M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Shares | Value (Note 1) | |||||||
Common Stocks—69.0% | ||||||||
Australia—4.8% | ||||||||
3,170 | 29Metals Ltd.§ | $ | 4,583 | |||||
5,596 | Adbri Ltd.†,§ | 6,534 | ||||||
7,407 | AGL Energy Ltd.§ | 32,221 | ||||||
4,474 | Allkem Ltd.*,§ | 39,776 | ||||||
4,977 | ALS Ltd.§ | 32,043 | ||||||
1,335 | Altium Ltd.§ | 28,925 | ||||||
23,001 | Alumina Ltd.§ | 18,431 | ||||||
32,068 | AMP Ltd.*,§ | 22,270 | ||||||
2,797 | Ampol Ltd.§ | 51,643 | ||||||
2,225 | Ansell Ltd.§ | 35,587 | ||||||
8,493 | APA Group§ | 51,858 | ||||||
2,756 | Appen Ltd.§ | 5,417 | ||||||
1,183 | ARB Corp. Ltd.†,§ | 21,044 | ||||||
16,116 | Ardent Leisure Group Ltd.*,§ | 5,355 | ||||||
3,393 | Aristocrat Leisure Ltd.§ | 70,810 | ||||||
978 | ASX Ltd.§ | 44,971 | ||||||
15,957 | Atlas Arteria Ltd.†,§ | 63,100 | ||||||
1,672 | AUB Group Ltd.§ | 20,340 | ||||||
27,196 | Aurizon Holdings Ltd.§ | 59,753 | ||||||
9,677 | Austal Ltd.§ | 14,120 | ||||||
13,544 | Australia & New Zealand Banking Group Ltd.§ | 196,656 | ||||||
2,559 | Australian Ethical Investment Ltd.§ | 8,117 | ||||||
6,809 | Bank of Queensland Ltd.†,§ | 28,240 | ||||||
5,183 | Bapcor Ltd.†,§ | 20,283 | ||||||
36,897 | Beach Energy Ltd.§ | 35,285 | ||||||
4,696 | Bega Cheese Ltd.§ | 10,346 | ||||||
6,079 | Bendigo & Adelaide Bank Ltd.†,§ | 30,355 | ||||||
19,147 | BHP Group Ltd.§ | 476,854 | ||||||
12,902 | BHP Group Ltd.§ | 324,035 | ||||||
4,598 | BHP Group Ltd., ADR† | 230,084 | ||||||
177 | Blackmores Ltd.†,§ | 7,081 | ||||||
5,520 | BlueScope Steel Ltd.§ | 53,403 | ||||||
12,498 | Brambles Ltd.§ | 90,681 | ||||||
10,167 | Bravura Solutions Ltd.§ | 8,010 | ||||||
849 | Breville Group Ltd.†,§ | 9,756 | ||||||
1,779 | Brickworks Ltd.§ | 24,296 | ||||||
3,952 | Capricorn Metals Ltd.*,§ | 7,625 | ||||||
3,533 | carsales.com Ltd.§ | 42,043 | ||||||
10,594 | Challenger Ltd.§ | 39,734 | ||||||
5,558 | Champion Iron Ltd.†,§ | 17,224 | ||||||
5,238 | City Chic Collective Ltd.*,†,§ | 4,317 | ||||||
27,499 | Cleanaway Waste Management Ltd.†,§ | 47,742 | ||||||
816 | Clinuvel Pharmaceuticals Ltd.†,§ | 9,604 | ||||||
444 | Cochlear Ltd.§ | 54,864 | ||||||
748 | Codan Ltd.†,§ | 2,682 | ||||||
8,123 | Coles Group Ltd.§ | 85,459 | ||||||
1,452 | Collins Foods Ltd.§ | 8,040 | ||||||
10,118 | Commonwealth Bank of Australia§ | 588,030 | ||||||
3,782 | Computershare Ltd.§ | 59,980 | ||||||
55,582 | Cooper Energy Ltd.*,†,§ | 9,075 | ||||||
1,259 | Corporate Travel Management Ltd.§ | 13,367 | ||||||
5,529 | Costa Group Holdings Ltd.§ | 7,864 | ||||||
1,552 | Credit Corp. Group Ltd.†,§ | 17,156 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Australia (Continued) | ||||||||
2,406 | CSL Ltd.§ | $ | 436,263 | |||||
9,383 | CSR Ltd.§ | 26,624 | ||||||
2,536 | Data#3 Ltd.§ | 10,043 | ||||||
16,496 | De Grey Mining Ltd.*,†,§ | 10,827 | ||||||
4,714 | Deterra Royalties Ltd.§ | 12,080 | ||||||
1,480 | Dicker Data Ltd.§ | 9,697 | ||||||
4,479 | Domain Holdings Australia Ltd.§ | 9,253 | ||||||
464 | Domino's Pizza Enterprises Ltd.†,§ | 15,191 | ||||||
18,120 | Downer EDI Ltd.§ | 52,555 | ||||||
3,054 | Eagers Automotive Ltd.†,§ | 21,291 | ||||||
13,551 | Eclipx Group Ltd.*,†,§ | 19,403 | ||||||
5,248 | Elders Ltd.†,§ | 39,812 | ||||||
9,649 | Endeavour Group Ltd.§ | 43,247 | ||||||
7,109 | Estia Health Ltd.†,§ | 8,965 | ||||||
1,597 | EVENT Hospitality & Entertainment Ltd.*,§ | 13,113 | ||||||
13,941 | Evolution Mining Ltd.§ | 18,384 | ||||||
1,312 | Flight Centre Travel Group Ltd.*,†,§ | 11,805 | ||||||
13,104 | Fortescue Metals Group Ltd.§ | 140,441 | ||||||
20,944 | G8 Education Ltd.†,§ | 12,780 | ||||||
9,874 | Genworth Mortgage Insurance Australia Ltd.§ | 17,030 | ||||||
10,788 | Gold Road Resources Ltd.†,§ | 8,895 | ||||||
7,355 | GrainCorp Ltd., Class A§ | 36,469 | ||||||
18,983 | Grange Resources Ltd.§ | 8,394 | ||||||
2,140 | GUD Holdings Ltd.†,§ | 10,173 | ||||||
9,346 | GWA Group Ltd.§ | 11,372 | ||||||
2,555 | Hansen Technologies Ltd.§ | 7,248 | ||||||
13,339 | Harvey Norman Holdings Ltd.†,§ | 34,243 | ||||||
15,902 | Healius Ltd.§ | 33,955 | ||||||
10,246 | Humm Group Ltd.†,§ | 2,957 | ||||||
877 | IDP Education Ltd.†,§ | 14,674 | ||||||
6,512 | IGO Ltd.§ | 56,764 | ||||||
6,363 | Iluka Resources Ltd.†,§ | 36,677 | ||||||
11,076 | Imdex Ltd.§ | 12,522 | ||||||
28,249 | Incitec Pivot Ltd.§ | 63,613 | ||||||
11,778 | Infomedia Ltd.†,§ | 8,819 | ||||||
5,200 | Inghams Group Ltd.†,§ | 7,876 | ||||||
16,077 | Insignia Financial Ltd.†,§ | 30,174 | ||||||
17,033 | Insurance Australia Group Ltd.§ | 50,154 | ||||||
7,725 | Integral Diagnostics Ltd.§ | 13,635 | ||||||
1,626 | InvoCare Ltd.†,§ | 10,446 | ||||||
2,813 | IPH Ltd.§ | 16,936 | ||||||
3,090 | IRESS Ltd.§ | 17,458 | ||||||
3,097 | James Hardie Industries PLC§ | 60,317 | ||||||
1,012 | JB Hi-Fi Ltd.†,§ | 24,393 | ||||||
2,838 | Johns Lyng Group Ltd.†,§ | 11,282 | ||||||
7,993 | Karoon Energy Ltd.*,§ | 9,294 | ||||||
2,906 | Kelsian Group Ltd.§ | 8,913 | ||||||
5,029 | Lendlease Corp. Ltd.§ | 28,442 | ||||||
1,418 | Lifestyle Communities Ltd.†,§ | 13,612 | ||||||
10,522 | Link Administration Holdings Ltd.§ | 19,162 | ||||||
14,886 | Lottery Corp. Ltd.*,§ | 39,547 | ||||||
1,516 | Lovisa Holdings Ltd.†,§ | 20,432 | ||||||
4,254 | Lynas Rare Earths Ltd.*,†,§ | 20,473 | ||||||
1,234 | Macquarie Group Ltd.§ | 119,753 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Australia (Continued) | ||||||||
309 | Macquarie Telecom Group Ltd.*,§ | $ | 11,798 | |||||
1,209 | Magellan Financial Group Ltd.†,§ | 8,637 | ||||||
22,423 | Mayne Pharma Group Ltd.*,§ | 3,918 | ||||||
1,182 | McMillan Shakespeare Ltd.§ | 9,748 | ||||||
15,509 | Medibank Pvt Ltd.§ | 34,467 | ||||||
13,978 | Metcash Ltd.§ | 34,645 | ||||||
1,307 | Mineral Resources Ltd.§ | 54,711 | ||||||
1,365 | Monadelphous Group Ltd.§ | 11,315 | ||||||
7,231 | Money3 Corp. Ltd.§ | 8,329 | ||||||
39,713 | Mount Gibson Iron Ltd.*,†,§ | 10,335 | ||||||
7,649 | Nanosonics Ltd.*,†,§ | 16,728 | ||||||
16,983 | National Australia Bank Ltd.§ | 311,404 | ||||||
2,783 | Netwealth Group Ltd.§ | 21,297 | ||||||
10,216 | New Hope Corp. Ltd.†,§ | 41,032 | ||||||
6,467 | Newcrest Mining Ltd.§ | 70,362 | ||||||
2,652 | NEXTDC Ltd.*,§ | 14,769 | ||||||
5,984 | nib holdings Ltd.§ | 28,324 | ||||||
932 | Nick Scali Ltd.†,§ | 5,497 | ||||||
12,378 | Nickel Mines Ltd.§ | 6,166 | ||||||
23,033 | Nine Entertainment Co. Holdings Ltd.§ | 27,171 | ||||||
6,323 | Northern Star Resources Ltd.§ | 31,877 | ||||||
12,393 | NRW Holdings Ltd.§ | 18,703 | ||||||
10,138 | Nufarm Ltd.§ | 32,137 | ||||||
5,115 | Omni Bridgeway Ltd.*,§ | 12,292 | ||||||
11,530 | oOh!media Ltd.§ | 9,049 | ||||||
4,231 | Orica Ltd.§ | 35,523 | ||||||
13,491 | Origin Energy Ltd.§ | 44,205 | ||||||
14,629 | Orora Ltd.§ | 27,919 | ||||||
3,779 | OZ Minerals Ltd.§ | 62,033 | ||||||
42,639 | Paladin Energy Ltd.*,†,§ | 20,690 | ||||||
3,852 | Pendal Group Ltd.§ | 11,019 | ||||||
12,923 | Perenti Global Ltd.§ | 7,627 | ||||||
1,594 | Perpetual Ltd.†,§ | 24,094 | ||||||
25,348 | Perseus Mining Ltd.§ | 24,968 | ||||||
9,957 | Pilbara Minerals Ltd.*,§ | 29,164 | ||||||
1,933 | Pinnacle Investment Management Group Ltd.†,§ | 10,108 | ||||||
3,992 | Platinum Asset Management Ltd.†,§ | 4,305 | ||||||
2,030 | Premier Investments Ltd.§ | 28,931 | ||||||
1,044 | Pro Medicus Ltd.†,§ | 33,155 | ||||||
1,615 | PWR Holdings Ltd.§ | 8,772 | ||||||
9,686 | Qantas Airways Ltd.*,§ | 31,179 | ||||||
9,612 | QBE Insurance Group Ltd.§ | 71,005 | ||||||
10,685 | Qube Holdings Ltd.†,§ | 16,866 | ||||||
17,985 | Ramelius Resources Ltd.§ | 8,272 | ||||||
1,186 | Ramsay Health Care Ltd.§ | 43,497 | ||||||
355 | REA Group Ltd.†,§ | 25,753 | ||||||
34,816 | Red 5 Ltd.*,†,§ | 4,190 | ||||||
1,390 | Reece Ltd.§ | 12,295 | ||||||
10,111 | Regis Resources Ltd.*,†,§ | 10,137 | ||||||
13,366 | Reliance Worldwide Corp. Ltd.§ | 28,577 | ||||||
26,531 | Resolute Mining Ltd.*,†,§ | 3,573 | ||||||
9,216 | Ridley Corp. Ltd.§ | 12,038 | ||||||
4,367 | Rio Tinto Ltd.§ | 259,893 | ||||||
10,781 | Sandfire Resources Ltd.†,§ | 25,587 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Australia (Continued) | ||||||||
21,093 | Santos Ltd.§ | $ | 95,536 | |||||
2,252 | SEEK Ltd.§ | 27,249 | ||||||
3,263 | Select Harvests Ltd.§ | 10,932 | ||||||
2,744 | Seven Group Holdings Ltd.†,§ | 29,490 | ||||||
62,916 | Seven West Media Ltd.*,†,§ | 16,511 | ||||||
6,363 | Sierra Rutile Holdings Ltd.*,†,§ | 849 | ||||||
30,638 | Silver Lake Resources Ltd.*,§ | 23,281 | ||||||
3,115 | Sims Ltd.§ | 26,295 | ||||||
4,280 | SmartGroup Corp. Ltd.§ | 13,675 | ||||||
4,450 | Sonic Healthcare Ltd.§ | 86,589 | ||||||
35,383 | South32 Ltd.§ | 81,784 | ||||||
3,457 | Southern Cross Media Group Ltd.§ | 2,041 | ||||||
21,630 | St. Barbara Ltd.*,†,§ | 10,294 | ||||||
13,525 | Star Entertainment Group Ltd.*,§ | 22,167 | ||||||
10,939 | Steadfast Group Ltd.§ | 32,234 | ||||||
7,077 | Suncorp Group Ltd.§ | 45,159 | ||||||
4,830 | Super Retail Group Ltd.†,§ | 27,202 | ||||||
24,332 | Superloop Ltd.*,§ | 10,195 | ||||||
15,937 | Tabcorp Holdings Ltd.§ | 9,543 | ||||||
6,444 | Tassal Group Ltd.§ | 21,337 | ||||||
4,562 | Technology One Ltd.§ | 30,571 | ||||||
32,412 | Telstra Corp. Ltd.†,§ | 79,440 | ||||||
2,964 | TPG Telecom Ltd.†,§ | 9,140 | ||||||
15,024 | Transurban Group§ | 117,840 | ||||||
2,687 | Treasury Wine Estates Ltd.§ | 21,635 | ||||||
4,434 | United Malt Group Ltd.†,§ | 8,842 | ||||||
14,458 | Viva Energy Group Ltd.#,§ | 24,015 | ||||||
3,525 | Webjet Ltd.*,†,§ | 10,656 | ||||||
6,135 | Wesfarmers Ltd.§ | 166,737 | ||||||
24,722 | West African Resources Ltd.*,§ | 16,408 | ||||||
11,815 | Westgold Resources Ltd.*,†,§ | 6,326 | ||||||
15,208 | Westpac Banking Corp.§ | 199,700 | ||||||
14,291 | Whitehaven Coal Ltd.§ | 82,178 | ||||||
679 | WiseTech Global Ltd.§ | 22,302 | ||||||
15,822 | Woodside Energy Group Ltd.§ | 321,875 | ||||||
2,331 | Woodside Energy Group Ltd.§ | 47,850 | ||||||
1,661 | Woodside Energy Group Ltd., ADR† | 33,486 | ||||||
7,882 | Woolworths Group Ltd.§ | 170,541 | ||||||
2,386 | Worley Ltd.§ | 19,399 | ||||||
487 | Xero Ltd.*,§ | 22,381 | ||||||
8,758,718 | ||||||||
Austria—0.3% | ||||||||
984 | ANDRITZ AG§ | 41,641 | ||||||
829 | AT&S Austria Technologie & Systemtechnik AG§ | 27,045 | ||||||
1,157 | BAWAG Group AG*,#,§ | 49,648 | ||||||
694 | CA Immobilien Anlagen AG§ | 20,565 | ||||||
133 | DO & Co. AG*,§ | 8,772 | ||||||
1,848 | Erste Group Bank AG§ | 40,470 | ||||||
614 | EVN AG§ | 10,217 | ||||||
1,377 | FACC AG*,†,§ | 8,187 | ||||||
1,233 | Immofinanz AG†,§ | — | ||||||
332 | Lenzing AG†,§ | 18,061 | ||||||
59 | Mayr Melnhof Karton AG§ | 7,572 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Austria (Continued) | ||||||||
463 | Oesterreichische Post AG†,§ | $ | 12,350 | |||||
1,892 | OMV AG§ | 68,097 | ||||||
3,082 | Raiffeisen Bank International AG§ | 36,591 | ||||||
127 | Schoeller-Bleckmann Oilfield Equipment AG§ | 5,570 | ||||||
279 | Strabag SE, Bearer Shares§ | 10,548 | ||||||
1,874 | Telekom Austria AG*,§ | 10,816 | ||||||
4,149 | UNIQA Insurance Group AG§ | 24,432 | ||||||
470 | Verbund AG§ | 40,049 | ||||||
884 | Vienna Insurance Group AG Wiener Versicherung Gruppe§ | 18,059 | ||||||
1,881 | voestalpine AG§ | 31,811 | ||||||
1,465 | Wienerberger AG§ | 29,371 | ||||||
519,872 | ||||||||
Belgium—0.7% | ||||||||
535 | Ackermans & van Haaren NV§ | 67,713 | ||||||
2,470 | Ageas SA§ | 89,618 | ||||||
5,568 | AGFA-Gevaert NV*,§ | 16,474 | ||||||
5,540 | Anheuser-Busch InBev SA§ | 250,618 | ||||||
127 | Argenx SE*,§ | 45,385 | ||||||
863 | Barco NV§ | 18,279 | ||||||
781 | Bekaert SA§ | 19,513 | ||||||
2,798 | bpost SA†,§ | 14,967 | ||||||
105 | Cie d'Entreprises CFE*,§ | 999 | ||||||
229 | D'ieteren Group§ | 32,133 | ||||||
105 | Deme Group NV*,§ | 10,889 | ||||||
289 | Elia Group SA§ | 33,966 | ||||||
1,392 | Etablissements Franz Colruyt NV†,§ | 30,461 | ||||||
2,756 | Euronav NV*,† | 42,415 | ||||||
1,410 | Euronav NV§ | 22,046 | ||||||
548 | EVS Broadcast Equipment SA§ | 10,099 | ||||||
1,400 | Fagron§ | 17,157 | ||||||
799 | Galapagos NV*,§ | 34,189 | ||||||
431 | Gimv NV§ | 18,457 | ||||||
2,644 | KBC Group NV§ | 124,026 | ||||||
9 | Lotus Bakeries NV§ | 45,987 | ||||||
216 | Melexis NV§ | 14,615 | ||||||
2,034 | Ontex Group NV*,†,§ | 10,843 | ||||||
1,080 | Orange Belgium SA*,§ | 19,005 | ||||||
2,894 | Proximus SADP§ | 29,986 | ||||||
207 | Shurgard Self Storage SA§ | 8,434 | ||||||
214 | Sipef NV§ | 11,322 | ||||||
1,351 | Solvay SA§ | 103,344 | ||||||
449 | Telenet Group Holding NV§ | 6,124 | ||||||
688 | Tessenderlo Group SA*,§ | 20,251 | ||||||
1,264 | UCB SA§ | 87,424 | ||||||
1,613 | Umicore SA§ | 46,767 | ||||||
138 | VGP NV§ | 13,039 | ||||||
1,316,545 | ||||||||
Canada—8.5% | ||||||||
757 | Aclara Resources, Inc.* | 175 | ||||||
5,500 | Advantage Energy Ltd.* | 39,537 | ||||||
1,679 | Aecon Group, Inc.† | 11,571 | ||||||
607 | Ag Growth International, Inc. | 14,149 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Canada (Continued) | ||||||||
2,698 | Agnico-Eagle Mines Ltd. | $ | 113,987 | |||||
5,042 | Aimia, Inc.*,† | 12,593 | ||||||
1,100 | Air Canada*,† | 13,219 | ||||||
7,363 | Alamos Gold, Inc., Class A | 54,582 | ||||||
904 | Algonquin Power & Utilities Corp.† | 9,875 | ||||||
1,439 | Algonquin Power & Utilities Corp.† | 15,699 | ||||||
5,608 | Alimentation Couche-Tard, Inc. | 225,765 | ||||||
2,174 | AltaGas Ltd.† | 41,628 | ||||||
1,300 | Altius Minerals Corp. | 18,220 | ||||||
685 | Altus Group Ltd.† | 22,206 | ||||||
600 | Andlauer Healthcare Group, Inc. | 20,654 | ||||||
10,436 | ARC Resources Ltd.† | 125,336 | ||||||
1,389 | Aritzia, Inc.* | 45,641 | ||||||
1,300 | Atco Ltd., Class I† | 39,950 | ||||||
1,053 | ATS Automation Tooling Systems, Inc.* | 27,793 | ||||||
84 | Aurora Cannabis, Inc.*,† | 102 | ||||||
3,200 | B2Gold Corp. | 10,304 | ||||||
16,677 | B2Gold Corp. | 53,604 | ||||||
850 | Badger Infrastructure Solutions Ltd.† | 17,322 | ||||||
4,435 | Ballard Power Systems, Inc.*,† | 27,142 | ||||||
4,517 | Bank of Montreal† | 395,898 | ||||||
8,200 | Bank of Nova Scotia | 390,010 | ||||||
800 | Bank of Nova Scotia† | 38,056 | ||||||
8,276 | Barrick Gold Corp. | 128,278 | ||||||
2,209 | Barrick Gold Corp. | 34,238 | ||||||
2,683 | Bausch Health Cos., Inc.* | 18,530 | ||||||
12,953 | Baytex Energy Corp.*,† | 54,856 | ||||||
708 | BCE, Inc.† | 29,686 | ||||||
5,066 | BCE, Inc.† | 212,468 | ||||||
8,300 | Birchcliff Energy Ltd.† | 58,945 | ||||||
4,601 | BlackBerry Ltd.* | 21,684 | ||||||
1,028 | Bombardier, Inc., Class B*,† | 18,404 | ||||||
1,662 | Boralex, Inc., Class A | 52,783 | ||||||
200 | Boyd Group Services, Inc.† | 25,186 | ||||||
8 | Brookfield Asset Management Reinsurance Partners Ltd., Class A*,† | 327 | ||||||
10 | Brookfield Asset Management Reinsurance Partners Ltd., Class A* | 409 | ||||||
3,172 | Brookfield Asset Management, Inc., Class A† | 129,703 | ||||||
1,680 | Brookfield Asset Management, Inc., Class A | 68,728 | ||||||
1,075 | Brookfield Infrastructure Corp., Class A† | 43,760 | ||||||
385 | BRP, Inc.† | 23,716 | ||||||
2,002 | Cameco Corp. | 53,132 | ||||||
1,985 | Canaccord Genuity Group, Inc. | 9,728 | ||||||
400 | Canada Goose Holdings, Inc.* | 6,087 | ||||||
2,002 | Canadian Imperial Bank of Commerce | 87,608 | ||||||
6,070 | Canadian Imperial Bank of Commerce† | 265,676 | ||||||
3,208 | Canadian National Railway Co. | 346,451 | ||||||
10,892 | Canadian Natural Resources Ltd. | 507,008 | ||||||
2,700 | Canadian Pacific Railway Ltd. | 180,235 | ||||||
784 | Canadian Tire Corp. Ltd., Class A | 83,460 | ||||||
1,300 | Canadian Utilities Ltd., Class A† | 33,814 | ||||||
1,880 | Canadian Western Bank† | 30,609 | ||||||
1,876 | Canfor Corp.*,† | 27,311 | ||||||
700 | Canopy Growth Corp.*,† | 1,911 | ||||||
1,494 | Capital Power Corp. | 50,725 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Canada (Continued) | ||||||||
4,800 | Capstone Copper Corp.*,† | $ | 11,328 | |||||
3,000 | Cardinal Energy Ltd.† | 15,420 | ||||||
3,900 | Cascades, Inc.† | 22,700 | ||||||
1,124 | CCL Industries, Inc., Class B† | 54,485 | ||||||
2,966 | Celestica, Inc.*,† | 24,993 | ||||||
6,625 | Cenovus Energy, Inc. | 101,772 | ||||||
7,215 | Cenovus Energy, Inc. | 110,895 | ||||||
5,235 | Centerra Gold, Inc. | 23,042 | ||||||
9,000 | CES Energy Solutions Corp.† | 14,203 | ||||||
1,621 | CGI, Inc.* | 122,031 | ||||||
2,739 | CI Financial Corp. | 26,253 | ||||||
900 | Cineplex, Inc.*,† | 5,929 | ||||||
440 | Cogeco Communications, Inc.† | 22,969 | ||||||
300 | Cogeco, Inc.† | 11,967 | ||||||
325 | Colliers International Group, Inc.† | 29,784 | ||||||
2,500 | Computer Modelling Group Ltd.† | 9,194 | ||||||
122 | Constellation Software, Inc. | 169,758 | ||||||
4,700 | Converge Technology Solutions Corp.* | 22,354 | ||||||
5,812 | Corus Entertainment, Inc., Class B† | 9,930 | ||||||
10,298 | Crescent Point Energy Corp. | 63,436 | ||||||
3,354 | Crescent Point Energy Corp. | 20,639 | ||||||
4,900 | Crew Energy, Inc.* | 18,268 | ||||||
7,600 | Denison Mines Corp.*,† | 8,858 | ||||||
322 | Descartes Systems Group, Inc.* | 20,457 | ||||||
1,840 | Dollarama, Inc. | 105,630 | ||||||
1,821 | Dorel Industries, Inc., Class B† | 6,262 | ||||||
1,100 | DREAM Unlimited Corp., Class A† | 19,590 | ||||||
6,100 | Dundee Precious Metals, Inc. | 27,114 | ||||||
4,100 | ECN Capital Corp.† | 13,564 | ||||||
3,501 | Eldorado Gold Corp.*,† | 21,163 | ||||||
8,020 | Element Fleet Management Corp. | 94,636 | ||||||
2,163 | Emera, Inc.† | 87,516 | ||||||
2,038 | Empire Co. Ltd., Class A | 50,694 | ||||||
5,387 | Enbridge, Inc. | 199,858 | ||||||
5,120 | Enbridge, Inc. | 189,848 | ||||||
2,415 | Endeavour Mining PLC | 44,546 | ||||||
2,894 | Endeavour Silver Corp.* | 8,740 | ||||||
2,494 | Enerflex Ltd. | 10,706 | ||||||
3,834 | Enerplus Corp.† | 54,290 | ||||||
882 | Enghouse Systems Ltd.† | 18,517 | ||||||
7,100 | Ensign Energy Services, Inc.* | 11,616 | ||||||
500 | EQB, Inc. | 16,810 | ||||||
1,697 | Equinox Gold Corp.* | 6,194 | ||||||
700 | ERO Copper Corp.*,† | 7,738 | ||||||
700 | Exchange Income Corp.† | 21,000 | ||||||
4,400 | Extendicare, Inc.† | 21,628 | ||||||
216 | Fairfax Financial Holdings Ltd. | 98,651 | ||||||
2,600 | Fiera Capital Corp.† | 16,356 | ||||||
3,498 | Finning International, Inc.† | 61,484 | ||||||
2,505 | First Majestic Silver Corp.† | 19,088 | ||||||
400 | First National Financial Corp.† | 10,427 | ||||||
5,971 | First Quantum Minerals Ltd. | 101,365 | ||||||
347 | FirstService Corp. | 41,305 | ||||||
3,101 | Fortis, Inc. | 117,813 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Canada (Continued) | ||||||||
300 | Fortis, Inc. | $ | 11,397 | |||||
10,041 | Fortuna Silver Mines, Inc.*,† | 25,151 | ||||||
206 | Franco-Nevada Corp. | 24,606 | ||||||
400 | Franco-Nevada Corp. | 47,792 | ||||||
3,500 | Freehold Royalties Ltd.† | 36,435 | ||||||
2,000 | Frontera Energy Corp.* | 14,493 | ||||||
645 | George Weston Ltd. | 67,533 | ||||||
700 | GFL Environmental, Inc. | 17,703 | ||||||
2,300 | Gibson Energy, Inc.† | 36,581 | ||||||
571 | Gildan Activewear, Inc. | 16,142 | ||||||
1,038 | Gildan Activewear, Inc.† | 29,344 | ||||||
5,700 | Gran Tierra Energy, Inc.* | 6,974 | ||||||
1,406 | Great-West Lifeco, Inc. | 30,352 | ||||||
1,700 | Home Capital Group, Inc.† | 33,844 | ||||||
7,321 | Hudbay Minerals, Inc.† | 29,467 | ||||||
2,098 | Hydro One Ltd.#,† | 51,305 | ||||||
1,352 | iA Financial Corp., Inc. | 68,699 | ||||||
3,400 | IAMGOLD Corp.*,† | 3,667 | ||||||
511 | IGM Financial, Inc.† | 12,733 | ||||||
800 | Imperial Oil Ltd.† | 34,639 | ||||||
1,100 | Imperial Oil Ltd. | 47,597 | ||||||
1,017 | Innergex Renewable Energy, Inc. | 12,803 | ||||||
988 | Intact Financial Corp.† | 139,823 | ||||||
1,545 | Interfor Corp.* | 27,045 | ||||||
1,600 | Invesque, Inc.*,† | 1,664 | ||||||
3,868 | Ivanhoe Mines Ltd., Class A*,† | 24,893 | ||||||
700 | Jamieson Wellness, Inc.# | 16,981 | ||||||
500 | K-Bro Linen, Inc.† | 10,204 | ||||||
2,067 | Karora Resources, Inc.* | 4,265 | ||||||
7,152 | Kelt Exploration Ltd.*,† | 26,975 | ||||||
1,948 | Keyera Corp.† | 40,106 | ||||||
11,598 | Kinross Gold Corp.† | 43,660 | ||||||
3,700 | Knight Therapeutics, Inc.* | 14,223 | ||||||
600 | Labrador Iron Ore Royalty Corp.† | 12,557 | ||||||
200 | Lassonde Industries, Inc., Class A† | 15,743 | ||||||
800 | Laurentian Bank of Canada† | 17,154 | ||||||
1,700 | Leon's Furniture Ltd. | 19,691 | ||||||
1,110 | Lightspeed Commerce, Inc.*,† | 19,514 | ||||||
889 | Linamar Corp. | 34,631 | ||||||
1,161 | Loblaw Cos. Ltd.† | 91,932 | ||||||
8,900 | Lucara Diamond Corp.*,† | 3,544 | ||||||
1,300 | Lundin Gold, Inc. | 9,035 | ||||||
13,050 | Lundin Mining Corp. | 65,942 | ||||||
725 | MAG Silver Corp.* | 9,048 | ||||||
409 | Magna International, Inc. | 19,395 | ||||||
3,572 | Magna International, Inc. | 169,452 | ||||||
4,800 | Major Drilling Group International, Inc.* | 28,876 | ||||||
4,473 | Manulife Financial Corp. | 70,092 | ||||||
8,035 | Manulife Financial Corp. | 126,108 | ||||||
1,530 | Maple Leaf Foods, Inc.† | 22,861 | ||||||
1,800 | Martinrea International, Inc. | 11,141 | ||||||
1,895 | Medical Facilities Corp. | 14,720 | ||||||
6,400 | MEG Energy Corp.* | 71,628 | ||||||
1,000 | Methanex Corp. | 31,853 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Canada (Continued) | ||||||||
1,782 | Metro, Inc.† | $ | 89,232 | |||||
470 | MTY Food Group, Inc.† | 19,397 | ||||||
2,700 | Mullen Group Ltd.† | 27,834 | ||||||
3,340 | National Bank of Canada | 209,344 | ||||||
14,800 | New Gold, Inc.* | 13,178 | ||||||
1,740 | NFI Group, Inc.† | 15,292 | ||||||
721 | North American Construction Group Ltd.† | 6,885 | ||||||
1,126 | North West Co., Inc.† | 26,076 | ||||||
2,512 | Northland Power, Inc.† | 73,559 | ||||||
554 | Nutrien Ltd. | 46,202 | ||||||
4,599 | Nutrien Ltd. | 383,465 | ||||||
2,800 | NuVista Energy Ltd.*,† | 19,885 | ||||||
18,600 | OceanaGold Corp.* | 30,296 | ||||||
1,293 | Onex Corp.† | 59,308 | ||||||
2,115 | Open Text Corp. | 55,901 | ||||||
1,848 | Osisko Gold Royalties Ltd. | 18,823 | ||||||
3,213 | Osisko Mining, Inc.* | 7,187 | ||||||
3,696 | Pan American Silver Corp. | 58,757 | ||||||
1,300 | Paramount Resources Ltd., Class A† | 22,963 | ||||||
2,849 | Parex Resources, Inc.† | 41,600 | ||||||
700 | Park Lawn Corp.† | 12,197 | ||||||
2,535 | Parkland Corp.† | 54,321 | ||||||
1,760 | Pason Systems, Inc. | 16,844 | ||||||
1,360 | Pembina Pipeline Corp.† | 41,311 | ||||||
1,424 | Pembina Pipeline Corp.† | 43,247 | ||||||
4,630 | Peyto Exploration & Development Corp.† | 36,937 | ||||||
2,600 | PrairieSky Royalty Ltd.† | 33,522 | ||||||
280 | Precision Drilling Corp.* | 14,175 | ||||||
500 | Premium Brands Holdings Corp.† | 30,767 | ||||||
1,959 | Primo Water Corp. | 24,563 | ||||||
1,764 | Quebecor, Inc., Class B | 32,525 | ||||||
1,200 | Real Matters, Inc.*,† | 4,126 | ||||||
700 | Recipe Unlimited Corp.* | 10,449 | ||||||
400 | Restaurant Brands International, Inc. | 21,272 | ||||||
1,500 | Restaurant Brands International, Inc. | 79,792 | ||||||
745 | Richelieu Hardware Ltd.† | 20,672 | ||||||
889 | Ritchie Bros Auctioneers, Inc. | 55,547 | ||||||
500 | Rogers Communications, Inc., Class B | 19,270 | ||||||
2,704 | Rogers Communications, Inc., Class B | 104,159 | ||||||
5,300 | Rogers Sugar, Inc.† | 23,712 | ||||||
12,544 | Royal Bank of Canada | 1,129,400 | ||||||
1,740 | Russel Metals, Inc.† | 32,373 | ||||||
2,900 | Sandstorm Gold Ltd. | 14,993 | ||||||
1,304 | Saputo, Inc.† | 31,086 | ||||||
1,585 | Savaria Corp.† | 15,835 | ||||||
107 | Seabridge Gold, Inc.* | 1,270 | ||||||
800 | Seabridge Gold, Inc.* | 9,515 | ||||||
4,547 | Secure Energy Services, Inc. | 18,993 | ||||||
4,613 | Shaw Communications, Inc., Class B | 112,173 | ||||||
1,968 | ShawCor Ltd.* | 12,167 | ||||||
1,400 | Shopify, Inc., Class A* | 37,692 | ||||||
1,794 | Sienna Senior Living, Inc.† | 15,299 | ||||||
300 | Sierra Wireless, Inc.* | 9,132 | ||||||
1,359 | Sleep Country Canada Holdings, Inc.#,† | 24,074 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Canada (Continued) | ||||||||
1,519 | SNC-Lavalin Group, Inc.† | $ | 25,292 | |||||
400 | Spin Master Corp.# | 12,037 | ||||||
4,381 | SSR Mining, Inc.† | 64,414 | ||||||
1,100 | Stantec, Inc.† | 48,241 | ||||||
700 | Stelco Holdings, Inc.† | 17,437 | ||||||
1,100 | Stella-Jones, Inc.† | 30,881 | ||||||
3,700 | Sun Life Financial, Inc. | 147,112 | ||||||
999 | Sun Life Financial, Inc. | 39,726 | ||||||
11,106 | Suncor Energy, Inc. | 312,634 | ||||||
7,810 | Suncor Energy, Inc. | 219,936 | ||||||
3,579 | Superior Plus Corp.† | 25,961 | ||||||
1,699 | Surge Energy, Inc.† | 9,606 | ||||||
10,300 | Tamarack Valley Energy Ltd.† | 28,260 | ||||||
4,400 | Taseko Mines Ltd.* | 5,016 | ||||||
2,442 | TC Energy Corp.† | 98,362 | ||||||
1,164 | TC Energy Corp. | 46,898 | ||||||
4,037 | Teck Resources Ltd., Class B | 122,765 | ||||||
2,972 | Teck Resources Ltd., Class B | 90,385 | ||||||
251 | TELUS Corp. | 4,984 | ||||||
850 | TELUS International CDA, Inc.* | 22,251 | ||||||
840 | TFI International, Inc. | 76,019 | ||||||
261 | Thomson Reuters Corp. | 26,784 | ||||||
287 | Thomson Reuters Corp. | 29,461 | ||||||
3,200 | Timbercreek Financial Corp.† | 17,606 | ||||||
498 | TMX Group Ltd. | 45,807 | ||||||
2,171 | Torex Gold Resources, Inc.* | 15,669 | ||||||
639 | Toromont Industries Ltd.† | 44,483 | ||||||
10,199 | Toronto-Dominion Bank | 625,518 | ||||||
3,878 | Tourmaline Oil Corp. | 201,543 | ||||||
6,038 | TransAlta Corp.† | 53,371 | ||||||
2,812 | TransAlta Renewables, Inc.† | 29,762 | ||||||
2,100 | Transcontinental, Inc., Class A† | 24,461 | ||||||
12,242 | Trican Well Service Ltd.* | 25,435 | ||||||
3,001 | Tricon Residential, Inc. | 25,962 | ||||||
496 | Trisura Group Ltd.* | 11,996 | ||||||
1,570 | Turquoise Hill Resources Ltd.* | 46,486 | ||||||
1,000 | Uni-Select, Inc.* | 26,409 | ||||||
1,200 | Vermilion Energy, Inc.† | 25,704 | ||||||
2,344 | Vermilion Energy, Inc. | 50,177 | ||||||
1,800 | Wajax Corp. | 24,237 | ||||||
800 | Waste Connections, Inc. | 108,104 | ||||||
272 | Waste Connections, Inc.† | 36,753 | ||||||
2,200 | Wesdome Gold Mines Ltd.* | 14,875 | ||||||
870 | West Fraser Timber Co. Ltd. | 62,938 | ||||||
12,500 | Western Forest Products, Inc. | 11,945 | ||||||
1,100 | Westshore Terminals Investment Corp.† | 21,118 | ||||||
1,543 | Wheaton Precious Metals Corp.† | 49,964 | ||||||
12,563 | Whitecap Resources, Inc. | 79,488 | ||||||
400 | Winpak Ltd.† | 13,010 | ||||||
752 | WSP Global, Inc. | 82,813 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Canada (Continued) | ||||||||
16,121 | Yamana Gold, Inc. | $ | 72,940 | |||||
15,430,931 | ||||||||
China—0.0% | ||||||||
4,100 | BOC Aviation Ltd.#,§ | 28,904 | ||||||
Denmark—1.6% | ||||||||
2,040 | ALK-Abello AS*,§ | 32,091 | ||||||
24,690 | Alm Brand AS§ | 30,106 | ||||||
827 | Ambu AS, Class B§ | 7,146 | ||||||
29 | AP Moller - Maersk AS, Class A§ | 51,106 | ||||||
30 | AP Moller - Maersk AS, Class B§ | 54,343 | ||||||
2,721 | Bang & Olufsen AS*,§ | 3,251 | ||||||
713 | Bavarian Nordic AS*,§ | 20,800 | ||||||
716 | Carlsberg AS, Class B§ | 83,543 | ||||||
106 | Chemometec AS§ | 8,002 | ||||||
646 | Chr Hansen Holding AS§ | 31,666 | ||||||
730 | Coloplast AS, Class B§ | 73,803 | ||||||
805 | D/S Norden AS§ | 33,621 | ||||||
4,232 | Danske Bank AS*,§ | 52,373 | ||||||
1,139 | Demant AS*,§ | 28,068 | ||||||
778 | Dfds AS§ | 20,143 | ||||||
68 | Drilling Company of 1972 AS*,§ | 3,250 | ||||||
1,178 | DSV AS§ | 136,537 | ||||||
1,244 | FLSmidth & Co. AS§ | 26,817 | ||||||
330 | Genmab AS*,§ | 106,372 | ||||||
1,611 | GN Store Nord AS§ | 28,063 | ||||||
3,855 | H Lundbeck AS§ | 12,214 | ||||||
818 | H+H International AS, Class B*,§ | 10,791 | ||||||
3,142 | ISS AS*,§ | 48,114 | ||||||
958 | Jyske Bank AS, Registered*,§ | 49,425 | ||||||
1,970 | Matas AS§ | 17,497 | ||||||
432 | Netcompany Group AS*,#,§ | 14,402 | ||||||
266 | Nilfisk Holding AS*,§ | 4,619 | ||||||
742 | NKT AS*,§ | 34,834 | ||||||
362 | NNIT AS*,#,§ | 2,505 | ||||||
12,082 | Novo Nordisk AS, Class B§ | 1,204,261 | ||||||
1,357 | Novozymes AS, Class B§ | 67,683 | ||||||
218 | NTG Nordic Transport Group AS*,§ | 5,411 | ||||||
1,034 | Orsted AS#,§ | 82,278 | ||||||
1,564 | Pandora AS§ | 72,847 | ||||||
376 | Per Aarsleff Holding AS§ | 9,233 | ||||||
576 | Ringkjoebing Landbobank AS§ | 61,030 | ||||||
80 | ROCKWOOl AS, Class A§ | 12,639 | ||||||
137 | ROCKWOOl AS, Class B§ | 21,477 | ||||||
980 | Royal Unibrew AS§ | 63,423 | ||||||
1,644 | Scandinavian Tobacco Group AS, Class A#,§ | 23,721 | ||||||
336 | Schouw & Co. AS§ | 19,609 | ||||||
664 | SimCorp AS§ | 37,172 | ||||||
105 | Solar AS, Class B§ | 6,856 | ||||||
1,256 | Spar Nord Bank AS§ | 13,995 | ||||||
1,121 | Sydbank AS§ | 30,691 | ||||||
676 | Topdanmark AS§ | 31,608 | ||||||
1,813 | Tryg AS§ | 37,260 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Denmark (Continued) | ||||||||
4,688 | Vestas Wind Systems AS§ | $ | 85,949 | |||||
615 | Zealand Pharma AS*,§ | 13,867 | ||||||
2,926,512 | ||||||||
Finland—0.9% | ||||||||
844 | Cargotec Oyj, Class B§ | 25,408 | ||||||
2,048 | Caverion Oyj§ | 8,588 | ||||||
1,387 | Elisa Oyj§ | 62,902 | ||||||
25,135 | Finnair Oyj*,†,§ | 8,699 | ||||||
945 | Fiskars Oyj Abp§ | 13,707 | ||||||
2,973 | Fortum Oyj§ | 39,961 | ||||||
1,326 | Huhtamaki Oyj§ | 42,272 | ||||||
3,680 | Kemira Oyj§ | 40,560 | ||||||
1,396 | Kesko Oyj, Class A†,§ | 25,167 | ||||||
3,759 | Kesko Oyj, Class B§ | 69,851 | ||||||
2,038 | Kojamo Oyj§ | 25,900 | ||||||
2,164 | Kone Oyj, Class B§ | 83,333 | ||||||
1,119 | Konecranes Oyj§ | 22,170 | ||||||
1,919 | Lassila & Tikanoja Oyj†,§ | 18,650 | ||||||
560 | Marimekko Oyj§ | 4,751 | ||||||
3,137 | Metsa Board Oyj, Class B§ | 22,700 | ||||||
6,084 | Metso Outotec Oyj§ | 40,317 | ||||||
705 | Musti Group Oyj*,§ | 12,212 | ||||||
2,731 | Neste Oyj§ | 118,446 | ||||||
21,352 | Nokia Oyj, ADR | 91,173 | ||||||
3,005 | Nokian Renkaat Oyj§ | 28,849 | ||||||
16,219 | Nordea Bank Abp§ | 138,767 | ||||||
281 | Olvi Oyj, Class A§ | 8,670 | ||||||
7,100 | Oriola Oyj, Class B§ | 12,424 | ||||||
727 | Orion Oyj, Class A§ | 30,973 | ||||||
1,150 | Orion Oyj, Class B§ | 48,471 | ||||||
14,814 | Outokumpu Oyj§ | 50,950 | ||||||
7,476 | Raisio Oyj , Class V§ | 13,800 | ||||||
667 | Revenio Group Oyj§ | 24,780 | ||||||
3,821 | Sampo Oyj, Class A§ | 163,071 | ||||||
5,236 | Stora Enso Oyj, Class R§ | 66,779 | ||||||
1,519 | Terveystalo Oyj#,†,§ | 12,287 | ||||||
1,860 | TietoEVRY Oyj†,§ | 41,951 | ||||||
1,633 | Tokmanni Group Corp.§ | 17,776 | ||||||
3,581 | UPM-Kymmene Oyj§ | 113,795 | ||||||
775 | Uponor Oyj§ | 10,176 | ||||||
559 | Vaisala Oyj, Class A§ | 20,525 | ||||||
1,959 | Valmet Oyj§ | 39,509 | ||||||
3,925 | Wartsila Oyj Abp†,§ | 25,007 | ||||||
6,293 | YIT Oyj†,§ | 17,690 | ||||||
1,663,017 | ||||||||
France—5.5% | ||||||||
1,513 | ABC arbitrage§ | 9,474 | ||||||
1,476 | Accor SA*,§ | 30,817 | ||||||
162 | Aeroports de Paris*,§ | 18,659 | ||||||
9,718 | Air France-KLM*,§ | 12,148 | ||||||
1,832 | Air Liquide SA§ | 208,604 | ||||||
3,475 | Airbus SE§ | 300,213 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
France (Continued) | ||||||||
660 | ALD SA#,†,§ | $ | 6,046 | |||||
2,461 | Alstom SA§ | 39,573 | ||||||
397 | Alten SA§ | 43,466 | ||||||
514 | Amundi SA#,§ | 21,313 | ||||||
1,002 | Arkema SA§ | 73,080 | ||||||
820 | Atos SE*,†,§ | 6,420 | ||||||
368 | Aubay§ | 15,723 | ||||||
8,844 | AXA SA§ | 193,637 | ||||||
1,320 | Beneteau SA§ | 13,535 | ||||||
340 | BioMerieux§ | 26,791 | ||||||
5,090 | BNP Paribas SA§ | 214,886 | ||||||
5,145 | Bollore SE§ | 23,537 | ||||||
541 | Bonduelle SCA§ | 5,970 | ||||||
3,865 | Bouygues SA†,§ | 100,688 | ||||||
2,700 | Bureau Veritas SA§ | 60,297 | ||||||
854 | Capgemini SE§ | 136,478 | ||||||
7,004 | Carrefour SA§ | 97,032 | ||||||
461 | Casino Guichard Perrachon SA*,†,§ | 4,293 | ||||||
20,011 | CGG SA*,§ | 13,844 | ||||||
474 | Chargeurs SA†,§ | 5,467 | ||||||
4,104 | Cie de Saint-Gobain§ | 146,364 | ||||||
834 | Cie des Alpes*,§ | 10,043 | ||||||
8,132 | Cie Generale des Etablissements Michelin SCA§ | 181,172 | ||||||
1,245 | Cie Plastic Omnium SA§ | 16,235 | ||||||
2,606 | Coface SA§ | 24,903 | ||||||
7,672 | Credit Agricole SA§ | 61,773 | ||||||
2,234 | Danone SA§ | 105,259 | ||||||
150 | Dassault Aviation SA§ | 17,036 | ||||||
1,755 | Dassault Systemes SE§ | 60,326 | ||||||
3,271 | Derichebourg SA§ | 12,975 | ||||||
2,080 | Edenred§ | 95,603 | ||||||
1,244 | Eiffage SA§ | 99,585 | ||||||
4,023 | Electricite de France SA§ | 46,841 | ||||||
1,532 | Elior Group SA*,#,†,§ | 2,763 | ||||||
5,099 | Elis SA§ | 51,379 | ||||||
16,086 | Engie SA§ | 184,568 | ||||||
228 | Eramet SA§ | 18,012 | ||||||
997 | EssilorLuxottica SA§ | 135,089 | ||||||
4,202 | Etablissements Maurel et Prom SA§ | 16,330 | ||||||
654 | Eurazeo SE§ | 34,148 | ||||||
216 | Euroapi SA*,§ | 3,596 | ||||||
1,263 | Eurofins Scientific SE§ | 74,894 | ||||||
820 | Euronext NV#,§ | 51,888 | ||||||
4,666 | Eutelsat Communications SA§ | 36,118 | ||||||
2,461 | Faurecia SE*,§ | 26,294 | ||||||
496 | Faurecia SE*,§ | 5,260 | ||||||
539 | Fnac Darty SA§ | 14,867 | ||||||
451 | Gaztransport Et Technigaz SA§ | 49,897 | ||||||
2,345 | Getlink SE§ | 36,346 | ||||||
183 | Hermes International§ | 215,090 | ||||||
77 | ID Logistics Group*,§ | 18,897 | ||||||
743 | Imerys SA§ | 22,446 | ||||||
632 | Ipsen SA§ | 58,369 | ||||||
810 | IPSOS§ | 36,041 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
France (Continued) | ||||||||
530 | Jacquet Metals SACA§ | $ | 6,592 | |||||
1,625 | JCDecaux SA*,§ | 19,132 | ||||||
685 | Kaufman & Broad SA†,§ | 13,428 | ||||||
568 | Kering SA§ | 251,180 | ||||||
1,540 | Korian SA§ | 15,675 | ||||||
1,149 | L'Oreal SA§ | 365,862 | ||||||
1,095 | La Francaise des Jeux SAEM#,§ | 32,400 | ||||||
454 | Lectra§ | 12,611 | ||||||
1,514 | Legrand SA§ | 97,818 | ||||||
1,783 | LVMH Moet Hennessy Louis Vuitton SE§ | 1,048,110 | ||||||
971 | Maisons du Monde SA#,†,§ | 7,566 | ||||||
444 | Mersen SA§ | 12,269 | ||||||
529 | Metropole Television SA†,§ | 6,400 | ||||||
554 | Neoen SA#,§ | 18,437 | ||||||
594 | Nexans SA§ | 52,594 | ||||||
1,338 | Nexity SA§ | 26,988 | ||||||
26,025 | Orange SA§ | 235,337 | ||||||
676 | Orpea SA*,†,§ | 7,323 | ||||||
674 | Pernod-Ricard SA§ | 123,196 | ||||||
1,901 | Publicis Groupe SA§ | 89,951 | ||||||
993 | Quadient SA§ | 13,727 | ||||||
204 | Remy Cointreau SA†,§ | 33,809 | ||||||
2,121 | Renault SA*,§ | 56,967 | ||||||
4,680 | Rexel SA*,§ | 69,608 | ||||||
931 | Rothschild & Co.§ | 30,465 | ||||||
995 | Rubis SCA§ | 20,591 | ||||||
738 | Safran SA§ | 67,102 | ||||||
3,472 | Sanofi§ | 264,984 | ||||||
174 | Sartorius Stedim Biotech§ | 53,191 | ||||||
200 | Savencia SA§ | 9,993 | ||||||
2,771 | Schneider Electric SE§ | 310,881 | ||||||
2,906 | SCOR SE§ | 42,105 | ||||||
432 | SEB SA†,§ | 27,096 | ||||||
7,893 | SES SA§ | 43,255 | ||||||
411 | Societe BIC SA§ | 26,110 | ||||||
7,241 | Societe Generale SA§ | 143,670 | ||||||
106 | Societe LDC SA§ | 9,639 | ||||||
302 | Societe pour l'Informatique Industrielle†,§ | 12,727 | ||||||
794 | Sodexo SA§ | 59,716 | ||||||
185 | SOITEC*,§ | 21,015 | ||||||
109 | Somfy SA§ | 10,162 | ||||||
344 | Sopra Steria Group SACA§ | 43,339 | ||||||
2,556 | SPIE SA§ | 53,416 | ||||||
130 | Stef SA§ | 9,472 | ||||||
3,434 | STMicroelectronics NV§ | 105,955 | ||||||
1,124 | STMicroelectronics NV | 34,777 | ||||||
218 | Sword Group§ | 7,774 | ||||||
4,532 | Technicolor Creative Studios SA* | 8,661 | ||||||
2,982 | Technip Energies NV§ | 33,744 | ||||||
404 | Teleperformance§ | 102,067 | ||||||
2,268 | Television Francaise 1§ | 12,987 | ||||||
936 | Thales SA§ | 103,241 | ||||||
99 | Thermador Groupe§ | 6,568 | ||||||
491 | Tikehau Capital SCA†,§ | 11,896 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
France (Continued) | ||||||||
28,588 | TotalEnergies SE§ | $ | 1,345,635 | |||||
198 | Trigano SA§ | 17,370 | ||||||
2,151 | Ubisoft Entertainment SA*,§ | 59,055 | ||||||
5,801 | Valeo SA§ | 87,191 | ||||||
1,461 | Vallourec SA*,§ | 14,083 | ||||||
4,532 | Vantiva SA*,§ | 4,523 | ||||||
4,260 | Veolia Environnement SA§ | 80,826 | ||||||
1,229 | Verallia SA#,§ | 27,553 | ||||||
436 | Vicat SA§ | 9,797 | ||||||
86 | Vilmorin & Cie SA§ | 3,369 | ||||||
2,983 | Vinci SA§ | 239,611 | ||||||
95 | Virbac SA§ | 24,682 | ||||||
6,270 | Vivendi SE§ | 48,598 | ||||||
385 | Wavestone§ | 16,510 | ||||||
1,633 | Worldline SA*,#,§ | 63,859 | ||||||
1,412 | X-Fab Silicon Foundries SE*,#,§ | 7,036 | ||||||
10,005,675 | ||||||||
Germany—4.3% | ||||||||
696 | 1&1 AG§ | 9,253 | ||||||
1,887 | Aareal Bank AG*,§ | 59,563 | ||||||
79 | Adesso SE§ | 8,005 | ||||||
1,004 | adidas AG§ | 116,515 | ||||||
434 | AIXTRON SE§ | 10,494 | ||||||
2,007 | Allianz SE, Registered§ | 317,609 | ||||||
52 | Amadeus Fire AG§ | 4,289 | ||||||
10,081 | Aroundtown SA§ | 22,244 | ||||||
90 | Atoss Software AG§ | 10,040 | ||||||
408 | Aurubis AG§ | 21,553 | ||||||
1,862 | Auto1 Group SE*,#,§ | 11,718 | ||||||
10,009 | BASF SE§ | 387,887 | ||||||
546 | Basler AG§ | 12,444 | ||||||
461 | Bauer AG*,§ | 2,889 | ||||||
9,175 | Bayer AG, Registered§ | 423,407 | ||||||
2,163 | Bayerische Motoren Werke AG§ | 147,882 | ||||||
474 | BayWa AG§ | 19,018 | ||||||
1,075 | Bechtle AG§ | 39,113 | ||||||
775 | Befesa SA#,§ | 23,641 | ||||||
431 | Beiersdorf AG§ | 42,650 | ||||||
1,136 | Bilfinger SE§ | 28,684 | ||||||
1,628 | Borussia Dortmund GmbH & Co. KGaA*,§ | 5,297 | ||||||
1,982 | Brenntag SE§ | 120,942 | ||||||
603 | CANCOM SE§ | 14,375 | ||||||
309 | Carl Zeiss Meditec AG, Bearer Shares§ | 32,540 | ||||||
3,791 | CECONOMY AG§ | 4,452 | ||||||
159 | Cewe Stiftung & Co. KGAA§ | 11,534 | ||||||
15,207 | Commerzbank AG*,§ | 109,111 | ||||||
270 | CompuGroup Medical SE & Co. KgaA§ | 9,357 | ||||||
1,349 | Continental AG§ | 60,609 | ||||||
3,156 | Covestro AG#,§ | 91,246 | ||||||
1,025 | CropEnergies AG§ | 12,326 | ||||||
709 | CTS Eventim AG & Co. KGaA*,§ | 29,550 | ||||||
4,833 | Daimler Truck Holding AG*,§ | 110,608 | ||||||
722 | Delivery Hero SE*,#,§ | 26,738 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Germany (Continued) | ||||||||
182 | Dermapharm Holding SE§ | $ | 6,660 | |||||
1,382 | Deutsche Bank AG, Registered | 10,227 | ||||||
11,171 | Deutsche Bank AG, Registered§ | 83,555 | ||||||
730 | Deutsche Beteiligungs AG§ | 15,415 | ||||||
716 | Deutsche Boerse AG§ | 117,880 | ||||||
6,296 | Deutsche Lufthansa AG, Registered*,§ | 36,318 | ||||||
3,746 | Deutsche Pfandbriefbank AG#,§ | 25,937 | ||||||
7,000 | Deutsche Post AG, Registered§ | 212,999 | ||||||
38,581 | Deutsche Telekom AG, Registered§ | 661,358 | ||||||
667 | Deutsche Wohnen SE§ | 12,730 | ||||||
3,473 | Deutz AG§ | 10,825 | ||||||
889 | Duerr AG§ | 18,616 | ||||||
364 | DWS Group GmbH & Co. KGaA#,§ | 8,705 | ||||||
29,223 | E.ON SE§ | 226,168 | ||||||
465 | Eckert & Ziegler Strahlen- und Medizintechnik AG§ | 15,544 | ||||||
185 | Elmos Semiconductor SE§ | 7,020 | ||||||
1,130 | Encavis AG§ | 20,510 | ||||||
101 | Energiekontor AG§ | 8,273 | ||||||
1,524 | Evonik Industries AG§ | 25,699 | ||||||
334 | Fielmann AG§ | 10,769 | ||||||
472 | flatexDEGIRO AG*,§ | 4,264 | ||||||
479 | Fraport AG Frankfurt Airport Services Worldwide*,§ | 17,402 | ||||||
2,143 | Freenet AG§ | 40,885 | ||||||
2,486 | Fresenius Medical Care AG & Co. KGaA§ | 70,660 | ||||||
4,056 | Fresenius SE & Co. KGaA§ | 86,877 | ||||||
496 | FUCHS PETROLUB SE§ | 10,974 | ||||||
1,192 | GEA Group AG§ | 38,979 | ||||||
652 | Gerresheimer AG§ | 32,017 | ||||||
287 | Gesco AG§ | 6,141 | ||||||
455 | GFT Technologies SE§ | 13,712 | ||||||
1,489 | Grand City Properties SA§ | 14,853 | ||||||
738 | Hamburger Hafen und Logistik AG§ | 8,054 | ||||||
336 | Hannover Rueck SE§ | 50,745 | ||||||
243 | Hapag-Lloyd AG#,§ | 41,484 | ||||||
1,959 | HeidelbergCement AG§ | 78,471 | ||||||
6,593 | Heidelberger Druckmaschinen AG*,§ | 7,512 | ||||||
1,677 | HelloFresh SE*,§ | 35,400 | ||||||
462 | Henkel AG & Co. KGaA§ | 26,370 | ||||||
760 | Hensoldt AG§ | 15,265 | ||||||
222 | HOCHTIEF AG | 10,465 | ||||||
322 | Hornbach Holding AG & Co. KGaA§ | 20,304 | ||||||
1,048 | HUGO BOSS AG§ | 49,313 | ||||||
38 | Hypoport SE*,§ | 3,370 | ||||||
721 | Indus Holding AG§ | 12,838 | ||||||
7,674 | Infineon Technologies AG§ | 170,060 | ||||||
790 | Instone Real Estate Group SE#,§ | 6,576 | ||||||
788 | Jenoptik AG§ | 15,583 | ||||||
268 | JOST Werke AG#,§ | 9,308 | ||||||
5,497 | K&S AG, Registered§ | 104,592 | ||||||
828 | KION Group AG§ | 16,045 | ||||||
2,961 | Kloeckner & Co. SE§ | 22,881 | ||||||
571 | Knorr-Bremse AG§ | 24,756 | ||||||
434 | Koenig & Bauer AG*,§ | 4,836 | ||||||
959 | Kontron AG§ | 13,714 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Germany (Continued) | ||||||||
326 | Krones AG§ | $ | 29,001 | |||||
131 | KWS Saat SE & Co. KGaA§ | 7,272 | ||||||
1,173 | LANXESS AG§ | 34,350 | ||||||
698 | LEG Immobilien SE§ | 41,999 | ||||||
9,184 | Mercedes-Benz Group AG§ | 469,648 | ||||||
472 | Merck KGaA§ | 77,032 | ||||||
3,251 | METRO AG*,§ | 22,815 | ||||||
2,085 | MLP SE§ | 10,612 | ||||||
279 | MTU Aero Engines AG§ | 42,102 | ||||||
517 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered§ | 125,056 | ||||||
147 | Nagarro SE*,§ | 13,047 | ||||||
537 | Nemetschek SE§ | 25,859 | ||||||
33 | New Work SE§ | 3,950 | ||||||
188 | Nexus AG§ | 8,795 | ||||||
1,438 | Nordex SE*,§ | 11,474 | ||||||
1,039 | Norma Group SE§ | 14,077 | ||||||
390 | OHB SE§ | 11,622 | ||||||
471 | PATRIZIA SE§ | 4,867 | ||||||
53 | Pfeiffer Vacuum Technology AG§ | 6,565 | ||||||
2,884 | ProSiebenSat.1 Media SE§ | 20,688 | ||||||
962 | Puma SE§ | 45,039 | ||||||
458 | PVA TePla AG*,§ | 6,620 | ||||||
1,192 | QIAGEN NV*,§ | 50,161 | ||||||
401 | QIAGEN NV* | 16,553 | ||||||
51 | Rational AG§ | 24,909 | ||||||
606 | Rheinmetall AG§ | 93,865 | ||||||
641 | RTL Group SA*,§ | 20,388 | ||||||
5,816 | RWE AG§ | 213,998 | ||||||
1,686 | SAF-Holland SE§ | 10,114 | ||||||
523 | Salzgitter AG§ | 10,011 | ||||||
2,136 | SAP SE§ | 176,081 | ||||||
826 | Scout24 SE#,§ | 41,856 | ||||||
25 | Secunet Security Networks AG§ | 4,511 | ||||||
2,542 | SGL Carbon SE*,§ | 14,930 | ||||||
3,808 | Siemens AG, Registered§ | 376,891 | ||||||
2,640 | Siemens Energy AG*,§ | 29,386 | ||||||
853 | Siemens Healthineers AG#,§ | 36,949 | ||||||
279 | Siltronic AG§ | 15,857 | ||||||
337 | Sixt SE§ | 27,012 | ||||||
435 | Software AG§ | 10,052 | ||||||
638 | Stabilus SE§ | 28,244 | ||||||
286 | STRATEC SE§ | 22,869 | ||||||
324 | Stroeer SE & Co. KGaA§ | 12,204 | ||||||
1,626 | Suedzucker AG§ | 19,733 | ||||||
643 | Symrise AG§ | 63,272 | ||||||
1,057 | Synlab AG | 13,293 | ||||||
2,135 | TAG Immobilien AG§ | 17,200 | ||||||
1,202 | Takkt AG§ | 11,139 | ||||||
315 | Talanx AG*,§ | 11,245 | ||||||
1,776 | TeamViewer AG*,#,§ | 13,933 | ||||||
420 | Technotrans SE§ | 10,251 | ||||||
21,504 | Telefonica Deutschland Holding AG§ | 43,552 | ||||||
8,985 | thyssenkrupp AG*,§ | 38,391 | ||||||
2,447 | United Internet AG, Registered§ | 46,153 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Germany (Continued) | ||||||||
426 | VERBIO Vereinigte BioEnergie AG§ | $ | 25,122 | |||||
622 | Vitesco Technologies Group AG, Class A*,§ | 30,471 | ||||||
542 | Volkswagen AG§ | 89,333 | ||||||
4,905 | Vonovia SE§ | 106,751 | ||||||
257 | Vossloh AG§ | 7,860 | ||||||
236 | Wacker Chemie AG§ | 24,418 | ||||||
904 | Wacker Neuson SE§ | 11,915 | ||||||
209 | Washtec AG§ | 6,629 | ||||||
959 | Wuestenrot & Wuerttembergische AG§ | 12,787 | ||||||
714 | Zalando SE*,#,§ | 14,157 | ||||||
117 | Zeal Network SE§ | 3,021 | ||||||
7,867,454 | ||||||||
Hong Kong—1.7% | ||||||||
89,200 | AIA Group Ltd.§ | 740,588 | ||||||
5,700 | ASMPT Ltd.§ | 34,313 | ||||||
9,681 | Bank of East Asia Ltd.§ | 10,567 | ||||||
21,000 | BOC Hong Kong Holdings Ltd.§ | 69,427 | ||||||
9,600 | Budweiser Brewing Co. APAC Ltd.#,§ | 25,022 | ||||||
10,000 | Cafe de Coral Holdings Ltd.§ | 12,366 | ||||||
26,181 | Cathay Pacific Airways Ltd.*,§ | 27,440 | ||||||
15,000 | Chow Sang Sang Holdings International Ltd.§ | 15,249 | ||||||
20,400 | Chow Tai Fook Jewellery Group Ltd.§ | 38,193 | ||||||
56,000 | CITIC Telecom International Holdings Ltd.§ | 18,122 | ||||||
10,906 | CK Asset Holdings Ltd.§ | 65,442 | ||||||
14,500 | CK Hutchison Holdings Ltd.§ | 79,627 | ||||||
6,000 | CK Infrastructure Holdings Ltd.§ | 30,613 | ||||||
11,000 | CLP Holdings Ltd.§ | 82,892 | ||||||
6,000 | Dah Sing Banking Group Ltd.§ | 3,953 | ||||||
4,800 | Dah Sing Financial Holdings Ltd.§ | 10,889 | ||||||
16,000 | EC Healthcare§ | 9,920 | ||||||
78,750 | Esprit Holdings Ltd.*,§ | 7,401 | ||||||
7,400 | ESR Group Ltd.#,§ | 18,666 | ||||||
61,642 | Far East Consortium International Ltd.§ | 13,805 | ||||||
58,000 | First Pacific Co. Ltd.§ | 17,634 | ||||||
5,000 | Galaxy Entertainment Group Ltd.§ | 29,194 | ||||||
40,000 | Giordano International Ltd.§ | 7,134 | ||||||
7,361 | Great Eagle Holdings Ltd.§ | 13,722 | ||||||
142,000 | Guotai Junan International Holdings Ltd.§ | 10,492 | ||||||
118,800 | Haitong International Securities Group Ltd.*,§ | 10,093 | ||||||
8,000 | Hang Lung Group Ltd.§ | 12,910 | ||||||
23,000 | Hang Lung Properties Ltd.§ | 37,545 | ||||||
3,600 | Hang Seng Bank Ltd.§ | 54,401 | ||||||
8,500 | Henderson Land Development Co. Ltd.§ | 23,725 | ||||||
24,500 | HK Electric Investments & HK Electric Investments Ltd.§ | 17,172 | ||||||
7,500 | HKBN Ltd.§ | 5,817 | ||||||
19,200 | HKR International Ltd.§ | 5,425 | ||||||
56,000 | HKT Trust & HKT Ltd.§ | 65,497 | ||||||
59,457 | Hong Kong & China Gas Co. Ltd.§ | 52,231 | ||||||
7,706 | Hong Kong Exchanges & Clearing Ltd.§ | 261,643 | ||||||
19,000 | Hong Kong Technology Venture Co. Ltd.§ | 11,571 | ||||||
14,179 | Hongkong & Shanghai Hotels Ltd.*,§ | 12,259 | ||||||
50,000 | Hutchison Telecommunications Hong Kong Holdings Ltd.§ | 7,317 | ||||||
9,000 | Hysan Development Co. Ltd.§ | 22,665 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Hong Kong (Continued) | ||||||||
41,000 | IGG, Inc.*,§ | $ | 12,541 | |||||
5,602 | Johnson Electric Holdings Ltd.§ | 5,572 | ||||||
37,000 | K Wah International Holdings Ltd.§ | 11,491 | ||||||
7,000 | Kerry Logistics Network Ltd.§ | 11,183 | ||||||
6,000 | Kerry Properties Ltd.§ | 11,334 | ||||||
9,000 | Kowloon Development Co. Ltd.§ | 10,399 | ||||||
5,750 | L'Occitane International SA§ | 17,302 | ||||||
38,400 | Landing International Development Ltd.*,§ | 832 | ||||||
15,500 | Lifestyle International Holdings Ltd.*,§ | 8,961 | ||||||
6,000 | Luk Fook Holdings International Ltd.§ | 14,070 | ||||||
26,800 | Man Wah Holdings Ltd.§ | 16,924 | ||||||
480,000 | Mason Group Holdings Ltd.*,§ | 1,474 | ||||||
11,000 | Melco International Development Ltd.*,§ | 8,470 | ||||||
6,185 | MTR Corp. Ltd.§ | 28,303 | ||||||
10,094 | NagaCorp Ltd.*,§ | 6,626 | ||||||
14,000 | New World Development Co. Ltd.§ | 39,557 | ||||||
44,000 | NewOcean Energy Holdings Ltd.*,§ | 164 | ||||||
38,000 | NWS Holdings Ltd.§ | 34,320 | ||||||
1,500 | Orient Overseas International Ltd.§ | 26,161 | ||||||
115,000 | Pacific Basin Shipping Ltd.§ | 35,619 | ||||||
7,128 | Pacific Century Premium Developments Ltd.*,§ | 307 | ||||||
29,000 | Pacific Textiles Holdings Ltd.§ | 9,046 | ||||||
59,789 | PCCW Ltd.§ | 27,010 | ||||||
10,000 | Power Assets Holdings Ltd.§ | 49,981 | ||||||
4,800 | PRADA SpA§ | 22,035 | ||||||
15,600 | Samsonite International SA*,#,§ | 37,443 | ||||||
9,600 | Sands China Ltd.*,§ | 23,768 | ||||||
12,000 | Shangri-La Asia Ltd.*,§ | 8,327 | ||||||
100,000 | Shun Tak Holdings Ltd.*,§ | 13,908 | ||||||
138,000 | Singamas Container Holdings Ltd.§ | 10,513 | ||||||
42,027 | Sino Land Co. Ltd.§ | 55,307 | ||||||
13,000 | SITC International Holdings Co. Ltd.§ | 23,809 | ||||||
31,250 | SJM Holdings Ltd.*,§ | 11,620 | ||||||
13,500 | SmarTone Telecommunications Holdings Ltd.§ | 7,065 | ||||||
11,500 | Stella International Holdings Ltd.§ | 11,404 | ||||||
31,000 | Sun Hung Kai & Co. Ltd.§ | 11,167 | ||||||
7,000 | Sun Hung Kai Properties Ltd.§ | 76,966 | ||||||
27,000 | SUNeVision Holdings Ltd.§ | 14,276 | ||||||
4,500 | Swire Pacific Ltd., Class A§ | 33,582 | ||||||
15,000 | Swire Pacific Ltd., Class B§ | 17,504 | ||||||
6,200 | Swire Properties Ltd.§ | 13,323 | ||||||
11,000 | Techtronic Industries Co. Ltd.§ | 103,922 | ||||||
12,000 | Television Broadcasts Ltd.*,§ | 5,294 | ||||||
7,600 | Transport International Holdings Ltd.§ | 9,244 | ||||||
30,000 | United Laboratories International Holdings Ltd.§ | 12,473 | ||||||
32,000 | Value Partners Group Ltd.§ | 7,566 | ||||||
12,000 | Vitasoy International Holdings Ltd.*,§ | 14,915 | ||||||
24,000 | VSTECS Holdings Ltd.§ | 13,323 | ||||||
3,500 | VTech Holdings Ltd.§ | 20,001 | ||||||
135,326 | WH Group Ltd.#,§ | 85,126 | ||||||
11,000 | Wharf Real Estate Investment Co. Ltd.§ | 49,676 | ||||||
27,000 | Xinyi Glass Holdings Ltd.§ | 39,107 | ||||||
14,500 | Yue Yuen Industrial Holdings Ltd.§ | 18,546 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Hong Kong (Continued) | |||||||
29,000 | Zensun Enterprises Ltd.*,§ | $ | 5,985 | ||||
3,157,784 | |||||||
Ireland—0.4% | |||||||
12,093 | AIB Group PLC†,§ | 29,126 | |||||
12,674 | Bank of Ireland Group PLC§ | 81,019 | |||||
10,801 | Cairn Homes PLC*,§ | 8,674 | |||||
3,828 | CRH PLC§ | 122,577 | |||||
4,547 | CRH PLC, ADR† | 146,550 | |||||
2,359 | Dalata Hotel Group PLC*,§ | 6,441 | |||||
782 | Flutter Entertainment PLC*,§ | 85,429 | |||||
3,602 | Glanbia PLC§ | 41,371 | |||||
7,929 | Glenveagh Properties PLC*,#,§ | 6,909 | |||||
1,946 | Irish Continental Group PLC§ | 7,294 | |||||
526 | Kerry Group PLC, Class A§ | 46,729 | |||||
1,303 | Kingspan Group PLC§ | 58,218 | |||||
3,377 | Smurfit Kappa Group PLC§ | 95,405 | |||||
735,742 | |||||||
Israel—0.9% | |||||||
182 | AFI Properties Ltd.§ | 6,477 | |||||
734 | Airport City Ltd.*,§ | 11,561 | |||||
1,386 | Alony Hetz Properties & Investments Ltd.§ | 16,507 | |||||
160 | Alrov Properties & Lodgings Ltd.§ | 9,554 | |||||
2,317 | Amot Investments Ltd.§ | 13,254 | |||||
471 | Ashtrom Group Ltd.§ | 9,875 | |||||
1,425 | AudioCodes Ltd. | 31,079 | |||||
2,639 | Azorim-Investment Development & Construction Co. Ltd.§ | 9,083 | |||||
154 | Azrieli Group Ltd.§ | 10,491 | |||||
8,099 | Bank Hapoalim BM§ | 68,159 | |||||
15,548 | Bank Leumi Le-Israel BM§ | 132,390 | |||||
22,557 | Bezeq The Israeli Telecommunication Corp. Ltd.§ | 36,896 | |||||
92 | Big Shopping Centers Ltd.§ | 10,252 | |||||
124 | Blue Square Real Estate Ltd.§ | 7,504 | |||||
63 | Brack Capital Properties NV*,§ | 7,242 | |||||
726 | Camtek Ltd.*,§ | 16,666 | |||||
2,356 | Cellcom Israel Ltd.*,§ | 11,907 | |||||
1,006 | Clal Insurance Enterprises Holdings Ltd.*,§ | 17,140 | |||||
66 | Danel Adir Yeoshua Ltd.§ | 6,917 | |||||
764 | Delek Automotive Systems Ltd.§ | 10,336 | |||||
153 | Delek Group Ltd.*,§ | 24,225 | |||||
611 | Delta Galil Industries Ltd.§ | 28,101 | |||||
96 | Elbit Systems Ltd.† | 18,256 | |||||
30 | Electra Ltd.§ | 16,762 | |||||
986 | Electra Real Estate Ltd.§ | 13,126 | |||||
4,030 | Energix-Renewable Energies Ltd.§ | 15,697 | |||||
8,990 | Enlight Renewable Energy Ltd.*,§ | 18,981 | |||||
567 | Equital Ltd.*,§ | 16,605 | |||||
166 | Fattal Holdings 1998 Ltd.*,§ | 16,071 | |||||
699 | First International Bank Of Israel Ltd.§ | 28,292 | |||||
122 | Formula Systems 1985 Ltd., ADR | 9,858 | |||||
294 | Fox Wizel Ltd.§ | 32,984 | |||||
1,517 | Gav-Yam Lands Corp. Ltd.§ | 12,491 | |||||
2,147 | Harel Insurance Investments & Financial Services Ltd.§ | 18,844 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Israel (Continued) | |||||||
313 | Hilan Ltd.§ | $ | 16,702 | ||||
5,268 | ICL Group Ltd.§ | 42,220 | |||||
275 | IDI Insurance Co. Ltd.§ | 7,428 | |||||
135 | IES Holdings Ltd.§ | 10,059 | |||||
2,482 | Inrom Construction Industries Ltd.§ | 9,820 | |||||
6,972 | Isracard Ltd.§ | 19,123 | |||||
2,814 | Israel Canada T.R Ltd.§ | 9,387 | |||||
10,322 | Israel Discount Bank Ltd., Class A§ | 51,858 | |||||
50 | Isras Investment Co. Ltd.§ | 9,131 | |||||
302 | Kenon Holdings Ltd.§ | 10,328 | |||||
325 | M Yochananof & Sons Ltd.§ | 18,562 | |||||
2,838 | Magic Software Enterprises Ltd. | 44,159 | |||||
1,175 | Matrix IT Ltd.§ | 26,538 | |||||
1,507 | Maytronics Ltd.§ | 18,571 | |||||
252 | Mega Or Holdings Ltd.§ | 7,359 | |||||
298 | Melisron Ltd.§ | 19,943 | |||||
526 | Menora Mivtachim Holdings Ltd.*,§ | 10,121 | |||||
12,957 | Migdal Insurance & Financial Holdings Ltd.§ | 17,267 | |||||
8,220 | Mivne Real Estate KD Ltd.§ | 24,079 | |||||
1,207 | Mizrahi Tefahot Bank Ltd.§ | 42,177 | |||||
2,005 | Naphtha Israel Petroleum Corp. Ltd.*,§ | 10,541 | |||||
156 | Nice Ltd.*,§ | 29,483 | |||||
12 | Nice Ltd., ADR* | 2,259 | |||||
130 | Nova Ltd.*,§ | 11,074 | |||||
70,417 | Oil Refineries Ltd.§ | 24,005 | |||||
1,226 | One Software Technologies Ltd.§ | 18,481 | |||||
1,134 | OPC Energy Ltd.*,§ | 12,608 | |||||
2,397 | Partner Communications Co. Ltd.*,§ | 17,285 | |||||
134 | Paz Oil Co. Ltd.*,§ | 14,641 | |||||
499 | Perion Network Ltd.*,§ | 9,623 | |||||
3,099 | Phoenix Holdings Ltd.§ | 29,331 | |||||
282 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.§ | 20,236 | |||||
313 | Scope Metals Group Ltd.§ | 13,595 | |||||
1,415 | Shapir Engineering and Industry Ltd.§ | 11,452 | |||||
5,108 | Shikun & Binui Ltd.*,§ | 20,679 | |||||
2,661 | Shufersal Ltd.§ | 16,483 | |||||
700 | Strauss Group Ltd.§ | 16,607 | |||||
1,314 | Summit Real Estate Holdings Ltd.§ | 18,321 | |||||
67 | Tadiran Group Ltd.§ | 9,371 | |||||
526 | Tera Light Ltd.*,§ | 936 | |||||
5,001 | Teva Pharmaceutical Industries Ltd., ADR* | 40,358 | |||||
862 | Tower Semiconductor Ltd.* | 37,876 | |||||
171 | YH Dimri Construction & Development Ltd.§ | 11,729 | |||||
1,525,389 | |||||||
Italy—1.5% | |||||||
23,194 | A2A SpA†,§ | 22,484 | |||||
1,164 | ACEA SpA§ | 12,623 | |||||
1,290 | Amplifon SpA§ | 33,782 | |||||
6,692 | Anima Holding SpA#,§ | 18,973 | |||||
7,433 | Assicurazioni Generali SpA†,§ | 101,173 | |||||
1,709 | Azimut Holding SpA§ | 24,323 | |||||
1,239 | Banca Generali SpA†,§ | 34,277 | |||||
801 | Banca IFIS SpA§ | 8,827 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Italy (Continued) | |||||||
2,201 | Banca Mediolanum SpA§ | $ | 13,785 | ||||
9,396 | Banca Popolare di Sondrio SPA§ | 31,134 | |||||
21,761 | Banco BPM SpA†,§ | 56,584 | |||||
2,332 | BFF Bank SpA#,§ | 15,464 | |||||
26,017 | BPER Banca§ | 39,631 | |||||
2,680 | Brembo SpA§ | 22,083 | |||||
732 | Brunello Cucinelli SpA§ | 35,635 | |||||
1,230 | Buzzi Unicem SpA§ | 17,439 | |||||
3,016 | Cairo Communication SpA§ | 4,134 | |||||
1,300 | Carel Industries SpA#,§ | 24,293 | |||||
27,159 | CIR SpA-Compagnie Industriali*,§ | 10,486 | |||||
7,842 | CNH Industrial NV§ | 87,549 | |||||
3,914 | Credito Emiliano SpA§ | 22,051 | |||||
51,958 | d'Amico International Shipping SA*,§ | 12,040 | |||||
660 | Danieli & C Officine Meccaniche SpA†,§ | 11,149 | |||||
3,500 | Davide Campari-Milano NV§ | 31,046 | |||||
432 | De' Longhi SpA†,§ | 6,319 | |||||
253 | DiaSorin SpA†,§ | 28,271 | |||||
3,319 | Enav SpA*,#,§ | 12,091 | |||||
43,401 | Enel SpA§ | 177,858 | |||||
26,813 | Eni SpA†,§ | 284,853 | |||||
806 | ERG SpA§ | 22,159 | |||||
741 | Ferrari NV§ | 138,210 | |||||
18,781 | Fincantieri SpA*,†,§ | 8,503 | |||||
4,611 | FinecoBank Banca Fineco SpA§ | 56,674 | |||||
725 | Gruppo MutuiOnline SpA§ | 14,237 | |||||
11,797 | Hera SpA§ | 24,959 | |||||
1,991 | Infrastrutture Wireless Italiane SpA#,§ | 17,408 | |||||
924 | Interpump Group SpA§ | 29,888 | |||||
76,753 | Intesa Sanpaolo SpA§ | 126,329 | |||||
9,018 | Iren SpA§ | 11,859 | |||||
7,345 | Italgas SpA§ | 34,142 | |||||
2,588 | Iveco Group NV*,§ | 12,196 | |||||
7,160 | Leonardo SpA§ | 50,669 | |||||
15,202 | MediaForEurope NV, Class A§ | 4,481 | |||||
8,088 | MediaForEurope NV, Class B†,§ | 3,565 | |||||
5,161 | Mediobanca Banca di Credito Finanziario SpA§ | 40,347 | |||||
1,242 | Moncler SpA§ | 50,996 | |||||
3,909 | Nexi SpA*,#,†,§ | 31,565 | |||||
9,750 | OVS SpA#,†,§ | 16,252 | |||||
7,136 | Piaggio & C SpA†,§ | 14,411 | |||||
8,299 | Pirelli & C SpA#,§ | 27,003 | |||||
3,814 | Poste Italiane SpA#,§ | 28,808 | |||||
1,584 | Prysmian SpA§ | 45,371 | |||||
2,926 | RAI Way SpA#,§ | 13,399 | |||||
1,030 | Recordati Industria Chimica e Farmaceutica SpA§ | 37,837 | |||||
272 | Reply SpA§ | 28,375 | |||||
514 | Salvatore Ferragamo SpA†,§ | 7,202 | |||||
10,551 | Saras SpA*,§ | 10,054 | |||||
103 | Sesa SpA§ | 11,134 | |||||
13,350 | Snam SpA§ | 53,928 | |||||
575 | SOL SpA†,§ | 8,790 | |||||
20,599 | Stellantis NV§ | 243,248 | |||||
3,313 | Tamburi Investment Partners SpA§ | 21,258 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Italy (Continued) | |||||||
2,650 | Technogym SpA#,§ | $ | 16,462 | ||||
151,273 | Telecom Italia SpA*,§ | 28,078 | |||||
1,807 | Tenaris SA§ | 23,427 | |||||
1,050 | Tenaris SA, ADR | 27,132 | |||||
12,130 | Terna - Rete Elettrica Nazionale§ | 73,894 | |||||
514 | Tod's SpA*,§ | 21,079 | |||||
10,905 | UniCredit SpA§ | 110,273 | |||||
7,073 | Unipol Gruppo SpA§ | 27,383 | |||||
9,399 | UnipolSai Assicurazioni SpA†,§ | 19,478 | |||||
2,792,820 | |||||||
Japan—15.6% | |||||||
1,200 | 77 Bank Ltd.§ | 14,791 | |||||
600 | ABC-Mart, Inc.§ | 25,860 | |||||
4,900 | Acom Co. Ltd.†,§ | 10,544 | |||||
1,200 | Adastria Co. Ltd.§ | 17,796 | |||||
1,500 | ADEKA Corp.†,§ | 22,456 | |||||
1,200 | Advantest Corp.§ | 55,768 | |||||
3,600 | Aeon Co. Ltd.§ | 67,342 | |||||
1,100 | Aeon Delight Co. Ltd.§ | 21,586 | |||||
2,900 | AEON Financial Service Co. Ltd.§ | 28,750 | |||||
2,100 | Aeon Mall Co. Ltd.§ | 23,246 | |||||
2,300 | AGC, Inc.§ | 71,488 | |||||
1,300 | Ai Holdings Corp.§ | 18,573 | |||||
700 | Aica Kogyo Co. Ltd.†,§ | 15,170 | |||||
2,900 | Aida Engineering Ltd.†,§ | 16,442 | |||||
8,600 | Aiful Corp.§ | 22,422 | |||||
300 | Ain Holdings, Inc.§ | 12,966 | |||||
3,100 | Air Water, Inc.§ | 36,660 | |||||
1,500 | Aisin Corp.†,§ | 38,529 | |||||
2,900 | Ajinomoto Co., Inc.§ | 79,008 | |||||
1,200 | Alconix Corp.§ | 10,929 | |||||
1,400 | Alfresa Holdings Corp.†,§ | 16,301 | |||||
3,500 | Alps Alpine Co. Ltd.†,§ | 25,363 | |||||
2,700 | Amada Co. Ltd.§ | 18,342 | |||||
1,000 | Amano Corp.§ | 16,824 | |||||
1,600 | ANA Holdings, Inc.*,§ | 30,095 | |||||
1,500 | Anritsu Corp.†,§ | 16,393 | |||||
1,100 | AOKI Holdings, Inc.†,§ | 5,383 | |||||
900 | Aoyama Trading Co. Ltd.§ | 5,683 | |||||
1,800 | Aozora Bank Ltd.†,§ | 32,142 | |||||
500 | Arata Corp.§ | 14,199 | |||||
1,200 | ARCLANDS Corp.§ | 11,978 | |||||
1,000 | Arcs Co. Ltd.§ | 14,244 | |||||
400 | Argo Graphics, Inc.§ | 10,008 | |||||
1,400 | Arisawa Manufacturing Co. Ltd.§ | 11,839 | |||||
900 | Aruhi Corp.†,§ | 8,557 | |||||
200 | As One Corp.†,§ | 8,227 | |||||
1,800 | Asahi Diamond Industrial Co. Ltd.§ | 8,918 | |||||
3,100 | Asahi Group Holdings Ltd.§ | 96,166 | |||||
2,000 | Asahi Holdings, Inc.†,§ | 28,098 | |||||
1,600 | Asahi Intecc Co. Ltd.§ | 25,316 | |||||
15,000 | Asahi Kasei Corp.§ | 99,205 | |||||
700 | ASAHI YUKIZAI Corp.§ | 10,652 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
2,100 | Asics Corp.§ | $ | 33,462 | ||||
1,400 | ASKUL Corp.§ | 14,451 | |||||
5,600 | Astellas Pharma, Inc.§ | 74,023 | |||||
1,600 | Autobacs Seven Co. Ltd.§ | 15,441 | |||||
800 | Avex, Inc.†,§ | 8,531 | |||||
800 | Awa Bank Ltd.†,§ | 10,454 | |||||
400 | Axial Retailing, Inc.§ | 8,959 | |||||
1,100 | Azbil Corp.†,§ | 28,711 | |||||
1,100 | Bandai Namco Holdings, Inc.§ | 71,844 | |||||
600 | Bank of Kyoto Ltd.§ | 21,963 | |||||
1,300 | Bank of the Ryukyus Ltd.§ | 6,877 | |||||
100 | BayCurrent Consulting, Inc.§ | 25,688 | |||||
300 | Belc Co. Ltd.§ | 11,136 | |||||
1,300 | Bell System24 Holdings, Inc.§ | 12,419 | |||||
1,300 | Belluna Co. Ltd.†,§ | 6,249 | |||||
1,000 | Benefit One, Inc.§ | 13,843 | |||||
800 | Benesse Holdings, Inc.†,§ | 11,850 | |||||
1,500 | Bic Camera, Inc.†,§ | 12,775 | |||||
900 | BIPROGY, Inc.§ | 19,449 | |||||
500 | BML, Inc.§ | 11,279 | |||||
6,000 | Bridgestone Corp.§ | 193,960 | |||||
4,000 | Broadleaf Co. Ltd.†,§ | 13,848 | |||||
2,700 | Brother Industries Ltd.§ | 46,554 | |||||
3,200 | Bunka Shutter Co. Ltd.§ | 22,668 | |||||
400 | C Uyemura & Co. Ltd.§ | 16,812 | |||||
1,700 | Calbee, Inc.§ | 36,341 | |||||
900 | Canon Electronics, Inc.§ | 9,795 | |||||
1,200 | Canon Marketing Japan, Inc.§ | 26,570 | |||||
5,200 | Canon, Inc.§ | 113,410 | |||||
1,600 | Capcom Co. Ltd.§ | 40,004 | |||||
2,700 | Casio Computer Co. Ltd.†,§ | 23,735 | |||||
600 | Central Glass Co. Ltd.†,§ | 13,725 | |||||
700 | Central Japan Railway Co.§ | 82,005 | |||||
3,700 | Chiba Bank Ltd.§ | 19,923 | |||||
7,600 | Chiyoda Corp.*,†,§ | 20,047 | |||||
600 | Chofu Seisakusho Co. Ltd.§ | 8,469 | |||||
3,800 | Chubu Electric Power Co., Inc.†,§ | 34,167 | |||||
700 | Chudenko Corp.§ | 10,124 | |||||
4,200 | Chugai Pharmaceutical Co. Ltd.§ | 104,870 | |||||
3,900 | Chugoku Electric Power Co., Inc.§ | 19,673 | |||||
2,300 | Chugoku Marine Paints Ltd.†,§ | 14,146 | |||||
5,400 | Citizen Watch Co. Ltd.†,§ | 22,583 | |||||
400 | CKD Corp.§ | 4,761 | |||||
2,600 | Coca-Cola Bottlers Japan Holdings, Inc.§ | 25,266 | |||||
600 | Colowide Co. Ltd.†,§ | 7,700 | |||||
900 | COMSYS Holdings Corp.§ | 15,241 | |||||
1,300 | Comture Corp.†,§ | 20,374 | |||||
8,000 | Concordia Financial Group Ltd.§ | 24,734 | |||||
1,200 | Cosmo Energy Holdings Co. Ltd.§ | 30,783 | |||||
200 | Cosmos Pharmaceutical Corp.†,§ | 19,734 | |||||
1,500 | Create Restaurants Holdings, Inc.§ | 10,127 | |||||
600 | Create SD Holdings Co. Ltd.§ | 12,977 | |||||
1,900 | Credit Saison Co. Ltd.§ | 22,298 | |||||
600 | CTI Engineering Co. Ltd.§ | 11,778 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
3,600 | CyberAgent, Inc.§ | $ | 29,985 | ||||
1,700 | Dai Nippon Printing Co. Ltd.§ | 33,923 | |||||
500 | Dai-Dan Co. Ltd.§ | 7,407 | |||||
4,700 | Dai-ichi Life Holdings, Inc.§ | 74,709 | |||||
3,800 | Daicel Corp.§ | 22,455 | |||||
3,700 | Daido Metal Co. Ltd.†,§ | 12,315 | |||||
600 | Daido Steel Co. Ltd.§ | 14,617 | |||||
400 | Daifuku Co. Ltd.§ | 18,796 | |||||
500 | Daihen Corp.§ | 12,746 | |||||
700 | Daiho Corp.†,§ | 20,118 | |||||
300 | Daiichi Jitsugyo Co. Ltd.§ | 7,975 | |||||
2,700 | Daiichi Sankyo Co. Ltd.§ | 75,106 | |||||
1,200 | Daikin Industries Ltd.§ | 185,424 | |||||
1,400 | Daikyonishikawa Corp.†,§ | 5,157 | |||||
1,900 | Daio Paper Corp.†,§ | 15,252 | |||||
480 | Daiseki Co. Ltd.§ | 14,645 | |||||
400 | Daishi Hokuetsu Financial Group, Inc.§ | 7,421 | |||||
700 | Daito Trust Construction Co. Ltd.§ | 65,729 | |||||
5,300 | Daiwa House Industry Co. Ltd.§ | 108,009 | |||||
9,500 | Daiwa Securities Group, Inc.†,§ | 37,224 | |||||
2,500 | Daiwabo Holdings Co. Ltd.§ | 32,244 | |||||
2,200 | DCM Holdings Co. Ltd.§ | 17,905 | |||||
1,200 | DeNA Co. Ltd.§ | 15,184 | |||||
1,300 | Denka Co. Ltd.§ | 28,573 | |||||
2,300 | Denso Corp.§ | 104,981 | |||||
2,300 | Dentsu Group, Inc.§ | 65,481 | |||||
1,000 | Dexerials Corp.†,§ | 22,526 | |||||
1,200 | DIC Corp.§ | 19,993 | |||||
400 | Digital Arts, Inc.§ | 17,199 | |||||
300 | Digital Garage, Inc.§ | 7,105 | |||||
700 | dip Corp.§ | 17,819 | |||||
200 | Disco Corp.§ | 43,583 | |||||
1,800 | DMG Mori Co. Ltd.§ | 20,360 | |||||
1,100 | Doutor Nichires Holdings Co. Ltd.§ | 13,211 | |||||
1,100 | Dowa Holdings Co. Ltd.§ | 39,309 | |||||
600 | DTS Corp.§ | 14,270 | |||||
1,000 | Duskin Co. Ltd.§ | 19,641 | |||||
400 | DyDo Group Holdings, Inc.†,§ | 13,258 | |||||
1,100 | Eagle Industry Co. Ltd.§ | 8,254 | |||||
300 | Earth Corp.§ | 10,716 | |||||
1,900 | East Japan Railway Co.§ | 97,541 | |||||
1,400 | Ebara Corp.§ | 45,385 | |||||
2,100 | EDION Corp.†,§ | 17,031 | |||||
1,000 | eGuarantee, Inc.§ | 17,274 | |||||
500 | Eiken Chemical Co. Ltd.§ | 6,211 | |||||
900 | Eisai Co. Ltd.§ | 48,275 | |||||
300 | Eizo Corp.§ | 7,536 | |||||
600 | Elecom Co. Ltd.†,§ | 5,997 | |||||
1,700 | Electric Power Development Co. Ltd.§ | 24,003 | |||||
700 | en-Japan, Inc.§ | 10,691 | |||||
43,600 | ENEOS Holdings, Inc.§ | 140,786 | |||||
1,500 | eRex Co. Ltd.§ | 28,967 | |||||
1,000 | Exedy Corp.§ | 11,363 | |||||
1,000 | EXEO Group, Inc.§ | 14,452 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
500 | Ezaki Glico Co. Ltd.§ | $ | 12,324 | ||||
900 | Fancl Corp.§ | 17,908 | |||||
700 | FANUC Corp.§ | 96,837 | |||||
300 | Fast Retailing Co. Ltd.§ | 159,429 | |||||
1,100 | FCC Co. Ltd.§ | 10,055 | |||||
1,100 | Ferrotec Holdings Corp.†,§ | 17,813 | |||||
1,300 | Food & Life Cos. Ltd.§ | 19,840 | |||||
900 | Foster Electric Co. Ltd.§ | 4,621 | |||||
800 | FP Corp.†,§ | 19,519 | |||||
1,100 | Fudo Tetra Corp.§ | 11,208 | |||||
1,600 | Fuji Corp.§ | 20,777 | |||||
1,000 | Fuji Electric Co. Ltd.§ | 36,656 | |||||
500 | Fuji Kyuko Co. Ltd.§ | 14,813 | |||||
1,600 | Fuji Media Holdings, Inc.§ | 11,759 | |||||
700 | Fuji Oil Holdings, Inc.†,§ | 11,649 | |||||
700 | Fuji Seal International, Inc.†,§ | 7,413 | |||||
500 | Fuji Soft, Inc.§ | 28,174 | |||||
400 | Fujibo Holdings, Inc.§ | 9,038 | |||||
700 | Fujicco Co. Ltd.§ | 9,246 | |||||
1,200 | FUJIFILM Holdings Corp.§ | 54,913 | |||||
4,100 | Fujikura Ltd.*,§ | 24,473 | |||||
300 | Fujimi, Inc.§ | 12,574 | |||||
500 | Fujimori Kogyo Co. Ltd.†,§ | 11,032 | |||||
600 | Fujitsu General Ltd.†,§ | 12,492 | |||||
1,200 | Fujitsu Ltd.§ | 129,411 | |||||
200 | Fukuda Denshi Co. Ltd.§ | 9,924 | |||||
2,200 | Fukuoka Financial Group, Inc.§ | 39,040 | |||||
500 | Fukushima Galilei Co. Ltd.§ | 12,285 | |||||
600 | Fukuyama Transporting Co. Ltd.†,§ | 13,550 | |||||
1,200 | FULLCAST Holdings Co. Ltd.§ | 20,995 | |||||
1,000 | Funai Soken Holdings, Inc.§ | 16,996 | |||||
900 | Furukawa Co. Ltd.§ | 7,554 | |||||
1,200 | Furukawa Electric Co. Ltd.§ | 19,048 | |||||
1,200 | Furuno Electric Co. Ltd.§ | 9,118 | |||||
400 | Fuso Chemical Co. Ltd.§ | 8,619 | |||||
800 | Futaba Corp.§ | 3,382 | |||||
2,000 | Future Corp.§ | 21,707 | |||||
500 | Fuyo General Lease Co. Ltd.§ | 27,300 | |||||
800 | G-7 Holdings, Inc.§ | 7,842 | |||||
2,200 | G-Tekt Corp.§ | 19,263 | |||||
800 | Geo Holdings Corp.§ | 9,754 | |||||
700 | GLOBERIDE, Inc.§ | 10,318 | |||||
1,000 | Glory Ltd.§ | 14,695 | |||||
900 | GMO internet, Inc.§ | 15,631 | |||||
300 | GMO Payment Gateway, Inc.§ | 20,272 | |||||
700 | Goldcrest Co. Ltd.†,§ | 8,011 | |||||
400 | Goldwin, Inc.§ | 21,213 | |||||
1,000 | GS Yuasa Corp.§ | 15,599 | |||||
1,100 | GungHo Online Entertainment, Inc.§ | 16,932 | |||||
4,900 | Gunma Bank Ltd.†,§ | 13,284 | |||||
600 | Gunze Ltd.§ | 16,039 | |||||
1,500 | H.U. Group Holdings, Inc.§ | 27,195 | |||||
1,700 | H2O Retailing Corp.§ | 13,027 | |||||
5,000 | Hachijuni Bank Ltd.†,§ | 16,493 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
2,900 | Hakuhodo DY Holdings, Inc.§ | $ | 20,454 | ||||
600 | Halows Co. Ltd.§ | 12,025 | |||||
800 | Hamakyorex Co. Ltd.§ | 17,381 | |||||
1,100 | Hamamatsu Photonics KK§ | 47,229 | |||||
800 | Hankyu Hanshin Holdings, Inc.§ | 24,080 | |||||
800 | Hanwa Co. Ltd.§ | 19,028 | |||||
300 | Harmonic Drive Systems, Inc.†,§ | 9,323 | |||||
3,500 | Haseko Corp.§ | 38,039 | |||||
3,500 | Hazama Ando Corp.†,§ | 20,258 | |||||
1,200 | Heiwa Corp.§ | 18,572 | |||||
600 | Heiwa Real Estate Co. Ltd.§ | 16,486 | |||||
900 | Heiwado Co. Ltd.§ | 12,377 | |||||
200 | Hikari Tsushin, Inc.§ | 23,404 | |||||
4,400 | Hino Motors Ltd.§ | 18,156 | |||||
200 | Hioki EE Corp.†,§ | 8,696 | |||||
400 | Hirata Corp.§ | 11,285 | |||||
3,100 | Hirogin Holdings, Inc.§ | 13,030 | |||||
200 | Hirose Electric Co. Ltd.§ | 25,994 | |||||
400 | Hisamitsu Pharmaceutical Co., Inc.§ | 9,334 | |||||
1,100 | Hitachi Construction Machinery Co. Ltd.§ | 20,438 | |||||
8,000 | Hitachi Ltd.§ | 338,738 | |||||
2,000 | Hitachi Metals Ltd.*,§ | 30,070 | |||||
600 | Hitachi Transport System Ltd.§ | 35,903 | |||||
3,400 | Hitachi Zosen Corp.§ | 20,015 | |||||
400 | Hogy Medical Co. Ltd.†,§ | 9,817 | |||||
2,900 | Hokkaido Electric Power Co., Inc.§ | 9,084 | |||||
700 | Hokkoku Financial Holdings, Inc.§ | 22,845 | |||||
3,000 | Hokuetsu Corp.†,§ | 15,675 | |||||
1,800 | Hokuhoku Financial Group, Inc.§ | 10,626 | |||||
2,300 | Hokuriku Electric Power Co.†,§ | 7,705 | |||||
1,200 | Hokuto Corp.†,§ | 15,712 | |||||
8,800 | Honda Motor Co. Ltd.§ | 191,700 | |||||
704 | Honda Motor Co. Ltd., ADR | 15,199 | |||||
500 | Horiba Ltd.§ | 19,429 | |||||
600 | Hoshizaki Corp.§ | 16,605 | |||||
3,100 | Hosiden Corp.§ | 31,462 | |||||
500 | Hosokawa Micron Corp.§ | 8,499 | |||||
600 | House Foods Group, Inc.§ | 11,973 | |||||
2,200 | Hoya Corp.§ | 211,519 | |||||
4,100 | Hulic Co. Ltd.§ | 30,168 | |||||
3,000 | Hyakugo Bank Ltd.†,§ | 6,578 | |||||
1,600 | Ibiden Co. Ltd.†,§ | 43,931 | |||||
6,700 | Ichigo, Inc.§ | 13,817 | |||||
600 | Idec Corp.§ | 12,235 | |||||
4,100 | Idemitsu Kosan Co. Ltd.†,§ | 88,713 | |||||
3,000 | IDOM, Inc.§ | 17,927 | |||||
1,400 | IHI Corp.§ | 30,127 | |||||
1,100 | Iida Group Holdings Co. Ltd.§ | 14,944 | |||||
4,200 | Iino Kaiun Kaisha Ltd.§ | 18,934 | |||||
500 | Inaba Denki Sangyo Co. Ltd.§ | 9,425 | |||||
900 | Inabata & Co. Ltd.†,§ | 14,512 | |||||
1,300 | Infocom Corp.§ | 16,982 | |||||
4,200 | Infomart Corp.§ | 12,492 | |||||
400 | Information Services International-Dentsu Ltd.§ | 12,139 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
4,712 | INFRONEER Holdings, Inc.†,§ | $ | 31,851 | ||||
14,800 | Inpex Corp.§ | 138,853 | |||||
700 | Insource Co. Ltd.§ | 12,533 | |||||
1,100 | Intage Holdings, Inc.§ | 11,552 | |||||
1,200 | Internet Initiative Japan, Inc.§ | 18,242 | |||||
300 | IR Japan Holdings Ltd.†,§ | 4,201 | |||||
300 | Iriso Electronics Co. Ltd.†,§ | 8,242 | |||||
5,000 | Isetan Mitsukoshi Holdings Ltd.§ | 42,459 | |||||
1,600 | Ishihara Sangyo Kaisha Ltd.§ | 11,294 | |||||
7,500 | Isuzu Motors Ltd.§ | 82,910 | |||||
500 | Ito En Ltd.§ | 20,121 | |||||
10,100 | ITOCHU Corp.§ | 244,782 | |||||
1,200 | Itochu Enex Co. Ltd.§ | 8,482 | |||||
700 | Itochu Techno-Solutions Corp.§ | 16,327 | |||||
3,400 | Itoham Yonekyu Holdings, Inc.§ | 15,660 | |||||
700 | Iwatani Corp.§ | 26,399 | |||||
4,100 | Iyo Bank Ltd.*,†,§ | 19,802 | |||||
1,000 | Izumi Co. Ltd.§ | 21,488 | |||||
2,300 | J Trust Co. Ltd.†,§ | 9,090 | |||||
700 | J-Oil Mills, Inc.†,§ | 7,496 | |||||
1,600 | J. Front Retailing Co. Ltd.§ | 13,022 | |||||
1,300 | Jaccs Co. Ltd.§ | 32,292 | |||||
2,100 | JAFCO Group Co. Ltd.§ | 30,906 | |||||
1,400 | Japan Airlines Co. Ltd.*,§ | 25,019 | |||||
500 | Japan Airport Terminal Co. Ltd.*,§ | 20,688 | |||||
1,800 | Japan Aviation Electronics Industry Ltd.†,§ | 26,425 | |||||
1,100 | Japan Elevator Service Holdings Co. Ltd.§ | 14,189 | |||||
3,600 | Japan Exchange Group, Inc.§ | 48,665 | |||||
1,500 | Japan Lifeline Co. Ltd.§ | 9,943 | |||||
1,200 | Japan Material Co. Ltd.†,§ | 15,359 | |||||
1,100 | Japan Petroleum Exploration Co. Ltd.§ | 26,305 | |||||
12,800 | Japan Post Holdings Co. Ltd.§ | 84,757 | |||||
1,000 | Japan Post Insurance Co. Ltd.§ | 14,010 | |||||
600 | Japan Pulp & Paper Co. Ltd.§ | 18,090 | |||||
3,000 | Japan Securities Finance Co. Ltd.§ | 17,023 | |||||
1,000 | Japan Steel Works Ltd.§ | 19,721 | |||||
6,800 | Japan Tobacco, Inc.§ | 111,613 | |||||
1,700 | Japan Wool Textile Co. Ltd.§ | 12,521 | |||||
600 | JCR Pharmaceuticals Co. Ltd.§ | 8,906 | |||||
400 | JCU Corp.§ | 8,043 | |||||
500 | Jeol Ltd.§ | 16,481 | |||||
7,600 | JFE Holdings, Inc.§ | 70,740 | |||||
2,700 | JGC Holdings Corp.§ | 33,837 | |||||
400 | JINS Holdings, Inc.§ | 11,764 | |||||
600 | Joshin Denki Co. Ltd.§ | 7,870 | |||||
1,700 | JSR Corp.§ | 32,396 | |||||
3,800 | JTEKT Corp.§ | 24,185 | |||||
800 | Juroku Financial Group, Inc.§ | 13,498 | |||||
300 | Justsystems Corp.†,§ | 6,837 | |||||
8,900 | JVCKenwood Corp.§ | 12,138 | |||||
2,200 | K's Holdings Corp.§ | 18,109 | |||||
800 | Kadokawa Corp.§ | 14,585 | |||||
700 | Kaga Electronics Co. Ltd.§ | 19,581 | |||||
800 | Kagome Co. Ltd.§ | 16,681 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
3,700 | Kajima Corp.§ | $ | 35,147 | ||||
1,100 | Kakaku.com, Inc.§ | 18,495 | |||||
500 | Kaken Pharmaceutical Co. Ltd.§ | 13,196 | |||||
600 | Kameda Seika Co. Ltd.†,§ | 19,033 | |||||
1,000 | Kamigumi Co. Ltd.§ | 18,415 | |||||
1,300 | Kanamoto Co. Ltd.§ | 18,521 | |||||
2,200 | Kandenko Co. Ltd.§ | 12,661 | |||||
600 | Kaneka Corp.§ | 15,003 | |||||
1,700 | Kanematsu Corp.§ | 16,788 | |||||
700 | Kanematsu Electronics Ltd.§ | 19,299 | |||||
4,400 | Kansai Electric Power Co., Inc.§ | 36,668 | |||||
1,200 | Kansai Paint Co. Ltd.†,§ | 17,015 | |||||
1,500 | Kanto Denka Kogyo Co. Ltd.§ | 9,580 | |||||
3,100 | Kao Corp.§ | 125,700 | |||||
900 | Katitas Co. Ltd.†,§ | 20,049 | |||||
400 | Kato Sangyo Co. Ltd.§ | 9,243 | |||||
300 | KAWADA TECHNOLOGIES, Inc.§ | 7,657 | |||||
2,100 | Kawasaki Heavy Industries Ltd.†,§ | 31,848 | |||||
15,000 | KDDI Corp.§ | 439,949 | |||||
1,200 | Keihan Holdings Co. Ltd.§ | 31,180 | |||||
3,100 | Keikyu Corp.§ | 31,431 | |||||
700 | Keio Corp.§ | 25,321 | |||||
600 | Keisei Electric Railway Co. Ltd.§ | 16,361 | |||||
2,500 | Keiyo Bank Ltd.†,§ | 8,162 | |||||
3,100 | Keiyo Co. Ltd.§ | 19,514 | |||||
900 | Kewpie Corp.§ | 14,763 | |||||
900 | Keyence Corp.§ | 298,803 | |||||
500 | KFC Holdings Japan Ltd.†,§ | 9,355 | |||||
1,100 | KH Neochem Co. Ltd.§ | 20,087 | |||||
300 | Ki-Star Real Estate Co. Ltd.†,§ | 9,076 | |||||
800 | Kikkoman Corp.§ | 44,978 | |||||
1,200 | Kinden Corp.§ | 12,685 | |||||
1,700 | Kintetsu Group Holdings Co. Ltd.§ | 56,371 | |||||
2,000 | Kirin Holdings Co. Ltd.§ | 30,802 | |||||
800 | Kissei Pharmaceutical Co. Ltd.§ | 14,138 | |||||
1,500 | Kito Corp.§ | 28,142 | |||||
2,600 | Kitz Corp.§ | 14,437 | |||||
1,600 | Kiyo Bank Ltd.§ | 15,367 | |||||
300 | Kobayashi Pharmaceutical Co. Ltd.§ | 17,490 | |||||
1,300 | Kobe Bussan Co. Ltd.§ | 31,113 | |||||
9,300 | Kobe Steel Ltd.†,§ | 37,339 | |||||
1,000 | Koei Tecmo Holdings Co. Ltd.§ | 16,265 | |||||
900 | Kohnan Shoji Co. Ltd.§ | 20,943 | |||||
1,600 | Koito Manufacturing Co. Ltd.§ | 21,927 | |||||
1,500 | Kokuyo Co. Ltd.§ | 19,058 | |||||
5,200 | Komatsu Ltd.§ | 94,036 | |||||
1,100 | KOMEDA Holdings Co. Ltd.§ | 17,641 | |||||
1,000 | Komeri Co. Ltd.§ | 19,117 | |||||
1,400 | Komori Corp.§ | 6,836 | |||||
700 | Konami Holdings Corp.†,§ | 32,363 | |||||
6,900 | Konica Minolta, Inc.†,§ | 21,301 | |||||
700 | Konishi Co. Ltd.†,§ | 7,537 | |||||
1,200 | Konoike Transport Co. Ltd.§ | 11,723 | |||||
100 | Kose Corp.§ | 10,180 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
5,100 | Kubota Corp.§ | $ | 70,723 | ||||
400 | Kumagai Gumi Co. Ltd.§ | 6,978 | |||||
1,500 | Kumiai Chemical Industry Co. Ltd.†,§ | 10,595 | |||||
4,700 | Kuraray Co. Ltd.§ | 32,955 | |||||
400 | Kureha Corp.§ | 24,463 | |||||
700 | Kurita Water Industries Ltd.§ | 24,687 | |||||
400 | Kusuri No. Aoki Holdings Co. Ltd.§ | 18,811 | |||||
1,000 | KYB Corp.§ | 21,432 | |||||
1,600 | Kyocera Corp.§ | 80,878 | |||||
1,500 | Kyoei Steel Ltd.§ | 14,400 | |||||
1,700 | Kyokuto Kaihatsu Kogyo Co. Ltd.§ | 15,569 | |||||
500 | Kyokuyo Co. Ltd.§ | 12,462 | |||||
500 | KYORIN Holdings, Inc.†,§ | 6,099 | |||||
900 | Kyowa Kirin Co. Ltd.§ | 20,646 | |||||
600 | Kyudenko Corp.§ | 11,416 | |||||
5,300 | Kyushu Electric Power Co., Inc.§ | 28,159 | |||||
5,000 | Kyushu Financial Group, Inc.†,§ | 13,229 | |||||
1,200 | Kyushu Railway Co.§ | 25,934 | |||||
500 | Lasertec Corp.§ | 50,279 | |||||
900 | Lawson, Inc.§ | 29,397 | |||||
900 | Life Corp.§ | 16,611 | |||||
1,000 | Lintec Corp.§ | 15,372 | |||||
1,900 | Lion Corp.§ | 21,414 | |||||
200 | LITALICO, Inc.§ | 3,791 | |||||
2,800 | Lixil Corp.§ | 40,573 | |||||
500 | M&A Capital Partners Co. Ltd.*,†,§ | 12,851 | |||||
2,800 | M3, Inc.§ | 77,209 | |||||
700 | Mabuchi Motor Co. Ltd.§ | 19,000 | |||||
1,300 | Macnica Holdings, Inc.§ | 24,437 | |||||
900 | Macromill, Inc.§ | 6,749 | |||||
800 | Maeda Kosen Co. Ltd.§ | 17,540 | |||||
600 | Makino Milling Machine Co. Ltd.§ | 18,433 | |||||
1,500 | Makita Corp.§ | 29,083 | |||||
1,800 | Mandom Corp.§ | 18,941 | |||||
500 | Mani, Inc.§ | 6,089 | |||||
9,300 | Marubeni Corp.§ | 81,652 | |||||
800 | Marudai Food Co. Ltd.†,§ | 7,893 | |||||
700 | Maruha Nichiro Corp.§ | 11,909 | |||||
1,300 | Marui Group Co. Ltd.†,§ | 21,584 | |||||
700 | Maruichi Steel Tube Ltd.§ | 14,337 | |||||
2,200 | Marusan Securities Co. Ltd.†,§ | 6,589 | |||||
200 | Maruwa Co. Ltd.§ | 21,211 | |||||
1,000 | Maruwa Unyu Kikan Co. Ltd.†,§ | 10,047 | |||||
500 | Maruzen Showa Unyu Co. Ltd.§ | 10,583 | |||||
1,300 | Matsuda Sangyo Co. Ltd.§ | 19,431 | |||||
4,100 | Matsui Securities Co. Ltd.§ | 22,115 | |||||
1,040 | MatsukiyoCocokara & Co.§ | 44,480 | |||||
1,700 | Maxell Ltd.§ | 16,127 | |||||
4,100 | Mazda Motor Corp.§ | 27,139 | |||||
500 | McDonald's Holdings Co. Japan Ltd.§ | 17,417 | |||||
1,300 | MCJ Co. Ltd.§ | 8,880 | |||||
9,000 | Mebuki Financial Group, Inc.§ | 17,548 | |||||
1,600 | Medipal Holdings Corp.§ | 20,280 | |||||
600 | Megachips Corp.§ | 10,490 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
1,000 | Megmilk Snow Brand Co. Ltd.§ | $ | 11,848 | ||||
1,700 | Meidensha Corp.§ | 23,195 | |||||
1,000 | MEIJI Holdings Co. Ltd.§ | 44,359 | |||||
900 | Meiko Electronics Co. Ltd.†,§ | 15,574 | |||||
1,500 | Meitec Corp.§ | 23,825 | |||||
400 | Menicon Co. Ltd.§ | 8,119 | |||||
400 | Mercari, Inc.*,§ | 5,326 | |||||
1,900 | Micronics Japan Co. Ltd.§ | 15,448 | |||||
600 | Milbon Co. Ltd.§ | 26,463 | |||||
1,200 | Mimasu Semiconductor Industry Co. Ltd.§ | 15,843 | |||||
2,200 | MINEBEA MITSUMI, Inc.§ | 32,630 | |||||
1,600 | MIRAIT ONE Corp.§ | 16,237 | |||||
1,500 | MISUMI Group, Inc.§ | 31,914 | |||||
600 | Mitani Sekisan Co. Ltd.†,§ | 14,391 | |||||
19,200 | Mitsubishi Chemical Group Corp.§ | 88,165 | |||||
8,300 | Mitsubishi Corp.§ | 227,949 | |||||
7,800 | Mitsubishi Electric Corp.§ | 70,461 | |||||
5,800 | Mitsubishi Estate Co. Ltd.§ | 76,101 | |||||
1,500 | Mitsubishi Gas Chemical Co., Inc.§ | 19,695 | |||||
13,800 | Mitsubishi HC Capital, Inc.§ | 59,366 | |||||
1,300 | Mitsubishi Heavy Industries Ltd.§ | 43,342 | |||||
900 | Mitsubishi Logistics Corp.§ | 21,235 | |||||
2,000 | Mitsubishi Materials Corp.§ | 27,532 | |||||
5,200 | Mitsubishi Motors Corp.*,§ | 18,656 | |||||
900 | Mitsubishi Pencil Co. Ltd.§ | 8,785 | |||||
54,900 | Mitsubishi UFJ Financial Group, Inc.§ | 247,567 | |||||
600 | Mitsuboshi Belting Ltd.†,§ | 12,499 | |||||
6,600 | Mitsui & Co. Ltd.§ | 141,596 | |||||
1,900 | Mitsui Chemicals, Inc.§ | 37,100 | |||||
2,100 | Mitsui E&S Holdings Co. Ltd.*,§ | 5,862 | |||||
3,600 | Mitsui Fudosan Co. Ltd.§ | 68,624 | |||||
300 | Mitsui High-Tec, Inc.†,§ | 14,156 | |||||
2,200 | Mitsui Mining & Smelting Co. Ltd.§ | 46,075 | |||||
1,500 | Mitsui OSK Lines Ltd.†,§ | 26,941 | |||||
800 | Mitsui-Soko Holdings Co. Ltd.§ | 17,027 | |||||
1,000 | Miura Co. Ltd.§ | 20,416 | |||||
1,000 | Mixi, Inc.§ | 15,862 | |||||
700 | Miyazaki Bank Ltd.§ | 10,390 | |||||
13,390 | Mizuho Financial Group, Inc.§ | 144,665 | |||||
1,000 | Mizuho Leasing Co. Ltd.†,§ | 21,535 | |||||
1,200 | Mochida Pharmaceutical Co. Ltd.†,§ | 28,034 | |||||
400 | Modec, Inc.§ | 4,117 | |||||
3,300 | Monex Group, Inc.†,§ | 10,133 | |||||
600 | Monogatari Corp.§ | 28,645 | |||||
1,600 | MonotaRO Co. Ltd.§ | 24,185 | |||||
400 | Morinaga & Co. Ltd.§ | 10,969 | |||||
1,200 | Morinaga Milk Industry Co. Ltd.§ | 35,179 | |||||
2,100 | Morita Holdings Corp.§ | 18,630 | |||||
1,700 | MS&AD Insurance Group Holdings, Inc.§ | 44,988 | |||||
4,100 | Murata Manufacturing Co. Ltd.§ | 188,333 | |||||
2,000 | Musashi Seimitsu Industry Co. Ltd.†,§ | 21,564 | |||||
1,000 | Musashino Bank Ltd.§ | 11,789 | |||||
1,200 | Nabtesco Corp.§ | 24,571 | |||||
600 | Nachi-Fujikoshi Corp.§ | 14,640 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
1,500 | Nagase & Co. Ltd.§ | $ | 20,468 | ||||
2,700 | Nagoya Railroad Co. Ltd.§ | 41,536 | |||||
1,100 | Nakanishi, Inc.§ | 19,973 | |||||
1,200 | Nankai Electric Railway Co. Ltd.§ | 24,541 | |||||
800 | Nanto Bank Ltd.§ | 11,624 | |||||
2,000 | NEC Corp.§ | 64,019 | |||||
1,600 | NEC Networks & System Integration Corp.§ | 17,255 | |||||
1,100 | NET One Systems Co. Ltd.§ | 21,197 | |||||
1,000 | Nexon Co. Ltd.§ | 17,488 | |||||
1,100 | Nextage Co. Ltd.§ | 23,885 | |||||
3,000 | NGK Insulators Ltd.§ | 37,397 | |||||
2,500 | NGK Spark Plug Co. Ltd.§ | 44,343 | |||||
1,000 | NH Foods Ltd.§ | 26,357 | |||||
2,400 | NHK Spring Co. Ltd.†,§ | 14,145 | |||||
1,200 | Nichias Corp.§ | 18,651 | |||||
1,400 | Nichicon Corp.†,§ | 13,458 | |||||
900 | Nichiden Corp.§ | 10,791 | |||||
700 | Nichiha Corp.§ | 13,311 | |||||
1,500 | Nichirei Corp.§ | 24,744 | |||||
1,500 | Nichireki Co. Ltd.§ | 13,312 | |||||
2,100 | Nidec Corp.§ | 118,297 | |||||
1,600 | Nifco, Inc.§ | 33,312 | |||||
700 | Nihon Kohden Corp.§ | 14,787 | |||||
2,000 | Nihon M&A Center Holdings, Inc.§ | 22,624 | |||||
1,800 | Nihon Parkerizing Co. Ltd.§ | 11,603 | |||||
1,700 | Nikkiso Co. Ltd.§ | 10,695 | |||||
1,300 | Nikkon Holdings Co. Ltd.†,§ | 20,321 | |||||
3,000 | Nikon Corp.§ | 28,410 | |||||
7,000 | Nintendo Co. Ltd.§ | 283,449 | |||||
900 | Nippn Corp.§ | 9,669 | |||||
600 | Nippon Carbon Co. Ltd.§ | 16,389 | |||||
600 | Nippon Chemi-Con Corp.*,§ | 7,750 | |||||
9,100 | Nippon Denko Co. Ltd.§ | 21,044 | |||||
700 | Nippon Densetsu Kogyo Co. Ltd.§ | 8,898 | |||||
900 | Nippon Electric Glass Co. Ltd.§ | 15,532 | |||||
800 | NIPPON EXPRESS HOLDINGS, Inc.§ | 40,451 | |||||
1,800 | Nippon Gas Co. Ltd.§ | 25,462 | |||||
800 | Nippon Kayaku Co. Ltd.§ | 6,414 | |||||
400 | Nippon Koei Co. Ltd.§ | 9,883 | |||||
1,520 | Nippon Light Metal Holdings Co. Ltd.†,§ | 15,230 | |||||
2,700 | Nippon Paint Holdings Co. Ltd.§ | 18,084 | |||||
1,200 | Nippon Paper Industries Co. Ltd.§ | 7,811 | |||||
1,100 | Nippon Pillar Packing Co. Ltd.†,§ | 17,422 | |||||
100 | Nippon Road Co. Ltd.§ | 3,970 | |||||
1,900 | Nippon Sanso Holdings Corp.§ | 30,010 | |||||
1,200 | Nippon Seiki Co. Ltd.§ | 6,283 | |||||
5,100 | Nippon Sheet Glass Co. Ltd.*,§ | 17,980 | |||||
300 | Nippon Shinyaku Co. Ltd.§ | 15,219 | |||||
400 | Nippon Shokubai Co. Ltd.§ | 14,952 | |||||
2,600 | Nippon Signal Company Ltd.†,§ | 17,018 | |||||
900 | Nippon Soda Co. Ltd.§ | 27,448 | |||||
9,700 | Nippon Steel Corp.§ | 135,014 | |||||
500 | Nippon Steel Trading Corp.§ | 17,400 | |||||
9,600 | Nippon Suisan Kaisha Ltd.§ | 36,194 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
7,200 | Nippon Telegraph & Telephone Corp.§ | $ | 194,242 | ||||
530 | Nippon Yakin Kogyo Co. Ltd.§ | 9,587 | |||||
4,800 | Nippon Yusen KK†,§ | 81,975 | |||||
2,200 | Nipro Corp.†,§ | 16,488 | |||||
2,000 | Nishi-Nippon Financial Holdings, Inc.§ | 10,379 | |||||
900 | Nishi-Nippon Railroad Co. Ltd.†,§ | 17,962 | |||||
1,000 | Nishimatsu Construction Co. Ltd.†,§ | 26,248 | |||||
1,600 | Nishimatsuya Chain Co. Ltd.†,§ | 14,785 | |||||
700 | Nishio Rent All Co. Ltd.†,§ | 13,817 | |||||
800 | Nissan Chemical Corp.§ | 35,752 | |||||
17,300 | Nissan Motor Co. Ltd.*,§ | 55,302 | |||||
3,200 | Nissan Shatai Co. Ltd.†,§ | 17,961 | |||||
600 | Nissei ASB Machine Co. Ltd.†,§ | 14,866 | |||||
1,100 | Nissha Co. Ltd.§ | 13,019 | |||||
800 | Nisshin Oillio Group Ltd.§ | 17,673 | |||||
1,400 | Nisshin Seifun Group, Inc.§ | 14,213 | |||||
4,400 | Nisshinbo Holdings, Inc.§ | 31,982 | |||||
400 | Nissin Foods Holdings Co. Ltd.§ | 27,770 | |||||
600 | Nitori Holdings Co. Ltd.§ | 50,209 | |||||
900 | Nitta Corp.§ | 17,315 | |||||
600 | Nitto Boseki Co. Ltd.†,§ | 9,584 | |||||
1,200 | Nitto Denko Corp.§ | 65,065 | |||||
700 | Nitto Kogyo Corp.†,§ | 11,466 | |||||
300 | Noevir Holdings Co. Ltd.§ | 11,788 | |||||
700 | NOF Corp.§ | 25,380 | |||||
900 | Nohmi Bosai Ltd.§ | 9,999 | |||||
2,200 | Nojima Corp.†,§ | 20,523 | |||||
1,500 | NOK Corp.†,§ | 11,707 | |||||
18,800 | Nomura Holdings, Inc.§ | 62,064 | |||||
1,500 | Nomura Real Estate Holdings, Inc.§ | 34,005 | |||||
2,200 | Nomura Research Institute Ltd.§ | 54,071 | |||||
300 | Noritake Co. Ltd.§ | 8,336 | |||||
700 | Noritsu Koki Co. Ltd.§ | 11,834 | |||||
7,800 | North Pacific Bank Ltd.§ | 12,248 | |||||
800 | NSD Co. Ltd.†,§ | 13,521 | |||||
2,900 | NSK Ltd.†,§ | 14,210 | |||||
10,800 | NTN Corp.†,§ | 19,002 | |||||
4,900 | NTT Data Corp.§ | 63,326 | |||||
600 | Obara Group, Inc.§ | 13,288 | |||||
6,000 | Obayashi Corp.§ | 38,527 | |||||
500 | OBIC Business Consultants Co. Ltd.§ | 15,385 | |||||
200 | Obic Co. Ltd.§ | 26,517 | |||||
2,100 | Odakyu Electric Railway Co. Ltd.§ | 26,863 | |||||
1,100 | Ogaki Kyoritsu Bank Ltd.†,§ | 13,033 | |||||
800 | Oisix ra daichi, Inc.*,†,§ | 8,980 | |||||
13,300 | Oji Holdings Corp.†,§ | 49,507 | |||||
1,000 | Okamura Corp.§ | 9,554 | |||||
4,600 | Okasan Securities Group, Inc.†,§ | 10,375 | |||||
1,800 | Oki Electric Industry Co. Ltd.§ | 8,941 | |||||
1,000 | Okinawa Cellular Telephone Co.§ | 17,574 | |||||
1,155 | Okinawa Electric Power Co., Inc.†,§ | 8,420 | |||||
500 | OKUMA Corp.§ | 16,986 | |||||
700 | Okumura Corp.§ | 13,779 | |||||
8,100 | Olympus Corp.§ | 155,891 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
1,100 | Omron Corp.§ | $ | 50,135 | ||||
2,000 | Ono Pharmaceutical Co. Ltd.§ | 46,524 | |||||
3,700 | Onward Holdings Co. Ltd.§ | 7,478 | |||||
900 | Open House Group Co. Ltd.§ | 30,502 | |||||
1,000 | Optex Group Co. Ltd.§ | 14,703 | |||||
200 | Oracle Corp. Japan§ | 10,558 | |||||
800 | Organo Corp.§ | 11,261 | |||||
810 | Orient Corp.§ | 6,417 | |||||
400 | Oriental Land Co. Ltd.§ | 54,510 | |||||
9,700 | ORIX Corp.§ | 136,421 | |||||
2,100 | Osaka Gas Co. Ltd.§ | 31,619 | |||||
700 | Osaka Organic Chemical Industry Ltd.§ | 9,726 | |||||
1,100 | OSG Corp.§ | 13,568 | |||||
700 | Otsuka Corp.§ | 21,694 | |||||
1,700 | Otsuka Holdings Co. Ltd.§ | 53,921 | |||||
1,900 | Outsourcing, Inc.§ | 14,212 | |||||
1,600 | Pacific Industrial Co. Ltd.§ | 11,278 | |||||
900 | Pacific Metals Co. Ltd.§ | 13,536 | |||||
300 | PALTAC Corp.§ | 9,249 | |||||
2,300 | Pan Pacific International Holdings Corp.§ | 40,416 | |||||
25,500 | Panasonic Holdings Corp.†,§ | 179,074 | |||||
700 | Paramount Bed Holdings Co. Ltd.§ | 12,407 | |||||
1,500 | Park24 Co. Ltd.*,§ | 19,411 | |||||
700 | Pasona Group, Inc.†,§ | 9,700 | |||||
3,900 | Penta-Ocean Construction Co. Ltd.§ | 19,623 | |||||
2,000 | PeptiDream, Inc.*,§ | 21,973 | |||||
1,300 | Persol Holdings Co. Ltd.§ | 23,692 | |||||
1,100 | Pigeon Corp.§ | 16,038 | |||||
500 | Pilot Corp.§ | 18,868 | |||||
1,100 | Piolax, Inc.†,§ | 13,490 | |||||
900 | Pola Orbis Holdings, Inc.§ | 10,086 | |||||
2,500 | Press Kogyo Co. Ltd.§ | 6,819 | |||||
600 | Pressance Corp.†,§ | 6,073 | |||||
2,100 | Prestige International, Inc.§ | 9,126 | |||||
1,100 | Prima Meat Packers Ltd.§ | 15,899 | |||||
600 | Procrea Holdings, Inc.†,§ | 8,810 | |||||
1,000 | Proto Corp.§ | 7,127 | |||||
1,300 | Qol Holdings Co. Ltd.§ | 10,785 | |||||
900 | Raito Kogyo Co. Ltd.§ | 11,839 | |||||
1,700 | Rakus Co. Ltd.†,§ | 15,678 | |||||
7,900 | Rakuten Group, Inc.§ | 33,891 | |||||
8,500 | Recruit Holdings Co. Ltd.§ | 245,337 | |||||
1,200 | Relia, Inc.§ | 8,015 | |||||
900 | Relo Group, Inc.§ | 13,676 | |||||
9,100 | Renesas Electronics Corp.*,§ | 75,840 | |||||
2,800 | Rengo Co. Ltd.§ | 16,271 | |||||
500 | RENOVA, Inc.*,†,§ | 11,676 | |||||
10,600 | Resona Holdings, Inc.§ | 38,704 | |||||
1,100 | Resorttrust, Inc.§ | 17,574 | |||||
5,100 | Ricoh Co. Ltd.§ | 37,217 | |||||
400 | Ricoh Leasing Co. Ltd.†,§ | 9,757 | |||||
800 | Riken Keiki Co. Ltd.†,§ | 21,335 | |||||
400 | Rinnai Corp.§ | 28,766 | |||||
4,000 | Riso Kyoiku Co. Ltd.†,§ | 8,856 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
400 | Rohm Co. Ltd.§ | $ | 26,234 | ||||
1,400 | Rohto Pharmaceutical Co. Ltd.§ | 44,634 | |||||
300 | Roland Corp.§ | 9,124 | |||||
400 | Roland DG Corp.§ | 8,147 | |||||
300 | Rorze Corp.§ | 14,328 | |||||
3,600 | Round One Corp.§ | 15,647 | |||||
500 | Ryobi Ltd.§ | 4,294 | |||||
3,700 | Ryohin Keikaku Co. Ltd.§ | 30,713 | |||||
200 | Ryosan Co. Ltd.§ | 3,099 | |||||
600 | S Foods, Inc.§ | 12,596 | |||||
1,600 | S-Pool, Inc.§ | 11,568 | |||||
1,300 | Sakata INX Corp.§ | 8,789 | |||||
2,700 | Sala Corp.§ | 14,186 | |||||
1,800 | SAMTY Co. Ltd.§ | 28,002 | |||||
300 | San-A Co. Ltd.§ | 9,055 | |||||
2,100 | San-Ai Oil Co. Ltd.§ | 16,237 | |||||
3,000 | San-In Godo Bank Ltd.§ | 14,528 | |||||
1,200 | Sangetsu Corp.§ | 13,214 | |||||
600 | Sanken Electric Co. Ltd.§ | 18,071 | |||||
1,300 | Sanki Engineering Co. Ltd.§ | 14,238 | |||||
600 | Sankyo Co. Ltd.§ | 18,095 | |||||
500 | Sankyu, Inc.§ | 14,446 | |||||
3,600 | Santen Pharmaceutical Co. Ltd.§ | 24,126 | |||||
2,300 | Sanwa Holdings Corp.§ | 19,814 | |||||
500 | Sanyo Chemical Industries Ltd.§ | 15,150 | |||||
300 | Sanyo Denki Co. Ltd.§ | 10,249 | |||||
900 | Sanyo Special Steel Co. Ltd.†,§ | 11,593 | |||||
1,200 | Sapporo Holdings Ltd.§ | 26,392 | |||||
900 | Sato Holdings Corp.§ | 11,204 | |||||
400 | Sawai Group Holdings Co. Ltd.§ | 11,162 | |||||
2,800 | SBI Holdings, Inc.§ | 50,317 | |||||
500 | SBS Holdings, Inc.§ | 9,651 | |||||
300 | SCREEN Holdings Co. Ltd.§ | 16,397 | |||||
1,600 | SCSK Corp.§ | 24,007 | |||||
800 | Secom Co. Ltd.§ | 45,454 | |||||
2,100 | Sega Sammy Holdings, Inc.§ | 28,619 | |||||
3,000 | Seibu Holdings, Inc.†,§ | 30,011 | |||||
1,000 | Seikagaku Corp.§ | 5,751 | |||||
3,100 | Seiko Epson Corp.§ | 42,281 | |||||
700 | Seiko Holdings Corp.†,§ | 14,617 | |||||
1,600 | Seino Holdings Co. Ltd.§ | 12,846 | |||||
1,400 | Seiren Co. Ltd.†,§ | 20,396 | |||||
2,900 | Sekisui Chemical Co. Ltd.§ | 35,496 | |||||
5,000 | Sekisui House Ltd.§ | 83,041 | |||||
900 | Sekisui Jushi Corp.§ | 10,257 | |||||
1,600 | Senko Group Holdings Co. Ltd.§ | 10,591 | |||||
8,500 | Senshu Ikeda Holdings, Inc.§ | 12,285 | |||||
1,100 | Seria Co. Ltd.§ | 19,144 | |||||
6,100 | Seven & i Holdings Co. Ltd.§ | 245,031 | |||||
7,000 | Seven Bank Ltd.†,§ | 12,537 | |||||
2,400 | SG Holdings Co. Ltd.§ | 32,616 | |||||
4,900 | Sharp Corp.†,§ | 29,278 | |||||
1,100 | Shibaura Machine Co. Ltd.§ | 21,952 | |||||
600 | Shibuya Corp.§ | 9,971 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
200 | SHIFT, Inc.*,§ | $ | 25,852 | ||||
1,000 | Shiga Bank Ltd.†,§ | 18,088 | |||||
900 | Shikoku Chemicals Corp.§ | 7,637 | |||||
1,700 | Shikoku Electric Power Co., Inc.§ | 8,448 | |||||
900 | Shima Seiki Manufacturing Ltd.†,§ | 12,526 | |||||
1,000 | Shimadzu Corp.§ | 26,030 | |||||
200 | Shimamura Co. Ltd.§ | 16,908 | |||||
500 | Shimano, Inc.§ | 78,801 | |||||
3,500 | Shimizu Corp.§ | 17,175 | |||||
1,000 | Shin Nippon Biomedical Laboratories Ltd.†,§ | 18,654 | |||||
2,500 | Shin-Etsu Chemical Co. Ltd.§ | 248,259 | |||||
2,000 | Shin-Etsu Polymer Co. Ltd.§ | 16,607 | |||||
600 | Shinko Electric Industries Co. Ltd.†,§ | 12,963 | |||||
1,700 | Shinmaywa Industries Ltd.§ | 11,422 | |||||
1,300 | Shinsei Bank Ltd.†,§ | 18,657 | |||||
600 | Shionogi & Co. Ltd.§ | 29,026 | |||||
1,200 | Ship Healthcare Holdings, Inc.§ | 22,579 | |||||
2,300 | Shiseido Co. Ltd.§ | 80,507 | |||||
4,800 | Shizuoka Bank Ltd.*,§ | 29,036 | |||||
2,800 | Shizuoka Gas Co. Ltd.§ | 19,182 | |||||
300 | SHO-BOND Holdings Co. Ltd.§ | 12,903 | |||||
300 | Shoei Co. Ltd.§ | 10,871 | |||||
3,000 | Showa Denko KK§ | 42,702 | |||||
1,000 | Siix Corp.†,§ | 7,523 | |||||
1,100 | Sinfonia Technology Co. Ltd.§ | 10,220 | |||||
3,900 | SKY Perfect JSAT Holdings, Inc.§ | 13,948 | |||||
2,600 | Skylark Holdings Co. Ltd.§ | 27,742 | |||||
300 | SMC Corp.§ | 121,027 | |||||
1,300 | SMS Co. Ltd.§ | 25,976 | |||||
2,700 | Sodick Co. Ltd.§ | 14,168 | |||||
16,100 | SoftBank Corp.†,§ | 161,011 | |||||
5,700 | SoftBank Group Corp.§ | 193,630 | |||||
1,100 | Sohgo Security Services Co. Ltd.§ | 27,700 | |||||
1,560 | Sojitz Corp.†,§ | 22,796 | |||||
900 | Solasto Corp.§ | 5,307 | |||||
3,300 | Sompo Holdings, Inc.§ | 131,522 | |||||
9,100 | Sony Group Corp.§ | 585,697 | |||||
800 | Sotetsu Holdings, Inc.†,§ | 13,264 | |||||
700 | Square Enix Holdings Co. Ltd.§ | 30,020 | |||||
2,100 | Stanley Electric Co. Ltd.§ | 32,945 | |||||
1,600 | Star Micronics Co. Ltd.§ | 18,041 | |||||
800 | Starts Corp., Inc.§ | 14,630 | |||||
3,500 | Subaru Corp.§ | 52,497 | |||||
800 | Sugi Holdings Co. Ltd.§ | 32,130 | |||||
4,500 | SUMCO Corp.§ | 52,287 | |||||
400 | Sumitomo Bakelite Co. Ltd.§ | 10,988 | |||||
12,700 | Sumitomo Chemical Co. Ltd.§ | 43,849 | |||||
5,200 | Sumitomo Corp.§ | 64,891 | |||||
4,900 | Sumitomo Electric Industries Ltd.§ | 49,739 | |||||
2,300 | Sumitomo Forestry Co. Ltd.§ | 34,806 | |||||
1,700 | Sumitomo Heavy Industries Ltd.§ | 31,465 | |||||
2,800 | Sumitomo Metal Mining Co. Ltd.§ | 80,684 | |||||
3,600 | Sumitomo Mitsui Construction Co. Ltd.§ | 11,081 | |||||
5,600 | Sumitomo Mitsui Financial Group, Inc.§ | 155,835 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
1,800 | Sumitomo Mitsui Financial Group, Inc., ADR† | $ | 9,900 | ||||
1,900 | Sumitomo Mitsui Trust Holdings, Inc.§ | 53,707 | |||||
900 | Sumitomo Osaka Cement Co. Ltd.†,§ | 20,287 | |||||
2,000 | Sumitomo Pharma Co. Ltd.§ | 14,273 | |||||
2,400 | Sumitomo Realty & Development Co. Ltd.§ | 54,651 | |||||
3,700 | Sumitomo Rubber Industries Ltd.§ | 29,490 | |||||
400 | Sumitomo Seika Chemicals Co. Ltd.§ | 8,250 | |||||
900 | Sumitomo Warehouse Co. Ltd.§ | 12,272 | |||||
2,600 | Sun Frontier Fudousan Co. Ltd.§ | 20,149 | |||||
700 | Sundrug Co. Ltd.§ | 16,943 | |||||
1,100 | Suntory Beverage & Food Ltd.§ | 39,033 | |||||
6,300 | Suruga Bank Ltd.§ | 16,213 | |||||
400 | Suzuken Co. Ltd.†,§ | 9,120 | |||||
2,200 | Suzuki Motor Corp.§ | 68,244 | |||||
1,300 | Sysmex Corp.§ | 69,966 | |||||
6,800 | Systena Corp.§ | 18,826 | |||||
800 | T Hasegawa Co. Ltd.†,§ | 16,456 | |||||
2,400 | T&D Holdings, Inc.§ | 22,696 | |||||
700 | Tachi-S Co. Ltd.§ | 5,189 | |||||
2,200 | Tadano Ltd.§ | 12,834 | |||||
1,800 | Taiheiyo Cement Corp.†,§ | 25,440 | |||||
1,300 | Taisei Corp.§ | 36,160 | |||||
600 | Taisho Pharmaceutical Holdings Co. Ltd.§ | 21,865 | |||||
600 | Taiyo Holdings Co. Ltd.§ | 9,982 | |||||
1,100 | Taiyo Yuden Co. Ltd.§ | 28,391 | |||||
2,000 | Takara Bio, Inc.§ | 23,354 | |||||
2,500 | Takara Holdings, Inc.§ | 18,291 | |||||
2,100 | Takara Standard Co. Ltd.§ | 18,813 | |||||
900 | Takasago Thermal Engineering Co. Ltd.§ | 10,596 | |||||
1,600 | Takashimaya Co. Ltd.§ | 18,942 | |||||
8,400 | Takeda Pharmaceutical Co. Ltd.§ | 218,166 | |||||
1,200 | Takeuchi Manufacturing Co. Ltd.§ | 22,112 | |||||
700 | Takuma Co. Ltd.§ | 6,008 | |||||
500 | Tamron Co. Ltd.§ | 10,043 | |||||
2,100 | Tamura Corp.†,§ | 9,938 | |||||
4,400 | TDK Corp.§ | 133,523 | |||||
1,300 | TechMatrix Corp.§ | 14,963 | |||||
1,000 | TechnoPro Holdings, Inc.§ | 21,022 | |||||
2,100 | Teijin Ltd.§ | 20,374 | |||||
400 | Tekken Corp.§ | 4,908 | |||||
2,400 | Terumo Corp.§ | 67,725 | |||||
1,300 | THK Co. Ltd.§ | 22,492 | |||||
1,400 | TIS, Inc.§ | 37,173 | |||||
200 | TKC Corp.§ | 4,748 | |||||
3,100 | Toagosei Co. Ltd.§ | 23,156 | |||||
1,500 | Tobu Railway Co. Ltd.§ | 35,389 | |||||
2,200 | Tocalo Co. Ltd.†,§ | 17,847 | |||||
3,500 | Toda Corp.†,§ | 18,027 | |||||
600 | Toho Co. Ltd.§ | 21,622 | |||||
1,300 | Toho Gas Co. Ltd.§ | 25,707 | |||||
1,500 | Toho Holdings Co. Ltd.†,§ | 20,113 | |||||
1,400 | Toho Titanium Co. Ltd.†,§ | 22,922 | |||||
1,500 | Toho Zinc Co. Ltd.§ | 22,579 | |||||
3,300 | Tohoku Electric Power Co., Inc.§ | 15,537 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
4,500 | Tokai Carbon Co. Ltd.§ | $ | 30,532 | ||||
1,000 | Tokai Corp.§ | 12,328 | |||||
1,300 | TOKAI Holdings Corp.§ | 7,830 | |||||
1,300 | Tokai Rika Co. Ltd.†,§ | 12,391 | |||||
4,800 | Tokai Tokyo Financial Holdings, Inc.†,§ | 11,719 | |||||
200 | Token Corp.§ | 11,094 | |||||
10,200 | Tokio Marine Holdings, Inc.§ | 181,291 | |||||
1,100 | Tokuyama Corp.†,§ | 13,258 | |||||
700 | Tokyo Century Corp.†,§ | 22,349 | |||||
10,300 | Tokyo Electric Power Co. Holdings, Inc.*,§ | 32,734 | |||||
1,100 | Tokyo Electron Ltd.§ | 272,350 | |||||
2,400 | Tokyo Gas Co. Ltd.§ | 40,533 | |||||
1,400 | Tokyo Kiraboshi Financial Group, Inc.§ | 20,565 | |||||
500 | Tokyo Ohka Kogyo Co. Ltd.§ | 20,920 | |||||
800 | Tokyo Seimitsu Co. Ltd.§ | 23,454 | |||||
2,000 | Tokyo Steel Manufacturing Co. Ltd.†,§ | 17,464 | |||||
2,700 | Tokyo Tatemono Co. Ltd.§ | 38,457 | |||||
400 | Tokyotokeiba Co. Ltd.§ | 11,433 | |||||
1,700 | Tokyu Construction Co. Ltd.§ | 7,422 | |||||
3,000 | Tokyu Corp.§ | 34,186 | |||||
9,700 | Tokyu Fudosan Holdings Corp.§ | 50,585 | |||||
5,300 | TOMONY Holdings, Inc.†,§ | 11,365 | |||||
1,900 | Tomy Co. Ltd.§ | 16,287 | |||||
1,500 | Topcon Corp.§ | 16,772 | |||||
1,500 | TOPPAN, Inc.§ | 22,384 | |||||
1,100 | Topre Corp.†,§ | 8,451 | |||||
500 | Topy Industries Ltd.§ | 5,012 | |||||
10,400 | Toray Industries, Inc.§ | 51,044 | |||||
1,100 | Toridoll Holdings Corp.§ | 22,743 | |||||
1,300 | Tosei Corp.§ | 12,481 | |||||
2,200 | Toshiba Corp.§ | 78,358 | |||||
500 | Toshiba TEC Corp.§ | 12,949 | |||||
3,600 | Tosoh Corp.§ | 40,199 | |||||
1,300 | TOTO Ltd.§ | 43,409 | |||||
1,700 | Towa Corp.§ | 18,884 | |||||
900 | Towa Pharmaceutical Co. Ltd.†,§ | 13,155 | |||||
3,100 | Toyo Construction Co. Ltd.§ | 18,250 | |||||
200 | Toyo Gosei Co. Ltd.†,§ | 8,803 | |||||
500 | Toyo Ink SC Holdings Co. Ltd.§ | 6,572 | |||||
1,000 | Toyo Seikan Group Holdings Ltd.§ | 12,069 | |||||
800 | Toyo Suisan Kaisha Ltd.§ | 32,969 | |||||
1,100 | Toyo Tanso Co. Ltd.§ | 25,023 | |||||
3,700 | Toyo Tire Corp.†,§ | 40,218 | |||||
2,500 | Toyobo Co. Ltd.§ | 17,909 | |||||
1,600 | Toyoda Gosei Co. Ltd.§ | 24,207 | |||||
700 | Toyota Industries Corp.§ | 33,352 | |||||
56,800 | Toyota Motor Corp.§ | 739,356 | |||||
2,800 | Toyota Tsusho Corp.§ | 86,915 | |||||
600 | TPR Co. Ltd.§ | 4,937 | |||||
1,200 | Trend Micro, Inc.§ | 64,990 | |||||
800 | Tri Chemical Laboratories, Inc.§ | 9,743 | |||||
1,100 | Trusco Nakayama Corp.§ | 15,172 | |||||
1,600 | TS Tech Co. Ltd.§ | 15,722 | |||||
1,200 | Tsubaki Nakashima Co. Ltd.§ | 9,344 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Japan (Continued) | |||||||
600 | Tsubakimoto Chain Co.§ | $ | 12,670 | ||||
1,900 | Tsugami Corp.§ | 15,409 | |||||
700 | Tsumura & Co.§ | 14,890 | |||||
500 | Tsuruha Holdings, Inc.§ | 29,217 | |||||
700 | TV Asahi Holdings Corp.§ | 6,786 | |||||
1,000 | UACJ Corp.§ | 13,877 | |||||
2,000 | UBE Corp.§ | 26,799 | |||||
200 | Uchida Yoko Co. Ltd.§ | 6,068 | |||||
500 | Ulvac, Inc.§ | 17,787 | |||||
2,200 | Unicharm Corp.§ | 71,911 | |||||
800 | Unipres Corp.§ | 4,915 | |||||
1,100 | United Super Markets Holdings, Inc.†,§ | 7,988 | |||||
500 | Universal Entertainment Corp.*,§ | 6,409 | |||||
2,000 | Ushio, Inc.§ | 20,800 | |||||
1,300 | USS Co. Ltd.§ | 20,008 | |||||
600 | UT Group Co. Ltd.§ | 9,739 | |||||
400 | V Technology Co. Ltd.§ | 7,082 | |||||
1,200 | Valor Holdings Co. Ltd.†,§ | 14,765 | |||||
1,000 | Valqua Ltd.§ | 17,355 | |||||
1,400 | Vital KSK Holdings, Inc.§ | 6,286 | |||||
3,800 | VT Holdings Co. Ltd.§ | 12,513 | |||||
800 | Wacoal Holdings Corp.†,§ | 11,875 | |||||
3,000 | Wacom Co. Ltd.§ | 14,568 | |||||
800 | Welcia Holdings Co. Ltd.§ | 16,809 | |||||
500 | West Holdings Corp.§ | 14,424 | |||||
1,200 | West Japan Railway Co.§ | 45,990 | |||||
300 | Workman Co. Ltd.†,§ | 9,442 | |||||
1,000 | Xebio Holdings Co. Ltd.§ | 6,670 | |||||
500 | Yakult Honsha Co. Ltd.§ | 29,075 | |||||
9,500 | Yamada Holdings Co. Ltd.§ | 31,182 | |||||
2,100 | Yamaguchi Financial Group, Inc.§ | 11,153 | |||||
900 | Yamaha Corp.§ | 32,052 | |||||
3,100 | Yamaha Motor Co. Ltd.§ | 58,091 | |||||
1,300 | Yamaichi Electronics Co. Ltd.§ | 16,105 | |||||
2,800 | Yamato Holdings Co. Ltd.§ | 41,916 | |||||
900 | Yamato Kogyo Co. Ltd.§ | 27,353 | |||||
2,100 | Yamazaki Baking Co. Ltd.§ | 24,136 | |||||
400 | Yaoko Co. Ltd.§ | 18,144 | |||||
1,200 | Yaskawa Electric Corp.§ | 34,639 | |||||
1,200 | Yellow Hat Ltd.§ | 14,869 | |||||
600 | Yokogawa Bridge Holdings Corp.§ | 7,900 | |||||
2,000 | Yokogawa Electric Corp.§ | 31,517 | |||||
2,100 | Yokohama Rubber Co. Ltd.§ | 32,292 | |||||
2,500 | Yokorei Co. Ltd.§ | 15,233 | |||||
1,100 | Yoshinoya Holdings Co. Ltd.†,§ | 17,853 | |||||
10,500 | Z Holdings Corp.§ | 27,284 | |||||
700 | Zenkoku Hosho Co. Ltd.§ | 23,167 | |||||
900 | Zensho Holdings Co. Ltd.§ | 22,317 | |||||
2,300 | Zeon Corp.§ | 20,362 | |||||
800 | ZERIA Pharmaceutical Co. Ltd.§ | 11,394 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
1,000 | ZOZO, Inc.§ | $ | 19,943 | |||||
28,327,814 | ||||||||
Netherlands—2.1% | ||||||||
2,261 | Aalberts NV§ | 73,880 | ||||||
4,575 | ABN AMRO Bank NV, CVA#,§ | 41,007 | ||||||
576 | Acomo NV§ | 10,533 | ||||||
76 | Adyen NV*,#,§ | 94,548 | ||||||
14,993 | Aegon NV§ | 59,584 | ||||||
1,266 | Akzo Nobel NV§ | 71,397 | ||||||
292 | Alfen Beheer BV*,#,§ | 26,821 | ||||||
580 | AMG Advanced Metallurgical Group NV§ | 13,077 | ||||||
898 | APERAM SA§ | 20,995 | ||||||
1,391 | Arcadis NV§ | 45,025 | ||||||
5,174 | ArcelorMittal SA§ | 103,470 | ||||||
316 | ASM International NV§ | 70,702 | ||||||
2,066 | ASML Holding NV§ | 856,959 | ||||||
290 | ASML Holding NV, Registered | 120,451 | ||||||
2,402 | ASR Nederland NV§ | 92,343 | ||||||
894 | Basic-Fit NV*,#,†,§ | 26,752 | ||||||
881 | BE Semiconductor Industries NV§ | 37,496 | ||||||
1,849 | Coca-Cola European Partners PLC§ | 79,982 | ||||||
988 | Corbion NV§ | 24,572 | ||||||
919 | CTP NV#,†,§ | 9,490 | ||||||
691 | Flow Traders#,§ | 13,026 | ||||||
2,215 | Fugro NV*,§ | 22,507 | ||||||
1,262 | Heijmans NV, ADR CVA§ | 11,733 | ||||||
1,490 | Heineken NV§ | 130,623 | ||||||
561 | IMCD NV§ | 66,579 | ||||||
16,312 | ING Groep NV§ | 139,864 | ||||||
2,027 | Intertrust NV*,#,§ | 38,841 | ||||||
1,082 | JDE Peet's NV§ | 31,559 | ||||||
12,878 | Koninklijke Ahold Delhaize NV§ | 327,925 | ||||||
7,677 | Koninklijke BAM Groep NV*,§ | 18,874 | ||||||
967 | Koninklijke DSM NV§ | 109,677 | ||||||
36,886 | Koninklijke KPN NV§ | 99,951 | ||||||
1,682 | Koninklijke Philips NV | 25,886 | ||||||
3,491 | Koninklijke Philips NV†,§ | 53,924 | ||||||
899 | Koninklijke Vopak NV§ | 16,401 | ||||||
198 | Nedap NV§ | 10,386 | ||||||
1,694 | NN Group NV§ | 65,932 | ||||||
1,110 | OCI NV§ | 40,816 | ||||||
4,749 | Ordina NV§ | 17,598 | ||||||
13,723 | PostNL NV†,§ | 22,878 | ||||||
2,559 | Prosus NV*,§ | 133,360 | ||||||
1,606 | Randstad NV†,§ | 69,448 | ||||||
2,766 | SBM Offshore NV§ | 34,568 | ||||||
2,800 | Signify NV#,§ | 72,467 | ||||||
839 | Sligro Food Group NV§ | 10,877 | ||||||
506 | TKH Group NV§ | 16,320 | ||||||
1,381 | TomTom NV*,†,§ | 9,873 | ||||||
4,879 | Universal Music Group NV†,§ | 91,970 | ||||||
388 | Van Lanschot Kempen NV§ | 7,503 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Netherlands (Continued) | ||||||||
2,325 | Wolters Kluwer NV§ | $ | 226,364 | |||||
3,816,814 | ||||||||
New Zealand—0.3% | ||||||||
5,589 | a2 Milk Co. Ltd.*,§ | 19,081 | ||||||
45,960 | Air New Zealand Ltd.*,§ | 18,415 | ||||||
11,612 | Arvida Group Ltd.§ | 9,368 | ||||||
8,303 | Auckland International Airport Ltd.*,§ | 33,373 | ||||||
7,155 | Chorus Ltd.§ | 30,356 | ||||||
5,950 | Contact Energy Ltd.§ | 24,926 | ||||||
1,186 | EBOS Group Ltd.§ | 24,876 | ||||||
2,488 | Fisher & Paykel Healthcare Corp. Ltd.§ | 25,654 | ||||||
8,253 | Fletcher Building Ltd.§ | 22,378 | ||||||
3,759 | Freightways Ltd.§ | 20,630 | ||||||
4,735 | Genesis Energy Ltd.§ | 7,266 | ||||||
13,723 | Heartland Group Holdings Ltd.†,§ | 12,711 | ||||||
7,492 | Infratil Ltd.§ | 36,173 | ||||||
21,719 | KMD Brands Ltd.†,§ | 12,781 | ||||||
647 | Mainfreight Ltd.§ | 24,346 | ||||||
5,888 | Meridian Energy Ltd.§ | 15,832 | ||||||
11,908 | Oceania Healthcare Ltd.§ | 6,071 | ||||||
1,991 | Port of Tauranga Ltd.§ | 7,189 | ||||||
8,615 | Pushpay Holdings Ltd.*,§ | 5,280 | ||||||
684 | Restaurant Brands New Zealand Ltd.†,§ | 2,929 | ||||||
1,854 | Ryman Healthcare Ltd.§ | 8,861 | ||||||
2,832 | Skellerup Holdings Ltd.§ | 8,509 | ||||||
7,231 | SKY Network Television Ltd.§ | 8,682 | ||||||
18,375 | SKYCITY Entertainment Group Ltd.*,§ | 27,809 | ||||||
15,590 | Spark New Zealand Ltd.§ | 43,673 | ||||||
4,121 | Summerset Group Holdings Ltd.§ | 24,889 | ||||||
7,097 | Vector Ltd.§ | 16,060 | ||||||
5,190 | Warehouse Group Ltd.§ | 8,989 | ||||||
507,107 | ||||||||
Norway—0.8% | ||||||||
21,108 | ABG Sundal Collier Holding ASA§ | 10,652 | ||||||
2,559 | Adevinta ASA*,§ | 15,013 | ||||||
511 | AF Gruppen ASA§ | 6,473 | ||||||
204 | Aker ASA, Class A§ | 13,187 | ||||||
2,037 | Aker BP ASA†,§ | 58,409 | ||||||
4,348 | Aker Solutions ASA§ | 15,211 | ||||||
1,456 | Atea ASA*,§ | 12,884 | ||||||
629 | Atlantic Sapphire ASA*,†,§ | 633 | ||||||
2,299 | Austevoll Seafood ASA§ | 15,518 | ||||||
11,411 | B2Holding ASA§ | 7,817 | ||||||
438 | Bakkafrost P/F§ | 17,347 | ||||||
480 | Bonheur ASA§ | 13,599 | ||||||
1,580 | Borregaard ASA§ | 18,652 | ||||||
1,681 | Bouvet ASA†,§ | 8,390 | ||||||
1,195 | BW Energy Ltd.*,§ | 2,349 | ||||||
3,354 | BW LPG Ltd.#,§ | 24,305 | ||||||
5,362 | BW Offshore Ltd.§ | 11,230 | ||||||
968 | Crayon Group Holding ASA*,#,†,§ | 7,472 | ||||||
3,857 | DNB Bank ASA§ | 61,064 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Norway (Continued) | ||||||||
12,792 | DNO ASA§ | $ | 14,492 | |||||
6,672 | Elkem ASA*,#,§ | 21,498 | ||||||
745 | Entra ASA#,§ | 6,874 | ||||||
10,289 | Equinor ASA§ | 339,368 | ||||||
4,440 | Europris ASA#,§ | 22,117 | ||||||
1,329 | FLEX LNG Ltd.§ | 42,141 | ||||||
1,736 | Frontline Ltd.† | 19,244 | ||||||
1,401 | Gjensidige Forsikring ASA§ | 23,973 | ||||||
2,309 | Golden Ocean Group Ltd.§ | 17,272 | ||||||
768 | Grieg Seafood ASA§ | 5,180 | ||||||
2,715 | Hexagon Composites ASA*,§ | 5,933 | ||||||
391 | Kongsberg Gruppen ASA§ | 11,861 | ||||||
2,342 | Leroy Seafood Group ASA§ | 9,187 | ||||||
1,592 | Mowi ASA§ | 20,173 | ||||||
6,935 | MPC Container Ships ASA§ | 11,559 | ||||||
14,484 | NEL ASA*,†,§ | 15,891 | ||||||
864 | Nordic Semiconductor ASA*,§ | 11,317 | ||||||
10,947 | Norsk Hydro ASA§ | 58,889 | ||||||
23,135 | Norwegian Air Shuttle ASA*,†,§ | 15,293 | ||||||
621 | Norwegian Energy Co. ASA*,§ | 20,048 | ||||||
5,186 | Odfjell Drilling Ltd.*,§ | 11,361 | ||||||
864 | Odfjell Technology Ltd.*,§ | 1,786 | ||||||
4,229 | Orkla ASA§ | 30,706 | ||||||
11,538 | PGS ASA*,§ | 6,658 | ||||||
1,686 | Protector Forsikring ASA§ | 17,392 | ||||||
397 | Salmar ASA§ | 13,370 | ||||||
1,104 | Scatec ASA#,§ | 7,518 | ||||||
614 | Schibsted ASA, Class A§ | 8,243 | ||||||
404 | Schibsted ASA, Class B§ | 5,028 | ||||||
1,199 | SpareBank 1 SR-Bank ASA§ | 11,200 | ||||||
580 | Stolt-Nielsen Ltd.§ | 11,541 | ||||||
3,149 | Storebrand ASA§ | 21,661 | ||||||
2,103 | Subsea 7 SA§ | 16,613 | ||||||
4,815 | Telenor ASA§ | 43,945 | ||||||
1,294 | TGS ASA§ | 15,763 | ||||||
1,776 | TOMRA Systems ASA§ | 31,203 | ||||||
1,273 | Veidekke ASA§ | 9,490 | ||||||
2,083 | Wallenius Wilhelmsen ASA§ | 10,344 | ||||||
1,669 | Yara International ASA§ | 58,337 | ||||||
1,344,674 | ||||||||
Portugal—0.2% | ||||||||
3,185 | Altri SGPS SA†,§ | 16,057 | ||||||
136,257 | Banco Comercial Portugues SA, Class R†,§ | 16,131 | ||||||
976 | Corticeira Amorim SGPS SA†,§ | 8,699 | ||||||
2,841 | CTT-Correios de Portugal SA†,§ | 7,477 | ||||||
1,808 | EDP Renovaveis SA§ | 37,159 | ||||||
18,638 | Energias de Portugal SA§ | 80,686 | ||||||
6,892 | Galp Energia SGPS SA†,§ | 66,052 | ||||||
766 | Greenvolt-Energias Renovaveis SA*,†,§ | 6,400 | ||||||
1,861 | Jeronimo Martins SGPS SA†,§ | 34,673 | ||||||
5,953 | Navigator Co. SA§ | 20,172 | ||||||
3,482 | NOS SGPS SA†,§ | 11,369 | ||||||
10,709 | Redes Energeticas Nacionais SGPS SA§ | 25,259 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Portugal (Continued) | ||||||||
20,529 | Sonae SGPS SA†,§ | $ | 16,504 | |||||
346,638 | ||||||||
Singapore—0.8% | ||||||||
4,200 | AEM Holdings Ltd.§ | 11,564 | ||||||
23,500 | Ascendas India Trust§ | 17,086 | ||||||
14,300 | Capitaland Investment Ltd.§ | 34,445 | ||||||
540 | CDL Hospitality Trusts§ | 437 | ||||||
3,400 | City Developments Ltd.§ | 17,925 | ||||||
23,400 | ComfortDelGro Corp. Ltd.§ | 21,401 | ||||||
11,522 | DBS Group Holdings Ltd.§ | 266,388 | ||||||
3,900 | DFI Retail Group Holdings Ltd.§ | 8,983 | ||||||
18,300 | First Resources Ltd.§ | 17,714 | ||||||
35,400 | Genting Singapore Ltd.§ | 19,256 | ||||||
132,400 | Golden Agri-Resources Ltd.§ | 24,378 | ||||||
800 | Great Eastern Holdings Ltd.§ | 10,455 | ||||||
11,200 | GuocoLand Ltd.§ | 12,800 | ||||||
2,600 | Haw Par Corp. Ltd.§ | 18,495 | ||||||
3,200 | Hong Leong Finance Ltd.§ | 5,270 | ||||||
7,200 | Hongkong Land Holdings Ltd.§ | 31,585 | ||||||
71,500 | Hutchison Port Holdings Trust§ | 13,114 | ||||||
1,900 | iFAST Corp. Ltd.†,§ | 5,243 | ||||||
1,800 | Jardine Cycle & Carriage Ltd.§ | 42,109 | ||||||
9,600 | Keppel Corp. Ltd.§ | 46,094 | ||||||
57,577 | Keppel Infrastructure Trust§ | 21,634 | ||||||
12,300 | Nanofilm Technologies International Ltd.§ | 17,812 | ||||||
46,800 | NETLINK NBN TRUST§ | 29,474 | ||||||
8,300 | Olam Group Ltd.§ | 7,525 | ||||||
21,139 | Oversea-Chinese Banking Corp. Ltd.§ | 173,159 | ||||||
25,200 | Raffles Medical Group Ltd.§ | 23,372 | ||||||
10,600 | SATS Ltd.*,†,§ | 22,101 | ||||||
10,100 | Sembcorp Industries Ltd.§ | 21,678 | ||||||
299,400 | Sembcorp Marine Ltd.*,†,§ | 21,897 | ||||||
19,200 | Sheng Siong Group Ltd.§ | 21,097 | ||||||
9,299 | Singapore Airlines Ltd.*,†,§ | 32,815 | ||||||
5,400 | Singapore Exchange Ltd.§ | 35,403 | ||||||
32,900 | Singapore Post Ltd.§ | 12,508 | ||||||
8,200 | Singapore Technologies Engineering Ltd.§ | 20,327 | ||||||
25,600 | Singapore Telecommunications Ltd.§ | 47,119 | ||||||
22,000 | StarHub Ltd.§ | 16,866 | ||||||
5,192 | Straits Trading Co. Ltd.§ | 8,784 | ||||||
9,500 | UMS Holdings Ltd.§ | 8,284 | ||||||
8,100 | United Overseas Bank Ltd.§ | 147,068 | ||||||
6,300 | UOL Group Ltd.§ | 29,046 | ||||||
1,800 | Venture Corp. Ltd.§ | 20,501 | ||||||
23,900 | Wilmar International Ltd.§ | 63,629 | ||||||
15,000 | Wing Tai Holdings Ltd.§ | 15,833 | ||||||
29,500 | Yangzijiang Financial Holding Ltd.*,§ | 7,681 | ||||||
45,900 | Yangzijiang Shipbuilding Holdings Ltd.§ | 32,820 | ||||||
1,483,175 | ||||||||
Spain—1.4% | ||||||||
375 | Acciona SA§ | 66,189 | ||||||
4,531 | Acerinox SA§ | 36,108 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Spain (Continued) | ||||||||
3,157 | ACS Actividades de Construccion y Servicios SA†,§ | $ | 70,651 | |||||
382 | Aena SME SA*,#,§ | 39,527 | ||||||
1,165 | Almirall SA§ | 11,223 | ||||||
2,432 | Amadeus IT Group SA*,§ | 112,575 | ||||||
4,833 | Applus Services SA§ | 27,109 | ||||||
54,257 | Banco Bilbao Vizcaya Argentaria SA§ | 243,699 | ||||||
13,416 | Banco Bilbao Vizcaya Argentaria SA, ADR | 59,701 | ||||||
71,163 | Banco de Sabadell SA§ | 47,460 | ||||||
91,385 | Banco Santander SA§ | 212,401 | ||||||
5,075 | Bankinter SA†,§ | 28,453 | ||||||
22,158 | CaixaBank SA§ | 71,402 | ||||||
1,957 | Cellnex Telecom SA#,§ | 60,337 | ||||||
796 | Cia de Distribucion Integral Logista Holdings SA§ | 14,485 | ||||||
861 | CIE Automotive SA§ | 17,806 | ||||||
318 | Construcciones y Auxiliar de Ferrocarriles SA§ | 7,115 | ||||||
1,692 | Ebro Foods SA†,§ | 24,663 | ||||||
986 | Elecnor SA§ | 9,746 | ||||||
2,991 | Enagas SA†,§ | 46,163 | ||||||
2,253 | Endesa SA§ | 33,773 | ||||||
4,660 | Ercros SA§ | 12,279 | ||||||
4,201 | Faes Farma SA†,§ | 15,192 | ||||||
2,569 | Ferrovial SA§ | 58,302 | ||||||
598 | Fluidra SA†,§ | 8,915 | ||||||
1,318 | Fomento de Construcciones y Contratas SA†,§ | 10,620 | ||||||
3,465 | Gestamp Automocion SA#,§ | 10,331 | ||||||
4,339 | Global Dominion Access SA#,§ | 14,179 | ||||||
1,891 | Grifols SA*,†,§ | 16,189 | ||||||
364 | Grupo Catalana Occidente SA§ | 9,105 | ||||||
33,693 | Iberdrola SA†,§ | 313,223 | ||||||
2,164 | Indra Sistemas SA§ | 16,445 | ||||||
6,499 | Industria de Diseno Textil SA§ | 134,239 | ||||||
147 | Laboratorios Farmaceuticos Rovi SA§ | 6,303 | ||||||
5,075 | Linea Directa Aseguradora SA Cia de Seguros y Reaseguros§ | 4,765 | ||||||
7,728 | Mapfre SA†,§ | 11,973 | ||||||
4,190 | Melia Hotels International SA*,§ | 19,395 | ||||||
875 | Naturgy Energy Group SA†,§ | 20,171 | ||||||
145 | Pharma Mar SA†,§ | 7,640 | ||||||
2,459 | Prosegur Cia de Seguridad SA§ | 3,725 | ||||||
3,850 | Red Electrica Corp. SA§ | 58,967 | ||||||
17,197 | Repsol SA§ | 197,897 | ||||||
10,795 | Sacyr SA†,§ | 23,567 | ||||||
1,856 | Solaria Energia y Medio Ambiente SA*,§ | 29,211 | ||||||
57,825 | Telefonica SA§ | 190,634 | ||||||
3,839 | Tubacex SA*,§ | 7,305 | ||||||
15,835 | Unicaja Banco SA#,§ | 14,297 | ||||||
179 | Vidrala SA†,§ | 10,419 | ||||||
582 | Viscofan SA§ | 31,775 | ||||||
2,497,649 | ||||||||
Sweden—1.9% | ||||||||
984 | AAK AB§ | 12,974 | ||||||
1,552 | AcadeMedia AB#,§ | 6,722 | ||||||
1,327 | AddLife AB, Class B§ | 13,828 | ||||||
3,120 | AddNode Group AB, Class B§ | 21,757 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Sweden (Continued) | ||||||||
2,288 | AddTech AB, Class B§ | $ | 29,846 | |||||
1,023 | AFRY AB§ | 12,820 | ||||||
1,372 | Alfa Laval AB§ | 33,896 | ||||||
933 | Alimak Group AB#,†,§ | 4,970 | ||||||
1,793 | Alleima AB* | 5,622 | ||||||
510 | Alligo AB, Class A§ | 3,524 | ||||||
4,107 | Ambea AB#,§ | 14,294 | ||||||
556 | Annehem Fastigheter AB, Class B*,§ | 1,100 | ||||||
3,735 | Arjo AB, Class B§ | 13,601 | ||||||
3,136 | Assa Abloy AB, Class B§ | 58,604 | ||||||
15,988 | Atlas Copco AB, Class A§ | 148,052 | ||||||
9,748 | Atlas Copco AB, Class B§ | 80,655 | ||||||
810 | Atrium Ljungberg AB, Class B§ | 10,014 | ||||||
3,696 | Attendo AB*,#,§ | 6,569 | ||||||
1,217 | Avanza Bank Holding AB†,§ | 18,349 | ||||||
1,245 | Axfood AB§ | 28,472 | ||||||
1,079 | Beijer Alma AB§ | 14,057 | ||||||
2,679 | Beijer Ref AB§ | 32,842 | ||||||
808 | Bergman & Beving AB§ | 6,016 | ||||||
2,259 | Betsson AB*,§ | 13,162 | ||||||
1,218 | Bilia AB, Class A§ | 13,867 | ||||||
1,635 | BillerudKorsnas AB§ | 19,107 | ||||||
1,495 | BioGaia AB, Class B§ | 10,336 | ||||||
981 | Biotage AB§ | 14,612 | ||||||
3,089 | Boliden AB*,§ | 95,533 | ||||||
1,253 | Bonava AB, Class B†,§ | 2,934 | ||||||
1,482 | Bravida Holding AB#,§ | 12,142 | ||||||
670 | Bufab AB§ | 12,022 | ||||||
1,399 | Bure Equity AB§ | 22,812 | ||||||
1,751 | Castellum AB†,§ | 19,402 | ||||||
447 | Catena AB§ | 13,189 | ||||||
660 | Cellavision AB§ | 15,094 | ||||||
1,045 | Cibus Nordic Real Estate AB§ | 13,583 | ||||||
855 | Clas Ohlson AB, Class B§ | 5,094 | ||||||
7,868 | Cloetta AB, Class B§ | 12,426 | ||||||
1,370 | Coor Service Management Holding AB#,§ | 9,300 | ||||||
14,402 | Corem Property Group AB, Class B§ | 10,777 | ||||||
2,643 | Dios Fastigheter AB§ | 16,607 | ||||||
2,657 | Dometic Group AB#,§ | 13,554 | ||||||
1,685 | Duni AB*,§ | 9,579 | ||||||
2,823 | Dustin Group AB#,§ | 11,127 | ||||||
2,954 | Electrolux AB, Class B†,§ | 30,595 | ||||||
3,376 | Electrolux Professional AB, Class B§ | 13,765 | ||||||
4,884 | Elekta AB, Class B§ | 24,714 | ||||||
5,131 | Epiroc AB, Class A§ | 73,392 | ||||||
3,047 | Epiroc AB, Class B§ | 38,324 | ||||||
689 | Essity AB, Class A§ | 13,628 | ||||||
3,160 | Essity AB, Class B§ | 62,376 | ||||||
723 | Evolution AB#,§ | 56,938 | ||||||
1,567 | Fabege AB†,§ | 10,572 | ||||||
2,158 | Fagerhult AB§ | 7,242 | ||||||
6,378 | Fastighets AB Balder, Class B*,§ | 25,208 | ||||||
79 | Fenix Outdoor International AG§ | 5,613 | ||||||
703 | GARO AB§ | 6,182 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Sweden (Continued) | ||||||||
1,600 | Getinge AB, Class B§ | $ | 27,463 | |||||
1,494 | Granges AB§ | 9,587 | ||||||
5,111 | H & M Hennes & Mauritz AB, Class B†,§ | 47,236 | ||||||
6,357 | Hexagon AB, Class B§ | 58,937 | ||||||
1,400 | Hexatronic Group AB§ | 13,065 | ||||||
3,325 | Hexpol AB§ | 27,199 | ||||||
366 | HMS Networks AB§ | 9,890 | ||||||
3,175 | Hoist Finance AB*,#,†,§ | 7,940 | ||||||
833 | Holmen AB, Class B§ | 31,697 | ||||||
690 | Hufvudstaden AB, Class A§ | 7,599 | ||||||
7,410 | Husqvarna AB, Class B§ | 40,839 | ||||||
1,347 | Indutrade AB§ | 21,723 | ||||||
1,465 | Instalco AB†,§ | 5,826 | ||||||
1,262 | International Petroleum Corp.*,§ | 10,092 | ||||||
631 | Intrum AB§ | 7,924 | ||||||
2,675 | Inwido AB§ | 21,026 | ||||||
1,080 | JM AB§ | 14,863 | ||||||
1,855 | Kindred Group PLC§ | 13,842 | ||||||
512 | KNOW IT AB§ | 10,211 | ||||||
3,488 | Lagercrantz Group AB, Class B§ | 30,327 | ||||||
1,140 | Lifco AB, Class B§ | 15,737 | ||||||
1,567 | Lindab International AB§ | 17,366 | ||||||
981 | Loomis AB§ | 24,073 | ||||||
487 | Medicover AB, Class B†,§ | 5,218 | ||||||
2,179 | MEKO AB§ | 17,844 | ||||||
2,979 | Millicom International Cellular SA, SDR*,§ | 34,120 | ||||||
302 | MIPS AB§ | 8,908 | ||||||
1,742 | Modern Times Group MTG AB, Class B*,§ | 11,485 | ||||||
510 | Momentum Group Komponenter & Tjanster AB*,§ | 2,849 | ||||||
1,828 | Munters Group AB#,§ | 12,700 | ||||||
1,021 | Mycronic AB§ | 12,390 | ||||||
2,840 | NCAB Group AB†,§ | 11,688 | ||||||
1,536 | NCC AB, Class B§ | 10,999 | ||||||
648 | New Wave Group AB, Class B§ | 8,458 | ||||||
4,635 | Nibe Industrier AB, Class B§ | 41,154 | ||||||
3,170 | Nobia AB§ | 5,950 | ||||||
3,940 | Nolato AB, Class B§ | 18,014 | ||||||
1,234 | Nordic Waterproofing Holding AB†,§ | 16,578 | ||||||
1,467 | Nordnet AB publ§ | 16,654 | ||||||
474 | Note AB*,§ | 6,751 | ||||||
1,681 | Nyfosa AB§ | 9,669 | ||||||
1,014 | OEM International AB, Class B*,§ | 5,188 | ||||||
1,353 | Orron Energy ab†,§ | 2,410 | ||||||
609 | Pandox AB*,§ | 6,405 | ||||||
2,782 | Peab AB, Class B§ | 13,275 | ||||||
1,578 | Platzer Fastigheter Holding AB, Class B§ | 9,372 | ||||||
4,394 | Ratos AB, Class B§ | 14,985 | ||||||
5,625 | Resurs Holding AB#,§ | 10,302 | ||||||
528 | Saab AB, Class B§ | 16,425 | ||||||
1,598 | Sagax AB, Class B§ | 26,305 | ||||||
6,434 | Samhallsbyggnadsbolaget i Norden AB†,§ | 6,866 | ||||||
8,967 | Sandvik AB§ | 122,108 | ||||||
2,495 | Scandi Standard AB*,§ | 10,414 | ||||||
2,471 | Scandic Hotels Group AB*,#,†,§ | 7,063 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Sweden (Continued) | ||||||||
1,030 | Sectra AB, Class B*,§ | $ | 11,437 | |||||
4,432 | Securitas AB, Class B†,§ | 30,856 | ||||||
1,240 | Sinch AB*,#,†,§ | 1,626 | ||||||
7,990 | Skandinaviska Enskilda Banken AB, Class A§ | 75,843 | ||||||
2,462 | Skanska AB, Class B§ | 30,601 | ||||||
426 | SKF AB, Class A§ | 5,918 | ||||||
2,717 | SKF AB, Class B§ | 36,332 | ||||||
1,180 | SkiStar AB§ | 11,729 | ||||||
562 | Solid Forsakring AB*,§ | 2,270 | ||||||
4,349 | SSAB AB, Class A§ | 19,050 | ||||||
7,778 | SSAB AB, Class B§ | 33,019 | ||||||
9,462 | Stillfront Group AB*,§ | 20,172 | ||||||
2,352 | Svenska Cellulosa AB SCA, Class B§ | 29,827 | ||||||
6,847 | Svenska Handelsbanken AB, Class A§ | 55,951 | ||||||
1,170 | Sweco AB, Class B§ | 9,754 | ||||||
3,365 | Swedbank AB, Class A§ | 43,996 | ||||||
7,357 | Swedish Match AB§ | 72,837 | ||||||
987 | Swedish Orphan Biovitrum AB*,§ | 19,106 | ||||||
5,725 | Tele2 AB, Class B§ | 49,379 | ||||||
1,292 | Telefonaktiebolaget LM Ericsson, Class A†,§ | 7,753 | ||||||
27,705 | Telefonaktiebolaget LM Ericsson, Class B†,§ | 161,346 | ||||||
30,061 | Telia Co. AB§ | 86,523 | ||||||
1,057 | Thule Group AB#,†,§ | 20,993 | ||||||
2,299 | Trelleborg AB, Class B§ | 42,877 | ||||||
353 | Troax Group AB§ | 4,966 | ||||||
700 | Viaplay Group AB, Class B*,§ | 13,676 | ||||||
471 | Vitec Software Group AB, Class B§ | 13,936 | ||||||
1,877 | Volvo AB, Class A§ | 27,799 | ||||||
14,187 | Volvo AB, Class B§ | 200,182 | ||||||
1,622 | Wallenstam AB, Class B§ | 5,913 | ||||||
2,008 | Wihlborgs Fastigheter AB§ | 12,151 | ||||||
3,448,219 | ||||||||
Switzerland—5.5% | ||||||||
17,392 | ABB Ltd., Registered§ | 447,861 | ||||||
2,407 | Adecco Group AG, Registered*,§ | 66,097 | ||||||
2,917 | Alcon, Inc.§ | 168,924 | ||||||
242 | Allreal Holding AG, Registered§ | 33,574 | ||||||
137 | ALSO Holding AG, Registered*,§ | 20,256 | ||||||
5,154 | ams-OSRAM AG*,§ | 32,077 | ||||||
47 | APG SGA SA§ | 7,970 | ||||||
1,914 | Arbonia AG†,§ | 21,835 | ||||||
14,351 | Aryzta AG*,†,§ | 14,343 | ||||||
590 | Ascom Holding AG, Registered†,§ | 3,544 | ||||||
119 | Autoneum Holding AG†,§ | 9,921 | ||||||
190 | Bachem Holding AG, Registered Class B†,§ | 11,819 | ||||||
605 | Baloise Holding AG, Registered§ | 77,127 | ||||||
243 | Banque Cantonale Vaudoise, Registered§ | 22,999 | ||||||
50 | Barry Callebaut AG, Registered§ | 94,014 | ||||||
154 | Belimo Holding AG, Registered§ | 56,398 | ||||||
35 | Bell Food Group AG, Registered§ | 7,659 | ||||||
276 | Bellevue Group AG§ | 8,470 | ||||||
76 | Berner Kantonalbank AG, Registered†,§ | 16,551 | ||||||
301 | BKW AG§ | 35,858 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Switzerland (Continued) | ||||||||
127 | Bossard Holding AG, Registered Class A§ | $ | 21,525 | |||||
147 | Bucher Industries AG, Registered§ | 45,524 | ||||||
78 | Burckhardt Compression Holding AG§ | 29,013 | ||||||
137 | Burkhalter Holding AG§ | 10,320 | ||||||
40 | Bystronic AG§ | 21,484 | ||||||
262 | Calida Holding AG, Registered§ | 10,797 | ||||||
456 | Cembra Money Bank AG§ | 32,282 | ||||||
1 | Chocoladefabriken Lindt & Spruengli AG, Registered§ | 99,151 | ||||||
3,077 | Cie Financiere Richemont SA, Registered§ | 288,725 | ||||||
3,504 | Clariant AG, Registered*,§ | 55,766 | ||||||
205 | Coltene Holding AG, Registered*,§ | 15,971 | ||||||
168 | Comet Holding AG, Registered§ | 24,383 | ||||||
8,760 | Credit Suisse Group AG, ADR*,† | 34,339 | ||||||
5,213 | Credit Suisse Group AG, Registered*,§ | 20,545 | ||||||
93 | Daetwyler Holding AG, Bearer Shares§ | 14,764 | ||||||
514 | DKSH Holding AG§ | 37,247 | ||||||
66 | dormakaba Holding AG§ | 22,229 | ||||||
1,873 | Dufry AG, Registered*,†,§ | 56,919 | ||||||
1,608 | EFG International AG*,§ | 12,708 | ||||||
36 | Emmi AG, Registered§ | 28,016 | ||||||
41 | EMS-Chemie Holding AG, Registered†,§ | 25,805 | ||||||
338 | Flughafen Zurich AG, Registered*,§ | 50,029 | ||||||
20 | Forbo Holding AG, Registered§ | 21,671 | ||||||
1,069 | Galenica AG#,§ | 77,339 | ||||||
5,107 | GAM Holding AG*,†,§ | 4,733 | ||||||
266 | Geberit AG, Registered§ | 113,810 | ||||||
1,909 | Georg Fischer AG, Registered§ | 90,178 | ||||||
63 | Givaudan SA, Registered§ | 189,940 | ||||||
566 | Helvetia Holding AG, Registered§ | 52,872 | ||||||
136 | Hiag Immobilien Holding AG§ | 11,567 | ||||||
3,415 | Holcim AG*,§ | 139,324 | ||||||
298 | Huber & Suhner AG, Registered§ | 23,439 | ||||||
547 | Implenia AG, Registered*,§ | 17,455 | ||||||
109 | Ina Invest Holding AG*,§ | 2,162 | ||||||
36 | Inficon Holding AG, Registered§ | 23,962 | ||||||
8 | Interroll Holding AG, Registered§ | 15,118 | ||||||
16 | Intershop Holding AG§ | 10,060 | ||||||
110 | Investis Holding SA§ | 10,820 | ||||||
2,363 | Julius Baer Group Ltd.*,§ | 102,822 | ||||||
80 | Jungfraubahn Holding AG, Registered*,§ | 9,507 | ||||||
169 | Kardex Holding AG, Registered§ | 22,370 | ||||||
90 | Komax Holding AG, Registered§ | 20,745 | ||||||
354 | Kuehne & Nagel International AG, Registered§ | 71,729 | ||||||
580 | Landis & Gyr Group AG*,§ | 31,373 | ||||||
8 | LEM Holding SA, Registered§ | 12,221 | ||||||
167 | Liechtensteinische Landesbank AG†,§ | 9,380 | ||||||
1,460 | Logitech International SA, Registered | 67,160 | ||||||
765 | Logitech International SA, Registered†,§ | 34,933 | ||||||
259 | Lonza Group AG, Registered§ | 125,954 | ||||||
63 | Luzerner Kantonalbank AG, Registered§ | 25,897 | ||||||
103 | Medacta Group SA#,§ | 8,671 | ||||||
636 | Medmix AG#,§ | 11,125 | ||||||
2 | Metall Zug AG, Registered Class B§ | 3,641 | ||||||
1,480 | Mobilezone Holding AG, Registered§ | 22,119 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
Switzerland (Continued) | ||||||||
165 | Mobimo Holding AG, Registered§ | $ | 35,646 | |||||
13,814 | Nestle SA, Registered§ | 1,495,775 | ||||||
4,808 | Novartis AG, ADR | 365,456 | ||||||
12,302 | Novartis AG, Registered§ | 937,821 | ||||||
4,832 | OC Oerlikon Corp. AG, Registered§ | 30,826 | ||||||
136 | Orior AG§ | 9,408 | ||||||
143 | Partners Group Holding AG§ | 114,882 | ||||||
699 | PSP Swiss Property AG, Registered§ | 69,995 | ||||||
78 | Rieter Holding AG, Registered†,§ | 6,584 | ||||||
3,948 | Roche Holding AG§ | 1,287,281 | ||||||
158 | Roche Holding AG, Bearer Shares†,§ | 61,564 | ||||||
239 | Schindler Holding AG, Registered§ | 35,927 | ||||||
25 | Schweiter Technologies AG, Bearer Shares§ | 18,563 | ||||||
108 | Sensirion Holding AG*,#,§ | 8,756 | ||||||
423 | SFS Group AG§ | 36,198 | ||||||
45 | SGS SA, Registered§ | 96,122 | ||||||
73 | Siegfried Holding AG, Registered*,§ | 53,766 | ||||||
3,372 | SIG Group AG*,§ | 68,509 | ||||||
910 | Sika AG, Registered§ | 182,226 | ||||||
2,142 | Softwareone Holding AG*,§ | 23,223 | ||||||
307 | Sonova Holding AG, Registered§ | 67,512 | ||||||
88 | St. Galler Kantonalbank AG, Registered§ | 40,281 | ||||||
520 | Straumann Holding AG, Registered§ | 47,325 | ||||||
497 | Sulzer AG, Registered§ | 28,400 | ||||||
218 | Swatch Group AG, Bearer Shares§ | 48,958 | ||||||
853 | Swatch Group AG, Registered§ | 35,697 | ||||||
173 | Swiss Life Holding AG, Registered§ | 76,223 | ||||||
967 | Swiss Prime Site AG, Registered*,§ | 76,924 | ||||||
1,686 | Swiss Re AG§ | 123,846 | ||||||
297 | Swisscom AG, Registered§ | 138,719 | ||||||
247 | Swissquote Group Holding SA, Registered§ | 25,642 | ||||||
71 | Tecan Group AG, Registered*,§ | 24,379 | ||||||
904 | Temenos AG, Registered§ | 60,871 | ||||||
276 | u-blox Holding AG*,§ | 33,577 | ||||||
13,089 | UBS Group AG, Registered§ | 189,083 | ||||||
335 | Valiant Holding AG, Registered§ | 31,751 | ||||||
94 | Valora Holding AG*,§ | 24,769 | ||||||
310 | VAT Group AG#,§ | 62,585 | ||||||
23 | Vaudoise Assurances Holding SA§ | 9,125 | ||||||
400 | Vetropack Holding AG, Registered§ | 11,809 | ||||||
540 | Vontobel Holding AG, Registered§ | 28,937 | ||||||
77 | VP Bank AG, Class A§ | 6,910 | ||||||
142 | VZ Holding AG§ | 9,942 | ||||||
6 | Warteck Invest AG, Registered§ | 13,124 | ||||||
59 | Ypsomed Holding AG, Registered§ | 8,766 | ||||||
104 | Zehnder Group AG, Registered§ | 5,328 | ||||||
2 | Zuger Kantonalbank AG, Brearer Shares§ | 14,427 | ||||||
857 | Zurich Insurance Group AG§ | 340,678 | ||||||
10,023,052 | ||||||||
United Kingdom—9.3% | ||||||||
10,852 | 3i Group PLC§ | 130,302 | ||||||
217 | 4imprint Group PLC§ | 8,175 | ||||||
2,172 | 888 Holdings PLC*,†,§ | 2,238 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
30,679 | abrdn PLC†,§ | $ | 46,619 | |||||
2,010 | Admiral Group PLC§ | 42,657 | ||||||
1,488 | AG Barr PLC§ | 7,566 | ||||||
13,183 | Airtel Africa PLC#,§ | 19,027 | ||||||
6,044 | AJ Bell PLC§ | 18,147 | ||||||
12,432 | Alliance Pharma PLC§ | 7,744 | ||||||
14,555 | Anglo American PLC§ | 439,683 | ||||||
5,917 | Anglo Pacific Group PLC§ | 9,994 | ||||||
4,073 | Antofagasta PLC§ | 50,241 | ||||||
4,535 | Ascential PLC*,†,§ | 10,415 | ||||||
8,024 | Ashmore Group PLC†,§ | 17,588 | ||||||
4,086 | Ashtead Group PLC§ | 182,423 | ||||||
355 | ASOS PLC*,†,§ | 2,221 | ||||||
2,728 | Associated British Foods PLC§ | 38,033 | ||||||
4,772 | AstraZeneca PLC§ | 524,777 | ||||||
6,994 | Auto Trader Group PLC#,§ | 39,654 | ||||||
669 | AVEVA Group PLC§ | 23,306 | ||||||
20,017 | Aviva PLC§ | 85,977 | ||||||
835 | Avon Rubber PLC§ | 10,465 | ||||||
11,755 | B&M European Value Retail SA§ | 39,916 | ||||||
7,505 | Babcock International Group PLC*,§ | 23,175 | ||||||
26,412 | BAE Systems PLC§ | 232,051 | ||||||
9,792 | Balfour Beatty PLC§ | 33,219 | ||||||
617 | Bank of Georgia Group PLC§ | 13,538 | ||||||
128,411 | Barclays PLC§ | 204,728 | ||||||
10,368 | Barratt Developments PLC§ | 39,274 | ||||||
7,152 | Beazley PLC§ | 44,368 | ||||||
2,110 | Bellway PLC§ | 39,907 | ||||||
1,267 | Berkeley Group Holdings PLC§ | 46,443 | ||||||
4,891 | Biffa PLC#,§ | 22,458 | ||||||
2,271 | Bloomsbury Publishing PLC§ | 9,269 | ||||||
2,945 | Bodycote PLC§ | 15,273 | ||||||
8,370 | boohoo Group PLC*,†,§ | 3,330 | ||||||
163,993 | BP PLC§ | 779,845 | ||||||
2,366 | BP PLC, ADR | 67,549 | ||||||
9,231 | Breedon Group PLC§ | 5,474 | ||||||
9,634 | British American Tobacco PLC§ | 344,506 | ||||||
3,178 | British American Tobacco PLC, ADR | 112,819 | ||||||
4,032 | Britvic PLC§ | 32,057 | ||||||
95,431 | BT Group PLC§ | 129,029 | ||||||
2,788 | Bunzl PLC§ | 84,845 | ||||||
3,793 | Burberry Group PLC§ | 75,637 | ||||||
3,634 | Burford Capital Ltd.§ | 26,682 | ||||||
1,708 | Bytes Technology Group PLC§ | 7,965 | ||||||
4,589 | C&C Group PLC*,§ | 7,651 | ||||||
40,000 | Capita PLC*,§ | 11,099 | ||||||
11,065 | Capricorn Energy PLC*,†,§ | 30,218 | ||||||
7,460 | Card Factory PLC*,§ | 3,679 | ||||||
510 | Carnival PLC*,§ | 3,142 | ||||||
756 | Cazoo Group Ltd.* | 348 | ||||||
21,596 | Centamin PLC§ | 21,523 | ||||||
6,675 | Central Asia Metals PLC§ | 16,117 | ||||||
102,113 | Centrica PLC*,§ | 80,378 | ||||||
2,609 | Chesnara PLC§ | 7,951 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
577 | Clarkson PLC§ | $ | 16,838 | |||||
2,800 | Close Brothers Group PLC†,§ | 28,876 | ||||||
3,114 | CMC Markets PLC#,§ | 7,634 | ||||||
33,791 | Coats Group PLC§ | 19,111 | ||||||
1,369 | Coca-Cola HBC AG*,§ | 28,810 | ||||||
9,501 | Compass Group PLC§ | 189,918 | ||||||
865 | Computacenter PLC§ | 18,607 | ||||||
4,173 | ContourGlobal PLC#,§ | 11,723 | ||||||
16,130 | ConvaTec Group PLC#,§ | 36,558 | ||||||
3,254 | Countryside Partnerships PLC*,#,†,§ | 7,235 | ||||||
637 | Cranswick PLC§ | 19,028 | ||||||
4,845 | Crest Nicholson Holdings PLC§ | 9,871 | ||||||
826 | Croda International PLC§ | 59,005 | ||||||
21,706 | Currys PLC†,§ | 13,566 | ||||||
914 | CVS Group PLC§ | 17,416 | ||||||
1,019 | DCC PLC§ | 53,013 | ||||||
2,945 | De La Rue PLC*,†,§ | 2,828 | ||||||
498 | Dechra Pharmaceuticals PLC§ | 14,432 | ||||||
5,029 | Devro PLC§ | 9,306 | ||||||
6,669 | DFS Furniture PLC§ | 7,874 | ||||||
12,494 | Diageo PLC§ | 523,695 | ||||||
1,038 | Diploma PLC§ | 26,613 | ||||||
16,489 | Direct Line Insurance Group PLC§ | 33,918 | ||||||
1,383 | DiscoverIE Group PLC§ | 9,935 | ||||||
3,416 | Domino's Pizza Group PLC§ | 8,458 | ||||||
7,636 | Drax Group PLC§ | 50,929 | ||||||
17,477 | DS Smith PLC§ | 49,625 | ||||||
1,117 | Dunelm Group PLC§ | 9,104 | ||||||
2,569 | easyJet PLC*,§ | 8,441 | ||||||
13,055 | Elementis PLC*,†,§ | 13,095 | ||||||
1,355 | EMIS Group PLC§ | 28,534 | ||||||
886 | Energean PLC§ | 13,154 | ||||||
74,403 | EnQuest PLC*,†,§ | 21,978 | ||||||
2,921 | Entain PLC§ | 35,077 | ||||||
7,801 | Esken Ltd.*,§ | 461 | ||||||
5,759 | Essentra PLC§ | 11,578 | ||||||
1,262 | Euromoney Institutional Investor PLC§ | 20,238 | ||||||
3,432 | Evraz PLC§ | — | ||||||
5,156 | Experian PLC§ | 151,160 | ||||||
1,729 | FDM Group Holdings PLC§ | 11,999 | ||||||
1,425 | Ferguson PLC§ | 148,382 | ||||||
5,122 | Ferrexpo PLC§ | 6,816 | ||||||
454 | Fevertree Drinks PLC§ | 4,210 | ||||||
11,197 | Firstgroup PLC†,§ | 13,080 | ||||||
3,491 | Frasers Group PLC*,§ | 26,057 | ||||||
2,026 | Fresnillo PLC†,§ | 17,312 | ||||||
1,255 | Fuller Smith & Turner PLC, Class A§ | 6,453 | ||||||
1,004 | Future PLC§ | 14,791 | ||||||
2,798 | Galliford Try Holdings PLC§ | 4,580 | ||||||
505 | Games Workshop Group PLC§ | 32,401 | ||||||
1,706 | Gamma Communications PLC§ | 19,897 | ||||||
6,960 | Genel Energy PLC§ | 9,554 | ||||||
2,857 | Genuit Group PLC†,§ | 9,242 | ||||||
100,979 | Glencore PLC*,§ | 533,223 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
1,404 | Go-Ahead Group PLC*,§ | $ | 24,237 | |||||
2,026 | Grafton Group PLC§ | 15,149 | ||||||
6,739 | Grainger PLC§ | 17,241 | ||||||
6,489 | Greencore Group PLC*,§ | 5,210 | ||||||
1,534 | Greggs PLC§ | 29,076 | ||||||
26,798 | GSK PLC§ | 390,875 | ||||||
9,789 | Gulf Keystone Petroleum Ltd.§ | 21,542 | ||||||
4,549 | Gym Group PLC*,#,†,§ | 5,564 | ||||||
33,498 | Haleon PLC*,§ | 103,646 | ||||||
6,271 | Halfords Group PLC§ | 9,199 | ||||||
1,399 | Halma PLC§ | 31,501 | ||||||
4,078 | Harbour Energy PLC§ | 20,311 | ||||||
2,284 | Hargreaves Lansdown PLC†,§ | 21,923 | ||||||
21,097 | Hays PLC§ | 23,823 | ||||||
1,995 | Headlam Group PLC§ | 5,147 | ||||||
3,050 | Helical PLC†,§ | 12,170 | ||||||
7,460 | Helios Towers PLC*,§ | 9,340 | ||||||
3,074 | Henry Boot PLC§ | 8,471 | ||||||
1,984 | Hikma Pharmaceuticals PLC§ | 30,039 | ||||||
2,154 | Hill & Smith Holdings PLC§ | 21,818 | ||||||
2,081 | Hilton Food Group PLC§ | 12,358 | ||||||
3,163 | Hiscox Ltd.§ | 30,924 | ||||||
5,513 | Hochschild Mining PLC§ | 3,615 | ||||||
3,986 | Hollywood Bowl Group PLC§ | 8,351 | ||||||
4,547 | HomeServe PLC§ | 60,083 | ||||||
7,520 | Howden Joinery Group PLC§ | 41,841 | ||||||
61,234 | HSBC Holdings PLC§ | 317,309 | ||||||
6,698 | HSBC Holdings PLC, ADR† | 174,617 | ||||||
3,532 | Hunting PLC§ | 9,222 | ||||||
4,879 | Ibstock PLC#,§ | 8,891 | ||||||
5,952 | IG Group Holdings PLC§ | 50,491 | ||||||
2,877 | IMI PLC§ | 35,694 | ||||||
910 | Impax Asset Management Group PLC§ | 5,286 | ||||||
12,148 | Imperial Brands PLC§ | 250,683 | ||||||
5,321 | Inchcape PLC§ | 40,042 | ||||||
14,920 | Indivior PLC*,§ | 47,203 | ||||||
6,450 | Informa PLC§ | 37,159 | ||||||
3,740 | IntegraFin Holdings PLC§ | 9,199 | ||||||
917 | InterContinental Hotels Group PLC§ | 43,994 | ||||||
390 | InterContinental Hotels Group PLC, ADR† | 18,958 | ||||||
2,732 | Intermediate Capital Group PLC§ | 29,742 | ||||||
10,061 | International Consolidated Airlines Group SA*,†,§ | 10,485 | ||||||
4,161 | International Personal Finance PLC§ | 3,805 | ||||||
1,532 | Intertek Group PLC§ | 63,027 | ||||||
8,515 | Investec PLC§ | 34,281 | ||||||
3,042 | iomart Group PLC§ | 5,544 | ||||||
35,770 | IP Group PLC§ | 23,302 | ||||||
21,591 | IQE PLC*,§ | 8,100 | ||||||
50,788 | ITV PLC§ | 32,327 | ||||||
9,541 | IWG PLC*,§ | 13,361 | ||||||
22,063 | J. Sainsbury PLC§ | 42,613 | ||||||
2,074 | J.D. Wetherspoon PLC*,§ | 9,319 | ||||||
1,083 | James Fisher & Sons PLC*,§ | 3,410 | ||||||
3,618 | James Halstead PLC†,§ | 8,340 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
27,745 | JD Sports Fashion PLC§ | $ | 30,303 | |||||
1,084 | JET2 PLC*,§ | 8,300 | ||||||
10,403 | John Wood Group PLC*,§ | 14,540 | ||||||
2,647 | Johnson Matthey PLC§ | 53,820 | ||||||
7,194 | Johnson Service Group PLC*,§ | 6,325 | ||||||
897 | JTC PLC#,†,§ | 6,870 | ||||||
8,912 | Jupiter Fund Management PLC†,§ | 9,120 | ||||||
239 | Just Eat Takeaway.com NV*,#,†,§ | 3,644 | ||||||
927 | Just Eat Takeaway.com NV*,#,†,§ | 14,318 | ||||||
30,973 | Just Group PLC§ | 19,294 | ||||||
1,680 | Kainos Group PLC§ | 24,031 | ||||||
1,556 | Keller Group PLC§ | 10,863 | ||||||
11,122 | Kier Group PLC*,†,§ | 8,389 | ||||||
24,636 | Kingfisher PLC†,§ | 59,846 | ||||||
4,919 | Lancashire Holdings Ltd.§ | 27,131 | ||||||
39,847 | Legal & General Group PLC§ | 95,354 | ||||||
796 | Liontrust Asset Management PLC†,§ | 6,486 | ||||||
399,205 | Lloyds Banking Group PLC§ | 182,383 | ||||||
10,613 | Lloyds Banking Group PLC, ADR | 18,997 | ||||||
1,161 | London Stock Exchange Group PLC§ | 97,900 | ||||||
10,707 | Lookers PLC†,§ | 7,864 | ||||||
31,096 | M&G PLC§ | 57,248 | ||||||
20,939 | Man Group PLC§ | 52,157 | ||||||
35,161 | Marks & Spencer Group PLC*,§ | 38,222 | ||||||
1,885 | Marshalls PLC§ | 6,144 | ||||||
18,395 | Marston's PLC*,†,§ | 7,251 | ||||||
11,392 | ME GROUP INTERNATIONAL PLC§ | 10,751 | ||||||
3,805 | Mears Group PLC§ | 8,166 | ||||||
8,277 | Mediclinic International PLC§ | 45,457 | ||||||
31,313 | Melrose Industries PLC§ | 34,962 | ||||||
3,713 | Micro Focus International PLC§ | 21,517 | ||||||
8,089 | Mitchells & Butlers PLC*,§ | 10,245 | ||||||
24,076 | Mitie Group PLC§ | 16,751 | ||||||
150 | MJ Gleeson PLC§ | 688 | ||||||
4,163 | Mondi PLC§ | 64,304 | ||||||
14,223 | Moneysupermarket.com Group PLC§ | 29,322 | ||||||
3,811 | Moonpig Group PLC*,§ | 6,764 | ||||||
7,506 | Morgan Advanced Materials PLC§ | 18,978 | ||||||
1,378 | Morgan Sindall Group PLC§ | 22,580 | ||||||
765 | Mortgage Advice Bureau Holdings Ltd.§ | 5,423 | ||||||
10,029 | National Express Group PLC*,§ | 18,703 | ||||||
3,907 | National Grid PLC§ | 40,320 | ||||||
2,823 | National Grid PLC, ADR | 145,469 | ||||||
14,393 | NatWest Group PLC§ | 35,920 | ||||||
7,545 | NatWest Group PLC, ADR† | 37,650 | ||||||
5,311 | NCC Group PLC§ | 12,883 | ||||||
731 | Next Fifteen Communications Group PLC†,§ | 6,308 | ||||||
900 | Next PLC§ | 47,818 | ||||||
5,427 | Ninety One PLC†,§ | 10,983 | ||||||
537 | NMC Health PLC*,§ | — | ||||||
1,743 | Ocado Group PLC*,§ | 9,051 | ||||||
4,680 | On the Beach Group PLC*,#,§ | 5,245 | ||||||
6,516 | OSB Group PLC§ | 30,466 | ||||||
1,080 | Oxford Instruments PLC§ | 21,528 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
5,545 | Pagegroup PLC§ | $ | 22,829 | |||||
40,396 | Pan African Resources PLC†,§ | 7,901 | ||||||
5,714 | Paragon Banking Group PLC§ | 24,965 | ||||||
1,213 | PayPoint PLC§ | 8,056 | ||||||
6,551 | Pearson PLC§ | 62,783 | ||||||
41,805 | Pendragon PLC*,§ | 12,521 | ||||||
3,518 | Pennon Group PLC§ | 30,841 | ||||||
3,146 | Persimmon PLC§ | 43,311 | ||||||
4,723 | Petrofac Ltd.*,†,§ | 5,308 | ||||||
6,396 | Pets at Home Group PLC§ | 18,625 | ||||||
5,331 | Phoenix Group Holdings PLC§ | 31,038 | ||||||
8,181 | Playtech PLC*,§ | 39,689 | ||||||
1,545 | Plus500 Ltd.§ | 28,227 | ||||||
1,124 | Polar Capital Holdings PLC§ | 5,158 | ||||||
14,328 | Premier Foods PLC§ | 15,421 | ||||||
6,783 | Provident Financial PLC§ | 12,580 | ||||||
9,402 | Prudential PLC§ | 92,375 | ||||||
520 | Prudential PLC, ADR† | 10,358 | ||||||
7,065 | QinetiQ Group PLC§ | 25,830 | ||||||
19,168 | Quilter PLC#,§ | 19,563 | ||||||
956 | Rathbones Group PLC†,§ | 17,431 | ||||||
3,205 | Reach PLC§ | 2,481 | ||||||
3,918 | Reckitt Benckiser Group PLC†,§ | 258,946 | ||||||
6,125 | Redde Northgate PLC§ | 19,796 | ||||||
3,865 | Redrow PLC§ | 17,065 | ||||||
10,683 | RELX PLC§ | 260,800 | ||||||
1,210 | RELX PLC, ADR | 29,415 | ||||||
2,776 | Renew Holdings PLC§ | 17,644 | ||||||
1,514 | Renewi PLC*,§ | 9,458 | ||||||
428 | Renishaw PLC§ | 16,715 | ||||||
11,676 | Rentokil Initial PLC§ | 61,654 | ||||||
17,999 | Restaurant Group PLC*,§ | 5,883 | ||||||
787 | RHI Magnesita NV†,§ | 14,786 | ||||||
1,162 | Ricardo PLC§ | 5,961 | ||||||
8,346 | Rightmove PLC§ | 44,269 | ||||||
13,779 | Rio Tinto PLC§ | 746,319 | ||||||
60,172 | Rolls-Royce Holdings PLC*,§ | 46,242 | ||||||
9,205 | Rotork PLC§ | 23,994 | ||||||
10,685 | Royal Mail PLC†,§ | 21,790 | ||||||
159 | RPS Group PLC§ | 418 | ||||||
5,778 | RS GROUP PLC§ | 61,659 | ||||||
3,518 | RWS Holdings PLC†,§ | 12,578 | ||||||
3,036 | Sabre Insurance Group PLC#,§ | 3,277 | ||||||
948 | Saga PLC*,†,§ | 943 | ||||||
6,139 | Sage Group PLC§ | 47,232 | ||||||
2,515 | Savills PLC§ | 22,063 | ||||||
5,215 | Schroders PLC§ | 22,578 | ||||||
5,266 | Senior PLC*,§ | 6,841 | ||||||
25,172 | Serco Group PLC§ | 43,621 | ||||||
4,307 | Serica Energy PLC§ | 17,885 | ||||||
11,630 | Severfield PLC§ | 6,330 | ||||||
1,830 | Severn Trent PLC§ | 47,839 | ||||||
41,803 | Shell PLC§ | 1,040,071 | ||||||
6,324 | Shell PLC, ADR | 314,682 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
9,302 | SIG PLC*,§ | $ | 3,097 | |||||
11,912 | Sirius Real Estate Ltd.§ | 9,395 | ||||||
998 | Smart Metering Systems PLC§ | 8,900 | ||||||
4,652 | Smith & Nephew PLC§ | 53,669 | ||||||
2,936 | Smiths Group PLC§ | 49,206 | ||||||
1,667 | Softcat PLC§ | 21,757 | ||||||
1,032 | Spectris PLC§ | 31,197 | ||||||
12,936 | Speedy Hire PLC§ | 5,341 | ||||||
525 | Spirax-Sarco Engineering PLC§ | 60,307 | ||||||
7,170 | Spire Healthcare Group PLC*,#,§ | 17,204 | ||||||
10,386 | Spirent Communications PLC§ | 30,435 | ||||||
10,908 | SSE PLC§ | 184,946 | ||||||
7,895 | SSP Group PLC*,§ | 16,509 | ||||||
5,411 | St. James's Place PLC§ | 61,724 | ||||||
18,943 | Standard Chartered PLC§ | 119,148 | ||||||
4,177 | SThree PLC§ | 16,036 | ||||||
8,653 | Synthomer PLC§ | 10,218 | ||||||
5,495 | Tate & Lyle PLC§ | 41,428 | ||||||
44,971 | Taylor Wimpey PLC§ | 43,854 | ||||||
533 | TBC Bank Group PLC§ | 9,915 | ||||||
978 | Telecom Plus PLC†,§ | 18,756 | ||||||
52,373 | Tesco PLC§ | 119,919 | ||||||
5,954 | TI Fluid Systems PLC#,§ | 7,984 | ||||||
16,738 | TP ICAP Group PLC†,§ | 36,499 | ||||||
3,712 | Travis Perkins PLC§ | 31,937 | ||||||
1,235 | Treatt PLC§ | 8,092 | ||||||
2,958 | TT Electronics PLC§ | 4,602 | ||||||
42,736 | Tullow Oil PLC*,†,§ | 20,096 | ||||||
4,191 | Tyman PLC§ | 9,183 | ||||||
9,584 | Unilever PLC§ | 422,689 | ||||||
6,614 | Unilever PLC§ | 291,015 | ||||||
478 | Unilever PLC, ADR† | 20,956 | ||||||
4,946 | United Utilities Group PLC§ | 48,978 | ||||||
5,245 | Vesuvius PLC§ | 18,108 | ||||||
504 | Victrex PLC§ | 9,316 | ||||||
386 | VIDENDUM PLC†,§ | 5,163 | ||||||
20,342 | Virgin Money U.K. PLC§ | 28,024 | ||||||
3,721 | Vistry Group PLC†,§ | 24,380 | ||||||
317,870 | Vodafone Group PLC§ | 358,010 | ||||||
6,400 | Volution Group PLC†,§ | 20,791 | ||||||
2,625 | Watches of Switzerland Group PLC*,#,§ | 19,450 | ||||||
5,138 | Watkin Jones PLC§ | 8,677 | ||||||
2,052 | Weir Group PLC§ | 31,607 | ||||||
1,764 | WH Smith PLC*,§ | 23,412 | ||||||
1,648 | Whitbread PLC§ | 42,083 | ||||||
5,006 | Wickes Group PLC§ | 6,680 | ||||||
3,672 | Wincanton PLC§ | 12,017 | ||||||
8,767 | WPP PLC§ | 72,551 | ||||||
510 | XP Power Ltd.§ | 9,559 | ||||||
589 | Young & Co's Brewery PLC, Class A§ | 6,123 | ||||||
16,980,252 | ||||||||
United States—0.0% | ||||||||
1,592 | ADTRAN Holdings, Inc.§ | 31,661 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | |||||||
United States (Continued) | ||||||||
21 | GXO Logistics, Inc.* | $ | 736 | |||||
32,397 | ||||||||
TOTAL COMMON STOCKS (Cost $142,483,109) | 125,537,154 | |||||||
Affiliated Investment Company—29.8% | ||||||||
United States—29.8% | ||||||||
2,949,746 | DFA Emerging Markets Core Equity Portfolio, Class I‡‡ (Cost $59,111,930) | 54,186,835 |
Expiration Date | ||||||||||||
Rights—0.0% | ||||||||||||
Austria—0.0% | ||||||||||||
1,417 | S Immo AG *,§ | |||||||||||
08/11/2023 | 0 | |||||||||||
Preferred Stocks—0.3% | ||||||||||||
Germany—0.3% | ||||||||||||
566 | Bayerische Motoren Werke AG, 8.77%§ | 37,010 | ||||||||||
387 | Draegerwerk AG & Co. KGaA, 0.45%§ | 16,186 | ||||||||||
1,497 | FUCHS PETROLUB SE, 4.00%§ | 38,087 | ||||||||||
887 | Henkel AG & Co. KGaA, 3.04%§ | 53,018 | ||||||||||
949 | Jungheinrich AG, 3.28%§ | 19,434 | ||||||||||
917 | Porsche Automobil Holding SE, 4.26%§ | 52,236 | ||||||||||
162 | Sartorius AG, 0.35%§ | 56,582 | ||||||||||
252 | Sixt SE, 8.00%§ | 11,540 | ||||||||||
173 | STO SE & Co. KGaA, 0.25%§ | 21,010 | ||||||||||
2,797 | Volkswagen AG, 6.01%§ | 345,482 | ||||||||||
650,585 | ||||||||||||
Italy—0.0% | ||||||||||||
1,392 | Danieli & C Officine Meccaniche SpA, 2.45%§ | 16,582 | ||||||||||
29,205 | Telecom Italia SpA, 0.0%*,§ | 5,231 | ||||||||||
21,813 | ||||||||||||
TOTAL PREFERRED STOCK (Cost $1,009,644) | 672,398 |
7-Day Yield | ||||||||||||||||
Short-Term Investments—3.1% | ||||||||||||||||
5,615,987 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $5,615,987) †† | 3.100 | % | 5,615,987 | ||||||||||||
TOTAL INVESTMENTS, AT VALUE—102.2% (Cost $208,220,670) | 186,012,374 | |||||||||||||||
Liabilities in Excess of Other Assets—(2.2)% | (4,076,367 | ) | ||||||||||||||
NET ASSETS—100.0% | $ | 181,936,007 |
Notes to the Schedule of Investments:
ADR—American Depositary Receipt
§ | Fair valued security - Represents fair value as measured based on the Portfolio Valuation policies specified in Note 1. As of September 30, 2022, the total value of the fair valued securities was $108,254,446. |
† | Denotes all or a portion of security on loan. As of September 30, 2022, the market value of the securities on loan was $10,293,113 (Note 1). |
* | Non-income producing security |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The aggregate value of securities exempt from registration under Rule 144A of the Securities Act of 1933 at September 30, 2022, amounts to approximately $2,500,571, and represents 1.37% of net assets. |
‡‡ | Affiliated issuer. Assets with a total aggregate market value of $54,186,835, or 29.8% of net assets, were affiliated with the Fund as of September 30, 2022 (Note 2). |
†† | Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $5,307,763. |
Percentages indicated are based on net assets.
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
At September 30, 2022, industry diversification of the M International Equity Fund's investments as a percentage of net assets was as follows:
Summary of Industry Classifications | Percentage of Net Assets | |||
Mutual Funds | 29.8 | % | ||
Banks | 6.1 | % | ||
Oil, Gas and Consumable Fuels | 5.4 | % | ||
Metals and Mining | 3.9 | % | ||
Pharmaceuticals | 3.9 | % | ||
Insurance | 2.9 | % | ||
Chemicals | 2.6 | % | ||
Machinery | 2.4 | % | ||
Food Products | 2.0 | % | ||
Capital Markets | 1.7 | % | ||
Automobiles | 1.6 | % | ||
Diversified Telecommunication Services | 1.5 | % | ||
Food and Staples Retailing | 1.5 | % | ||
Textiles, Apparel and Luxury Goods | 1.5 | % | ||
Real Estate Management and Development | 1.4 | % | ||
Semiconductors and Semiconductor Equipment | 1.4 | % | ||
Trading Companies and Distributors | 1.3 | % | ||
Electronic Equipment, Instruments & Components | 1.2 | % | ||
IT Services | 1.2 | % | ||
Construction and Engineering | 1.1 | % | ||
Electric Utilities | 1.1 | % | ||
Professional Services | 1.1 | % | ||
Auto Components | 1.0 | % | ||
Beverages | 1.0 | % | ||
Electrical Equipment | 1.0 | % | ||
Health Care Equipment and Supplies | 1.0 | % | ||
Household Durables | 1.0 | % | ||
Hotels, Restaurants & Leisure | 0.9 | % | ||
Personal Products | 0.9 | % | ||
Road and Rail | 0.9 | % | ||
Specialty Retail | 0.9 | % | ||
Commercial Services & Supplies | 0.8 | % | ||
Wireless Telecommunication Services | 0.8 | % | ||
Aerospace & Defense | 0.7 | % | ||
Building Products | 0.7 | % | ||
Industrial Conglomerates | 0.7 | % | ||
Software | 0.7 | % | ||
Media | 0.6 | % | ||
Multi-Utilities | 0.6 | % | ||
Construction Materials | 0.5 | % | ||
Health Care Providers and Services | 0.5 | % | ||
Independent Power and Renewable Electricity Producers | 0.5 | % | ||
Tobacco | 0.5 | % | ||
Air Freight and Logistics | 0.4 | % | ||
Biotechnology | 0.4 | % | ||
Entertainment | 0.4 | % | ||
Multiline Retail | 0.4 | % | ||
Containers and Packaging | 0.3 | % | ||
Diversified Financial Services | 0.3 | % | ||
Gas Utilities | 0.3 | % | ||
Household Products | 0.3 | % | ||
Life Sciences Tools and Services | 0.3 | % | ||
Marine | 0.3 | % | ||
Paper and Forest Products | 0.3 | % | ||
Technology Hardware, Storage & Peripherals | 0.3 | % | ||
Transportation Infrastructure | 0.3 | % | ||
Airlines | 0.2 | % | ||
Communications Equipment | 0.2 | % | ||
Consumer Finance | 0.2 | % | ||
Energy Equipment and Services | 0.2 | % | ||
Interactive Media & Services | 0.2 | % | ||
Internet and Catalog Retail | 0.2 | % | ||
Leisure Equipment and Products | 0.2 | % | ||
Distributors | 0.1 | % | ||
Diversified Consumer Services | 0.1 | % | ||
Equity Real Estate Investment Trusts (REITs) | 0.1 | % | ||
Health Care Technology | 0.1 | % | ||
Thrifts and Mortgage Finance | 0.1 | % | ||
Water Utilities | 0.1 | % | ||
Short-Term Investments | 3.1 | % | ||
Total | 102.2 | % |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Shares | Value (Note 1) | ||||||
Common Stocks—98.0% | |||||||
Beverages—5.7% | |||||||
164,250 | Keurig Dr. Pepper, Inc. | $ | 5,883,435 | ||||
58,000 | Monster Beverage Corp.* | 5,043,680 | |||||
10,927,115 | |||||||
Biotechnology—3.3% | |||||||
59,700 | Neurocrine Biosciences, Inc.* | 6,340,737 | |||||
Capital Markets—6.1% | |||||||
161,700 | Charles Schwab Corp. | 11,621,379 | |||||
Chemicals—2.0% | |||||||
14,000 | Linde PLC | 3,774,260 | |||||
Health Care Equipment and Supplies—4.9% | |||||||
245,330 | Boston Scientific Corp.* | 9,501,631 | |||||
Health Care Providers and Services—4.9% | |||||||
18,625 | UnitedHealth Group, Inc. | 9,406,370 | |||||
Insurance—4.2% | |||||||
21,650 | Aon PLC, Class A | 5,799,386 | |||||
11,000 | Willis Towers Watson PLC | 2,210,340 | |||||
8,009,726 | |||||||
Interactive Media & Services—11.0% | |||||||
180,400 | Alphabet, Inc., Class A* | 17,255,260 | |||||
27,900 | Meta Platforms, Inc., Class A* | 3,785,472 | |||||
21,040,732 | |||||||
Internet and Catalog Retail—5.8% | |||||||
99,100 | Amazon.com, Inc.* | 11,198,300 | |||||
IT Services—23.8% | |||||||
25,200 | Accenture PLC, Class A | 6,483,960 | |||||
16,250 | Automatic Data Processing, Inc. | 3,675,588 | |||||
18,100 | EPAM Systems, Inc.* | 6,555,639 | |||||
40,800 | Fiserv, Inc.* | 3,817,656 | |||||
27,550 | FleetCor Technologies, Inc.* | 4,853,483 | |||||
21,200 | Mastercard, Inc., Class A | 6,028,008 | |||||
89,800 | PayPal Holdings, Inc.* | 7,729,086 | |||||
37,000 | Visa, Inc., Class A | 6,573,050 | |||||
45,716,470 | |||||||
Pharmaceuticals—2.3% | |||||||
78,900 | AstraZeneca PLC, ADR | 4,326,876 | |||||
Semiconductors and Semiconductor Equipment—4.5% | |||||||
10,000 | ASML Holding NV, Registered | 4,153,500 | |||||
11,200 | Entegris, Inc. | 929,824 | |||||
22,550 | NVIDIA Corp. | 2,737,344 |
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Semiconductors and Semiconductor Equipment (Continued) | |||||||
3,800 | SolarEdge Technologies, Inc.* | $ | 879,548 | ||||
8,700,216 | |||||||
Software—16.8% | |||||||
17,050 | Adobe, Inc.* | 4,692,160 | |||||
5,200 | Autodesk, Inc.* | 971,360 | |||||
16,000 | Intuit, Inc. | 6,197,120 | |||||
87,620 | Microsoft Corp. | 20,406,698 | |||||
32,267,338 | |||||||
Specialty Retail—2.7% | |||||||
7,300 | Burlington Stores, Inc.* | 816,797 | |||||
6,200 | O'Reilly Automotive, Inc.* | 4,360,770 | |||||
5,177,567 | |||||||
TOTAL COMMON STOCKS (Cost $156,665,687) | 188,008,717 | ||||||
TOTAL INVESTMENTS, AT VALUE—98.0% (Cost $156,665,687) | 188,008,717 | ||||||
Other Assets in Excess of Liabilities—2.0% | 3,819,530 | ||||||
NET ASSETS—100.0% | $ | 191,828,247 |
Notes to the Schedule of Investments:
* | Non-income producing security |
Percentages indicated are based on net assets.
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
At September 30, 2022, industry sector diversification of the M Large Cap Growth Fund's investments as a percentage of net assets was as follows:
Summary of Sector Classifications | Percentage of Net Assets | |||
Information Technology | 45.2 | % | ||
Health Care | 15.4 | % | ||
Communication Services | 11.0 | % | ||
Financials | 10.2 | % | ||
Consumer Discretionary | 8.5 | % | ||
Consumer Staples | 5.7 | % | ||
Materials | 2.0 | % | ||
Total | 98.0 | % |
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Shares | Value (Note 1) | ||||||
Common Stocks—99.1% | |||||||
Aerospace & Defense—0.6% | |||||||
48,022 | Kratos Defense & Security Solutions, Inc.* | $ | 487,904 | ||||
63,836 | Triumph Group, Inc.* | 548,351 | |||||
1,036,255 | |||||||
Airlines—2.3% | |||||||
33,181 | Alaska Air Group, Inc.* | 1,299,036 | |||||
130,526 | Azul SA, ADR†, * | 1,062,482 | |||||
225,859 | Controladora Vuela Cia de Aviacion SAB de CV, ADR*, † | 1,578,754 | |||||
3,940,272 | |||||||
Auto Components—3.5% | |||||||
37,958 | BorgWarner, Inc. | 1,191,881 | |||||
162,237 | Dana, Inc. | 1,854,369 | |||||
91,807 | Modine Manufacturing Co.* | 1,187,983 | |||||
99,220 | Stoneridge, Inc.* | 1,681,779 | |||||
5,916,012 | |||||||
Banks—6.7% | |||||||
101,045 | Bancorp, Inc.* | 2,220,969 | |||||
19,396 | BankUnited, Inc. | 662,761 | |||||
139,358 | First BanCorp | 1,906,418 | |||||
18,595 | Pinnacle Financial Partners, Inc. | 1,508,055 | |||||
24,557 | Popular, Inc. | 1,769,577 | |||||
11,232 | Signature Bank | 1,696,032 | |||||
20,788 | Wintrust Financial Corp. | 1,695,261 | |||||
11,459,073 | |||||||
Biotechnology—3.0% | |||||||
31,377 | ACADIA Pharmaceuticals, Inc.* | 513,328 | |||||
14,827 | BioMarin Pharmaceutical, Inc.* | 1,256,885 | |||||
23,589 | Exact Sciences Corp.* | 766,406 | |||||
10,910 | Incyte Corp.* | 727,042 | |||||
37,683 | Iovance Biotherapeutics, Inc.* | 361,003 | |||||
90,571 | Karyopharm Therapeutics, Inc.†, * | 494,518 | |||||
4,524 | United Therapeutics Corp.* | 947,235 | |||||
5,066,417 | |||||||
Building Products—4.2% | |||||||
65,771 | Builders FirstSource, Inc.* | 3,875,227 | |||||
98,691 | Caesarstone Ltd. | 918,813 | |||||
11,788 | Masonite International Corp.* | 840,367 | |||||
35,853 | Trex Co., Inc.* | 1,575,381 | |||||
7,209,788 | |||||||
Capital Markets—4.4% | |||||||
38,862 | Carlyle Group, Inc. | 1,004,194 | |||||
9,967 | Evercore Inc., Class A | 819,786 | |||||
14,295 | LPL Financial Holdings, Inc. | 3,123,172 | |||||
19,078 | Raymond James Financial, Inc. | 1,885,288 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Capital Markets (Continued) | |||||||
22,241 | TPG, Inc.† | $ | 619,189 | ||||
7,451,629 | |||||||
Chemicals—3.9% | |||||||
11,049 | Albemarle Corp. | 2,921,798 | |||||
164,822 | Diversey Holdings Ltd.* | 801,035 | |||||
18,236 | FMC Corp. | 1,927,545 | |||||
33,979 | Livent Corp.* | 1,041,456 | |||||
6,691,834 | |||||||
Commercial Services & Supplies—0.6% | |||||||
110,603 | Interface, Inc. | 994,321 | |||||
Construction and Engineering—4.4% | |||||||
30,285 | AECOM | 2,070,586 | |||||
44,457 | Granite Construction, Inc. | 1,128,763 | |||||
30,951 | MasTec, Inc.* | 1,965,389 | |||||
17,560 | Quanta Services, Inc. | 2,236,968 | |||||
7,401,706 | |||||||
Construction Materials—2.2% | |||||||
18,661 | Eagle Materials, Inc. | 2,000,086 | |||||
74,903 | Summit Materials, Inc., Class A* | 1,794,676 | |||||
3,794,762 | |||||||
Consumer Finance—0.4% | |||||||
38,197 | Green Dot Corp., Class A* | 724,979 | |||||
Containers and Packaging—0.5% | |||||||
102,446 | Pactiv Evergreen, Inc. | 894,354 | |||||
Diversified Consumer Services—1.3% | |||||||
103,861 | 2U, Inc.* | 649,131 | |||||
147,536 | Perdoceo Education Corp.* | 1,519,621 | |||||
2,168,752 | |||||||
Diversified Telecommunication Services—1.2% | |||||||
16,211 | Cogent Communications Holdings, Inc. | 845,566 | |||||
132,603 | Radius Global Infrastructure, Inc., Class A* | 1,249,120 | |||||
2,094,686 | |||||||
Electrical Equipment—3.1% | |||||||
177,301 | Array Technologies, Inc.* | 2,939,651 | |||||
11,690 | EnerSys | 680,007 | |||||
41,971 | Shoals Technologies Group, Inc. Class A* | 904,475 | |||||
70,256 | Vertiv Holdings Co. | 682,888 | |||||
5,207,021 | |||||||
Electronic Equipment, Instruments & Components—4.2% | |||||||
6,706 | Belden, Inc. | 402,494 | |||||
38,834 | Coherent Corp.* | 1,353,365 | |||||
11,958 | Fabrinet* | 1,141,391 | |||||
108,165 | Flex Ltd.* | 1,802,029 | |||||
41,528 | Jabil, Inc. | 2,396,581 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Electronic Equipment, Instruments & Components (Continued) | |||||||
89,926 | Ouster, Inc.†, * | $ | 86,635 | ||||
7,182,495 | |||||||
Equity Real Estate Investment Trusts (REITs)—1.4% | |||||||
9,528 | Agree Realty Corp. | 643,902 | |||||
34,291 | NETSTREIT Corp. | 610,723 | |||||
62,644 | SITE Centers Corp. | 670,917 | |||||
17,364 | STAG Industrial, Inc. | 493,659 | |||||
2,419,201 | |||||||
Health Care Equipment and Supplies—7.1% | |||||||
2,434 | ABIOMED, Inc.* | 597,936 | |||||
45,031 | AngioDynamics, Inc.* | 921,334 | |||||
7,611 | Cooper Cos., Inc. | 2,008,543 | |||||
15,931 | Hologic, Inc.* | 1,027,868 | |||||
12,580 | Insulet Corp.* | 2,885,852 | |||||
9,436 | Merit Medical Systems, Inc.* | 533,228 | |||||
15,876 | Novocure Ltd.* | 1,206,259 | |||||
24,124 | NuVasive, Inc.* | 1,056,873 | |||||
16,483 | Tandem Diabetes Care, Inc.* | 788,712 | |||||
50,302 | Varex Imaging Corp.* | 1,063,384 | |||||
12,089,989 | |||||||
Health Care Providers and Services—0.5% | |||||||
10,546 | Acadia Healthcare Co., Inc.* | 824,486 | |||||
Hotels, Restaurants & Leisure—3.7% | |||||||
23,977 | Boyd Gaming Corp. | 1,142,504 | |||||
58,616 | Caesars Entertainment, Inc.* | 1,890,952 | |||||
51,195 | Cheesecake Factory, Inc.† | 1,498,990 | |||||
30,855 | Planet Fitness, Inc., Class A* | 1,779,099 | |||||
6,311,545 | |||||||
Insurance—3.2% | |||||||
24,477 | Argo Group International Holdings Ltd. | 471,427 | |||||
5,097 | Everest Re Group Ltd. | 1,337,657 | |||||
17,700 | Trupanion, Inc.†, * | 1,051,911 | |||||
39,657 | WR Berkley Corp. | 2,561,049 | |||||
5,422,044 | |||||||
Internet and Direct Marketing Retail—0.8% | |||||||
31,015 | Chewy, Inc., Class A†, * | 952,781 | |||||
43,544 | Lands' End, Inc.* | 336,159 | |||||
1,288,940 | |||||||
IT Services—2.6% | |||||||
29,765 | Genpact Ltd. | 1,302,814 | |||||
3,436 | Okta, Inc.* | 195,405 | |||||
129,314 | Paya Holdings, Inc.* | 790,109 | |||||
93,748 | Paymentus Holdings, Inc., Class A* | 911,231 | |||||
9,267 | SS&C Technologies Holdings, Inc. | 442,499 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
IT Services (Continued) | |||||||
5,845 | WEX, Inc.* | $ | 741,964 | ||||
4,384,022 | |||||||
Leisure dProducts—1.3% | |||||||
113,554 | Mattel, Inc.* | 2,150,713 | |||||
Life Sciences Tools and Services—0.7% | |||||||
19,781 | QIAGEN NV* | 816,559 | |||||
53,051 | Sotera Health Co.* | 361,808 | |||||
1,178,367 | |||||||
Machinery—0.3% | |||||||
32,201 | CIRCOR International, Inc.* | 530,994 | |||||
Marine—0.7% | |||||||
19,311 | Kirby Corp.* | 1,173,529 | |||||
Media—0.8% | |||||||
50,686 | Cardlytics, Inc.* | 476,449 | |||||
114,363 | Integral Ad Science Holding Corp.* | 827,988 | |||||
1,304,437 | |||||||
Metals and Mining—2.7% | |||||||
100,992 | ATI, Inc.* | 2,687,397 | |||||
58,160 | Carpenter Technology Corp. | 1,811,103 | |||||
4,498,500 | |||||||
Oil, Gas and Consumable Fuels—3.7% | |||||||
31,862 | Devon Energy Corp. | 1,915,862 | |||||
121,677 | Navigator Holdings Ltd.* | 1,393,202 | |||||
174,789 | Permian Resources Corp.* | 1,188,565 | |||||
48,696 | SM Energy Co. | 1,831,456 | |||||
6,329,085 | |||||||
Pharmaceuticals—2.2% | |||||||
29,428 | Amphastar Pharmaceuticals, Inc.* | 826,927 | |||||
27,559 | Pacira BioSciences, Inc.* | 1,465,863 | |||||
42,899 | Supernus Pharmaceuticals, Inc.* | 1,452,131 | |||||
3,744,921 | |||||||
Professional Services—2.4% | |||||||
68,106 | KBR, Inc. | 2,943,541 | |||||
10,930 | TransUnion | 650,226 | |||||
39,858 | Upwork, Inc.* | 542,866 | |||||
4,136,633 | |||||||
Road and Rail—1.9% | |||||||
35,638 | Knight-Swift Transportation Holdings, Inc. | 1,743,767 | |||||
32,104 | XPO Logistics, Inc.* | 1,429,270 | |||||
3,173,037 | |||||||
Semiconductors and Semiconductor Equipment—8.4% | |||||||
64,028 | MACOM Technology Solutions Holdings, Inc.* | 3,316,010 | |||||
32,254 | MaxLinear, Inc.* | 1,052,126 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Semiconductors and Semiconductor Equipment (Continued) | |||||||
2,880 | Monolithic Power Systems, Inc. | $ | 1,046,592 | ||||
19,305 | Qorvo, Inc.* | 1,533,010 | |||||
37,668 | Semtech Corp.* | 1,107,816 | |||||
14,104 | SiTime Corp.* | 1,110,408 | |||||
13,894 | Universal Display Corp. | 1,310,899 | |||||
37,526 | Wolfspeed, Inc.* | 3,878,687 | |||||
14,355,548 | |||||||
Software—2.9% | |||||||
12,441 | CommVault Systems, Inc.* | 659,871 | |||||
10,242 | Coupa Software, Inc.* | 602,230 | |||||
11,976 | Envestnet, Inc.* | 531,734 | |||||
1,692 | HubSpot, Inc.* | 457,043 | |||||
27,472 | LiveRamp Holdings, Inc.* | 498,892 | |||||
52,000 | Qualtrics International, Inc., Class A* | 529,360 | |||||
13,593 | Workiva, Inc.* | 1,057,535 | |||||
84,379 | Zuora, Inc., Class A* | 622,717 | |||||
4,959,382 | |||||||
Specialty Retail—2.1% | |||||||
4,068 | Advance Auto Parts, Inc. | 635,991 | |||||
15,449 | Floor & Decor Holdings, Inc., Class A* | 1,085,447 | |||||
97,100 | Leslie's, Inc.†, * | 1,428,341 | |||||
16,269 | Victoria's Secret & Co.* | 473,753 | |||||
3,623,532 | |||||||
Technology Hardware, Storage & Peripherals—0.2% | |||||||
27,157 | Stratasys Ltd.* | 391,332 | |||||
Thrifts and Mortgage Finance—0.6% | |||||||
47,694 | NMI Holdings, Inc., Class A* | 971,527 | |||||
Trading Companies and Distributors—2.4% | |||||||
33,578 | Beacon Roofing Supply, Inc.* | 1,837,388 | |||||
311,834 | MRC Global, Inc.* | 2,242,087 | |||||
4,079,475 | |||||||
TOTAL COMMON STOCKS (Cost $157,203,138) | 168,575,595 |
7-Day Yield | |||||||||||||||
Short-Term Investments—1.4% | |||||||||||||||
2,352,013 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $2,352,013) †† | 3.100 | % | 2,352,013 | |||||||||||
TOTAL INVESTMENTS, AT VALUE—100.5% (Cost $159,555,151) | 170,927,608 | ||||||||||||||
Liabilities in Excess of Other Assets—(0.5)% | (890,874 | ) | |||||||||||||
NET ASSETS—100.0% | $ | 170,036,734 |
Notes to the Schedule of Investments: | |
ADR—American Depositary Receipt | |
REIT—Real Estate Investment Trust | |
* | Non-income producing security |
† | Denotes all or a portion of security on loan. As of September 30, 2022, the market value of the securities on loan was $4,714,404 (Note 1). |
†† | Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $2,484,933. |
Percentages indicated are based on net assets. |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
At September 30, 2022, industry sector diversification of the M Capital Appreciation Fund's investments as a percentage of net assets was as follows:
Summary of Sector Classifications | Percentage of Net Assets | |||
Industrials | 22.9 | % | ||
Information Technology | 18.3 | % | ||
Financials | 15.3 | % | ||
Health Care | 13.5 | % | ||
Consumer Discretionary | 12.7 | % | ||
Materials | 9.3 | % | ||
Energy | 3.7 | % | ||
Communication Services | 2.0 | % | ||
Real Estate | 1.4 | % | ||
Short-Term Investments | 1.4 | % | ||
Total | 100.5 | % |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Shares | Value (Note 1) | ||||||
Common Stocks—97.4% | |||||||
Aerospace & Defense—2.0% | |||||||
600 | Huntington Ingalls Industries, Inc. | $ | 132,900 | ||||
2,800 | L3Harris Technologies, Inc. | 581,924 | |||||
3,400 | Lockheed Martin Corp. | 1,313,386 | |||||
3,900 | Textron, Inc. | 227,214 | |||||
2,255,424 | |||||||
Air Freight and Logistics—2.0% | |||||||
1,700 | C.H. Robinson Worldwide, Inc. | 163,727 | |||||
2,200 | Expeditors International of Washington, Inc. | 194,282 | |||||
2,900 | FedEx Corp. | 430,563 | |||||
9,300 | United Parcel Service, Inc., Class B | 1,502,322 | |||||
2,290,894 | |||||||
Auto Components—0.2% | |||||||
2,800 | BorgWarner, Inc. | 87,920 | |||||
800 | Lear Corp. | 95,752 | |||||
183,672 | |||||||
Automobiles—0.7% | |||||||
67,800 | Ford Motor Co. | 759,360 | |||||
Banks—10.3% | |||||||
113,200 | Bank of America Corp. | 3,418,640 | |||||
800 | BOK Financial Corp. | 71,088 | |||||
1,900 | Comerica, Inc. | 135,090 | |||||
1,643 | Commerce Bancshares, Inc. | 108,701 | |||||
1,900 | East West Bancorp, Inc. | 127,566 | |||||
9,700 | Fifth Third Bancorp | 310,012 | |||||
5,537 | First Horizon Corp. | 126,797 | |||||
15,800 | Huntington Bancshares, Inc. | 208,244 | |||||
37,100 | JPMorgan Chase & Co. | 3,876,950 | |||||
13,300 | KeyCorp | 213,066 | |||||
500 | Pinnacle Financial Partners, Inc. | 40,550 | |||||
5,800 | PNC Financial Services Group, Inc. | 866,636 | |||||
1,100 | Prosperity Bancshares, Inc. | 73,348 | |||||
13,100 | Regions Financial Corp. | 262,917 | |||||
900 | Synovus Financial Corp. | 33,759 | |||||
18,000 | Truist Financial Corp. | 783,720 | |||||
20,089 | U.S. Bancorp | 809,989 | |||||
2,200 | Zions Bancorp NA | 111,892 | |||||
11,578,965 | |||||||
Beverages—0.1% | |||||||
2,299 | Molson Coors Beverage Co., Class B | 110,329 | |||||
Biotechnology—6.0% | |||||||
22,400 | AbbVie, Inc. | 3,006,304 | |||||
6,100 | Amgen, Inc. | 1,374,940 | |||||
1,500 | Biogen, Inc.* | 400,500 | |||||
15,900 | Gilead Sciences, Inc. | 980,871 |
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Biotechnology (Continued) | |||||||
1,400 | Regeneron Pharmaceuticals, Inc.* | $ | 964,418 | ||||
6,727,033 | |||||||
Building Products—0.7% | |||||||
2,000 | Builders FirstSource, Inc.* | 117,840 | |||||
9,178 | Carrier Global Corp. | 326,370 | |||||
4,600 | Masco Corp. | 214,774 | |||||
1,800 | Owens Corning | 141,498 | |||||
800,482 | |||||||
Capital Markets—3.7% | |||||||
1,600 | Ameriprise Financial, Inc. | 403,120 | |||||
12,100 | Bank of New York Mellon Corp. | 466,092 | |||||
4,600 | Goldman Sachs Group, Inc. | 1,348,030 | |||||
3,600 | Jefferies Financial Group, Inc. | 106,200 | |||||
18,800 | Morgan Stanley | 1,485,388 | |||||
2,800 | Northern Trust Corp. | 239,568 | |||||
2,100 | SEI Investments Co. | 103,005 | |||||
4,151,403 | |||||||
Chemicals—1.7% | |||||||
2,200 | Celanese Corp. | 198,748 | |||||
8,300 | Dow, Inc. | 364,619 | |||||
6,600 | DuPont de Nemours, Inc. | 332,640 | |||||
2,400 | Eastman Chemical Co. | 170,520 | |||||
1,700 | FMC Corp. | 179,690 | |||||
1,600 | Huntsman Corp. | 39,264 | |||||
3,685 | LyondellBasell Industries NV, Class A | 277,407 | |||||
6,700 | Mosaic Co. | 323,811 | |||||
1,750 | Olin Corp. | 75,040 | |||||
1,961,739 | |||||||
Communications Equipment—2.0% | |||||||
56,600 | Cisco Systems, Inc. | 2,264,000 | |||||
Consumer Finance—1.6% | |||||||
10,400 | American Express Co. | 1,403,064 | |||||
200 | Credit Acceptance Corp.†, * | 87,600 | |||||
3,900 | Discover Financial Services | 354,588 | |||||
1,845,252 | |||||||
Containers and Packaging—1.0% | |||||||
27,300 | Amcor PLC | 292,929 | |||||
1,500 | Berry Global Group, Inc.* | 69,795 | |||||
2,400 | Crown Holdings, Inc. | 194,472 | |||||
4,100 | International Paper Co. | 129,970 | |||||
1,600 | Packaging Corp. of America | 179,664 | |||||
2,800 | Sealed Air Corp. | 124,628 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Containers and Packaging (Continued) | |||||||
2,900 | Westrock Co. | $ | 89,581 | ||||
1,081,039 | |||||||
Distributors—0.2% | |||||||
5,300 | LKQ Corp. | 249,895 | |||||
Diversified Consumer Services—0.2% | |||||||
3,200 | Service Corp. International | 184,768 | |||||
Diversified Financial Services—0.2% | |||||||
6,100 | Equitable Holdings, Inc. | 160,735 | |||||
1,800 | Voya Financial, Inc. | 108,900 | |||||
269,635 | |||||||
Diversified Telecommunication Services—1.1% | |||||||
77,300 | AT&T, Inc. | 1,185,782 | |||||
Electric Utilities—2.8% | |||||||
3,300 | Alliant Energy Corp. | 174,867 | |||||
8,700 | Duke Energy Corp. | 809,274 | |||||
4,800 | Edison International | 271,584 | |||||
2,800 | Entergy Corp. | 281,764 | |||||
3,100 | Evergy, Inc. | 184,140 | |||||
4,300 | Eversource Energy | 335,228 | |||||
16,900 | Exelon Corp. | 633,074 | |||||
2,252 | OGE Energy Corp. | 82,108 | |||||
1,349 | Pinnacle West Capital Corp. | 87,024 | |||||
9,600 | PPL Corp. | 243,360 | |||||
3,102,423 | |||||||
Electrical Equipment—0.1% | |||||||
2,000 | Sensata Technologies Holding PLC | 74,560 | |||||
Electronic Equipment, Instruments & Components—0.5% | |||||||
1,300 | Arrow Electronics, Inc.* | 119,847 | |||||
9,300 | Corning, Inc. | 269,886 | |||||
2,700 | Jabil, Inc. | 155,817 | |||||
545,550 | |||||||
Energy Equipment and Services—0.4% | |||||||
3,200 | Sempra Energy | 479,808 | |||||
Food and Staples Retailing—0.7% | |||||||
10,000 | Kroger Co. | 437,500 | |||||
11,700 | Walgreens Boots Alliance, Inc. | 367,380 | |||||
804,880 | |||||||
Food Products—2.2% | |||||||
9,700 | Archer-Daniels-Midland Co. | 780,365 | |||||
2,197 | Campbell Soup Co. | 103,523 | |||||
5,451 | Conagra Brands, Inc. | 177,866 | |||||
1,800 | Darling Ingredients, Inc.* | 119,070 | |||||
300 | Ingredion, Inc. | 24,156 | |||||
1,500 | JM Smucker Co. | 206,115 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Food Products (Continued) | |||||||
4,400 | Kellogg Co. | $ | 306,504 | ||||
16,500 | Kraft Heinz Co. | 550,275 | |||||
3,900 | Tyson Foods, Inc., Class A | 257,127 | |||||
2,525,001 | |||||||
Gas Utilities—0.1% | |||||||
1,100 | National Fuel Gas Co. | 67,705 | |||||
2,300 | UGI Corp. | 74,359 | |||||
142,064 | |||||||
Health Care Equipment and Supplies—0.2% | |||||||
3,200 | Hologic, Inc.* | 206,464 | |||||
Health Care Providers and Services—8.2% | |||||||
3,500 | AmerisourceBergen Corp. | 473,655 | |||||
3,162 | Cardinal Health, Inc. | 210,842 | |||||
7,600 | Centene Corp.* | 591,356 | |||||
4,600 | Cigna Corp. | 1,276,362 | |||||
16,810 | CVS Health Corp. | 1,603,170 | |||||
2,100 | DaVita, Inc.* | 173,817 | |||||
4,400 | Elevance Health, Inc. | 1,998,656 | |||||
5,900 | HCA Healthcare, Inc. | 1,084,361 | |||||
1,900 | Henry Schein, Inc.* | 124,963 | |||||
1,700 | Laboratory Corp. of America Holdings | 348,177 | |||||
2,800 | McKesson Corp. | 951,636 | |||||
2,400 | Quest Diagnostics, Inc. | 294,456 | |||||
1,400 | Universal Health Services, Inc., Class B | 123,452 | |||||
9,254,903 | |||||||
Hotels, Restaurants & Leisure—0.1% | |||||||
849 | Boyd Gaming Corp. | 40,455 | |||||
900 | Darden Restaurants, Inc. | 113,688 | |||||
154,143 | |||||||
Household Durables—1.2% | |||||||
6,500 | DR Horton, Inc. | 437,775 | |||||
4,800 | Lennar Corp., Class A | 357,840 | |||||
4,600 | Newell Brands, Inc. | 63,894 | |||||
50 | NVR, Inc.* | 199,354 | |||||
4,700 | PulteGroup, Inc. | 176,250 | |||||
100 | TopBuild Corp.* | 16,478 | |||||
1,100 | Whirlpool Corp. | 148,291 | |||||
1,399,882 | |||||||
Independent Power and Renewable Electricity Producers—0.1% | |||||||
6,100 | Vistra Corp. | 128,100 | |||||
Insurance—6.7% | |||||||
9,600 | Aflac, Inc. | 539,520 | |||||
4,100 | Allstate Corp. | 510,573 | |||||
1,200 | American Financial Group, Inc. | 147,516 | |||||
5,500 | Arch Capital Group Ltd.* | 250,470 | |||||
800 | Assurant, Inc. | 116,216 | |||||
6,200 | Chubb Ltd. | 1,127,656 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Insurance (Continued) | |||||||
2,300 | Cincinnati Financial Corp. | $ | 206,011 | ||||
600 | Everest Re Group Ltd. | 157,464 | |||||
3,800 | Fidelity National Financial, Inc. | 137,560 | |||||
1,500 | First American Financial Corp. | 69,150 | |||||
1,300 | Globe Life, Inc. | 129,610 | |||||
4,900 | Hartford Financial Services Group, Inc. | 303,506 | |||||
2,800 | Lincoln National Corp. | 122,948 | |||||
3,500 | Loews Corp. | 174,440 | |||||
180 | Markel Corp.* | 195,159 | |||||
12,300 | MetLife, Inc. | 747,594 | |||||
2,900 | Old Republic International Corp. | 60,697 | |||||
3,700 | Principal Financial Group, Inc. | 266,955 | |||||
5,400 | Prudential Financial, Inc. | 463,212 | |||||
800 | Reinsurance Group of America, Inc. | 100,648 | |||||
600 | RenaissanceRe Holdings Ltd. | 84,234 | |||||
6,300 | Travelers Cos., Inc. | 965,160 | |||||
2,300 | Unum Group | 89,240 | |||||
1,800 | Willis Towers Watson PLC | 361,692 | |||||
3,650 | WR Berkley Corp. | 235,717 | |||||
7,562,948 | |||||||
Interactive Media & Services—0.4% | |||||||
3,000 | Meta Platforms, Inc., Class A* | 407,040 | |||||
IT Services—2.9% | |||||||
5,600 | Cognizant Technology Solutions Corp., Class A | 321,664 | |||||
2,700 | DXC Technology Co.* | 66,096 | |||||
6,700 | Fidelity National Information Services, Inc. | 506,319 | |||||
7,344 | Fiserv, Inc.* | 687,178 | |||||
800 | FleetCor Technologies, Inc.* | 140,936 | |||||
1,000 | Global Payments, Inc. | 108,050 | |||||
11,400 | International Business Machines Corp. | 1,354,434 | |||||
4,300 | Western Union Co. | 58,050 | |||||
3,242,727 | |||||||
Leisure Equipment and Products—0.1% | |||||||
1,400 | Brunswick Corp. | 91,630 | |||||
700 | Polaris, Inc. | 66,955 | |||||
158,585 | |||||||
Machinery—3.5% | |||||||
850 | AGCO Corp. | 81,745 | |||||
5,800 | Caterpillar, Inc. | 951,664 | |||||
1,700 | Cummins, Inc. | 345,967 | |||||
4,200 | Deere & Co. | 1,402,338 | |||||
1,700 | Dover Corp. | 198,186 | |||||
800 | Oshkosh Corp. | 56,232 | |||||
3,848 | PACCAR, Inc. | 322,039 | |||||
1,800 | Parker-Hannifin Corp. | 436,158 | |||||
1,000 | Snap-on, Inc. | 201,350 | |||||
3,995,679 | |||||||
Media—2.2% | |||||||
61,400 | Comcast Corp., Class A | 1,800,862 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Media (Continued) | |||||||
5,900 | Fox Corp., Class A | $ | 181,012 | ||||
4,200 | Interpublic Group of Cos., Inc. | 107,520 | |||||
4,200 | News Corp., Class A | 63,462 | |||||
500 | Nexstar Media Group, Inc., Class A | 83,425 | |||||
3,700 | Omnicom Group, Inc. | 233,433 | |||||
2,469,714 | |||||||
Metals and Mining—1.7% | |||||||
2,200 | Alcoa Corp. | 74,052 | |||||
16,487 | Freeport-McMoRan, Inc. | 450,590 | |||||
10,300 | Newmont Corp. | 432,909 | |||||
5,300 | Nucor Corp. | 567,047 | |||||
1,100 | Reliance Steel & Aluminum Co. | 191,851 | |||||
3,600 | Steel Dynamics, Inc. | 255,420 | |||||
1,971,869 | |||||||
Multi-Utilities—1.1% | �� | ||||||
10,900 | Dominion Energy, Inc. | 753,299 | |||||
9,300 | Public Service Enterprise Group, Inc. | 522,939 | |||||
1,276,238 | |||||||
Oil, Gas and Consumable Fuels—9.6% | |||||||
4,600 | APA Corp. | 157,274 | |||||
9,067 | Chevron Corp. | 1,302,656 | |||||
4,300 | ConocoPhillips | 440,062 | |||||
7,200 | Devon Energy Corp. | 432,936 | |||||
2,000 | Diamondback Energy, Inc. | 240,920 | |||||
10,200 | EOG Resources, Inc. | 1,139,646 | |||||
54,400 | Exxon Mobil Corp. | 4,749,664 | |||||
30,600 | Kinder Morgan, Inc. | 509,184 | |||||
10,035 | Marathon Oil Corp. | 226,590 | |||||
5,700 | ONEOK, Inc. | 292,068 | |||||
3,300 | Ovintiv, Inc. | 151,800 | |||||
1,000 | PDC Energy, Inc. | 57,790 | |||||
2,600 | Pioneer Natural Resources Co. | 562,978 | |||||
5,600 | Valero Energy Corp. | 598,360 | |||||
10,861,928 | |||||||
Pharmaceuticals—6.3% | |||||||
24,000 | Bristol-Myers Squibb Co. | 1,706,160 | |||||
30,700 | Merck & Co., Inc. | 2,643,884 | |||||
62,900 | Pfizer, Inc. | 2,752,504 | |||||
7,102,548 | |||||||
Professional Services—0.3% | |||||||
300 | CACI International, Inc., Class A* | 78,318 | |||||
1,599 | Leidos Holdings, Inc. | 139,864 | |||||
1,200 | Robert Half International, Inc. | 91,800 | |||||
309,982 | |||||||
Real Estate Management and Development—0.3% | |||||||
3,262 | CBRE Group, Inc., Class A* | 220,218 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Real Estate Management and Development (Continued) | |||||||
900 | Jones Lang LaSalle, Inc.* | $ | 135,963 | ||||
356,181 | |||||||
Road and Rail—0.3% | |||||||
400 | AMERCO | 203,688 | |||||
2,300 | Knight-Swift Transportation Holdings, Inc. | 112,539 | |||||
316,227 | |||||||
Semiconductors and Semiconductor Equipment—1.9% | |||||||
1,500 | First Solar, Inc.* | 198,405 | |||||
1,600 | KLA Corp. | 484,208 | |||||
12,600 | QUALCOMM, Inc. | 1,423,548 | |||||
2,106,161 | |||||||
Software—2.7% | |||||||
50,600 | Oracle Corp. | 3,090,142 | |||||
Specialty Retail—3.3% | |||||||
1,500 | AutoNation, Inc.* | 152,805 | |||||
310 | AutoZone, Inc.* | 663,998 | |||||
2,500 | Best Buy Co., Inc. | 158,350 | |||||
600 | Dick's Sporting Goods, Inc. | 62,784 | |||||
300 | Lithia Motors, Inc. | 64,365 | |||||
12,800 | Lowe's Cos., Inc. | 2,403,968 | |||||
1,100 | Penske Automotive Group, Inc. | 108,273 | |||||
700 | Williams-Sonoma, Inc. | 82,495 | |||||
3,697,038 | |||||||
Technology Hardware, Storage & Peripherals—1.0% | |||||||
3,100 | Dell Technologies, Inc. Class C | 105,927 | |||||
22,500 | Hewlett Packard Enterprise Co. | 269,550 | |||||
22,400 | HP, Inc. | 558,208 | |||||
2,400 | NetApp, Inc. | 148,440 | |||||
1,082,125 | |||||||
Textiles, Apparel and Luxury Goods—0.2% | |||||||
2,000 | Capri Holdings Ltd.* | 76,880 | |||||
549 | Ralph Lauren Corp. | 46,626 | |||||
1,600 | Skechers USA, Inc., Class A* | 50,752 | |||||
2,900 | Tapestry, Inc. | 82,447 | |||||
256,705 | |||||||
Tobacco—2.4% | |||||||
24,800 | Altria Group, Inc. | 1,001,424 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Value (Note 1) | ||||||
Tobacco (Continued) | |||||||
21,000 | Philip Morris International, Inc. | $ | 1,743,210 | ||||
2,744,634 | |||||||
Trading Companies and Distributors—0.2% | |||||||
1,000 | United Rentals, Inc.* | 270,120 | |||||
TOTAL COMMON STOCKS (Cost $103,830,928) | 109,996,041 | ||||||
Exchange-Traded Fund—2.0% | |||||||
16,580 | iShares Russell 1000 Value ETF (Cost $2,346,463) | 2,254,714 |
7-Day Yield | |||||||||||||||
Short-Term Investments—0.0% | |||||||||||||||
25,650 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $25,650) †† | 3.100 | % | 25,650 | |||||||||||
TOTAL INVESTMENTS, AT VALUE—99.4% (Cost $106,203,041) | 112,276,405 | ||||||||||||||
Other Assets in Excess of Liabilities—0.6% | 654,686 | ||||||||||||||
NET ASSETS—100.0% | $ | 112,931,091 |
Notes to the Schedule of Investments:
* | Non-income producing security |
† | Denotes all or a portion of security on loan. As of September 30, 2022, the market value of the securities on loan was $24,966 (Note 1) |
†† | Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $0. |
Percentages indicated are based on net assets.
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
At September 30, 2022, industry sector diversification of the M Large Cap Value Fund's investments as a percentage of net assets was as follows:
Summary of Sector Classifications | Percentage of Net Assets | |||
Financials | 24.5 | % | ||
Health Care | 20.7 | % | ||
Information Technology | 11.0 | % | ||
Energy | 9.6 | % | ||
Industrials | 9.1 | % | ||
Consumer Discretionary | 6.2 | % | ||
Consumer Staples | 5.4 | % | ||
Utilities | 4.5 | % | ||
Materials | 4.4 | % | ||
Communication Services | 3.7 | % | ||
Real Estate | 0.3 | % | ||
Short-Term Investments | 0.0 | % | ||
Total | 99.4 | % |
The accompanying notes are an integral part of these Schedules of Investments.
M Fund, Inc.
NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)
M Fund, Inc. (the "Corporation") was incorporated in Maryland on August 11, 1995 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of September 30, 2022, the Corporation consisted of four separate diversified investment portfolios: M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund (each singularly a “Fund” or collectively the “Funds”), each of which is a separate mutual fund.
1. | Significant Accounting Policies |
The following is a summary of significant accounting policies for the Funds. Such policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") for investment companies and are consistently followed by the Funds in the preparation of their Schedules of Investments.
Portfolio Valuation
Equity securities and other similar investments traded on a recognized U.S. securities exchange (other than the National Association of Securities Dealers Automated Quotation System “NASDAQ”) are valued at the last sale price on the exchange on which the securities are traded. If no sale occurs, equity securities and other similar investments traded on a U.S. exchange (other than NASDAQ) are valued at the most recent bid price. Equity securities and other similar investments traded on NASDAQ are valued at the NASDAQ Official Closing Price. If no sale occurs, equity securities and other similar investments traded on NASDAQ are valued at the most recent bid price. Equity securities and other similar investments traded on a non-U.S. exchange are generally valued according to the latest closing values on that exchange prior to the close of the New York Stock Exchange. However, if an event which may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, the Board of Directors may decide to value the security based on fair value. The Board of Directors has approved the use of an independent fair value service for foreign securities, which may provide a fair value price on trading days when the S&P 500 Index moves more than 0.5%. The use of a fair value price may cause the value of the security on the books of the Fund to be significantly different from the closing value on the non-U.S. exchange and may affect the calculation of the Fund’s NAV. Over-the-counter securities are valued at the last sale price on the valuation date or, if no sale occurs, at the most recent bid price. Short-term obligations maturing in sixty days or less are valued at amortized cost, which approximates market value.
Amortized cost valuation involves initially valuing a security at its cost, and thereafter, assuming a constant accretion or amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. Securities for which a pricing service supplies no quotations or quotations are not deemed to be representative of market value or for which there are no readily available market quotations are valued at fair value as determined in good faith by the Pricing Committee appointed by the Board of Directors (excluding debt securities with a remaining maturity of sixty days or less). Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the fair value hierarchy.
M Fund, Inc.
NOTES TO SCHEDULES OF INVESTMENTS (Unaudited) (Continued)
Fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is utilized to maximize the use of observable data inputs and minimize the use of unobservable data inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use to price the asset or liability, including assumptions about risk. Observable inputs are inputs that reflect the assumptions market participants would use to price the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use to price the asset or liability based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
● | Level 1 — quoted prices in active markets for identical investments; | |
● | Level 2 — quoted prices in markets that are not active or other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and | |
● | Level 3 — significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments). |
The valuation techniques used by the Funds to measure fair value during the period ended September 30, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
As of September 30, 2022, the M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund, had (i) all long-term investments classified as Level 1, as represented on the Schedule of Investments; and (ii) all short-term investments classified as Level 2.
M Fund, Inc.
NOTES TO SCHEDULES OF INVESTMENTS (Unaudited) (Continued)
The following is a summary of the inputs used as of September 30, 2022 in valuing the M International Equity Fund investments:
Assets Valuation Input
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | 263,570 | $ | 8,495,148 | $ | — | $ | 8,758,718 | ||||||||
Austria | — | 519,872 | — | 519,872 | ||||||||||||
Belgium | 42,415 | 1,274,130 | — | 1,316,545 | ||||||||||||
Canada | 15,430,931 | — | — | 15,430,931 | ||||||||||||
China | — | 28,904 | — | 28,904 | ||||||||||||
Denmark | — | 2,926,512 | — | 2,926,512 | ||||||||||||
Finland | 91,173 | 1,571,844 | — | 1,663,017 | ||||||||||||
France | 43,438 | 9,962,237 | — | 10,005,675 | ||||||||||||
Germany | 50,538 | 7,816,916 | — | 7,867,454 | ||||||||||||
Hong Kong | — | 3,157,784 | — | 3,157,784 | ||||||||||||
Ireland | 146,550 | 589,192 | — | 735,742 | ||||||||||||
Israel | 183,845 | 1,341,544 | — | 1,525,389 | ||||||||||||
Italy | 27,132 | 2,765,688 | — | 2,792,820 | ||||||||||||
Japan | 25,099 | 28,302,715 | — | 28,327,814 | ||||||||||||
Netherlands | 146,337 | 3,670,477 | — | 3,816,814 | ||||||||||||
New Zealand | — | 507,107 | — | 507,107 | ||||||||||||
Norway | 19,244 | 1,325,430 | — | 1,344,674 | ||||||||||||
Portugal | — | 346,638 | — | 346,638 | ||||||||||||
Singapore | — | 1,483,175 | — | 1,483,175 | ||||||||||||
Spain | 59,701 | 2,437,948 | — | 2,497,649 | ||||||||||||
Sweden | 5,622 | 3,442,597 | — | 3,448,219 | ||||||||||||
Switzerland | 466,957 | 9,556,095 | — | 10,023,052 | ||||||||||||
United Kingdom | 951,820 | 16,028,432 | — | 16,980,252 | ||||||||||||
United States | 736 | 31,661 | — | 32,397 | ||||||||||||
Total Common Stocks | 17,955,108 | 107,582,046 | — | 125,537,154 | ||||||||||||
Affiliated Investment Company | ||||||||||||||||
United States | 54,186,835 | — | — | 54,186,835 | ||||||||||||
Rights | ||||||||||||||||
Austria | — | — | — | — | ||||||||||||
Preferred Stocks | ||||||||||||||||
Germany | — | 650,585 | — | 650,585 | ||||||||||||
Italy | — | 21,813 | — | 21,813 | ||||||||||||
Total Preferred Stock | — | 672,398 | — | 672,398 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investments in Security Lending Collateral | — | 5,615,987 | — | 5,615,987 | ||||||||||||
Total | $ | 72,141,943 | $ | 113,870,431 | $ | — | $ | 186,012,374 |
At September 30, 2022, Level 2 Common Stocks were priced using a fair value factor applied to quoted market prices.
Securities Lending
The Funds participate in a securities lending program under the terms of a Securities Lending Agency Agreement with State Street Bank and Trust Company, which serves as the Funds’ securities lending agent. Each Fund may loan its portfolio securities in an amount up to 33 1/3 of its total assets. The Funds receive cash (U.S. currency) and non-cash (U.S. Treasuries and Agencies) as collateral against the loaned securities. Cash collateral is invested by the securities lending agent in a money market mutual fund that meets the quality and diversification requirements in accordance with Rule 2a-7 under the 1940 Act. All collateral received will be in an amount at least equal to 102% (for loans of U.S. securities) or 105% (for loans of non-U.S. securities) of the market value of the loaned securities at the inception of each loan. The market value of the loaned securities is determined each day at the close of business of the Funds and any change in the amount of collateral is delivered to or paid by the Fund the next day. The collateral value does not include the calculated mark, which is the amount charged/returned to the borrower daily to maintain 102% or 105% of market value. There is a day lag in receiving the mark, which may at times result in a collateral percentage above or below 102% or 105%.
M Fund, Inc.
NOTES TO SCHEDULES OF INVESTMENTS (Unaudited) (Continued)
The collateral received is recorded on a lending Fund’s statement of assets and liabilities, along with the related obligation to return the collateral. A Fund may also record realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. Upon an event of default under the Securities Agency Lending Agreement, there is a risk of delay in the recovery of the securities or loss of rights in the collateral. If the borrower fails to return loaned securities and collateral is insufficient to cover the value of loaned securities (provided that the insufficiency is not due to investment losses), the securities lending agent has agreed, at its option, to pay the amount of any shortfall in collateral to the Funds; or to replace the securities. Any dividends or interest payable by the issuers of the loaned portfolio securities, during the time that the securities are on loan, are paid to the borrowers of those securities. Dividend or interest payments that are made to borrowers of the loaned securities are reimbursed by the borrowers to the Funds. Such reimbursement amounts do not comprise qualified dividend income under the Internal Revenue Code of 1986, as amended.
Income generated from the investment of collateral, less negotiated rebate fees paid to the borrower through the securities lending agent, is the source of the Fund’s securities lending income, 70% of which is paid to the Fund, 30% of which is paid to the custodian as securities lending agent.
As of September 30, 2022, the value of the securities on loan and the value of the related collateral were as follows:
Market Value of Loaned Securities | Market Value of Collateral | |||||||
M International Equity Fund | $ | 10,293,113 | $ | 10,923,750 | ||||
M Capital Appreciation Fund | 4,714,404 | 4,836,946 | ||||||
M Large Cap Value Fund | 24,966 | 25,650 |
2. Tax Information
As of September 30, 2022, aggregated gross unrealized appreciation for investment securities in which there is an excess of value over tax cost and aggregate gross unrealized depreciation for investment securities in which there is an excess of tax cost over value were as follows:
Federal Income Tax Cost | Tax Basis Unrealized Appreciation | Tax Basis Unrealized Depreciation | Tax Basis Net Unrealized Appreciation/ Depreciation | |||||||||||||
M International Equity Fund | $ | 209,749,353 | $ | 10,427,849 | $ | (34,164,828 | ) | $ | (23,736,979 | ) | ||||||
M Large Cap Growth Fund | 156,683,086 | 43,494,336 | (12,168,705 | ) | 31,325,631 | |||||||||||
M Capital Appreciation Fund | 158,348,812 | 42,912,484 | (32,685,701 | ) | 10,226,783 | |||||||||||
M Large Cap Value Fund | 106,745,839 | 13,649,074 | (8,118,508 | ) | 5,530,566 |
The Funds did not have any unrecognized tax benefits as of September 30, 2022, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense. During the period ended September 30, 2022, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years, December 2019 through December 2021. No examination of any of the Funds' tax filings is currently in progress.