M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
Shares | Value (Note 1) | |||||||
Common Stocks—69.4% | ||||||||
Australia—4.6% | ||||||||
4,611 | 29Metals Ltd.* | $ | 2,060 | |||||
13,414 | Accent Group Ltd. | 16,904 | ||||||
5,596 | Adbri Ltd.* | 7,304 | ||||||
3,859 | AGL Energy Ltd.† | 26,623 | ||||||
3,578 | Allkem Ltd.*,† | 27,054 | ||||||
4,977 | ALS Ltd. | 36,704 | ||||||
1,335 | Altium Ltd. | 37,089 | ||||||
36,996 | Alumina Ltd.*,† | 22,716 | ||||||
45,536 | AMP Ltd. | 36,743 | ||||||
3,305 | Ampol Ltd. | 71,823 | ||||||
2,326 | Ansell Ltd. | 33,095 | ||||||
12,134 | ANZ Group Holdings Ltd. | 200,188 | ||||||
8,093 | APA Group | 43,188 | ||||||
3,471 | Appen Ltd.*,† | 2,767 | ||||||
1,186 | ARB Corp. Ltd.† | 23,852 | ||||||
16,116 | Ardent Leisure Group Ltd.*,† | 4,870 | ||||||
4,699 | Aristocrat Leisure Ltd. | 123,417 | ||||||
978 | ASX Ltd. | 35,917 | ||||||
10,882 | Atlas Arteria Ltd.§ | 38,691 | ||||||
477 | AUB Group Ltd. | 8,937 | ||||||
31,634 | Aurizon Holdings Ltd. | 70,983 | ||||||
5,034 | Aussie Broadband Ltd.* | 13,303 | ||||||
9,677 | Austal Ltd.§,† | 11,697 | ||||||
9,144 | Australian Agricultural Co. Ltd.*,† | 7,584 | ||||||
2,559 | Australian Ethical Investment Ltd. | 7,124 | ||||||
12,365 | Bank of Queensland Ltd.† | 45,633 | ||||||
5,183 | Bapcor Ltd.† | 22,660 | ||||||
39,961 | Beach Energy Ltd. | 42,136 | ||||||
4,696 | Bega Cheese Ltd. | 7,609 | ||||||
27,039 | Bellevue Gold Ltd.*,† | 24,078 | ||||||
6,079 | Bendigo & Adelaide Bank Ltd. | 34,903 | ||||||
19,147 | BHP Group Ltd. | 544,742 | ||||||
7,612 | BHP Group Ltd., ADR† | 432,971 | ||||||
12,902 | BHP Group Ltd., Class DI | 368,278 | ||||||
6,410 | BlueScope Steel Ltd. | 80,118 | ||||||
6,309 | Boral Ltd.* | 18,051 | ||||||
12,064 | Boss Energy Ltd.* | 37,619 | ||||||
12,498 | Brambles Ltd. | 115,070 | ||||||
18,400 | Bravura Solutions Ltd.*,† | 8,814 | ||||||
2,677 | Breville Group Ltd.† | 37,866 | ||||||
1,779 | Brickworks Ltd. | 28,561 | ||||||
3,952 | Capricorn Metals Ltd.* | 10,469 | ||||||
1,476 | carsales.com Ltd. | 26,515 | ||||||
8,204 | Challenger Ltd. | 33,864 | ||||||
9,392 | Champion Iron Ltd.† | 38,043 | ||||||
5,238 | City Chic Collective Ltd.*,† | 1,280 | ||||||
15,298 | Cleanaway Waste Management Ltd. | 23,901 | ||||||
816 | Clinuvel Pharmaceuticals Ltd.† | 7,718 | ||||||
294 | Cochlear Ltd. | 48,262 | ||||||
6,045 | Codan Ltd.† | 30,704 | ||||||
9,946 | Coles Group Ltd. | 99,503 | ||||||
5,271 | Collins Foods Ltd.† | 32,433 | ||||||
7,824 | Commonwealth Bank of Australia | 502,893 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Australia (Continued) | ||||||||
3,080 | Computershare Ltd. | $ | 51,408 | |||||
55,582 | Cooper Energy Ltd.*,† | 4,288 | ||||||
38,608 | Core Lithium Ltd.*,† | 10,053 | ||||||
16,210 | Coronado Global Resources, Inc., CDI# | 20,271 | ||||||
1,547 | Corporate Travel Management Ltd. | 16,760 | ||||||
5,529 | Costa Group Holdings Ltd. | 11,127 | ||||||
1,552 | Credit Corp. Group Ltd.† | 19,339 | ||||||
882 | CSL Ltd. | 142,224 | ||||||
9,383 | CSR Ltd.† | 34,085 | ||||||
2,536 | Data#3 Ltd. | 11,544 | ||||||
18,018 | De Grey Mining Ltd.§,*,† | 12,917 | ||||||
4,714 | Deterra Royalties Ltd. | 14,518 | ||||||
1,480 | Dicker Data Ltd.† | 9,202 | ||||||
4,479 | Domain Holdings Australia Ltd.† | 11,519 | ||||||
768 | Domino's Pizza Enterprises Ltd.† | 26,260 | ||||||
18,120 | Downer EDI Ltd.† | 47,999 | ||||||
3,054 | Eagers Automotive Ltd.† | 27,353 | ||||||
5,248 | Elders Ltd.† | 19,503 | ||||||
9,982 | Emerald Resources NL*,† | 17,328 | ||||||
9,083 | Endeavour Group Ltd. | 30,776 | ||||||
614 | EQT Holdings Ltd. | 11,038 | ||||||
7,109 | Estia Health Ltd. | 13,941 | ||||||
24,998 | Evolution Mining Ltd. | 52,878 | ||||||
1,597 | EVT Ltd.† | 11,295 | ||||||
13,551 | FleetPartners Group Ltd.*,† | 23,873 | ||||||
1,393 | Flight Centre Travel Group Ltd.† | 17,357 | ||||||
11,421 | Fortescue Metals Group Ltd. | 153,618 | ||||||
20,944 | G8 Education Ltd.† | 14,341 | ||||||
5,421 | Genesis Minerals Ltd.* | 4,827 | ||||||
10,805 | Gold Road Resources Ltd. | 11,254 | ||||||
7,355 | GrainCorp Ltd., Class A | 33,386 | ||||||
18,983 | Grange Resources Ltd.† | 5,797 | ||||||
2,140 | GUD Holdings Ltd.† | 16,195 | ||||||
9,346 | GWA Group Ltd.† | 11,087 | ||||||
2,555 | Hansen Technologies Ltd. | 8,690 | ||||||
17,395 | Harvey Norman Holdings Ltd.† | 43,283 | ||||||
15,902 | Healius Ltd.* | 23,516 | ||||||
9,874 | Helia Group Ltd. | 22,156 | ||||||
10,324 | Humm Group Ltd.† | 2,921 | ||||||
2,262 | IDP Education Ltd.† | 31,094 | ||||||
7,594 | IGO Ltd.† | 61,813 | ||||||
7,978 | Iluka Resources Ltd. | 39,394 | ||||||
13,872 | Imdex Ltd. | 13,869 | ||||||
28,249 | Incitec Pivot Ltd. | 57,031 | ||||||
11,778 | Infomedia Ltd.† | 11,965 | ||||||
5,200 | Inghams Group Ltd. | 11,100 | ||||||
16,257 | Insignia Financial Ltd.† | 25,295 | ||||||
19,190 | Insurance Australia Group Ltd. | 70,081 | ||||||
7,725 | Integral Diagnostics Ltd.† | 14,255 | ||||||
1,626 | InvoCare Ltd.† | 13,162 | ||||||
2,877 | IPH Ltd. | 13,688 | ||||||
3,090 | IRESS Ltd.† | 11,563 | ||||||
3,001 | James Hardie Industries PLC, CDI* | 78,704 | ||||||
1,702 | JB Hi-Fi Ltd.† | 49,703 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Australia (Continued) | ||||||||
2,979 | Johns Lyng Group Ltd. | $ | 12,507 | |||||
24,130 | Karoon Energy Ltd.* | 40,958 | ||||||
3,571 | Kelsian Group Ltd.† | 13,156 | ||||||
7,715 | Lendlease Corp. Ltd. | 35,615 | ||||||
2,224 | Lifestyle Communities Ltd.† | 23,165 | ||||||
10,522 | Link Administration Holdings Ltd.† | 9,336 | ||||||
21,736 | Lottery Corp. Ltd. | 65,963 | ||||||
1,516 | Lovisa Holdings Ltd. | 18,851 | ||||||
8,824 | Lynas Rare Earths Ltd.* | 38,522 | ||||||
668 | Macquarie Group Ltd. | 72,038 | ||||||
341 | Macquarie Technology Group Ltd.* | 13,900 | ||||||
3,208 | Magellan Financial Group Ltd. | 19,017 | ||||||
1,120 | Mayne Pharma Group Ltd.† | 2,340 | ||||||
1,182 | McMillan Shakespeare Ltd. | 12,243 | ||||||
16,327 | Medibank Pvt Ltd. | 36,111 | ||||||
17,899 | Metcash Ltd. | 43,501 | ||||||
1,307 | Mineral Resources Ltd. | 56,832 | ||||||
17,383 | MMA Offshore Ltd.* | 15,535 | ||||||
1,365 | Monadelphous Group Ltd. | 12,401 | ||||||
39,713 | Mount Gibson Iron Ltd.* | 11,235 | ||||||
17,488 | Myer Holdings Ltd.† | 6,409 | ||||||
3,954 | MyState Ltd.† | 7,856 | ||||||
7,649 | Nanosonics Ltd.*,† | 20,754 | ||||||
23,896 | National Australia Bank Ltd. | 446,630 | ||||||
2,783 | Netwealth Group Ltd. | 27,019 | ||||||
14,683 | New Hope Corp. Ltd. | 59,947 | ||||||
6,467 | Newcrest Mining Ltd. | 101,953 | ||||||
2,984 | NEXTDC Ltd.* | 23,771 | ||||||
9,198 | nib holdings Ltd. | 43,940 | ||||||
932 | Nick Scali Ltd.† | 6,640 | ||||||
13,553 | Nickel Industries Ltd. | 6,535 | ||||||
30,345 | Nine Entertainment Co. Holdings Ltd.† | 39,996 | ||||||
5,875 | Northern Star Resources Ltd. | 39,511 | ||||||
12,393 | NRW Holdings Ltd. | 21,594 | ||||||
10,138 | Nufarm Ltd. | 30,962 | ||||||
7,566 | OFX Group Ltd.* | 8,464 | ||||||
5,115 | Omni Bridgeway Ltd.*,† | 5,920 | ||||||
11,530 | oOh!media Ltd. | 10,490 | ||||||
4,231 | Orica Ltd. | 42,410 | ||||||
13,491 | Origin Energy Ltd. | 76,158 | ||||||
23,252 | Orora Ltd. | 41,112 | ||||||
42,639 | Paladin Energy Ltd.* | 30,156 | ||||||
12,923 | Perenti Ltd.* | 8,974 | ||||||
2,144 | Perpetual Ltd.† | 28,879 | ||||||
31,929 | Perseus Mining Ltd. | 33,770 | ||||||
2,443 | PEXA Group Ltd.*,† | 17,938 | ||||||
28,614 | Pilbara Minerals Ltd.† | 79,109 | ||||||
1,933 | Pinnacle Investment Management Group Ltd.† | 11,185 | ||||||
16,745 | Platinum Asset Management Ltd.† | 13,996 | ||||||
2,030 | Premier Investments Ltd. | 32,630 | ||||||
573 | Pro Medicus Ltd. | 30,722 | ||||||
1,615 | PWR Holdings Ltd. | 11,422 | ||||||
5,039 | Qantas Airways Ltd.* | 16,782 | ||||||
7,535 | QBE Insurance Group Ltd. | 76,109 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Australia (Continued) | ||||||||
19,799 | Qube Holdings Ltd. | $ | 36,534 | |||||
18,026 | Ramelius Resources Ltd. | 16,631 | ||||||
1,195 | Ramsay Health Care Ltd. | 39,853 | ||||||
355 | REA Group Ltd.† | 35,223 | ||||||
48,904 | Red 5 Ltd.*,† | 8,332 | ||||||
1,390 | Reece Ltd.† | 16,650 | ||||||
19,727 | Regis Resources Ltd.* | 18,898 | ||||||
13,366 | Reliance Worldwide Corp. Ltd. | 33,429 | ||||||
53,656 | Resolute Mining Ltd.*,† | 11,902 | ||||||
9,216 | Ridley Corp. Ltd. | 13,629 | ||||||
3,221 | Rio Tinto Ltd.† | 235,155 | ||||||
12,006 | Sandfire Resources Ltd.* | 47,551 | ||||||
40,802 | Santos Ltd. | 207,246 | ||||||
2,534 | SEEK Ltd.† | 35,957 | ||||||
3,265 | Select Harvests Ltd.† | 8,418 | ||||||
44,942 | Service Stream Ltd.† | 26,873 | ||||||
1,946 | Seven Group Holdings Ltd. | 38,974 | ||||||
62,916 | Seven West Media Ltd.*,† | 12,742 | ||||||
6,363 | Sierra Rutile Holdings Ltd.*,† | 777 | ||||||
22,687 | Sigma Healthcare Ltd. | 10,065 | ||||||
30,638 | Silver Lake Resources Ltd.* | 16,645 | ||||||
3,115 | Sims Ltd. | 27,098 | ||||||
4,280 | SmartGroup Corp. Ltd.† | 22,785 | ||||||
7,231 | Solvar Ltd.† | 4,858 | ||||||
5,553 | Sonic Healthcare Ltd. | 106,395 | ||||||
56,811 | South32 Ltd. | 123,825 | ||||||
3,457 | Southern Cross Media Group Ltd.† | 1,689 | ||||||
21,630 | St. Barbara Ltd.*,† | 2,434 | ||||||
17,751 | Star Entertainment Group Ltd.* | 7,019 | ||||||
22,996 | Star Entertainment Group Ltd.*,† | 9,019 | ||||||
8,257 | Steadfast Group Ltd. | 29,942 | ||||||
8,934 | Suncorp Group Ltd. | 80,245 | ||||||
4,830 | Super Retail Group Ltd. | 37,234 | ||||||
24,332 | Superloop Ltd.*,† | 10,403 | ||||||
17,571 | Syrah Resources Ltd.*,† | 5,762 | ||||||
50,321 | Tabcorp Holdings Ltd. | 30,413 | ||||||
3,536 | Technology One Ltd. | 35,262 | ||||||
24,704 | Telstra Group Ltd. | 61,151 | ||||||
32,463 | Terracom Ltd.† | 9,288 | ||||||
2,964 | TPG Telecom Ltd.† | 10,405 | ||||||
12,558 | Transurban Group | 102,461 | ||||||
5,520 | Treasury Wine Estates Ltd. | 43,760 | ||||||
4,434 | United Malt Group Ltd.* | 14,083 | ||||||
8,992 | Ventia Services Group Pty. Ltd. | 16,304 | ||||||
14,458 | Viva Energy Group Ltd.# | 27,887 | ||||||
3,525 | Webjet Ltd.*,† | 15,298 | ||||||
6,654 | Wesfarmers Ltd. | 226,145 | ||||||
24,722 | West African Resources Ltd.* | 12,239 | ||||||
11,815 | Westgold Resources Ltd.* | 12,876 | ||||||
15,208 | Westpac Banking Corp. | 206,804 | ||||||
14,291 | Whitehaven Coal Ltd. | 65,330 | ||||||
679 | WiseTech Global Ltd. | 28,398 | ||||||
21,360 | Woodside Energy Group Ltd. | 500,566 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Australia (Continued) | ||||||||
1,661 | Woodside Energy Group Ltd., ADR† | $ | 38,685 | |||||
7,001 | Woolworths Group Ltd. | 167,988 | ||||||
2,076 | Worley Ltd. | 23,238 | ||||||
487 | Xero Ltd.* | 35,204 | ||||||
3,672 | Yancoal Australia Ltd.† | 12,206 | ||||||
10,187,123 | ||||||||
Austria—0.3% | ||||||||
939 | ANDRITZ AG | 47,474 | ||||||
829 | AT&S Austria Technologie & Systemtechnik AG | 24,558 | ||||||
1,157 | BAWAG Group AG# | 53,162 | ||||||
694 | CA Immobilien Anlagen AG | 23,039 | ||||||
133 | DO & Co. AG | 14,596 | ||||||
2,395 | Erste Group Bank AG | 83,104 | ||||||
988 | Eurotelesites AG* | 4,324 | ||||||
614 | EVN AG | 16,424 | ||||||
1,377 | FACC AG* | 8,866 | ||||||
482 | Lenzing AG* | 19,798 | ||||||
232 | Mayr Melnhof Karton AG | 31,347 | ||||||
463 | Oesterreichische Post AG | 15,199 | ||||||
2,138 | OMV AG | 102,441 | ||||||
552 | Palfinger AG | 13,044 | ||||||
861 | Porr AG | 10,687 | ||||||
3,082 | Raiffeisen Bank International AG* | 44,999 | ||||||
127 | Schoeller-Bleckmann Oilfield Equipment AG | 7,492 | ||||||
3,952 | Telekom Austria AG | 27,576 | ||||||
4,149 | UNIQA Insurance Group AG | 33,601 | ||||||
470 | Verbund AG | 38,287 | ||||||
884 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 24,674 | ||||||
2,381 | voestalpine AG | 65,047 | ||||||
1,970 | Wienerberger AG | 50,070 | ||||||
759,809 | ||||||||
Belgium—0.8% | ||||||||
405 | Ackermans & van Haaren NV | 61,273 | ||||||
4,324 | Ageas SA | 178,428 | ||||||
5,568 | AGFA-Gevaert NV* | 10,773 | ||||||
5,257 | Anheuser-Busch InBev SA | 291,849 | ||||||
69 | Argenx SE* | 33,601 | ||||||
706 | Azelis Group NV | 13,965 | ||||||
863 | Barco NV | 16,770 | ||||||
781 | Bekaert SA | 35,043 | ||||||
2,798 | bpost SA | 15,338 | ||||||
105 | Cie d'Entreprises CFE | 777 | ||||||
174 | D'ieteren Group | 29,415 | ||||||
7,013 | Deceuninck NV | 16,089 | ||||||
105 | Deme Group NV | 11,545 | ||||||
289 | Elia Group SA | 28,309 | ||||||
1,392 | Etablissements Franz Colruyt NV | 60,281 | ||||||
1,410 | Euronav NV | 22,897 | ||||||
2,078 | Euronav NV† | 34,142 | ||||||
548 | EVS Broadcast Equipment SA | 15,556 | ||||||
1,400 | Fagron | 23,845 | ||||||
799 | Galapagos NV* | 27,479 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Belgium (Continued) | ||||||||
713 | Gimv NV | $ | 31,170 | |||||
534 | Ion Beam Applications | 5,578 | ||||||
3,331 | KBC Group NV | 208,273 | ||||||
242 | Kinepolis Group NV† | 12,051 | ||||||
9 | Lotus Bakeries NV | 73,172 | ||||||
216 | Melexis NV | 18,658 | ||||||
2,034 | Ontex Group NV*,† | 14,946 | ||||||
1,080 | Orange Belgium SA* | 15,689 | ||||||
5,922 | Proximus SADP | 48,197 | ||||||
1,437 | Recticel SA† | 14,251 | ||||||
207 | Shurgard Self Storage Ltd. | 8,207 | ||||||
214 | Sipef NV | 11,901 | ||||||
1,351 | Solvay SA | 149,762 | ||||||
688 | Tessenderlo Group SA | 19,858 | ||||||
685 | UCB SA | 56,156 | ||||||
2,988 | Umicore SA | 70,921 | ||||||
281 | VGP NV | 26,129 | ||||||
1,712,294 | ||||||||
Canada—7.6% | ||||||||
553 | ADENTRA, Inc. | 12,491 | ||||||
5,500 | Advantage Energy Ltd.* | 37,537 | ||||||
1,679 | Aecon Group, Inc. | 14,030 | ||||||
607 | Ag Growth International, Inc. | 23,793 | ||||||
3,500 | AGF Management Ltd., Class B | 18,424 | ||||||
2,878 | Agnico-Eagle Mines Ltd. | 130,779 | ||||||
5,042 | Aimia, Inc.* | 11,433 | ||||||
1,100 | Air Canada* | 15,695 | ||||||
5,242 | Alamos Gold, Inc., Class A | 59,158 | ||||||
3,609 | Algonquin Power & Utilities Corp. | 21,363 | ||||||
1,439 | Algonquin Power & Utilities Corp.† | 8,519 | ||||||
5,291 | Alimentation Couche-Tard, Inc. | 268,708 | ||||||
3,374 | AltaGas Ltd. | 64,710 | ||||||
1,300 | Altius Minerals Corp. | 21,018 | ||||||
785 | Altus Group Ltd. | 27,175 | ||||||
600 | Andlauer Healthcare Group, Inc. | 18,257 | ||||||
9,636 | ARC Resources Ltd. | 153,807 | ||||||
1,389 | Aritzia, Inc.* | 24,165 | ||||||
1,300 | Atco Ltd., Class I | 32,925 | ||||||
553 | ATS Corp.* | 23,574 | ||||||
84 | Aurora Cannabis, Inc.* | 49 | ||||||
11,482 | B2Gold Corp. | 32,969 | ||||||
850 | Badger Infrastructure Solutions Ltd. | 21,709 | ||||||
4,435 | Ballard Power Systems, Inc.*,† | 16,276 | ||||||
4,215 | Bank of Montreal | 355,571 | ||||||
9,349 | Bank of Nova Scotia | 419,044 | ||||||
800 | Bank of Nova Scotia† | 36,472 | ||||||
7,297 | Barrick Gold Corp. | 106,118 | ||||||
1,119 | Bausch & Lomb Corp.* | 18,967 | ||||||
5,083 | Bausch Health Cos., Inc.* | 41,852 | ||||||
12,953 | Baytex Energy Corp. | 57,124 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Canada (Continued) | ||||||||
5,774 | BCE, Inc. | $ | 220,396 | |||||
8,300 | Birchcliff Energy Ltd. | 47,298 | ||||||
1,900 | Bird Construction, Inc. | 14,394 | ||||||
4,601 | BlackBerry Ltd.* | 21,781 | ||||||
1,028 | Bombardier, Inc., Class B* | 35,845 | ||||||
1,262 | Boralex, Inc., Class A | 27,112 | ||||||
400 | Boyd Group Services, Inc. | 71,130 | ||||||
1,680 | Brookfield Corp. | 52,531 | ||||||
2,384 | Brookfield Corp., Class A† | 74,548 | ||||||
929 | Brookfield Infrastructure Corp., Class A | 32,839 | ||||||
385 | BRP, Inc. | 29,142 | ||||||
1,722 | CAE, Inc.* | 40,209 | ||||||
902 | Cameco Corp. | 35,788 | ||||||
1,985 | Canaccord Genuity Group, Inc. | 11,779 | ||||||
400 | Canada Goose Holdings, Inc.* | 5,866 | ||||||
1,112 | Canada Goose Holdings, Inc.*,† | 16,302 | ||||||
7,756 | Canadian Imperial Bank of Commerce | 299,404 | ||||||
2,000 | Canadian National Railway Co. | 216,588 | ||||||
1,197 | Canadian National Railway Co.† | 129,671 | ||||||
10,892 | Canadian Natural Resources Ltd. | 704,401 | ||||||
1,000 | Canadian Pacific Kansas City Ltd. | 74,331 | ||||||
1,695 | Canadian Pacific Kansas City Ltd.† | 126,125 | ||||||
684 | Canadian Tire Corp. Ltd., Class A† | 73,549 | ||||||
1,300 | Canadian Utilities Ltd., Class A | 27,469 | ||||||
1,880 | Canadian Western Bank | 38,950 | ||||||
1,876 | Canfor Corp.* | 23,301 | ||||||
700 | Canopy Growth Corp.* | 548 | ||||||
1,494 | Capital Power Corp. | 41,710 | ||||||
4,800 | Capstone Copper Corp.* | 20,356 | ||||||
3,000 | Cardinal Energy Ltd.† | 16,345 | ||||||
3,900 | Cascades, Inc.† | 35,231 | ||||||
1,124 | CCL Industries, Inc., Class B | 47,178 | ||||||
2,966 | Celestica, Inc.* | 72,586 | ||||||
13,554 | Cenovus Energy, Inc. | 282,201 | ||||||
5,235 | Centerra Gold, Inc. | 25,592 | ||||||
9,000 | CES Energy Solutions Corp. | 25,511 | ||||||
1,321 | CGI, Inc.* | 130,208 | ||||||
4,289 | CI Financial Corp. | 48,819 | ||||||
900 | Cineplex, Inc.* | 6,275 | ||||||
440 | Cogeco Communications, Inc. | 20,367 | ||||||
300 | Cogeco, Inc.† | 10,882 | ||||||
325 | Colliers International Group, Inc. | 30,951 | ||||||
131 | Colliers International Group, Inc.† | 12,478 | ||||||
2,500 | Computer Modelling Group Ltd. | 15,645 | ||||||
122 | Constellation Software, Inc. | 251,866 | ||||||
4,700 | Converge Technology Solutions Corp. | 9,620 | ||||||
5,812 | Corus Entertainment, Inc., Class B | 4,407 | ||||||
3,354 | Crescent Point Energy Corp. | 27,805 | ||||||
11,777 | Crescent Point Energy Corp.† | 97,749 | ||||||
4,900 | Crew Energy, Inc.* | 21,032 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Canada (Continued) | ||||||||
12,200 | Cronos Group, Inc.* | $ | 24,342 | |||||
1,252 | Definity Financial Corp. | 34,567 | ||||||
7,600 | Denison Mines Corp.* | 12,478 | ||||||
511 | Descartes Systems Group, Inc.* | 37,497 | ||||||
2,240 | Dollarama, Inc. | 154,330 | ||||||
5,200 | Doman Building Materials Group Ltd. | 28,254 | ||||||
1,821 | Dorel Industries, Inc., Class B*,† | 7,763 | ||||||
1,100 | DREAM Unlimited Corp., Class A | 14,885 | ||||||
6,100 | Dundee Precious Metals, Inc. | 37,725 | ||||||
742 | Dye & Durham Ltd. | 7,260 | ||||||
4,100 | ECN Capital Corp. | 6,943 | ||||||
3,501 | Eldorado Gold Corp.* | 31,240 | ||||||
5,962 | Element Fleet Management Corp. | 85,551 | ||||||
1,863 | Emera, Inc. | 65,042 | ||||||
2,538 | Empire Co. Ltd., Class A | 69,044 | ||||||
7,917 | Enbridge, Inc. | 262,651 | ||||||
1,665 | Endeavour Mining PLC | 32,632 | ||||||
2,894 | Endeavour Silver Corp.* | 7,032 | ||||||
2,494 | Enerflex Ltd. | 14,322 | ||||||
3,834 | Enerplus Corp. | 67,464 | ||||||
882 | Enghouse Systems Ltd. | 19,468 | ||||||
7,100 | Ensign Energy Services, Inc.* | 17,041 | ||||||
500 | EQB, Inc. | 27,756 | ||||||
1,697 | Equinox Gold Corp.* | 7,178 | ||||||
700 | ERO Copper Corp.* | 12,070 | ||||||
700 | Exchange Income Corp. | 23,109 | ||||||
4,400 | Extendicare, Inc. | 19,664 | ||||||
283 | Fairfax Financial Holdings Ltd. | 231,019 | ||||||
2,600 | Fiera Capital Corp. | 10,758 | ||||||
3,498 | Finning International, Inc. | 103,169 | ||||||
2,505 | First Majestic Silver Corp. | 12,851 | ||||||
400 | First National Financial Corp. | 10,499 | ||||||
3,171 | First Quantum Minerals Ltd. | 74,918 | ||||||
347 | FirstService Corp. | 50,472 | ||||||
2,589 | Fortis, Inc. | 98,337 | ||||||
10,041 | Fortuna Silver Mines, Inc.* | 27,353 | ||||||
356 | Franco-Nevada Corp. | 47,526 | ||||||
3,500 | Freehold Royalties Ltd. | 37,880 | ||||||
2,000 | Frontera Energy Corp.* | 15,829 | ||||||
645 | George Weston Ltd. | 71,531 | ||||||
1,991 | GFL Environmental, Inc. | 63,234 | ||||||
2,300 | Gibson Energy, Inc. | 32,902 | ||||||
571 | Gildan Activewear, Inc. | 16,004 | ||||||
1,005 | Gildan Activewear, Inc.† | 28,150 | ||||||
300 | goeasy Ltd. | 23,552 | ||||||
570 | Gran Tierra Energy, Inc.* | 3,953 | ||||||
2,643 | Great-West Lifeco, Inc. | 75,617 | ||||||
400 | Guardian Capital Group Ltd., Class A | 12,663 | ||||||
1,700 | Heroux-Devtek, Inc.* | 20,051 | ||||||
7,321 | Hudbay Minerals, Inc. | 35,628 | ||||||
2,098 | Hydro One Ltd.# | 53,413 | ||||||
1,752 | iA Financial Corp., Inc. | 109,899 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Canada (Continued) | ||||||||
3,400 | IAMGOLD Corp.* | $ | 7,334 | |||||
1,311 | IGM Financial, Inc. | 33,252 | ||||||
2,077 | Imperial Oil Ltd. | 127,927 | ||||||
3,417 | Innergex Renewable Energy, Inc. | 25,585 | ||||||
1,388 | Intact Financial Corp. | 202,357 | ||||||
1,545 | Interfor Corp.* | 22,921 | ||||||
1,600 | Invesque, Inc.* | 632 | ||||||
3,868 | Ivanhoe Mines Ltd., Class A* | 33,148 | ||||||
700 | Jamieson Wellness, Inc.# | 12,560 | ||||||
500 | K-Bro Linen, Inc. | 11,688 | ||||||
5,000 | K92 Mining, Inc.* | 21,241 | ||||||
2,067 | Karora Resources, Inc.* | 5,829 | ||||||
7,152 | Kelt Exploration Ltd.* | 38,176 | ||||||
2,848 | Keyera Corp.† | 66,867 | ||||||
14,007 | Kinross Gold Corp. | 63,841 | ||||||
3,700 | Knight Therapeutics, Inc.* | 12,258 | ||||||
600 | Labrador Iron Ore Royalty Corp. | 14,202 | ||||||
200 | Lassonde Industries, Inc., Class A | 18,559 | ||||||
800 | Laurentian Bank of Canada | 17,829 | ||||||
1,700 | Leon's Furniture Ltd. | 23,055 | ||||||
2,310 | Lightspeed Commerce, Inc.* | 32,409 | ||||||
1,389 | Linamar Corp. | 66,911 | ||||||
1,971 | Loblaw Cos. Ltd. | 167,461 | ||||||
6,780 | Logan Energy Corp.* | 5,042 | ||||||
8,900 | Lucara Diamond Corp.*,† | 2,556 | ||||||
1,300 | Lundin Gold, Inc. | 14,596 | ||||||
8,650 | Lundin Mining Corp. | 64,513 | ||||||
725 | MAG Silver Corp.* | 7,518 | ||||||
3,172 | Magna International, Inc. | 169,991 | ||||||
4,800 | Major Drilling Group International, Inc.* | 29,226 | ||||||
19,855 | Manulife Financial Corp. | 362,898 | ||||||
1,530 | Maple Leaf Foods, Inc. | 29,400 | ||||||
1,800 | Martinrea International, Inc. | 16,579 | ||||||
1,895 | Medical Facilities Corp. | 13,198 | ||||||
4,052 | MEG Energy Corp.* | 78,847 | ||||||
1,500 | Methanex Corp. | 67,590 | ||||||
1,582 | Metro, Inc. | 82,160 | ||||||
470 | MTY Food Group, Inc. | 20,077 | ||||||
2,700 | Mullen Group Ltd. | 26,677 | ||||||
3,640 | National Bank of Canada | 241,809 | ||||||
14,800 | New Gold, Inc.* | 13,620 | ||||||
1,740 | NFI Group, Inc.* | 16,551 | ||||||
721 | North American Construction Group Ltd. | 15,622 | ||||||
1,126 | North West Co., Inc. | 28,352 | ||||||
3,162 | Northland Power, Inc. | 51,495 | ||||||
6,151 | Nutrien Ltd. | 379,882 | ||||||
385 | Nuvei Corp. | 5,775 | ||||||
5,200 | NuVista Energy Ltd.* | 49,770 | ||||||
1,300 | Obsidian Energy Ltd.* | 10,686 | ||||||
18,600 | OceanaGold Corp. | 36,426 | ||||||
1,293 | Onex Corp. | 75,995 | ||||||
1,253 | Open Text Corp. | 43,976 | ||||||
2,300 | Orla Mining Ltd.* | 8,211 | ||||||
1,864 | Osisko Gold Royalties Ltd. | 21,889 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Canada (Continued) | ||||||||
3,213 | Osisko Mining, Inc.* | $ | 5,819 | |||||
2,072 | Pan American Silver Corp. | 29,991 | ||||||
2,056 | Paramount Resources Ltd., Class A | 48,817 | ||||||
2,849 | Parex Resources, Inc. | 53,467 | ||||||
700 | Park Lawn Corp. | 9,627 | ||||||
2,635 | Parkland Corp. | 77,076 | ||||||
1,760 | Pason Systems, Inc. | 17,467 | ||||||
5,868 | Pembina Pipeline Corp. | 176,429 | ||||||
4,630 | Peyto Exploration & Development Corp.† | 46,666 | ||||||
1,800 | Pipestone Energy Corp. | 2,836 | ||||||
2,800 | PrairieSky Royalty Ltd. | 51,454 | ||||||
280 | Precision Drilling Corp.* | 18,762 | ||||||
700 | Premium Brands Holdings Corp.† | 49,012 | ||||||
3,587 | Primo Water Corp. | 49,524 | ||||||
1,764 | Quebecor, Inc., Class B | 37,806 | ||||||
622 | RB Global, Inc. | 38,943 | ||||||
1,200 | Real Matters, Inc.* | 5,478 | ||||||
1,200 | Restaurant Brands International, Inc. | 79,912 | ||||||
745 | Richelieu Hardware Ltd.† | 21,819 | ||||||
4,204 | Rogers Communications, Inc., Class B | 161,410 | ||||||
5,300 | Rogers Sugar, Inc. | 21,032 | ||||||
8,790 | Royal Bank of Canada | 768,175 | ||||||
1,740 | Russel Metals, Inc. | 48,706 | ||||||
2,004 | Saputo, Inc. | 41,902 | ||||||
1,585 | Savaria Corp. | 16,559 | ||||||
907 | Seabridge Gold, Inc.* | 9,540 | ||||||
8,505 | Secure Energy Services, Inc. | 46,713 | ||||||
1,968 | Shawcor Ltd.* | 23,023 | ||||||
700 | Shopify, Inc., Class A* | 38,209 | ||||||
1,794 | Sienna Senior Living, Inc. | 14,120 | ||||||
1,359 | Sleep Country Canada Holdings, Inc.# | 23,283 | ||||||
1,248 | SNC-Lavalin Group, Inc. | 41,632 | ||||||
3,390 | Spartan Delta Corp. | 10,108 | ||||||
400 | Spin Master Corp.# | 10,057 | ||||||
700 | Sprott, Inc. | 21,329 | ||||||
4,381 | SSR Mining, Inc. | 58,188 | ||||||
1,100 | Stantec, Inc. | 71,373 | ||||||
700 | Stelco Holdings, Inc. | 19,342 | ||||||
1,100 | Stella-Jones, Inc. | 52,900 | ||||||
3,623 | StorageVault Canada, Inc. | 12,057 | ||||||
2,958 | Sun Life Financial, Inc. | 144,331 | ||||||
7,810 | Suncor Energy, Inc. | 268,585 | ||||||
7,958 | Suncor Energy, Inc.† | 273,596 | ||||||
2,900 | SunOpta, Inc.* | 9,773 | ||||||
3,579 | Superior Plus Corp. | 27,035 | ||||||
1,699 | Surge Energy, Inc. | 11,583 | ||||||
10,300 | Tamarack Valley Energy Ltd. | 29,575 | ||||||
4,400 | Taseko Mines Ltd.* | 5,588 | ||||||
2,442 | TC Energy Corp. | 83,980 | ||||||
6,591 | TC Energy Corp.† | 226,796 | ||||||
6,165 | Teck Resources Ltd., Class B | 265,503 | ||||||
850 | TELUS International CDA, Inc.* | 6,465 | ||||||
640 | TFI International, Inc. | 82,195 | ||||||
527 | Thomson Reuters Corp. | 64,466 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Canada (Continued) | ||||||||
3,200 | Timbercreek Financial Corp.† | $ | 15,926 | |||||
1,930 | TMX Group Ltd. | 41,477 | ||||||
1,500 | Topaz Energy Corp. | 23,666 | ||||||
2,171 | Torex Gold Resources, Inc.* | 22,585 | ||||||
856 | Toromont Industries Ltd. | 69,715 | ||||||
7,806 | Toronto-Dominion Bank | 470,285 | ||||||
1,700 | Toronto-Dominion Bank† | 102,442 | ||||||
4,137 | Tourmaline Oil Corp. | 208,183 | ||||||
3,838 | TransAlta Corp. | 33,428 | ||||||
2,812 | TransAlta Renewables, Inc. | 25,444 | ||||||
2,100 | Transcontinental, Inc., Class A | 17,641 | ||||||
12,242 | Trican Well Service Ltd. | 41,911 | ||||||
3,001 | Tricon Residential, Inc. | 22,183 | ||||||
496 | Trisura Group Ltd.* | 11,003 | ||||||
2,344 | Vermilion Energy, Inc. | 34,291 | ||||||
2,200 | Vermilion Energy, Inc.† | 32,164 | ||||||
1,800 | Wajax Corp. | 37,292 | ||||||
787 | Waste Connections, Inc. | 105,686 | ||||||
2,200 | Wesdome Gold Mines Ltd.* | 11,484 | ||||||
870 | West Fraser Timber Co. Ltd. | 63,163 | ||||||
200 | West Fraser Timber Co. Ltd.† | 14,508 | ||||||
12,500 | Western Forest Products, Inc. | 7,546 | ||||||
1,100 | Westshore Terminals Investment Corp.† | 20,401 | ||||||
946 | Wheaton Precious Metals Corp. | 38,390 | ||||||
11,664 | Whitecap Resources, Inc. | 98,499 | ||||||
1,081 | Winpak Ltd. | 30,745 | ||||||
752 | WSP Global, Inc. | 106,135 | ||||||
16,747,535 | ||||||||
Denmark—1.9% | ||||||||
2,040 | ALK-Abello AS* | 22,975 | ||||||
24,690 | Alm Brand AS | 37,064 | ||||||
2,798 | Ambu AS, Class B* | 29,295 | ||||||
29 | AP Moller - Maersk AS, Class A | 51,509 | ||||||
30 | AP Moller - Maersk AS, Class B | 54,157 | ||||||
2,721 | Bang & Olufsen AS* | 3,329 | ||||||
1,376 | Bavarian Nordic AS* | 30,916 | ||||||
1,061 | Carlsberg AS, Class B | 134,068 | ||||||
408 | Chemometec AS* | 19,456 | ||||||
646 | Chr Hansen Holding AS | 39,596 | ||||||
1,351 | Coloplast AS, Class B | 143,173 | ||||||
805 | D/S Norden AS | 44,846 | ||||||
4,232 | Danske Bank AS | 98,594 | ||||||
1,139 | Demant AS* | 47,243 | ||||||
778 | Dfds AS | 25,718 | ||||||
1,325 | DSV AS | 247,741 | ||||||
1,244 | FLSmidth & Co. AS | 56,289 | ||||||
280 | Genmab AS* | 99,546 | ||||||
2,467 | GN Store Nord AS* | 44,675 | ||||||
8,387 | H Lundbeck AS | 45,297 | ||||||
4,236 | H Lundbeck AS, Class A | 20,044 | ||||||
818 | H+H International AS, Class B* | 8,279 | ||||||
3,142 | ISS AS | 48,414 | ||||||
958 | Jyske Bank AS, Registered* | 70,236 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Denmark (Continued) | ||||||||
1,970 | Matas AS | $ | 27,255 | |||||
826 | Netcompany Group AS#,* | 31,462 | ||||||
266 | Nilfisk Holding AS* | 4,683 | ||||||
927 | NKT AS* | 48,489 | ||||||
362 | NNIT AS#,* | 4,362 | ||||||
20,596 | Novo Nordisk AS, Class B | 1,879,915 | ||||||
1,607 | Novozymes AS, Class B | 64,855 | ||||||
218 | NTG Nordic Transport Group AS* | 11,233 | ||||||
611 | Orsted AS# | 33,354 | ||||||
1,564 | Pandora AS | 162,199 | ||||||
376 | Per Aarsleff Holding AS | 17,269 | ||||||
576 | Ringkjoebing Landbobank AS | 83,365 | ||||||
128 | ROCKWOOL AS, Class A | 31,064 | ||||||
82 | ROCKWOOL AS, Class B | 19,906 | ||||||
980 | Royal Unibrew AS | 75,822 | ||||||
1,644 | Scandinavian Tobacco Group AS# | 25,052 | ||||||
336 | Schouw & Co. AS | 22,410 | ||||||
105 | Solar AS, Class B | 7,070 | ||||||
273 | SP Group AS | 7,856 | ||||||
1,256 | Spar Nord Bank AS | 19,478 | ||||||
1,121 | Sydbank AS | 53,425 | ||||||
822 | Topdanmark AS | 35,749 | ||||||
543 | TORM PLC, Class A† | 14,725 | ||||||
2,761 | Tryg AS | 50,626 | ||||||
4,074 | Vestas Wind Systems AS* | 87,527 | ||||||
615 | Zealand Pharma AS* | 26,659 | ||||||
4,268,270 | ||||||||
Finland—0.9% | ||||||||
1,045 | Aktia Bank Oyj | 10,054 | ||||||
844 | Cargotec Oyj, Class B | 35,389 | ||||||
1,476 | Caverion Oyj | 13,436 | ||||||
2,991 | Citycon Oyj*,† | 16,776 | ||||||
1,612 | Elisa Oyj | 74,801 | ||||||
628 | Enento Group Oyj# | 14,076 | ||||||
25,135 | Finnair Oyj* | 13,712 | ||||||
945 | Fiskars Oyj Abp† | 17,424 | ||||||
5,259 | Fortum Oyj† | 61,133 | ||||||
1,699 | Huhtamaki Oyj† | 55,954 | ||||||
2,519 | Kemira Oyj | 39,256 | ||||||
1,396 | Kesko Oyj, Class A† | 25,534 | ||||||
4,735 | Kesko Oyj, Class B | 84,953 | ||||||
2,038 | Kojamo Oyj | 18,099 | ||||||
2,610 | Kone Oyj, Class B | 110,156 | ||||||
1,119 | Konecranes Oyj | 37,219 | ||||||
1,919 | Lassila & Tikanoja Oyj† | 19,761 | ||||||
560 | Marimekko Oyj† | 6,223 | ||||||
3,137 | Metsa Board Oyj, Class B† | 25,223 | ||||||
6,084 | Metso Oyj | 64,027 | ||||||
705 | Musti Group Oyj* | 13,417 | ||||||
2,330 | Neste Oyj† | 79,149 | ||||||
14,164 | Nokia Oyj | 53,430 | ||||||
21,352 | Nokia Oyj, ADR† | 79,857 | ||||||
3,005 | Nokian Renkaat Oyj | 23,663 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Finland (Continued) | ||||||||
23,612 | Nordea Bank Abp | $ | 259,923 | |||||
281 | Olvi Oyj, Class A | 8,972 | ||||||
7,100 | Oriola Oyj, Class B† | 6,996 | ||||||
727 | Orion Oyj, Class A | 28,554 | ||||||
1,879 | Orion Oyj, Class B | 73,940 | ||||||
11,023 | Outokumpu Oyj† | 46,255 | ||||||
280 | QT Group Oyj* | 15,405 | ||||||
7,476 | Raisio Oyj, Class V | 16,322 | ||||||
667 | Revenio Group Oyj | 14,456 | ||||||
2,463 | Sampo Oyj, Class A | 106,712 | ||||||
2,191 | Sanoma Oyj† | 16,122 | ||||||
5,416 | Stora Enso Oyj, Class R | 68,083 | ||||||
1,519 | Terveystalo Oyj#,† | 12,141 | ||||||
1,706 | TietoEVRY Oyj | 38,418 | ||||||
1,633 | Tokmanni Group Corp.† | 22,703 | ||||||
2,848 | UPM-Kymmene Oyj | 97,769 | ||||||
775 | Uponor Oyj | 23,303 | ||||||
559 | Vaisala Oyj, Class A | 19,621 | ||||||
3,097 | Valmet Oyj† | 70,922 | ||||||
4,259 | Wartsila Oyj Abp | 48,428 | ||||||
6,293 | YIT Oyj† | 14,464 | ||||||
2,002,231 | ||||||||
France—5.9% | ||||||||
1,445 | Accor SA | 48,796 | ||||||
335 | Aeroports de Paris SA | 39,633 | ||||||
971 | Air France-KLM* | 12,214 | ||||||
1,581 | Air Liquide SA | 267,175 | ||||||
1,579 | Airbus SE | 211,980 | ||||||
4,246 | ALD SA# | 32,927 | ||||||
3,239 | Alstom SA† | 77,392 | ||||||
609 | Alten SA | 80,226 | ||||||
514 | Amundi SA# | 28,992 | ||||||
1,050 | Arkema SA | 103,862 | ||||||
1,585 | Atos SE*,† | 11,073 | ||||||
368 | Aubay | 15,076 | ||||||
3,777 | AXA SA | 112,529 | ||||||
1,320 | Beneteau SA | 15,993 | ||||||
446 | BioMerieux | 43,296 | ||||||
4,454 | BNP Paribas SA | 284,564 | ||||||
5,145 | Bollore SE | 27,687 | ||||||
541 | Bonduelle SCA† | 6,040 | ||||||
3,829 | Bouygues SA | 134,158 | ||||||
4,585 | Bureau Veritas SA | 113,965 | ||||||
1,853 | Capgemini SE | 324,816 | ||||||
7,224 | Carrefour SA | 124,378 | ||||||
20,011 | CGG SA* | 14,264 | ||||||
492 | Chargeurs SA† | 4,198 | ||||||
5,141 | Cie de Saint-Gobain SA | 309,161 | ||||||
834 | Cie des Alpes | 11,463 | ||||||
7,397 | Cie Generale des Etablissements Michelin SCA | 227,341 | ||||||
1,245 | Cie Plastic Omnium SE | 20,271 | ||||||
1,540 | Clariane SE† | 9,281 | ||||||
2,606 | Coface SA | 33,283 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
France (Continued) | ||||||||
5,951 | Credit Agricole SA | $ | 73,562 | |||||
1,317 | Danone SA | 72,767 | ||||||
150 | Dassault Aviation SA | 28,292 | ||||||
1,928 | Dassault Systemes SE | 71,945 | ||||||
3,271 | Derichebourg SA | 16,531 | ||||||
1,478 | Edenred SE | 92,632 | ||||||
1,145 | Eiffage SA | 108,998 | ||||||
1,532 | Elior Group SA#,*,† | 3,144 | ||||||
5,226 | Elis SA | 92,050 | ||||||
16,086 | Engie SA | 247,111 | ||||||
132 | Equasens | 10,174 | ||||||
228 | Eramet SA† | 17,416 | ||||||
141 | ESI Group* | 22,584 | ||||||
545 | EssilorLuxottica SA | 95,165 | ||||||
4,202 | Etablissements Maurel et Prom SA† | 21,733 | ||||||
974 | Eurazeo SE | 58,130 | ||||||
216 | Euroapi SA* | 2,724 | ||||||
1,271 | Eurofins Scientific SE | 71,891 | ||||||
947 | Euronext NV# | 66,080 | ||||||
5,262 | Eutelsat Communications SA† | 31,099 | ||||||
507 | Exclusive Networks SA*,† | 9,230 | ||||||
562 | Fnac Darty SA | 13,785 | ||||||
4,424 | Forvia SE* | 91,721 | ||||||
557 | Gaztransport Et Technigaz SA | 68,605 | ||||||
2,993 | Getlink SE | 47,813 | ||||||
146 | Hermes International SCA | 267,009 | ||||||
77 | ID Logistics Group SACA* | 20,311 | ||||||
743 | Imerys SA | 21,995 | ||||||
264 | Interparfums SA | 14,681 | ||||||
644 | Ipsen SA | 84,564 | ||||||
810 | IPSOS SA | 37,286 | ||||||
530 | Jacquet Metals SACA | 9,022 | ||||||
1,625 | JCDecaux SE* | 27,523 | ||||||
685 | Kaufman & Broad SA | 19,988 | ||||||
708 | Kering SA | 323,291 | ||||||
792 | L'Oreal SA | 329,243 | ||||||
1,986 | La Francaise des Jeux SAEM# | 64,671 | ||||||
454 | Lectra† | 12,360 | ||||||
1,315 | Legrand SA | 121,372 | ||||||
180 | LISI | 4,234 | ||||||
1,777 | LVMH Moet Hennessy Louis Vuitton SE | 1,345,925 | ||||||
971 | Maisons du Monde SA# | 7,479 | ||||||
510 | Mersen SA | 20,382 | ||||||
529 | Metropole Television SA | 6,700 | ||||||
725 | Neoen SA# | 21,171 | ||||||
469 | Nexans SA | 38,205 | ||||||
1,338 | Nexity SA† | 19,762 | ||||||
23,713 | Orange SA | 272,266 | ||||||
964 | Pernod-Ricard SA | 160,879 | ||||||
1,656 | Publicis Groupe SA | 125,638 | ||||||
993 | Quadient SA | 20,052 | ||||||
77 | Remy Cointreau SA† | 9,415 | ||||||
2,934 | Renault SA | 120,589 | ||||||
5,638 | Rexel SA | 126,965 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
France (Continued) | ||||||||
14 | Robertet SA | $ | 11,945 | |||||
991 | Rubis SCA | 22,254 | ||||||
1,961 | Safran SA | 308,170 | ||||||
2,153 | Sanofi | 230,995 | ||||||
124 | Sartorius Stedim Biotech | 29,628 | ||||||
200 | Savencia SA | 11,461 | ||||||
1,768 | Schneider Electric SE | 293,430 | ||||||
2,906 | SCOR SE | 90,543 | ||||||
583 | SEB SA | 54,642 | ||||||
95 | Seche Environnement SA | 11,068 | ||||||
7,893 | SES SA | 51,697 | ||||||
148 | SES-imagotag SA* | 17,275 | ||||||
2,971 | SMCP SA#,*,† | 12,062 | ||||||
543 | Societe BIC SA | 35,852 | ||||||
4,891 | Societe Generale SA | 119,166 | ||||||
106 | Societe LDC SADIR† | 13,000 | ||||||
302 | Societe pour l'Informatique Industrielle | 14,991 | ||||||
781 | Sodexo SA | 80,523 | ||||||
287 | SOITEC* | 47,866 | ||||||
344 | Sopra Steria Group SACA | 71,248 | ||||||
2,556 | SPIE SA | 74,368 | ||||||
130 | Stef SA | 14,569 | ||||||
3,434 | STMicroelectronics NV | 148,800 | ||||||
653 | STMicroelectronics NV† | 28,183 | ||||||
218 | Sword Group | 8,355 | ||||||
2,982 | Technip Energies NV | 74,310 | ||||||
713 | Teleperformance SE | 90,006 | ||||||
2,268 | Television Francaise 1 SA† | 17,372 | ||||||
750 | Thales SA | 105,540 | ||||||
99 | Thermador Groupe | 8,248 | ||||||
491 | Tikehau Capital SCA† | 10,823 | ||||||
31,242 | TotalEnergies SE | 2,058,137 | ||||||
198 | Trigano SA | 26,900 | ||||||
2,816 | Ubisoft Entertainment SA*,† | 91,579 | ||||||
5,801 | Valeo SE | 100,154 | ||||||
3,342 | Vallourec SACA* | 40,845 | ||||||
4,532 | Vantiva SA*,† | 738 | ||||||
4,227 | Veolia Environnement SA | 122,585 | ||||||
1,229 | Verallia SA# | 48,440 | ||||||
100 | Vetoquinol SA | 8,247 | ||||||
436 | Vicat SACA | 13,345 | ||||||
3,644 | Vinci SA | 404,602 | ||||||
95 | Virbac SA | 25,712 | ||||||
6,270 | Vivendi SE | 54,994 | ||||||
988 | Voltalia SA, Registered*,† | 10,717 | ||||||
385 | Wavestone | 20,189 | ||||||
2,202 | Worldline SA#,* | 62,043 | ||||||
1,412 | X-Fab Silicon Foundries SE#,* | 14,615 | ||||||
13,046,426 | ||||||||
Germany—4.6% | ||||||||
696 | 1&1 AG | 11,788 | ||||||
2,605 | 7C Solarparken AG | 8,910 | ||||||
79 | Adesso SE | 8,569 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Germany (Continued) | ||||||||
671 | adidas AG | $ | 118,203 | |||||
536 | Adtran Networks SE* | 11,362 | ||||||
1,155 | Allianz SE, Registered | 275,608 | ||||||
157 | Amadeus Fire AG | 18,557 | ||||||
10,081 | Aroundtown SA* | 21,018 | ||||||
90 | Atoss Software AG | 18,650 | ||||||
408 | Aurubis AG | 30,255 | ||||||
1,862 | Auto1 Group SE#,* | 11,930 | ||||||
7,909 | BASF SE | 359,139 | ||||||
546 | Basler AG | 5,657 | ||||||
9,316 | Bayer AG, Registered | 447,653 | ||||||
3,464 | Bayerische Motoren Werke AG | 352,974 | ||||||
474 | BayWa AG | 16,888 | ||||||
1,396 | Bechtle AG | 65,295 | ||||||
775 | Befesa SA# | 23,696 | ||||||
336 | Beiersdorf AG | 43,392 | ||||||
295 | Bertrandt AG | 13,723 | ||||||
167 | Bijou Brigitte AG | 6,056 | ||||||
661 | Bilfinger SE | 22,670 | ||||||
1,628 | Borussia Dortmund GmbH & Co. KGaA* | 6,756 | ||||||
2,622 | Brenntag SE | 203,695 | ||||||
603 | CANCOM SE | 16,104 | ||||||
161 | Carl Zeiss Meditec AG, Bearer Shares | 14,097 | ||||||
3,791 | Ceconomy AG* | 8,040 | ||||||
159 | Cewe Stiftung & Co. KGAA | 14,810 | ||||||
10,052 | Commerzbank AG | 114,671 | ||||||
502 | CompuGroup Medical SE & Co. KgaA | 19,680 | ||||||
1,368 | Continental AG | 96,556 | ||||||
1,617 | Covestro AG#,* | 87,291 | ||||||
1,025 | CropEnergies AG | 8,583 | ||||||
886 | CTS Eventim AG & Co. KGaA | 50,443 | ||||||
3,904 | Daimler Truck Holding AG | 135,465 | ||||||
633 | Delivery Hero SE#,* | 18,183 | ||||||
182 | Dermapharm Holding SE | 7,527 | ||||||
11,171 | Deutsche Bank AG, Registered | 123,420 | ||||||
730 | Deutsche Beteiligungs AG | 24,311 | ||||||
1,071 | Deutsche Boerse AG | 185,360 | ||||||
395 | Deutsche EuroShop AG | 7,634 | ||||||
9,773 | Deutsche Lufthansa AG, Registered* | 77,556 | ||||||
3,746 | Deutsche Pfandbriefbank AG# | 26,654 | ||||||
9,756 | Deutsche Post AG | 397,471 | ||||||
38,581 | Deutsche Telekom AG, Registered | 810,411 | ||||||
667 | Deutsche Wohnen SE | 15,161 | ||||||
889 | Duerr AG | 24,155 | ||||||
1,022 | DWS Group GmbH & Co. KGaA# | 34,792 | ||||||
9,085 | E.ON SE | 107,577 | ||||||
465 | Eckert & Ziegler Strahlen- und Medizintechnik AG | 15,889 | ||||||
185 | Elmos Semiconductor SE | 12,498 | ||||||
1,760 | Encavis AG* | 24,795 | ||||||
101 | Energiekontor AG | 8,222 | ||||||
1,721 | Evonik Industries AG | 31,523 | ||||||
1,228 | Evotec SE* | 24,538 | ||||||
655 | Fielmann Group AG | 28,309 | ||||||
2,658 | flatexDEGIRO AG* | 23,313 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Germany (Continued) | ||||||||
796 | Fraport AG Frankfurt Airport Services Worldwide* | $ | 42,281 | |||||
2,540 | Freenet AG | 59,563 | ||||||
2,330 | Fresenius Medical Care AG & Co. KGaA | 100,605 | ||||||
4,391 | Fresenius SE & Co. KGaA | 136,765 | ||||||
496 | FUCHS SE | 15,915 | ||||||
2,584 | GEA Group AG | 95,508 | ||||||
652 | Gerresheimer AG | 68,554 | ||||||
287 | Gesco SE | 6,402 | ||||||
455 | GFT Technologies SE | 12,690 | ||||||
1,489 | Grand City Properties SA* | 14,082 | ||||||
640 | GRENKE AG | 14,006 | ||||||
738 | Hamburger Hafen und Logistik AG | 13,124 | ||||||
462 | Hannover Rueck SE | 101,549 | ||||||
301 | Hapag-Lloyd AG# | 54,800 | ||||||
1,620 | Heidelberg Materials AG | 125,921 | ||||||
6,593 | Heidelberger Druckmaschinen AG* | 8,441 | ||||||
122 | Hella GmbH & Co. KGaA | 8,642 | ||||||
2,618 | HelloFresh SE* | 78,276 | ||||||
462 | Henkel AG & Co. KGaA | 29,170 | ||||||
760 | Hensoldt AG | 22,450 | ||||||
426 | HOCHTIEF AG | 43,125 | ||||||
322 | Hornbach Holding AG & Co. KGaA | 20,579 | ||||||
1,048 | Hugo Boss AG | 66,391 | ||||||
38 | Hypoport SE* | 5,155 | ||||||
721 | Indus Holding AG | 15,322 | ||||||
12,578 | Infineon Technologies AG | 416,962 | ||||||
790 | Instone Real Estate Group SE# | 4,903 | ||||||
788 | Jenoptik AG | 19,995 | ||||||
268 | JOST Werke SE# | 12,864 | ||||||
1,380 | KION Group AG | 53,093 | ||||||
741 | Knorr-Bremse AG | 47,146 | ||||||
434 | Koenig & Bauer AG* | 6,433 | ||||||
959 | Kontron AG | 18,595 | ||||||
326 | Krones AG | 33,622 | ||||||
459 | KWS Saat SE & Co. KGaA | 26,981 | ||||||
1,173 | LANXESS AG | 29,826 | ||||||
930 | LEG Immobilien SE* | 64,245 | ||||||
10,767 | Mercedes-Benz Group AG | 750,053 | ||||||
392 | Merck KGaA | 65,544 | ||||||
3,251 | METRO AG* | 22,444 | ||||||
2,085 | MLP SE | 10,614 | ||||||
466 | MTU Aero Engines AG | 84,618 | ||||||
645 | Muenchener Rueckversicherungs-Gesellschaft AG, Registered | 251,699 | ||||||
147 | Nagarro SE* | 10,654 | ||||||
766 | Nemetschek SE | 46,874 | ||||||
33 | New Work SE | 3,454 | ||||||
188 | Nexus AG | 10,276 | ||||||
1,039 | Norma Group SE | 19,278 | ||||||
390 | OHB SE | 17,627 | ||||||
471 | Patrizia SE | 3,745 | ||||||
53 | Pfeiffer Vacuum Technology AG | 8,203 | ||||||
2,884 | ProSiebenSat.1 Media SE | 19,533 | ||||||
1,625 | Puma SE | 101,020 | ||||||
458 | PVA TePla AG* | 7,447 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Germany (Continued) | ||||||||
1,192 | QIAGEN NV* | $ | 48,229 | |||||
86 | Rational AG | 54,554 | ||||||
420 | Rheinmetall AG | 108,303 | ||||||
828 | RTL Group SA | 28,451 | ||||||
3,773 | RWE AG | 140,214 | ||||||
844 | Salzgitter AG | 22,397 | ||||||
962 | SAP SE | 124,917 | ||||||
323 | Scout24 SE# | 22,422 | ||||||
25 | Secunet Security Networks AG | 5,313 | ||||||
2,542 | SGL Carbon SE* | 17,751 | ||||||
4,290 | Siemens AG, Registered | 615,300 | ||||||
3,787 | Siemens Energy AG* | 49,567 | ||||||
848 | Siemens Healthineers AG# | 43,034 | ||||||
526 | Siltronic AG | 45,017 | ||||||
337 | Sixt SE | 31,283 | ||||||
194 | SMA Solar Technology AG* | 12,604 | ||||||
351 | Stabilus SE | 19,649 | ||||||
286 | STRATEC SE | 13,380 | ||||||
759 | Stroeer SE & Co. KGaA | 33,783 | ||||||
2,282 | Suedzucker AG | 33,970 | ||||||
459 | Symrise AG | 43,830 | ||||||
2,651 | Synlab AG | 28,280 | ||||||
2,135 | TAG Immobilien AG* | 22,419 | ||||||
1,202 | Takkt AG | 16,317 | ||||||
879 | Talanx AG | 55,759 | ||||||
1,776 | TeamViewer SE#,* | 29,968 | ||||||
420 | Technotrans SE | 7,393 | ||||||
14,643 | Telefonica Deutschland Holding AG | 26,241 | ||||||
8,985 | thyssenkrupp AG | 68,643 | ||||||
2,367 | United Internet AG, Registered | 50,701 | ||||||
426 | VERBIO Vereinigte BioEnergie AG | 17,164 | ||||||
622 | Vitesco Technologies Group AG* | 50,472 | ||||||
418 | Volkswagen AG | 55,109 | ||||||
4,135 | Vonovia SE | 99,719 | ||||||
257 | Vossloh AG | 10,733 | ||||||
362 | Wacker Chemie AG | 51,917 | ||||||
904 | Wacker Neuson SE | 18,446 | ||||||
209 | Washtec AG | 7,402 | ||||||
959 | Wuestenrot & Wuerttembergische AG | 14,681 | ||||||
1,374 | Zalando SE#,* | 30,695 | ||||||
11 | Zeal Network SE | 367 | ||||||
10,200,941 | ||||||||
Hong Kong—1.4% | ||||||||
61,800 | AIA Group Ltd. | 503,889 | ||||||
6,700 | ASMPT Ltd. | 59,976 | ||||||
27,040 | Bank of East Asia Ltd. | 33,563 | ||||||
28,000 | BOC Hong Kong Holdings Ltd. | 76,696 | ||||||
9,600 | Budweiser Brewing Co. APAC Ltd.# | 18,953 | ||||||
10,000 | Cafe de Coral Holdings Ltd. | 10,816 | ||||||
26,181 | Cathay Pacific Airways Ltd.* | 26,880 | ||||||
15,000 | Chow Sang Sang Holdings International Ltd. | 18,523 | ||||||
20,400 | Chow Tai Fook Jewellery Group Ltd. | 30,740 | ||||||
56,000 | CITIC Telecom International Holdings Ltd. | 22,168 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Germany (Continued) | ||||||||
10,906 | CK Asset Holdings Ltd. | $ | 57,448 | |||||
16,000 | CK Hutchison Holdings Ltd. | 85,609 | ||||||
6,000 | CK Infrastructure Holdings Ltd. | 28,387 | ||||||
9,000 | CLP Holdings Ltd. | 66,601 | ||||||
8,000 | Cowell e Holdings, Inc.* | 15,957 | ||||||
6,000 | Dah Sing Banking Group Ltd. | 3,969 | ||||||
4,800 | Dah Sing Financial Holdings Ltd. | 10,151 | ||||||
16,000 | EC Healthcare | 6,211 | ||||||
78,750 | Esprit Holdings Ltd.* | 3,218 | ||||||
17,600 | ESR Group Ltd.# | 24,722 | ||||||
62,947 | Far East Consortium International Ltd. | 12,942 | ||||||
58,000 | First Pacific Co. Ltd. | 22,960 | ||||||
41,000 | FIT Hon Teng Ltd.#,* | 5,340 | ||||||
7,800 | Fosun Tourism Group#,* | 7,401 | ||||||
5,000 | Galaxy Entertainment Group Ltd. | 30,105 | ||||||
40,000 | Giordano International Ltd. | 12,719 | ||||||
7,361 | Great Eagle Holdings Ltd. | 12,483 | ||||||
142,000 | Guotai Junan International Holdings Ltd. | 11,061 | ||||||
118,800 | Haitong International Securities Group Ltd.§,* | 10,771 | ||||||
8,000 | Hang Lung Group Ltd. | 11,278 | ||||||
23,000 | Hang Lung Properties Ltd. | 31,485 | ||||||
3,800 | Hang Seng Bank Ltd. | 47,288 | ||||||
8,500 | Henderson Land Development Co. Ltd. | 22,414 | ||||||
24,500 | HK Electric Investments & HK Electric Investments Ltd. | 14,047 | ||||||
35,000 | HKBN Ltd. | 14,258 | ||||||
19,200 | HKR International Ltd. | 4,070 | ||||||
56,000 | HKT Trust & HKT Ltd. | 58,496 | ||||||
68,457 | Hong Kong & China Gas Co. Ltd. | 47,731 | ||||||
6,606 | Hong Kong Exchanges & Clearing Ltd. | 246,830 | ||||||
19,000 | Hong Kong Technology Venture Co. Ltd.* | 7,327 | ||||||
14,179 | Hongkong & Shanghai Hotels Ltd.* | 11,389 | ||||||
50,000 | Hutchison Telecommunications Hong Kong Holdings Ltd. | 6,832 | ||||||
9,000 | Hysan Development Co. Ltd. | 17,446 | ||||||
41,000 | IGG, Inc.* | 16,911 | ||||||
5,602 | Johnson Electric Holdings Ltd. | 6,896 | ||||||
37,000 | K Wah International Holdings Ltd. | 10,395 | ||||||
13,000 | Kerry Logistics Network Ltd. | 11,621 | ||||||
13,500 | Kerry Properties Ltd. | 22,963 | ||||||
9,000 | Kowloon Development Co. Ltd. | 7,861 | ||||||
9,750 | L'Occitane International SA | 29,134 | ||||||
11,000 | Luk Fook Holdings International Ltd. | 28,515 | ||||||
26,800 | Man Wah Holdings Ltd. | 18,823 | ||||||
480,000 | Mason Group Holdings Ltd.* | 1,961 | ||||||
8,000 | Miramar Hotel & Investment | 10,686 | ||||||
6,185 | MTR Corp. Ltd. | 24,484 | ||||||
28,188 | NagaCorp Ltd.* | 13,606 | ||||||
14,000 | New World Development Co. Ltd. | 27,246 | ||||||
44,000 | NewOcean Energy Holdings Ltd.§,* | 39 | ||||||
38,000 | NWS Holdings Ltd. | 43,285 | ||||||
22,000 | Oriental Watch Holdings | 10,872 | ||||||
168,000 | Pacific Basin Shipping Ltd. | 48,485 | ||||||
7,128 | Pacific Century Premium Developments Ltd.* | 255 | ||||||
29,000 | Pacific Textiles Holdings Ltd. | 5,999 | ||||||
59,789 | PCCW Ltd. | 27,257 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Hong Kong (Continued) | ||||||||
6,000 | Power Assets Holdings Ltd. | $ | 29,039 | |||||
4,800 | PRADA SpA | 28,257 | ||||||
23,700 | Samsonite International SA#,* | 81,412 | ||||||
9,600 | Sands China Ltd.* | 29,422 | ||||||
26,000 | Shangri-La Asia Ltd.* | 17,796 | ||||||
100,000 | Shun Tak Holdings Ltd.* | 14,558 | ||||||
138,000 | Singamas Container Holdings Ltd. | 9,692 | ||||||
34,753 | Sino Land Co. Ltd. | 39,187 | ||||||
34,000 | SITC International Holdings Co. Ltd. | 57,137 | ||||||
31,250 | SJM Holdings Ltd.* | 12,291 | ||||||
13,500 | SmarTone Telecommunications Holdings Ltd. | 6,827 | ||||||
11,500 | Stella International Holdings Ltd. | 11,528 | ||||||
31,000 | Sun Hung Kai & Co. Ltd. | 10,649 | ||||||
5,500 | Sun Hung Kai Properties Ltd. | 58,856 | ||||||
27,000 | SUNeVision Holdings Ltd. | 11,171 | ||||||
4,500 | Swire Pacific Ltd., Class A | 30,370 | ||||||
15,000 | Swire Pacific Ltd., Class B | 16,396 | ||||||
6,200 | Swire Properties Ltd. | 12,937 | ||||||
10,000 | Techtronic Industries Co. Ltd. | 97,051 | ||||||
12,000 | Television Broadcasts Ltd.* | 4,888 | ||||||
18,500 | Texhong International Group Ltd.* | 10,229 | ||||||
170,000 | Theme International Holdings Ltd.* | 14,111 | ||||||
7,983 | Transport International Holdings Ltd. | 10,041 | ||||||
30,000 | United Laboratories International Holdings Ltd. | 30,379 | ||||||
32,000 | Value Partners Group Ltd. | 10,093 | ||||||
12,000 | Vitasoy International Holdings Ltd. | 14,527 | ||||||
24,000 | VSTECS Holdings Ltd. | 13,485 | ||||||
5,400 | VTech Holdings Ltd. | 32,341 | ||||||
135,326 | WH Group Ltd.# | 71,025 | ||||||
8,000 | Wharf Real Estate Investment Co. Ltd. | 30,903 | ||||||
27,512 | Xinyi Glass Holdings Ltd. | 35,624 | ||||||
14,500 | Yue Yuen Industrial Holdings Ltd. | 16,665 | ||||||
29,000 | Zensun Enterprises Ltd.* | 648 | ||||||
3,007,979 | ||||||||
Ireland—0.3% | ||||||||
19,650 | AIB Group PLC | 88,501 | ||||||
14,825 | Bank of Ireland Group PLC | 145,609 | ||||||
10,801 | Cairn Homes PLC | 12,493 | ||||||
4,637 | Dalata Hotel Group PLC | 19,683 | ||||||
821 | FBD Holdings PLC | 10,590 | ||||||
277 | Flutter Entertainment PLC* | 45,364 | ||||||
3,602 | Glanbia PLC | 59,446 | ||||||
7,929 | Glenveagh Properties PLC#,* | 8,358 | ||||||
1,946 | Irish Continental Group PLC | 9,197 | ||||||
945 | Kerry Group PLC, Class A | 79,109 | ||||||
1,365 | Kingspan Group PLC | 102,406 | ||||||
4,344 | Permanent TSB Group Holdings PLC* | 9,874 | ||||||
3,668 | Smurfit Kappa Group PLC | 122,389 | ||||||
713,019 | ||||||||
Israel—0.7% | ||||||||
182 | AFI Properties Ltd.* | 6,179 | ||||||
734 | Airport City Ltd.* | 11,277 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Israel (Continued) | ||||||||
1,386 | Alony Hetz Properties & Investments Ltd. | $ | 9,484 | |||||
160 | Alrov Properties & Lodgings Ltd. | 5,793 | ||||||
2,317 | Amot Investments Ltd. | 11,207 | ||||||
282 | Ashdod Refinery Ltd.* | 7,800 | ||||||
471 | Ashtrom Group Ltd. | 6,412 | ||||||
277 | AudioCodes Ltd. | 2,800 | ||||||
2,639 | Azorim-Investment Development & Construction Co. Ltd.* | 9,472 | ||||||
154 | Azrieli Group Ltd. | 7,889 | ||||||
10,326 | Bank Hapoalim BM | 91,746 | ||||||
15,548 | Bank Leumi Le-Israel BM | 128,442 | ||||||
22,557 | Bezeq The Israeli Telecommunication Corp. Ltd. | 31,757 | ||||||
92 | Big Shopping Centers Ltd.* | 7,598 | ||||||
124 | Blue Square Real Estate Ltd. | 7,064 | ||||||
63 | Brack Capital Properties NV* | 5,262 | ||||||
726 | Camtek Ltd.* | 44,729 | ||||||
2,356 | Cellcom Israel Ltd.* | 7,610 | ||||||
1,006 | Clal Insurance Enterprises Holdings Ltd.* | 15,564 | ||||||
66 | Danel Adir Yeoshua Ltd. | 5,392 | ||||||
764 | Delek Automotive Systems Ltd. | 4,707 | ||||||
153 | Delek Group Ltd. | 22,691 | ||||||
611 | Delta Galil Ltd. | 23,644 | ||||||
96 | Elbit Systems Ltd. | 19,006 | ||||||
30 | Electra Ltd. | 11,491 | ||||||
986 | Electra Real Estate Ltd. | 9,461 | ||||||
4,030 | Energix-Renewable Energies Ltd. | 11,876 | ||||||
899 | Enlight Renewable Energy Ltd.* | 14,160 | ||||||
567 | Equital Ltd.* | 18,021 | ||||||
166 | Fattal Holdings 1998 Ltd.* | 16,712 | ||||||
699 | First International Bank Of Israel Ltd. | 29,981 | ||||||
153 | Formula Systems 1985 Ltd. | 11,272 | ||||||
122 | Formula Systems 1985 Ltd., ADR† | 8,875 | ||||||
294 | Fox Wizel Ltd. | 20,356 | ||||||
1,517 | Gav-Yam Lands Corp. Ltd. | 9,625 | ||||||
2,147 | Harel Insurance Investments & Financial Services Ltd. | 16,954 | ||||||
313 | Hilan Ltd. | 16,207 | ||||||
8,898 | ICL Group Ltd. | 49,152 | ||||||
275 | IDI Insurance Co. Ltd. | 6,422 | ||||||
135 | IES Holdings Ltd.* | 7,981 | ||||||
2,482 | Inrom Construction Industries Ltd. | 7,652 | ||||||
6,972 | Isracard Ltd. | 28,787 | ||||||
2,814 | Israel Canada T.R Ltd. | 7,014 | ||||||
14,768 | Israel Discount Bank Ltd., Class A | 79,719 | ||||||
1,789 | Israel Land Development Co. Ltd. | 15,853 | ||||||
50 | Isras Investment Co. Ltd. | 9,332 | ||||||
302 | Kenon Holdings Ltd. | 6,967 | ||||||
521 | Lapidoth Capital Ltd. | 9,059 | ||||||
325 | M Yochananof & Sons Ltd. | 13,215 | ||||||
3,710 | Magic Software Enterprises Ltd. | 41,886 | ||||||
1,175 | Matrix IT Ltd. | 24,028 | ||||||
1,507 | Maytronics Ltd. | 15,816 | ||||||
4,151 | Mediterranean Towers Ltd. | 9,307 | ||||||
252 | Mega Or Holdings Ltd.* | 4,505 | ||||||
298 | Melisron Ltd. | 18,586 | ||||||
526 | Menora Mivtachim Holdings Ltd. | 12,259 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Israel (Continued) | ||||||||
12,957 | Migdal Insurance & Financial Holdings Ltd. | $ | 15,871 | |||||
8,220 | Mivne Real Estate KD Ltd. | 19,745 | ||||||
1,572 | Mizrahi Tefahot Bank Ltd. | 56,916 | ||||||
2,005 | Naphtha Israel Petroleum Corp. Ltd. | 11,486 | ||||||
156 | Nice Ltd.* | 26,384 | ||||||
12 | Nice Ltd., ADR*,† | 2,040 | ||||||
674 | Nova Ltd.* | 75,522 | ||||||
70,417 | Oil Refineries Ltd. | 23,243 | ||||||
1,226 | One Software Technologies Ltd. | 15,431 | ||||||
1,134 | OPC Energy Ltd.* | 7,334 | ||||||
2,397 | Partner Communications Co. Ltd.* | 9,389 | ||||||
282 | Paz Oil Co. Ltd.* | 23,252 | ||||||
499 | Perion Network Ltd.* | 15,293 | ||||||
3,099 | Phoenix Holdings Ltd. | 32,190 | ||||||
282 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 16,132 | ||||||
313 | Scope Metals Group Ltd.* | 9,831 | ||||||
1,415 | Shapir Engineering and Industry Ltd. | 9,504 | ||||||
5,468 | Shikun & Binui Ltd.* | 14,650 | ||||||
2,661 | Shufersal Ltd.* | 12,341 | ||||||
700 | Strauss Group Ltd.* | 14,694 | ||||||
1,314 | Summit Real Estate Holdings Ltd. | 16,853 | ||||||
67 | Tadiran Group Ltd. | 4,734 | ||||||
3,209 | Tamar Petroleum Ltd.# | 13,823 | ||||||
2,274 | Tel Aviv Stock Exchange Ltd.* | 13,056 | ||||||
526 | Tera Light Ltd.* | 936 | ||||||
2,579 | Teva Pharmaceutical Industries Ltd., ADR* | 26,306 | ||||||
862 | Tower Semiconductor Ltd.* | 21,171 | ||||||
171 | YH Dimri Construction & Development Ltd. | 11,114 | ||||||
1,575,297 | ||||||||
Italy—2.0% | ||||||||
32,247 | A2A SpA | 57,481 | ||||||
1,164 | ACEA SpA† | 12,688 | ||||||
2,108 | Amplifon SpA | 62,671 | ||||||
6,692 | Anima Holding SpA# | 28,088 | ||||||
1,954 | Ariston Holding NV | 12,736 | ||||||
1,736 | Assicurazioni Generali SpA | 35,542 | ||||||
1,709 | Azimut Holding SpA | 37,365 | ||||||
633 | Banca Generali SpA | 22,426 | ||||||
801 | Banca IFIS SpA | 13,863 | ||||||
4,703 | Banca Mediolanum SpA | 40,285 | ||||||
9,508 | Banca Monte dei Paschi di Siena SpA* | 24,276 | ||||||
9,396 | Banca Popolare di Sondrio SPA | 48,438 | ||||||
26,982 | Banco BPM SpA | 129,369 | ||||||
2,332 | BFF Bank SpA# | 23,336 | ||||||
26,017 | BPER Banca | 79,686 | ||||||
2,680 | Brembo SpA | 33,321 | ||||||
605 | Brunello Cucinelli SpA | 46,086 | ||||||
1,230 | Buzzi SpA | 33,707 | ||||||
3,016 | Cairo Communication SpA† | 5,134 | ||||||
1,300 | Carel Industries SpA# | 31,199 | ||||||
27,159 | CIR SpA-Compagnie Industriali* | 11,600 | ||||||
3,914 | Credito Emiliano SpA | 32,194 | ||||||
5,195 | d'Amico International Shipping SA | 25,298 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Italy (Continued) | ||||||||
660 | Danieli & C Officine Meccaniche SpA† | $ | 18,770 | |||||
1,879 | Davide Campari-Milano NV | 22,180 | ||||||
1,567 | De' Longhi SpA† | 34,161 | ||||||
279 | DiaSorin SpA | 25,492 | ||||||
1,488 | doValue SpA#,† | 5,813 | ||||||
3,319 | Enav SpA#,† | 12,296 | ||||||
77,219 | Enel SpA | 475,144 | ||||||
26,813 | Eni SpA† | 432,478 | ||||||
766 | ERG SpA† | 18,497 | ||||||
1,308 | Esprinet SpA† | 6,707 | ||||||
660 | Ferrari NV | 195,170 | ||||||
18,781 | Fincantieri SpA*,† | 9,352 | ||||||
4,430 | FinecoBank Banca Fineco SpA | 53,932 | ||||||
725 | Gruppo MutuiOnline SpA† | 19,124 | ||||||
18,101 | Hera SpA | 49,566 | ||||||
1,991 | Infrastrutture Wireless Italiane SpA# | 23,713 | ||||||
550 | Interpump Group SpA | 25,289 | ||||||
32,221 | Intesa Sanpaolo SpA | 83,120 | ||||||
9,018 | Iren SpA | 17,400 | ||||||
7,345 | Italgas SpA | 37,678 | ||||||
803 | Italmobiliare SpA† | 20,375 | ||||||
3,666 | Iveco Group NV* | 34,348 | ||||||
4,422 | Leonardo SpA | 63,863 | ||||||
4,946 | Mediobanca Banca di Credito Finanziario SpA | 65,521 | ||||||
15,202 | MFE-MediaForEurope NV, Class A | 6,426 | ||||||
8,088 | MFE-MediaForEurope NV, Class A† | 5,084 | ||||||
1,242 | Moncler SpA | 72,326 | ||||||
3,909 | Nexi SpA#,* | 23,921 | ||||||
9,750 | OVS SpA# | 20,287 | ||||||
7,136 | Piaggio & C SpA | 22,830 | ||||||
8,488 | Pirelli & C SpA# | 40,930 | ||||||
4,004 | Poste Italiane SpA# | 42,197 | ||||||
1,595 | Prysmian SpA | 64,333 | ||||||
2,926 | RAI Way SpA# | 15,313 | ||||||
1,018 | Recordati Industria Chimica e Farmaceutica SpA | 48,120 | ||||||
272 | Reply SpA | 25,608 | ||||||
14,895 | Safilo Group SpA*,† | 13,354 | ||||||
514 | Salvatore Ferragamo SpA† | 6,815 | ||||||
25,157 | Saras SpA† | 36,053 | ||||||
103 | Sesa SpA† | 10,830 | ||||||
8,903 | Snam SpA | 41,877 | ||||||
575 | SOL SpA | 16,292 | ||||||
1,551 | Spaxs SpA | 8,642 | ||||||
20,599 | Stellantis NV | 396,583 | ||||||
4,733 | Stellantis NV† | 90,542 | ||||||
3,313 | Tamburi Investment Partners SpA† | 29,422 | ||||||
2,650 | Technogym SpA# | 20,509 | ||||||
1,265 | Technoprobe SpA*,† | 9,964 | ||||||
246,028 | Telecom Italia SpA* | 77,019 | ||||||
1,807 | Tenaris SA | 28,628 | ||||||
1,050 | Tenaris SA, ADR | 33,180 | ||||||
8,734 | Terna - Rete Elettrica Nazionale | 65,820 | ||||||
584 | Tod's SpA*,† | 21,153 | ||||||
13,445 | UniCredit SpA | 323,101 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Italy (Continued) | ||||||||
7,073 | Unipol Gruppo SpA | $ | 38,302 | |||||
9,399 | UnipolSai Assicurazioni SpA† | 22,716 | ||||||
1,116 | Zignago Vetro SpA | 16,731 | ||||||
4,291,686 | ||||||||
Japan—15.8% | ||||||||
1,200 | 77 Bank Ltd.† | 25,455 | ||||||
2,700 | A&D HOLON Holdings Co. Ltd. | 30,751 | ||||||
1,800 | ABC-Mart, Inc. | 32,377 | ||||||
4,900 | Acom Co. Ltd. | 11,437 | ||||||
1,200 | Adastria Co. Ltd. | 23,134 | ||||||
1,500 | ADEKA Corp. | 25,661 | ||||||
4,800 | Advantest Corp.† | 134,293 | ||||||
6,400 | Aeon Co. Ltd. | 126,874 | ||||||
1,100 | Aeon Delight Co. Ltd. | 24,217 | ||||||
2,900 | AEON Financial Service Co. Ltd. | 25,004 | ||||||
2,100 | Aeon Mall Co. Ltd. | 24,732 | ||||||
2,900 | AGC, Inc. | 101,764 | ||||||
1,300 | Ai Holdings Corp. | 20,600 | ||||||
700 | Aica Kogyo Co. Ltd. | 15,631 | ||||||
2,900 | Aida Engineering Ltd. | 19,464 | ||||||
8,600 | Aiful Corp. | 22,329 | ||||||
900 | Ain Holdings, Inc. | 26,559 | ||||||
3,100 | Air Water, Inc. | 38,646 | ||||||
1,700 | Aisin Corp. | 64,273 | ||||||
1,700 | Ajinomoto Co., Inc. | 65,570 | ||||||
1,200 | Alconix Corp.† | 10,873 | ||||||
1,400 | Alfresa Holdings Corp.† | 22,999 | ||||||
6,900 | Alps Alpine Co. Ltd.† | 59,909 | ||||||
400 | Altech Corp. | 6,785 | ||||||
2,700 | Amada Co. Ltd. | 27,182 | ||||||
1,000 | Amano Corp. | 21,962 | ||||||
1,100 | Amvis Holdings, Inc. | 19,160 | ||||||
1,600 | ANA Holdings, Inc.* | 33,544 | ||||||
4,300 | Anicom Holdings, Inc. | 17,696 | ||||||
4,100 | Anritsu Corp.† | 29,288 | ||||||
1,100 | AOKI Holdings, Inc.† | 7,442 | ||||||
900 | Aoyama Trading Co. Ltd. | 10,064 | ||||||
1,800 | Aozora Bank Ltd.† | 36,797 | ||||||
500 | Arata Corp. | 18,670 | ||||||
1,200 | ARCLANDS Corp. | 12,816 | ||||||
1,000 | Arcs Co. Ltd. | 18,221 | ||||||
2,000 | ARE Holdings, Inc.† | 25,388 | ||||||
400 | Argo Graphics, Inc. | 8,887 | ||||||
1,400 | Arisawa Manufacturing Co. Ltd. | 9,930 | ||||||
300 | Aruhi Corp. | 1,837 | ||||||
500 | As One Corp.† | 18,268 | ||||||
1,800 | Asahi Diamond Industrial Co. Ltd.† | 10,672 | ||||||
2,300 | Asahi Group Holdings Ltd. | 86,035 | ||||||
1,600 | Asahi Intecc Co. Ltd. | 28,779 | ||||||
15,000 | Asahi Kasei Corp. | 94,342 | ||||||
700 | Asahi Yukizai Corp. | 17,308 | ||||||
1,200 | Asanuma Corp. | 28,828 | ||||||
1,100 | Asics Corp. | 38,446 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
1,400 | ASKUL Corp. | $ | 18,362 | |||||
5,700 | Astellas Pharma, Inc. | 79,107 | ||||||
1,600 | Autobacs Seven Co. Ltd.† | 16,938 | ||||||
800 | Avex, Inc. | 7,725 | ||||||
800 | Awa Bank Ltd. | 12,270 | ||||||
400 | Axial Retailing, Inc. | 10,024 | ||||||
1,000 | AZ-COM MARUWA Holdings, Inc. | 14,240 | ||||||
1,100 | Azbil Corp. | 33,698 | ||||||
2,300 | Bandai Namco Holdings, Inc. | 46,819 | ||||||
600 | Bank of Kyoto Ltd.* | 33,818 | ||||||
1,300 | Bank of the Ryukyus Ltd.† | 9,917 | ||||||
1,000 | BayCurrent Consulting, Inc. | 33,445 | ||||||
300 | Belc Co. Ltd. | 13,791 | ||||||
1,300 | Bell System24 Holdings, Inc. | 13,745 | ||||||
1,300 | Belluna Co. Ltd.† | 5,846 | ||||||
1,000 | Benefit One, Inc. | 7,237 | ||||||
2,400 | Benesse Holdings, Inc.† | 29,382 | ||||||
1,500 | Bic Camera, Inc.† | 11,071 | ||||||
900 | BIPROGY, Inc. | 22,488 | ||||||
500 | BML, Inc. | 9,355 | ||||||
4,800 | Bridgestone Corp. | 187,227 | ||||||
2,300 | Brother Industries Ltd. | 37,069 | ||||||
3,200 | Bunka Shutter Co. Ltd.† | 23,683 | ||||||
400 | C Uyemura & Co. Ltd. | 25,241 | ||||||
1,700 | Calbee, Inc. | 32,353 | ||||||
900 | Canon Electronics, Inc. | 11,389 | ||||||
1,200 | Canon Marketing Japan, Inc. | 31,132 | ||||||
4,700 | Canon, Inc. | 113,380 | ||||||
1,000 | Capcom Co. Ltd. | 36,035 | ||||||
2,700 | Casio Computer Co. Ltd.† | 22,648 | ||||||
600 | Central Glass Co. Ltd.† | 11,904 | ||||||
3,500 | Central Japan Railway Co. | 85,135 | ||||||
600 | Change Holdings, Inc.† | 7,070 | ||||||
3,700 | Chiba Bank Ltd. | 26,926 | ||||||
7,600 | Chiyoda Corp.*,† | 19,275 | ||||||
600 | Chofu Seisakusho Co. Ltd. | 8,415 | ||||||
3,800 | Chubu Electric Power Co., Inc. | 48,492 | ||||||
700 | Chudenko Corp. | 11,312 | ||||||
4,200 | Chugai Pharmaceutical Co. Ltd. | 129,957 | ||||||
3,500 | Chugin Financial Group, Inc. | 26,149 | ||||||
3,900 | Chugoku Electric Power Co., Inc. | 24,012 | ||||||
2,300 | Chugoku Marine Paints Ltd.† | 20,855 | ||||||
5,400 | Citizen Watch Co. Ltd.† | 33,244 | ||||||
1,300 | CKD Corp. | 17,929 | ||||||
2,600 | Coca-Cola Bottlers Japan Holdings, Inc. | 34,205 | ||||||
600 | Colowide Co. Ltd.† | 9,696 | ||||||
1,700 | Computer Engineering & Consulting Ltd. | 18,167 | ||||||
900 | COMSYS Holdings Corp.��� | 18,826 | ||||||
1,300 | Comture Corp. | 20,156 | ||||||
8,000 | Concordia Financial Group Ltd. | 36,483 | ||||||
1,000 | Cosmo Energy Holdings Co. Ltd. | 35,198 | ||||||
200 | Cosmos Pharmaceutical Corp. | 20,470 | ||||||
1,500 | Create Restaurants Holdings, Inc. | 11,463 | ||||||
600 | Create SD Holdings Co. Ltd. | 13,611 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
1,900 | Credit Saison Co. Ltd. | $ | 30,139 | |||||
600 | CTI Engineering Co. Ltd. | 18,047 | ||||||
3,600 | CyberAgent, Inc.† | 19,424 | ||||||
1,700 | Cybozu, Inc. | 23,070 | ||||||
1,000 | Dai Nippon Printing Co. Ltd. | 26,031 | ||||||
1,000 | Dai-Dan Co. Ltd. | 9,937 | ||||||
7,200 | Dai-ichi Life Holdings, Inc. | 149,213 | ||||||
4,700 | Daicel Corp. | 39,345 | ||||||
3,700 | Daido Metal Co. Ltd. | 14,113 | ||||||
600 | Daido Steel Co. Ltd.† | 24,415 | ||||||
1,500 | Daifuku Co. Ltd. | 28,401 | ||||||
500 | Daihen Corp. | 16,930 | ||||||
700 | Daiho Corp. | 18,479 | ||||||
900 | Daiichi Jitsugyo Co. Ltd. | 11,214 | ||||||
1,100 | Daiichi Sankyo Co. Ltd. | 30,224 | ||||||
900 | Daiichikosho Co. Ltd. | 14,620 | ||||||
1,900 | Daiki Aluminium Industry Co. Ltd. | 16,605 | ||||||
1,500 | Daikin Industries Ltd. | 235,630 | ||||||
1,400 | Daikyonishikawa Corp. | 7,541 | ||||||
4,000 | Daio Paper Corp.† | 32,762 | ||||||
1,280 | Daiseki Co. Ltd. | 34,261 | ||||||
400 | Daishi Hokuetsu Financial Group, Inc. | 10,158 | ||||||
660 | Daito Pharmaceutical Co. Ltd. | 10,379 | ||||||
700 | Daito Trust Construction Co. Ltd. | 73,775 | ||||||
5,200 | Daiwa House Industry Co. Ltd. | 139,708 | ||||||
9,500 | Daiwa Securities Group, Inc.† | 54,868 | ||||||
1,400 | Daiwabo Holdings Co. Ltd. | 26,840 | ||||||
2,200 | DCM Holdings Co. Ltd. | 17,872 | ||||||
1,200 | DeNA Co. Ltd. | 12,065 | ||||||
2,000 | Denka Co. Ltd.† | 36,175 | ||||||
6,400 | Denso Corp. | 102,827 | ||||||
900 | Dentsu Group, Inc. | 26,499 | ||||||
1,000 | Dexerials Corp.† | 24,692 | ||||||
1,200 | DIC Corp. | 19,501 | ||||||
400 | Digital Arts, Inc.† | 12,380 | ||||||
700 | dip Corp. | 17,238 | ||||||
600 | Disco Corp. | 110,733 | ||||||
1,800 | DMG Mori Co. Ltd. | 30,630 | ||||||
1,100 | Doutor Nichires Holdings Co. Ltd. | 17,151 | ||||||
1,100 | Dowa Holdings Co. Ltd. | 34,235 | ||||||
600 | DTS Corp. | 12,808 | ||||||
1,000 | Duskin Co. Ltd. | 21,681 | ||||||
400 | DyDo Group Holdings, Inc. | 14,748 | ||||||
1,100 | Eagle Industry Co. Ltd. | 12,469 | ||||||
700 | Earth Corp. | 23,046 | ||||||
1,100 | East Japan Railway Co. | 62,972 | ||||||
1,100 | Ebara Corp. | 51,592 | ||||||
2,100 | EDION Corp.† | 20,770 | ||||||
1,000 | eGuarantee, Inc. | 13,035 | ||||||
1,400 | Eiken Chemical Co. Ltd. | 12,797 | ||||||
600 | Eisai Co. Ltd. | 33,340 | ||||||
300 | Eizo Corp. | 10,178 | ||||||
600 | Elecom Co. Ltd. | 6,998 | ||||||
1,700 | Electric Power Development Co. Ltd. | 27,507 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
700 | en-Japan, Inc. | $ | 10,905 | |||||
37,400 | ENEOS Holdings, Inc. | 147,633 | ||||||
1,500 | eRex Co. Ltd.† | 7,699 | ||||||
2,400 | ES-Con Japan Ltd. | 14,984 | ||||||
1,000 | Exedy Corp. | 17,492 | ||||||
1,900 | EXEO Group, Inc.† | 38,956 | ||||||
1,000 | Ezaki Glico Co. Ltd. | 27,469 | ||||||
900 | Fancl Corp. | 13,755 | ||||||
2,900 | FANUC Corp. | 75,547 | ||||||
1,000 | Fast Retailing Co. Ltd. | 218,081 | ||||||
1,100 | FCC Co. Ltd. | 13,846 | ||||||
1,100 | Ferrotec Holdings Corp. | 21,052 | ||||||
2,200 | Food & Life Cos. Ltd. | 37,010 | ||||||
900 | Foster Electric Co. Ltd. | 5,968 | ||||||
800 | FP Corp. | 12,861 | ||||||
1,100 | Fudo Tetra Corp. | 14,773 | ||||||
900 | Fuji Co. Ltd. | 10,756 | ||||||
1,600 | Fuji Corp. | 24,882 | ||||||
1,000 | Fuji Electric Co. Ltd. | 45,142 | ||||||
500 | Fuji Kyuko Co. Ltd. | 15,575 | ||||||
1,600 | Fuji Media Holdings, Inc. | 17,152 | ||||||
700 | Fuji Oil Holdings, Inc. | 10,621 | ||||||
700 | Fuji Seal International, Inc. | 8,347 | ||||||
1,000 | Fuji Soft, Inc. | 32,388 | ||||||
400 | Fujibo Holdings, Inc. | 9,623 | ||||||
700 | Fujicco Co. Ltd. | 9,031 | ||||||
1,600 | FUJIFILM Holdings Corp. | 92,698 | ||||||
3,400 | Fujikura Ltd.† | 27,336 | ||||||
900 | Fujimi, Inc.† | 18,098 | ||||||
500 | Fujimori Kogyo Co. Ltd. | 12,430 | ||||||
1,700 | Fujitsu Ltd.† | 200,214 | ||||||
400 | Fukuda Denshi Co. Ltd. | 14,534 | ||||||
800 | Fukui Computer Holdings, Inc. | 14,267 | ||||||
1,200 | Fukuoka Financial Group, Inc. | 28,739 | ||||||
500 | Fukushima Galilei Co. Ltd. | 16,244 | ||||||
600 | Fukuyama Transporting Co. Ltd. | 15,779 | ||||||
1,200 | FULLCAST Holdings Co. Ltd. | 15,112 | ||||||
1,000 | Funai Soken Holdings, Inc. | 17,465 | ||||||
900 | Furukawa Co. Ltd. | 10,118 | ||||||
1,200 | Furukawa Electric Co. Ltd. | 19,127 | ||||||
1,200 | Furuno Electric Co. Ltd. | 11,097 | ||||||
400 | Furuya Metal Co. Ltd. | 27,650 | ||||||
400 | Fuso Chemical Co. Ltd. | 10,519 | ||||||
800 | Futaba Corp. | 2,843 | ||||||
2,000 | Future Corp. | 20,155 | ||||||
500 | Fuyo General Lease Co. Ltd. | 40,317 | ||||||
800 | G-7 Holdings, Inc. | 6,638 | ||||||
2,200 | G-Tekt Corp. | 26,793 | ||||||
3,500 | Gakken Holdings Co. Ltd. | 20,400 | ||||||
800 | Geo Holdings Corp. | 12,698 | ||||||
1,600 | Giken Ltd. | 21,520 | ||||||
700 | GLOBERIDE, Inc.† | 9,462 | ||||||
1,000 | Glory Ltd. | 19,955 | ||||||
900 | GMO internet group, Inc. | 13,942 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
300 | GMO Payment Gateway, Inc. | $ | 16,415 | |||||
700 | Goldcrest Co. Ltd.† | 10,385 | ||||||
400 | Goldwin, Inc. | 27,141 | ||||||
1,000 | GS Yuasa Corp. | 17,820 | ||||||
1,100 | GungHo Online Entertainment, Inc. | 17,375 | ||||||
4,900 | Gunma Bank Ltd. | 22,874 | ||||||
600 | Gunze Ltd. | 18,108 | ||||||
1,500 | H.U. Group Holdings, Inc.† | 25,495 | ||||||
1,700 | H2O Retailing Corp.† | 20,636 | ||||||
5,000 | Hachijuni Bank Ltd.† | 27,600 | ||||||
800 | Hagiwara Electric Holdings Co. Ltd. | 21,172 | ||||||
5,200 | Hakuhodo DY Holdings, Inc.† | 42,782 | ||||||
600 | Halows Co. Ltd. | 16,863 | ||||||
800 | Hamakyorex Co. Ltd. | 21,734 | ||||||
900 | Hamamatsu Photonics KK | 37,936 | ||||||
1,600 | Hankyu Hanshin Holdings, Inc. | 54,615 | ||||||
800 | Hanwa Co. Ltd. | 25,402 | ||||||
1,300 | Happinet Corp. | 21,748 | ||||||
800 | Harmonic Drive Systems, Inc.† | 17,773 | ||||||
3,500 | Haseko Corp.† | 44,663 | ||||||
3,500 | Hazama Ando Corp. | 27,332 | ||||||
1,200 | Heiwa Corp.† | 17,224 | ||||||
600 | Heiwa Real Estate Co. Ltd. | 15,980 | ||||||
900 | Heiwado Co. Ltd. | 15,707 | ||||||
200 | Hikari Tsushin, Inc. | 30,480 | ||||||
4,400 | Hino Motors Ltd.* | 16,809 | ||||||
200 | Hioki EE Corp. | 9,676 | ||||||
400 | Hirata Corp. | 20,075 | ||||||
3,100 | Hirogin Holdings, Inc. | 19,027 | ||||||
200 | Hirose Electric Co. Ltd. | 23,180 | ||||||
400 | Hisamitsu Pharmaceutical Co., Inc. | 14,580 | ||||||
1,100 | Hitachi Construction Machinery Co. Ltd. | 33,462 | ||||||
5,400 | Hitachi Ltd. | 335,151 | ||||||
3,400 | Hitachi Zosen Corp. | 19,089 | ||||||
400 | Hogy Medical Co. Ltd. | 8,552 | ||||||
2,900 | Hokkaido Electric Power Co., Inc. | 12,656 | ||||||
700 | Hokkoku Financial Holdings, Inc. | 24,358 | ||||||
3,000 | Hokuetsu Corp.† | 21,781 | ||||||
1,800 | Hokuhoku Financial Group, Inc. | 19,278 | ||||||
2,300 | Hokuriku Electric Power Co.* | 12,405 | ||||||
1,200 | Hokuto Corp. | 14,615 | ||||||
30,900 | Honda Motor Co. Ltd. | 347,790 | ||||||
400 | Horiba Ltd. | 21,665 | ||||||
600 | Hoshizaki Corp. | 20,858 | ||||||
3,100 | Hosiden Corp. | 39,808 | ||||||
500 | Hosokawa Micron Corp. | 13,718 | ||||||
1,100 | House Foods Group, Inc.† | 22,966 | ||||||
2,200 | Hoya Corp. | 225,609 | ||||||
4,100 | Hulic Co. Ltd. | 36,791 | ||||||
3,000 | Hyakugo Bank Ltd. | 10,760 | ||||||
1,200 | Ibiden Co. Ltd. | 63,951 | ||||||
7,600 | Ichigo, Inc. | 16,579 | ||||||
600 | Idec Corp. | 11,916 | ||||||
3,100 | Idemitsu Kosan Co. Ltd. | 71,318 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
3,000 | IDOM, Inc.† | $ | 14,635 | |||||
3,200 | IHI Corp.† | 67,131 | ||||||
1,100 | Iida Group Holdings Co. Ltd. | 18,303 | ||||||
4,200 | Iino Kaiun Kaisha Ltd.† | 29,482 | ||||||
500 | Inaba Denki Sangyo Co. Ltd. | 10,824 | ||||||
900 | Inabata & Co. Ltd. | 18,850 | ||||||
1,300 | Infocom Corp. | 23,940 | ||||||
400 | Information Services International-Dentsu Ltd. | 15,310 | ||||||
2,412 | INFRONEER Holdings, Inc. | 24,985 | ||||||
14,800 | Inpex Corp. | 223,426 | ||||||
1,400 | Insource Co. Ltd.† | 9,696 | ||||||
1,100 | Intage Holdings, Inc.† | 16,459 | ||||||
400 | Integrated Design & Engineering Holdings Co. Ltd. | 9,569 | ||||||
1,200 | Internet Initiative Japan, Inc. | 19,412 | ||||||
300 | IR Japan Holdings Ltd. | 3,499 | ||||||
300 | Iriso Electronics Co. Ltd. | 8,431 | ||||||
2,600 | Isetan Mitsukoshi Holdings Ltd.† | 30,125 | ||||||
1,600 | Ishihara Sangyo Kaisha Ltd. | 15,857 | ||||||
5,700 | Isuzu Motors Ltd. | 71,727 | ||||||
500 | Ito En Ltd. | 16,090 | ||||||
6,800 | ITOCHU Corp.† | 245,990 | ||||||
1,200 | Itochu Enex Co. Ltd. | 12,085 | ||||||
680 | Itoham Yonekyu Holdings, Inc. | 18,429 | ||||||
700 | Iwatani Corp. | 35,295 | ||||||
4,100 | Iyogin Holdings, Inc. | 29,493 | ||||||
1,000 | Izumi Co. Ltd. | 26,492 | ||||||
2,300 | J Trust Co. Ltd.† | 7,372 | ||||||
700 | J-Oil Mills, Inc. | 8,357 | ||||||
3,500 | J. Front Retailing Co. Ltd. | 35,810 | ||||||
800 | JAC Recruitment Co. Ltd. | 13,608 | ||||||
1,000 | Jaccs Co. Ltd.† | 34,529 | ||||||
2,100 | JAFCO Group Co. Ltd. | 23,116 | ||||||
1,400 | Japan Airlines Co. Ltd. | 27,243 | ||||||
500 | Japan Airport Terminal Co. Ltd. | 21,203 | ||||||
1,800 | Japan Aviation Electronics Industry Ltd.† | 35,858 | ||||||
1,100 | Japan Elevator Service Holdings Co. Ltd. | 16,157 | ||||||
4,700 | Japan Exchange Group, Inc. | 87,244 | ||||||
1,500 | Japan Lifeline Co. Ltd. | 11,684 | ||||||
1,200 | Japan Material Co. Ltd. | 18,421 | ||||||
1,100 | Japan Petroleum Exploration Co. Ltd. | 41,441 | ||||||
2,100 | Japan Post Bank Co. Ltd. | 18,282 | ||||||
10,300 | Japan Post Holdings Co. Ltd. | 82,536 | ||||||
1,000 | Japan Post Insurance Co. Ltd. | 16,866 | ||||||
600 | Japan Pulp & Paper Co. Ltd. | 19,613 | ||||||
3,000 | Japan Securities Finance Co. Ltd.† | 28,808 | ||||||
1,000 | Japan Steel Works Ltd. | 18,583 | ||||||
6,700 | Japan Tobacco, Inc. | 154,229 | ||||||
1,700 | Japan Wool Textile Co. Ltd. | 15,312 | ||||||
400 | JCU Corp. | 8,324 | ||||||
1,100 | Jeol Ltd. | 32,815 | ||||||
6,200 | JFE Holdings, Inc. | 90,901 | ||||||
2,700 | JGC Holdings Corp. | 37,571 | ||||||
400 | JINS Holdings, Inc. | 8,539 | ||||||
600 | Joshin Denki Co. Ltd. | 9,443 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
900 | Joyful Honda Co. Ltd. | $ | 10,588 | |||||
900 | JSR Corp.† | 24,192 | ||||||
3,800 | JTEKT Corp. | 35,879 | ||||||
800 | Juroku Financial Group, Inc.† | 20,048 | ||||||
800 | Justsystems Corp. | 16,055 | ||||||
8,900 | JVCKenwood Corp.† | 40,677 | ||||||
3,200 | K's Holdings Corp.† | 29,379 | ||||||
800 | Kadokawa Corp. | 16,017 | ||||||
700 | Kaga Electronics Co. Ltd. | 30,400 | ||||||
800 | Kagome Co. Ltd. | 17,372 | ||||||
2,200 | Kajima Corp. | 35,825 | ||||||
2,900 | Kakaku.com, Inc. | 29,439 | ||||||
500 | Kaken Pharmaceutical Co. Ltd. | 11,710 | ||||||
600 | Kameda Seika Co. Ltd.† | 16,441 | ||||||
1,000 | Kamigumi Co. Ltd.† | 20,610 | ||||||
1,300 | Kanamoto Co. Ltd. | 22,844 | ||||||
2,200 | Kandenko Co. Ltd. | 20,272 | ||||||
1,100 | Kaneka Corp. | 28,575 | ||||||
1,700 | Kanematsu Corp. | 23,525 | ||||||
2,400 | Kansai Electric Power Co., Inc. | 33,365 | ||||||
1,200 | Kansai Paint Co. Ltd. | 17,164 | ||||||
1,500 | Kanto Denka Kogyo Co. Ltd.† | 8,773 | ||||||
2,000 | Kao Corp. | 74,291 | ||||||
900 | Katitas Co. Ltd.† | 13,117 | ||||||
400 | Kato Sangyo Co. Ltd. | 10,640 | ||||||
300 | KAWADA TECHNOLOGIES, Inc. | 12,567 | ||||||
2,800 | Kawasaki Heavy Industries Ltd.† | 67,827 | ||||||
1,100 | Kawasaki Kisen Kaisha Ltd.† | 37,570 | ||||||
15,000 | KDDI Corp. | 459,415 | ||||||
600 | KeePer Technical Laboratory Co. Ltd. | 23,407 | ||||||
1,200 | Keihan Holdings Co. Ltd. | 31,863 | ||||||
3,100 | Keikyu Corp. | 26,355 | ||||||
700 | Keio Corp.† | 24,086 | ||||||
600 | Keisei Electric Railway Co. Ltd. | 20,798 | ||||||
2,500 | Keiyo Bank Ltd. | 11,577 | ||||||
3,100 | Keiyo Co. Ltd.† | 17,031 | ||||||
900 | Kewpie Corp. | 14,475 | ||||||
600 | Keyence Corp. | 222,832 | ||||||
500 | KFC Holdings Japan Ltd. | 10,017 | ||||||
1,100 | KH Neochem Co. Ltd. | 16,893 | ||||||
300 | Ki-Star Real Estate Co. Ltd.† | 9,275 | ||||||
700 | Kikkoman Corp. | 36,743 | ||||||
1,200 | Kinden Corp. | 17,473 | ||||||
1,000 | Kintetsu Group Holdings Co. Ltd. | 28,359 | ||||||
1,800 | Kirin Holdings Co. Ltd. | 25,210 | ||||||
800 | Kissei Pharmaceutical Co. Ltd. | 18,148 | ||||||
2,600 | Kitz Corp. | 18,007 | ||||||
1,600 | Kiyo Bank Ltd. | 16,039 | ||||||
1,500 | Koa Corp.† | 18,057 | ||||||
700 | Kobayashi Pharmaceutical Co. Ltd. | 31,267 | ||||||
1,300 | Kobe Bussan Co. Ltd. | 30,499 | ||||||
4,600 | Kobe Steel Ltd. | 59,993 | ||||||
1,000 | Koei Tecmo Holdings Co. Ltd. | 14,223 | ||||||
900 | Kohnan Shoji Co. Ltd. | 23,488 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
1,600 | Koito Manufacturing Co. Ltd. | $ | 24,160 | |||||
1,500 | Kokuyo Co. Ltd. | 23,804 | ||||||
7,800 | Komatsu Ltd. | 211,024 | ||||||
1,100 | KOMEDA Holdings Co. Ltd. | 21,346 | ||||||
1,000 | Komeri Co. Ltd.† | 21,079 | ||||||
1,400 | Komori Corp. | 9,921 | ||||||
600 | Konami Group Corp.† | 31,666 | ||||||
6,900 | Konica Minolta, Inc.* | 22,463 | ||||||
700 | Konishi Co. Ltd.† | 10,680 | ||||||
1,200 | Konoike Transport Co. Ltd. | 15,530 | ||||||
500 | Kose Corp. | 36,319 | ||||||
2,000 | Koshidaka Holdings Co. Ltd. | 15,725 | ||||||
1,500 | Kotobuki Spirits Co. Ltd. | 24,261 | ||||||
5,800 | Kubota Corp. | 85,541 | ||||||
400 | Kumagai Gumi Co. Ltd. | 9,435 | ||||||
1,500 | Kumiai Chemical Industry Co. Ltd. | 11,122 | ||||||
4,700 | Kuraray Co. Ltd. | 55,699 | ||||||
400 | Kureha Corp. | 22,270 | ||||||
1,200 | Kurita Water Industries Ltd. | 41,868 | ||||||
400 | Kusuri No. Aoki Holdings Co. Ltd. | 23,169 | ||||||
1,000 | KYB Corp. | 32,354 | ||||||
1,600 | Kyocera Corp. | 81,231 | ||||||
1,500 | Kyoei Steel Ltd.† | 19,975 | ||||||
1,700 | Kyokuto Kaihatsu Kogyo Co. Ltd.† | 20,021 | ||||||
500 | Kyokuyo Co. Ltd. | 13,183 | ||||||
500 | Kyorin Pharmaceutical Co. Ltd. | 6,126 | ||||||
600 | Kyoritsu Maintenance Co. Ltd.† | 24,981 | ||||||
900 | Kyowa Kirin Co. Ltd. | 15,683 | ||||||
600 | Kyudenko Corp.† | 18,814 | ||||||
5,300 | Kyushu Electric Power Co., Inc.* | 34,593 | ||||||
5,000 | Kyushu Financial Group, Inc.† | 25,796 | ||||||
1,200 | Kyushu Railway Co. | 25,527 | ||||||
400 | Lasertec Corp. | 62,286 | ||||||
900 | Lawson, Inc. | 41,387 | ||||||
10,100 | Leopalace21 Corp.* | 22,168 | ||||||
900 | Life Corp. | 21,922 | ||||||
1,900 | LIFENET INSURANCE Co.*,† | 12,333 | ||||||
1,000 | Lintec Corp. | 16,010 | ||||||
1,900 | Lion Corp. | 18,766 | ||||||
200 | LITALICO, Inc. | 2,687 | ||||||
5,000 | Lixil Corp.† | 58,268 | ||||||
500 | M&A Capital Partners Co. Ltd.† | 8,967 | ||||||
3,400 | M3, Inc. | 61,793 | ||||||
700 | Mabuchi Motor Co. Ltd. | 20,938 | ||||||
700 | Macnica Holdings, Inc. | 32,930 | ||||||
900 | Macromill, Inc. | 4,414 | ||||||
800 | Maeda Kosen Co. Ltd. | 16,006 | ||||||
600 | Makino Milling Machine Co. Ltd.† | 26,218 | ||||||
800 | Makita Corp. | 19,764 | ||||||
1,800 | Mandom Corp. | 16,622 | ||||||
2,300 | Mani, Inc. | 27,919 | ||||||
4,100 | Marubeni Corp. | 63,980 | ||||||
800 | Marudai Food Co. Ltd.† | 8,929 | ||||||
700 | Maruha Nichiro Corp. | 12,020 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
2,000 | Marui Group Co. Ltd.† | $ | 32,521 | |||||
1,300 | Maruichi Steel Tube Ltd. | 32,361 | ||||||
2,200 | Marusan Securities Co. Ltd.† | 12,307 | ||||||
200 | Maruwa Co. Ltd.† | 31,424 | ||||||
500 | Maruzen Showa Unyu Co. Ltd. | 12,664 | ||||||
1,300 | Matsuda Sangyo Co. Ltd. | 20,617 | ||||||
4,100 | Matsui Securities Co. Ltd.† | 22,525 | ||||||
1,620 | MatsukiyoCocokara & Co. | 29,058 | ||||||
1,700 | Maxell Ltd. | 19,032 | ||||||
7,000 | Mazda Motor Corp. | 79,467 | ||||||
500 | McDonald's Holdings Co. Japan Ltd.† | 19,105 | ||||||
1,300 | MCJ Co. Ltd. | 9,760 | ||||||
9,000 | Mebuki Financial Group, Inc. | 24,915 | ||||||
1,600 | Medipal Holdings Corp. | 27,061 | ||||||
600 | Megachips Corp. | 16,783 | ||||||
1,000 | Megmilk Snow Brand Co. Ltd. | 15,344 | ||||||
1,700 | Meidensha Corp. | 25,561 | ||||||
1,600 | MEIJI Holdings Co. Ltd. | 39,786 | ||||||
900 | Meiko Electronics Co. Ltd. | 20,446 | ||||||
1,500 | Meitec Corp. | 27,141 | ||||||
1,600 | Menicon Co. Ltd. | 20,600 | ||||||
400 | Mercari, Inc.*,† | 8,635 | ||||||
1,800 | METAWATER Co. Ltd. | 22,464 | ||||||
1,900 | Micronics Japan Co. Ltd. | 26,941 | ||||||
600 | Milbon Co. Ltd. | 16,706 | ||||||
1,200 | Mimasu Semiconductor Industry Co. Ltd. | 22,331 | ||||||
3,200 | MINEBEA MITSUMI, Inc. | 52,281 | ||||||
1,600 | MIRAIT ONE Corp. | 21,055 | ||||||
2,600 | MISUMI Group, Inc. | 40,651 | ||||||
600 | Mitani Sekisan Co. Ltd. | 18,529 | ||||||
4,200 | Mitsuba Corp. | 22,231 | ||||||
15,500 | Mitsubishi Chemical Group Corp. | 97,777 | ||||||
2,700 | Mitsubishi Corp. | 128,785 | ||||||
7,400 | Mitsubishi Electric Corp. | 91,559 | ||||||
3,800 | Mitsubishi Estate Co. Ltd. | 49,712 | ||||||
1,500 | Mitsubishi Gas Chemical Co., Inc.† | 20,200 | ||||||
9,500 | Mitsubishi HC Capital, Inc.† | 63,316 | ||||||
1,700 | Mitsubishi Heavy Industries Ltd. | 94,942 | ||||||
900 | Mitsubishi Logistics Corp. | 23,921 | ||||||
2,000 | Mitsubishi Materials Corp. | 32,374 | ||||||
9,200 | Mitsubishi Motors Corp.† | 40,102 | ||||||
900 | Mitsubishi Pencil Co. Ltd. | 11,551 | ||||||
1,000 | Mitsubishi Shokuhin Co. Ltd. | 26,097 | ||||||
51,700 | Mitsubishi UFJ Financial Group, Inc. | 438,848 | ||||||
600 | Mitsuboshi Belting Ltd.† | 18,429 | ||||||
2,800 | Mitsui & Co. Ltd. | 101,609 | ||||||
2,500 | Mitsui Chemicals, Inc. | 64,859 | ||||||
2,100 | Mitsui E&S Co. Ltd. | 8,150 | ||||||
4,200 | Mitsui Fudosan Co. Ltd. | 92,578 | ||||||
300 | Mitsui High-Tec, Inc.† | 15,578 | ||||||
1,000 | Mitsui Matsushima Holdings Co. Ltd.† | 18,436 | ||||||
1,300 | Mitsui Mining & Smelting Co. Ltd.† | 33,013 | ||||||
2,100 | Mitsui OSK Lines Ltd.† | 57,756 | ||||||
800 | Mitsui-Soko Holdings Co. Ltd. | 23,046 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
1,300 | Mitsuuroko Group Holdings Co. Ltd. | $ | 11,126 | |||||
1,000 | Miura Co. Ltd. | 20,142 | ||||||
1,000 | MIXI, Inc.† | 15,866 | ||||||
700 | Miyazaki Bank Ltd. | 13,013 | ||||||
10,390 | Mizuho Financial Group, Inc. | 176,666 | ||||||
1,000 | Mizuho Leasing Co. Ltd. | 32,856 | ||||||
1,200 | Mochida Pharmaceutical Co. Ltd. | 26,780 | ||||||
3,300 | Monex Group, Inc.† | 12,322 | ||||||
900 | Monogatari Corp. | 24,873 | ||||||
2,900 | MonotaRO Co. Ltd. | 31,059 | ||||||
1,200 | Morinaga & Co. Ltd. | 43,378 | ||||||
800 | Morinaga Milk Industry Co. Ltd. | 30,123 | ||||||
2,100 | Morita Holdings Corp. | 22,386 | ||||||
1,700 | MS&AD Insurance Group Holdings, Inc. | 62,510 | ||||||
9,600 | Murata Manufacturing Co. Ltd. | 175,632 | ||||||
2,000 | Musashi Seimitsu Industry Co. Ltd. | 21,748 | ||||||
1,000 | Musashino Bank Ltd.† | 18,489 | ||||||
2,400 | Nabtesco Corp. | 43,306 | ||||||
600 | Nachi-Fujikoshi Corp. | 16,140 | ||||||
1,500 | Nagase & Co. Ltd. | 23,593 | ||||||
1,800 | Nagoya Railroad Co. Ltd. | 26,589 | ||||||
1,100 | Nakanishi, Inc. | 25,726 | ||||||
3,400 | Nakayama Steel Works Ltd. | 20,590 | ||||||
1,200 | Nankai Electric Railway Co. Ltd. | 23,307 | ||||||
800 | Nanto Bank Ltd. | 14,245 | ||||||
2,100 | NEC Corp. | 116,087 | ||||||
1,600 | NEC Networks & System Integration Corp. | 21,028 | ||||||
1,100 | NET One Systems Co. Ltd. | 20,890 | ||||||
1,000 | Nexon Co. Ltd. | 17,890 | ||||||
1,100 | Nextage Co. Ltd.† | 16,797 | ||||||
3,900 | NGK Insulators Ltd. | 51,725 | ||||||
1,000 | NH Foods Ltd. | 29,918 | ||||||
2,400 | NHK Spring Co. Ltd. | 18,373 | ||||||
1,200 | Nichias Corp. | 24,612 | ||||||
1,400 | Nichicon Corp. | 13,209 | ||||||
900 | Nichiden Corp. | 15,002 | ||||||
700 | Nichiha Corp. | 13,785 | ||||||
1,500 | Nichirei Corp.† | 32,973 | ||||||
1,500 | Nichireki Co. Ltd.† | 20,055 | ||||||
800 | Nichirin Co. Ltd. | 16,140 | ||||||
400 | NIDEC Corp. | 18,552 | ||||||
800 | Nifco, Inc. | 20,712 | ||||||
2,600 | Nihon Dempa Kogyo Co. Ltd. | 24,271 | ||||||
700 | Nihon Kohden Corp. | 17,294 | ||||||
4,000 | Nihon M&A Center Holdings, Inc. | 19,259 | ||||||
1,800 | Nihon Parkerizing Co. Ltd. | 13,322 | ||||||
1,700 | Nikkiso Co. Ltd. | 11,535 | ||||||
1,300 | Nikkon Holdings Co. Ltd. | 27,498 | ||||||
3,000 | Nikon Corp. | 31,648 | ||||||
3,500 | Nintendo Co. Ltd. | 145,911 | ||||||
900 | Nippn Corp. | 13,087 | ||||||
600 | Nippon Carbon Co. Ltd. | 18,288 | ||||||
600 | Nippon Chemi-Con Corp.* | 6,480 | ||||||
9,100 | Nippon Denko Co. Ltd. | 18,512 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
700 | Nippon Densetsu Kogyo Co. Ltd. | $ | 10,286 | |||||
1,200 | Nippon Electric Glass Co. Ltd. | 22,372 | ||||||
1,500 | NIPPON EXPRESS HOLDINGS, Inc. | 78,322 | ||||||
1,800 | Nippon Gas Co. Ltd. | 26,692 | ||||||
2,500 | Nippon Kayaku Co. Ltd. | 20,903 | ||||||
1,520 | Nippon Light Metal Holdings Co. Ltd. | 17,118 | ||||||
2,700 | Nippon Paint Holdings Co. Ltd. | 18,176 | ||||||
1,200 | Nippon Paper Industries Co. Ltd.* | 10,824 | ||||||
10,200 | Nippon Parking Development Co. Ltd. | 14,538 | ||||||
1,100 | Nippon Pillar Packing Co. Ltd.† | 28,744 | ||||||
500 | Nippon Road Co. Ltd. | 6,287 | ||||||
1,900 | Nippon Sanso Holdings Corp. | 45,072 | ||||||
1,200 | Nippon Seiki Co. Ltd. | 9,371 | ||||||
5,100 | Nippon Sheet Glass Co. Ltd.* | 27,609 | ||||||
500 | Nippon Shinyaku Co. Ltd. | 21,176 | ||||||
400 | Nippon Shokubai Co. Ltd. | 14,534 | ||||||
2,600 | Nippon Signal Company Ltd. | 16,354 | ||||||
900 | Nippon Soda Co. Ltd. | 33,124 | ||||||
3,100 | Nippon Steel Corp.† | 72,708 | ||||||
122,500 | Nippon Telegraph & Telephone Corp. | 144,764 | ||||||
530 | Nippon Yakin Kogyo Co. Ltd. | 16,474 | ||||||
4,800 | Nippon Yusen KK† | 124,818 | ||||||
5,000 | Nipro Corp.† | 40,451 | ||||||
2,000 | Nishi-Nippon Financial Holdings, Inc.† | 22,859 | ||||||
900 | Nishi-Nippon Railroad Co. Ltd. | 14,945 | ||||||
1,000 | Nishimatsu Construction Co. Ltd.† | 24,813 | ||||||
1,600 | Nishimatsuya Chain Co. Ltd.† | 17,430 | ||||||
700 | Nishio Holdings Co. Ltd. | 16,535 | ||||||
1,000 | Nissan Chemical Corp. | 42,552 | ||||||
27,300 | Nissan Motor Co. Ltd. | 120,625 | ||||||
3,200 | Nissan Shatai Co. Ltd. | 18,308 | ||||||
600 | Nissei ASB Machine Co. Ltd. | 18,268 | ||||||
1,100 | Nissha Co. Ltd. | 12,366 | ||||||
800 | Nisshin Oillio Group Ltd. | 22,404 | ||||||
1,400 | Nisshin Seifun Group, Inc. | 17,851 | ||||||
4,400 | Nisshinbo Holdings, Inc. | 32,741 | ||||||
400 | Nissin Foods Holdings Co. Ltd. | 33,258 | ||||||
5,400 | Nissui Corp. | 26,440 | ||||||
2,000 | Niterra Co. Ltd. | 45,289 | ||||||
600 | Nitori Holdings Co. Ltd. | 67,090 | ||||||
900 | Nitta Corp.† | 19,995 | ||||||
1,100 | Nittetsu Mining Co. Ltd. | 36,878 | ||||||
600 | Nitto Boseki Co. Ltd.† | 14,012 | ||||||
1,500 | Nitto Denko Corp.† | 98,448 | ||||||
700 | Nitto Kogyo Corp.† | 16,793 | ||||||
300 | Noevir Holdings Co. Ltd. | 10,620 | ||||||
700 | NOF Corp. | 27,993 | ||||||
900 | Nohmi Bosai Ltd. | 10,654 | ||||||
2,200 | Nojima Corp. | 19,241 | ||||||
1,500 | NOK Corp. | 19,929 | ||||||
16,900 | Nomura Holdings, Inc. | 67,752 | ||||||
1,500 | Nomura Real Estate Holdings, Inc. | 37,671 | ||||||
2,200 | Nomura Research Institute Ltd. | 57,311 | ||||||
300 | Noritake Co. Ltd. | 12,487 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
700 | Noritsu Koki Co. Ltd. | $ | 15,575 | |||||
1,100 | Noritz Corp. | 11,674 | ||||||
7,800 | North Pacific Bank Ltd. | 18,842 | ||||||
800 | NS United Kaiun Kaisha Ltd.† | 21,092 | ||||||
800 | NSD Co. Ltd. | 15,182 | ||||||
2,900 | NSK Ltd. | 16,324 | ||||||
10,800 | NTN Corp.† | 20,575 | ||||||
3,600 | NTT Data Group Corp. | 48,288 | ||||||
600 | Obara Group, Inc. | 15,498 | ||||||
3,100 | Obayashi Corp. | 27,310 | ||||||
500 | OBIC Business Consultants Co. Ltd. | 20,744 | ||||||
200 | Obic Co. Ltd. | 30,360 | ||||||
2,100 | Odakyu Electric Railway Co. Ltd. | 31,400 | ||||||
1,100 | Ogaki Kyoritsu Bank Ltd. | 15,266 | ||||||
300 | Ohsho Food Service Corp. | 13,872 | ||||||
800 | Oisix ra daichi, Inc.*,† | 8,613 | ||||||
13,300 | Oji Holdings Corp. | 55,980 | ||||||
1,000 | Okamura Corp. | 15,130 | ||||||
4,600 | Okasan Securities Group, Inc. | 21,393 | ||||||
1,800 | Oki Electric Industry Co. Ltd. | 12,117 | ||||||
1,000 | Okinawa Cellular Telephone Co. | 21,547 | ||||||
1,155 | Okinawa Electric Power Co., Inc. | 8,687 | ||||||
500 | OKUMA Corp.† | 21,999 | ||||||
700 | Okumura Corp. | 21,032 | ||||||
12,300 | Olympus Corp. | 159,800 | ||||||
1,200 | Omron Corp. | 53,536 | ||||||
2,800 | Ono Pharmaceutical Co. Ltd. | 53,737 | ||||||
3,700 | Onward Holdings Co. Ltd.† | 12,924 | ||||||
1,500 | Open House Group Co. Ltd. | 50,930 | ||||||
1,000 | Optex Group Co. Ltd. | 10,834 | ||||||
700 | Optorun Co. Ltd. | 8,614 | ||||||
500 | Oracle Corp. | 37,139 | ||||||
800 | Organo Corp.† | 22,484 | ||||||
2,810 | Orient Corp.† | 21,812 | ||||||
3,300 | Oriental Land Co. Ltd. | 108,403 | ||||||
11,600 | ORIX Corp. | 216,801 | ||||||
2,100 | Osaka Gas Co. Ltd. | 34,597 | ||||||
700 | Osaka Organic Chemical Industry Ltd.† | 11,832 | ||||||
600 | Osaka Soda Co. Ltd.† | 25,897 | ||||||
900 | OSAKA Titanium Technologies Co. Ltd. | 18,338 | ||||||
2,900 | OSG Corp. | 34,193 | ||||||
700 | Otsuka Corp. | 29,660 | ||||||
1,000 | Otsuka Holdings Co. Ltd. | 35,553 | ||||||
1,900 | Outsourcing, Inc. | 14,685 | ||||||
800 | Oyo Corp. | 13,346 | ||||||
1,600 | Pacific Industrial Co. Ltd. | 15,343 | ||||||
900 | Pacific Metals Co. Ltd.* | 8,444 | ||||||
1,600 | PAL GROUP Holdings Co. Ltd.† | 20,749 | ||||||
300 | PALTAC Corp. | 9,415 | ||||||
3,600 | Pan Pacific International Holdings Corp. | 75,594 | ||||||
12,100 | Panasonic Holdings Corp. | 136,190 | ||||||
700 | Paramount Bed Holdings Co. Ltd. | 11,031 | ||||||
1,500 | Park24 Co. Ltd.* | 19,021 | ||||||
700 | Pasona Group, Inc. | 7,654 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
3,900 | Penta-Ocean Construction Co. Ltd. | $ | 23,206 | |||||
1,900 | PeptiDream, Inc.* | 20,482 | ||||||
26,000 | Persol Holdings Co. Ltd. | 42,347 | ||||||
2,100 | Pigeon Corp. | 23,728 | ||||||
500 | Pilot Corp. | 17,167 | ||||||
1,100 | Piolax, Inc.† | 16,842 | ||||||
900 | Pola Orbis Holdings, Inc. | 10,819 | ||||||
900 | Premium Group Co. Ltd. | 9,594 | ||||||
2,500 | Press Kogyo Co. Ltd. | 11,526 | ||||||
600 | Pressance Corp.† | 7,355 | ||||||
2,100 | Prestige International, Inc.† | 8,698 | ||||||
1,100 | Prima Meat Packers Ltd. | 18,056 | ||||||
600 | Procrea Holdings, Inc. | 7,865 | ||||||
1,000 | Proto Corp. | 8,110 | ||||||
1,300 | Qol Holdings Co. Ltd.† | 16,154 | ||||||
900 | Raito Kogyo Co. Ltd. | 12,424 | ||||||
1,700 | Rakus Co. Ltd. | 23,463 | ||||||
7,900 | Rakuten Group, Inc. | 32,411 | ||||||
8,500 | Recruit Holdings Co. Ltd. | 262,155 | ||||||
2,100 | Relo Group, Inc. | 22,744 | ||||||
12,500 | Renesas Electronics Corp.* | 191,172 | ||||||
4,600 | Rengo Co. Ltd. | 31,582 | ||||||
500 | RENOVA, Inc.*,† | 3,787 | ||||||
15,200 | Resona Holdings, Inc. | 84,249 | ||||||
3,000 | Resonac Holdings Corp. | 50,288 | ||||||
1,100 | Resorttrust, Inc. | 16,440 | ||||||
1,000 | Restar Holdings Corp. | 16,388 | ||||||
5,100 | Ricoh Co. Ltd. | 44,041 | ||||||
400 | Ricoh Leasing Co. Ltd. | 11,737 | ||||||
800 | Riken Keiki Co. Ltd.† | 32,281 | ||||||
900 | Riken Vitamin Co. Ltd. | 13,352 | ||||||
1,200 | Rinnai Corp.† | 22,484 | ||||||
4,000 | Riso Kyoiku Co. Ltd. | 6,638 | ||||||
2,800 | Rohm Co. Ltd. | 52,781 | ||||||
1,500 | Rohto Pharmaceutical Co. Ltd. | 40,702 | ||||||
300 | Roland Corp. | 8,231 | ||||||
400 | Roland DG Corp. | 9,101 | ||||||
300 | Rorze Corp. | 20,737 | ||||||
3,600 | Round One Corp. | 13,490 | ||||||
600 | Royal Holdings Co. Ltd. | 10,668 | ||||||
1,000 | RS Technologies Co. Ltd. | 19,118 | ||||||
500 | Ryobi Ltd. | 10,171 | ||||||
2,000 | Ryohin Keikaku Co. Ltd. | 25,903 | ||||||
200 | Ryosan Co. Ltd.† | 5,956 | ||||||
600 | S Foods, Inc. | 13,430 | ||||||
1,600 | S-Pool, Inc.† | 5,107 | ||||||
500 | Saizeriya Co. Ltd. | 16,227 | ||||||
1,400 | Sakai Moving Service Co. Ltd. | 23,365 | ||||||
1,300 | Sakata INX Corp. | 11,205 | ||||||
2,700 | Sala Corp. | 13,749 | ||||||
1,800 | SAMTY Co. Ltd. | 28,571 | ||||||
300 | San-A Co. Ltd. | 9,596 | ||||||
2,100 | San-Ai Obbli Co. Ltd. | 22,301 | ||||||
3,000 | San-In Godo Bank Ltd. | 19,433 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
1,200 | Sangetsu Corp. | $ | 23,391 | |||||
300 | Sanken Electric Co. Ltd. | 18,208 | ||||||
1,300 | Sanki Engineering Co. Ltd. | 14,119 | ||||||
600 | Sankyo Co. Ltd. | 27,519 | ||||||
800 | Sankyu, Inc. | 27,682 | ||||||
200 | Sanrio Co. Ltd. | 9,502 | ||||||
3,600 | Santen Pharmaceutical Co. Ltd. | 33,088 | ||||||
2,300 | Sanwa Holdings Corp. | 30,597 | ||||||
500 | Sanyo Chemical Industries Ltd.† | 13,701 | ||||||
300 | Sanyo Denki Co. Ltd. | 13,731 | ||||||
900 | Sanyo Special Steel Co. Ltd. | 17,742 | ||||||
1,200 | Sapporo Holdings Ltd. | 38,199 | ||||||
900 | Sato Holdings Corp.† | 12,713 | ||||||
1,300 | Sawai Group Holdings Co. Ltd. | 39,825 | ||||||
1,700 | SBI Holdings, Inc. | 35,811 | ||||||
500 | SBS Holdings, Inc. | 9,375 | ||||||
1,000 | SCREEN Holdings Co. Ltd.† | 48,722 | ||||||
1,600 | SCSK Corp. | 27,934 | ||||||
700 | Secom Co. Ltd. | 47,497 | ||||||
1,000 | Sega Sammy Holdings, Inc. | 18,462 | ||||||
3,000 | Seibu Holdings, Inc. | 28,888 | ||||||
1,000 | Seikagaku Corp. | 5,407 | ||||||
3,100 | Seiko Epson Corp.† | 48,738 | ||||||
700 | Seiko Group Corp. | 12,254 | ||||||
1,600 | Seino Holdings Co. Ltd. | 22,436 | ||||||
800 | Seiren Co. Ltd.† | 12,543 | ||||||
4,300 | Sekisui Chemical Co. Ltd. | 61,951 | ||||||
4,100 | Sekisui House Ltd. | 81,676 | ||||||
900 | Sekisui Jushi Corp.† | 14,364 | ||||||
1,600 | Senko Group Holdings Co. Ltd. | 11,221 | ||||||
8,500 | Senshu Ikeda Holdings, Inc.† | 18,258 | ||||||
1,100 | Seria Co. Ltd. | 16,209 | ||||||
8,800 | Seven & i Holdings Co. Ltd. | 344,781 | ||||||
7,000 | Seven Bank Ltd.† | 14,563 | ||||||
3,800 | SG Holdings Co. Ltd. | 48,695 | ||||||
4,900 | Sharp Corp.*,† | 30,559 | ||||||
500 | Shibaura Electronics Co. Ltd. | 20,142 | ||||||
1,100 | Shibaura Machine Co. Ltd.† | 30,327 | ||||||
600 | Shibaura Mechatronics Corp.† | 28,306 | ||||||
600 | Shibuya Corp. | 10,082 | ||||||
100 | SHIFT, Inc.* | 18,275 | ||||||
1,000 | Shiga Bank Ltd.† | 23,421 | ||||||
1,700 | Shikoku Electric Power Co., Inc. | 11,643 | ||||||
900 | Shikoku Kasei Holdings Corp. | 9,949 | ||||||
900 | Shima Seiki Manufacturing Ltd.† | 10,774 | ||||||
1,700 | Shimadzu Corp. | 45,185 | ||||||
200 | Shimamura Co. Ltd. | 19,767 | ||||||
700 | Shimano, Inc. | 94,456 | ||||||
3,500 | Shimizu Corp. | 24,346 | ||||||
1,000 | Shin Nippon Biomedical Laboratories Ltd.† | 12,527 | ||||||
17,200 | Shin-Etsu Chemical Co. Ltd. | 499,864 | ||||||
2,000 | Shin-Etsu Polymer Co. Ltd. | 17,907 | ||||||
800 | Shinko Electric Industries Co. Ltd. | 31,172 | ||||||
1,700 | Shinmaywa Industries Ltd. | 14,504 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
1,300 | Shionogi & Co. Ltd. | $ | 58,162 | |||||
1,200 | Ship Healthcare Holdings, Inc. | 18,216 | ||||||
1,100 | Shiseido Co. Ltd. | 38,644 | ||||||
4,800 | Shizuoka Financial Group, Inc. | 39,154 | ||||||
2,800 | Shizuoka Gas Co. Ltd. | 19,093 | ||||||
300 | SHO-BOND Holdings Co. Ltd. | 11,796 | ||||||
1,800 | Shoei Co. Ltd.† | 27,571 | ||||||
1,000 | Siix Corp. | 10,191 | ||||||
1,400 | Simplex Holdings, Inc. | 25,369 | ||||||
1,100 | Sinfonia Technology Co. Ltd. | 11,844 | ||||||
3,900 | SKY Perfect JSAT Holdings, Inc. | 18,242 | ||||||
3,800 | Skylark Holdings Co. Ltd.* | 51,988 | ||||||
200 | SMC Corp. | 89,641 | ||||||
1,300 | SMS Co. Ltd. | 22,144 | ||||||
2,700 | Sodick Co. Ltd. | 13,225 | ||||||
16,100 | SoftBank Corp. | 182,127 | ||||||
1,800 | SoftBank Group Corp. | 76,305 | ||||||
5,500 | Sohgo Security Services Co. Ltd. | 33,205 | ||||||
2,060 | Sojitz Corp.† | 45,187 | ||||||
900 | Solasto Corp. | 3,734 | ||||||
700 | Sompo Holdings, Inc. | 30,133 | ||||||
12,100 | Sony Group Corp. | 991,060 | ||||||
1,500 | Sotetsu Holdings, Inc. | 29,520 | ||||||
700 | Square Enix Holdings Co. Ltd. | 24,006 | ||||||
1,600 | Stanley Electric Co. Ltd. | 25,294 | ||||||
1,600 | Star Micronics Co. Ltd. | 20,107 | ||||||
800 | Starts Corp., Inc.† | 15,637 | ||||||
7,200 | Subaru Corp. | 140,011 | ||||||
800 | Sugi Holdings Co. Ltd. | 31,804 | ||||||
4,500 | SUMCO Corp. | 58,689 | ||||||
1,100 | Sumida Corp. | 11,240 | ||||||
700 | Sumitomo Bakelite Co. Ltd. | 30,555 | ||||||
10,600 | Sumitomo Chemical Co. Ltd. | 28,869 | ||||||
5,300 | Sumitomo Corp. | 105,830 | ||||||
900 | Sumitomo Densetsu Co. Ltd. | 16,706 | ||||||
7,200 | Sumitomo Electric Industries Ltd. | 86,796 | ||||||
1,600 | Sumitomo Forestry Co. Ltd. | 40,749 | ||||||
1,700 | Sumitomo Heavy Industries Ltd. | 43,137 | ||||||
1,600 | Sumitomo Metal Mining Co. Ltd. | 47,099 | ||||||
3,600 | Sumitomo Mitsui Construction Co. Ltd. | 9,901 | ||||||
5,600 | Sumitomo Mitsui Financial Group, Inc. | 275,316 | ||||||
1,900 | Sumitomo Mitsui Trust Holdings, Inc. | 71,593 | ||||||
900 | Sumitomo Osaka Cement Co. Ltd. | 22,121 | ||||||
3,500 | Sumitomo Pharma Co. Ltd. | 12,547 | ||||||
2,900 | Sumitomo Realty & Development Co. Ltd. | 75,411 | ||||||
3,700 | Sumitomo Rubber Industries Ltd. | 40,877 | ||||||
400 | Sumitomo Seika Chemicals Co. Ltd.† | 12,125 | ||||||
900 | Sumitomo Warehouse Co. Ltd.† | 14,364 | ||||||
2,600 | Sun Frontier Fudousan Co. Ltd. | 26,202 | ||||||
700 | Sundrug Co. Ltd. | 18,994 | ||||||
700 | Suntory Beverage & Food Ltd. | 21,313 | ||||||
6,300 | Suruga Bank Ltd. | 26,686 | ||||||
1,400 | Suzuken Co. Ltd. | 43,319 | ||||||
3,200 | Suzuki Motor Corp. | 128,822 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
1,300 | Sysmex Corp. | $ | 62,051 | |||||
6,800 | Systena Corp. | 12,240 | ||||||
800 | T Hasegawa Co. Ltd.† | 16,328 | ||||||
3,000 | T&D Holdings, Inc. | 49,545 | ||||||
700 | Tachi-S Co. Ltd. | 7,972 | ||||||
2,200 | Tadano Ltd. | 18,711 | ||||||
1,800 | Taiheiyo Cement Corp. | 31,919 | ||||||
600 | Taisei Corp. | 21,123 | ||||||
600 | Taisho Pharmaceutical Holdings Co. Ltd. | 24,744 | ||||||
600 | Taiyo Holdings Co. Ltd. | 10,294 | ||||||
1,200 | Taiyo Yuden Co. Ltd.† | 32,513 | ||||||
2,000 | Takara Bio, Inc. | 18,509 | ||||||
2,500 | Takara Holdings, Inc. | 20,092 | ||||||
2,100 | Takara Standard Co. Ltd.† | 26,039 | ||||||
900 | Takasago Thermal Engineering Co. Ltd. | 17,501 | ||||||
1,600 | Takashimaya Co. Ltd. | 23,426 | ||||||
9,300 | Takeda Pharmaceutical Co. Ltd. | 288,820 | ||||||
1,200 | Takeuchi Manufacturing Co. Ltd. | 39,347 | ||||||
700 | Takuma Co. Ltd. | 7,251 | ||||||
500 | Tamron Co. Ltd.† | 15,290 | ||||||
2,100 | Tamura Corp. | 7,855 | ||||||
1,200 | TBS Holdings, Inc. | 20,191 | ||||||
4,200 | TDK Corp. | 155,758 | ||||||
1,300 | TechMatrix Corp. | 13,797 | ||||||
1,000 | TechnoPro Holdings, Inc. | 21,768 | ||||||
3,300 | Teijin Ltd. | 32,086 | ||||||
400 | Tekken Corp. | 5,693 | ||||||
2,400 | Terumo Corp. | 63,646 | ||||||
2,500 | THK Co. Ltd. | 45,729 | ||||||
2,700 | TIS, Inc. | 59,496 | ||||||
200 | TKC Corp. | 4,872 | ||||||
3,100 | Toagosei Co. Ltd. | 27,880 | ||||||
1,500 | Tobu Railway Co. Ltd. | 38,564 | ||||||
2,200 | Tocalo Co. Ltd. | 20,051 | ||||||
3,500 | Toda Corp. | 18,961 | ||||||
200 | Toei Animation Co. Ltd. | 17,693 | ||||||
100 | Toei Co. Ltd. | 12,567 | ||||||
600 | Toho Co. Ltd. | 20,484 | ||||||
1,300 | Toho Gas Co. Ltd.† | 22,683 | ||||||
1,500 | Toho Holdings Co. Ltd. | 32,180 | ||||||
1,400 | Toho Titanium Co. Ltd.† | 16,797 | ||||||
1,500 | Toho Zinc Co. Ltd. | 16,421 | ||||||
3,300 | Tohoku Electric Power Co., Inc. | 21,367 | ||||||
5,800 | Tokai Carbon Co. Ltd. | 45,448 | ||||||
1,000 | Tokai Corp. | 12,714 | ||||||
1,300 | TOKAI Holdings Corp. | 8,055 | ||||||
1,300 | Tokai Rika Co. Ltd.† | 20,391 | ||||||
4,800 | Tokai Tokyo Financial Holdings, Inc. | 15,578 | ||||||
200 | Token Corp. | 10,680 | ||||||
11,000 | Tokio Marine Holdings, Inc. | 255,052 | ||||||
1,100 | Tokuyama Corp. | 17,298 | ||||||
700 | Tokyo Century Corp. | 27,946 | ||||||
10,300 | Tokyo Electric Power Co. Holdings, Inc.* | 46,096 | ||||||
2,700 | Tokyo Electron Ltd. | 369,299 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
2,400 | Tokyo Gas Co. Ltd. | $ | 54,459 | |||||
1,400 | Tokyo Kiraboshi Financial Group, Inc. | 42,204 | ||||||
500 | Tokyo Ohka Kogyo Co. Ltd. | 29,764 | ||||||
800 | Tokyo Seimitsu Co. Ltd. | 40,096 | ||||||
2,000 | Tokyo Steel Manufacturing Co. Ltd.† | 22,551 | ||||||
2,700 | Tokyo Tatemono Co. Ltd. | 37,364 | ||||||
400 | Tokyotokeiba Co. Ltd.† | 10,760 | ||||||
1,700 | Tokyu Construction Co. Ltd. | 8,873 | ||||||
3,000 | Tokyu Corp. | 34,609 | ||||||
9,700 | Tokyu Fudosan Holdings Corp. | 59,651 | ||||||
5,300 | TOMONY Holdings, Inc. | 16,350 | ||||||
1,900 | Tomy Co. Ltd. | 27,488 | ||||||
1,500 | Topcon Corp. | 16,557 | ||||||
1,500 | TOPPAN, Inc. | 35,884 | ||||||
1,100 | Topre Corp. | 12,491 | ||||||
500 | Topy Industries Ltd.† | 8,515 | ||||||
9,400 | Toray Industries, Inc. | 48,937 | ||||||
1,100 | Toridoll Holdings Corp. | 27,125 | ||||||
1,300 | Tosei Corp. | 16,798 | ||||||
500 | Toshiba TEC Corp. | 11,426 | ||||||
3,600 | Tosoh Corp. | 46,205 | ||||||
1,000 | Totetsu Kogyo Co. Ltd. | 19,660 | ||||||
700 | TOTO Ltd. | 18,095 | ||||||
900 | Towa Corp. | 25,023 | ||||||
900 | Towa Pharmaceutical Co. Ltd. | 17,110 | ||||||
3,100 | Toyo Construction Co. Ltd. | 25,266 | ||||||
200 | Toyo Gosei Co. Ltd.† | 9,020 | ||||||
500 | Toyo Ink SC Holdings Co. Ltd. | 7,823 | ||||||
1,000 | Toyo Seikan Group Holdings Ltd. | 16,378 | ||||||
800 | Toyo Suisan Kaisha Ltd. | 31,397 | ||||||
400 | Toyo Tanso Co. Ltd. | 14,507 | ||||||
3,700 | Toyo Tire Corp. | 56,995 | ||||||
2,500 | Toyobo Co. Ltd. | 18,026 | ||||||
1,600 | Toyoda Gosei Co. Ltd. | 34,390 | ||||||
600 | Toyota Boshoku Corp. | 10,945 | ||||||
700 | Toyota Industries Corp. | 55,156 | ||||||
49,500 | Toyota Motor Corp. | 886,886 | ||||||
1,800 | Toyota Tsusho Corp. | 105,936 | ||||||
600 | TPR Co. Ltd. | 7,327 | ||||||
300 | Trancom Co. Ltd.† | 14,735 | ||||||
500 | Transcosmos, Inc. | 10,690 | ||||||
1,200 | TRE Holdings Corp. | 9,676 | ||||||
1,500 | Trend Micro, Inc. | 56,892 | ||||||
800 | Tri Chemical Laboratories, Inc. | 16,595 | ||||||
1,100 | Trusco Nakayama Corp. | 18,034 | ||||||
1,600 | TS Tech Co. Ltd.† | 18,158 | ||||||
1,200 | Tsubaki Nakashima Co. Ltd. | 6,271 | ||||||
600 | Tsubakimoto Chain Co. | 15,558 | ||||||
1,700 | Tsuburaya Fields Holdings, Inc. | 23,309 | ||||||
1,900 | Tsugami Corp. | 14,748 | ||||||
1,600 | Tsumura & Co. | 29,764 | ||||||
500 | Tsuruha Holdings, Inc. | 33,609 | ||||||
700 | TV Asahi Holdings Corp. | 7,916 | ||||||
1,000 | UACJ Corp. | 21,012 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
2,000 | UBE Corp. | $ | 33,746 | |||||
200 | Uchida Yoko Co. Ltd. | 9,074 | ||||||
800 | Ulvac, Inc. | 28,881 | ||||||
1,000 | Unicharm Corp. | 35,406 | ||||||
800 | Unipres Corp. | 6,205 | ||||||
1,100 | United Super Markets Holdings, Inc.† | 7,869 | ||||||
500 | Universal Entertainment Corp.† | 7,381 | ||||||
800 | Usen-Next Holdings Co. Ltd. | 17,934 | ||||||
2,000 | Ushio, Inc. | 24,311 | ||||||
1,900 | USS Co. Ltd. | 31,436 | ||||||
600 | UT Group Co. Ltd.* | 8,957 | ||||||
400 | V Technology Co. Ltd.† | 5,562 | ||||||
1,200 | Valor Holdings Co. Ltd. | 17,562 | ||||||
1,000 | Valqua Ltd.† | 27,703 | ||||||
1,400 | Vision, Inc.* | 14,146 | ||||||
400 | Visional, Inc.* | 20,182 | ||||||
1,400 | Vital KSK Holdings, Inc. | 9,387 | ||||||
3,800 | VT Holdings Co. Ltd. | 12,994 | ||||||
800 | Wacoal Holdings Corp. | 18,094 | ||||||
3,000 | Wacom Co. Ltd. | 11,904 | ||||||
1,800 | Wakita & Co. Ltd.† | 16,899 | ||||||
1,600 | Warabeya Nichiyo Holdings Co. Ltd. | 30,257 | ||||||
2,000 | Welcia Holdings Co. Ltd. | 34,576 | ||||||
500 | West Holdings Corp. | 10,757 | ||||||
1,200 | West Japan Railway Co. | 49,665 | ||||||
300 | Workman Co. Ltd.† | 9,124 | ||||||
1,000 | Xebio Holdings Co. Ltd. | 6,692 | ||||||
1,200 | YA-MAN Ltd.† | 8,118 | ||||||
2,000 | Yakult Honsha Co. Ltd. | 48,622 | ||||||
9,500 | Yamada Holdings Co. Ltd. | 29,211 | ||||||
2,100 | Yamaguchi Financial Group, Inc. | 18,416 | ||||||
900 | Yamaha Corp. | 24,608 | ||||||
3,800 | Yamaha Motor Co. Ltd. | 99,959 | ||||||
1,300 | Yamaichi Electronics Co. Ltd. | 14,980 | ||||||
2,100 | Yamato Holdings Co. Ltd. | 34,218 | ||||||
400 | Yamato Kogyo Co. Ltd. | 19,127 | ||||||
2,100 | Yamazaki Baking Co. Ltd. | 38,616 | ||||||
1,700 | Yamazen Corp. | 13,378 | ||||||
400 | Yaoko Co. Ltd.† | 20,581 | ||||||
1,200 | Yaskawa Electric Corp. | 43,322 | ||||||
1,200 | Yellow Hat Ltd. | 15,233 | ||||||
600 | Yodogawa Steel Works Ltd.† | 14,233 | ||||||
600 | Yokogawa Bridge Holdings Corp. | 11,218 | ||||||
2,000 | Yokogawa Electric Corp. | 38,658 | ||||||
1,100 | Yokohama Rubber Co. Ltd. | 22,907 | ||||||
2,500 | Yokorei Co. Ltd.† | 20,259 | ||||||
1,500 | Yokowo Co. Ltd. | 15,799 | ||||||
1,100 | Yonex Co. Ltd. | 11,763 | ||||||
1,100 | Yoshinoya Holdings Co. Ltd. | 20,728 | ||||||
500 | Yuasa Trading Co. Ltd. | 13,835 | ||||||
12,500 | Z Holdings Corp. | 34,755 | ||||||
700 | Zenkoku Hosho Co. Ltd. | 23,004 | ||||||
900 | Zensho Holdings Co. Ltd.† | 39,134 | ||||||
2,300 | Zeon Corp.† | 24,056 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Japan (Continued) | ||||||||
800 | ZERIA Pharmaceutical Co. Ltd. | $ | 11,879 | |||||
1,000 | ZOZO, Inc.† | 18,352 | ||||||
34,920,711 | ||||||||
Netherlands—2.1% | ||||||||
2,261 | Aalberts NV | 82,901 | ||||||
3,265 | ABN AMRO Bank NV, CVA# | 46,394 | ||||||
576 | Acomo NV | 12,021 | ||||||
119 | Adyen NV#,* | 88,786 | ||||||
11,005 | Aegon NV | 53,312 | ||||||
4,173 | Aegon NV, Registered | 20,030 | ||||||
1,529 | Akzo Nobel NV | 110,700 | ||||||
292 | Alfen NV#,*,† | 12,395 | ||||||
3,191 | Allfunds Group PLC | 17,678 | ||||||
580 | AMG Critical Materials NV | 17,476 | ||||||
923 | APERAM SA | 26,933 | ||||||
1,113 | Arcadis NV | 50,128 | ||||||
2,831 | ArcelorMittal SA | 71,160 | ||||||
316 | ASM International NV | 132,801 | ||||||
1,963 | ASML Holding NV | 1,160,346 | ||||||
500 | ASML Holding NV, Registered | 294,330 | ||||||
2,907 | ASR Nederland NV | 109,168 | ||||||
894 | Basic-Fit NV#,* | 25,407 | ||||||
909 | BE Semiconductor Industries NV | 89,377 | ||||||
1,433 | Coca-Cola Europacific Partners PLC | 89,842 | ||||||
988 | Corbion NV | 19,700 | ||||||
954 | CTP NV#,† | 13,657 | ||||||
691 | Flow Traders Ltd. | 12,865 | ||||||
2,215 | Fugro NV* | 34,073 | ||||||
1,467 | Heineken NV | 129,445 | ||||||
802 | IMCD NV | 101,750 | ||||||
16,312 | ING Groep NV | 216,436 | ||||||
1,457 | InPost SA* | 16,945 | ||||||
1,082 | JDE Peet's NV | 30,223 | ||||||
7,634 | Koninklijke Ahold Delhaize NV | 230,186 | ||||||
7,677 | Koninklijke BAM Groep NV | 16,347 | ||||||
1,262 | Koninklijke Heijmans NV, CVA | 14,277 | ||||||
32,702 | Koninklijke KPN NV | 107,837 | ||||||
3,646 | Koninklijke Philips NV† | 73,109 | ||||||
1,756 | Koninklijke Philips NV*,† | 35,015 | ||||||
1,604 | Koninklijke Vopak NV | 54,979 | ||||||
660 | Majorel Group Luxembourg SA | 20,689 | ||||||
198 | Nedap NV | 12,225 | ||||||
2,622 | NN Group NV | 84,383 | ||||||
2,076 | OCI NV* | 57,922 | ||||||
17,809 | Pharming Group NV*,† | 22,877 | ||||||
14,292 | PostNL NV | 30,492 | ||||||
3,343 | Prosus NV | 98,680 | ||||||
1,964 | Randstad NV | 108,764 | ||||||
2,766 | SBM Offshore NV | 36,350 | ||||||
2,800 | Signify NV# | 75,517 | ||||||
839 | Sligro Food Group NV | 14,884 | ||||||
799 | TKH Group NV | 31,695 | ||||||
1,381 | TomTom NV* | 9,870 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Netherlands (Continued) | ||||||||
4,775 | Universal Music Group NV† | $ | 124,846 | |||||
739 | Van Lanschot Kempen NV | 19,884 | ||||||
1,997 | Wolters Kluwer NV | 242,064 | ||||||
4,609,171 | ||||||||
New Zealand—0.2% | ||||||||
5,589 | a2 Milk Co. Ltd.*,† | 15,275 | ||||||
45,960 | Air New Zealand Ltd. | 20,109 | ||||||
11,843 | Arvida Group Ltd. | 8,660 | ||||||
6,411 | Auckland International Airport Ltd. | 30,394 | ||||||
12,705 | Channel Infrastructure NZ Ltd. | 11,727 | ||||||
7,155 | Chorus Ltd.† | 32,527 | ||||||
5,950 | Contact Energy Ltd. | 28,672 | ||||||
1,200 | EBOS Group Ltd.† | 24,597 | ||||||
2,539 | Fisher & Paykel Healthcare Corp. Ltd. | 32,839 | ||||||
9,814 | Fletcher Building Ltd. | 27,646 | ||||||
3,759 | Freightways Group Ltd.† | 18,384 | ||||||
12,360 | Genesis Energy Ltd. | 18,075 | ||||||
13,946 | Heartland Group Holdings Ltd.† | 14,878 | ||||||
4,880 | Infratil Ltd. | 29,862 | ||||||
21,719 | KMD Brands Ltd. | 11,325 | ||||||
647 | Mainfreight Ltd. | 25,275 | ||||||
5,585 | Mercury NZ Ltd. | 20,419 | ||||||
5,888 | Meridian Energy Ltd. | 18,139 | ||||||
12,393 | Oceania Healthcare Ltd. | 5,274 | ||||||
1,991 | Port of Tauranga Ltd. | 7,017 | ||||||
684 | Restaurant Brands New Zealand Ltd. | 1,763 | ||||||
7,473 | Ryman Healthcare Ltd.† | 28,262 | ||||||
2,832 | Skellerup Holdings Ltd.† | 7,893 | ||||||
6,026 | SKY Network Television Ltd. | 8,957 | ||||||
18,375 | SKYCITY Entertainment Group Ltd. | 21,255 | ||||||
7,885 | Spark New Zealand Ltd. | 22,731 | ||||||
4,225 | Summerset Group Holdings Ltd. | 25,829 | ||||||
7,097 | Vector Ltd. | 16,802 | ||||||
5,190 | Warehouse Group Ltd. | 5,381 | ||||||
539,967 | ||||||||
Norway—0.8% | ||||||||
21,108 | ABG Sundal Collier Holding ASA | 10,163 | ||||||
2,559 | Adevinta ASA* | 25,335 | ||||||
511 | AF Gruppen ASA | 5,952 | ||||||
204 | Aker ASA, Class A | 12,578 | ||||||
3,584 | Aker BP ASA | 99,177 | ||||||
4,348 | Aker Solutions ASA | 17,560 | ||||||
1,456 | Atea ASA* | 18,185 | ||||||
758 | Atlantic Sapphire ASA* | 111 | ||||||
2,299 | Austevoll Seafood ASA | 16,173 | ||||||
11,411 | B2Holding ASA | 7,382 | ||||||
438 | Bakkafrost P/F | 22,419 | ||||||
621 | BLUENORD ASA* | 30,131 | ||||||
480 | Bonheur ASA | 10,052 | ||||||
2,956 | Borr Drilling Ltd.* | 20,988 | ||||||
1,580 | Borregaard ASA | 23,338 | ||||||
1,681 | Bouvet ASA | 8,910 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Norway (Continued) | ||||||||
1,412 | BW Energy Ltd.* | $ | 3,610 | |||||
3,354 | BW LPG Ltd.# | 42,236 | ||||||
5,362 | BW Offshore Ltd. | 12,331 | ||||||
968 | Crayon Group Holding ASA#,* | 6,000 | ||||||
3,333 | DNB Bank ASA | 67,179 | ||||||
12,792 | DNO ASA | 12,640 | ||||||
6,672 | Elkem ASA# | 13,523 | ||||||
745 | Entra ASA# | 6,380 | ||||||
8,780 | Equinor ASA | 288,230 | ||||||
4,440 | Europris ASA# | 24,801 | ||||||
1,012 | FLEX LNG Ltd. | 30,275 | ||||||
1,736 | Frontline PLC | 31,972 | ||||||
1,401 | Gjensidige Forsikring ASA | 20,629 | ||||||
2,309 | Golden Ocean Group Ltd. | 18,206 | ||||||
768 | Grieg Seafood ASA | 5,615 | ||||||
3,883 | Hafnia Ltd. | 24,158 | ||||||
2,715 | Hexagon Composites ASA* | 6,960 | ||||||
931 | Hexagon Purus ASA* | 1,210 | ||||||
2,783 | Hoegh Autoliners ASA | 20,033 | ||||||
4,610 | Kahoot! ASA* | 14,985 | ||||||
3,798 | Kitron ASA | 12,587 | ||||||
391 | Kongsberg Gruppen ASA | 16,127 | ||||||
7,739 | Leroy Seafood Group ASA | 32,471 | ||||||
2,023 | Mowi ASA | 35,849 | ||||||
6,935 | MPC Container Ships ASA | 11,304 | ||||||
14,484 | NEL ASA* | 11,366 | ||||||
864 | Nordic Semiconductor ASA* | 8,970 | ||||||
11,734 | Norsk Hydro ASA | 73,717 | ||||||
5,255 | Norske Skog ASA# | 22,815 | ||||||
23,135 | Norwegian Air Shuttle ASA* | 18,475 | ||||||
5,186 | Odfjell Drilling Ltd. | 18,351 | ||||||
864 | Odfjell Technology Ltd. | 4,354 | ||||||
973 | Okeanis Eco Tankers Corp.#,* | 25,106 | ||||||
4,229 | Orkla ASA | 31,621 | ||||||
43,866 | PGS ASA* | 38,425 | ||||||
1,686 | Protector Forsikring ASA | 27,426 | ||||||
397 | Salmar ASA | 20,168 | ||||||
1,104 | Scatec ASA# | 6,502 | ||||||
614 | Schibsted ASA, Class A | 13,828 | ||||||
1,650 | Schibsted ASA, Class B | 34,429 | ||||||
6,053 | Shelf Drilling Ltd.#,* | 21,220 | ||||||
1,083 | SpareBank 1 Sorost-Norge | 5,164 | ||||||
1,199 | SpareBank 1 SR-Bank ASA | 13,754 | ||||||
580 | Stolt-Nielsen Ltd. | 16,809 | ||||||
6,934 | Storebrand ASA | 56,501 | ||||||
2,103 | Subsea 7 SA | 28,979 | ||||||
3,478 | Telenor ASA | 39,505 | ||||||
2,114 | TGS ASA | 28,973 | ||||||
1,776 | TOMRA Systems ASA | 20,281 | ||||||
5,444 | Var Energi ASA | 15,889 | ||||||
1,273 | Veidekke ASA | 11,615 | ||||||
2,083 | Wallenius Wilhelmsen ASA | 16,474 | ||||||
388 | Wilh Wilhelmsen Holding ASA, Class A | 11,335 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Norway (Continued) | ||||||||
1,244 | Yara International ASA | $ | 47,136 | |||||
1,776,953 | ||||||||
Portugal—0.2% | ||||||||
3,185 | Altri SGPS SA† | 14,432 | ||||||
136,257 | Banco Comercial Portugues SA, Class R* | 37,513 | ||||||
976 | Corticeira Amorim SGPS SA† | 10,040 | ||||||
2,841 | CTT-Correios de Portugal SA | 10,438 | ||||||
1,832 | EDP Renovaveis SA | 30,051 | ||||||
14,431 | Energias de Portugal SA | 60,052 | ||||||
7,589 | Galp Energia SGPS SA | 112,650 | ||||||
1,062 | Greenvolt-Energias Renovaveis SA*,† | 5,990 | ||||||
2,370 | Jeronimo Martins SGPS SA | 53,271 | ||||||
5,953 | Navigator Co. SA† | 22,456 | ||||||
8,146 | NOS SGPS SA† | 29,988 | ||||||
10,709 | Redes Energeticas Nacionais SGPS SA | 27,399 | ||||||
20,529 | Sonae SGPS SA | 19,968 | ||||||
434,248 | ||||||||
Singapore—0.8% | ||||||||
4,200 | AEM Holdings Ltd. | 10,569 | ||||||
26,296 | Capitaland India Trust | 20,198 | ||||||
14,300 | Capitaland Investment Ltd. | 32,429 | ||||||
9,400 | City Developments Ltd. | 45,453 | ||||||
23,400 | ComfortDelGro Corp. Ltd. | 22,253 | ||||||
12,122 | DBS Group Holdings Ltd. | 298,306 | ||||||
3,900 | DFI Retail Group Holdings Ltd. | 10,374 | ||||||
18,300 | First Resources Ltd. | 20,482 | ||||||
23,100 | Frencken Group Ltd. | 18,926 | ||||||
35,400 | Genting Singapore Ltd. | 21,882 | ||||||
132,400 | Golden Agri-Resources Ltd. | 25,666 | ||||||
800 | Great Eastern Holdings Ltd. | 10,563 | ||||||
11,200 | GuocoLand Ltd. | 12,536 | ||||||
2,600 | Haw Par Corp. Ltd. | 18,735 | ||||||
3,200 | Hong Leong Finance Ltd. | 5,759 | ||||||
7,200 | Hongkong Land Holdings Ltd. | 25,704 | ||||||
192,400 | Hutchison Port Holdings Trust | 33,093 | ||||||
1,900 | iFAST Corp. Ltd.† | 7,797 | ||||||
900 | Jardine Cycle & Carriage Ltd. | 21,022 | ||||||
7,500 | Keppel Corp. Ltd. | 37,308 | ||||||
60,455 | Keppel Infrastructure Trust | 20,564 | ||||||
12,300 | Nanofilm Technologies International Ltd.† | 8,458 | ||||||
46,800 | Netlink NBN Trust | 28,758 | ||||||
8,300 | Olam Group Ltd. | 6,375 | ||||||
21,239 | Oversea-Chinese Banking Corp. Ltd. | 199,028 | ||||||
25,200 | Raffles Medical Group Ltd. | 23,043 | ||||||
2,823 | SATS Ltd.*,† | 5,369 | ||||||
442,537 | Seatrium Ltd.* | 43,380 | ||||||
10,100 | Sembcorp Industries Ltd. | 37,607 | ||||||
19,200 | Sheng Siong Group Ltd. | 21,349 | ||||||
12,099 | Singapore Airlines Ltd.† | 57,176 | ||||||
7,100 | Singapore Exchange Ltd. | 50,640 | ||||||
32,900 | Singapore Post Ltd. | 11,673 | ||||||
13,200 | Singapore Technologies Engineering Ltd. | 37,756 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Singapore (Continued) | ||||||||
17,800 | Singapore Telecommunications Ltd. | $ | 31,511 | |||||
22,000 | StarHub Ltd. | 17,864 | ||||||
5,192 | Straits Trading Co. Ltd. | 7,520 | ||||||
9,500 | UMS Holdings Ltd. | 9,034 | ||||||
9,400 | United Overseas Bank Ltd. | 195,977 | ||||||
6,300 | UOL Group Ltd. | 29,587 | ||||||
4,400 | Venture Corp. Ltd. | 39,816 | ||||||
23,900 | Wilmar International Ltd. | 65,214 | ||||||
15,000 | Wing Tai Holdings Ltd. | 15,362 | ||||||
23,500 | Yangzijiang Shipbuilding Holdings Ltd. | 28,537 | ||||||
1,690,653 | ||||||||
Spain—1.7% | ||||||||
418 | Acciona SA | 53,341 | ||||||
4,531 | Acerinox SA | 43,899 | ||||||
1,866 | ACS Actividades de Construccion y Servicios SA† | 67,214 | ||||||
766 | Aena SME SA# | 115,485 | ||||||
1,188 | Almirall SA | 12,083 | ||||||
3,505 | Amadeus IT Group SA | 212,260 | ||||||
2,480 | Applus Services SA | 25,958 | ||||||
5,985 | Atresmedia Corp. de Medios de Comunicacion SA | 23,159 | ||||||
48,215 | Banco Bilbao Vizcaya Argentaria SA | 393,020 | ||||||
9,155 | Banco Bilbao Vizcaya Argentaria SA, ADR† | 73,698 | ||||||
111,149 | Banco de Sabadell SA | 129,322 | ||||||
104,466 | Banco Santander SA | 399,651 | ||||||
13,318 | Bankinter SA† | 85,102 | ||||||
22,517 | CaixaBank SA | 90,130 | ||||||
1,374 | Cellnex Telecom SA#,* | 47,894 | ||||||
796 | Cia de Distribucion Integral Logista Holdings SA | 20,366 | ||||||
861 | CIE Automotive SA | 23,340 | ||||||
318 | Construcciones y Auxiliar de Ferrocarriles SA | 9,952 | ||||||
562 | Corp. ACCIONA Energias Renovables SA† | 14,498 | ||||||
1,692 | Ebro Foods SA† | 28,443 | ||||||
986 | Elecnor SA | 15,376 | ||||||
4,513 | Enagas SA | 74,815 | ||||||
7,602 | Ence Energia y Celulosa SA† | 25,510 | ||||||
3,205 | Endesa SA | 65,313 | ||||||
4,660 | Ercros SA | 14,830 | ||||||
10,352 | Faes Farma SA | 35,023 | ||||||
811 | Ferrovial SE | 24,840 | ||||||
1,842 | Fluidra SA† | 37,722 | ||||||
1,387 | Fomento de Construcciones y Contratas SA† | 17,480 | ||||||
3,465 | Gestamp Automocion SA# | 14,470 | ||||||
4,339 | Global Dominion Access SA# | 15,368 | ||||||
1,891 | Grifols SA*,† | 24,581 | ||||||
705 | Grupo Catalana Occidente SA | 22,734 | ||||||
20,726 | Iberdrola SA | 232,164 | ||||||
2,164 | Indra Sistemas SA | 31,344 | ||||||
6,499 | Industria de Diseno Textil SA | 242,480 | ||||||
349 | Laboratorios Farmaceuticos Rovi SA | 18,947 | ||||||
5,075 | Linea Directa Aseguradora SA Cia de Seguros y Reaseguros† | 4,695 | ||||||
19,051 | Mapfre SA† | 38,873 | ||||||
4,190 | Melia Hotels International SA*,† | 25,494 | ||||||
1,262 | Naturgy Energy Group SA† | 34,370 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Spain (Continued) | ||||||||
1,960 | Neinor Homes SA#,*,† | $ | 19,541 | |||||
145 | Pharma Mar SA† | 4,924 | ||||||
2,459 | Prosegur Compania de Seguridad SA | 3,967 | ||||||
2,599 | Redeia Corp. SA | 40,928 | ||||||
16,433 | Repsol SA | 270,510 | ||||||
11,322 | Sacyr SA† | 33,301 | ||||||
1,856 | Solaria Energia y Medio Ambiente SA*,† | 28,747 | ||||||
63,209 | Telefonica SA† | 258,490 | ||||||
5,440 | Telefonica SA, ADR | 22,141 | ||||||
3,839 | Tubacex SA | 12,339 | ||||||
21,017 | Unicaja Banco SA# | 22,642 | ||||||
452 | Vidrala SA | 39,281 | ||||||
742 | Viscofan SA† | 45,343 | ||||||
3,687,398 | ||||||||
Sweden—1.9% | ||||||||
984 | AAK AB | 17,743 | ||||||
1,552 | AcadeMedia AB# | 6,642 | ||||||
1,327 | AddLife AB, Class B | 7,864 | ||||||
3,120 | AddNode Group AB† | 19,062 | ||||||
2,393 | AddTech AB, Class B† | 38,374 | ||||||
1,712 | AFRY AB | 20,120 | ||||||
695 | Alfa Laval AB | 23,906 | ||||||
1,866 | Alimak Group AB# | 11,375 | ||||||
1,793 | Alleima AB | 9,413 | ||||||
510 | Alligo AB, Class B | 4,780 | ||||||
4,107 | Ambea AB# | 12,999 | ||||||
556 | Annehem Fastigheter AB, Class B* | 856 | ||||||
313 | AQ Group AB | 11,903 | ||||||
3,735 | Arjo AB, Class B | 14,467 | ||||||
3,136 | Assa Abloy AB, Class B | 68,371 | ||||||
15,988 | Atlas Copco AB, Class A | 215,480 | ||||||
9,748 | Atlas Copco AB, Class B | 114,383 | ||||||
810 | Atrium Ljungberg AB, Class B† | 13,204 | ||||||
3,696 | Attendo AB#,* | 9,607 | ||||||
1,217 | Avanza Bank Holding AB† | 21,097 | ||||||
1,245 | Axfood AB | 28,534 | ||||||
1,079 | Beijer Alma AB | 18,488 | ||||||
1,530 | Beijer Ref AB† | 16,174 | ||||||
808 | Bergman & Beving AB | 11,626 | ||||||
2,259 | Betsson AB, Class B* | 24,853 | ||||||
791 | Better Collective AS* | 17,738 | ||||||
1,218 | Bilia AB, Class A | 11,873 | ||||||
3,167 | Billerud Aktiebolag | 29,378 | ||||||
1,495 | BioGaia AB, Class B | 13,779 | ||||||
981 | Biotage AB | 9,643 | ||||||
3,089 | Boliden AB | 88,905 | ||||||
1,253 | Bonava AB, Class B† | 2,087 | ||||||
1,975 | Boozt AB#,*,† | 16,342 | ||||||
2,967 | Bravida Holding AB# | 21,888 | ||||||
670 | Bufab AB | 16,913 | ||||||
1,399 | Bure Equity AB | 27,915 | ||||||
3,952 | Byggmax Group AB*,† | 10,664 | ||||||
381 | Camurus AB* | 10,838 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Sweden (Continued) | ||||||||
2,626 | Castellum AB† | $ | 26,763 | |||||
447 | Catena AB | 15,547 | ||||||
660 | Cellavision AB | 9,279 | ||||||
1,045 | Cibus Nordic Real Estate AB† | 10,359 | ||||||
855 | Clas Ohlson AB, Class B | 9,164 | ||||||
7,868 | Cloetta AB, Class B | 13,150 | ||||||
1,066 | Concentric AB | 15,962 | ||||||
1,370 | Coor Service Management Holding AB# | 5,567 | ||||||
14,402 | Corem Property Group AB, Class B† | 7,982 | ||||||
2,643 | Dios Fastigheter AB | 15,083 | ||||||
5,933 | Dometic Group AB# | 37,611 | ||||||
1,685 | Duni AB | 14,944 | ||||||
2,823 | Dustin Group AB#,* | 5,230 | ||||||
736 | Elanders AB, Class B | 6,588 | ||||||
1,713 | Electrolux AB, Class B* | 17,725 | ||||||
3,376 | Electrolux Professional AB, Class B | 17,443 | ||||||
4,884 | Elekta AB, Class B | 33,268 | ||||||
8,427 | Embracer Group AB*,† | 16,899 | ||||||
1,864 | Epiroc AB, Class A | 35,487 | ||||||
1,782 | Epiroc AB, Class B | 28,576 | ||||||
689 | Essity AB, Class A | 14,914 | ||||||
2,512 | Essity AB, Class B | 54,238 | ||||||
1,051 | Evolution AB# | 106,432 | ||||||
1,567 | Fabege AB† | 12,524 | ||||||
2,158 | Fagerhult Group AB | 10,133 | ||||||
6,378 | Fastighets AB Balder, Class B*,† | 28,780 | ||||||
79 | Fenix Outdoor International AG | 4,816 | ||||||
3,690 | Fortnox AB | 19,724 | ||||||
703 | GARO AB | 2,452 | ||||||
1,600 | Getinge AB, Class B | 28,220 | ||||||
1,494 | Granges AB | 14,085 | ||||||
6,857 | H & M Hennes & Mauritz AB, Class B | 97,568 | ||||||
888 | Hemnet Group AB | 15,678 | ||||||
3,499 | Hexagon AB, Class B | 29,906 | ||||||
4,181 | Hexatronic Group AB† | 17,029 | ||||||
3,325 | Hexpol AB | 29,566 | ||||||
366 | HMS Networks AB | 13,400 | ||||||
3,175 | Hoist Finance AB#,* | 7,933 | ||||||
833 | Holmen AB, Class B | 32,464 | ||||||
690 | Hufvudstaden AB, Class A | 7,642 | ||||||
2,602 | Husqvarna AB, Class B† | 19,943 | ||||||
1,973 | Indutrade AB | 36,605 | ||||||
1,465 | Instalco AB | 4,358 | ||||||
2,972 | International Petroleum Corp.* | 28,603 | ||||||
1,692 | Intrum AB† | 9,911 | ||||||
649 | INVISIO AB | 11,750 | ||||||
2,675 | Inwido AB | 26,932 | ||||||
1,080 | JM AB | 14,660 | ||||||
1,933 | Karnov Group AB* | 8,545 | ||||||
2,288 | Kindred Group PLC, SDR | 20,917 | ||||||
512 | KNOW IT AB | 5,942 | ||||||
2,602 | Lagercrantz Group AB, Class B | 26,435 | ||||||
1,864 | Lifco AB, Class B | 32,748 | ||||||
1,567 | Lindab International AB | 22,948 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Sweden (Continued) | ||||||||
981 | Loomis AB | $ | 26,452 | |||||
641 | Medcap AB* | 15,753 | ||||||
1,134 | Medicover AB, Class B | 14,915 | ||||||
2,179 | MEKO AB | 18,937 | ||||||
2,979 | Millicom International Cellular SA, SDR* | 46,285 | ||||||
302 | MIPS AB | 10,250 | ||||||
1,742 | Modern Times Group MTG AB, Class B* | 11,783 | ||||||
510 | Momentum Group AB | 4,621 | ||||||
1,828 | Munters Group AB# | 23,508 | ||||||
1,021 | Mycronic AB | 21,120 | ||||||
2,840 | NCAB Group AB | 13,998 | ||||||
1,536 | NCC AB, Class B† | 16,646 | ||||||
1,296 | New Wave Group AB, Class B | 9,034 | ||||||
5,005 | Nibe Industrier AB, Class B | 32,892 | ||||||
3,170 | Nobia AB* | 2,368 | ||||||
3,940 | Nolato AB, Class B | 16,163 | ||||||
1,234 | Nordic Waterproofing Holding AB | 18,365 | ||||||
1,918 | Nordnet AB publ | 25,350 | ||||||
474 | Note AB* | 6,837 | ||||||
1,681 | Nyfosa AB† | 9,047 | ||||||
1,014 | OEM International AB, Class B | 6,859 | ||||||
1,353 | Orron Energy ab*,† | 905 | ||||||
1,559 | OX2 AB*,† | 7,420 | ||||||
609 | Pandox AB | 6,483 | ||||||
6,582 | Peab AB, Class B | 27,098 | ||||||
1,578 | Platzer Fastigheter Holding AB, Class B | 9,706 | ||||||
4,394 | Ratos AB, Class B | 13,119 | ||||||
774 | Rejlers AB | 8,324 | ||||||
5,625 | Resurs Holding AB#,† | 12,130 | ||||||
528 | Saab AB, Class B | 26,909 | ||||||
1,598 | Sagax AB, Class B | 30,496 | ||||||
6,434 | Samhallsbyggnadsbolaget i Norden AB† | 2,354 | ||||||
4,458 | Sandvik AB | 82,260 | ||||||
2,495 | Scandi Standard AB | 11,898 | ||||||
2,471 | Scandic Hotels Group AB#,* | 8,404 | ||||||
609 | Sdiptech AB, Class B* | 12,341 | ||||||
1,030 | Sectra AB, Class B* | 12,199 | ||||||
4,428 | Securitas AB, Class B | 35,122 | ||||||
17,587 | Sinch AB#,*,† | 30,919 | ||||||
13,385 | Skandinaviska Enskilda Banken AB, Class A | 160,061 | ||||||
2,462 | Skanska AB, Class B | 40,562 | ||||||
426 | SKF AB, Class A | 7,104 | ||||||
2,848 | SKF AB, Class B | 47,482 | ||||||
1,180 | SkiStar AB | 12,075 | ||||||
562 | Solid Forsakring AB | 3,045 | ||||||
4,349 | SSAB AB, Class A | 24,560 | ||||||
7,406 | SSAB AB, Class B | 40,739 | ||||||
9,462 | Stillfront Group AB* | 13,852 | ||||||
3,118 | Svenska Cellulosa AB SCA, Class B | 42,794 | ||||||
6,847 | Svenska Handelsbanken AB, Class A | 61,140 | ||||||
1,170 | Sweco AB, Class B | 10,944 | ||||||
3,365 | Swedbank AB, Class A | 61,999 | ||||||
1,127 | Swedish Orphan Biovitrum AB* | 23,044 | ||||||
2,312 | Systemair AB | 14,538 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Sweden (Continued) | ||||||||
6,025 | Tele2 AB, Class B | $ | 46,146 | |||||
1,292 | Telefonaktiebolaget LM Ericsson, Class A | 6,480 | ||||||
17,187 | Telefonaktiebolaget LM Ericsson, Class B† | 83,894 | ||||||
29,453 | Telia Co. AB | 60,844 | ||||||
1,057 | Thule Group AB#,† | 27,756 | ||||||
1,537 | Trelleborg AB, Class B | 38,293 | ||||||
353 | Troax Group AB | 5,008 | ||||||
6,750 | Truecaller AB, Class B*,† | 23,551 | ||||||
700 | Viaplay Group AB*,† | 2,248 | ||||||
471 | Vitec Software Group AB, Class B | 22,137 | ||||||
2,100 | Vitrolife AB | 28,255 | ||||||
2,398 | Volvo AB, Class A | 49,911 | ||||||
17,428 | Volvo AB, Class B | 359,868 | ||||||
7,017 | Volvo Car AB, Class B* | 28,542 | ||||||
1,622 | Wallenstam AB, Class B† | 5,437 | ||||||
2,008 | Wihlborgs Fastigheter AB | 14,051 | ||||||
4,235,342 | ||||||||
Switzerland—5.5% | ||||||||
10,938 | ABB Ltd., Registered | 391,945 | ||||||
1,684 | Accelleron Industries AG | 43,822 | ||||||
3,006 | Adecco Group AG, Registered | 124,003 | ||||||
679 | Aevis Victoria SA | 14,057 | ||||||
3,117 | Alcon, Inc. | 241,481 | ||||||
362 | Allreal Holding AG, Registered | 57,740 | ||||||
137 | ALSO Holding AG, Registered | 34,499 | ||||||
5,154 | ams-OSRAM AG* | 24,302 | ||||||
47 | APG SGA SA | 9,242 | ||||||
1,914 | Arbonia AG | 17,544 | ||||||
24,513 | Aryzta AG* | 41,991 | ||||||
590 | Ascom Holding AG, Registered | 6,703 | ||||||
148 | Autoneum Holding AG*,† | 19,273 | ||||||
765 | Baloise Holding AG, Registered | 111,071 | ||||||
58 | Banque Cantonale de Geneve, Bearer Shares | 13,750 | ||||||
362 | Banque Cantonale Vaudoise, Registered† | 37,986 | ||||||
33 | Barry Callebaut AG, Registered | 52,564 | ||||||
247 | Basilea Pharmaceutica AG, Registered* | 11,064 | ||||||
94 | Belimo Holding AG, Registered | 44,754 | ||||||
35 | Bell Food Group AG, Registered | 10,439 | ||||||
276 | Bellevue Group AG | 6,242 | ||||||
76 | Berner Kantonalbank AG, Registered† | 20,010 | ||||||
276 | BKW AG | 48,696 | ||||||
127 | Bossard Holding AG, Registered Class A | 27,888 | ||||||
147 | Bucher Industries AG, Registered | 56,304 | ||||||
43 | Burckhardt Compression Holding AG | 23,465 | ||||||
137 | Burkhalter Holding AG | 13,126 | ||||||
40 | Bystronic AG† | 24,865 | ||||||
262 | Calida Holding AG, Registered | 8,658 | ||||||
456 | Cembra Money Bank AG | 31,036 | ||||||
1 | Chocoladefabriken Lindt & Spruengli AG, Registered | 109,685 | ||||||
2,284 | Cie Financiere Richemont SA, Registered Class A | 279,465 | ||||||
79 | Cie Financiere Tradition SA, Bearer Shares | 10,055 | ||||||
5,039 | Clariant AG, Registered | 79,822 | ||||||
205 | Coltene Holding AG, Registered | 14,893 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Switzerland (Continued) | ||||||||
168 | Comet Holding AG, Registered | $ | 37,515 | |||||
148 | COSMO Pharmaceuticals NV† | 6,451 | ||||||
98 | CPH Chemie & Papier Holding AG, Registered | 9,100 | ||||||
93 | Daetwyler Holding AG, Bearer Shares | 17,841 | ||||||
761 | DKSH Holding AG | 51,587 | ||||||
66 | dormakaba Holding AG† | 32,519 | ||||||
967 | DSM-Firmenich AG | 81,922 | ||||||
2,191 | Dufry AG, Registered* | 83,561 | ||||||
1,608 | EFG International AG | 18,270 | ||||||
36 | Emmi AG, Registered | 33,980 | ||||||
44 | EMS-Chemie Holding AG, Registered | 29,947 | ||||||
338 | Flughafen Zurich AG, Registered | 64,546 | ||||||
20 | Forbo Holding AG, Registered | 24,428 | ||||||
647 | Fundamenta Real Estate AG | 11,804 | ||||||
1,125 | Galenica AG# | 83,267 | ||||||
5,107 | GAM Holding AG* | 2,525 | ||||||
266 | Geberit AG, Registered | 133,385 | ||||||
1,909 | Georg Fischer AG, Registered | 107,718 | ||||||
52 | Givaudan SA, Registered | 170,086 | ||||||
566 | Helvetia Holding AG, Registered | 79,395 | ||||||
136 | Hiag Immobilien Holding AG | 11,738 | ||||||
3,415 | Holcim AG | 219,297 | ||||||
298 | Huber & Suhner AG, Registered | 21,552 | ||||||
547 | Implenia AG, Registered | 17,957 | ||||||
109 | Ina Invest Holding AG* | 2,024 | ||||||
36 | Inficon Holding AG, Registered | 43,970 | ||||||
12 | Interroll Holding AG, Registered | 32,905 | ||||||
16 | Intershop Holding AG | 10,593 | ||||||
110 | Investis Holding SA | 11,176 | ||||||
2,012 | Julius Baer Group Ltd. | 129,378 | ||||||
80 | Jungfraubahn Holding AG, Registered | 13,861 | ||||||
169 | Kardex Holding AG, Registered | 37,018 | ||||||
90 | Komax Holding AG, Registered | 20,746 | ||||||
592 | Kuehne & Nagel International AG, Registered | 168,801 | ||||||
580 | Landis+Gyr Group AG | 42,010 | ||||||
13 | LEM Holding SA, Registered | 29,044 | ||||||
167 | Liechtensteinische Landesbank AG† | 11,950 | ||||||
579 | Logitech International SA, Registered† | 39,916 | ||||||
765 | Logitech International SA, Registered | 52,886 | ||||||
295 | Lonza Group AG, Registered | 137,163 | ||||||
367 | Luzerner Kantonalbank AG, Registered† | 29,910 | ||||||
103 | Medacta Group SA# | 13,030 | ||||||
636 | Medmix AG# | 16,154 | ||||||
2 | Metall Zug AG, Registered Class B | 3,124 | ||||||
1,480 | Mobilezone Holding AG, Registered | 22,119 | ||||||
165 | Mobimo Holding AG, Registered | 44,254 | ||||||
17,989 | Nestle SA, Registered | 2,038,760 | ||||||
2,433 | Novartis AG, ADR† | 247,825 | ||||||
10,645 | Novartis AG, Registered | 1,091,655 | ||||||
4,832 | OC Oerlikon Corp. AG, Registered | 20,545 | ||||||
136 | Orior AG | 10,831 | ||||||
190 | Partners Group Holding AG | 214,732 | ||||||
500 | PSP Swiss Property AG, Registered | 59,103 | ||||||
78 | Rieter Holding AG, Registered† | 7,260 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Switzerland (Continued) | ||||||||
4,071 | Roche Holding AG | $ | 1,113,871 | |||||
192 | Roche Holding AG, Bearer Shares† | 56,508 | ||||||
25 | Romande Energie Holding SA, Registered | 1,529 | ||||||
143 | Schindler Holding AG, Registered | 27,620 | ||||||
25 | Schweiter Technologies AG | 15,977 | ||||||
273 | Sensirion Holding AG#,* | 21,891 | ||||||
423 | SFS Group AG | 46,304 | ||||||
1,125 | SGS SA, Registered | 94,661 | ||||||
117 | Siegfried Holding AG, Registered | 100,275 | ||||||
2,478 | SIG Group AG | 61,290 | ||||||
331 | Sika AG, Registered | 84,291 | ||||||
2,142 | Softwareone Holding AG | 42,473 | ||||||
440 | Sonova Holding AG, Registered | 104,646 | ||||||
68 | St. Galler Kantonalbank AG, Registered | 37,107 | ||||||
894 | Stadler Rail AG† | 34,926 | ||||||
554 | Straumann Holding AG, Registered | 70,933 | ||||||
497 | Sulzer AG, Registered | 47,591 | ||||||
146 | Swatch Group AG, Bearer Shares | 37,547 | ||||||
534 | Swatch Group AG, Registered | 26,165 | ||||||
208 | Swiss Life Holding AG, Registered | 129,888 | ||||||
1,371 | Swiss Prime Site AG, Registered | 125,739 | ||||||
1,902 | Swiss Re AG | 195,987 | ||||||
339 | Swisscom AG, Registered | 201,545 | ||||||
247 | Swissquote Group Holding SA, Registered | 45,226 | ||||||
1,103 | Temenos AG, Registered | 77,626 | ||||||
174 | TX Group AG | 17,583 | ||||||
276 | u-blox Holding AG | 23,489 | ||||||
389 | UBS Group AG, Registered* | 9,589 | ||||||
13,387 | UBS Group AG, Registered | 331,841 | ||||||
335 | Valiant Holding AG, Registered | 34,732 | ||||||
310 | VAT Group AG# | 111,422 | ||||||
23 | Vaudoise Assurances Holding SA | 11,081 | ||||||
400 | Vetropack Holding AG, Registered | 17,676 | ||||||
540 | Vontobel Holding AG, Registered | 32,211 | ||||||
77 | VP Bank AG, Class A | 7,403 | ||||||
219 | VZ Holding AG† | 22,849 | ||||||
106 | Walliser Kantonalbank, Registered | 13,202 | ||||||
6 | Warteck Invest AG, Registered | 12,651 | ||||||
59 | Ypsomed Holding AG, Registered | 17,371 | ||||||
104 | Zehnder Group AG, Registered | 6,113 | ||||||
6 | Zug Estates Holding AG, Class B | 10,455 | ||||||
2 | Zuger Kantonalbank AG, Brearer Shares | 16,955 | ||||||
1,116 | Zurich Insurance Group AG | 512,188 | ||||||
12,026,001 | ||||||||
United Kingdom—9.3% | ||||||||
6,965 | 3i Group PLC | 176,163 | ||||||
533 | 4imprint Group PLC | 34,141 | ||||||
2,172 | 888 Holdings PLC* | 2,655 | ||||||
38,071 | abrdn PLC | 72,347 | ||||||
2,058 | Admiral Group PLC | 59,686 | ||||||
3,336 | Advanced Medical Solutions Group PLC | 8,181 | ||||||
1,488 | AG Barr PLC | 8,914 | ||||||
13,183 | Airtel Africa PLC# | 20,202 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
6,044 | AJ Bell PLC | $ | 20,235 | |||||
12,432 | Alliance Pharma PLC† | 7,175 | ||||||
6,713 | Anglo American PLC | 185,556 | ||||||
2,371 | Antofagasta PLC | 41,339 | ||||||
8,120 | Ascential PLC* | 20,706 | ||||||
8,024 | Ashmore Group PLC | 18,386 | ||||||
5,344 | Ashtead Group PLC | 326,141 | ||||||
355 | ASOS PLC*,† | 1,665 | ||||||
2,093 | Associated British Foods PLC | 52,810 | ||||||
4,772 | AstraZeneca PLC | 646,394 | ||||||
3,106 | AstraZeneca PLC, ADR | 210,338 | ||||||
2,563 | Atalaya Mining PLC | 10,632 | ||||||
1,309 | Auction Technology Group PLC* | 10,429 | ||||||
10,185 | Auto Trader Group PLC# | 76,747 | ||||||
17,940 | Aviva PLC | 85,322 | ||||||
835 | Avon Rubber PLC | 6,296 | ||||||
12,233 | B&M European Value Retail SA | 87,523 | ||||||
10,618 | Babcock International Group PLC* | 53,556 | ||||||
9,839 | BAE Systems PLC | 119,782 | ||||||
9,792 | Balfour Beatty PLC | 38,351 | ||||||
617 | Bank of Georgia Group PLC | 27,778 | ||||||
89,247 | Barclays PLC | 173,070 | ||||||
18,340 | Barclays PLC, ADR | 142,869 | ||||||
10,368 | Barratt Developments PLC | 55,799 | ||||||
9,934 | Beazley PLC | 67,087 | ||||||
2,110 | Bellway PLC | 58,800 | ||||||
733 | Berkeley Group Holdings PLC | 36,730 | ||||||
2,271 | Bloomsbury Publishing PLC | 11,111 | ||||||
2,945 | Bodycote PLC | 23,446 | ||||||
8,370 | boohoo Group PLC*,† | 3,225 | ||||||
163,993 | BP PLC | 1,063,267 | ||||||
6,675 | BP PLC, ADR | 258,456 | ||||||
5,382 | Breedon Group PLC | 21,604 | ||||||
8,259 | British American Tobacco PLC | 259,679 | ||||||
1,462 | British American Tobacco PLC, ADR | 45,921 | ||||||
4,032 | Britvic PLC | 42,898 | ||||||
414 | Brooks Macdonald Group PLC | 8,410 | ||||||
97,861 | BT Group PLC | 139,340 | ||||||
1,635 | Bunzl PLC | 58,370 | ||||||
4,608 | Burberry Group PLC | 107,300 | ||||||
3,634 | Burford Capital Ltd. | 50,147 | ||||||
5,366 | Bytes Technology Group PLC | 32,657 | ||||||
11,474 | C&C Group PLC | 19,459 | ||||||
40,000 | Capita PLC* | 8,306 | ||||||
5,216 | Capricorn Energy PLC | 11,061 | ||||||
7,460 | Card Factory PLC* | 9,193 | ||||||
510 | Carnival PLC* | 6,208 | ||||||
37 | Cazoo Group Ltd.* | 20 | ||||||
21,596 | Centamin PLC | 22,015 | ||||||
6,675 | Central Asia Metals PLC | 15,311 | ||||||
63,151 | Centrica PLC | 119,005 | ||||||
3,018 | Chemring Group PLC | 10,218 | ||||||
2,609 | Chesnara PLC | 8,754 | ||||||
577 | Clarkson PLC | 19,254 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
2,800 | Close Brothers Group PLC | $ | 30,268 | |||||
3,114 | CMC Markets PLC# | 3,997 | ||||||
33,791 | Coats Group PLC | 30,220 | ||||||
1,369 | Coca-Cola HBC AG | 37,565 | ||||||
5,327 | Compass Group PLC | 129,989 | ||||||
1,286 | Computacenter PLC | 39,697 | ||||||
16,230 | ConvaTec Group PLC# | 43,129 | ||||||
1,008 | Cranswick PLC | 43,685 | ||||||
4,845 | Crest Nicholson Holdings PLC | 10,268 | ||||||
6,842 | CRH PLC | 377,092 | ||||||
549 | Croda International PLC | 32,922 | ||||||
21,706 | Currys PLC | 12,818 | ||||||
914 | CVS Group PLC | 18,188 | ||||||
2,919 | Darktrace PLC* | 14,367 | ||||||
1,019 | DCC PLC | 57,303 | ||||||
2,945 | De La Rue PLC* | 2,228 | ||||||
10,115 | Deliveroo PLC#,* | 14,760 | ||||||
6,669 | DFS Furniture PLC | 8,820 | ||||||
12,494 | Diageo PLC | 462,501 | ||||||
1,115 | Diploma PLC | 40,867 | ||||||
20,487 | Direct Line Insurance Group PLC* | 43,043 | ||||||
1,383 | DiscoverIE Group PLC | 11,441 | ||||||
7,529 | Domino's Pizza Group PLC | 34,577 | ||||||
10,696 | Dowlais Group PLC | 14,016 | ||||||
7,369 | Dr Martens PLC | 12,704 | ||||||
8,912 | Drax Group PLC | 47,713 | ||||||
23,638 | DS Smith PLC | 82,802 | ||||||
2,804 | Dunelm Group PLC | 35,922 | ||||||
2,569 | easyJet PLC*,† | 13,393 | ||||||
5,917 | Ecora Resources PLC† | 7,739 | ||||||
13,055 | Elementis PLC* | 19,783 | ||||||
1,355 | EMIS Group PLC | 31,941 | ||||||
2,131 | Energean PLC | 29,718 | ||||||
74,403 | EnQuest PLC* | 13,807 | ||||||
3,847 | Entain PLC | 43,783 | ||||||
7,801 | Esken Ltd.* | 264 | ||||||
5,759 | Essentra PLC | 11,369 | ||||||
3,432 | Evraz PLC*,§ | — | ||||||
6,927 | Experian PLC | 227,433 | ||||||
1,729 | FDM Group Holdings PLC | 10,970 | ||||||
5,122 | Ferrexpo PLC* | 4,759 | ||||||
1,189 | Fevertree Drinks PLC | 17,408 | ||||||
20,184 | Firstgroup PLC† | 37,161 | ||||||
4,050 | Forterra PLC# | 7,353 | ||||||
3,491 | Frasers Group PLC* | 34,309 | ||||||
2,026 | Fresnillo PLC | 13,625 | ||||||
1,255 | Fuller Smith & Turner PLC, Class A | 9,157 | ||||||
2,410 | Future PLC | 26,141 | ||||||
2,798 | Galliford Try Holdings PLC | 8,313 | ||||||
603 | Games Workshop Group PLC | 77,766 | ||||||
1,706 | Gamma Communications PLC | 22,730 | ||||||
5,050 | GB Group PLC | 13,272 | ||||||
6,960 | Genel Energy PLC† | 6,802 | ||||||
2,857 | Genuit Group PLC | 11,486 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
115,290 | Glencore PLC | $ | 660,986 | |||||
4,589 | Grafton Group PLC, CDI | 50,615 | ||||||
14,240 | Grainger PLC | 40,586 | ||||||
27,394 | Greencore Group PLC* | 25,368 | ||||||
1,534 | Greggs PLC | 45,818 | ||||||
28,836 | GSK PLC | 524,927 | ||||||
5,559 | GSK PLC, ADR | 201,514 | ||||||
9,789 | Gulf Keystone Petroleum Ltd.† | 12,230 | ||||||
4,549 | Gym Group PLC#,*,† | 6,161 | ||||||
13,472 | Haleon PLC | 56,026 | ||||||
6,271 | Halfords Group PLC | 15,172 | ||||||
2,084 | Halma PLC | 49,290 | ||||||
4,078 | Harbour Energy PLC | 12,832 | ||||||
5,962 | Hargreaves Lansdown PLC | 56,244 | ||||||
21,097 | Hays PLC | 28,109 | ||||||
1,995 | Headlam Group PLC | 5,477 | ||||||
3,050 | Helical PLC | 7,871 | ||||||
7,460 | Helios Towers PLC* | 6,681 | ||||||
3,074 | Henry Boot PLC | 7,351 | ||||||
1,549 | Hikma Pharmaceuticals PLC | 39,462 | ||||||
2,154 | Hill & Smith PLC | 45,256 | ||||||
2,081 | Hilton Food Group PLC | 18,205 | ||||||
7,196 | Hiscox Ltd. | 88,237 | ||||||
5,513 | Hochschild Mining PLC* | 5,596 | ||||||
3,986 | Hollywood Bowl Group PLC | 12,037 | ||||||
9,916 | Howden Joinery Group PLC | 89,093 | ||||||
70,131 | HSBC Holdings PLC | 551,820 | ||||||
5,768 | HSBC Holdings PLC, ADR† | 227,605 | ||||||
3,532 | Hunting PLC | 13,165 | ||||||
4,879 | Ibstock PLC# | 8,483 | ||||||
13,192 | IDOX PLC | 10,237 | ||||||
7,234 | IG Group Holdings PLC | 56,797 | ||||||
3,442 | IMI PLC | 65,849 | ||||||
910 | Impax Asset Management Group PLC | 5,091 | ||||||
10,186 | Imperial Brands PLC | 207,174 | ||||||
5,310 | Inchcape PLC | 49,141 | ||||||
2,109 | Indivior PLC* | 45,777 | ||||||
6,450 | Informa PLC | 59,054 | ||||||
3,740 | IntegraFin Holdings PLC | 10,824 | ||||||
917 | InterContinental Hotels Group PLC | 67,958 | ||||||
4,590 | Intermediate Capital Group PLC | 77,452 | ||||||
10,061 | International Consolidated Airlines Group SA*,† | 18,168 | ||||||
10,685 | International Distributions Services PLC* | 34,000 | ||||||
4,161 | International Personal Finance PLC | 6,397 | ||||||
1,532 | Intertek Group PLC | 76,861 | ||||||
8,450 | Investec PLC | 49,663 | ||||||
3,042 | iomart Group PLC | 5,942 | ||||||
35,770 | IP Group PLC | 23,131 | ||||||
25,606 | IQE PLC*,† | 5,467 | ||||||
76,787 | ITV PLC | 66,162 | ||||||
9,541 | IWG PLC* | 16,472 | ||||||
26,671 | J. Sainsbury PLC | 82,264 | ||||||
2,074 | J.D. Wetherspoon PLC* | 17,498 | ||||||
1,083 | James Fisher & Sons PLC* | 4,334 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
3,618 | James Halstead PLC† | $ | 9,138 | |||||
16,601 | JD Sports Fashion PLC | 30,322 | ||||||
1,084 | JET2 PLC | 14,324 | ||||||
10,403 | John Wood Group PLC* | 19,712 | ||||||
2,977 | Johnson Matthey PLC | 59,133 | ||||||
7,194 | Johnson Service Group PLC | 11,849 | ||||||
8,912 | Jupiter Fund Management PLC | 10,449 | ||||||
239 | Just Eat Takeaway.com NV#,* | 2,974 | ||||||
1,909 | Just Eat Takeaway.com NV#,*,† | 23,967 | ||||||
30,973 | Just Group PLC | 27,209 | ||||||
1,680 | Kainos Group PLC | 23,552 | ||||||
1,556 | Keller Group PLC | 14,258 | ||||||
552 | Keywords Studios PLC | 10,419 | ||||||
11,122 | Kier Group PLC* | 15,605 | ||||||
16,947 | Kingfisher PLC | 46,172 | ||||||
4,919 | Lancashire Holdings Ltd. | 35,410 | ||||||
9,246 | Learning Technologies Group PLC | 7,237 | ||||||
47,713 | Legal & General Group PLC | 129,528 | ||||||
1,556 | Liontrust Asset Management PLC | 11,524 | ||||||
399,205 | Lloyds Banking Group PLC | 216,113 | ||||||
30,105 | Lloyds Banking Group PLC, ADR | 64,124 | ||||||
733 | London Stock Exchange Group PLC | 73,639 | ||||||
10,707 | Lookers PLC | 16,930 | ||||||
3,033 | LSL Property Services PLC† | 9,621 | ||||||
13,116 | M&G PLC | 31,574 | ||||||
37,161 | Man Group PLC | 101,335 | ||||||
32,319 | Marks & Spencer Group PLC* | 93,297 | ||||||
1,885 | Marshalls PLC | 5,814 | ||||||
18,395 | Marston's PLC* | 6,823 | ||||||
11,392 | Me Group International PLC | 21,933 | ||||||
3,805 | Mears Group PLC | 12,813 | ||||||
10,696 | Melrose Industries PLC | 61,231 | ||||||
8,089 | Mitchells & Butlers PLC* | 22,305 | ||||||
24,076 | Mitie Group PLC | 30,198 | ||||||
150 | MJ Gleeson PLC | 765 | ||||||
10,029 | Mobico Group PLC | 10,866 | ||||||
5,425 | Mondi PLC | 90,846 | ||||||
8,246 | Moneysupermarket.com Group PLC | 24,408 | ||||||
7,506 | Morgan Advanced Materials PLC | 22,437 | ||||||
1,378 | Morgan Sindall Group PLC | 34,551 | ||||||
765 | Mortgage Advice Bureau Holdings Ltd. | 5,003 | ||||||
1,086 | MP Evans Group PLC | 9,938 | ||||||
5,761 | National Grid PLC | 68,884 | ||||||
1,709 | National Grid PLC, ADR† | 103,617 | ||||||
25,535 | NatWest Group PLC | 73,433 | ||||||
15,508 | NatWest Group PLC, ADR | 90,412 | ||||||
5,311 | NCC Group PLC | 7,646 | ||||||
731 | Next 15 Group PLC | 5,717 | ||||||
926 | Next PLC | 82,431 | ||||||
5,427 | Ninety One PLC† | 11,329 | ||||||
537 | NMC Health PLC§,* | — | ||||||
3,468 | Ocado Group PLC* | 25,405 | ||||||
4,680 | On the Beach Group PLC#,* | 6,041 | ||||||
8,824 | OSB Group PLC | 35,248 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
1,080 | Oxford Instruments PLC | $ | 28,726 | |||||
5,545 | Pagegroup PLC | 28,361 | ||||||
40,396 | Pan African Resources PLC | 7,087 | ||||||
5,714 | Paragon Banking Group PLC | 34,301 | ||||||
1,213 | PayPoint PLC | 7,740 | ||||||
4,475 | Pearson PLC | 47,414 | ||||||
41,805 | Pendragon PLC* | 16,985 | ||||||
3,518 | Pennon Group PLC | 25,153 | ||||||
7,499 | Persimmon PLC | 98,586 | ||||||
4,723 | Petrofac Ltd.*,† | 4,382 | ||||||
10,688 | Pets at Home Group PLC | 43,659 | ||||||
5,331 | Phoenix Group Holdings PLC | 31,364 | ||||||
3,157 | Playtech PLC* | 17,410 | ||||||
2,017 | Plus500 Ltd.† | 33,887 | ||||||
1,124 | Polar Capital Holdings PLC | 6,377 | ||||||
14,328 | Premier Foods PLC | 20,978 | ||||||
3,998 | Prudential PLC | 43,355 | ||||||
782 | Prudential PLC, ADR | 17,141 | ||||||
8,123 | PureTech Health PLC* | 17,939 | ||||||
5,219 | PZ Cussons PLC† | 9,017 | ||||||
7,065 | QinetiQ Group PLC | 27,481 | ||||||
19,168 | Quilter PLC# | 20,054 | ||||||
956 | Rathbones Group PLC | 20,272 | ||||||
12,130 | Reach PLC | 12,632 | ||||||
3,063 | Reckitt Benckiser Group PLC | 216,531 | ||||||
6,125 | Redde Northgate PLC | 25,259 | ||||||
6,252 | Redrow PLC | 37,744 | ||||||
10,683 | RELX PLC | 361,703 | ||||||
610 | RELX PLC, ADR | 20,557 | ||||||
2,776 | Renew Holdings PLC | 24,149 | ||||||
1,514 | Renewi PLC* | 13,559 | ||||||
428 | Renishaw PLC | 18,392 | ||||||
7,633 | Rentokil Initial PLC | 56,828 | ||||||
17,999 | Restaurant Group PLC* | 11,200 | ||||||
787 | RHI Magnesita NV | 26,713 | ||||||
1,162 | Ricardo PLC | 7,075 | ||||||
8,346 | Rightmove PLC | 57,249 | ||||||
3,804 | Rio Tinto PLC | 240,139 | ||||||
1,675 | Robert Walters PLC† | 8,543 | ||||||
48,606 | Rolls-Royce Holdings PLC* | 131,003 | ||||||
9,205 | Rotork PLC | 35,108 | ||||||
4,941 | RS Group PLC | 44,334 | ||||||
3,518 | RWS Holdings PLC | 10,293 | ||||||
4,500 | S4 Capital PLC* | 3,712 | ||||||
3,036 | Sabre Insurance Group PLC# | 5,608 | ||||||
948 | Saga PLC* | 1,434 | ||||||
3,736 | Sage Group PLC | 45,082 | ||||||
2,515 | Savills PLC | 26,558 | ||||||
5,215 | Schroders PLC | 25,909 | ||||||
5,266 | Senior PLC | 10,473 | ||||||
25,172 | Serco Group PLC | 45,761 | ||||||
4,307 | Serica Energy PLC | 13,074 | ||||||
11,630 | Severfield PLC | 8,798 | ||||||
1,966 | Severn Trent PLC | 56,730 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
41,803 | Shell PLC | $ | 1,329,160 | |||||
13,481 | Shell PLC, ADR | 867,907 | ||||||
9,302 | SIG PLC*,† | 4,091 | ||||||
11,912 | Sirius Real Estate Ltd. | 12,521 | ||||||
2,645 | Smart Metering Systems PLC | 20,073 | ||||||
2,913 | Smith & Nephew PLC | 36,359 | ||||||
1,470 | Smiths Group PLC | 29,046 | ||||||
1,667 | Softcat PLC | 29,675 | ||||||
797 | Spectris PLC | 33,004 | ||||||
12,936 | Speedy Hire PLC | 5,043 | ||||||
224 | Spirax-Sarco Engineering PLC | 26,035 | ||||||
7,170 | Spire Healthcare Group PLC# | 20,427 | ||||||
10,386 | Spirent Communications PLC | 17,487 | ||||||
4,726 | SSE PLC | 92,836 | ||||||
11,406 | SSP Group PLC* | 28,195 | ||||||
4,597 | St. James's Place PLC | 46,676 | ||||||
15,119 | Standard Chartered PLC | 139,826 | ||||||
4,177 | SThree PLC | 19,060 | ||||||
432 | Synthomer PLC*,† | 1,223 | ||||||
5,495 | Tate & Lyle PLC | 45,959 | ||||||
62,964 | Taylor Wimpey PLC | 90,113 | ||||||
1,288 | TBC Bank Group PLC | 46,909 | ||||||
2,011 | Telecom Plus PLC | 36,559 | ||||||
54,674 | Tesco PLC | 176,242 | ||||||
25,894 | THG PLC*,† | 22,065 | ||||||
5,954 | TI Fluid Systems PLC# | 8,950 | ||||||
16,738 | TP ICAP Group PLC | 34,738 | ||||||
5,604 | Travis Perkins PLC | 57,735 | ||||||
2,759 | Tremor International Ltd.*,† | 4,858 | ||||||
2,958 | TT Electronics PLC | 6,135 | ||||||
42,736 | Tullow Oil PLC*,† | 17,906 | ||||||
4,191 | Tyman PLC | 14,778 | ||||||
8,646 | Unilever PLC | 428,575 | ||||||
284 | Unilever PLC, ADR | 14,030 | ||||||
5,873 | United Utilities Group PLC | 67,945 | ||||||
6,783 | Vanquis Banking Group PLC | 10,428 | ||||||
5,245 | Vesuvius PLC | 27,786 | ||||||
863 | Victrex PLC | 14,794 | ||||||
1,057 | Videndum PLC† | 4,249 | ||||||
20,342 | Virgin Money U.K. PLC | 41,783 | ||||||
5,863 | Vistry Group PLC | 65,239 | ||||||
269,362 | Vodafone Group PLC | 252,468 | ||||||
3,200 | Volex PLC | 12,279 | ||||||
6,400 | Volution Group PLC | 28,252 | ||||||
3,542 | Watches of Switzerland Group PLC#,* | 23,121 | ||||||
5,138 | Watkin Jones PLC | 2,508 | ||||||
2,052 | Weir Group PLC | 47,607 | ||||||
1,764 | WH Smith PLC | 28,926 | ||||||
1,648 | Whitbread PLC | 69,651 | ||||||
5,006 | Wickes Group PLC | 8,386 | ||||||
3,672 | Wincanton PLC | 12,276 | ||||||
1,347 | Wise PLC, Class A* | 11,268 | ||||||
4,839 | WPP PLC | 43,277 | ||||||
930 | XPS Pensions Group PLC | 2,213 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
United Kingdom (Continued) | ||||||||
589 | Young & Co's Brewery PLC, Class A | $ | 7,689 | |||||
20,441,423 | ||||||||
United States—0.1% | ||||||||
1,592 | ADTRAN Holdings, Inc. | 13,526 | ||||||
1,425 | Ferguson PLC | 235,847 | ||||||
109 | Noble Corp. PLC† | 5,462 | ||||||
254,835 | ||||||||
TOTAL COMMON STOCKS (Cost $148,251,424) | 153,129,312 | |||||||
Affiliated Investment Company—29.3% | ||||||||
United States—29.3% | ||||||||
3,069,060 | DFA Emerging Markets Core Equity Portfolio, Class I‡‡ (Cost $60,446,832) | 64,726,475 |
Expiration Date | ||||||||||
WarrantS—0.0% | ||||||||||
Canada—0.0% | ||||||||||
122 | Constellation Software, Inc. §,* | 03/31/2040 | 0 | |||||||
TOTAL WARRANTS (Cost $0) | 0 | |||||||||
Rights—0.0% | ||||||||||
Australia—0.0% | ||||||||||
13,937 | Star Entertainment Group Ltd. §,* | 10/18/2023 | 0 | |||||||
Austria—0.0% | ||||||||||
279 | Strabag SE Right §,* | 08/03/2023 | 0 | |||||||
Italy—0.0% | ||||||||||
2,680 | Brembo SpA * | 10/03/2023 | 0 | |||||||
United Kingdom—0.0% | ||||||||||
2,595 | Synthomer PLC *,† | 10/12/2023 | 950 | |||||||
TOTAL RIGHTS (Cost $20,737) | 950 | |||||||||
Preferred Stocks—0.4% | ||||||||||
Germany—0.4% | ||||||||||
666 | Bayerische Motoren Werke AG, 9.70% | 62,175 | ||||||||
608 | Dr Ing hc F Porsche AG, 1.13%# | 57,210 | ||||||||
387 | Draegerwerk AG & Co. KGaA, 0.45% | 17,369 | ||||||||
120 | Einhell Germany AG, 2.08% | 18,016 | ||||||||
1,205 | FUCHS SE, 2.91% | 46,908 | ||||||||
1,232 | Henkel AG & Co. KGaA, 2.75% | 87,869 | ||||||||
949 | Jungheinrich AG, 2.41% | 28,474 | ||||||||
917 | Porsche Automobil Holding SE, 5.5% | 45,227 | ||||||||
213 | Sartorius AG, 0.45% | 72,467 | ||||||||
491 | Sixt SE, 10.41% | 30,264 | ||||||||
173 | STO SE & Co. KGaA, 3.89% | 23,741 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | |||||||
Germany (Continued) | ||||||||
2,512 | Volkswagen AG, 25.58% | $ | 289,324 | |||||
779,044 | ||||||||
Italy—0.0% | ||||||||
1,392 | Danieli & C Officine Meccaniche SpA, 1.52% | 29,110 | ||||||
29,205 | Telecom Italia SpA, 0.0%* | 9,180 | ||||||
38,290 | ||||||||
TOTAL PREFERRED STOCK (Cost $1,081,521) | 817,334 |
7-Day Yield | |||||||||||||||
Short-Term Investments—2.5% | |||||||||||||||
5,547,125 | State Street Navigator Securities Lending Government Money Market Portfolio (Cost $5,547,125)†† | 5.35 | % | 5,547,125 | |||||||||||
TOTAL INVESTMENTS, AT VALUE—101.6% (Cost $215,347,639) | 224,221,196 | ||||||||||||||
Liabilities in Excess of Other Assets—(1.6)% | (3,531,065 | ) | |||||||||||||
NET ASSETS—100.0% | $ | 220,690,131 |
Notes to the Schedule of Investments:
ADR—American Depositary Receipt
† | Denotes all or a portion of security on loan. As of September 30, 2023, the market value of the securities on loan was $10,250,734 (Note 1). |
†† | Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $5,163,276. |
§ | Fair valued security—Represents fair value as measured based on the Portfolio Valuation policies specified in Note 1. As of September 30, 2023, the total value of the fair valued securities was $74,115. |
* | 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, 2023, amounts to approximately $3,208,002, and represents 1.45% of net assets. |
‡‡ | Affiliated issuer. Assets with a total aggregate market value of $64,726,475, or 29.3% of net assets, were affiliated with the Fund as of September 30, 2023 (Note 2). |
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, 2023
At September 30, 2023, 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 | 29.3 | % | ||
Banks | 6.3 | % | ||
Oil, Gas and Consumable Fuels | 6.2 | % | ||
Pharmaceuticals | 3.8 | % | ||
Metals and Mining | 3.2 | % | ||
Insurance | 2.9 | % | ||
Machinery | 2.7 | % | ||
Chemicals | 2.4 | % | ||
Food Products | 2.1 | % | ||
Automobiles | 2.0 | % | ||
Semiconductors and Semiconductor Equipment | 1.9 | % | ||
Capital Markets | 1.8 | % | ||
Textiles, Apparel and Luxury Goods | 1.6 | % | ||
Consumer Staples Distribution & Retail | 1.5 | % | ||
Diversified Telecommunication Services | 1.5 | % | ||
Real Estate Management and Development | 1.4 | % | ||
Trading Companies and Distributors | 1.4 | % | ||
Electronic Equipment, Instruments & Components | 1.2 | % | ||
Household Durables | 1.2 | % | ||
Professional Services | 1.2 | % | ||
Construction and Engineering | 1.1 | % | ||
Hotels, Restaurants & Leisure | 1.1 | % | ||
Automobile Components | 1.0 | % | ||
Health Care Equipment and Supplies | 1.0 | % | ||
IT Services | 1.0 | % | ||
Specialty Retail | 1.0 | % | ||
Beverages | 0.9 | % | ||
Electric Utilities | 0.9 | % | ||
Building Products | 0.8 | % | ||
Electrical Equipment | 0.8 | % | ||
Ground Transportation | 0.8 | % | ||
Aerospace & Defense | 0.7 | % | ||
Commercial Services & Supplies | 0.7 | % | ||
Industrial Conglomerates | 0.7 | % | ||
Software | 0.7 | % | ||
Financial Services | 0.6 | % | ||
Media | 0.6 | % | ||
Personal Care Products | 0.6 | % | ||
Wireless Telecommunication Services | 0.6 | % | ||
Air Freight and Logistics | 0.5 | % | ||
Broadline Retail | 0.5 | % | ||
Construction Materials | 0.5 | % | ||
Health Care Providers and Services | 0.5 | % | ||
Multi-Utilities | 0.5 | % | ||
Containers and Packaging | 0.4 | % | ||
Entertainment | 0.4 | % | ||
Marine Transportation | 0.4 | % | ||
Biotechnology | 0.3 | % | ||
Energy Equipment and Services | 0.3 | % | ||
Gas Utilities | 0.3 | % | ||
Independent Power and Renewable Electricity Producers | 0.3 | % | ||
Life Sciences Tools and Services | 0.3 | % | ||
Paper and Forest Products | 0.3 | % | ||
Tobacco | 0.3 | % | ||
Transportation Infrastructure | 0.3 | % | ||
Communications Equipment | 0.2 | % | ||
Consumer Finance | 0.2 | % | ||
Household Products | 0.2 | % | ||
Interactive Media & Services | 0.2 | % | ||
Leisure Equipment and Products | 0.2 | % | ||
Passenger Airlines | 0.2 | % | ||
Technology Hardware, Storage & Peripherals | 0.2 | % | ||
Distributors | 0.1 | % | ||
Diversified Consumer Services | 0.1 | % | ||
Health Care Technology | 0.1 | % | ||
Water Utilities | 0.1 | % | ||
Short-Term Investments | 2.5 | % | ||
Total | 101.6 | % |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
Shares | Value (Note 1) | ||||||
Common Stocks—99.7% | |||||||
Beverages—1.6% | |||||||
65,500 | Monster Beverage Corp.* | $ | 3,468,225 | ||||
Biotechnology—2.5% | |||||||
48,000 | Neurocrine Biosciences, Inc.* | 5,400,000 | |||||
Broadline Retail—5.7% | |||||||
96,300 | Amazon.com, Inc.* | 12,241,656 | |||||
Capital Markets—2.7% | |||||||
103,700 | Charles Schwab Corp. | 5,693,130 | |||||
Chemicals—2.1% | |||||||
11,800 | Linde PLC | 4,393,730 | |||||
Communications Equipment—4.9% | |||||||
57,475 | Arista Networks, Inc.* | 10,571,377 | |||||
Financial Services—16.0% | |||||||
62,900 | Fiserv, Inc.* | 7,105,184 | |||||
23,850 | FleetCor Technologies, Inc.* | 6,089,859 | |||||
18,000 | Mastercard, Inc., Class A | 7,126,380 | |||||
89,600 | PayPal Holdings, Inc.* | 5,238,016 | |||||
37,000 | Visa, Inc., Class A | 8,510,370 | |||||
34,069,809 | |||||||
Health Care Equipment and Supplies—2.4% | |||||||
96,830 | Boston Scientific Corp.* | 5,112,624 | |||||
Hotels, Restaurants & Leisure—1.0% | |||||||
1,200 | Chipotle Mexican Grill, Inc.* | 2,198,196 | |||||
Interactive Media & Services—5.4% | |||||||
87,850 | Alphabet, Inc., Class A* | 11,496,051 | |||||
IT Services—9.0% | |||||||
33,300 | Accenture PLC, Class A | 10,226,763 | |||||
34,900 | EPAM Systems, Inc.* | 8,923,581 | �� | ||||
19,150,344 | |||||||
Life Sciences Tools and Services—1.6% | |||||||
6,950 | Thermo Fisher Scientific, Inc. | 3,517,881 | |||||
Professional Services—4.8% | |||||||
26,050 | Automatic Data Processing, Inc. | 6,267,109 | |||||
15,225 | Paycom Software, Inc. | 3,947,386 | |||||
10,214,495 | |||||||
Semiconductors and Semiconductor Equipment—12.2% | |||||||
12,600 | ASML Holding NV, Registered | 7,417,116 | |||||
36,000 | Entegris, Inc. | 3,380,760 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | ||||||
Semiconductors and Semiconductor Equipment (Continued) | |||||||
34,950 | NVIDIA Corp. | $ | 15,202,900 | ||||
26,000,776 | |||||||
Software—27.8% | |||||||
24,650 | Adobe, Inc.* | 12,569,035 | |||||
41,600 | Autodesk, Inc.* | 8,607,456 | |||||
22,700 | Intuit, Inc. | 11,598,339 | |||||
84,020 | Microsoft Corp. | 26,529,315 | |||||
59,304,145 | |||||||
TOTAL COMMON STOCKS (Cost $158,405,635) | 212,832,439 | ||||||
TOTAL INVESTMENTS, AT VALUE—99.7% (Cost $158,405,635) | 212,832,439 | ||||||
Other Assets in Excess of Liabilities—0.3% | 687,941 | ||||||
NET ASSETS—100.0% | $ | 213,520,380 |
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, 2023
At September 30, 2023, 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 | 53.9 | % | ||
Financials | 18.6 | % | ||
Consumer Discretionary | 6.8 | % | ||
Health Care | 6.5 | % | ||
Communication Services | 5.4 | % | ||
Industrials | 4.8 | % | ||
Materials | 2.1 | % | ||
Consumer Staples | 1.6 | % | ||
Total | 99.7 | % |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
Shares | Value (Note 1) | ||||||
Common Stocks—98.5% | |||||||
Aerospace & Defense—0.8% | |||||||
7,180 | BWX Technologies, Inc. | $ | 538,357 | ||||
73,460 | Kratos Defense & Security Solutions, Inc.* | 1,103,369 | |||||
1,641,726 | |||||||
Automobile Components—3.6% | |||||||
51,420 | BorgWarner, Inc. | 2,075,825 | |||||
76,662 | Dana, Inc. | 1,124,632 | |||||
35,014 | Modine Manufacturing Co.* | 1,601,890 | |||||
119,565 | Stoneridge, Inc.* | 2,399,670 | |||||
7,202,017 | |||||||
Banks—3.8% | |||||||
97,609 | Bancorp, Inc.* | 3,367,510 | |||||
93,881 | First BanCorp | 1,263,638 | |||||
17,948 | Pinnacle Financial Partners, Inc. | 1,203,234 | |||||
17,550 | Popular, Inc. | 1,105,826 | |||||
9,908 | Wintrust Financial Corp. | 748,054 | |||||
7,688,262 | |||||||
Biotechnology—3.4% | |||||||
30,284 | ACADIA Pharmaceuticals, Inc.* | 631,119 | |||||
14,310 | BioMarin Pharmaceutical, Inc.* | 1,266,149 | |||||
20,976 | Exact Sciences Corp.* | 1,430,983 | |||||
27,473 | Halozyme Therapeutics, Inc.* | 1,049,469 | |||||
10,529 | Incyte Corp.* | 608,260 | |||||
20,050 | Natera, Inc.* | 887,212 | |||||
3,247 | Sarepta Therapeutics, Inc.* | 393,601 | |||||
2,582 | United Therapeutics Corp.* | 583,196 | |||||
6,849,989 | |||||||
Building Products—3.3% | |||||||
25,740 | AZEK Co., Inc.* | 765,508 | |||||
21,106 | Builders FirstSource, Inc.* | 2,627,486 | |||||
11,378 | Masonite International Corp.* | 1,060,657 | |||||
37,377 | Trex Co., Inc.* | 2,303,544 | |||||
6,757,195 | |||||||
Capital Markets—2.4% | |||||||
37,506 | Carlyle Group, Inc. | 1,131,181 | |||||
11,340 | Evercore, Inc., Class A | 1,563,559 | |||||
15,740 | Raymond James Financial, Inc. | 1,580,768 | |||||
21,465 | TPG, Inc. | 646,526 | |||||
4,922,034 | |||||||
Chemicals—2.1% | |||||||
15,783 | Albemarle Corp. | 2,683,741 | |||||
38,865 | Aspen Aerogels, Inc.* | 334,239 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | ||||||
Chemicals (Continued) | |||||||
19,440 | FMC Corp. | $ | 1,301,897 | ||||
4,319,877 | |||||||
Commercial Services & Supplies—0.5% | |||||||
106,749 | Interface, Inc. | 1,047,208 | |||||
Construction and Engineering—3.6% | |||||||
14,071 | AECOM | 1,168,456 | |||||
54,239 | Granite Construction, Inc. | 2,062,167 | |||||
27,463 | MasTec, Inc.* | 1,976,512 | |||||
11,321 | Quanta Services, Inc. | 2,117,819 | |||||
7,324,954 | |||||||
Construction Materials—2.5% | |||||||
16,621 | Eagle Materials, Inc. | 2,767,729 | |||||
73,523 | Summit Materials, Inc., Class A* | 2,289,506 | |||||
5,057,235 | |||||||
Consumer Finance—0.1% | |||||||
14,402 | Green Dot Corp., Class A* | 200,620 | |||||
Containers and Packaging—0.4% | |||||||
112,097 | Pactiv Evergreen, Inc. | 911,349 | |||||
Diversified Consumer Services—1.0% | |||||||
100,244 | 2U, Inc.* | 247,603 | |||||
103,168 | Perdoceo Education Corp. | 1,764,173 | |||||
2,011,776 | |||||||
Diversified Telecommunication Services—0.5% | |||||||
17,277 | Cogent Communications Holdings, Inc. | 1,069,446 | |||||
Electrical Equipment—3.7% | |||||||
171,127 | Array Technologies, Inc.* | 3,797,308 | |||||
11,283 | EnerSys | 1,068,162 | |||||
69,019 | Shoals Technologies Group, Inc., Class A* | 1,259,597 | |||||
38,191 | Vertiv Holdings Co. | 1,420,705 | |||||
7,545,772 | |||||||
Electronic Equipment, Instruments & Components—6.5% | |||||||
6,473 | Belden, Inc. | 624,968 | |||||
46,818 | Coherent Corp.* | 1,528,140 | |||||
11,541 | Fabrinet* | 1,922,961 | |||||
104,398 | Flex Ltd.* | 2,816,658 | |||||
40,083 | Jabil, Inc. | 5,086,132 | |||||
8,941 | Rogers Corp.* | 1,175,473 | |||||
13,154,332 | |||||||
Financial Services—1.8% | |||||||
46,032 | NMI Holdings, Inc., Class A* | 1,247,007 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | ||||||
Financial Services (Continued) | |||||||
145,840 | Paymentus Holdings, Inc., Class A* | $ | 2,420,944 | ||||
3,667,951 | |||||||
Food Products—0.5% | |||||||
17,596 | Darling Ingredients, Inc.* | 918,511 | |||||
Ground Transportation—3.3% | |||||||
34,397 | Knight-Swift Transportation Holdings, Inc. | 1,725,010 | |||||
74,513 | RXO, Inc.* | 1,470,141 | |||||
45,923 | XPO, Inc.* | 3,428,611 | |||||
6,623,762 | |||||||
Health Care Equipment and Supplies—4.1% | |||||||
4,020 | Align Technology, Inc.* | 1,227,386 | |||||
7,346 | Cooper Cos., Inc. | 2,336,101 | |||||
15,375 | Hologic, Inc.* | 1,067,025 | |||||
7,841 | Insulet Corp.* | 1,250,561 | |||||
9,107 | Merit Medical Systems, Inc.* | 628,565 | |||||
25,800 | Novocure Ltd.* | 416,670 | |||||
22,580 | Tandem Diabetes Care, Inc.* | 468,987 | |||||
48,549 | Varex Imaging Corp.* | 912,236 | |||||
8,307,531 | |||||||
Hotels, Restaurants & Leisure—3.9% | |||||||
26,209 | Boyd Gaming Corp. | 1,594,293 | |||||
63,207 | Caesars Entertainment, Inc.* | 2,929,644 | |||||
49,412 | Cheesecake Factory, Inc. | 1,497,184 | |||||
39,527 | Planet Fitness, Inc., Class A* | 1,943,938 | |||||
7,965,059 | |||||||
Industrial REITs—0.8% | |||||||
77,762 | LXP Industrial Trust | 692,082 | |||||
25,250 | STAG Industrial, Inc. | 871,377 | |||||
1,563,459 | |||||||
Insurance—1.8% | |||||||
4,919 | Everest Group Ltd. | 1,828,245 | |||||
25,054 | Trupanion, Inc.†, * | 706,523 | |||||
16,492 | WR Berkley Corp. | 1,047,077 | |||||
3,581,845 | |||||||
Interactive Media & Services—0.6% | |||||||
71,294 | ZoomInfo Technologies, Inc.* | 1,169,222 | |||||
IT Services—2.2% | |||||||
4,609 | EPAM Systems, Inc.* | 1,178,475 | |||||
102,488 | Grid Dynamics Holdings, Inc.* | 1,248,304 | |||||
3,026 | MongoDB, Inc.* | 1,046,573 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | ||||||
IT Services (Continued) | |||||||
11,773 | Okta, Inc.* | $ | 959,617 | ||||
4,432,969 | |||||||
Leisure Products—1.2% | |||||||
109,598 | Mattel, Inc.* | 2,414,444 | |||||
Life Sciences Tools and Services—2.1% | |||||||
53,118 | Avantor, Inc.* | 1,119,727 | |||||
7,341 | Charles River Laboratories International, Inc.* | 1,438,689 | |||||
19,091 | QIAGEN NV* | 773,186 | |||||
61,250 | Sotera Health Co.* | 917,525 | |||||
4,249,127 | |||||||
Machinery—0.9% | |||||||
12,082 | Stanley Black & Decker, Inc. | 1,009,813 | |||||
26,353 | Symbotic, Inc.†, * | 880,981 | |||||
1,890,794 | |||||||
Marine Transportation—0.8% | |||||||
18,638 | Kirby Corp.* | 1,543,226 | |||||
Media—1.2% | |||||||
8,534 | Cardlytics, Inc.* | 140,811 | |||||
132,100 | Integral Ad Science Holding Corp.* | 1,570,669 | |||||
103,355 | Magnite, Inc.* | 779,297 | |||||
2,490,777 | |||||||
Metals and Mining—4.0% | |||||||
88,531 | ATI, Inc.* | 3,643,051 | |||||
38,921 | Carpenter Technology Corp. | 2,615,880 | |||||
30,847 | MP Materials Corp.†, * | 589,178 | |||||
35,291 | Sigma Lithium Corp.* | 1,144,840 | |||||
7,992,949 | |||||||
Oil, Gas and Consumable Fuels—4.2% | |||||||
27,958 | Devon Energy Corp. | 1,333,596 | |||||
117,439 | Navigator Holdings Ltd. | 1,734,574 | |||||
209,854 | Permian Resources Corp. | 2,929,562 | |||||
65,543 | SM Energy Co. | 2,598,780 | |||||
8,596,512 | |||||||
Passenger Airlines—3.0% | |||||||
39,613 | Alaska Air Group, Inc.* | 1,468,850 | |||||
328,315 | Azul SA, ADR†, * | 2,820,226 | |||||
252,786 | Controladora Vuela Cia de Aviacion SAB de CV, ADR†, * | 1,716,417 | |||||
6,005,493 | |||||||
Pharmaceuticals—2.3% | |||||||
19,707 | Amphastar Pharmaceuticals, Inc.* | 906,325 | |||||
21,219 | Catalent, Inc.* | 966,101 | |||||
5,205 | Jazz Pharmaceuticals PLC* | 673,735 | |||||
38,475 | Pacira BioSciences, Inc.* | 1,180,413 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | ||||||
Pharmaceuticals (Continued) | |||||||
30,965 | Supernus Pharmaceuticals, Inc.* | $ | 853,705 | ||||
4,580,279 | |||||||
Professional Services—3.1% | |||||||
7,278 | Equifax, Inc. | 1,333,184 | |||||
41,088 | KBR, Inc. | 2,421,727 | |||||
206,804 | Planet Labs PBC†, * | 537,690 | |||||
15,998 | TransUnion | 1,148,497 | |||||
67,065 | Upwork, Inc.* | 761,858 | |||||
6,202,956 | |||||||
Real Estate Management and Development—0.3% | |||||||
32,415 | DigitalBridge Group, Inc. | 569,856 | |||||
Residential REITs—0.3% | |||||||
39,800 | Independence Realty Trust, Inc. | 559,986 | |||||
Retail REITs—0.3% | |||||||
33,097 | NETSTREIT Corp. | 515,651 | |||||
Semiconductors and Semiconductor Equipment—8.8% | |||||||
8,052 | Ambarella, Inc.* | 426,998 | |||||
95,096 | indie Semiconductor, Inc., Class A* | 599,105 | |||||
30,545 | MACOM Technology Solutions Holdings, Inc.* | 2,491,861 | |||||
8,101 | MKS Instruments, Inc. | 701,061 | |||||
3,738 | Monolithic Power Systems, Inc. | 1,726,956 | |||||
23,202 | Qorvo, Inc.* | 2,215,095 | |||||
46,905 | Semtech Corp.* | 1,207,804 | |||||
16,500 | SiTime Corp.* | 1,885,125 | |||||
6,104 | SolarEdge Technologies, Inc.* | 790,529 | |||||
31,502 | Ultra Clean Holdings, Inc.* | 934,664 | |||||
14,656 | Universal Display Corp. | 2,300,845 | |||||
68,544 | Wolfspeed, Inc.†, * | 2,611,526 | |||||
17,891,569 | |||||||
Software—2.1% | |||||||
7,856 | EngageSmart, Inc.* | 141,057 | |||||
19,456 | Envestnet, Inc.* | 856,648 | |||||
13,154 | Guidewire Software, Inc.* | 1,183,860 | |||||
1,963 | HubSpot, Inc.* | 966,777 | |||||
1,043 | Tyler Technologies, Inc.* | 402,744 | |||||
85,176 | Zuora, Inc., Class A* | 701,850 | |||||
4,252,936 | |||||||
Specialty Retail—0.6% | |||||||
29,935 | Chewy, Inc., Class A* | 546,613 | |||||
121,946 | Leslie's, Inc.* | 690,215 | |||||
1,236,828 | |||||||
Technology Hardware, Storage & Peripherals—0.9% | |||||||
17,877 | Pure Storage, Inc., Class A* | 636,779 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | ||||||
Technology Hardware, Storage & Peripherals (Continued) | |||||||
90,776 | Stratasys Ltd.* | $ | 1,235,461 | ||||
1,872,240 | |||||||
Trading Companies and Distributors—5.2% | |||||||
44,631 | Beacon Roofing Supply, Inc.* | 3,444,174 | |||||
76,050 | FTAI Aviation Ltd. | 2,703,578 | |||||
12,399 | GMS, Inc.* | 793,164 | |||||
346,457 | MRC Global, Inc.* | 3,551,184 | |||||
10,492,100 | |||||||
TOTAL COMMON STOCKS (Cost $164,195,898) | 199,291,824 |
7-Day Yield | ||||||||||||
Short-Term Investments—0.6% | ||||||||||||
$ | 1,165,853 | State Street Navigator Securities Lending Government Money Market Portfolio (Cost$1,165,853)†† | 5.35 | % | 1,165,853 | |||||||
TOTAL INVESTMENTS, AT VALUE—99.1% (Cost $165,361,751) | 200,457,677 | |||||||||||
Other Assets in Excess of Liabilities—0.9% | 1,821,341 | |||||||||||
NET ASSETS—100.0% | $ | 202,279,018 |
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, 2023, the market value of the securities on loan was $7,632,131 (Note 1). |
†† | Represents collateral received from securities lending transactions. Non-cash collateral amounted to $6,644,255. |
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, 2023
At September 30, 2023, 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 | 28.2 | % | ||
Information Technology | 20.6 | % | ||
Health Care | 11.9 | % | ||
Consumer Discretionary | 10.3 | % | ||
Financials | 9.9 | % | ||
Materials | 9.0 | % | ||
Energy | 4.2 | % | ||
Communication Services | 2.3 | % | ||
Real Estate | 1.6 | % | ||
Consumer Staples | 0.5 | % | ||
Short-Term Investments | 0.6 | % | ||
Total | 99.1 | % |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
Shares | Value (Note 1) | ||||||
Common Stocks—98.5% | |||||||
Aerospace & Defense—1.8% | |||||||
2,700 | General Dynamics Corp. | $ | 596,619 | ||||
500 | Huntington Ingalls Industries, Inc. | 102,290 | |||||
3,400 | Lockheed Martin Corp. | 1,390,464 | |||||
3,900 | Textron, Inc. | 304,746 | |||||
2,394,119 | |||||||
Air Freight and Logistics—2.2% | |||||||
2,300 | Expeditors International of Washington, Inc. | 263,649 | |||||
3,600 | FedEx Corp. | 953,712 | |||||
10,600 | United Parcel Service, Inc., Class B | 1,652,222 | |||||
2,869,583 | |||||||
Automobile Components—0.2% | |||||||
3,400 | BorgWarner, Inc. | 137,258 | |||||
800 | Lear Corp. | 107,360 | |||||
244,618 | |||||||
Automobiles—1.2% | |||||||
70,200 | Ford Motor Co. | 871,884 | |||||
20,500 | General Motors Co. | 675,885 | |||||
1,547,769 | |||||||
Banks—6.9% | |||||||
59,600 | Bank of America Corp. | 1,631,848 | |||||
26,100 | Citigroup, Inc. | 1,073,493 | |||||
42,400 | JPMorgan Chase & Co. | 6,148,848 | |||||
13,400 | Regions Financial Corp. | 230,480 | |||||
9,084,669 | |||||||
Beverages—0.1% | |||||||
2,899 | Molson Coors Beverage Co., Class B | 184,347 | |||||
Biotechnology—5.9% | |||||||
25,400 | AbbVie, Inc. | 3,786,124 | |||||
7,700 | Amgen, Inc. | 2,069,452 | |||||
1,900 | Biogen, Inc.* | 488,319 | |||||
18,000 | Gilead Sciences, Inc. | 1,348,920 | |||||
7,692,815 | |||||||
Broadline Retail—0.2% | |||||||
7,200 | eBay, Inc. | 317,448 | |||||
Building Products—1.3% | |||||||
1,200 | Allegion PLC | 125,040 | |||||
2,200 | Builders FirstSource, Inc.* | 273,878 | |||||
700 | Carlisle Cos., Inc. | 181,482 | |||||
1,800 | Fortune Brands Innovations, Inc. | 111,888 | |||||
9,200 | Johnson Controls International PLC | 489,532 | |||||
4,600 | Masco Corp. | 245,870 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | ||||||
Building Products (Continued) | |||||||
1,800 | Owens Corning | $ | 245,538 | ||||
1,673,228 | |||||||
Capital Markets—4.7% | |||||||
1,500 | Ameriprise Financial, Inc. | 494,520 | |||||
12,100 | Bank of New York Mellon Corp. | 516,065 | |||||
4,900 | Carlyle Group, Inc. | 147,784 | |||||
4,900 | Goldman Sachs Group, Inc. | 1,585,493 | |||||
6,600 | Invesco Ltd. | 95,832 | |||||
3,600 | Jefferies Financial Group, Inc. | 131,868 | |||||
1,000 | LPL Financial Holdings, Inc. | 237,650 | |||||
24,400 | Morgan Stanley | 1,992,748 | |||||
2,900 | Raymond James Financial, Inc. | 291,247 | |||||
5,000 | State Street Corp. | 334,800 | |||||
1,400 | Stifel Financial Corp. | 86,016 | |||||
3,100 | T. Rowe Price Group, Inc. | 325,097 | |||||
6,239,120 | |||||||
Chemicals—0.9% | |||||||
700 | CF Industries Holdings, Inc. | 60,018 | |||||
9,800 | Dow, Inc. | 505,288 | |||||
1,600 | Eastman Chemical Co. | 122,752 | |||||
4,685 | LyondellBasell Industries NV, Class A | 443,670 | |||||
1,950 | Olin Corp. | 97,461 | |||||
1,229,189 | |||||||
Communications Equipment—2.5% | |||||||
59,500 | Cisco Systems, Inc. | 3,198,720 | |||||
4,400 | Juniper Networks, Inc. | 122,276 | |||||
3,320,996 | |||||||
Construction Materials—0.1% | |||||||
500 | Eagle Materials, Inc. | 83,260 | |||||
Consumer Finance—2.1% | |||||||
4,100 | Ally Financial, Inc. | 109,388 | |||||
10,600 | American Express Co. | 1,581,414 | |||||
5,100 | Capital One Financial Corp. | 494,955 | |||||
3,900 | Discover Financial Services | 337,857 | |||||
6,400 | Synchrony Financial | 195,648 | |||||
2,719,262 | |||||||
Consumer Staples Distribution & Retail—0.3% | |||||||
10,300 | Kroger Co. | 460,925 | |||||
Containers and Packaging—0.7% | |||||||
1,700 | Berry Global Group, Inc. | 105,247 | |||||
2,400 | Crown Holdings, Inc. | 212,352 | |||||
4,400 | Graphic Packaging Holding Co. | 98,032 | |||||
4,700 | International Paper Co. | 166,709 | |||||
1,500 | Packaging Corp. of America | 230,325 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | ||||||
Containers and Packaging (Continued) | |||||||
1,300 | Sonoco Products Co. | $ | 70,655 | ||||
883,320 | |||||||
Distributors—0.2% | |||||||
5,400 | LKQ Corp. | 267,354 | |||||
Diversified Consumer Services—0.1% | |||||||
500 | H&R Block, Inc. | 21,530 | |||||
3,100 | Service Corp. International | 177,134 | |||||
198,664 | |||||||
Diversified Telecommunication Services—1.4% | |||||||
57,400 | Verizon Communications, Inc. | 1,860,334 | |||||
Electric Utilities—2.1% | |||||||
3,400 | Alliant Energy Corp. | 164,730 | |||||
10,800 | Duke Energy Corp. | 953,208 | |||||
4,900 | Edison International | 310,121 | |||||
3,200 | Evergy, Inc. | 162,240 | |||||
17,300 | Exelon Corp. | 653,767 | |||||
2,952 | OGE Energy Corp. | 98,390 | |||||
1,549 | Pinnacle West Capital Corp. | 114,131 | |||||
10,700 | PPL Corp. | 252,092 | |||||
2,708,679 | |||||||
Electrical Equipment—0.2% | |||||||
900 | Regal Rexnord Corp. | 128,592 | |||||
2,200 | Sensata Technologies Holding PLC | 83,204 | |||||
211,796 | |||||||
Electronic Equipment, Instruments & Components—0.7% | |||||||
1,200 | Arrow Electronics, Inc.* | 150,288 | |||||
12,200 | Corning, Inc. | 371,734 | |||||
2,600 | Jabil, Inc. | 329,914 | |||||
1,300 | TD SYNNEX Corp. | 129,818 | |||||
981,754 | |||||||
Energy Equipment and Services—0.4% | |||||||
12,200 | Halliburton Co. | 494,100 | |||||
3,100 | NOV, Inc. | 64,790 | |||||
558,890 | |||||||
Financial Services—1.1% | |||||||
5,900 | Equitable Holdings, Inc. | 167,501 | |||||
7,244 | Fiserv, Inc.* | 818,282 | |||||
3,500 | Global Payments, Inc. | 403,865 | |||||
1,389,648 | |||||||
Food Products—1.6% | |||||||
9,800 | Archer-Daniels-Midland Co. | 739,116 | |||||
1,400 | Bunge Ltd. | 151,550 | |||||
2,300 | Darling Ingredients, Inc.* | 120,060 | |||||
900 | Ingredion, Inc. | 88,560 | |||||
1,400 | J M Smucker Co. | 172,074 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | ||||||
Food Products (Continued) | |||||||
4,400 | Kellogg Co. | $ | 261,844 | ||||
17,600 | Kraft Heinz Co. | 592,064 | |||||
2,125,268 | |||||||
Ground Transportation—0.9% | |||||||
500 | Avis Budget Group, Inc.* | 89,845 | |||||
27,300 | CSX Corp. | 839,475 | |||||
2,300 | Knight-Swift Transportation Holdings, Inc. | 115,345 | |||||
200 | U-Haul Holding Co.†, * | 10,914 | |||||
2,600 | U-Haul Holding Co. | 136,214 | |||||
1,191,793 | |||||||
Health Care Providers and Services—6.3% | |||||||
3,762 | Cardinal Health, Inc. | 326,617 | |||||
3,600 | Cencora, Inc. | 647,892 | |||||
2,000 | Centene Corp.* | 137,760 | |||||
4,600 | Cigna Group | 1,315,922 | |||||
1,200 | DaVita, Inc.* | 113,436 | |||||
4,400 | Elevance Health, Inc. | 1,915,848 | |||||
5,900 | HCA Healthcare, Inc. | 1,451,282 | |||||
1,800 | Henry Schein, Inc.* | 133,650 | |||||
1,500 | Laboratory Corp. of America Holdings | 301,575 | |||||
2,900 | McKesson Corp. | 1,261,065 | |||||
400 | Molina Healthcare, Inc.* | 131,156 | |||||
2,400 | Quest Diagnostics, Inc. | 292,464 | |||||
1,200 | Tenet Healthcare Corp.* | 79,068 | |||||
1,500 | Universal Health Services, Inc., Class B | 188,595 | |||||
8,296,330 | |||||||
Hotels, Restaurants & Leisure—0.1% | |||||||
1,449 | Boyd Gaming Corp. | 88,143 | |||||
Household Durables—1.5% | |||||||
6,500 | DR Horton, Inc. | 698,555 | |||||
4,600 | Lennar Corp., Class A | 516,258 | |||||
50 | NVR, Inc.* | 298,165 | |||||
4,600 | PulteGroup, Inc. | 340,630 | |||||
800 | Toll Brothers, Inc. | 59,168 | |||||
300 | TopBuild Corp.* | 75,480 | |||||
1,988,256 | |||||||
Independent Power and Renewable Electricity Producers—0.1% | |||||||
5,900 | Vistra Corp. | 195,762 | |||||
Insurance—6.1% | |||||||
9,500 | Aflac, Inc. | 729,125 | |||||
1,000 | American Financial Group, Inc. | 111,670 | |||||
9,600 | American International Group, Inc. | 581,760 | |||||
5,400 | Arch Capital Group Ltd.* | 430,434 | |||||
700 | Assurant, Inc. | 100,506 | |||||
6,100 | Chubb Ltd. | 1,269,898 | |||||
2,200 | Cincinnati Financial Corp. | 225,038 | |||||
3,900 | Fidelity National Financial, Inc. | 161,070 | |||||
1,400 | First American Financial Corp. | 79,086 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | ||||||
Insurance (Continued) | |||||||
1,300 | Globe Life, Inc. | $ | 141,349 | ||||
4,900 | Hartford Financial Services Group, Inc. | 347,459 | |||||
3,600 | Loews Corp. | 227,916 | |||||
150 | Markel Group, Inc.* | 220,874 | |||||
12,400 | MetLife, Inc. | 780,084 | |||||
4,400 | Old Republic International Corp. | 118,536 | |||||
400 | Primerica, Inc. | 77,604 | |||||
3,600 | Principal Financial Group, Inc. | 259,452 | |||||
5,400 | Prudential Financial, Inc. | 512,406 | |||||
900 | Reinsurance Group of America, Inc. | 130,671 | |||||
6,500 | Travelers Cos., Inc. | 1,061,515 | |||||
2,900 | Unum Group | 142,651 | |||||
3,850 | WR Berkley Corp. | 244,436 | |||||
7,953,540 | |||||||
IT Services—1.6% | |||||||
6,900 | Cognizant Technology Solutions Corp., Class A | 467,406 | |||||
11,600 | International Business Machines Corp. | 1,627,480 | |||||
2,094,886 | |||||||
Leisure Products—0.1% | |||||||
1,200 | Brunswick Corp. | 94,800 | |||||
800 | Polaris, Inc. | 83,312 | |||||
178,112 | |||||||
Life Sciences Tools and Services—0.1% | |||||||
300 | Bio-Rad Laboratories, Inc., Class A* | 107,535 | |||||
Machinery—4.7% | |||||||
1,050 | AGCO Corp. | 124,194 | |||||
7,000 | Caterpillar, Inc. | 1,911,000 | |||||
2,000 | Cummins, Inc. | 456,920 | |||||
4,000 | Deere & Co. | 1,509,520 | |||||
1,900 | Dover Corp. | 265,069 | |||||
700 | Middleby Corp.* | 89,600 | |||||
1,000 | Oshkosh Corp. | 95,430 | |||||
7,522 | PACCAR, Inc. | 639,520 | |||||
1,800 | Parker-Hannifin Corp. | 701,136 | |||||
2,400 | Pentair PLC | 155,400 | |||||
700 | Snap-on, Inc. | 178,542 | |||||
800 | Timken Co. | 58,792 | |||||
6,185,123 | |||||||
Media—2.8% | |||||||
500 | Charter Communications, Inc., Class A* | 219,910 | |||||
63,900 | Comcast Corp., Class A | 2,833,326 | |||||
5,900 | Fox Corp., Class A | 184,080 | |||||
5,600 | Interpublic Group of Cos., Inc. | 160,496 | |||||
3,600 | Omnicom Group, Inc. | 268,128 | |||||
3,665,940 | |||||||
Metals and Mining—1.5% | |||||||
6,900 | Cleveland-Cliffs, Inc.* | 107,847 | |||||
600 | Commercial Metals Co. | 29,646 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | ||||||
Metals and Mining (Continued) | |||||||
6,300 | Newmont Corp. | $ | 232,785 | ||||
5,100 | Nucor Corp. | 797,385 | |||||
1,000 | Reliance Steel & Aluminum Co. | 262,230 | |||||
3,600 | Steel Dynamics, Inc. | 385,992 | |||||
3,400 | United States Steel Corp. | 110,432 | |||||
1,926,317 | |||||||
Multi-Utilities—1.3% | |||||||
6,000 | CenterPoint Energy, Inc. | 161,100 | |||||
4,700 | Consolidated Edison, Inc. | 401,991 | |||||
9,300 | Public Service Enterprise Group, Inc. | 529,263 | |||||
9,000 | Sempra | 612,270 | |||||
1,704,624 | |||||||
Oil, Gas and Consumable Fuels—15.8% | |||||||
4,600 | APA Corp. | 189,060 | |||||
3,300 | Cheniere Energy, Inc. | 547,668 | |||||
25,369 | Chevron Corp. | 4,277,721 | |||||
17,900 | ConocoPhillips | 2,144,420 | |||||
10,200 | Coterra Energy, Inc. | 275,910 | |||||
10,300 | EOG Resources, Inc. | 1,305,628 | |||||
55,500 | Exxon Mobil Corp. | 6,525,690 | |||||
32,500 | Kinder Morgan, Inc. | 538,850 | |||||
10,035 | Marathon Oil Corp. | 268,436 | |||||
5,400 | Marathon Petroleum Corp. | 817,236 | |||||
13,100 | Occidental Petroleum Corp. | 849,928 | |||||
5,600 | ONEOK, Inc. | 355,208 | |||||
6,000 | Phillips 66 | 720,900 | |||||
3,200 | Pioneer Natural Resources Co. | 734,560 | |||||
3,400 | Range Resources Corp. | 110,194 | |||||
15,000 | Southwestern Energy Co.* | 96,750 | |||||
5,600 | Valero Energy Corp. | 793,576 | |||||
6,900 | Williams Cos., Inc. | 232,461 | |||||
20,784,196 | |||||||
Pharmaceuticals—3.6% | |||||||
8,700 | Johnson & Johnson | 1,355,025 | |||||
31,600 | Merck & Co., Inc. | 3,253,220 | |||||
16,300 | Viatris, Inc. | 160,718 | |||||
4,768,963 | |||||||
Professional Services—0.3% | |||||||
200 | CACI International, Inc., Class A* | 62,786 | |||||
1,899 | Leidos Holdings, Inc. | 175,012 | |||||
1,400 | Robert Half, Inc. | 102,592 | |||||
340,390 | |||||||
Real Estate Management and Development—0.1% | |||||||
600 | Jones Lang LaSalle, Inc.* | 84,708 | |||||
Semiconductors and Semiconductor Equipment—5.7% | |||||||
12,200 | Applied Materials, Inc. | 1,689,090 | |||||
1,800 | KLA Corp. | 825,588 | |||||
1,900 | Lam Research Corp. | 1,190,863 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | Value (Note 1) | ||||||
Semiconductors and Semiconductor Equipment (Continued) | |||||||
2,000 | Microchip Technology, Inc. | $ | 156,100 | ||||
15,700 | Micron Technology, Inc. | 1,068,071 | |||||
5,100 | ON Semiconductor Corp.* | 474,045 | |||||
16,200 | QUALCOMM, Inc. | 1,799,172 | |||||
2,300 | Skyworks Solutions, Inc. | 226,757 | |||||
7,429,686 | |||||||
Specialty Retail—2.8% | |||||||
1,200 | AutoNation, Inc.* | 181,680 | |||||
3,200 | Best Buy Co., Inc. | 222,304 | |||||
400 | Lithia Motors, Inc. | 118,132 | |||||
12,900 | Lowe's Cos., Inc. | 2,681,136 | |||||
300 | Murphy USA, Inc. | 102,519 | |||||
1,100 | Penske Automotive Group, Inc. | 183,766 | |||||
900 | Williams-Sonoma, Inc.† | 139,860 | |||||
3,629,397 | |||||||
Technology Hardware, Storage & Peripherals—1.1% | |||||||
3,500 | Dell Technologies, Inc., Class C | 241,150 | |||||
23,000 | Hewlett Packard Enterprise Co. | 399,510 | |||||
23,000 | HP, Inc. | 591,100 | |||||
2,800 | NetApp, Inc. | 212,464 | |||||
1,444,224 | |||||||
Textiles, Apparel and Luxury Goods—0.1% | |||||||
1,300 | Levi Strauss & Co., Class A | 17,654 | |||||
549 | Ralph Lauren Corp. | 63,733 | |||||
1,800 | Skechers USA, Inc., Class A* | 88,110 | |||||
169,497 | |||||||
Tobacco—2.3% | |||||||
25,300 | Altria Group, Inc. | 1,063,865 | |||||
21,600 | Philip Morris International, Inc. | 1,999,728 | |||||
3,063,593 | |||||||
Trading Companies and Distributors—0.7% | |||||||
2,800 | Ferguson PLC | 460,516 | |||||
900 | United Rentals, Inc. | 400,113 | |||||
860,629 | |||||||
TOTAL COMMON STOCKS (Cost $109,350,783) | 129,398,699 | ||||||
Exchange-Traded Fund—1.0% | |||||||
8,600 | iShares Russell 1000 Value ETF† (Cost $1,351,537) | 1,305,652 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
Shares | 7-Day Yield | Value (Note 1 ) | |||||||||
Short-Term Investments—0.0% | |||||||||||
515 | State Street Navigator Securities Lending Government Money Market Portfolio (Cost $515)†† | 5.35 | % | $ | 515 | ||||||
TOTAL INVESTMENTS, AT VALUE—99.5% (Cost $110,702,835) | 130,704,866 | ||||||||||
Other Assets in Excess of Liabilities—0.5% | 678,567 | ||||||||||
NET ASSETS—100.0% | $ | 131,383,433 |
Notes to the Schedule of Investments: | |
* | Non-income producing security |
† | Denotes all or a portion of security on loan. As of September 30, 2023, the market value of the securities on loan was $1,012,015 (Note 1). |
†† | Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $1,034,115. |
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, 2023
At September 30, 2023, 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 | 21.9 | % | ||
Energy | 16.2 | % | ||
Health Care | 15.9 | % | ||
Industrials | 12.0 | % | ||
Information Technology | 11.6 | % | ||
Consumer Discretionary | 6.6 | % | ||
Consumer Staples | 4.4 | % | ||
Communication Services | 4.2 | % | ||
Utilities | 3.5 | % | ||
Materials | 3.1 | % | ||
Real Estate | 0.1 | % | ||
Short-Term Investments | 0.0 | % | ||
Total | 99.5 | % |
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, 2023, 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, 2023 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, 2023, 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, 2023 in valuing the M International Equity Fund investments:
Assets Valuation Input
Description | Quoted Prices (Level 1) | Significant (Level 2) | Significant (Level 3) | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | 10,123,818 | $ | 63,305 | $ | — | $ | 10,187,123 | ||||||||
Austria | 759,809 | — | — | 759,809 | ||||||||||||
Belgium | 1,712,294 | — | — | 1,712,294 | ||||||||||||
Canada | 16,747,535 | — | — | 16,747,535 | ||||||||||||
Denmark | 4,268,270 | — | — | 4,268,270 | ||||||||||||
Finland | 2,002,231 | — | — | 2,002,231 | ||||||||||||
France | 13,046,426 | — | — | 13,046,426 | ||||||||||||
Germany | 10,200,941 | — | — | 10,200,941 | ||||||||||||
Hong Kong | 2,997,169 | 10,810 | — | 3,007,979 | ||||||||||||
Ireland | 713,019 | — | — | 713,019 | ||||||||||||
Israel | 1,575,297 | — | — | 1,575,297 | ||||||||||||
Italy | 4,291,686 | — | — | 4,291,686 | ||||||||||||
Japan | 34,920,711 | — | — | 34,920,711 | ||||||||||||
Netherlands | 4,609,171 | — | — | 4,609,171 | ||||||||||||
New Zealand | 539,967 | — | — | 539,967 | ||||||||||||
Norway | 1,776,953 | — | — | 1,776,953 | ||||||||||||
Portugal | 434,248 | — | — | 434,248 | ||||||||||||
Singapore | 1,690,653 | — | — | 1,690,653 | ||||||||||||
Spain | 3,687,398 | — | — | 3,687,398 | ||||||||||||
Sweden | 4,235,342 | — | — | 4,235,342 | ||||||||||||
Switzerland | 12,026,001 | — | — | 12,026,001 | ||||||||||||
United Kingdom | 20,441,423 | — | 0 | 20,441,423 | ||||||||||||
United States | 254,835 | — | — | 254,835 | ||||||||||||
Total Common Stocks | 153,055,197 | 74,115 | 0 | 153,129,312 | ||||||||||||
Affiliated Investment Company | ||||||||||||||||
United States | 64,726,475 | — | — | 64,726,475 | ||||||||||||
Warrants | ||||||||||||||||
Canada | — | 0 | — | 0 | ||||||||||||
Rights | ||||||||||||||||
Australia | — | 0 | — | 0 | ||||||||||||
Austria | — | 0 | — | 0 | ||||||||||||
Italy | 0 | — | — | 0 | ||||||||||||
United Kingdom | 950 | — | — | 950 | ||||||||||||
Total Rights | 950 | 0 | — | 950 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Germany | 779,044 | — | — | 779,044 | ||||||||||||
Italy | 38,290 | — | — | 38,290 | ||||||||||||
Total Preferred Stock | 817,334 | — | — | 817,334 | ||||||||||||
Short-Term Investments | — | 5,547,125 | — | 5,547,125 | ||||||||||||
Total Investments, at Value | 218,599,956 | 5,621,240 | 0 | 224,221,196 | ||||||||||||
Total | $ | 218,599,956 | $ | 5,621,240 | $ | 0 | $ | 224,221,196 |
At September 30, 2023, Level 2 Common Stocks were priced using a fair value factor applied to quoted market prices.
M Fund, Inc.
NOTES TO SCHEDULES OF INVESTMENTS (Unaudited) (continued)
The following is a reconciliation of investments in securities for which significant unobservable inputs (Level 3) were used in determining value for the M International Equity Fund:
Investments in Securities | Balance as of December 31, 2022 | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers in to Level 3* | Transfers out of Level 3 | Balance as of September 30, 2023 | Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 9/30/23 for the period ended 9/30/23 | |||||||||||||||||||||||||||
Common Stocks | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Rights | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
* The Fund(s) recognize transfers between the levels as of the beginning of the period.
During the Period ended September 30, 2023, financial assets with a combined market value of $0 held by M International Equity Fund transferred from Level 1 to Level 3.
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%.
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.
M Fund, Inc.
NOTES TO SCHEDULES OF INVESTMENTS (Unaudited) (continued)
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, 2023, 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 | $ | 10,250,734 | $ | 10,710,401 | ||||
M Capital Appreciation Fund | 7,632,131 | 7,810,108 | ||||||
M Large Cap Value Fund | 1,012,015 | 1,034,630 |
2. Tax Information
As of September 30, 2023, 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 | Tax Basis Net Unrealized Appreciation/ Depreciation | |||||||||||||
M International Equity Fund | $ | 217,796,057 | $ | 24,937,349 | $ | (18,512,210 | ) | $ | 6,425,139 | |||||||
M Large Cap Growth Fund | 159,015,260 | 63,847,428 | (10,030,249 | ) | 53,817,179 | |||||||||||
M Capital Appreciation Fund | 166,842,974 | 53,862,506 | (20,247,803 | ) | 33,614,703 | |||||||||||
M Large Cap Value Fund | 111,020,402 | 22,907,276 | (3,222,812 | ) | 19,684,464 |
The Funds did not have any unrecognized tax benefits as of September 30, 2023, 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, 2023, 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 2020 through December 2022. No examination of any of the Funds' tax filings is currently in progress.