam Lands Corp. Ltd.§ | 25,433 | |||||
2,147 | Harel Insurance Investments & Financial Services Ltd.§ | 22,103 | |||||
2,234 | ICL Group Ltd.§ | 16,250 | |||||
275 | IDI Insurance Co. Ltd.§ | 9,667 | |||||
464 | Isracard Ltd.§ | 1,928 | |||||
6,033 | Israel Discount Bank Ltd., Class A*, § | 31,853 | |||||
302 | Kenon Holdings Ltd.§ | 12,488 | |||||
1,175 | Matrix IT Ltd.§ | 31,321 | |||||
1,507 | Maytronics Ltd.§ | 35,573 | |||||
298 | Melisron Ltd.*,§ | 23,794 | |||||
526 | Menora Mivtachim Holdings Ltd.§ | 10,805 | |||||
1,212 | Mizrahi Tefahot Bank Ltd.§ | 40,806 | |||||
2,005 | Naphtha Israel Petroleum Corp. Ltd.*, § | 9,735 | |||||
156 | Nice Ltd.*, § | 44,129 | |||||
168 | Nice Ltd., ADR†, * | 47,719 | |||||
417 | Nova Ltd.*, § | 41,703 | |||||
21,016 | Oil Refineries Ltd.*, § | 4,731 | |||||
2,397 | Partner Communications Co. Ltd.*, § | 11,135 | |||||
134 | Paz Oil Co. Ltd.*, § | 14,529 | |||||
1,329 | Phoenix Holdings Ltd.§ | 15,117 | |||||
1,415 | Shapir Engineering and Industry Ltd.§ | 11,310 | |||||
4,878 | Shikun & Binui Ltd.*, § | 28,708 | |||||
700 | Strauss Group Ltd.§ | 20,424 | |||||
1,314 | Summit Real Estate Holdings Ltd.*, § | 23,000 | |||||
526 | Tera Light Ltd.* | 1,633 | |||||
6,630 | Teva Pharmaceutical Industries Ltd., ADR* | 64,576 | |||||
862 | Tower Semiconductor Ltd.* | 25,774 | |||||
1,159,983 | |||||||
Italy—1.8% | |||||||
23,194 | A2A SpA§ | 47,561 | |||||
548 | ACEA SpA§ | 11,705 | |||||
1,290 | Amplifon SpA§ | 61,474 | |||||
6,692 | Anima Holding SpA#, § | 31,923 | |||||
7,266 | Assicurazioni Generali SpA§ | 154,583 | |||||
2,754 | Atlantia SpA*, § | 52,064 | |||||
1,709 | Azimut Holding SpA§ | 46,884 | |||||
623 | Banca Generali SpA*, § | 27,322 | |||||
2,201 | Banca Mediolanum SpA§ | 23,813 | |||||
9,396 | Banca Popolare di Sondrio SCPA§ | 39,907 | |||||
30,073 | Banco BPM SpA§ | 94,460 | |||||
2,332 | BFF Bank SpA#, § | 22,657 | |||||
26,017 | BPER Banca§ | 58,169 | |||||
732 | Brunello Cucinelli SpA§, * | 40,149 | |||||
1,230 | Buzzi Unicem SpA§ | 28,083 | |||||
3,016 | Cairo Communication SpA†, § | 5,987 | |||||
1,300 | Carel Industries SpA#, § | 35,152 | |||||
27,159 | CIR SpA-Compagnie Industriali*, †, § | 15,236 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Italy (Continued) | ||||||||
12,944 | CNH Industrial NV§ | $ | 219,171 | |||||
3,914 | Credito Emiliano SpA§ | 27,337 | ||||||
1,563 | Davide Campari-Milano NV§ | 22,002 | ||||||
253 | DiaSorin SpA§ | 53,099 | ||||||
44,294 | Enel SpA§ | 340,069 | ||||||
19,327 | Eni SpA§ | 257,325 | ||||||
806 | ERG SpA§ | 23,944 | ||||||
741 | Ferrari NV§ | 155,122 | ||||||
18,781 | Fincantieri SpA*, †, § | 15,443 | ||||||
4,947 | FinecoBank Banca Fineco SpA*, § | 89,652 | ||||||
725 | Gruppo MutuiOnline SpA§ | 35,772 | ||||||
12,089 | Hera SpA§ | 49,380 | ||||||
1,991 | Infrastrutture Wireless Italiane SpA#, § | 22,203 | ||||||
1,134 | Interpump Group SpA§ | 73,453 | ||||||
88,627 | Intesa Sanpaolo SpA§ | 251,436 | ||||||
9,018 | Iren SpA§ | 26,758 | ||||||
7,345 | Italgas SpA§ | 47,030 | ||||||
2,260 | Leonardo SpA*, § | 18,458 | ||||||
7,518 | Mediobanca Banca di Credito Finanziario SpA*, § | 90,816 | ||||||
1,242 | Moncler SpA§ | 75,962 | ||||||
9,750 | OVS SpA*, #, § | 25,906 | ||||||
1,752 | Pirelli & C SpA#, § | 10,262 | ||||||
3,814 | Poste Italiane SpA#, § | 52,492 | ||||||
1,079 | Prysmian SpA§ | 37,852 | ||||||
442 | Recordati Industria Chimica e Farmaceutica SpA§ | 25,710 | ||||||
61 | Reply SpA§ | 11,237 | ||||||
5,199 | Saipem SpA*, †, § | 12,756 | ||||||
10,551 | Saras SpA*, †, § | 10,257 | ||||||
103 | Sesa SpA§ | 18,617 | ||||||
9,270 | Snam SpA§ | 51,384 | ||||||
5,594 | Societa Cattolica Di Assicurazione SPA*, § | 45,705 | ||||||
575 | SOL SpA§ | 12,558 | ||||||
39,061 | Stellantis NV§ | 745,868 | ||||||
3,313 | Tamburi Investment Partners SpA§ | 35,123 | ||||||
2,650 | Technogym SpA#, § | 29,711 | ||||||
180,478 | Telecom Italia SpA§ | 71,089 | ||||||
1,807 | Tenaris SA§ | 19,056 | ||||||
9,476 | Terna - Rete Elettrica Nazionale§ | 67,212 | ||||||
7,682 | UniCredit SpA§ | 101,614 | ||||||
7,073 | Unipol Gruppo SpA§ | 41,353 | ||||||
9,399 | UnipolSai Assicurazioni SpA†, § | 26,405 | ||||||
4,143,728 | ||||||||
Japan—15.9% | ||||||||
1,200 | 77 Bank Ltd.§ | 13,685 | ||||||
4,900 | Acom Co. Ltd.†, § | 17,976 | ||||||
1,200 | Adastria Co. Ltd.§ | 22,057 | ||||||
1,500 | ADEKA Corp.§ | 33,866 | ||||||
1,500 | Advantest Corp.§ | 134,388 | ||||||
4,700 | Aeon Co. Ltd.§ | 123,688 | ||||||
1,400 | AEON Financial Service Co. Ltd.§ | 17,885 | ||||||
2,100 | Aeon Mall Co. Ltd.§ | 32,373 | ||||||
2,100 | AGC, Inc.§ | 107,482 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
700 | Aica Kogyo Co. Ltd.§ | $ | 23,979 | |||||
2,900 | Aida Engineering Ltd.§ | 27,334 | ||||||
8,600 | Aiful Corp.§ | 28,985 | ||||||
300 | Ain Holdings, Inc.§ | 18,565 | ||||||
2,300 | Air Water, Inc.§ | 36,841 | ||||||
1,600 | Aisin Corp.§ | 58,150 | ||||||
2,900 | Ajinomoto Co., Inc.§ | 85,810 | ||||||
1,200 | Alconix Corp.§ | 17,378 | ||||||
1,400 | Alfresa Holdings Corp.§ | 20,970 | ||||||
3,500 | Alps Alpine Co. Ltd.§ | 38,020 | ||||||
2,700 | Amada Co. Ltd.§ | 28,018 | ||||||
1,000 | Amano Corp.§ | 25,702 | ||||||
700 | ANA Holdings, Inc.*, § | 18,174 | ||||||
1,500 | Anritsu Corp.†, § | 26,843 | ||||||
1,100 | AOKI Holdings, Inc.†, § | 7,148 | ||||||
600 | Aomori Bank Ltd.§ | 11,536 | ||||||
900 | Aoyama Trading Co. Ltd.*, § | 6,829 | ||||||
700 | Aozora Bank Ltd.§ | 17,151 | ||||||
500 | Arata Corp.§ | 19,758 | ||||||
1,000 | Arcs Co. Ltd.§ | 20,297 | ||||||
400 | Argo Graphics, Inc.§ | 11,909 | ||||||
1,400 | Arisawa Manufacturing Co. Ltd.§ | 11,200 | ||||||
900 | Aruhi Corp.§ | 10,516 | ||||||
1,800 | Asahi Diamond Industrial Co. Ltd.§ | 10,924 | ||||||
3,400 | Asahi Group Holdings Ltd.§ | 164,703 | ||||||
2,000 | Asahi Holdings, Inc.§ | 35,980 | ||||||
1,600 | Asahi Intecc Co. Ltd.§ | 43,897 | ||||||
15,000 | Asahi Kasei Corp.§ | 160,106 | ||||||
600 | Asics Corp.§ | 13,613 | ||||||
1,400 | ASKUL Corp.§ | 20,363 | ||||||
10,900 | Astellas Pharma, Inc.§ | 179,726 | ||||||
800 | Avex, Inc.§ | 10,712 | ||||||
800 | Awa Bank Ltd.§ | 15,680 | ||||||
400 | Axial Retailing, Inc.§ | 13,590 | ||||||
1,100 | Azbil Corp.§ | 47,281 | ||||||
1,100 | Bandai Namco Holdings, Inc.§ | 82,604 | ||||||
600 | Bank of Kyoto Ltd.§ | 27,519 | ||||||
1,300 | Bank of the Ryukyus Ltd.§ | 9,102 | ||||||
300 | Belc Co. Ltd.§ | 15,611 | ||||||
1,300 | Bell System24 Holdings, Inc.§ | 19,409 | ||||||
1,300 | Belluna Co. Ltd.§ | 9,841 | ||||||
1,000 | Benefit One, Inc.§ | 47,216 | ||||||
800 | Benesse Holdings, Inc.§ | 18,093 | ||||||
1,500 | Bic Camera, Inc.§ | 14,292 | ||||||
500 | BML, Inc.§ | 18,987 | ||||||
7,200 | Bridgestone Corp.§ | 341,469 | ||||||
4,000 | Broadleaf Co. Ltd.§ | 20,558 | ||||||
1,400 | Brother Industries Ltd.§ | 30,804 | ||||||
3,200 | Bunka Shutter Co. Ltd.†, § | 32,427 | ||||||
400 | C Uyemura & Co. Ltd.§ | 16,230 | ||||||
700 | Calbee, Inc.§ | 17,074 | ||||||
900 | Canon Electronics, Inc.§ | 13,471 | ||||||
4,600 | Canon, Inc.§ | 113,147 | ||||||
2,400 | Capcom Co. Ltd.§ | 66,661 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
1,600 | Casio Computer Co. Ltd.†, § | $ | 26,530 | |||||
900 | Central Japan Railway Co.§ | 143,848 | ||||||
3,700 | Chiba Bank Ltd.§ | 23,823 | ||||||
3,800 | Chubu Electric Power Co., Inc.§ | 45,076 | ||||||
700 | Chudenko Corp.§ | 14,232 | ||||||
3,200 | Chugai Pharmaceutical Co. Ltd.§ | 117,224 | ||||||
1,700 | Chugoku Electric Power Co., Inc.§ | 15,524 | ||||||
2,300 | Chugoku Marine Paints Ltd.§ | 17,285 | ||||||
5,400 | Citizen Watch Co. Ltd.§ | 24,893 | ||||||
800 | Coca-Cola Bottlers Japan Holdings, Inc.§ | 11,586 | ||||||
200 | cocokara fine, Inc.†, § | 15,427 | ||||||
900 | COMSYS Holdings Corp.§ | 23,765 | ||||||
8,000 | Concordia Financial Group Ltd.§ | 31,564 | ||||||
1,200 | Cosmo Energy Holdings Co. Ltd.§ | 27,286 | ||||||
200 | Cosmos Pharmaceutical Corp.†, § | 34,109 | ||||||
600 | Create SD Holdings Co. Ltd.§ | 20,178 | ||||||
1,900 | Credit Saison Co. Ltd.§ | 25,029 | ||||||
3,600 | CyberAgent, Inc.§ | 69,721 | ||||||
1,700 | Dai Nippon Printing Co. Ltd.§ | 41,170 | ||||||
500 | Dai-Dan Co. Ltd.§ | 11,887 | ||||||
3,600 | Dai-ichi Life Holdings, Inc.§ | 78,386 | ||||||
2,100 | Daicel Corp.§ | 16,353 | ||||||
3,700 | Daido Metal Co. Ltd.§ | 20,412 | ||||||
600 | Daido Steel Co. Ltd.§ | 25,512 | ||||||
700 | Daifuku Co. Ltd.§ | 65,823 | ||||||
500 | Daihen Corp.§ | 22,035 | ||||||
700 | Daiho Corp.§ | 23,945 | ||||||
300 | Daiichi Jitsugyo Co. Ltd.§ | 13,358 | ||||||
2,700 | Daiichi Sankyo Co. Ltd.§ | 72,030 | ||||||
600 | Daiichikosho Co. Ltd.§ | 22,260 | ||||||
1,200 | Daikin Industries Ltd.§ | 258,106 | ||||||
1,400 | Daikyonishikawa Corp.§ | 8,185 | ||||||
1,900 | Daio Paper Corp.§ | 35,637 | ||||||
1,080 | Daiseki Co. Ltd.§ | 47,201 | ||||||
400 | Daishi Hokuetsu Financial Group, Inc.§ | 9,103 | ||||||
500 | Daito Trust Construction Co. Ltd.†, § | 58,377 | ||||||
5,300 | Daiwa House Industry Co. Ltd.§ | 177,002 | ||||||
9,500 | Daiwa Securities Group, Inc.§ | 55,492 | ||||||
2,500 | Daiwabo Holdings Co. Ltd.§ | 40,261 | ||||||
2,200 | DCM Holdings Co. Ltd.§ | 21,336 | ||||||
1,200 | DeNA Co. Ltd.§ | 22,273 | ||||||
1,300 | Denka Co. Ltd.§ | 45,657 | ||||||
1,500 | Denso Corp.§ | 98,333 | ||||||
1,500 | Dentsu Group, Inc.§ | 57,707 | ||||||
2,400 | Dexerials Corp.§ | 47,265 | ||||||
1,200 | DIC Corp.§ | 33,949 | ||||||
400 | Digital Arts, Inc.§ | 32,414 | ||||||
300 | Digital Garage, Inc.§ | 13,757 | ||||||
700 | Dip Corp.§ | 26,650 | ||||||
100 | Disco Corp.§ | 27,992 | ||||||
1,800 | DMG Mori Co. Ltd.§ | 33,857 | ||||||
1,100 | Doutor Nichires Holdings Co. Ltd.§ | 17,387 | ||||||
1,100 | Dowa Holdings Co. Ltd.§ | 43,399 | ||||||
600 | DTS Corp.§ | 13,816 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
1,000 | Duskin Co. Ltd.§ | $ | 23,313 | |||||
1,100 | Eagle Industry Co. Ltd.§ | 12,199 | ||||||
300 | Earth Corp.§ | 18,275 | ||||||
1,900 | East Japan Railway Co.§ | 133,276 | ||||||
1,100 | Ebara Corp.§ | 54,421 | ||||||
2,100 | EDION Corp.†, § | 19,829 | ||||||
900 | Eisai Co. Ltd.§ | 67,775 | ||||||
600 | Elecom Co. Ltd.§ | 9,623 | ||||||
900 | Electric Power Development Co. Ltd.§ | 12,910 | ||||||
700 | en-Japan, Inc.§ | 25,094 | ||||||
32,400 | ENEOS Holdings, Inc.§ | 132,304 | ||||||
1,000 | Exedy Corp.§ | 15,330 | ||||||
500 | Ezaki Glico Co. Ltd.§ | 19,024 | ||||||
900 | Fancl Corp.§ | 29,855 | ||||||
300 | FANUC Corp.§ | 65,674 | ||||||
400 | Fast Retailing Co. Ltd.§ | 294,810 | ||||||
1,100 | FCC Co. Ltd.§ | 15,521 | ||||||
2,700 | Ferrotec Holdings Corp.§ | 75,934 | ||||||
1,600 | Food & Life Cos. Ltd.§ | 73,771 | ||||||
900 | Foster Electric Co. Ltd.§ | 7,472 | ||||||
800 | FP Corp.§ | 29,671 | ||||||
1,100 | Fudo Tetra Corp.†, § | 17,769 | ||||||
1,600 | Fuji Corp.§ | 40,948 | ||||||
1,400 | Fuji Electric Co. Ltd.§ | 63,794 | ||||||
700 | Fuji Oil Holdings, Inc.§ | 16,429 | ||||||
700 | Fuji Seal International, Inc.§ | 15,162 | ||||||
500 | Fuji Soft, Inc.§ | 26,251 | ||||||
400 | Fujibo Holdings, Inc.§ | 15,165 | ||||||
700 | Fujicco Co. Ltd.§ | 12,159 | ||||||
900 | FUJIFILM Holdings Corp.§ | 77,607 | ||||||
7,900 | Fujikura Ltd.*, § | 46,743 | ||||||
500 | Fujimori Kogyo Co. Ltd.§ | 21,740 | ||||||
600 | Fujitsu General Ltd.§ | 14,982 | ||||||
2,000 | Fujitsu Ltd.§ | 363,221 | ||||||
200 | Fukuda Denshi Co. Ltd.§ | 17,414 | ||||||
1,000 | Fukuoka Financial Group, Inc.§ | 17,963 | ||||||
600 | Fukuyama Transporting Co. Ltd.§ | 26,193 | ||||||
900 | Furukawa Co. Ltd.§ | 9,866 | ||||||
1,200 | Furukawa Electric Co. Ltd.§ | 26,180 | ||||||
1,200 | Furuno Electric Co. Ltd.§ | 13,287 | ||||||
800 | Futaba Corp.§ | 5,674 | ||||||
500 | Fuyo General Lease Co. Ltd.§ | 34,543 | ||||||
800 | G-7 Holdings, Inc.§ | 14,554 | ||||||
800 | Geo Holdings Corp.§ | 9,033 | ||||||
1,000 | Glory Ltd.§ | 22,286 | ||||||
900 | GMO internet, Inc.§ | 23,058 | ||||||
700 | Goldcrest Co. Ltd.§ | 10,601 | ||||||
400 | Goldwin, Inc.§ | 26,110 | ||||||
3,100 | Gree, Inc.§ | 17,079 | ||||||
1,000 | GS Yuasa Corp.§ | 22,695 | ||||||
1,100 | GungHo Online Entertainment, Inc.§ | 20,198 | ||||||
4,900 | Gunma Bank Ltd.§ | 15,710 | ||||||
600 | Gunze Ltd.§ | 23,448 | ||||||
900 | H.U. Group Holdings, Inc.†, § | 24,344 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
1,700 | H2O Retailing Corp.§ | $ | 14,742 | |||||
5,000 | Hachijuni Bank Ltd.§ | 17,826 | ||||||
2,400 | Hakuhodo DY Holdings, Inc.†, § | 41,405 | ||||||
800 | Hamakyorex Co. Ltd.§ | 24,149 | ||||||
500 | Hamamatsu Photonics KK§ | 31,017 | ||||||
2,200 | Hankyu Hanshin Holdings, Inc.§ | 69,413 | ||||||
800 | Hanwa Co. Ltd.§ | 24,811 | ||||||
5,200 | Haseko Corp.§ | 69,709 | ||||||
3,500 | Hazama Ando Corp.§ | 25,136 | ||||||
1,200 | Heiwa Corp.§ | 22,513 | ||||||
600 | Heiwa Real Estate Co. Ltd.§ | 20,790 | ||||||
900 | Heiwado Co. Ltd.†, § | 17,548 | ||||||
200 | Hikari Tsushin, Inc.§ | 33,820 | ||||||
2,600 | Hino Motors Ltd.§ | 24,389 | ||||||
3,100 | Hirogin Holdings, Inc.§ | 17,714 | ||||||
400 | Hisamitsu Pharmaceutical Co., Inc.§ | 15,173 | ||||||
1,100 | Hitachi Construction Machinery Co. Ltd.§ | 31,160 | ||||||
9,500 | Hitachi Ltd.§ | 563,291 | ||||||
2,000 | Hitachi Metals Ltd.*, § | 38,752 | ||||||
600 | Hitachi Transport System Ltd.§ | 26,724 | ||||||
6,400 | Hitachi Zosen Corp.§ | 49,212 | ||||||
400 | Hogy Medical Co. Ltd.§ | 11,419 | ||||||
2,900 | Hokkaido Electric Power Co., Inc.§ | 13,895 | ||||||
700 | Hokkoku Bank Ltd.§ | 13,674 | ||||||
3,000 | Hokuetsu Corp.†, § | 18,445 | ||||||
1,800 | Hokuhoku Financial Group, Inc.§ | 13,782 | ||||||
2,300 | Hokuriku Electric Power Co.§ | 12,355 | ||||||
1,200 | Hokuto Corp.§ | 21,171 | ||||||
8,800 | Honda Motor Co. Ltd.§ | 271,395 | ||||||
500 | Horiba Ltd.§ | 35,013 | ||||||
3,100 | Hosiden Corp.§ | 26,753 | ||||||
600 | House Foods Group, Inc.§ | 18,318 | ||||||
2,400 | Hoya Corp.§ | 375,355 | ||||||
2,300 | Hulic Co. Ltd.§ | 25,642 | ||||||
3,000 | Hyakugo Bank Ltd.§ | 8,756 | ||||||
1,100 | Ibiden Co. Ltd.§ | 60,810 | ||||||
6,700 | Ichigo, Inc.§ | 22,147 | ||||||
600 | Idec Corp.§ | 11,865 | ||||||
2,300 | Idemitsu Kosan Co. Ltd.§ | 60,719 | ||||||
3,000 | IDOM, Inc.§ | 26,769 | ||||||
2,200 | IHI Corp.§ | 55,586 | ||||||
1,100 | Iida Group Holdings Co. Ltd.§ | 28,312 | ||||||
900 | Inabata & Co. Ltd.§ | 13,945 | ||||||
4,200 | Infomart Corp.§ | 38,095 | ||||||
7,500 | Inpex Corp.§ | 58,696 | ||||||
1,100 | Intage Holdings, Inc.§ | 16,117 | ||||||
300 | Iriso Electronics Co. Ltd.§ | 12,240 | ||||||
1,900 | Isetan Mitsukoshi Holdings Ltd.†, § | 14,350 | ||||||
1,600 | Ishihara Sangyo Kaisha Ltd.§ | 18,188 | ||||||
3,200 | Isuzu Motors Ltd.§ | 42,041 | ||||||
500 | Ito En Ltd.§ | 33,203 | ||||||
7,900 | ITOCHU Corp.†, § | 231,403 | ||||||
1,200 | Itochu Enex Co. Ltd.†, § | 10,811 | ||||||
700 | Itochu Techno-Solutions Corp.§ | 22,853 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
3,400 | Itoham Yonekyu Holdings, Inc.§ | $ | 22,284 | |||||
700 | Iwatani Corp.§ | 41,149 | ||||||
4,100 | Iyo Bank Ltd.§ | 20,914 | ||||||
500 | Izumi Co. Ltd.§ | 16,678 | ||||||
2,300 | J Trust Co. Ltd.†, § | 10,298 | ||||||
700 | J-Oil Mills, Inc.§ | 11,551 | ||||||
1,600 | J. Front Retailing Co. Ltd.§ | 15,513 | ||||||
1,300 | Jaccs Co. Ltd.†, § | 35,520 | ||||||
700 | JAFCO Group Co. Ltd.§ | 44,922 | ||||||
1,400 | Japan Airlines Co. Ltd.*, § | 33,325 | ||||||
500 | Japan Airport Terminal Co. Ltd.*, § | 24,659 | ||||||
1,800 | Japan Aviation Electronics Industry Ltd.§ | 26,313 | ||||||
1,100 | Japan Elevator Service Holdings Co. Ltd.§ | 25,314 | ||||||
3,600 | Japan Exchange Group, Inc.§ | 89,344 | ||||||
1,500 | Japan Lifeline Co. Ltd.§ | 18,396 | ||||||
7,000 | Japan Post Holdings Co. Ltd.*, § | 58,916 | ||||||
1,000 | Japan Post Insurance Co. Ltd.§ | 18,098 | ||||||
600 | Japan Pulp & Paper Co. Ltd.§ | 20,997 | ||||||
3,000 | Japan Securities Finance Co. Ltd.†, § | 23,269 | ||||||
1,300 | Japan Steel Works Ltd.§ | 33,802 | ||||||
10,300 | Japan Tobacco, Inc.§ | 202,235 | ||||||
1,700 | Japan Wool Textile Co. Ltd.§ | 15,459 | ||||||
400 | JCU Corp.§ | 15,930 | ||||||
3,600 | JFE Holdings, Inc.§ | 53,717 | ||||||
1,500 | JGC Holdings Corp.§ | 14,039 | ||||||
400 | JINS Holdings, Inc.†, § | 29,122 | ||||||
600 | Joshin Denki Co. Ltd.§ | 13,574 | ||||||
700 | JSR Corp.§ | 25,374 | ||||||
3,800 | JTEKT Corp.§ | 33,121 | ||||||
800 | Juroku Bank Ltd.§ | 15,713 | ||||||
8,900 | JVCKenwood Corp.§ | 16,726 | ||||||
2,200 | K's Holdings Corp.§ | 22,800 | ||||||
400 | Kadokawa Corp.§ | 22,162 | ||||||
700 | Kaga Electronics Co. Ltd.§ | 18,924 | ||||||
800 | Kagome Co. Ltd.§ | 20,638 | ||||||
4,900 | Kajima Corp.§ | 63,144 | ||||||
1,100 | Kakaku.com, Inc.§ | 35,611 | ||||||
500 | Kaken Pharmaceutical Co. Ltd.§ | 20,567 | ||||||
1,000 | Kamigumi Co. Ltd.§ | 21,041 | ||||||
1,300 | Kanamoto Co. Ltd.§ | 30,507 | ||||||
2,200 | Kandenko Co. Ltd.§ | 18,174 | ||||||
600 | Kaneka Corp.§ | 25,157 | ||||||
1,700 | Kanematsu Corp.§ | 21,130 | ||||||
4,400 | Kansai Electric Power Co., Inc.§ | 42,700 | ||||||
1,200 | Kansai Paint Co. Ltd.§ | 29,838 | ||||||
3,100 | Kao Corp.§ | 184,704 | ||||||
400 | Katitas Co. Ltd.§ | 14,157 | ||||||
400 | Kato Sangyo Co. Ltd.§ | 11,880 | ||||||
300 | KAWADA TECHNOLOGIES, Inc.§ | 10,401 | ||||||
2,100 | Kawasaki Heavy Industries Ltd.†, § | 48,791 | ||||||
16,000 | KDDI Corp.§ | 528,760 | ||||||
1,200 | Keihan Holdings Co. Ltd.§ | 34,560 | ||||||
1,500 | Keikyu Corp.†, § | 18,760 | ||||||
700 | Keio Corp.§ | 37,476 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
600 | Keisei Electric Railway Co. Ltd.§ | $ | 19,902 | |||||
2,500 | Keiyo Bank Ltd.§ | 10,064 | ||||||
900 | Kewpie Corp.§ | 21,863 | ||||||
400 | Keyence Corp.§ | 239,674 | ||||||
1,100 | KH Neochem Co. Ltd.§ | 30,295 | ||||||
400 | Kikkoman Corp.§ | 32,506 | ||||||
900 | Kintetsu Group Holdings Co. Ltd.*, § | 30,377 | ||||||
1,700 | Kintetsu World Express, Inc.§ | 43,261 | ||||||
5,200 | Kirin Holdings Co. Ltd.§ | 96,585 | ||||||
800 | Kissei Pharmaceutical Co. Ltd.§ | 17,228 | ||||||
1,500 | Kito Corp.§ | 24,248 | ||||||
2,600 | Kitz Corp.§ | 18,355 | ||||||
1,600 | Kiyo Bank Ltd.§ | 22,697 | ||||||
300 | Kobayashi Pharmaceutical Co. Ltd.§ | 23,759 | ||||||
1,800 | Kobe Bussan Co. Ltd.§ | 58,767 | ||||||
4,400 | Kobe Steel Ltd.§ | 26,556 | ||||||
500 | Koei Tecmo Holdings Co. Ltd.§ | 23,783 | ||||||
900 | Kohnan Shoji Co. Ltd.§ | 29,456 | ||||||
1,300 | Koito Manufacturing Co. Ltd.§ | 78,168 | ||||||
1,500 | Kokuyo Co. Ltd.§ | 25,426 | ||||||
8,600 | Komatsu Ltd.§ | 206,792 | ||||||
1,100 | KOMEDA Holdings Co. Ltd.§ | 21,877 | ||||||
1,000 | Komeri Co. Ltd.§ | 24,203 | ||||||
1,400 | Komori Corp.§ | 10,956 | ||||||
700 | Konami Holdings Corp.§ | 43,928 | ||||||
6,900 | Konica Minolta, Inc.†, § | 37,220 | ||||||
700 | Konishi Co. Ltd.§ | 11,209 | ||||||
1,200 | Konoike Transport Co. Ltd.§ | 13,750 | ||||||
100 | Kose Corp.§ | 11,986 | ||||||
4,900 | Kubota Corp.§ | 104,533 | ||||||
400 | Kumagai Gumi Co. Ltd.§ | 10,307 | ||||||
4,700 | Kuraray Co. Ltd.§ | 45,280 | ||||||
400 | Kureha Corp.§ | 27,161 | ||||||
700 | Kurita Water Industries Ltd.§ | 33,819 | ||||||
400 | Kusuri no Aoki Holdings Co. Ltd.†, § | 27,302 | ||||||
1,400 | Kyocera Corp.§ | 87,521 | ||||||
1,500 | Kyoei Steel Ltd.§ | 18,574 | ||||||
1,700 | Kyokuto Kaihatsu Kogyo Co. Ltd.§ | 24,898 | ||||||
500 | KYORIN Holdings, Inc.§ | 7,976 | ||||||
1,000 | Kyowa Exeo Corp.§ | 24,597 | ||||||
600 | Kyudenko Corp.§ | 19,911 | ||||||
2,400 | Kyushu Electric Power Co., Inc.§ | 18,259 | ||||||
5,000 | Kyushu Financial Group, Inc.§ | 17,880 | ||||||
1,200 | Kyushu Railway Co.§ | 28,930 | ||||||
600 | Lasertec Corp.§ | 136,289 | ||||||
400 | Lawson, Inc.†, § | 19,639 | ||||||
1,000 | Lintec Corp.§ | 22,859 | ||||||
1,100 | Lion Corp.§ | 17,795 | ||||||
2,600 | Lixil Corp.§ | 75,553 | ||||||
500 | M&A Capital Partners Co. Ltd.*, †, § | 27,741 | ||||||
2,800 | M3, Inc.§ | 199,891 | ||||||
700 | Mabuchi Motor Co. Ltd.§ | 24,285 | ||||||
1,300 | Macnica Fuji Electronics Holdings, Inc.§ | 30,306 | ||||||
900 | Macromill, Inc.§ | 6,673 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
3,800 | Maeda Corp.†, § | $ | 30,695 | |||||
800 | Maeda Kosen Co. Ltd.§ | 23,721 | ||||||
400 | Maeda Road Construction Co. Ltd.§ | 7,367 | ||||||
600 | Makino Milling Machine Co. Ltd.§ | 23,062 | ||||||
900 | Makita Corp.§ | 49,114 | ||||||
500 | Mani, Inc.§ | 9,542 | ||||||
6,900 | Marubeni Corp.§ | 56,614 | ||||||
800 | Marudai Food Co. Ltd.†, § | 12,478 | ||||||
700 | Maruha Nichiro Corp.§ | 16,524 | ||||||
2,200 | Marui Group Co. Ltd.§ | 42,535 | ||||||
700 | Maruichi Steel Tube Ltd.§ | 16,237 | ||||||
2,200 | Marusan Securities Co. Ltd.†, § | 12,569 | ||||||
200 | Maruwa Co. Ltd.§ | 20,430 | ||||||
900 | Matsui Securities Co. Ltd.§ | 6,560 | ||||||
700 | Matsumotokiyoshi Holdings Co. Ltd.§ | 31,282 | ||||||
1,700 | Maxell Holdings Ltd.§ | 20,347 | ||||||
4,100 | Mazda Motor Corp.*, § | 35,703 | ||||||
500 | McDonald's Holdings Co. Japan Ltd.§ | 23,600 | ||||||
9,000 | Mebuki Financial Group, Inc.§ | 19,795 | ||||||
1,600 | Medipal Holdings Corp.§ | 30,182 | ||||||
1,000 | Megachips Corp.§ | 29,951 | ||||||
1,000 | Megmilk Snow Brand Co. Ltd.§ | 20,563 | ||||||
1,700 | Meidensha Corp.§ | 37,637 | ||||||
1,000 | MEIJI Holdings Co. Ltd.§ | 64,630 | ||||||
1,200 | Meiko Electronics Co. Ltd.§ | 32,369 | ||||||
500 | Meitec Corp.§ | 27,464 | ||||||
400 | Mercari, Inc.*, § | 22,021 | ||||||
600 | Milbon Co. Ltd.§ | 36,765 | ||||||
1,200 | Mimasu Semiconductor Industry Co. Ltd.§ | 26,325 | ||||||
2,200 | MINEBEA MITSUMI, Inc.§ | 56,175 | ||||||
1,600 | Mirait Holdings Corp.§ | 31,794 | ||||||
1,000 | MISUMI Group, Inc.§ | 42,494 | ||||||
15,300 | Mitsubishi Chemical Holdings Corp.§ | 139,805 | ||||||
5,500 | Mitsubishi Corp.§ | 172,055 | ||||||
13,000 | Mitsubishi Electric Corp.§ | 180,809 | ||||||
5,800 | Mitsubishi Estate Co. Ltd.§ | 92,366 | ||||||
1,700 | Mitsubishi Gas Chemical Co., Inc.†, § | 33,573 | ||||||
13,800 | Mitsubishi HC Capital, Inc.§ | 72,520 | ||||||
1,900 | Mitsubishi Heavy Industries Ltd.§ | 51,297 | ||||||
900 | Mitsubishi Logistics Corp.§ | 26,706 | ||||||
1,000 | Mitsubishi Materials Corp.§ | 19,562 | ||||||
5,200 | Mitsubishi Motors Corp.*, § | 14,225 | ||||||
51,700 | Mitsubishi UFJ Financial Group, Inc.§ | 301,847 | ||||||
6,000 | Mitsui & Co. Ltd.§ | 130,159 | ||||||
2,500 | Mitsui Chemicals, Inc.§ | 83,937 | ||||||
2,100 | Mitsui E&S Holdings Co. Ltd.*, § | 9,364 | ||||||
4,700 | Mitsui Fudosan Co. Ltd.§ | 111,954 | ||||||
600 | Mitsui High-Tec, Inc.§ | 41,030 | ||||||
1,900 | Mitsui Mining & Smelting Co. Ltd.§ | 53,128 | ||||||
800 | Mitsui OSK Lines Ltd.†, § | 53,912 | ||||||
800 | Mitsui-Soko Holdings Co. Ltd.§ | 18,093 | ||||||
300 | Miura Co. Ltd.§ | 12,036 | ||||||
1,000 | Mixi, Inc.§ | 22,554 | ||||||
700 | Miyazaki Bank Ltd.§ | 13,132 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
9,790 | Mizuho Financial Group, Inc.§ | $ | 137,823 | |||||
1,000 | Mizuho Leasing Co. Ltd.§ | 32,550 | ||||||
300 | Mochida Pharmaceutical Co. Ltd.§ | 9,181 | ||||||
400 | Modec, Inc.§ | 6,350 | ||||||
3,300 | Monex Group, Inc.§ | 17,213 | ||||||
300 | Money Forward, Inc.*, § | 21,325 | ||||||
600 | Monogatari Corp.†, § | 42,026 | ||||||
1,600 | MonotaRO Co. Ltd.§ | 36,105 | ||||||
400 | Morinaga & Co. Ltd.§ | 14,780 | ||||||
700 | Morinaga Milk Industry Co. Ltd.§ | 43,486 | ||||||
1,800 | MS&AD Insurance Group Holdings, Inc.§ | 60,059 | ||||||
3,300 | Murata Manufacturing Co. Ltd.§ | 293,749 | ||||||
2,000 | Musashi Seimitsu Industry Co. Ltd.§ | 34,989 | ||||||
1,000 | Musashino Bank Ltd.†, § | 16,461 | ||||||
1,200 | Nabtesco Corp.§ | 45,457 | ||||||
600 | Nachi-Fujikoshi Corp.§ | 24,570 | ||||||
1,500 | Nagase & Co. Ltd.§ | 25,353 | ||||||
1,300 | Nagoya Railroad Co. Ltd.§ | 23,988 | ||||||
300 | Nakanishi, Inc.§ | 6,849 | ||||||
1,200 | Nankai Electric Railway Co. Ltd.§ | 25,886 | ||||||
800 | Nanto Bank Ltd.§ | 14,370 | ||||||
2,600 | NEC Corp.§ | 141,142 | ||||||
1,100 | NET One Systems Co. Ltd.§ | 36,227 | ||||||
1,900 | Nexon Co. Ltd.§ | 30,654 | ||||||
2,000 | NGK Insulators Ltd.§ | 33,964 | ||||||
2,500 | NGK Spark Plug Co. Ltd.§ | 39,106 | ||||||
1,000 | NH Foods Ltd.§ | 37,827 | ||||||
2,400 | NHK Spring Co. Ltd.§ | 17,145 | ||||||
1,300 | Nichi-iko Pharmaceutical Co. Ltd.†, § | 10,448 | ||||||
1,200 | Nichias Corp.§ | 29,250 | ||||||
1,400 | Nichicon Corp.§ | 13,285 | ||||||
900 | Nichiden Corp.§ | 19,178 | ||||||
700 | Nichiha Corp.§ | 20,025 | ||||||
1,500 | Nichirei Corp.§ | 39,293 | ||||||
1,600 | Nidec Corp.§ | 177,496 | ||||||
1,600 | Nifco, Inc.§ | 49,812 | ||||||
700 | Nihon Kohden Corp.§ | 23,796 | ||||||
2,000 | Nihon M&A Center, Inc.§ | 58,935 | ||||||
1,800 | Nihon Parkerizing Co. Ltd.§ | 18,597 | ||||||
900 | Nihon Unisys Ltd.§ | 23,351 | ||||||
1,700 | Nikkiso Co. Ltd.§ | 14,730 | ||||||
1,300 | Nikkon Holdings Co. Ltd.§ | 26,900 | ||||||
3,000 | Nikon Corp.§ | 33,469 | ||||||
600 | Nintendo Co. Ltd.§ | 291,875 | ||||||
2,100 | Nippn Corp.§ | 56,161 | ||||||
600 | Nippon Carbon Co. Ltd.§ | 22,508 | ||||||
600 | Nippon Chemi-Con Corp.*, § | 11,570 | ||||||
700 | Nippon Densetsu Kogyo Co. Ltd.§ | 11,867 | ||||||
900 | Nippon Electric Glass Co. Ltd.§ | 21,344 | ||||||
1,200 | Nippon Express Co. Ltd.§ | 82,677 | ||||||
1,800 | Nippon Gas Co. Ltd.§ | 24,826 | ||||||
400 | Nippon Koei Co. Ltd.§ | 12,864 | ||||||
1,520 | Nippon Light Metal Holdings Co. Ltd.§ | 26,520 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
2,700 | Nippon Paint Holdings Co. Ltd.§ | $ | 29,371 | |||||
1,200 | Nippon Paper Industries Co. Ltd.†, § | 12,775 | ||||||
200 | Nippon Road Co. Ltd.§ | 15,146 | ||||||
1,200 | Nippon Sanso Holdings Corp.§ | 30,198 | ||||||
1,200 | Nippon Seiki Co. Ltd.§ | 12,639 | ||||||
300 | Nippon Shinyaku Co. Ltd.§ | 24,993 | ||||||
400 | Nippon Shokubai Co. Ltd.§ | 20,659 | ||||||
2,600 | Nippon Signal Company Ltd.§ | 23,303 | ||||||
900 | Nippon Soda Co. Ltd.§ | 29,114 | ||||||
5,500 | Nippon Steel Corp.§ | 98,432 | ||||||
500 | Nippon Steel Trading Corp.§ | 22,616 | ||||||
3,600 | Nippon Suisan Kaisha Ltd.§ | 20,954 | ||||||
8,000 | Nippon Telegraph & Telephone Corp.§ | 221,160 | ||||||
530 | Nippon Yakin Kogyo Co. Ltd.§ | 12,554 | ||||||
1,800 | Nippon Yusen KK†, § | 135,393 | ||||||
2,200 | Nipro Corp.§ | 22,897 | ||||||
2,000 | Nishi-Nippon Financial Holdings, Inc.§ | 12,819 | ||||||
900 | Nishi-Nippon Railroad Co. Ltd.§ | 22,882 | ||||||
1,000 | Nishimatsu Construction Co. Ltd.†, § | 30,786 | ||||||
1,600 | Nishimatsuya Chain Co. Ltd.†, § | 20,293 | ||||||
700 | Nishio Rent All Co. Ltd.§ | 18,459 | ||||||
800 | Nissan Chemical Corp.§ | 46,695 | ||||||
12,900 | Nissan Motor Co. Ltd.*, § | 64,695 | ||||||
600 | Nissei ASB Machine Co. Ltd.§ | 20,279 | ||||||
1,100 | Nissha Co. Ltd.§ | 17,571 | ||||||
800 | Nisshin Oillio Group Ltd.§ | 21,790 | ||||||
1,400 | Nisshin Seifun Group, Inc.§ | 23,340 | ||||||
5,700 | Nisshinbo Holdings, Inc.†, § | 42,913 | ||||||
400 | Nissin Foods Holdings Co. Ltd.§ | 32,153 | ||||||
500 | Nitori Holdings Co. Ltd.§ | 98,366 | ||||||
1,200 | Nitto Denko Corp.§ | 85,514 | ||||||
700 | Nitto Kogyo Corp.§ | 10,998 | ||||||
300 | Noevir Holdings Co. Ltd.§ | 14,313 | ||||||
700 | NOF Corp.§ | 39,500 | ||||||
1,100 | Nojima Corp.§ | 28,403 | ||||||
1,500 | NOK Corp.§ | 17,615 | ||||||
1,800 | Nomura Co. Ltd.§ | 16,230 | ||||||
18,800 | Nomura Holdings, Inc.§ | 92,405 | ||||||
1,500 | Nomura Real Estate Holdings, Inc.§ | 39,090 | ||||||
1,500 | Nomura Research Institute Ltd.§ | 55,282 | ||||||
300 | Noritake Co. Ltd.§ | 13,461 | ||||||
700 | Noritsu Koki Co. Ltd.†, § | 15,924 | ||||||
7,800 | North Pacific Bank Ltd.§ | 17,764 | ||||||
800 | NSD Co. Ltd.§ | 14,618 | ||||||
2,900 | NSK Ltd.†, § | 19,682 | ||||||
10,800 | NTN Corp.*, § | 24,344 | ||||||
4,900 | NTT Data Corp.§ | 94,935 | ||||||
600 | Obara Group, Inc.†, § | 20,946 | ||||||
6,000 | Obayashi Corp.§ | 49,820 | ||||||
200 | Obic Co. Ltd.§ | 38,269 | ||||||
2,100 | Odakyu Electric Railway Co. Ltd.§ | 48,647 | ||||||
1,100 | Ogaki Kyoritsu Bank Ltd.§ | 19,509 | ||||||
8,800 | Oji Holdings Corp.§ | 44,404 | ||||||
1,000 | Okamura Corp.§ | 14,636 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
4,600 | Okasan Securities Group, Inc.§ | $ | 16,725 | ||||
1,800 | Oki Electric Industry Co. Ltd.§ | 15,763 | |||||
500 | Okinawa Cellular Telephone Co.§ | 24,315 | |||||
1,155 | Okinawa Electric Power Co., Inc.§ | 14,871 | |||||
500 | OKUMA Corp.§ | 24,283 | |||||
700 | Okumura Corp.§ | 18,777 | |||||
8,100 | Olympus Corp.§ | 177,886 | |||||
500 | Omron Corp.§ | 49,559 | |||||
2,000 | Ono Pharmaceutical Co. Ltd.§ | 45,615 | |||||
3,700 | Onward Holdings Co. Ltd.§ | 11,963 | |||||
1,200 | Open House Co. Ltd.§ | 70,255 | |||||
1,000 | Optex Group Co. Ltd.§ | 13,670 | |||||
200 | Oracle Corp.§ | 17,597 | |||||
200 | Organo Corp.§ | 12,290 | |||||
8,100 | Orient Corp.§ | 11,941 | |||||
200 | Oriental Land Co. Ltd.§ | 32,390 | |||||
11,000 | ORIX Corp.§ | 205,568 | |||||
2,000 | Osaka Gas Co. Ltd.§ | 36,761 | |||||
1,100 | OSG Corp.§ | 18,914 | |||||
700 | Otsuka Corp.§ | 35,987 | |||||
1,700 | Otsuka Holdings Co. Ltd.§ | 72,469 | |||||
1,900 | Outsourcing, Inc.§ | 34,333 | |||||
1,600 | Pacific Industrial Co. Ltd.§ | 16,879 | |||||
900 | Pacific Metals Co. Ltd.§ | 14,964 | |||||
3,600 | Pan Pacific International Holdings Corp.§ | 74,611 | |||||
28,200 | Panasonic Corp.§ | 350,023 | |||||
1,500 | Park24 Co. Ltd.*, § | 25,269 | |||||
3,900 | Penta-Ocean Construction Co. Ltd.§ | 26,604 | |||||
800 | PeptiDream, Inc.*, § | 26,045 | |||||
1,300 | Persol Holdings Co. Ltd.§ | 32,574 | |||||
1,000 | Pigeon Corp.§ | 23,288 | |||||
500 | Pilot Corp.§ | 18,953 | |||||
1,100 | Piolax, Inc.§ | 15,323 | |||||
900 | Pola Orbis Holdings, Inc.§ | 20,759 | |||||
2,500 | Press Kogyo Co. Ltd.§ | 7,663 | |||||
600 | Pressance Corp.†, § | 9,867 | |||||
2,100 | Prestige International, Inc.§ | 14,366 | |||||
1,100 | Prima Meat Packers Ltd.§ | 27,952 | |||||
1,000 | Proto Corp.§ | 13,764 | |||||
1,300 | Qol Holdings Co. Ltd.§ | 17,689 | |||||
900 | Raito Kogyo Co. Ltd.§ | 15,941 | |||||
3,300 | Rakuten Group, Inc.§ | 31,933 | |||||
7,700 | Recruit Holdings Co. Ltd.§ | 469,510 | |||||
1,200 | Relia, Inc.§ | 12,615 | |||||
900 | Relo Group, Inc.§ | 18,670 | |||||
6,700 | Renesas Electronics Corp.*, § | 82,670 | |||||
2,800 | Rengo Co. Ltd.§ | 21,888 | |||||
500 | RENOVA, Inc.*, § | 20,520 | |||||
10,600 | Resona Holdings, Inc.§ | 42,189 | |||||
1,100 | Resorttrust, Inc.§ | 21,656 | |||||
5,100 | Ricoh Co. Ltd.§ | 52,334 | |||||
400 | Ricoh Leasing Co. Ltd.§ | 13,307 | |||||
400 | Rinnai Corp.§ | 43,836 | |||||
4,000 | Riso Kyoiku Co. Ltd.§ | 15,761 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
100 | Rohm Co. Ltd.§ | $ | 9,421 | ||||
700 | Rohto Pharmaceutical Co. Ltd.§ | 21,498 | |||||
300 | Rorze Corp.§ | 21,372 | |||||
500 | Ryobi Ltd.§ | 5,659 | |||||
2,000 | Ryohin Keikaku Co. Ltd.§ | 44,496 | |||||
200 | Ryosan Co. Ltd.§ | 4,131 | |||||
600 | S Foods, Inc.§ | 16,554 | |||||
1,300 | Sakata INX Corp.§ | 13,675 | |||||
2,700 | Sala Corp.§ | 15,607 | |||||
1,800 | SAMTY Co. Ltd.§ | 37,827 | |||||
300 | San-A Co. Ltd.§ | 10,745 | |||||
2,100 | San-Ai Oil Co. Ltd.§ | 27,861 | |||||
3,000 | San-In Godo Bank Ltd.§ | 15,138 | |||||
1,200 | Sangetsu Corp.§ | 16,322 | |||||
900 | Sanken Electric Co. Ltd.§ | 50,508 | |||||
1,300 | Sanki Engineering Co. Ltd.§ | 17,269 | |||||
600 | Sankyo Co. Ltd.§ | 14,954 | |||||
500 | Sankyu, Inc.§ | 23,143 | |||||
2,200 | Santen Pharmaceutical Co. Ltd.§ | 31,045 | |||||
2,300 | Sanwa Holdings Corp.§ | 29,910 | |||||
500 | Sanyo Chemical Industries Ltd.§ | 26,211 | |||||
300 | Sanyo Denki Co. Ltd.§ | 19,066 | |||||
1,200 | Sapporo Holdings Ltd.†, § | 27,620 | |||||
900 | Sato Holdings Corp.§ | 21,947 | |||||
400 | Sawai Group Holdings Co. Ltd.§ | 18,616 | |||||
1,900 | SBI Holdings, Inc.†, § | 46,877 | |||||
300 | SCREEN Holdings Co. Ltd.§ | 25,747 | |||||
600 | SCSK Corp.§ | 12,688 | |||||
900 | Secom Co. Ltd.§ | 65,308 | |||||
2,100 | Sega Sammy Holdings, Inc.§ | 29,905 | |||||
3,000 | Seibu Holdings, Inc.*, § | 38,154 | |||||
1,000 | Seikagaku Corp.§ | 9,490 | |||||
4,500 | Seiko Epson Corp.§ | 90,789 | |||||
700 | Seiko Holdings Corp.§ | 14,125 | |||||
1,600 | Seino Holdings Co. Ltd.§ | 19,298 | |||||
1,400 | Seiren Co. Ltd.†, § | 26,311 | |||||
4,200 | Sekisui Chemical Co. Ltd.§ | 72,312 | |||||
3,700 | Sekisui House Ltd.§ | 77,752 | |||||
8,500 | Senshu Ikeda Holdings, Inc.§ | 12,569 | |||||
600 | Seria Co. Ltd.§ | 20,978 | |||||
6,900 | Seven & i Holdings Co. Ltd.§ | 313,119 | |||||
7,000 | Seven Bank Ltd.†, § | 15,625 | |||||
1,800 | SG Holdings Co. Ltd.§ | 51,183 | |||||
1,900 | Sharp Corp.§ | 24,054 | |||||
600 | Shibuya Corp.§ | 16,547 | |||||
1,000 | Shiga Bank Ltd.§ | 17,024 | |||||
900 | Shikoku Chemicals Corp.§ | 11,274 | |||||
1,700 | Shikoku Electric Power Co., Inc.§ | 11,822 | |||||
900 | Shima Seiki Manufacturing Ltd.§ | 18,168 | |||||
1,000 | Shimadzu Corp.§ | 43,926 | |||||
200 | Shimamura Co. Ltd.§ | 18,779 | |||||
300 | Shimano, Inc.§ | 87,396 | |||||
3,500 | Shimizu Corp.†, § | 26,378 | |||||
1,600 | Shin-Etsu Chemical Co. Ltd.§ | 269,863 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
2,000 | Shin-Etsu Polymer Co. Ltd.§ | $ | 18,571 | ||||
1,100 | Shinko Electric Industries Co. Ltd.§ | 36,598 | |||||
1,700 | Shinmaywa Industries Ltd.§ | 14,231 | |||||
1,800 | Shinsei Bank Ltd.†, § | 30,305 | |||||
1,000 | Shionogi & Co. Ltd.§ | 68,505 | |||||
1,200 | Ship Healthcare Holdings, Inc.§ | 30,979 | |||||
600 | Shiseido Co. Ltd.§ | 40,438 | |||||
4,800 | Shizuoka Bank Ltd.†, § | 39,490 | |||||
2,800 | Shizuoka Gas Co. Ltd.†, § | 33,831 | |||||
300 | SHO-BOND Holdings Co. Ltd.§ | 13,329 | |||||
300 | Shoei Co. Ltd.§ | 13,513 | |||||
1,900 | Showa Denko KK§ | 46,370 | |||||
1,000 | Siix Corp.§ | 10,753 | |||||
1,100 | Sinfonia Technology Co. Ltd.§ | 11,969 | |||||
3,900 | SKY Perfect JSAT Holdings, Inc.§ | 15,000 | |||||
2,600 | Skylark Holdings Co. Ltd.*, § | 38,127 | |||||
100 | SMC Corp.§ | 62,563 | |||||
1,300 | SMS Co. Ltd.§ | 47,030 | |||||
2,700 | Sodick Co. Ltd.†, § | 22,070 | |||||
11,900 | SoftBank Corp.§ | 161,569 | |||||
11,100 | SoftBank Group Corp.§ | 641,440 | |||||
500 | Sohgo Security Services Co. Ltd.§ | 22,576 | |||||
1,560 | Sojitz Corp.§ | 25,663 | |||||
900 | Solasto Corp.§ | 12,127 | |||||
2,000 | Sompo Holdings, Inc.§ | 86,618 | |||||
8,500 | Sony Group Corp.§ | 946,572 | |||||
800 | Sotetsu Holdings, Inc.§ | 15,921 | |||||
400 | Square Enix Holdings Co. Ltd.§ | 21,077 | |||||
800 | Stanley Electric Co. Ltd.§ | 20,166 | |||||
1,600 | Star Micronics Co. Ltd.§ | 22,282 | |||||
800 | Starts Corp., Inc.§ | 19,076 | |||||
6,000 | Subaru Corp.§ | 111,423 | |||||
200 | Sugi Holdings Co. Ltd.§ | 14,549 | |||||
3,600 | SUMCO Corp.§ | 72,280 | |||||
13,500 | Sumitomo Chemical Co. Ltd.§ | 70,422 | |||||
3,800 | Sumitomo Corp.§ | 53,129 | |||||
1,500 | Sumitomo Dainippon Pharma Co. Ltd.§ | 26,800 | |||||
5,300 | Sumitomo Electric Industries Ltd.§ | 70,703 | |||||
1,600 | Sumitomo Forestry Co. Ltd.§ | 30,689 | |||||
1,700 | Sumitomo Heavy Industries Ltd.§ | 44,040 | |||||
1,100 | Sumitomo Metal Mining Co. Ltd.§ | 39,696 | |||||
3,600 | Sumitomo Mitsui Construction Co. Ltd.§ | 16,134 | |||||
5,600 | Sumitomo Mitsui Financial Group, Inc.§ | 195,918 | |||||
1,900 | Sumitomo Mitsui Trust Holdings, Inc.§ | 65,071 | |||||
900 | Sumitomo Osaka Cement Co. Ltd.§ | 25,124 | |||||
1,700 | Sumitomo Realty & Development Co. Ltd.§ | 62,033 | |||||
3,700 | Sumitomo Rubber Industries Ltd.§ | 47,051 | |||||
400 | Sumitomo Seika Chemicals Co. Ltd.§ | 12,994 | |||||
900 | Sumitomo Warehouse Co. Ltd.§ | 14,749 | |||||
2,600 | Sun Frontier Fudousan Co. Ltd.§ | 25,656 | |||||
700 | Sundrug Co. Ltd.§ | 21,361 | |||||
1,100 | Suntory Beverage & Food Ltd.§ | 45,697 | |||||
400 | Suzuken Co. Ltd.§ | 11,733 | |||||
2,700 | Suzuki Motor Corp.§ | 120,348 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
900 | Sysmex Corp.§ | $ | 111,178 | ||||
1,700 | Systena Corp.§ | 34,343 | |||||
800 | T Hasegawa Co. Ltd.§ | 19,096 | |||||
2,400 | T&D Holdings, Inc.§ | 32,778 | |||||
700 | Tachi-S Co. Ltd.§ | 7,985 | |||||
2,200 | Tadano Ltd.§ | 23,226 | |||||
1,800 | Taiheiyo Cement Corp.§ | 37,441 | |||||
3,200 | Taisei Corp.†, § | 103,034 | |||||
200 | Taisho Pharmaceutical Holdings Co. Ltd.§ | 11,694 | |||||
600 | Taiyo Holdings Co. Ltd.§ | 15,280 | |||||
1,600 | Taiyo Yuden Co. Ltd.§ | 94,166 | |||||
1,300 | Takara Holdings, Inc.§ | 18,795 | |||||
1,600 | Takashimaya Co. Ltd.§ | 17,869 | |||||
14,000 | Takeda Pharmaceutical Co. Ltd.§ | 464,069 | |||||
1,200 | Takeuchi Manufacturing Co. Ltd.§ | 27,758 | |||||
700 | Takuma Co. Ltd.§ | 9,792 | |||||
2,100 | Tamura Corp.†, § | 13,653 | |||||
4,200 | TDK Corp.§ | 151,734 | |||||
1,800 | TechnoPro Holdings, Inc.§ | 53,472 | |||||
4,200 | Teijin Ltd.§ | 59,287 | |||||
400 | Tekken Corp.§ | 6,526 | |||||
3,300 | Terumo Corp.§ | 155,148 | |||||
1,300 | THK Co. Ltd.§ | 28,662 | |||||
1,200 | TIS, Inc.§ | 32,799 | |||||
200 | TKC Corp.§ | 6,287 | |||||
3,100 | Toagosei Co. Ltd.§ | 36,132 | |||||
1,500 | Tobu Railway Co. Ltd.§ | 40,449 | |||||
2,200 | Tocalo Co. Ltd.§ | 26,717 | |||||
3,500 | Toda Corp.§ | 24,354 | |||||
600 | Toho Co. Ltd.§ | 28,306 | |||||
500 | Toho Gas Co. Ltd.§ | 21,843 | |||||
1,500 | Toho Holdings Co. Ltd.§ | 24,477 | |||||
3,300 | Tohoku Electric Power Co., Inc.§ | 24,314 | |||||
3,600 | Tokai Carbon Co. Ltd.§ | 46,236 | |||||
1,300 | TOKAI Holdings Corp.§ | 10,451 | |||||
1,300 | Tokai Rika Co. Ltd.§ | 18,658 | |||||
4,800 | Tokai Tokyo Financial Holdings, Inc.§ | 17,463 | |||||
200 | Token Corp.§ | 17,729 | |||||
2,400 | Tokio Marine Holdings, Inc.§ | 128,706 | |||||
1,100 | Tokuyama Corp.§ | 21,104 | |||||
700 | Tokyo Century Corp.§ | 39,511 | |||||
9,100 | Tokyo Electric Power Co. Holdings, Inc.*, § | 26,099 | |||||
1,100 | Tokyo Electron Ltd.§ | 484,883 | |||||
2,400 | Tokyo Gas Co. Ltd.§ | 44,695 | |||||
1,400 | Tokyo Kiraboshi Financial Group, Inc.§ | 19,276 | |||||
500 | Tokyo Ohka Kogyo Co. Ltd.§ | 30,330 | |||||
800 | Tokyo Seimitsu Co. Ltd.§ | 32,958 | |||||
2,000 | Tokyo Steel Manufacturing Co. Ltd.†, § | 20,539 | |||||
2,700 | Tokyo Tatemono Co. Ltd.§ | 42,767 | |||||
400 | Tokyotokeiba Co. Ltd.§ | 15,761 | |||||
1,700 | Tokyu Construction Co. Ltd.†, § | 11,966 | |||||
1,600 | Tokyu Corp.§ | 23,826 | |||||
6,100 | Tokyu Fudosan Holdings Corp.§ | 37,565 | |||||
5,300 | TOMONY Holdings, Inc.§ | 15,692 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
1,900 | Tomy Co. Ltd.§ | $ | 19,403 | ||||
1,500 | TOPPAN, Inc.§ | 25,512 | |||||
1,100 | Topre Corp.§ | 13,057 | |||||
500 | Topy Industries Ltd.§ | 5,467 | |||||
14,600 | Toray Industries, Inc.§ | 93,243 | |||||
1,300 | Tosei Corp.§ | 14,005 | |||||
1,200 | Toshiba Corp.§ | 50,321 | |||||
500 | Toshiba TEC Corp.§ | 21,226 | |||||
3,600 | Tosoh Corp.§ | 65,326 | |||||
600 | TOTO Ltd.§ | 28,507 | |||||
900 | Towa Pharmaceutical Co. Ltd.§ | 25,541 | |||||
3,100 | Toyo Construction Co. Ltd.§ | 16,302 | |||||
500 | Toyo Ink SC Holdings Co. Ltd.§ | 9,423 | |||||
1,000 | Toyo Seikan Group Holdings Ltd.†, § | 11,749 | |||||
800 | Toyo Suisan Kaisha Ltd.§ | 35,531 | |||||
1,600 | Toyo Tire Corp.§ | 28,626 | |||||
2,500 | Toyobo Co. Ltd.§ | 31,332 | |||||
500 | Toyoda Gosei Co. Ltd.§ | 10,039 | |||||
700 | Toyota Industries Corp.§ | 57,509 | |||||
101,500 | Toyota Motor Corp.§ | 1,815,653 | |||||
1,400 | Toyota Tsusho Corp.§ | 58,672 | |||||
600 | TPR Co. Ltd.§ | 7,977 | |||||
1,200 | Trend Micro, Inc.§ | 66,943 | |||||
800 | Tri Chemical Laboratories, Inc.§ | 23,905 | |||||
300 | Trusco Nakayama Corp.§ | 7,798 | |||||
1,600 | TS Tech Co. Ltd.§ | 20,642 | |||||
600 | Tsubakimoto Chain Co.§ | 18,666 | |||||
1,900 | Tsugami Corp.§ | 28,598 | |||||
700 | Tsumura & Co.§ | 22,401 | |||||
200 | Tsuruha Holdings, Inc.§ | 24,708 | |||||
700 | TV Asahi Holdings Corp.§ | 10,981 | |||||
1,000 | UACJ Corp.*, § | 26,184 | |||||
2,000 | Ube Industries Ltd.§ | 39,259 | |||||
500 | Ulvac, Inc.§ | 28,599 | |||||
1,500 | Unicharm Corp.§ | 66,528 | |||||
800 | Unipres Corp.†, § | 6,577 | |||||
1,100 | United Super Markets Holdings, Inc.§ | 10,850 | |||||
2,000 | Ushio, Inc.§ | 37,618 | |||||
1,300 | USS Co. Ltd.§ | 22,241 | |||||
600 | UT Group Co. Ltd.§ | 17,788 | |||||
400 | V Technology Co. Ltd.†, § | 15,829 | |||||
1,200 | Valor Holdings Co. Ltd.§ | 25,960 | |||||
1,000 | Valqua Ltd.§ | 19,272 | |||||
1,400 | Vital KSK Holdings, Inc.§ | 9,983 | |||||
3,800 | VT Holdings Co. Ltd.§ | 18,760 | |||||
800 | Wacoal Holdings Corp.§ | 16,964 | |||||
3,000 | Wacom Co. Ltd.§ | 19,162 | |||||
800 | Welcia Holdings Co. Ltd.§ | 28,763 | |||||
500 | West Holdings Corp.§ | 22,115 | |||||
1,000 | West Japan Railway Co.§ | 49,797 | |||||
300 | Workman Co. Ltd.§ | 19,011 | |||||
1,000 | Xebio Holdings Co. Ltd.§ | 10,166 | |||||
400 | Yakult Honsha Co. Ltd.§ | 20,280 | |||||
9,500 | Yamada Holdings Co. Ltd.§ | 39,985 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
2,100 | Yamaguchi Financial Group, Inc.§ | $ | 12,413 | ||||
500 | Yamaha Corp.§ | 31,434 | |||||
4,200 | Yamaha Motor Co. Ltd.§ | 116,948 | |||||
2,400 | Yamato Holdings Co. Ltd.§ | 60,844 | |||||
900 | Yamato Kogyo Co. Ltd.§ | 28,869 | |||||
1,200 | Yamazaki Baking Co. Ltd.†, § | 20,899 | |||||
400 | Yaoko Co. Ltd.†, § | 24,463 | |||||
500 | Yaskawa Electric Corp.§ | 24,052 | |||||
1,200 | Yellow Hat Ltd.§ | 20,971 | |||||
600 | Yokogawa Bridge Holdings Corp.§ | 13,099 | |||||
2,000 | Yokogawa Electric Corp.§ | 34,970 | |||||
2,500 | Yokohama Reito Co. Ltd.†, § | 19,873 | |||||
2,100 | Yokohama Rubber Co. Ltd.§ | 37,757 | |||||
19,800 | Z Holdings Corp.§ | 127,067 | |||||
700 | Zenkoku Hosho Co. Ltd.§ | 34,144 | |||||
900 | Zensho Holdings Co. Ltd.†, § | 22,359 | |||||
2,300 | Zeon Corp.§ | 32,358 | |||||
600 | ZOZO, Inc.§ | 22,467 | |||||
36,895,723 | |||||||
Netherlands—2.5% | |||||||
1,275 | Aalberts NV§ | 72,811 | |||||
2,824 | ABN AMRO Bank NV, CVA*, #, § | 40,634 | |||||
722 | Accell Group NV*, § | 31,996 | |||||
78 | Adyen NV*, #, § | 216,884 | |||||
14,340 | Aegon NV†, § | 73,621 | |||||
1,266 | Akzo Nobel NV§ | 137,856 | |||||
580 | AMG Advanced Metallurgical Group NV†, § | 18,737 | |||||
576 | Amsterdam Commodities NV*, § | 15,662 | |||||
882 | APERAM SA§ | 48,612 | |||||
2,093 | Arcadis NV§ | 104,345 | |||||
5,174 | ArcelorMittal SA§ | 156,119 | |||||
802 | ASM International NV§ | 313,133 | |||||
2,066 | ASML Holding NV§ | 1,524,031 | |||||
2,865 | ASR Nederland NV§ | 130,344 | |||||
894 | Basic-Fit NV*, #, †, § | 40,947 | |||||
1,008 | BE Semiconductor Industries NV§ | 79,578 | |||||
1,770 | Boskalis Westminster§ | 53,604 | |||||
1,216 | Coca-Cola European Partners PLC§ | 66,604 | |||||
988 | Corbion NV§ | 47,718 | |||||
691 | Flow Traders#, § | 26,736 | |||||
2,215 | Fugro NV*, § | 23,104 | |||||
490 | GrandVision NV#, § | 16,114 | |||||
2,032 | Heineken NV§ | 211,232 | |||||
373 | IMCD NV§ | 70,817 | |||||
16,312 | ING Groep NV†, § | 236,755 | |||||
2,027 | Intertrust NV*, #, § | 30,337 | |||||
339 | JDE Peet's NV§ | 10,069 | |||||
10,441 | Koninklijke Ahold Delhaize NV§ | 346,154 | |||||
7,677 | Koninklijke BAM Groep NV*, § | 24,332 | |||||
824 | Koninklijke DSM NV§ | 164,700 | |||||
56,357 | Koninklijke KPN NV§ | 176,740 | |||||
3,491 | Koninklijke Philips NV§ | 154,731 | |||||
899 | Koninklijke Vopak NV§ | 35,341 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Netherlands (Continued) | |||||||
1,600 | NN Group NV§ | $ | 83,500 | ||||
1,110 | OCI NV*, § | 32,362 | |||||
4,749 | Ordina NV§ | 18,066 | |||||
11,571 | PostNL NV§ | 55,804 | |||||
1,111 | Prosus NV*, § | 87,500 | |||||
1,299 | Randstad NV†, § | 86,813 | |||||
3,497 | SBM Offshore NV§ | 62,011 | |||||
2,451 | Signify NV#, § | 121,772 | |||||
839 | Sligro Food Group NV*, § | 22,788 | |||||
1,271 | TKH Group NV§ | 70,425 | |||||
1,381 | TomTom NV*, †, § | 10,933 | |||||
2,749 | Universal Music Group NV | 73,605 | |||||
388 | Van Lanschot Kempen NV§ | 11,934 | |||||
2,640 | Wolters Kluwer NV§ | 279,056 | |||||
5,716,967 | |||||||
New Zealand—0.3% | |||||||
15,320 | Air New Zealand Ltd.*, †, § | 17,218 | |||||
9,996 | Arvida Group Ltd.§ | 14,441 | |||||
3,965 | Auckland International Airport Ltd.*, § | 21,316 | |||||
6,975 | Chorus Ltd.§ | 31,864 | |||||
5,950 | Contact Energy Ltd.§ | 34,547 | |||||
1,501 | EBOS Group Ltd.§ | 36,357 | |||||
2,488 | Fisher & Paykel Healthcare Corp. Ltd.§ | 54,706 | |||||
3,726 | Fletcher Building Ltd.§ | 18,377 | |||||
3,759 | Freightways Ltd.§ | 33,024 | |||||
12,176 | Heartland Group Holdings Ltd.§ | 19,461 | |||||
13,666 | Infratil Ltd.§ | 75,014 | |||||
7,008 | Kathmandu Holdings Ltd.†, § | 7,662 | |||||
1,307 | Mainfreight Ltd.§ | 87,177 | |||||
5,736 | Meridian Energy Ltd.§ | 19,450 | |||||
1,991 | Port of Tauranga Ltd.§ | 9,754 | |||||
8,615 | Pushpay Holdings Ltd.*, †, § | 10,937 | |||||
684 | Restaurant Brands New Zealand Ltd.*, § | 7,434 | |||||
1,854 | Ryman Healthcare Ltd.§ | 19,180 | |||||
9,536 | SKYCITY Entertainment Group Ltd.§ | 21,061 | |||||
15,590 | Spark New Zealand Ltd.§ | 51,400 | |||||
4,050 | Summerset Group Holdings Ltd.§ | 42,434 | |||||
6,133 | Z Energy Ltd.§ | 14,301 | |||||
647,115 | |||||||
Norway—0.6% | |||||||
21,108 | ABG Sundal Collier Holding ASA§ | 22,118 | |||||
751 | Aker BP ASA§ | 24,162 | |||||
4,348 | Aker Solutions ASA*, § | 9,651 | |||||
593 | Atea ASA*, § | 10,242 | |||||
629 | Atlantic Sapphire ASA*, †, § | 2,496 | |||||
2,299 | Austevoll Seafood ASA§ | 27,258 | |||||
11,411 | B2Holding ASA*, § | 13,277 | |||||
438 | Bakkafrost P/F§ | 36,061 | |||||
1,595 | Bank Norwegian ASA§ | 19,066 | |||||
480 | Bonheur ASA§ | 16,628 | |||||
1,580 | Borregaard ASA§ | 38,225 | |||||
1,094 | BW Energy Ltd.*, § | 3,494 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Norway (Continued) | |||||||
6,229 | BW LPG Ltd.#, § | $ | 33,720 | ||||
5,362 | BW Offshore Ltd.§ | 17,408 | |||||
4,966 | DNB Bank ASA§ | 112,744 | |||||
12,792 | DNO ASA*, § | 14,577 | |||||
12,646 | Equinor ASA§ | 322,263 | |||||
4,440 | Europris ASA#, § | 29,294 | |||||
1,329 | FLEX LNG Ltd.§ | 23,714 | |||||
1,401 | Gjensidige Forsikring ASA§ | 31,026 | |||||
768 | Grieg Seafood ASA*, § | 7,172 | |||||
2,196 | Mowi ASA§ | 55,422 | |||||
864 | Nordic Semiconductor ASA*, § | 25,854 | |||||
13,327 | Norsk Hydro ASA§ | 99,450 | |||||
5,186 | Odfjell Drilling Ltd.*, § | 11,719 | |||||
4,229 | Orkla ASA§ | 38,756 | |||||
10,139 | PGS ASA*, †, § | 6,372 | |||||
1,686 | Protector Forsikring ASA§ | 16,929 | |||||
397 | Salmar ASA§ | 26,370 | |||||
1,776 | Sbanken ASA#, § | 20,422 | |||||
1,104 | Scatec ASA#, § | 20,531 | |||||
614 | Schibsted ASA, Class A§ | 29,179 | |||||
404 | Schibsted ASA, Class B§ | 17,092 | |||||
1,199 | SpareBank 1 SR-Bank ASA§ | 16,645 | |||||
3,149 | Storebrand ASA§ | 30,081 | |||||
2,103 | Subsea 7 SA§ | 18,250 | |||||
4,815 | Telenor ASA§ | 80,875 | |||||
1,294 | TGS ASA§ | 13,699 | |||||
888 | TOMRA Systems ASA§ | 46,360 | |||||
1,273 | Veidekke ASA§ | 15,611 | |||||
1,410 | Yara International ASA§ | 69,786 | |||||
1,473,999 | |||||||
Portugal—0.1% | |||||||
3,185 | Altri SGPS SA†, § | 19,640 | |||||
2,841 | CTT-Correios de Portugal SA§ | 15,171 | |||||
932 | EDP Renovaveis SA§ | 22,953 | |||||
18,638 | Energias de Portugal SA§ | 97,769 | |||||
6,892 | Galp Energia SGPS SA§ | 78,052 | |||||
57 | Greenvolt-Energias Renovaveis SA*, § | 393 | |||||
1,861 | Jeronimo Martins SGPS SA§ | 37,058 | |||||
5,953 | Navigator Co. SA†, § | 20,778 | |||||
3,482 | NOS SGPS SA§ | 13,949 | |||||
10,709 | Redes Energeticas Nacionais SGPS SA§ | 31,578 | |||||
20,529 | Sonae SGPS SA§ | 21,573 | |||||
358,914 | |||||||
Singapore—0.6% | |||||||
23,500 | Ascendas India Trust§ | 24,797 | |||||
14,400 | Capitaland Investment Ltd.* | 36,058 | |||||
3,400 | City Developments Ltd.§ | 17,159 | |||||
23,400 | ComfortDelGro Corp. Ltd.§ | 25,984 | |||||
3,900 | Dairy Farm International Holdings Ltd.§ | 13,257 | |||||
10,322 | DBS Group Holdings Ltd.§ | 229,209 | |||||
18,300 | First Resources Ltd.§ | 21,779 | |||||
35,400 | Genting Singapore Ltd.§ | 18,646 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Singapore (Continued) | |||||||
132,400 | Golden Agri-Resources Ltd.§ | $ | 22,770 | ||||
100 | Great Eastern Holdings Ltd.§ | 1,568 | |||||
11,200 | GuocoLand Ltd.§ | 13,526 | |||||
1,300 | Haw Par Corp. Ltd.§ | 11,020 | |||||
5,500 | Hongkong Land Holdings Ltd.§ | 26,323 | |||||
1,900 | iFAST Corp. Ltd.§ | 13,119 | |||||
1,000 | Jardine Cycle & Carriage Ltd.§ | 14,214 | |||||
9,600 | Keppel Corp. Ltd.§ | 36,482 | |||||
57,577 | Keppel Infrastructure Trust§ | 23,098 | |||||
14,800 | NetLink NBN Trust§ | 10,826 | |||||
21,139 | Oversea-Chinese Banking Corp. Ltd.§ | 176,963 | |||||
3,200 | SATS Ltd.*, § | 9,730 | |||||
10,100 | Sembcorp Industries Ltd.§ | 13,566 | |||||
401,502 | Sembcorp Marine Ltd.*, § | 24,327 | |||||
19,200 | Sheng Siong Group Ltd.§ | 20,912 | |||||
9,299 | Singapore Airlines Ltd.*, § | 34,013 | |||||
5,400 | Singapore Exchange Ltd.§ | 39,514 | |||||
32,900 | Singapore Post Ltd.§ | 15,351 | |||||
33,100 | Singapore Press Holdings Ltd.†, § | 47,740 | |||||
8,200 | Singapore Technologies Engineering Ltd.§ | 22,910 | |||||
35,400 | Singapore Telecommunications Ltd.§ | 63,872 | |||||
8,100 | United Overseas Bank Ltd.§ | 153,201 | |||||
6,300 | UOL Group Ltd.§ | 31,669 | |||||
1,800 | Venture Corp. Ltd.§ | 23,721 | |||||
16,400 | Wilmar International Ltd.§ | 50,384 | |||||
15,000 | Wing Tai Holdings Ltd.§ | 19,994 | |||||
29,500 | Yangzijiang Shipbuilding Holdings Ltd.§ | 29,681 | |||||
1,337,383 | |||||||
Spain—1.4% | |||||||
375 | Acciona SA†, § | 62,197 | |||||
2,154 | Acerinox SA§ | 27,467 | |||||
3,335 | ACS Actividades de Construccion y Servicios SA§ | 89,416 | |||||
334 | Aena SME SA*, #, § | 57,612 | |||||
1,148 | Almirall SA§ | 18,199 | |||||
1,469 | Amadeus IT Group SA*, § | 96,502 | |||||
4,833 | Applus Services SA§ | 45,650 | |||||
30,522 | Banco Bilbao Vizcaya Argentaria SA†, § | 201,339 | |||||
13,416 | Banco Bilbao Vizcaya Argentaria SA, ADR*, † | 88,411 | |||||
71,163 | Banco de Sabadell SA*, § | 59,588 | |||||
116,729 | Banco Santander SA§ | 422,805 | |||||
5,075 | Bankinter SA†, § | 29,708 | |||||
18,312 | CaixaBank SA§ | 56,783 | |||||
996 | Cellnex Telecom SA#, § | 61,395 | |||||
796 | Cia de Distribucion Integral Logista Holdings SA§ | 16,734 | |||||
861 | CIE Automotive SA§ | 21,680 | |||||
318 | Construcciones y Auxiliar de Ferrocarriles SA§ | 13,242 | |||||
535 | Ebro Foods SA†, § | 10,191 | |||||
3,909 | Enagas SA§ | 86,876 | |||||
3,301 | Endesa SA§ | 66,576 | |||||
4,660 | Ercros SA*, § | 18,959 | |||||
3,991 | Faes Farma SA§ | 15,701 | |||||
1,158 | Ferrovial SA§ | 33,585 | |||||
598 | Fluidra SA§ | 23,628 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Spain (Continued) | |||||||
3,465 | Gestamp Automocion SA*, #, § | $ | 13,360 | ||||
4,339 | Global Dominion Access SA#, § | 21,772 | |||||
1,891 | Grifols SA†, § | 46,108 | |||||
364 | Grupo Catalana Occidente SA§ | 13,292 | |||||
51,856 | Iberdrola SA§ | 517,915 | |||||
4,293 | Indra Sistemas SA*, § | 45,522 | |||||
6,499 | Industria de Diseno Textil SA§ | 236,450 | |||||
147 | Laboratorios Farmaceuticos Rovi SA§ | 9,495 | |||||
5,075 | Linea Directa Aseguradora SA Cia de Seguros y Reaseguros§ | 9,965 | |||||
7,728 | Mapfre SA§ | 16,842 | |||||
1,581 | Mediaset Espana Comunicacion SA*, § | 8,962 | |||||
4,190 | Melia Hotels International SA*, § | 30,993 | |||||
2,767 | Naturgy Energy Group SA†, § | 69,663 | |||||
2,459 | Prosegur Cia de Seguridad SA§ | 7,278 | |||||
3,850 | Red Electrica Corp. SA§ | 76,955 | |||||
12,946 | Repsol SA§ | 168,149 | |||||
10,298 | Sacyr SA†, § | 25,101 | |||||
826 | Siemens Gamesa Renewable Energy SA*, § | 20,879 | |||||
49,503 | Telefonica SA§ | 230,732 | |||||
3,839 | Tubacex SA*, †, § | 6,925 | |||||
15,835 | Unicaja Banco SA#, § | 16,311 | |||||
172 | Vidrala SA§ | 18,765 | |||||
582 | Viscofan SA§ | 38,060 | |||||
1,480 | Zardoya Otis SA§ | 12,032 | |||||
3,285,770 | |||||||
Sweden—2.3% | |||||||
984 | AAK AB§ | 21,157 | |||||
1,552 | AcadeMedia AB#, § | 10,583 | |||||
576 | AddLife AB, Class B§ | 20,901 | |||||
1,041 | AddNode Group AB§ | 41,248 | |||||
2,288 | AddTech AB, Class B§ | 40,500 | |||||
1,023 | AFRY AB§ | 31,194 | |||||
1,926 | Alfa Laval AB§ | 71,767 | |||||
933 | Alimak Group AB#, § | 13,968 | |||||
556 | Annehem Fastigheter AB, Class B*, § | 2,220 | |||||
5,483 | Arjo AB, Class B§ | 67,645 | |||||
2,763 | Assa Abloy AB, Class B§ | 80,114 | |||||
5,277 | Atlas Copco AB, Class A§ | 320,104 | |||||
1,616 | Atlas Copco AB, Class B§ | 82,609 | |||||
3,696 | Attendo AB*, #, § | 15,955 | |||||
1,217 | Avanza Bank Holding AB§ | 42,651 | |||||
1,206 | Axfood AB§ | 28,837 | |||||
1,079 | Beijer Alma AB§ | 24,485 | |||||
2,259 | Betsson AB, Class B*, § | 18,740 | |||||
1,218 | Bilia AB, Class A§ | 21,963 | |||||
1,635 | BillerudKorsnas AB§ | 31,240 | |||||
475 | BioGaia AB, Class B§ | 23,886 | |||||
981 | Biotage AB§ | 26,805 | |||||
2,318 | Boliden AB§ | 74,571 | |||||
1,253 | Bonava AB, Class B§ | 11,381 | |||||
1,482 | Bravida Holding AB#, § | 19,906 | |||||
1,632 | Bure Equity AB§ | 67,626 | |||||
1,751 | Castellum AB†, § | 42,629 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Sweden (Continued) | ||||||||
447 | Catena AB§ | $ | 24,021 | |||||
7,868 | Cloetta AB, Class B§ | 24,334 | ||||||
1,370 | Coor Service Management Holding AB#, § | 12,986 | ||||||
14,402 | Corem Property Group AB, Class B§ | 38,081 | ||||||
2,643 | Dios Fastigheter AB§ | 25,624 | ||||||
2,657 | Dometic Group AB#, § | 39,942 | ||||||
2,823 | Dustin Group AB#, § | 30,344 | ||||||
2,954 | Electrolux AB, Series B†, § | 68,215 | ||||||
3,376 | Electrolux Professional AB, Class B*, § | 24,037 | ||||||
1,639 | Elekta AB, Class B†, § | 18,300 | ||||||
4,082 | Epiroc AB, Class A§ | 84,140 | ||||||
1,112 | Epiroc AB, Class B§ | 19,648 | ||||||
4,623 | Essity AB, Class B§ | 143,491 | ||||||
645 | Evolution AB#, § | 98,046 | ||||||
1,567 | Fabege AB†, § | 23,685 | ||||||
2,158 | Fagerhult AB§ | 16,389 | ||||||
612 | Fastighets AB Balder, Class B*, § | 36,708 | ||||||
2,139 | Getinge AB, Class B§ | 85,060 | ||||||
1,494 | Granges AB§ | 17,977 | ||||||
6,778 | Hennes & Mauritz AB, Class B*, § | 137,424 | ||||||
4,452 | Hexagon AB, Class B§ | 68,597 | ||||||
1,573 | Hexpol AB§ | 17,858 | ||||||
3,175 | Hoist Finance AB*, #, § | 11,171 | ||||||
833 | Holmen AB, Class B§ | 36,522 | ||||||
690 | Hufvudstaden AB, Class A§ | 10,294 | ||||||
4,148 | Husqvarna AB, Class B§ | 49,485 | ||||||
588 | ICA Gruppen AB§ | 26,960 | ||||||
2,319 | Indutrade AB§ | 64,414 | ||||||
293 | Instalco AB§ | 13,392 | ||||||
631 | Intrum AB§ | 17,171 | ||||||
3,518 | Inwido AB§ | 58,793 | ||||||
1,080 | JM AB§ | 38,152 | ||||||
1,855 | Kindred Group PLC § | 27,855 | ||||||
1,219 | KNOW IT AB§ | 49,157 | ||||||
1,646 | Kungsleden AB†, § | 21,613 | ||||||
5,226 | Lagercrantz Group AB, Class B†, § | 62,234 | ||||||
1,140 | Lifco AB, Class B§ | 30,515 | ||||||
1,567 | Lindab International AB§ | 39,560 | ||||||
981 | Loomis AB§ | 26,546 | ||||||
801 | Lundin Energy AB†, § | 29,734 | ||||||
2,179 | Mekonomen AB*, § | 38,562 | ||||||
1,754 | Millicom International Cellular SA, SDR*, § | 63,477 | ||||||
302 | MIPS AB§ | 30,286 | ||||||
1,742 | Modern Times Group MTG AB, Class B*, § | 21,085 | ||||||
432 | Mycronic AB§ | 10,773 | ||||||
669 | NCC AB§ | 10,496 | ||||||
2,452 | Nibe Industrier AB, Class B§ | 30,799 | ||||||
3,170 | Nobia AB§ | 20,883 | ||||||
1,697 | Nobina AB#, § | 15,194 | ||||||
3,940 | Nolato AB, Class B§ | 46,724 | ||||||
700 | Nordic Entertainment Group AB, Class B*, § | 37,601 | ||||||
2,599 | Nordic Waterproofing Holding AB§ | 60,946 | ||||||
1,681 | Nyfosa AB†, § | 23,671 | ||||||
609 | Pandox AB*, § | 9,640 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Sweden (Continued) | ||||||||
2,782 | Peab AB, Class B§ | $ | 28,852 | |||||
1,578 | Platzer Fastigheter Holding AB, Class B§ | 23,592 | ||||||
4,394 | Ratos AB, Class B§ | 25,794 | ||||||
5,625 | Resurs Holding AB#, § | 26,059 | ||||||
528 | Saab AB§ | 14,925 | ||||||
700 | Sagax AB, Class B§ | 21,746 | ||||||
6,434 | Samhallsbyggnadsbolaget i Norden AB†, § | 35,480 | ||||||
3,433 | Sandvik AB§ | 78,348 | ||||||
55,650 | SAS AB*, †, § | 12,130 | ||||||
2,495 | Scandi Standard AB§ | 14,931 | ||||||
1,030 | Sectra AB*, § | 20,697 | ||||||
2,942 | Securitas AB, Class B§ | 46,658 | ||||||
1,240 | Sinch AB*, #, § | 23,895 | ||||||
7,990 | Skandinaviska Enskilda Banken AB, Class A§ | 112,580 | ||||||
2,555 | Skanska AB, Class B§ | 64,038 | ||||||
3,291 | SKF AB, Class B§ | 77,453 | ||||||
1,180 | SkiStar AB*, § | 24,331 | ||||||
4,349 | SSAB AB, Class A*, § | 21,450 | ||||||
7,778 | SSAB AB, Class B*, § | 33,388 | ||||||
3,850 | Svenska Cellulosa AB SCA, Class B§ | 59,493 | ||||||
6,847 | Svenska Handelsbanken AB, Class A§ | 76,808 | ||||||
1,170 | Sweco AB, Class B§ | 18,393 | ||||||
4,970 | Swedbank AB, Class A§ | 100,530 | ||||||
10,480 | Swedish Match AB§ | 91,911 | ||||||
987 | Swedish Orphan Biovitrum AB*, § | 26,611 | ||||||
5,725 | Tele2 AB, Class B†, § | 84,571 | ||||||
1,292 | Telefonaktiebolaget LM Ericsson, Class A§ | 14,720 | ||||||
20,809 | Telefonaktiebolaget LM Ericsson, Class B†, § | 235,191 | ||||||
30,108 | Telia Co. AB§ | 124,142 | ||||||
666 | Thule Group AB#, †, § | 33,298 | ||||||
1,377 | Trelleborg AB, Class B§ | 29,242 | ||||||
353 | Troax Group AB§ | 13,488 | ||||||
2,450 | Volvo AB, Class A§ | 55,543 | ||||||
14,105 | Volvo AB, Class B§ | 316,902 | ||||||
811 | Wallenstam AB, Class B§ | 11,963 | ||||||
1,004 | Wihlborgs Fastigheter AB§ | 19,994 | ||||||
5,362,444 | ||||||||
Switzerland—5.4% | ||||||||
8,096 | ABB Ltd., Registered§ | 269,857 | ||||||
1,613 | Adecco Group AG, Registered§ | 80,780 | ||||||
2,917 | Alcon, Inc.§ | 236,305 | ||||||
309 | Allreal Holding AG, Registered§ | 61,003 | ||||||
137 | ALSO Holding AG, Registered*, § | 39,323 | ||||||
2,485 | ams AG*, § | 45,369 | ||||||
47 | APG SGA SA*, § | 10,870 | ||||||
1,914 | Arbonia AG§ | 37,110 | ||||||
14,351 | Aryzta AG*, § | 21,404 | ||||||
590 | Ascom Holding AG, Registered*, § | 9,240 | ||||||
119 | Autoneum Holding AG*, †, § | 19,183 | ||||||
38 | Bachem Holding AG, Registered Class B§ | 28,919 | ||||||
605 | Baloise Holding AG, Registered§ | 92,247 | ||||||
243 | Banque Cantonale Vaudoise, Registered§ | 18,480 | ||||||
23 | Barry Callebaut AG, Registered§ | 52,036 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Switzerland (Continued) | ||||||||
80 | Belimo Holding AG§ | $ | 42,356 | |||||
35 | Bell Food Group AG, Registered§ | 10,820 | ||||||
76 | Berner Kantonalbank AG, Registered§ | 16,883 | ||||||
301 | BKW AG§ | 32,468 | ||||||
157 | Bobst Group SA, Registered*, § | 13,608 | ||||||
127 | Bossard Holding AG, Registered Class A§ | 39,635 | ||||||
85 | Bucher Industries AG, Registered§ | 40,390 | ||||||
50 | Burckhardt Compression Holding AG§ | 20,211 | ||||||
137 | Burkhalter Holding AG§ | 9,707 | ||||||
40 | Bystronic AG§ | 53,939 | ||||||
456 | Cembra Money Bank AG§ | 30,726 | ||||||
1 | Chocoladefabriken Lindt & Spruengli AG, Registered§ | 117,425 | ||||||
2,211 | Cie Financiere Richemont SA, Registered Class A§ | 227,984 | ||||||
2,253 | Clariant AG, Registered*, § | 42,212 | ||||||
205 | Coltene Holding AG, Registered*, § | 25,978 | ||||||
1,235 | Credit Suisse Group AG, ADR | 12,177 | ||||||
5,213 | Credit Suisse Group AG, Registered§ | 51,686 | ||||||
93 | Daetwyler Holding AG§ | 32,974 | ||||||
514 | DKSH Holding AG§ | 40,200 | ||||||
66 | dormakaba Holding AG†, § | 47,925 | ||||||
661 | Dufry AG, Registered*, § | 36,824 | ||||||
1,608 | EFG International AG*, § | 11,653 | ||||||
25 | Emmi AG, Registered§ | 25,794 | ||||||
41 | EMS-Chemie Holding AG, Registered§ | 38,590 | ||||||
399 | Flughafen Zurich AG, Registered*, § | 71,164 | ||||||
20 | Forbo Holding AG, Registered§ | 39,370 | ||||||
746 | Galenica AG#, § | 52,451 | ||||||
5,107 | GAM Holding AG*, § | 9,306 | ||||||
223 | Geberit AG, Registered§ | 163,852 | ||||||
50 | Georg Fischer AG, Registered§ | 74,029 | ||||||
37 | Givaudan SA, Registered§ | 168,991 | ||||||
566 | Helvetia Holding AG, Registered§ | 61,768 | ||||||
136 | Hiag Immobilien Holding AG§ | 14,571 | ||||||
3,017 | Holcim Ltd.*, § | 145,149 | ||||||
298 | Huber + Suhner AG, Registered§ | 23,007 | ||||||
547 | Implenia AG, Registered*, †, § | 12,094 | ||||||
109 | Ina Invest Holding AG*, § | 2,174 | ||||||
36 | Inficon Holding AG, Registered§ | 42,167 | ||||||
16 | Interroll Holding AG, Registered§ | 67,720 | ||||||
16 | Intershop Holding AG§ | 9,962 | ||||||
2,363 | Julius Baer Group Ltd.§ | 156,292 | ||||||
80 | Jungfraubahn Holding AG, Registered*, § | 11,737 | ||||||
223 | Kardex Holding AG, Registered§ | 62,777 | ||||||
90 | Komax Holding AG, Registered*, § | 23,703 | ||||||
427 | Kuehne + Nagel International AG, Registered§ | 145,093 | ||||||
580 | Landis+Gyr Group AG*, § | 37,158 | ||||||
167 | Liechtensteinische Landesbank AG§ | 9,467 | ||||||
765 | Logitech International SA, Registered†, § | 67,751 | ||||||
667 | Logitech International SA, Registered† | 58,796 | ||||||
267 | Lonza Group AG, Registered§ | 200,034 | ||||||
63 | Luzerner Kantonalbank AG, Registered§ | 28,170 | ||||||
636 | Medmix AG* | 30,027 | ||||||
2 | Metall Zug AG, Registered Class B§ | 4,219 | ||||||
1,480 | Mobilezone Holding AG, Registered§ | 20,406 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Switzerland (Continued) | ||||||||
219 | Mobimo Holding AG, Registered*, § | $ | 72,796 | |||||
22,264 | Nestle SA, Registered§ | 2,678,780 | ||||||
12,302 | Novartis AG, Registered§ | 1,009,259 | ||||||
3,319 | OC Oerlikon Corp. AG, Registered§ | 36,361 | ||||||
136 | Orior AG§ | 13,279 | ||||||
124 | Partners Group Holding AG§ | 193,032 | ||||||
699 | PSP Swiss Property AG, Registered§ | 84,091 | ||||||
78 | Rieter Holding AG, Registered*, § | 16,998 | ||||||
5,133 | Roche Holding AG§ | 1,882,231 | ||||||
140 | Schindler Holding AG, Registered§ | 35,994 | ||||||
25 | Schweiter Technologies AG§ | 35,720 | ||||||
123 | SFS Group AG§ | 16,566 | ||||||
32 | SGS SA, Registered§ | 93,048 | ||||||
97 | Siegfried Holding AG, Registered*, § | 85,810 | ||||||
2,660 | SIG Combibloc Group AG*, § | 70,549 | ||||||
910 | Sika AG, Registered§ | 287,828 | ||||||
373 | Softwareone Holding AG*, § | 8,163 | ||||||
326 | Sonova Holding AG, Registered§ | 122,950 | ||||||
88 | St. Galler Kantonalbank AG, Registered§ | 39,303 | ||||||
52 | Straumann Holding AG, Registered§ | 93,054 | ||||||
636 | Sulzer AG, Registered†, § | 60,226 | ||||||
225 | Swatch Group AG§ | 58,981 | ||||||
384 | Swatch Group AG, Registered§ | 19,776 | ||||||
253 | Swiss Life Holding AG, Registered§ | 128,293 | ||||||
1,182 | Swiss Prime Site AG, Registered§ | 115,110 | ||||||
1,421 | Swiss Re AG§ | 121,043 | ||||||
379 | Swisscom AG, Registered§ | 217,617 | ||||||
247 | Swissquote Group Holding SA, Registered§ | 45,179 | ||||||
40 | Tecan Group AG, Registered§ | 22,572 | ||||||
634 | Temenos AG, Registered§ | 86,102 | ||||||
276 | u-blox Holding AG*, § | 18,148 | ||||||
11,952 | UBS Group AG, Registered§ | 190,993 | ||||||
94 | Valora Holding AG, Registered*, § | 18,438 | ||||||
228 | VAT Group AG#, § | 89,824 | ||||||
400 | Vetropack Holding AG, Registered§ | 24,707 | ||||||
545 | Vifor Pharma AG§ | 70,567 | ||||||
706 | Vontobel Holding AG, Registered§ | 59,630 | ||||||
77 | VP Bank AG, Class A§ | 7,745 | ||||||
828 | Zurich Insurance Group AG§ | 337,616 | ||||||
12,426,075 | ||||||||
United Kingdom—9.2% | ||||||||
4,994 | 3i Group PLC§ | 86,021 | ||||||
217 | 4imprint Group PLC†, § | 8,765 | ||||||
2,172 | 888 Holdings PLC§ | 12,547 | ||||||
12,494 | Abrdn PLC§ | 42,894 | ||||||
1,459 | Admiral Group PLC§ | 60,889 | ||||||
12,432 | Alliance Pharma PLC§ | 17,410 | ||||||
8,094 | Anglo American PLC§ | 279,201 | ||||||
5,917 | Anglo Pacific Group PLC§ | 10,457 | ||||||
2,896 | Antofagasta PLC§ | 52,030 | ||||||
4,535 | Ascential PLC*, § | 25,026 | ||||||
3,862 | Ashtead Group PLC§ | 292,958 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
355 | ASOS PLC*, § | $ | 14,174 | |||||
2,639 | Associated British Foods PLC§ | 65,571 | ||||||
7,325 | AstraZeneca PLC§ | 881,817 | ||||||
8,970 | Auto Trader Group PLC#, § | 70,979 | ||||||
3,592 | Avast PLC#, § | 27,467 | ||||||
26,339 | Aviva PLC§ | 140,188 | ||||||
835 | Avon Protection PLC§ | 21,794 | ||||||
12,786 | B&M European Value Retail SA§ | 101,510 | ||||||
7,505 | Babcock International Group PLC*, †, § | 37,246 | ||||||
22,654 | BAE Systems PLC§ | 171,229 | ||||||
9,792 | Balfour Beatty PLC§ | 35,536 | ||||||
617 | Bank of Georgia Group PLC*, § | 12,835 | ||||||
81,962 | Barclays PLC§ | 209,035 | ||||||
5,771 | Barratt Developments PLC§ | 50,926 | ||||||
3,269 | Beazley PLC*, § | 16,568 | ||||||
1,306 | Bellway PLC§ | 57,248 | ||||||
678 | Berkeley Group Holdings PLC§ | 39,715 | ||||||
12,902 | BHP Group PLC§ | 321,560 | ||||||
573 | BHP Group PLC, ADR† | 29,045 | ||||||
4,891 | Biffa PLC*, #, § | 23,317 | ||||||
1,176 | Bodycote PLC§ | 13,694 | ||||||
8,370 | boohoo Group PLC*, § | 24,464 | ||||||
172,287 | BP PLC§ | 780,468 | ||||||
9,231 | Breedon Group PLC§ | 12,194 | ||||||
8,187 | Brewin Dolphin Holdings PLC§ | 41,966 | ||||||
9,634 | British American Tobacco PLC§ | 336,124 | ||||||
589 | British American Tobacco PLC, ADR† | 20,780 | ||||||
4,032 | Britvic PLC§ | 48,222 | ||||||
105,509 | BT Group PLC*, § | 226,600 | ||||||
3,731 | Bunzl PLC§ | 123,252 | ||||||
2,743 | Burberry Group PLC§ | 66,787 | ||||||
4,834 | Burford Capital Ltd.§ | 52,706 | ||||||
4,589 | C&C Group PLC*, § | 14,418 | ||||||
11,065 | Cairn Energy PLC§ | 27,639 | ||||||
40,000 | Capita PLC*, § | 27,250 | ||||||
7,460 | Card Factory PLC*, § | 5,402 | ||||||
510 | Carnival PLC*, § | 11,531 | ||||||
21,596 | Centamin PLC§ | 27,831 | ||||||
6,675 | Central Asia Metals PLC§ | 19,599 | ||||||
77,567 | Centrica PLC*, § | 59,187 | ||||||
2,609 | Chesnara PLC§ | 9,964 | ||||||
33,167 | Cineworld Group PLC*, †, § | 35,050 | ||||||
577 | Clarkson PLC§ | 29,218 | ||||||
2,322 | Clinigen Group PLC§ | 19,804 | ||||||
2,800 | Close Brothers Group PLC§ | 57,858 | ||||||
3,114 | CMC Markets PLC#, †, § | 11,645 | ||||||
33,791 | Coats Group PLC†, § | 30,658 | ||||||
1,369 | Coca-Cola HBC AG*, § | 44,002 | ||||||
5,788 | Compass Group PLC*, § | 118,424 | ||||||
865 | Computacenter PLC§ | 31,227 | ||||||
15,897 | ConvaTec Group PLC#, § | 46,260 | ||||||
3,254 | Countryside Properties PLC*, #, § | 22,026 | ||||||
634 | Cranswick PLC§ | 30,313 | ||||||
4,845 | Crest Nicholson Holdings PLC§ | 24,835 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
1,039 | Croda International PLC§ | $ | 118,649 | |||||
21,706 | Currys PLC§ | 38,964 | ||||||
914 | CVS Group PLC*, § | 29,421 | ||||||
1,316 | Daily Mail & General Trust PLC, Class A§ | 18,967 | ||||||
829 | DCC PLC§ | 68,616 | ||||||
2,945 | De La Rue PLC*, †, § | 7,247 | ||||||
163 | Dechra Pharmaceuticals PLC§ | 10,618 | ||||||
5,029 | Devro PLC§ | 14,419 | ||||||
6,669 | DFS Furniture PLC*, § | 23,311 | ||||||
12,494 | Diageo PLC§ | 601,999 | ||||||
2,860 | Diploma PLC§ | 107,538 | ||||||
21,750 | Direct Line Insurance Group PLC§ | 84,860 | ||||||
3,416 | Domino's Pizza Group PLC§ | 18,087 | ||||||
10,792 | Drax Group PLC§ | 69,802 | ||||||
15,945 | DS Smith PLC†, § | 88,035 | ||||||
1,117 | Dunelm Group PLC§ | 21,165 | ||||||
2,569 | easyJet PLC*, †, § | 22,885 | ||||||
8,196 | Electrocomponents PLC§ | 117,924 | ||||||
13,055 | Elementis PLC*, § | 26,100 | ||||||
1,355 | EMIS Group PLC§ | 25,345 | ||||||
74,403 | EnQuest PLC*, †, § | 23,429 | ||||||
2,921 | Entain PLC*, § | 83,616 | ||||||
4,422 | Equiniti Group PLC*, #, § | 10,667 | ||||||
7,801 | Esken Ltd.*, †, § | 1,490 | ||||||
5,759 | Essentra PLC§ | 20,572 | ||||||
1,262 | Euromoney Institutional Investor PLC§ | 17,213 | ||||||
3,432 | Evraz PLC§ | 27,383 | ||||||
6,412 | Experian PLC§ | 266,360 | ||||||
1,729 | FDM Group Holdings PLC†, § | 29,065 | ||||||
1,779 | Ferguson PLC§ | 246,610 | ||||||
5,122 | Ferrexpo PLC§ | 22,494 | ||||||
39,520 | Firstgroup PLC*, †, § | 46,955 | ||||||
5,744 | Frasers Group PLC*, § | 52,688 | ||||||
2,798 | Galliford Try Holdings PLC§ | 6,850 | ||||||
445 | Games Workshop Group PLC§ | 61,172 | ||||||
928 | Gamesys Group PLC§ | 22,992 | ||||||
1,706 | Gamma Communications PLC§ | 42,066 | ||||||
2,857 | Genuit Group PLC§ | 26,680 | ||||||
26,092 | GlaxoSmithKline PLC§ | 492,500 | ||||||
81,942 | Glencore PLC*, § | 386,976 | ||||||
1,404 | Go-Ahead Group PLC*, § | 15,208 | ||||||
2,026 | Grafton Group PLC§ | 34,476 | ||||||
3,970 | Grainger PLC§ | 16,236 | ||||||
6,489 | Greencore Group PLC*, § | 12,321 | ||||||
2,159 | Greggs PLC§ | 84,796 | ||||||
9,789 | Gulf Keystone Petroleum Ltd.§ | 26,497 | ||||||
4,549 | Gym Group PLC*, #, § | 18,128 | ||||||
6,271 | Halfords Group PLC§ | 25,694 | ||||||
1,732 | Halma PLC§ | 66,068 | ||||||
1,663 | Harbour Energy PLC*, †, § | 7,974 | ||||||
2,284 | Hargreaves Lansdown PLC§ | 43,848 | ||||||
21,097 | Hays PLC§ | 45,906 | ||||||
1,995 | Headlam Group PLC§ | 13,092 | ||||||
3,050 | Helical PLC§ | 18,014 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
1,984 | Hikma Pharmaceuticals PLC§ | $ | 65,270 | |||||
2,154 | Hill & Smith Holdings PLC§ | 52,471 | ||||||
2,081 | Hilton Food Group PLC§ | 32,785 | ||||||
1,266 | Hiscox Ltd.§ | 14,233 | ||||||
5,513 | Hochschild Mining PLC†, § | 9,816 | ||||||
3,986 | Hollywood Bowl Group PLC*, †, § | 12,907 | ||||||
2,726 | HomeServe PLC§ | 33,137 | ||||||
14,041 | Howden Joinery Group PLC§ | 167,995 | ||||||
61,234 | HSBC Holdings PLC§ | 320,347 | ||||||
2,249 | HSBC Holdings PLC, ADR | 58,811 | ||||||
3,532 | Hunting PLC§ | 10,665 | ||||||
4,879 | Ibstock PLC#, § | 13,504 | ||||||
2,586 | IG Group Holdings PLC§ | 27,909 | ||||||
4,126 | IMI PLC§ | 91,937 | ||||||
12,148 | Imperial Brands PLC§ | 253,521 | ||||||
3,234 | Inchcape PLC§ | 35,120 | ||||||
14,920 | Indivior PLC*, § | 42,899 | ||||||
6,450 | Informa PLC*, § | 47,262 | ||||||
3,740 | IntegraFin Holdings PLC§ | 25,855 | ||||||
605 | InterContinental Hotels Group PLC*, § | 38,795 | ||||||
390 | InterContinental Hotels Group PLC, ADR PLC* | 25,073 | ||||||
1,391 | Intermediate Capital Group PLC§ | 38,222 | ||||||
10,061 | International Consolidated Airlines Group SA*, †, § | 24,104 | ||||||
4,161 | International Personal Finance PLC§ | 7,723 | ||||||
1,064 | Intertek Group PLC§ | 71,033 | ||||||
8,515 | Investec PLC§ | 36,251 | ||||||
3,042 | iomart Group PLC†, § | 8,813 | ||||||
35,770 | IP Group PLC§ | 66,784 | ||||||
38,511 | ITV PLC*, § | 54,625 | ||||||
6,460 | IWG PLC*, § | 25,202 | ||||||
22,063 | J. Sainsbury PLC§ | 84,486 | ||||||
2,074 | J.D. Wetherspoon PLC*, § | 28,745 | ||||||
1,083 | James Fisher & Sons PLC†, § | 12,469 | ||||||
1,809 | James Halstead PLC§ | 12,782 | ||||||
5,549 | JD Sports Fashion PLC§ | 78,124 | ||||||
1,084 | JET2 PLC*, § | 18,674 | ||||||
1,637 | John Menzies PLC*, § | 6,841 | ||||||
10,403 | John Wood Group PLC*, § | 32,203 | ||||||
1,891 | Johnson Matthey PLC§ | 68,205 | ||||||
7,194 | Johnson Service Group PLC*, †, § | 14,346 | ||||||
8,912 | Jupiter Fund Management PLC§ | 29,601 | ||||||
239 | Just Eat Takeaway.com NV*, #, § | 17,416 | ||||||
349 | Just Eat Takeaway.com NV*, #, †, § | 25,332 | ||||||
30,973 | Just Group PLC*, § | 37,718 | ||||||
2,164 | Kainos Group PLC§ | 53,999 | ||||||
1,556 | Keller Group PLC§ | 19,857 | ||||||
32,972 | Kingfisher PLC§ | 149,174 | ||||||
1,402 | Lancashire Holdings Ltd.§ | 10,560 | ||||||
32,778 | Legal & General Group PLC§ | 123,779 | ||||||
399,205 | Lloyds Banking Group PLC§ | 248,326 | ||||||
828 | London Stock Exchange Group PLC§ | 82,723 | ||||||
24,005 | M&G PLC§ | 65,697 | ||||||
20,939 | Man Group PLC§ | 57,585 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
28,984 | Marks & Spencer Group PLC*, § | $ | 70,810 | |||||
1,885 | Marshalls PLC§ | 18,930 | ||||||
18,395 | Marston's PLC*, § | 19,911 | ||||||
3,805 | Mears Group PLC*, †, § | 10,487 | ||||||
5,349 | Mediclinic International PLC*, § | 22,469 | ||||||
7,048 | Meggitt PLC*, § | 69,981 | ||||||
20,490 | Melrose Industries PLC§ | 47,414 | ||||||
3,713 | Micro Focus International PLC§ | 20,426 | ||||||
8,089 | Mitchells & Butlers PLC*, § | 25,510 | ||||||
24,076 | Mitie Group PLC*, § | 22,967 | ||||||
150 | MJ Gleeson PLC§ | 1,593 | ||||||
4,996 | Mondi PLC§ | 122,115 | ||||||
5,751 | Moneysupermarket.com Group PLC§ | 16,463 | ||||||
7,506 | Morgan Advanced Materials PLC§ | 36,105 | ||||||
1,378 | Morgan Sindall Group PLC§ | 44,114 | ||||||
6,750 | National Express Group PLC*, § | 21,746 | ||||||
3,843 | National Grid PLC§ | 45,714 | ||||||
1,813 | National Grid PLC, ADR | 108,109 | ||||||
8,261 | NatWest Group PLC§ | 25,067 | ||||||
1,821 | Network International Holdings PLC*, #, § | 8,909 | ||||||
900 | Next PLC§ | 98,700 | ||||||
4,257 | Ninety One PLC§ | 14,751 | ||||||
537 | NMC Health PLC*, § | 0 | ||||||
624 | Ocado Group PLC*, § | 13,879 | ||||||
4,680 | On the Beach Group PLC*, #, †, § | 24,110 | ||||||
4,865 | OSB Group PLC§ | 32,713 | ||||||
1,080 | Oxford Instruments PLC§ | 33,032 | ||||||
8,188 | Pagegroup PLC§ | 68,173 | ||||||
5,714 | Paragon Banking Group PLC§ | 41,579 | ||||||
1,213 | PayPoint PLC†, § | 11,585 | ||||||
3,815 | Pearson PLC§ | 36,477 | ||||||
41,805 | Pendragon PLC*, †, § | 10,322 | ||||||
3,518 | Pennon Group PLC§ | 53,274 | ||||||
2,597 | Persimmon PLC§ | 92,542 | ||||||
3,779 | Petrofac Ltd.*, †, § | 8,488 | ||||||
14,508 | Pets at Home Group PLC§ | 93,429 | ||||||
2,200 | Phoenix Group Holdings PLC§ | 19,024 | ||||||
11,392 | Photo-Me International PLC*, § | 9,460 | ||||||
8,181 | Playtech PLC*, § | 51,907 | ||||||
2,561 | Plus500 Ltd.§ | 47,705 | ||||||
1,124 | Polar Capital Holdings PLC§ | 12,281 | ||||||
14,328 | Premier Foods PLC§ | 22,191 | ||||||
6,783 | Provident Financial PLC*, § | 30,194 | ||||||
9,625 | Prudential PLC§ | 186,847 | ||||||
520 | Prudential PLC, ADR† | 20,374 | ||||||
4,468 | QinetiQ Group PLC§ | 19,483 | ||||||
22,363 | Quilter PLC#, †, § | 42,639 | ||||||
351 | Rathbone Brothers PLC§ | 9,460 | ||||||
3,205 | Reach PLC§ | 15,053 | ||||||
1,747 | Reckitt Benckiser Group PLC§ | 136,737 | ||||||
3,003 | Redde Northgate PLC§ | 16,133 | ||||||
3,865 | Redrow PLC§ | 34,451 | ||||||
10,683 | RELX PLC§ | 307,857 | ||||||
1,210 | RELX PLC, ADR | 34,921 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
2,776 | Renew Holdings PLC§ | $ | 29,499 | |||||
214 | Renishaw PLC§ | 13,571 | ||||||
18,010 | Rentokil Initial PLC§ | 141,100 | ||||||
787 | RHI Magnesita NV§ | 34,291 | ||||||
10,927 | Rightmove PLC§ | 100,233 | ||||||
10,431 | Rio Tinto PLC§ | 688,719 | ||||||
40,824 | Rolls-Royce Holdings PLC*, § | 76,804 | ||||||
9,205 | Rotork PLC§ | 43,035 | ||||||
4,678 | Royal Dutch Shell PLC, ADR, Class B | 207,095 | ||||||
41,803 | Royal Dutch Shell PLC, Class B§ | 926,117 | ||||||
9,433 | Royal Mail PLC§ | 53,379 | ||||||
3,036 | Sabre Insurance Group PLC#, †, § | 8,966 | ||||||
948 | Saga PLC*, †, § | 4,490 | ||||||
8,113 | Sage Group PLC§ | 77,434 | ||||||
5,321 | Savills PLC§ | 96,415 | ||||||
1,046 | Schroders PLC§ | 45,328 | ||||||
5,266 | Senior PLC*, § | 11,945 | ||||||
5,813 | Serco Group PLC§ | 10,442 | ||||||
11,630 | Severfield PLC§ | 11,847 | ||||||
2,120 | Severn Trent PLC§ | 74,134 | ||||||
9,302 | SIG PLC*, †, § | 6,009 | ||||||
11,766 | Sirius Real Estate Ltd.§ | 20,728 | ||||||
4,652 | Smith & Nephew PLC§ | 79,892 | ||||||
2,936 | Smiths Group PLC§ | 56,280 | ||||||
399 | Softcat PLC§ | 10,856 | ||||||
1,263 | Spectris PLC§ | 65,507 | ||||||
12,936 | Speedy Hire PLC§ | 11,048 | ||||||
525 | Spirax-Sarco Engineering PLC†, § | 105,509 | ||||||
7,170 | Spire Healthcare Group PLC*, #, § | 19,673 | ||||||
10,386 | Spirent Communications PLC§ | 38,832 | ||||||
15,341 | SSE PLC§ | 322,138 | ||||||
7,895 | SSP Group PLC*, § | 29,188 | ||||||
3,870 | St. James's Place PLC§ | 78,402 | ||||||
5,772 | Stagecoach Group PLC*, § | 6,461 | ||||||
18,943 | Standard Chartered PLC§ | 111,017 | ||||||
4,177 | SThree PLC§ | 32,594 | ||||||
7,781 | Stock Spirits Group PLC§ | 39,299 | ||||||
8,653 | Synthomer PLC§ | 57,392 | ||||||
6,411 | Tate & Lyle PLC§ | 59,706 | ||||||
19,770 | Taylor Wimpey PLC§ | 40,831 | ||||||
978 | Telecom Plus PLC†, § | 15,868 | ||||||
51,448 | Tesco PLC†, § | 174,496 | ||||||
5,954 | TI Fluid Systems PLC#, § | 20,138 | ||||||
16,738 | TP ICAP Group PLC§ | 36,069 | ||||||
4,467 | Travis Perkins PLC§ | 91,592 | ||||||
42,736 | Tullow Oil PLC*, †, § | 29,163 | ||||||
4,191 | Tyman PLC§ | 23,599 | ||||||
7,733 | U & I Group PLC*, § | 9,290 | ||||||
1,424 | Ultra Electronics Holdings PLC§ | 61,739 | ||||||
17,156 | Unilever PLC§ | 926,263 | ||||||
7,319 | United Utilities Group PLC§ | 95,166 | ||||||
5,245 | Vesuvius PLC§ | 34,430 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
13,688 | Virgin Money UK PLC*, § | $ | 37,295 | |||||
5,666 | Vistry Group PLC†, § | 92,760 | ||||||
386 | Vitec Group PLC§ | 7,766 | ||||||
255,851 | Vodafone Group PLC†, § | 387,010 | ||||||
6,400 | Volution Group PLC§ | 42,316 | ||||||
2,625 | Watches of Switzerland Group PLC*, #, § | 33,211 | ||||||
5,138 | Watkin Jones PLC§ | 15,645 | ||||||
3,058 | Weir Group PLC*, § | 69,081 | ||||||
1,764 | WH Smith PLC*, § | 40,429 | ||||||
1,264 | Whitbread PLC*, § | 56,217 | ||||||
5,006 | Wickes Group PLC§ | 15,301 | ||||||
28,949 | Wm Morrison Supermarkets PLC§ | 114,744 | ||||||
11,755 | WPP PLC§ | 157,954 | ||||||
510 | XP Power Ltd.§ | 35,370 | ||||||
21,366,784 | ||||||||
United States—0.0% | ||||||||
265 | Jackson Financial, Inc.* | 6,890 | ||||||
1,520 | Ovintiv, Inc. | 49,947 | ||||||
56,837 | ||||||||
TOTAL COMMON STOCKS (Cost $128,145,783) | 160,426,855 | |||||||
Affiliated Investment Company—29.4% | ||||||||
United States—29.4% | ||||||||
2,724,882 | DFA Emerging Markets Core Equity Portfolio, Class I‡‡ (Cost $54,648,464) | 68,231,038 | ||||||
Expiration Date | |||||||||
Warrants—0.0% | |||||||||
Canada—0.0% | |||||||||
384 | Cenovus Energy, Inc.*, § | ||||||||
01/01/2026 | 2,268 | ||||||||
TOTAL WARRANTS (Cost $1,434) | 2,268 | ||||||||
Rights—0.0% | |||||||||
Austria—0.0% | |||||||||
658 | CA Immobilien Anlagen AG§ | ||||||||
07/07/2025 | 0 | ||||||||
Germany—0.0% | |||||||||
3,148 | Deutsche Lufthansa AG*, †, § | ||||||||
10/05/2021 | 8,602 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Germany (Continued) | |||||||
1,357 | Borussia Dortmund GmbH & Co. KGaA*, § | ||||||
11/12/2021 | $ | 37 | |||||
8,639 | |||||||
TOTAL RIGHTS (Cost $19,577) | 8,639 | ||||||
Preferred Stocks—0.5% | |||||||
Germany—0.5% | |||||||
621 | Bayerische Motoren Werke AG, 2.77%§ | 47,417 | |||||
387 | Draegerwerk AG & Co. KGaA, 0.27%§ | 31,685 | |||||
498 | FUCHS PETROLUB SE, 2.52%§ | 23,299 | |||||
720 | Henkel AG & Co. KGaA, 2.35%§ | 66,846 | |||||
949 | Jungheinrich AG, 1.09%§ | 44,118 | |||||
917 | Porsche Automobil Holding SE, 2.61%§ | 91,383 | |||||
310 | Sartorius AG, 0.14%§ | 197,423 | |||||
252 | Sixt SE, 0.07%§ | 22,538 | |||||
173 | STO SE & Co. KGaA, 0.16%§ | 40,560 | |||||
2,501 | Volkswagen AG, 2.55%§ | 560,261 | |||||
1,125,530 | |||||||
Italy—0.0% | |||||||
1,392 | Danieli & C Officine Meccaniche SpA, 1.12%§ | 26,519 | |||||
TOTAL PREFERRED STOCK (Cost $924,965) | 1,152,049 |
7-Day Yield | |||||||||||
Short-Term Investments—2.2% | |||||||||||
5,210,458 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $5,210,458) †† | 0.07 | % | 5,210,458 | |||||||
TOTAL INVESTMENTS, AT VALUE—101.3% (Cost $188,950,681) | 235,031,307 | ||||||||||
Liabilities in Excess of Other Assets—(1.3)% | (3,100,740 | ) | |||||||||
NET ASSETS—100.0% | $ | 231,930,567 |
Notes to the Schedule of Investments: | |
ADR—American Depositary Receipt | |
* | 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, 2021, amounts to approximately $3,246,031, and represents 1.40% of net assets. |
† | Denotes all or a portion of security on loan. As of September 30, 2021, the market value of the securities on loan was $10,681,005 (Note 1). |
‡‡ | Affiliated issuer. Assets with a total aggregate market value of $68,231,038, or 29.4% of net assets, were affiliated with the Fund as of September 30, 2021 (Note 2). |
§ | Fair valued security - Represents fair value as measured based on the Portfolio Valuation policies specified in Note 1. Fair value is based on a fair value factor being applied to quoted market prices for the foreign securities based on the pre-determined threshold. As of September 30, 2021, the total value of the fair valued securities was $142,924,373. |
†† | Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $6,068,666. |
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, 2021
At September 30, 2021, 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 | 29.4 | % | ||
Banks | 5.9 | % | ||
Pharmaceuticals | 3.6 | % | ||
Oil, Gas and Consumable Fuels | 3.4 | % | ||
Metals and Mining | 3.0 | % | ||
Insurance | 2.7 | % | ||
Machinery | 2.7 | % | ||
Automobiles | 2.5 | % | ||
Chemicals | 2.5 | % | ||
Food Products | 2.3 | % | ||
Capital Markets | 1.9 | % | ||
Semiconductors and Semiconductor Equipment | 1.8 | % | ||
Real Estate Management and Development | 1.6 | % | ||
Diversified Telecommunication Services | 1.5 | % | ||
Textiles, Apparel and Luxury Goods | 1.5 | % | ||
Food and Staples Retailing | 1.4 | % | ||
IT Services | 1.4 | % | ||
Health Care Equipment and Supplies | 1.3 | % | ||
Professional Services | 1.3 | % | ||
Trading Companies and Distributors | 1.3 | % | ||
Auto Components | 1.2 | % | ||
Electric Utilities | 1.2 | % | ||
Household Durables | 1.2 | % | ||
Construction and Engineering | 1.1 | % | ||
Specialty Retail | 1.1 | % | ||
Beverages | 1.0 | % | ||
Electrical Equipment | 1.0 | % | ||
Electronic Equipment, Instruments & Components | 1.0 | % | ||
Road and Rail | 1.0 | % | ||
Building Products | 0.9 | % | ||
Hotels, Restaurants & Leisure | 0.9 | % | ||
Software | 0.9 | % | ||
Wireless Telecommunication Services | 0.9 | % | ||
Industrial Conglomerates | 0.8 | % | ||
Media | 0.8 | % | ||
Personal Products | 0.8 | % | ||
Aerospace & Defense | 0.7 | % | ||
Commercial Services & Supplies | 0.7 | % | ||
Health Care Providers and Services | 0.6 | % | ||
Multi-Utilities | 0.6 | % | ||
Air Freight and Logistics | 0.5 | % | ||
Construction Materials | 0.5 | % | ||
Biotechnology | 0.4 | % | ||
Containers and Packaging | 0.4 | % | ||
Entertainment | 0.4 | % | ||
Multiline Retail | 0.4 | % | ||
Paper and Forest Products | 0.4 | % | ||
Tobacco | 0.4 | % | ||
Diversified Financial Services | 0.3 | % | ||
Gas Utilities | 0.3 | % | ||
Independent Power and Renewable Electricity Producers | 0.3 | % | ||
Interactive Media & Services | 0.3 | % |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Internet and Catalog Retail | 0.3 | % | ||
Life Sciences Tools and Services | 0.3 | % | ||
Marine | 0.3 | % | ||
Technology Hardware, Storage & Peripherals | 0.3 | % | ||
Transportation Infrastructure | 0.3 | % | ||
Communications Equipment | 0.2 | % | ||
Energy Equipment and Services | 0.2 | % | ||
Health Care Technology | 0.2 | % | ||
Household Products | 0.2 | % | ||
Leisure Equipment and Products | 0.2 | % | ||
Airlines | 0.1 | % | ||
Consumer Finance | 0.1 | % | ||
Distributors | 0.1 | % | ||
Diversified Consumer Services | 0.1 | % | ||
Thrifts and Mortgage Finance | 0.1 | % | ||
Water Utilities | 0.1 | % | ||
Short-Term Investments | 2.2 | % | ||
Total | 101.3 | % |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
Shares | Value (Note 1) | ||||||
Common Stocks—96.9% | |||||||
Air Freight and Logistics—2.5% | |||||||
35,950 | United Parcel Service, Inc., Class B | $ | 6,546,495 | ||||
Beverages—4.2% | |||||||
114,400 | Keurig Dr Pepper, Inc. | 3,907,904 | |||||
79,100 | Monster Beverage Corp.* | 7,026,453 | |||||
10,934,357 | |||||||
Biotechnology—2.2% | |||||||
59,700 | Neurocrine Biosciences, Inc.* | 5,725,827 | |||||
Capital Markets—4.5% | |||||||
161,700 | Charles Schwab Corp. | 11,778,228 | |||||
Chemicals—1.0% | |||||||
8,800 | Linde PLC | 2,581,744 | |||||
Entertainment—4.8% | |||||||
20,600 | Netflix, Inc.* | 12,573,004 | |||||
Health Care Equipment and Supplies—2.7% | |||||||
163,000 | Boston Scientific Corp.* | 7,072,570 | |||||
Health Care Providers and Services—2.3% | |||||||
15,325 | UnitedHealth Group, Inc. | 5,988,091 | |||||
Insurance—2.3% | |||||||
21,650 | Aon PLC, Class A | 6,186,920 | |||||
Interactive Media & Services—15.6% | |||||||
9,940 | Alphabet, Inc., Class A* | 26,574,789 | |||||
42,800 | Facebook, Inc., Class A* | 14,525,892 | |||||
41,100,681 | |||||||
Internet and Catalog Retail—6.2% | |||||||
4,955 | Amazon.com, Inc.* | 16,277,373 | |||||
IT Services—21.0% | |||||||
29,400 | Automatic Data Processing, Inc. | 5,877,648 | |||||
36,300 | Fiserv, Inc.* | 3,938,550 | |||||
25,650 | FleetCor Technologies, Inc.* | 6,701,575 | |||||
45,950 | Global Payments, Inc. | 7,240,801 | |||||
21,200 | Mastercard, Inc., Class A | 7,370,816 | |||||
61,100 | PayPal Holdings, Inc.* | 15,898,831 | |||||
37,000 | Visa, Inc., Class A | 8,241,750 | |||||
55,269,971 | |||||||
Pharmaceuticals—2.0% | |||||||
27,050 | Zoetis, Inc. | 5,251,487 | |||||
Semiconductors and Semiconductor Equipment—4.4% | |||||||
55,250 | NVIDIA Corp. | 11,445,590 | |||||
Software—21.2% | |||||||
31,140 | Adobe, Inc.* | 17,927,921 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Software (Continued) | |||||||
19,200 | Intuit, Inc. | $ | 10,358,592 | ||||
97,164 | Microsoft Corp. | 27,392,475 | |||||
55,678,988 | |||||||
TOTAL COMMON STOCKS (Cost $143,748,469) | 254,411,326 | ||||||
TOTAL INVESTMENTS, AT VALUE—96.9% (Cost $143,748,469) | 254,411,326 | ||||||
Other Assets in Excess of Liabilities—3.1% | 8,032,944 | ||||||
NET ASSETS—100.0% | $ | 262,444,270 |
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, 2021
At September 30, 2021, 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 | 46.6 | % | ||
Communication Services | 20.4 | % | ||
Health Care | 9.2 | % | ||
Financials | 6.8 | % | ||
Consumer Discretionary | 6.2 | % | ||
Consumer Staples | 4.2 | % | ||
Industrials | 2.5 | % | ||
Materials | 1.0 | % | ||
Total | 96.9 | % |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
Shares | Value (Note 1) | ||||||
Common Stocks—99.3% | |||||||
Aerospace & Defense—1.1% | |||||||
49,278 | Kratos Defense & Security Solutions, Inc.* | $ | 1,099,392 | ||||
69,449 | Triumph Group, Inc.* | 1,293,835 | |||||
2,393,227 | |||||||
Airlines—3.8% | |||||||
26,971 | Alaska Air Group, Inc.* | 1,580,501 | |||||
77,574 | Azul SA, ADR*, † | 1,556,134 | |||||
179,547 | Controladora Vuela Cia de Aviacion SAB de CV, ADR* | 3,915,920 | |||||
82,585 | JetBlue Airways Corp.* | 1,262,725 | |||||
8,315,280 | |||||||
Auto Components—3.5% | |||||||
38,952 | BorgWarner, Inc. | 1,683,116 | |||||
166,483 | Dana, Inc. | 3,702,582 | |||||
94,210 | Modine Manufacturing Co.* | 1,067,399 | |||||
68,632 | Stoneridge, Inc.* | 1,399,407 | |||||
7,852,504 | |||||||
Banks—5.8% | |||||||
103,691 | Bancorp, Inc.* | 2,638,936 | |||||
19,903 | BankUnited, Inc. | 832,343 | |||||
171,220 | First BanCorp | 2,251,543 | |||||
19,082 | Pinnacle Financial Partners, Inc. | 1,795,235 | |||||
25,200 | Popular, Inc. | 1,957,284 | |||||
31,425 | Webster Financial Corp. | 1,711,406 | |||||
21,333 | Wintrust Financial Corp. | 1,714,533 | |||||
12,901,280 | |||||||
Biotechnology—2.4% | |||||||
32,136 | ACADIA Pharmaceuticals, Inc.* | 533,779 | |||||
15,216 | BioMarin Pharmaceutical, Inc.* | 1,176,045 | |||||
7,300 | Exact Sciences Corp.* | 696,785 | |||||
25,066 | Global Blood Therapeutics, Inc.* | 638,682 | |||||
38,670 | Iovance Biotherapeutics, Inc.* | 953,602 | |||||
92,942 | Karyopharm Therapeutics, Inc.*, † | 540,922 | |||||
4,643 | United Therapeutics Corp.* | 857,005 | |||||
5,396,820 | |||||||
Building Products—3.8% | |||||||
11,299 | American Woodmark Corp.* | 738,616 | |||||
92,747 | Builders FirstSource, Inc.* | 4,798,730 | |||||
69,056 | Caesarstone Ltd. | 857,675 | |||||
20,952 | Trex Co., Inc.* | 2,135,637 | |||||
8,530,658 | |||||||
Capital Markets—4.0% | |||||||
17,284 | Artisan Partners Asset Management, Inc., Class A | 845,533 | |||||
30,170 | Carlyle Group, Inc. | 1,426,438 | |||||
10,229 | Evercore Inc., Class A | 1,367,311 | |||||
21,615 | LPL Financial Holdings, Inc. | 3,388,367 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Capital Markets (Continued) | |||||||
19,578 | Raymond James Financial, Inc. | $ | 1,806,658 | ||||
8,834,307 | |||||||
Chemicals—3.8% | |||||||
13,494 | Albemarle Corp. | 2,954,781 | |||||
26,886 | FMC Corp. | 2,461,682 | |||||
47,396 | Livent Corp.*, † | 1,095,322 | |||||
75,479 | Tronox Holdings PLC, Class A | 1,860,557 | |||||
8,372,342 | |||||||
Commercial Services & Supplies—1.1% | |||||||
113,499 | Interface, Inc. | 1,719,510 | |||||
104,418 | Pitney Bowes, Inc. | 752,854 | |||||
2,472,364 | |||||||
Construction and Engineering—4.9% | |||||||
29,256 | AECOM* | 1,847,516 | |||||
38,098 | Granite Construction, Inc. | 1,506,776 | |||||
23,601 | MasTec, Inc.* | 2,036,294 | |||||
22,069 | Quanta Services, Inc. | 2,511,894 | |||||
223,976 | Tutor Perini Corp.* | 2,907,209 | |||||
10,809,689 | |||||||
Construction Materials—1.7% | |||||||
14,920 | Eagle Materials, Inc. | 1,956,907 | |||||
54,350 | Summit Materials, Inc., Class A* | 1,737,570 | |||||
3,694,477 | |||||||
Consumer Finance—0.5% | |||||||
22,117 | Green Dot Corp., Class A* | 1,113,149 | |||||
Containers and Packaging—0.7% | |||||||
31,705 | Graphic Packaging Holding Co. | 603,663 | |||||
69,524 | Pactiv Evergreen, Inc. | 870,441 | |||||
1,474,104 | |||||||
Diversified Consumer Services—2.8% | |||||||
75,169 | 2U, Inc.*, † | 2,523,423 | |||||
53,962 | Adtalem Global Education, Inc.* | 2,040,303 | |||||
151,398 | Perdoceo Education Corp.* | 1,598,763 | |||||
6,162,489 | |||||||
Diversified Telecommunication Services—0.7% | |||||||
94,558 | Radius Global Infrastructure, Inc., Class A* | 1,544,132 | |||||
Electrical Equipment—1.0% | |||||||
65,245 | Array Technologies, Inc.* | 1,208,338 | |||||
11,996 | EnerSys | 892,982 | |||||
2,101,320 | |||||||
Electronic Equipment, Instruments & Components—4.4% | |||||||
12,270 | Fabrinet* | 1,257,798 | |||||
110,997 | Flex Ltd.* | 1,962,427 | |||||
35,571 | II-VI, Inc.*, † | 2,111,494 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Electronic Equipment, Instruments & Components (Continued) | |||||||
42,615 | Jabil, Inc. | $ | 2,487,437 | ||||
10,987 | Rogers Corp.* | 2,048,856 | |||||
9,868,012 | |||||||
Equity Real Estate Investment Trusts (REITs)—2.2% | |||||||
9,390 | Agree Realty Corp. | 621,900 | |||||
60,475 | Corporate Office Properties Trust | 1,631,615 | |||||
35,188 | NETSTREIT Corp. | 832,196 | |||||
64,285 | SITE Centers Corp. | 992,560 | |||||
17,818 | STAG Industrial, Inc.† | 699,357 | |||||
4,777,628 | |||||||
Health Care Equipment and Supplies—6.7% | |||||||
2,498 | ABIOMED, Inc.* | 813,149 | |||||
32,051 | AngioDynamics, Inc.* | 831,403 | |||||
7,812 | Cooper Cos., Inc. | 3,228,778 | |||||
2,425 | Dexcom, Inc.* | 1,326,135 | |||||
16,348 | Hologic, Inc.* | 1,206,646 | |||||
12,909 | Insulet Corp.* | 3,669,125 | |||||
9,682 | Merit Medical Systems, Inc.* | 695,167 | |||||
146,746 | SmileDirectClub, Inc.*, † | 780,689 | |||||
9,581 | Tandem Diabetes Care, Inc.* | 1,143,780 | |||||
44,855 | Varex Imaging Corp.* | 1,264,911 | |||||
14,959,783 | |||||||
Health Care Providers and Services—1.7% | |||||||
22,991 | Acadia Healthcare Co., Inc.* | 1,466,366 | |||||
58,920 | Covetrus, Inc.* | 1,068,809 | |||||
4,585 | Molina Healthcare, Inc.* | 1,243,956 | |||||
3,779,131 | |||||||
Hotels, Restaurants & Leisure—4.7% | |||||||
24,604 | Boyd Gaming Corp.* | 1,556,449 | |||||
40,709 | Caesars Entertainment, Inc.* | 4,570,806 | |||||
40,545 | Cheesecake Factory, Inc.* | 1,905,615 | |||||
31,663 | Planet Fitness, Inc., Class A* | 2,487,129 | |||||
10,519,999 | |||||||
Household Durables—0.6% | |||||||
26,877 | Universal Electronics, Inc.* | 1,323,692 | |||||
Insurance—2.7% | |||||||
33,543 | Argo Group International Holdings Ltd. | 1,751,615 | |||||
5,231 | Everest Re Group Ltd. | 1,311,830 | |||||
8,705 | Trupanion, Inc.* | 676,117 | |||||
30,647 | WR Berkley Corp. | 2,242,748 | |||||
5,982,310 | |||||||
IT Services—3.6% | |||||||
11,956 | Alliance Data Systems Corp. | 1,206,241 | |||||
145,626 | Brightcove, Inc.* | 1,680,524 | |||||
30,544 | Genpact Ltd. | 1,451,145 | |||||
111,619 | Paya Holdings, Inc.* | 1,213,299 | |||||
44,651 | Switch, Inc., Class A | 1,133,689 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
IT Services (Continued) | ||||||||
7,685 | WEX, Inc.* | $ | 1,353,636 | |||||
8,038,534 | ||||||||
Leisure Equipment and Products—1.0% | ||||||||
116,526 | Mattel, Inc.* | 2,162,723 | ||||||
Life Sciences Tools and Services—1.2% | ||||||||
20,299 | QIAGEN NV*, † | 1,049,052 | ||||||
12,472 | Quanterix Corp.* | 620,981 | ||||||
37,446 | Sotera Health Co.* | 979,213 | ||||||
2,649,246 | ||||||||
Machinery—1.2% | ||||||||
33,045 | CIRCOR International, Inc.* | 1,090,815 | ||||||
70,270 | Meritor, Inc.* | 1,497,454 | ||||||
2,588,269 | ||||||||
Marine—0.3% | ||||||||
12,133 | Kirby Corp.* | 581,899 | ||||||
Media—1.6% | ||||||||
26,783 | Cardlytics, Inc.*, † | 2,248,165 | ||||||
60,140 | Integral Ad Science Holding Corp.* | 1,240,688 | ||||||
3,488,853 | ||||||||
Metals and Mining—2.2% | ||||||||
113,759 | Alamos Gold, Inc., Class A | 819,065 | ||||||
81,683 | Allegheny Technologies, Inc.* | 1,358,388 | ||||||
32,620 | Carpenter Technology Corp. | 1,067,979 | ||||||
68,805 | Pan American Silver Corp. | 1,601,092 | ||||||
4,846,524 | ||||||||
Oil, Gas and Consumable Fuels—1.2% | ||||||||
46,128 | Devon Energy Corp. | 1,638,005 | ||||||
124,862 | Navigator Holdings Ltd.* | 1,111,272 | ||||||
2,749,277 | ||||||||
Pharmaceuticals—1.8% | ||||||||
55,091 | Aerie Pharmaceuticals, Inc.*, † | 628,037 | ||||||
36,645 | Amphastar Pharmaceuticals, Inc.* | 696,622 | ||||||
28,282 | Pacira BioSciences, Inc.* | 1,583,792 | ||||||
44,022 | Supernus Pharmaceuticals, Inc.* | 1,174,067 | ||||||
4,082,518 | ||||||||
Professional Services—1.9% | ||||||||
91,523 | KBR, Inc. | 3,606,006 | ||||||
16,774 | Willdan Group, Inc.* | 596,987 | ||||||
4,202,993 | ||||||||
Road and Rail—1.3% | ||||||||
36,570 | Knight-Swift Transportation Holdings, Inc. | 1,870,555 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Road and Rail (Continued) | ||||||||
13,551 | XPO Logistics, Inc.* | $ | 1,078,389 | |||||
2,948,944 | ||||||||
Semiconductors and Semiconductor Equipment—9.4% | ||||||||
65,705 | MACOM Technology Solutions Holdings, Inc.* | 4,262,283 | ||||||
36,073 | Marvell Technology, Inc. | 2,175,563 | ||||||
29,913 | MaxLinear, Inc.* | 1,473,215 | ||||||
3,422 | Monolithic Power Systems, Inc. | 1,658,575 | ||||||
16,099 | Qorvo, Inc.* | 2,691,592 | ||||||
32,614 | Semtech Corp.* | 2,542,914 | ||||||
7,335 | Silicon Laboratories, Inc.* | 1,028,074 | ||||||
4,131 | SiTime Corp.* | 843,426 | ||||||
6,862 | Universal Display Corp. | 1,173,127 | ||||||
38,239 | Wolfspeed, Inc. | 3,087,034 | ||||||
20,935,803 | ||||||||
Software—3.9% | ||||||||
12,767 | CommVault Systems, Inc.* | 961,483 | ||||||
14,594 | Mimecast Ltd.* | 928,178 | ||||||
19,510 | Model N, Inc.*, † | 653,585 | ||||||
34,339 | NCR Corp.* | 1,330,980 | ||||||
8,177 | Pegasystems, Inc. | 1,039,297 | ||||||
20,991 | SS&C Technologies Holdings, Inc. | 1,456,775 | ||||||
8,552 | Workiva, Inc.* | 1,205,490 | ||||||
65,893 | Zuora, Inc., Class A* | 1,092,506 | ||||||
8,668,294 | ||||||||
Specialty Retail—1.7% | ||||||||
4,175 | Advance Auto Parts, Inc. | 872,115 | ||||||
10,420 | Floor & Decor Holdings, Inc., Class A* | 1,258,632 | ||||||
84,635 | Leslie's, Inc.* | 1,738,403 | ||||||
3,869,150 | ||||||||
Thrifts and Mortgage Finance—0.4% | ||||||||
42,068 | NMI Holdings, Inc., Class A* | 951,157 | ||||||
Trading Companies and Distributors—2.0% | ||||||||
29,077 | Beacon Roofing Supply, Inc.* | 1,388,718 | ||||||
239,475 | MRC Global, Inc.* | 1,757,746 | ||||||
11,815 | WESCO International, Inc.* | 1,362,506 | ||||||
4,508,970 | ||||||||
TOTAL COMMON STOCKS (Cost $147,170,689) | 220,451,851 |
Expiration Date | ||||||||||
Rights—0.2% | ||||||||||
Metals and Mining—0.2% | ||||||||||
721,884 | Pan American Silver Corp., CVR * | 02/29/2022 | 519,756 | |||||||
TOTAL RIGHTS (Cost $174,326) | 519,756 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | 7-Day Yield | Value (Note 1) | ||||||||||
Short-Term Investments—1.5% | ||||||||||||
3,188,461 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $3,188,461) †† | 0.07 | % | $ | 3,188,461 | |||||||
TOTAL INVESTMENTS, AT VALUE—101.0% | 224,160,068 | |||||||||||
Liabilities in Excess of Other Assets—(1.0)% | (2,127,433 | ) | ||||||||||
NET ASSETS—100.0% | $ | 222,032,635 |
Notes to the Schedule of Investments:
ADR—American Depositary Receipt
CVR—Contingent Voting Rights
REIT—Real Estate Investment Trust
* | Non-income producing security |
† | Denotes all or a portion of security on loan. As of September 30, 2021, the market value of the securities on loan was $9,108,013 (Note 1). |
†† | Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $ 6,174,967. |
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, 2021
At September 30, 2021, 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 | 22.3 | % | ||
Information Technology | 21.4 | % | ||
Consumer Discretionary | 14.4 | % | ||
Health Care | 13.9 | % | ||
Financials | 13.4 | % | ||
Materials | 8.5 | % | ||
Communication Services | 2.3 | % | ||
Real Estate | 2.1 | % | ||
Energy | 1.2 | % | ||
Short-Term Investments | 1.5 | % | ||
Total | 101.0 | % |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
Shares | Value (Note 1) | |||||||
Common Stocks—97.9% | ||||||||
Aerospace & Defense—2.1% | ||||||||
5,200 | General Dynamics Corp. | $ | 1,019,356 | |||||
500 | Huntington Ingalls Industries, Inc. | 96,530 | ||||||
2,700 | L3Harris Technologies, Inc. | 594,648 | ||||||
2,000 | Northrop Grumman Corp. | 720,300 | ||||||
4,100 | Textron, Inc. | 286,221 | ||||||
2,717,055 | ||||||||
Air Freight and Logistics—1.3% | ||||||||
800 | Expeditors International of Washington, Inc. | 95,304 | ||||||
8,700 | United Parcel Service, Inc., Class B | 1,584,270 | ||||||
1,679,574 | ||||||||
Auto Components—0.1% | ||||||||
800 | Lear Corp. | 125,184 | ||||||
Automobiles—1.6% | ||||||||
69,900 | Ford Motor Co.* | 989,784 | ||||||
20,100 | General Motors Co.* | 1,059,471 | ||||||
2,049,255 | ||||||||
Banks—13.5% | ||||||||
118,900 | Bank of America Corp. | 5,047,305 | ||||||
6,100 | Citizens Financial Group, Inc. | 286,578 | ||||||
1,900 | Comerica, Inc. | 152,950 | ||||||
1,565 | Commerce Bancshares, Inc. | 109,049 | ||||||
700 | Cullen/Frost Bankers, Inc. | 83,034 | ||||||
1,900 | East West Bancorp, Inc. | 147,326 | ||||||
10,100 | Fifth Third Bancorp | 428,644 | ||||||
38,700 | JPMorgan Chase & Co. | 6,334,803 | ||||||
13,800 | KeyCorp | 298,356 | ||||||
1,600 | M&T Bank Corp. | 238,944 | ||||||
6,000 | PNC Financial Services Group, Inc. | 1,173,840 | ||||||
13,600 | Regions Financial Corp. | 289,816 | ||||||
18,700 | Truist Financial Corp. | 1,096,755 | ||||||
20,889 | U.S. Bancorp | 1,241,642 | ||||||
1,300 | Western Alliance Bancorp | 141,466 | ||||||
2,200 | Zions Bancorp NA | 136,158 | ||||||
17,206,666 | ||||||||
Beverages—0.1% | ||||||||
2,900 | Molson Coors Beverage Co., Class B | 134,502 | ||||||
Biotechnology—3.2% | ||||||||
16,000 | AbbVie, Inc. | 1,725,920 | ||||||
1,800 | Biogen, Inc.* | 509,382 | ||||||
15,400 | Gilead Sciences, Inc. | 1,075,690 | ||||||
1,300 | Regeneron Pharmaceuticals, Inc.* | 786,734 | ||||||
4,097,726 | ||||||||
Building Products—0.5% | ||||||||
2,600 | Fortune Brands Home & Security, Inc. | 232,492 | ||||||
4,800 | Masco Corp. | 266,640 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Building Products (Continued) | ||||||||
1,900 | Owens Corning | $ | 162,450 | |||||
661,582 | ||||||||
Capital Markets—3.7% | ||||||||
12,600 | Bank of New York Mellon Corp. | 653,184 | ||||||
4,700 | Goldman Sachs Group, Inc. | 1,776,741 | ||||||
5,700 | Invesco Ltd. | 137,427 | ||||||
3,800 | Jefferies Financial Group, Inc. | 141,094 | ||||||
1,100 | LPL Financial Holdings, Inc. | 172,436 | ||||||
2,900 | Northern Trust Corp. | 312,649 | ||||||
3,000 | Raymond James Financial, Inc. | 276,840 | ||||||
2,100 | SEI Investments Co. | 124,530 | ||||||
5,000 | State Street Corp. | 423,600 | ||||||
3,300 | T. Rowe Price Group, Inc. | 649,110 | ||||||
4,667,611 | ||||||||
Chemicals—1.8% | ||||||||
2,200 | Celanese Corp. | 331,408 | ||||||
6,800 | Dow, Inc. | 391,408 | ||||||
6,800 | DuPont de Nemours, Inc. | 462,332 | ||||||
2,500 | Eastman Chemical Co. | 251,850 | ||||||
6,900 | Mosaic Co. | 246,468 | ||||||
6,100 | Universal Health Services, Inc., Class B | 572,485 | ||||||
2,255,951 | ||||||||
Communications Equipment—2.4% | ||||||||
53,300 | Cisco Systems, Inc. | 2,901,119 | ||||||
4,200 | Juniper Networks, Inc. | 115,584 | ||||||
3,016,703 | ||||||||
Construction and Engineering—0.2% | ||||||||
1,800 | Quanta Services, Inc. | 204,876 | ||||||
Consumer Finance—3.1% | ||||||||
5,300 | Ally Financial, Inc. | 270,565 | ||||||
9,800 | American Express Co. | 1,641,794 | ||||||
6,500 | Capital One Financial Corp. | 1,052,805 | ||||||
100 | Credit Acceptance Corp.*, † | 58,530 | ||||||
3,800 | Discover Financial Services | 466,830 | ||||||
1,700 | OneMain Holdings, Inc. | 94,061 | ||||||
8,300 | Synchrony Financial | 405,704 | ||||||
3,990,289 | ||||||||
Containers and Packaging—1.1% | ||||||||
28,300 | Amcor PLC | 327,997 | ||||||
1,500 | Berry Global Group, Inc.* | 91,320 | ||||||
2,500 | Crown Holdings, Inc. | 251,950 | ||||||
7,200 | International Paper Co. | 402,624 | ||||||
1,600 | Packaging Corp. of America | 219,904 | ||||||
2,800 | Sealed Air Corp. | 153,412 | ||||||
1,447,207 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Distributors—0.5% | ||||||||
2,700 | Genuine Parts Co. | $ | 327,321 | |||||
5,500 | LKQ Corp.* | 276,760 | ||||||
604,081 | ||||||||
Diversified Consumer Services—0.2% | ||||||||
3,200 | Service Corp. International | 192,832 | ||||||
Diversified Financial Services—0.2% | ||||||||
6,300 | Equitable Holdings, Inc. | 186,732 | ||||||
1,800 | Voya Financial, Inc. | 110,502 | ||||||
297,234 | ||||||||
Diversified Telecommunication Services—0.1% | ||||||||
14,100 | Lumen Technologies, Inc. | 174,699 | ||||||
Electric Utilities—2.4% | ||||||||
3,100 | Alliant Energy Corp. | 173,538 | ||||||
2,500 | Entergy Corp. | 248,275 | ||||||
3,000 | Evergy, Inc. | 186,600 | ||||||
17,600 | Exelon Corp. | 850,784 | ||||||
7,700 | FirstEnergy Corp. | 274,274 | ||||||
3,000 | NRG Energy, Inc. | 122,490 | ||||||
9,500 | PPL Corp. | 264,860 | ||||||
14,900 | Southern Co. | 923,353 | ||||||
3,044,174 | ||||||||
Electrical Equipment—0.1% | ||||||||
2,000 | Sensata Technologies Holding PLC* | 109,440 | ||||||
Electronic Equipment, Instruments & Components—0.2% | ||||||||
1,300 | Arrow Electronics, Inc.* | 145,977 | ||||||
2,700 | Jabil, Inc. | 157,599 | ||||||
303,576 | ||||||||
Food and Staples Retailing—0.9% | ||||||||
1,700 | BJ's Wholesale Club Holdings, Inc.* | 93,364 | ||||||
600 | Casey's General Stores, Inc. | 113,070 | ||||||
9,200 | Kroger Co. | 371,956 | ||||||
12,100 | Walgreens Boots Alliance, Inc. | 569,305 | ||||||
1,147,695 | ||||||||
Food Products—1.5% | ||||||||
10,100 | Archer-Daniels-Midland Co. | 606,101 | ||||||
2,600 | Bunge Ltd. | 211,432 | ||||||
1,500 | JM Smucker Co. | 180,045 | ||||||
17,200 | Kraft Heinz Co. | 633,304 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Food Products (Continued) | ||||||||
4,100 | Tyson Foods, Inc., Class A | $ | 323,654 | |||||
1,954,536 | ||||||||
Gas Utilities—0.1% | ||||||||
3,600 | UGI Corp. | 153,432 | ||||||
Health Care Equipment and Supplies—0.1% | ||||||||
2,300 | Hologic, Inc.* | 169,763 | ||||||
Health Care Providers and Services—6.7% | ||||||||
3,700 | AmerisourceBergen Corp. | 441,965 | ||||||
4,600 | Anthem, Inc. | 1,714,880 | ||||||
7,500 | Centene Corp.* | 467,325 | ||||||
4,800 | Cigna Corp. | 960,768 | ||||||
17,510 | CVS Health Corp. | 1,485,899 | ||||||
2,100 | DaVita, Inc.* | 244,146 | ||||||
6,200 | HCA Healthcare, Inc. | 1,504,864 | ||||||
1,900 | Henry Schein, Inc.* | 144,704 | ||||||
1,700 | Laboratory Corp. of America Holdings* | 478,448 | ||||||
2,800 | McKesson Corp. | 558,264 | ||||||
2,500 | Quest Diagnostics, Inc. | 363,275 | ||||||
1,400 | Universal Health Services, Inc., Class B | 193,718 | ||||||
8,558,256 | ||||||||
Household Durables—1.8% | ||||||||
6,700 | DR Horton, Inc. | 562,599 | ||||||
5,000 | Lennar Corp., Class A | 468,400 | ||||||
1,200 | Mohawk Industries, Inc.* | 212,880 | ||||||
7,700 | Newell Brands, Inc. | 170,478 | ||||||
40 | NVR, Inc.* | 191,763 | ||||||
4,900 | PulteGroup, Inc. | 225,008 | ||||||
2,400 | Tempur Sealy International, Inc. | 111,384 | ||||||
1,400 | Toll Brothers, Inc. | 77,406 | ||||||
1,100 | Whirlpool Corp. | 224,246 | ||||||
2,244,164 | ||||||||
Independent Power and Renewable Electricity Producers—0.2% | ||||||||
12,400 | AES Corp. | 283,092 | ||||||
Industrial Conglomerates—1.5% | ||||||||
10,500 | 3M Co. | 1,841,910 | ||||||
Insurance—6.7% | ||||||||
9,900 | Aflac, Inc. | 516,087 | ||||||
200 | Alleghany Corp.* | 124,882 | ||||||
4,300 | Allstate Corp. | 547,433 | ||||||
1,200 | American Financial Group, Inc. | 150,996 | ||||||
5,700 | Arch Capital Group Ltd.* | 217,626 | ||||||
800 | Assurant, Inc. | 126,200 | ||||||
6,400 | Chubb Ltd. | 1,110,272 | ||||||
2,200 | Cincinnati Financial Corp. | 251,284 | ||||||
600 | Everest Re Group Ltd. | 150,468 | ||||||
3,500 | Fidelity National Financial, Inc. | 158,690 | ||||||
1,200 | First American Financial Corp. | 80,460 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Insurance (Continued) | ||||||||
1,300 | Globe Life, Inc. | $ | 115,739 | |||||
5,100 | Hartford Financial Services Group, Inc. | 358,275 | ||||||
2,800 | Lincoln National Corp. | 192,500 | ||||||
3,700 | Loews Corp. | 199,541 | ||||||
200 | Markel Corp.* | 239,026 | ||||||
12,700 | MetLife, Inc. | 783,971 | ||||||
3,000 | Old Republic International Corp. | 69,390 | ||||||
3,800 | Principal Financial Group, Inc. | 244,720 | ||||||
8,300 | Progressive Corp. | 750,237 | ||||||
5,600 | Prudential Financial, Inc. | 589,120 | ||||||
6,500 | Travelers Cos., Inc. | 988,065 | ||||||
1,600 | Willis Towers Watson PLC | 371,936 | ||||||
2,500 | WR Berkley Corp. | 182,950 | ||||||
8,519,868 | ||||||||
Internet and Catalog Retail—0.7% | ||||||||
12,500 | eBay, Inc. | 870,875 | ||||||
IT Services—1.4% | ||||||||
3,400 | Genpact Ltd. | 161,534 | ||||||
11,400 | International Business Machines Corp. | 1,583,802 | ||||||
1,745,336 | ||||||||
Leisure Equipment and Products—0.2% | ||||||||
1,300 | Brunswick Corp. | 123,851 | ||||||
800 | Polaris, Inc. | 95,728 | ||||||
219,579 | ||||||||
Life Sciences Tools and Services—0.4% | ||||||||
400 | Bio-Rad Laboratories, Inc., Class A* | 298,380 | ||||||
1,400 | PerkinElmer, Inc. | 242,606 | ||||||
540,986 | ||||||||
Machinery—2.7% | ||||||||
1,300 | AGCO Corp. | 159,289 | ||||||
2,600 | Cummins, Inc. | 583,856 | ||||||
3,800 | Deere & Co. | 1,273,266 | ||||||
2,700 | Dover Corp. | 419,850 | ||||||
800 | Oshkosh Corp. | 81,896 | ||||||
1,600 | Parker-Hannifin Corp. | 447,392 | ||||||
1,000 | Snap-on, Inc. | 208,950 | ||||||
3,400 | Westinghouse Air Brake Technologies Corp. | 293,114 | ||||||
3,467,613 | ||||||||
Media—3.3% | ||||||||
63,800 | Comcast Corp., Class A | 3,568,334 | ||||||
6,200 | Fox Corp., Class A | 248,682 | ||||||
4,100 | Interpublic Group of Cos., Inc. | 150,347 | ||||||
3,900 | Omnicom Group, Inc. | 282,594 | ||||||
4,249,957 | ||||||||
Metals and Mining—0.7% | ||||||||
5,500 | Nucor Corp. | 541,695 | ||||||
1,100 | Reliance Steel & Aluminum Co. | 156,662 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | |||||||
Metals and Mining (Continued) | ||||||||
3,800 | Steel Dynamics, Inc. | $ | 222,224 | |||||
920,581 | ||||||||
Multi-Utilities—0.5% | ||||||||
9,600 | Public Service Enterprise Group, Inc. | 584,640 | ||||||
Multiline Retail—1.7% | ||||||||
1,900 | Kohl's Corp. | 89,471 | ||||||
9,000 | Target Corp. | 2,058,930 | ||||||
2,148,401 | ||||||||
Oil, Gas and Consumable Fuels—5.5% | ||||||||
6,700 | Continental Resources, Inc. | 309,205 | ||||||
10,600 | EOG Resources, Inc. | 850,862 | ||||||
59,000 | Exxon Mobil Corp. | 3,470,380 | ||||||
31,600 | Kinder Morgan, Inc. | 528,668 | ||||||
10,235 | Marathon Oil Corp. | 139,913 | ||||||
5,500 | ONEOK, Inc. | 318,945 | ||||||
6,200 | Phillips 66 | 434,186 | ||||||
5,700 | Valero Energy Corp. | 402,249 | ||||||
21,800 | Williams Cos., Inc. | 565,492 | ||||||
7,019,900 | ||||||||
Pharmaceuticals—4.1% | ||||||||
32,300 | Johnson & Johnson | 5,216,450 | ||||||
Real Estate Management and Development—0.2% | ||||||||
900 | Jones Lang LaSalle, Inc.* | 223,281 | ||||||
Road and Rail—0.3% | ||||||||
400 | AMERCO | 258,412 | ||||||
2,000 | Knight-Swift Transportation Holdings, Inc. | 102,300 | ||||||
360,712 | ||||||||
Semiconductors and Semiconductor Equipment—5.3% | ||||||||
5,000 | Broadcom, Inc. | 2,424,650 | ||||||
49,600 | Intel Corp. | 2,642,688 | ||||||
13,900 | Micron Technology, Inc. | 986,622 | ||||||
700 | MKS Instruments, Inc. | 105,637 | ||||||
1,400 | Qorvo, Inc.* | 234,066 | ||||||
2,000 | Skyworks Solutions, Inc. | 329,560 | ||||||
6,723,223 | ||||||||
Software—3.8% | ||||||||
7,400 | NortonLifeLock, Inc. | 187,220 | ||||||
52,800 | Oracle Corp. | 4,600,464 | ||||||
4,787,684 | ||||||||
Specialty Retail—5.4% | ||||||||
1,200 | Advance Auto Parts, Inc. | 250,668 | ||||||
1,500 | AutoNation, Inc.* | 182,640 | ||||||
310 | AutoZone, Inc.* | 526,377 | ||||||
2,000 | CarMax, Inc.* | 255,920 | ||||||
800 | Dick's Sporting Goods, Inc. | 95,816 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
Shares | Value (Note 1) | ||||||
Specialty Retail (Continued) | |||||||
4,700 | Gap, Inc. | $ | 106,690 | ||||
5,300 | Home Depot, Inc. | 1,739,778 | |||||
13,300 | Lowe's Cos., Inc. | 2,698,038 | |||||
1,300 | O'Reilly Automotive, Inc.* | 794,378 | |||||
1,000 | Williams-Sonoma, Inc. | 177,330 | |||||
6,827,635 | |||||||
Technology Hardware, Storage & Peripherals—0.8% | |||||||
23,300 | Hewlett Packard Enterprise Co. | 332,025 | |||||
23,200 | HP, Inc. | 634,752 | |||||
966,777 | |||||||
Textiles, Apparel and Luxury Goods—0.2% | |||||||
2,900 | Hanesbrands, Inc. | 49,764 | |||||
900 | PVH Corp.* | 92,511 | |||||
1,600 | Skechers U.S.A., Inc., Class A* | 67,392 | |||||
209,667 | |||||||
Tobacco—2.4% | |||||||
22,600 | Altria Group, Inc. | 1,028,752 | |||||
21,800 | Philip Morris International, Inc. | 2,066,422 | |||||
3,095,174 | |||||||
Trading Companies and Distributors—0.3% | |||||||
1,000 | United Rentals, Inc.* | 350,930 | |||||
Water Utilities—0.1% | |||||||
3,000 | Essential Utilities, Inc. | 138,240 | |||||
TOTAL COMMON STOCKS (Cost $97,555,654) | 124,520,574 | ||||||
EXCHANGE-TRADED FUND—1.4% | |||||||
11,800 | iShares Russell 1000 Value ETF (Cost $1,893,187) † | 1,846,818 |
7-Day | |||||||||||
Yield | |||||||||||
Short-Term Investments—0.1% | |||||||||||
51,170 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $51,170) †† | 0.07 | % | 51,170 | |||||||
TOTAL INVESTMENTS, AT VALUE—99.4% (Cost $99,500,011) | $ | 126,418,562 | |||||||||
Other Assets in Excess of Liabilities—0.6% | 761,527 | ||||||||||
NET ASSETS—100.0% | $ | 127,180,089 | |||||||||
Notes to the Schedule of Investments: | |
* | Non-income producing security |
† | Denotes all or a portion of security on loan. As of September 30, 2021, the market value of the securities on loan was $49,751 (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, 2021
At September 30, 2021, 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 | 28.6 | % | ||
Health Care | 14.6 | % | ||
Information Technology | 13.8 | % | ||
Consumer Discretionary | 12.2 | % | ||
Industrials | 9.0 | % | ||
Energy | 5.5 | % | ||
Consumer Staples | 5.0 | % | ||
Materials | 3.6 | % | ||
Communication Services | 3.5 | % | ||
Utilities | 3.3 | % | ||
Real Estate | 0.2 | % | ||
Short-Term Investments | 0.1 | % | ||
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, 2021, 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.
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.
M Fund, Inc.
NOTES TO SCHEDULES OF INVESTMENTS (Unaudited) (Continued)
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, 2021 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, 2021, the M Large Cap Growth Fund, the M Capital Appreciation Fund and the 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, 2021 in valuing the M International Equity Fund investments:
Assets Valuation Input
Description | Quoted (Level 1) | Significant Other (Level 2) | | Significant (Level 3) | Total | |||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 9,886,462 | $ | — | $ | 9,886,462 | ||||||||
Austria | — | 716,614 | — | 716,614 | ||||||||||||
Belgium | 26,898 | 1,510,496 | — | 1,537,394 | ||||||||||||
Canada | 17,094,015 | — | — | 17,094,015 | ||||||||||||
Denmark | — | 3,921,696 | — | 3,921,696 | ||||||||||||
Finland | 72,376 | 2,131,699 | — | 2,204,075 | ||||||||||||
France | — | 13,452,921 | — | 13,452,921 | ||||||||||||
Germany | 120,173 | 11,952,902 | — | 12,073,075 | ||||||||||||
Hong Kong | — | 4,091,875 | — | 4,091,875 | ||||||||||||
Ireland | 302,174 | 914,832 | — | 1,217,006 | ||||||||||||
Israel | 189,680 | 970,303 | — | 1,159,983 | ||||||||||||
Italy | — | 4,143,728 | — | 4,143,728 | ||||||||||||
Japan | — | 36,895,723 | — | 36,895,723 | ||||||||||||
Netherlands | 73,605 | 5,643,362 | — | 5,716,967 | ||||||||||||
New Zealand | — | 647,115 | — | 647,115 | ||||||||||||
Norway | — | 1,473,999 | — | 1,473,999 | ||||||||||||
Portugal | — | 358,914 | — | 358,914 | ||||||||||||
Singapore | 36,059 | 1,301,324 | — | 1,337,383 | ||||||||||||
Spain | 88,412 | 3,197,358 | — | 3,285,770 | ||||||||||||
Sweden | — | 5,362,444 | — | 5,362,444 | ||||||||||||
Switzerland | 101,001 | 12,325,074 | — | 12,426,075 | ||||||||||||
United Kingdom | 504,208 | 20,862,576 | — | 21,366,784 | ||||||||||||
United States | 56,837 | — | — | 56,837 | ||||||||||||
Total Common Stocks | 18,665,438 | 141,761,417 | — | 160,426,855 | ||||||||||||
Affiliated Investment Company | ||||||||||||||||
United States | 68,231,038 | — | — | 68,231,038 | ||||||||||||
Warrants | ||||||||||||||||
Canada | — | 2,268 | — | 2,268 | ||||||||||||
Right | ||||||||||||||||
Austria | — | — | — | — | ||||||||||||
Germany | — | 8,639 | — | 8,639 | ||||||||||||
Total Rights | — | 8,639 | — | 8,639 |
Preferred Stocks | ||||||||||||||||
Germany | — | 1,125,530 | — | 1,125,530 | ||||||||||||
Italy | — | 26,519 | — | 26,519 | ||||||||||||
Total Preferred Stocks | — | 1,152,049 | — | 1,152,049 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investments in Security Lending Collateral | — | 5,210,458 | — | 5,210,458 | ||||||||||||
Total | $ | 86,896,476 | $ | 148,134,831 | $ | — | $ | 235,031,307 |
At September 30, 2021, Level 2 Common Stocks were priced using a fair value factor applied to quoted market prices
M Fund, Inc.
NOTES TO SCHEDULES OF INVESTMENTS (Unaudited) (Continued)
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%/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%/105%.
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.
M Fund, Inc.
NOTES TO SCHEDULES OF INVESTMENTS (Unaudited) (Continued)
As of September 30, 2021, the value of the securities on loan and the value of the related collateral were as follows:
Market Value of | Market Value of | |||||||
M International Equity Fund | $ | 10,681,005 | $ | 11,279,123 | ||||
M Capital Appreciation Fund | 9,108,013 | 9,363,428 | ||||||
M Large Cap Value Fund | 49,751 | 51,170 |
2. | Tax Information |
As of September 30, 2021, 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 |
Tax Basis | Tax Basis Net Unrealized Appreciation/ Depreciation | |||||||||||||
M International Equity Fund | $ | 189,368,879 | $ | 54,527,402 | $ | (8,864,974 | ) | $ | 45,662,428 | |||||||
M Large Cap Growth Fund | 143,787,293 | 112,176,406 | (1,552,373 | ) | 110,624,033 | |||||||||||
M Capital Appreciation Fund | 151,738,977 | 80,891,151 | (8,470,060 | ) | 72,421,091 | |||||||||||
M Large Cap Value Fund | 100,065,054 | 28,343,034 | (1,989,526 | ) | 26,353,508 |
The Funds did not have any unrecognized tax benefits as of September 30, 2021, 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, 2021, 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 2018 through December 2020. No examination of any of the Funds' tax filings is currently in progress.