M Fund NPORT-P M Capital Appreciation Fund (Mar 2024 report)

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

Shares			Value (Note 1)
		Common Stocks—70.1%
		Australia—4.8%
	4,611	29Metals Ltd.†,*	$	1,127
	13,414	Accent Group Ltd.		17,745
	23,537	Adbri Ltd.*		48,008
	3,859	AGL Energy Ltd.		20,973
	4,977	ALS Ltd.		42,584
	1,335	Altium Ltd.		56,738
	36,996	Alumina Ltd.*		34,234
	45,536	AMP Ltd.		34,718
	2,792	Ampol Ltd.		72,394
	2,326	Ansell Ltd.†		37,257
	12,134	ANZ Group Holdings Ltd.		232,469
	8,093	APA Group		44,353
	4,679	Appen Ltd.†,*		1,784
	1,187	ARB Corp. Ltd.†		31,985
	4,576	Aristocrat Leisure Ltd.		128,224
	978	ASX Ltd.†		42,330
	10,882	Atlas Arteria Ltd.		37,796
	477	AUB Group Ltd.		9,244
	31,634	Aurizon Holdings Ltd.		82,457
	5,745	Aussie Broadband Ltd.†,*		13,403
	9,677	Austal Ltd.†		13,873
	9,144	Australian Agricultural Co. Ltd.†,*		8,104
	2,559	Australian Ethical Investment Ltd.		8,221
	12,365	Bank of Queensland Ltd.†		50,924
	11,536	Bapcor Ltd.†		47,435
	39,961	Beach Energy Ltd.		47,785
	4,696	Bega Cheese Ltd.		12,791
	27,039	Bellevue Gold Ltd.†,*		33,214
	6,079	Bendigo & Adelaide Bank Ltd.†		40,604
	21,786	BHP Group Ltd.		628,494
	7,612	BHP Group Ltd., ADR†		439,136
	12,902	BHP Group Ltd., Class DI†		370,467
	6,410	BlueScope Steel Ltd.		99,623
	6,309	Boral Ltd.†,*		25,161
	8,411	Boss Energy Ltd.*		26,145
	13,591	Brambles Ltd.		143,034
	18,400	Bravura Solutions Ltd.†,*		16,787
	1,654	Breville Group Ltd.†		29,630
	1,779	Brickworks Ltd.		33,016
	3,952	Capricorn Metals Ltd.*		13,263
	1,476	CAR Group Ltd.		34,703
	4,694	Cettire Ltd.*		12,388
	8,204	Challenger Ltd.		38,011
	5,102	Champion Iron Ltd.†		24,636
	5,238	City Chic Collective Ltd.†,*		1,399
	15,298	Cleanaway Waste Management Ltd.		27,116
	816	Clinuvel Pharmaceuticals Ltd.†		7,636
	16,116	Coast Entertainment Holdings Ltd.†,*		5,566
	263	Cochlear Ltd.		57,846
	6,045	Codan Ltd.		42,819
	9,946	Coles Group Ltd.		109,793
	5,271	Collins Foods Ltd.		34,829
	7,954	Commonwealth Bank of Australia		623,749

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Australia (Continued)
	6,328	Computershare Ltd.	$	107,668
	55,582	Cooper Energy Ltd.*		7,968
	38,608	Core Lithium Ltd.†,*		3,900
	16,210	Coronado Global Resources, Inc., CDI#		13,204
	1,547	Corporate Travel Management Ltd.†		17,128
	1,552	Credit Corp. Group Ltd.†		18,741
	765	CSL Ltd.		143,532
	9,383	CSR Ltd.		53,929
	2,536	Data#3 Ltd.		13,683
	20,724	De Grey Mining Ltd.*		17,084
	4,714	Deterra Royalties Ltd.		15,144
	1,480	Dicker Data Ltd.†		10,387
	4,479	Domain Holdings Australia Ltd.†		9,573
	777	Domino's Pizza Enterprises Ltd.†		21,970
	18,120	Downer EDI Ltd.		60,220
	3,054	Eagers Automotive Ltd.†		28,180
	5,273	Elders Ltd.†		32,231
	9,982	Emerald Resources NL†,*		19,059
	10,132	Endeavour Group Ltd.†		36,380
	625	EQT Holdings Ltd.		11,974
	26,880	Evolution Mining Ltd.		62,709
	1,597	EVT Ltd.†		12,925
	13,551	FleetPartners Group Ltd.†,*		33,203
	2,988	Flight Centre Travel Group Ltd.†		42,545
	13,617	Fortescue Ltd.		228,049
	20,944	G8 Education Ltd.		16,378
	5,421	Genesis Minerals Ltd.*		6,553
	27,421	Gold Road Resources Ltd.		28,233
	7,355	GrainCorp Ltd., Class A†		39,493
	18,983	Grange Resources Ltd.†		5,443
	4,005	GUD Holdings Ltd.†		30,796
	9,346	GWA Group Ltd.		16,322
	2,555	Hansen Technologies Ltd.		8,108
	17,395	Harvey Norman Holdings Ltd.†		58,378
	20,259	Healius Ltd.†,*		17,492
	9,874	Helia Group Ltd.		25,158
	897	HUB24 Ltd.		24,796
	10,360	Humm Group Ltd.†		3,376
	2,262	IDP Education Ltd.†		26,415
	6,212	IGO Ltd.†		28,620
	7,978	Iluka Resources Ltd.		37,484
	13,872	Imdex Ltd.		21,062
	28,249	Incitec Pivot Ltd.		53,200
	11,778	Infomedia Ltd.		13,662
	9,311	Inghams Group Ltd.†		21,782
	16,350	Insignia Financial Ltd.†		26,849
	25,090	Insurance Australia Group Ltd.		104,639
	7,725	Integral Diagnostics Ltd.†		11,327
	2,951	IPH Ltd.		12,134
	3,090	IRESS Ltd.†,*		16,693
	4,226	James Hardie Industries PLC, CDI*		169,666
	1,702	JB Hi-Fi Ltd.		71,260
	2,979	Johns Lyng Group Ltd.†		12,444
	34,101	Karoon Energy Ltd.†,*		47,999

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Australia (Continued)
	3,571	Kelsian Group Ltd.†	$	13,450
	7,715	Lendlease Corp. Ltd.		32,327
	2,590	Lifestyle Communities Ltd.†		26,447
	10,522	Link Administration Holdings Ltd.		15,290
	14,208	Lottery Corp. Ltd.		47,682
	1,516	Lovisa Holdings Ltd.†		32,966
	8,824	Lynas Rare Earths Ltd.†,*		32,718
	6,430	MA Financial Group Ltd.†		20,490
	1,370	Macquarie Group Ltd.		178,284
	341	Macquarie Technology Group Ltd.*		17,686
	7,001	Magellan Financial Group Ltd.		45,120
	1,120	Mayne Pharma Group Ltd.*		5,284
	1,182	McMillan Shakespeare Ltd.		15,120
	16,327	Medibank Pvt Ltd.		40,005
	2,439	Megaport Ltd.†,*		23,825
	15,233	Metcash Ltd.		38,813
	1,307	Mineral Resources Ltd.†		60,360
	17,383	MMA Offshore Ltd.*		29,565
	1,365	Monadelphous Group Ltd.		12,613
	14,543	Monash IVF Group Ltd.		13,694
	39,713	Mount Gibson Iron Ltd.†,*		11,128
	17,488	Myer Holdings Ltd.†		9,288
	3,954	MyState Ltd.		9,430
	7,649	Nanosonics Ltd.†,*		13,707
	23,896	National Australia Bank Ltd.		539,408
	2,783	Netwealth Group Ltd.		38,302
	14,683	New Hope Corp. Ltd.†		44,492
	2,984	NEXTDC Ltd.*		34,593
	9,198	nib holdings Ltd.		47,112
	932	Nick Scali Ltd.		9,353
	13,553	Nickel Industries Ltd.		7,154
	30,345	Nine Entertainment Co. Holdings Ltd.†		33,814
	5,875	Northern Star Resources Ltd.		55,398
	12,393	NRW Holdings Ltd.		23,662
	10,138	Nufarm Ltd.		36,335
	7,566	OFX Group Ltd.†,*		8,037
	5,115	Omni Bridgeway Ltd.†,*		5,033
	11,530	oOh!media Ltd.		13,374
	4,465	Orica Ltd.†		53,130
	5,584	Origin Energy Ltd.		33,477
	23,252	Orora Ltd.		41,214
	42,639	Paladin Energy Ltd.*		38,066
	12,923	Perenti Ltd.		8,253
	2,144	Perpetual Ltd.†		35,054
	31,929	Perseus Mining Ltd.		44,734
	2,443	PEXA Group Ltd.†,*		21,587
	28,614	Pilbara Minerals Ltd.†		71,415
	1,933	Pinnacle Investment Management Group Ltd.†		14,650
	16,745	Platinum Asset Management Ltd.†		11,785
	2,030	Premier Investments Ltd.		43,403
	573	Pro Medicus Ltd.†		38,740
	1,615	PWR Holdings Ltd.†		12,134
	5,039	Qantas Airways Ltd.*		17,896
	5,527	QBE Insurance Group Ltd.		65,298

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Australia (Continued)
	9,918	Qube Holdings Ltd.†	$	22,039
	37,394	Ramelius Resources Ltd.		45,324
	1,228	Ramsay Health Care Ltd.†		45,221
	355	REA Group Ltd.†		42,906
	48,904	Red 5 Ltd.*		12,110
	2,536	Reece Ltd.†		46,438
	9,551	Regis Healthcare Ltd.		24,958
	19,727	Regis Resources Ltd.*		25,903
	13,366	Reliance Worldwide Corp. Ltd.		50,082
	53,656	Resolute Mining Ltd.*		15,035
	9,216	Ridley Corp. Ltd.		14,954
	3,221	Rio Tinto Ltd.†		255,570
	12,006	Sandfire Resources Ltd.†,*		69,553
	40,802	Santos Ltd.		206,062
	1,323	SEEK Ltd.†		21,596
	3,265	Select Harvests Ltd.†,*		9,468
	44,942	Service Stream Ltd.		36,608
	1,946	Seven Group Holdings Ltd.†		51,701
	62,916	Seven West Media Ltd.*		7,790
	34,950	Sigma Healthcare Ltd.		29,494
	30,638	Silver Lake Resources Ltd.*		24,757
	3,115	Sims Ltd.		25,820
	4,280	SmartGroup Corp. Ltd.†		27,082
	7,321	Solvar Ltd.†		5,105
	3,263	Sonic Healthcare Ltd.		62,536
	56,811	South32 Ltd.		111,063
	3,457	Southern Cross Media Group Ltd.†		2,151
	27,267	SRG Global Ltd.		14,215
	21,630	St. Barbara Ltd.*		2,467
	40,747	Star Entertainment Group Ltd.†,*		15,268
	8,695	Steadfast Group Ltd.		33,317
	62,507	Strike Energy Ltd.†,*		10,591
	8,934	Suncorp Group Ltd.		95,362
	2,729	Super Retail Group Ltd.†		28,631
	24,332	Superloop Ltd.†,*		21,406
	22,186	Syrah Resources Ltd.†,*		7,156
	50,321	Tabcorp Holdings Ltd.		24,758
	3,536	Technology One Ltd.		39,103
	24,644	Telstra Group Ltd.		61,989
	32,463	Terracom Ltd.†		5,077
	2,964	TPG Telecom Ltd.†		8,711
	10,038	Transurban Group		87,130
	6,104	Treasury Wine Estates Ltd.		49,522
	31,285	Tyro Payments Ltd.†,*		20,998
	8,992	Ventia Services Group Pty. Ltd.		22,560
	14,458	Viva Energy Group Ltd.#		34,860
	3,525	Webjet Ltd.†,*		20,283
	6,549	Wesfarmers Ltd.†		291,908
	24,722	West African Resources Ltd.*		19,332
	11,815	Westgold Resources Ltd.		20,172
	15,208	Westpac Banking Corp.		258,659
	14,291	Whitehaven Coal Ltd.		66,120
	679	WiseTech Global Ltd.†		41,570
	20,617	Woodside Energy Group Ltd.		409,770

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Australia (Continued)
	2,331	Woodside Energy Group Ltd.†	$	46,426
	1,661	Woodside Energy Group Ltd., ADR		33,170
	5,982	Woolworths Group Ltd.†		129,302
	2,076	Worley Ltd.		22,660
	784	Xero Ltd.*		68,112
	3,672	Yancoal Australia Ltd.†		12,539
				11,581,834
		Austria—0.3%
	939	ANDRITZ AG		58,554
	829	AT&S Austria Technologie & Systemtechnik AG		17,306
	1,157	BAWAG Group AG#		73,271
	694	CA Immobilien Anlagen AG		24,483
	133	DO & Co. AG		19,859
	1,574	Erste Group Bank AG		70,132
	988	Eurotelesites AG*		3,939
	614	EVN AG		16,229
	1,377	FACC AG*		9,448
	508	Immofinanz AG*		12,386
	482	Lenzing AG*		16,666
	232	Mayr Melnhof Karton AG		28,884
	463	Oesterreichische Post AG		15,809
	1,635	OMV AG		77,366
	552	Palfinger AG		13,727
	60	PIERER Mobility AG		3,049
	861	Porr AG		13,190
	3,082	Raiffeisen Bank International AG		61,380
	127	Schoeller-Bleckmann Oilfield Equipment AG		6,070
	263	Strabag SE, Bearer Shares		11,080
	3,952	Telekom Austria AG		33,043
	4,149	UNIQA Insurance Group AG		35,854
	470	Verbund AG		34,353
	884	Vienna Insurance Group AG Wiener Versicherung Gruppe		27,562
	2,381	voestalpine AG		66,787
	1,117	Wienerberger AG		40,683
				791,110
		Belgium—0.7%
	545	Ackermans & van Haaren NV		95,252
	2,793	Ageas SA		129,328
	5,568	AGFA-Gevaert NV†,*		7,989
	5,257	Anheuser-Busch InBev SA		320,214
	69	Argenx SE*		27,253
	1,399	Azelis Group NV		29,567
	863	Barco NV		14,217
	1,002	Bekaert SA		51,391
	2,798	bpost SA		10,457
	105	Cie d'Entreprises CFE		811
	899	Colruyt Group NV		41,531
	174	D'ieteren Group		38,595
	7,013	Deceuninck NV		17,061
	105	Deme Group NV		16,788
	6,282	Econocom Group SA		14,402
	289	Elia Group SA		31,179

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Belgium (Continued)
	2,078	Euronav NV†	$	34,557
	548	EVS Broadcast Equipment SA		19,717
	1,400	Fagron		26,673
	799	Galapagos NV†,*		25,498
	713	Gimv NV		34,230
	534	Ion Beam Applications†		7,547
	3,331	KBC Group NV		249,471
	242	Kinepolis Group NV†		11,109
	9	Lotus Bakeries NV		86,901
	216	Melexis NV		17,512
	2,034	Ontex Group NV†,*		17,193
	1,080	Orange Belgium SA*		15,986
	4,693	Proximus SADP		37,963
	1,437	Recticel SA		16,929
	214	Sipef NV		12,814
	1,351	Solvay SA†		36,875
	1,351	Syensqo SA*		127,942
	688	Tessenderlo Group SA†		18,000
	317	UCB SA		39,124
	2,988	Umicore SA		64,456
	281	VGP NV		32,165
				1,778,697
		Canada—7.5%
	553	ADENTRA, Inc.		16,742
	5,500	Advantage Energy Ltd.*		40,117
	1,679	Aecon Group, Inc.		21,084
	10,000	Africa Oil Corp.		17,423
	607	Ag Growth International, Inc.		27,497
	3,500	AGF Management Ltd., Class B		21,188
	3,524	Agnico Eagle Mines Ltd.		210,144
	5,042	Aimia, Inc.*		9,529
	1,100	Air Canada*		15,925
	5,250	Alamos Gold, Inc., Class A		77,421
	3,609	Algonquin Power & Utilities Corp.		22,807
	5,239	Algonquin Power & Utilities Corp.†		33,110
	4,791	Alimentation Couche-Tard, Inc.		273,443
	3,374	AltaGas Ltd.		74,527
	1,300	Altius Minerals Corp.		19,722
	785	Altus Group Ltd.		30,066
	600	Andlauer Healthcare Group, Inc.		18,812
	7,036	ARC Resources Ltd.		125,443
	1,389	Aritzia, Inc.*		38,351
	1,300	Atco Ltd., Class I		36,191
	758	ATS Corp.*		25,521
	8	Aurora Cannabis, Inc.*		35
	29,603	B2Gold Corp.		77,393
	850	Badger Infrastructure Solutions Ltd.		31,501
	4,435	Ballard Power Systems, Inc.†,*		12,329
	5,523	Bank of Montreal		539,232

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Canada (Continued)
	798	Bank of Montreal†	$	77,949
	9,512	Bank of Nova Scotia		492,050
	800	Bank of Nova Scotia†		41,424
	7,003	Barrick Gold Corp.		116,514
	1,119	Bausch & Lomb Corp.*		19,359
	5,083	Bausch Health Cos., Inc.*		53,888
	12,953	Baytex Energy Corp.		46,761
	708	BCE, Inc.		24,059
	8,300	Birchcliff Energy Ltd.		32,721
	1,900	Bird Construction, Inc.		26,146
	1,600	Black Diamond Group Ltd.		10,572
	4,601	BlackBerry Ltd.*		12,602
	1,128	Bombardier, Inc., Class B*		48,424
	1,262	Boralex, Inc., Class A		26,665
	200	Boyd Group Services, Inc.		42,287
	1,680	Brookfield Corp.		70,298
	704	Brookfield Corp., Class A†		29,476
	929	Brookfield Infrastructure Corp., Class A		33,473
	600	Brookfield Reinsurance Ltd.*		25,068
	385	BRP, Inc.		25,850
	2,527	CAE, Inc.*		52,157
	902	Cameco Corp.		39,049
	1,985	Canaccord Genuity Group, Inc.		13,042
	1,112	Canada Goose Holdings, Inc.†,*		13,411
	400	Canada Goose Holdings, Inc.*		4,822
	6,368	Canadian Imperial Bank of Commerce		322,831
	1,502	Canadian Imperial Bank of Commerce†		76,181
	955	Canadian National Railway Co.†		125,783
	2,000	Canadian National Railway Co.		263,364
	9,092	Canadian Natural Resources Ltd.		693,571
	1,042	Canadian Pacific Kansas City Ltd.†		91,873
	646	Canadian Tire Corp. Ltd., Class A		64,431
	1,300	Canadian Utilities Ltd., Class A		29,608
	1,880	Canadian Western Bank		39,139
	1,876	Canfor Corp.*		23,697
	70	Canopy Growth Corp.*		604
	1,494	Capital Power Corp.		42,144
	4,800	Capstone Copper Corp.*		30,546
	3,000	Cardinal Energy Ltd.		15,680
	3,900	Cascades, Inc.		28,475
	1,124	CCL Industries, Inc., Class B		57,447
	2,966	Celestica, Inc.*		133,263
	12,642	Cenovus Energy, Inc.		252,726
	5,235	Centerra Gold, Inc.		30,918
	9,000	CES Energy Solutions Corp.		31,295
	1,441	CGI, Inc.*		158,998
	2,865	CI Financial Corp.		36,633
	900	Cineplex, Inc.*		4,897
	440	Cogeco Communications, Inc.		19,516
	300	Cogeco, Inc.†		12,602
	514	Colliers International Group, Inc.		62,827
	2,500	Computer Modelling Group Ltd.		18,770
	122	Constellation Software, Inc.		333,247
	4,700	Converge Technology Solutions Corp.		20,194

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Canada (Continued)
	5,812	Corus Entertainment, Inc., Class B	$	3,132
	11,952	Crescent Point Energy Corp.		97,853
	4,900	Crew Energy, Inc.*		16,821
	12,200	Cronos Group, Inc.*		31,974
	1,252	Definity Financial Corp.		39,874
	7,600	Denison Mines Corp.*		14,868
	511	Descartes Systems Group, Inc.*		46,772
	2,540	Dollarama, Inc.		193,498
	5,200	Doman Building Materials Group Ltd.		31,709
	1,821	Dorel Industries, Inc., Class B†,*		9,303
	1,100	DREAM Unlimited Corp., Class A		15,746
	6,100	Dundee Precious Metals, Inc.		46,384
	742	Dye & Durham Ltd.		8,611
	4,100	ECN Capital Corp.		6,326
	5,401	Eldorado Gold Corp.*		75,944
	4,618	Element Fleet Management Corp.		74,629
	1,363	Emera, Inc.		47,967
	2,538	Empire Co. Ltd., Class A		61,982
	5,120	Enbridge, Inc.		185,024
	3,107	Enbridge, Inc.†		112,411
	2,171	Endeavour Mining PLC		44,108
	2,894	Endeavour Silver Corp.*		6,975
	2,494	Enerflex Ltd.		14,509
	2,434	Enerplus Corp.		47,816
	882	Enghouse Systems Ltd.		19,879
	7,100	Ensign Energy Services, Inc.*		13,576
	1,000	EQB, Inc.		62,715
	1,697	Equinox Gold Corp.*		10,216
	700	ERO Copper Corp.*		13,498
	1,600	ERO Copper Corp.†,*		30,848
	700	Exchange Income Corp.		25,586
	4,400	Extendicare, Inc.		24,785
	312	Fairfax Financial Holdings Ltd.		336,312
	2,600	Fiera Capital Corp.		15,855
	2,698	Finning International, Inc.		79,294
	2,505	First Majestic Silver Corp.		14,729
	400	First National Financial Corp.		11,109
	3,171	First Quantum Minerals Ltd.		34,085
	347	FirstService Corp.		57,447
	2,647	Fortis, Inc.		104,586
	10,041	Fortuna Silver Mines, Inc.*		37,286
	356	Franco-Nevada Corp.		42,420
	3,500	Freehold Royalties Ltd.		37,699
	2,000	Frontera Energy Corp.*		12,211
	645	George Weston Ltd.		87,144
	1,368	GFL Environmental, Inc.		47,196
	2,300	Gibson Energy, Inc.		39,155
	1,576	Gildan Activewear, Inc.		58,507
	300	goeasy Ltd.		35,301
	570	Gran Tierra Energy, Inc.*		4,078
	2,843	Great-West Lifeco, Inc.		90,922
	400	Guardian Capital Group Ltd., Class A		14,109
	2,343	Headwater Exploration, Inc.		13,267
	1,700	Heroux-Devtek, Inc.*		22,829

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Canada (Continued)
	7,321	Hudbay Minerals, Inc.	$	51,237
	1,698	Hydro One Ltd.#		49,515
	1,752	iA Financial Corp., Inc.		108,841
	3,400	IAMGOLD Corp.*		11,345
	1,311	IGM Financial, Inc.		33,807
	1,034	Imperial Oil Ltd.		71,320
	777	Imperial Oil Ltd.†		53,714
	3,417	Innergex Renewable Energy, Inc.		20,156
	988	Intact Financial Corp.		160,496
	1,545	Interfor Corp.*		24,135
	3,868	Ivanhoe Mines Ltd., Class A*		46,146
	700	Jamieson Wellness, Inc.#		13,777
	500	K-Bro Linen, Inc.		12,953
	5,000	K92 Mining, Inc.*		23,255
	2,067	Karora Resources, Inc.*		7,752
	7,152	Kelt Exploration Ltd.*		31,944
	2,348	Keyera Corp.		60,479
	18,607	Kinross Gold Corp.		114,117
	3,700	Knight Therapeutics, Inc.*		14,477
	600	Labrador Iron Ore Royalty Corp.		12,792
	200	Lassonde Industries, Inc., Class A		21,965
	800	Laurentian Bank of Canada		16,549
	1,700	Leon's Furniture Ltd.		28,351
	2,310	Lightspeed Commerce, Inc.*		32,479
	1,389	Linamar Corp.		73,831
	1,671	Loblaw Cos. Ltd.		185,166
	8,900	Lucara Diamond Corp.†,*		2,070
	1,300	Lundin Gold, Inc.		18,273
	5,550	Lundin Mining Corp.		56,789
	725	MAG Silver Corp.*		7,671
	3,172	Magna International, Inc.		172,797
	200	Mainstreet Equity Corp.		27,745
	4,800	Major Drilling Group International, Inc.*		31,893
	7,395	Manulife Financial Corp.		184,705
	1,530	Maple Leaf Foods, Inc.		25,087
	1,800	Martinrea International, Inc.		16,159
	1,968	Mattr Corp.*		25,803
	1,199	MDA Ltd.*		13,021
	1,895	Medical Facilities Corp.		14,480
	3,552	MEG Energy Corp.*		81,553
	1,500	Methanex Corp.		66,883
	1,582	Metro, Inc.		84,931
	470	MTY Food Group, Inc.		17,741
	2,700	Mullen Group Ltd.		28,942
	3,940	National Bank of Canada		331,768
	14,800	New Gold, Inc.*		24,912
	1,740	NFI Group, Inc.*		16,532
	721	North American Construction Group Ltd.		16,032
	1,126	North West Co., Inc.		32,627
	3,842	Northland Power, Inc.		62,769
	6,151	Nutrien Ltd.		334,076
	385	Nuvei Corp.		12,174
	5,200	NuVista Energy Ltd.*		45,606
	1,300	Obsidian Energy Ltd.†,*		10,686

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Canada (Continued)
	18,600	OceanaGold Corp.	$	42,018
	1,093	Onex Corp.		81,877
	1,764	Open Text Corp.		68,462
	2,300	Orla Mining Ltd.†,*		8,717
	1,870	Osisko Gold Royalties Ltd.		30,689
	3,213	Osisko Mining, Inc.*		6,594
	2,072	Pan American Silver Corp.		31,236
	2,056	Paramount Resources Ltd., Class A		41,726
	2,849	Parex Resources, Inc.		45,515
	700	Park Lawn Corp.		8,630
	2,635	Parkland Corp.		83,920
	1,760	Pason Systems, Inc.		20,321
	3,766	Pembina Pipeline Corp.		132,952
	4,630	Peyto Exploration & Development Corp.		51,032
	100	Pollard Banknote Ltd.		2,640
	2,200	PrairieSky Royalty Ltd.		43,089
	280	Precision Drilling Corp.*		18,838
	700	Premium Brands Holdings Corp.		45,735
	3,587	Primo Water Corp.		65,310
	1,764	Quebecor, Inc., Class B		38,665
	622	RB Global, Inc.		47,375
	1,200	Real Matters, Inc.*		5,422
	1,622	Restaurant Brands International, Inc.		128,825
	745	Richelieu Hardware Ltd.		23,430
	3,770	Rogers Communications, Inc., Class B		154,468
	5,300	Rogers Sugar, Inc.		20,855
	7,703	Royal Bank of Canada		776,925
	1,340	Russel Metals, Inc.		44,586
	2,504	Saputo, Inc.		49,265
	1,585	Savaria Corp.		19,611
	907	Seabridge Gold, Inc.*		13,714
	4,705	Secure Energy Services, Inc.		38,729
	700	Shopify, Inc., Class A*		54,003
	1,794	Sienna Senior Living, Inc.		17,774
	4,400	SilverCrest Metals, Inc.†,*		29,304
	1,359	Sleep Country Canada Holdings, Inc.#		30,008
	1,248	SNC-Lavalin Group, Inc.		51,042
	3,390	Spartan Delta Corp.		9,485
	400	Spin Master Corp.#		10,235
	700	Sprott, Inc.†		25,872
	4,381	SSR Mining, Inc.		19,503
	600	Stantec, Inc.		49,814
	700	Stelco Holdings, Inc.		23,084
	1,100	Stella-Jones, Inc.		64,154
	3,623	StorageVault Canada, Inc.		13,801
	122	Strathcona Resources Ltd.*		2,560
	3,067	Sun Life Financial, Inc.		167,355
	15,768	Suncor Energy, Inc.		581,960
	2,900	SunOpta, Inc.†,*		19,923
	3,579	Superior Plus Corp.		26,660
	1,699	Surge Energy, Inc.		9,671
	18,100	Tamarack Valley Energy Ltd.		51,312
	4,400	Taseko Mines Ltd.*		9,548
	8,141	TC Energy Corp.†		327,268

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Canada (Continued)
	2,442	TC Energy Corp.	$	98,145
	5,557	Teck Resources Ltd., Class B		254,374
	850	TELUS International CDA, Inc.*		7,198
	640	TFI International, Inc.		102,056
	527	Thomson Reuters Corp.		82,065
	3,200	Timbercreek Financial Corp.		18,261
	930	TMX Group Ltd.		24,531
	1,500	Topaz Energy Corp.		24,695
	2,171	Torex Gold Resources, Inc.*		31,959
	656	Toromont Industries Ltd.		63,128
	12,702	Toronto-Dominion Bank		766,729
	3,337	Tourmaline Oil Corp.		156,017
	3,838	TransAlta Corp.		24,622
	2,100	Transcontinental, Inc., Class A		22,805
	12,242	Trican Well Service Ltd.		37,506
	3,001	Tricon Residential, Inc.		33,454
	496	Trisura Group Ltd.*		15,251
	4,544	Vermilion Energy, Inc.		56,509
	2,600	Victoria Gold Corp.*		12,707
	1,800	Wajax Corp.		43,533
	787	Waste Connections, Inc.		135,346
	2,200	Wesdome Gold Mines Ltd.*		16,388
	570	West Fraser Timber Co. Ltd.		49,217
	12,500	Western Forest Products, Inc.		5,814
	1,100	Westshore Terminals Investment Corp.		20,805
	946	Wheaton Precious Metals Corp.		44,557
	11,664	Whitecap Resources, Inc.		88,263
	1,081	Winpak Ltd.		32,353
	822	WSP Global, Inc.		137,001
				18,080,880
		Denmark—2.2%
	2,040	ALK-Abello AS*		36,617
	13,071	Alm Brand AS		24,880
	2,798	Ambu AS, Class B*		45,953
	15	AP Moller - Maersk AS, Class A		19,168
	30	AP Moller - Maersk AS, Class B		39,026
	2,721	Bang & Olufsen AS*		3,680
	1,376	Bavarian Nordic AS*		30,838
	889	Carlsberg AS, Class B		121,330
	554	cBrain AS		30,289
	408	Chemometec AS		25,009
	610	Coloplast AS, Class B		82,264
	426	D/S Norden AS		17,339
	4,232	Danske Bank AS		126,461
	1,139	Demant AS*		56,506
	778	Dfds AS		22,551
	1,284	DSV AS		208,371
	1,244	FLSmidth & Co. AS*		61,931
	348	Genmab AS*		104,896
	2,467	GN Store Nord AS*		65,155
	8,387	H Lundbeck AS		40,298
	4,236	H Lundbeck AS, Class A		17,535
	818	H&H International AS, Class B*		8,270

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Denmark (Continued)
	3,142	ISS AS	$	57,124
	958	Jyske Bank AS, Registered		80,726
	1,970	Matas AS		33,337
	826	Netcompany Group AS*,#		34,049
	266	Nilfisk Holding AS*		5,456
	927	NKT AS*		76,425
	362	NNIT AS*,#		5,665
	20,596	Novo Nordisk AS, Class B		2,625,347
	2,597	Novonesis (Novozymes) B, Class B		152,202
	218	NTG Nordic Transport Group AS*		8,829
	723	Orsted AS#,*		40,198
	1,637	Pandora AS		263,881
	376	Per Aarsleff Holding AS		18,762
	576	Ringkjoebing Landbobank AS		100,723
	128	Rockwool AS, Class A*		41,656
	132	Rockwool AS, Class B*		43,320
	980	Royal Unibrew AS		64,735
	1,644	Scandinavian Tobacco Group AS#		29,438
	336	Schouw & Co. AS		25,854
	105	Solar AS, Class B		5,050
	273	SP Group AS		8,568
	1,256	Spar Nord Bank AS		20,928
	1,121	Sydbank AS		57,851
	822	Topdanmark AS		35,073
	853	TORM PLC, Class A		28,895
	2,761	Tryg AS		56,787
	2,815	Vestas Wind Systems AS*		78,581
	615	Zealand Pharma AS*		60,621
				5,248,448
		Finland—0.9%
	1,045	Aktia Bank OYJ		11,296
	844	Cargotec OYJ, Class B*		58,776
	2,991	Citycon OYJ†		12,346
	1,612	Elisa OYJ		71,912
	628	Enento Group OYJ†,#		11,694
	3,644	Finnair OYJ*		11,527
	945	Fiskars OYJ Abp		17,495
	4,282	Fortum OYJ†		52,872
	1,699	Huhtamaki OYJ†		71,174
	2,519	Kemira OYJ		47,613
	1,396	Kesko OYJ, Class A		26,447
	4,735	Kesko OYJ, Class B		88,451
	2,038	Kojamo OYJ*		24,142
	2,610	Kone OYJ, Class B		121,473
	1,626	Konecranes OYJ		84,395
	1,919	Lassila & Tikanoja OYJ		18,219
	3,822	Lindex Group OYJ*		13,318
	2,463	Mandatum OYJ*		11,013
	560	Marimekko OYJ		7,510
	3,137	Metsa Board OYJ, Class B†		23,758
	6,990	Metso OYJ†		82,990
	3,630	Neste OYJ		98,297
	14,164	Nokia OYJ		50,289

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Finland (Continued)
	21,352	Nokia OYJ, ADR	$	75,586
	3,005	Nokian Renkaat OYJ†		28,309
	19,766	Nordea Bank Abp		223,268
	281	Olvi OYJ, Class A†		9,337
	7,100	Oriola OYJ, Class B†		7,782
	727	Orion OYJ, Class A		27,138
	1,334	Orion OYJ, Class B		49,753
	6,077	Outokumpu OYJ†		26,421
	1,680	Puuilo OYJ		17,952
	280	QT Group OYJ†,*		23,109
	7,476	Raisio OYJ, Class V		16,534
	667	Revenio Group OYJ†,*		18,350
	2,463	Sampo OYJ, Class A		104,999
	2,191	Sanoma OYJ†		16,097
	5,416	Stora Enso OYJ, Class R		75,288
	1,519	Terveystalo OYJ†,#		12,356
	2,642	TietoEVRY OYJ†		55,895
	1,633	Tokmanni Group Corp.†		26,744
	2,814	UPM-Kymmene OYJ		93,718
	559	Vaisala OYJ, Class A		22,887
	3,097	Valmet OYJ†		81,492
	4,259	Wartsila OYJ Abp		64,741
	6,293	YIT OYJ†		13,212
				2,107,975
		France—6.0%
	1,445	Accor SA		67,502
	181	Aeroports de Paris SA		24,819
	971	Air France-KLM†,*		10,817
	1,472	Air Liquide SA		306,243
	1,951	Airbus SE		359,338
	4,246	ALD SA#		30,004
	3,239	Alstom SA†		49,376
	609	Alten SA		88,829
	514	Amundi SA#		35,296
	856	Arkema SA		90,078
	1,585	Atos SE†,*		3,246
	368	Aubay		16,159
	3,777	AXA SA		141,865
	1,320	Beneteau SACA†		19,481
	487	BioMerieux		53,722
	4,454	BNP Paribas SA		316,470
	5,145	Bollore SE		34,359
	541	Bonduelle SCA†		4,383
	2,000	Bouygues SA		81,626
	4,210	Bureau Veritas SA		128,447
	989	Capgemini SE		227,587
	8,050	Carrefour SA		137,870
	20,011	CGG SA*		8,674
	4,244	Cie de Saint-Gobain SA		329,342
	834	Cie des Alpes		12,147
	7,397	Cie Generale des Etablissements Michelin SCA		283,459
	1,245	Cie Plastic Omnium SE		16,225
	1,540	Clariane SE†		2,449

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		France (Continued)
	2,606	Coface SA	$	41,188
	4,277	Credit Agricole SA		63,750
	1,317	Danone SA		85,094
	150	Dassault Aviation SA		33,013
	1,751	Dassault Systemes SE		77,527
	3,271	Derichebourg SA		15,534
	1,478	Edenred SE		78,866
	1,145	Eiffage SA		129,890
	1,532	Elior Group SA†,#,*		4,092
	5,226	Elis SA		118,738
	7,367	Engie SA		123,272
	132	Equasens		7,306
	228	Eramet SA		17,329
	545	EssilorLuxottica SA		123,298
	4,202	Etablissements Maurel et Prom SA†		25,364
	974	Eurazeo SE		85,377
	216	Euroapi SA†,*		651
	918	Eurofins Scientific SE†		58,512
	520	Euronext NV#		49,480
	5,262	Eutelsat Communications SACA†,*		22,957
	507	Exclusive Networks SA*		12,033
	562	Fnac Darty SA†		17,595
	4,424	Forvia SE*		67,082
	557	Gaztransport Et Technigaz SA†		83,227
	2,993	Getlink SE		50,954
	130	Hermes International SCA		331,833
	77	ID Logistics Group SACA*		29,366
	743	Imerys SA		25,314
	264	Interparfums SA		14,867
	339	Ipsen SA		40,340
	810	IPSOS SA		57,107
	530	Jacquet Metals SACA		10,532
	1,625	JCDecaux SE*		31,556
	685	Kaufman & Broad SA†		19,953
	570	Kering SA		225,285
	702	L'Oreal SA		332,213
	1,049	La Francaise des Jeux SAEM#		42,756
	454	Lectra		15,845
	1,771	Legrand SA		187,663
	180	LISI SA		4,593
	2,346	LVMH Moet Hennessy Louis Vuitton SE		2,110,080
	971	Maisons du Monde SA†,#		4,542
	510	Mersen SA		20,055
	2,118	Metropole Television SA		31,579
	1,481	Neoen SA#		41,926
	469	Nexans SA		49,030
	1,338	Nexity SA†		13,677
	25,581	Orange SA		300,488
	474	Pernod Ricard SA		76,681
	579	Pluxee NV*		17,116
	1,449	Publicis Groupe SA		157,967
	993	Quadient SA		20,419
	2,374	Renault SA		119,851
	5,638	Rexel SA		152,246

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		France (Continued)
	14	Robertet SA	$	12,053
	1,204	Rubis SCA		42,527
	1,555	Safran SA		352,382
	2,870	Sanofi SA		281,639
	124	Sartorius Stedim Biotech*		35,357
	200	Savencia SA		11,047
	1,758	Schneider Electric SE		397,626
	4,831	SCOR SE		167,146
	583	SEB SA		74,596
	95	Seche Environnement SACA		11,602
	7,893	SES SA		52,625
	2,971	SMCP SA†,#,*		7,468
	543	Societe BIC SA		38,781
	4,891	Societe Generale SA		130,914
	106	Societe LDC SADIR		15,553
	579	Sodexo SA		49,648
	361	SOITEC*		37,350
	344	Sopra Steria Group		83,280
	2,556	SPIE SA		96,018
	130	Stef SA†		19,130
	3,434	STMicroelectronics NV		147,894
	1,598	STMicroelectronics NV†		69,098
	218	Sword Group		8,855
	2,982	Technip Energies NV		75,313
	868	Teleperformance SE		84,355
	2,268	Television Francaise 1 SA		20,725
	219	TFF Group		10,112
	894	Thales SA		152,438
	99	Thermador Groupe		9,431
	491	Tikehau Capital SCA		10,780
	31,242	TotalEnergies SE†		2,139,284
	198	Trigano SA		34,819
	2,816	Ubisoft Entertainment SA*		59,257
	5,801	Valeo SE		72,535
	3,455	Vallourec SACA*		64,112
	4,532	Vantiva SA†,*		685
	3,558	Veolia Environnement SA		115,655
	1,229	Verallia SA#		47,786
	100	Vetoquinol SA		10,735
	436	Vicat SACA		17,192
	3,910	Vinci SA		500,966
	95	Virbac SACA		35,462
	6,270	Vivendi SE		68,320
	988	Voltalia SA, Registered†,*		6,992
	385	Wavestone		23,302
	2,202	Worldline SA*,#		27,272
	1,412	X-Fab Silicon Foundries SE*,#		10,686
				14,497,625
		Germany—4.8%
	696	1&1 AG		12,029
	2,605	7C Solarparken AG		8,740
	79	Adesso SE		9,307
	536	adidas AG		119,701

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Germany (Continued)
	536	Adtran Networks SE*	$	11,542
	787	Allianz SE, Registered		235,867
	157	Amadeus Fire AG		20,359
	10,081	Aroundtown SA*		21,262
	90	Atoss Software AG		26,604
	408	Aurubis AG		28,690
	1,862	Auto1 Group SE*,#		8,805
	7,886	BASF SE		450,318
	546	Basler AG		6,362
	10,754	Bayer AG, Registered		329,843
	3,510	Bayerische Motoren Werke AG		405,032
	474	BayWa AG		12,861
	1,396	Bechtle AG		73,768
	775	Befesa SA#		26,655
	170	Beiersdorf AG		24,750
	295	Bertrandt AG		14,529
	167	Bijou Brigitte AG		6,864
	661	Bilfinger SE		30,878
	1,628	Borussia Dortmund GmbH & Co. KGaA*		5,884
	1,682	Brenntag SE		141,686
	603	CANCOM SE		17,981
	161	Carl Zeiss Meditec AG, Bearer Shares		20,114
	3,791	Ceconomy AG*		7,611
	159	Cewe Stiftung & Co. KGaA		17,634
	6,184	Commerzbank AG		84,930
	502	CompuGroup Medical SE & Co. KGaA		15,446
	1,368	Continental AG		98,735
	1,210	Covestro AG*,#		66,158
	886	CTS Eventim AG & Co. KGaA		78,811
	6,165	Daimler Truck Holding AG		312,336
	1,450	Delivery Hero SE*,#		41,478
	182	Dermapharm Holding SE		6,409
	11,971	Deutsche Bank AG, Registered		188,356
	730	Deutsche Beteiligungs AG		20,280
	963	Deutsche Boerse AG		197,034
	395	Deutsche EuroShop AG		8,088
	9,773	Deutsche Lufthansa AG, Registered*		76,768
	3,746	Deutsche Pfandbriefbank AG†,#		19,981
	8,335	Deutsche Post AG		358,924
	39,796	Deutsche Telekom AG, Registered		966,013
	667	Deutsche Wohnen SE		13,672
	889	Duerr AG		20,544
	1,022	DWS Group GmbH & Co. KGaA#		44,963
	11,024	E.ON SE		153,244
	465	Eckert & Ziegler SE		18,802
	185	Elmos Semiconductor SE		14,750
	2,482	Encavis AG*		45,133
	101	Energiekontor AG		6,985
	2,371	Evonik Industries AG		46,875
	783	Evotec SE*		12,223
	655	Fielmann Group AG		30,075
	2,658	flatexDEGIRO AG*		29,809
	796	Fraport AG Frankfurt Airport Services Worldwide*		41,959
	3,385	Freenet AG		95,242

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Germany (Continued)
	2,106	Fresenius Medical Care AG	$	80,999
	3,220	Fresenius SE & Co. KGaA		86,847
	496	FUCHS SE		19,478
	2,765	GEA Group AG		116,905
	625	Gerresheimer AG		70,395
	287	Gesco SE		5,403
	455	GFT Technologies SE		13,254
	1,489	Grand City Properties SA*		17,028
	640	Grenke AG		16,709
	738	Hamburger Hafen und Logistik AG*		13,217
	376	Hannover Rueck SE		102,913
	301	Hapag-Lloyd AG†,#		45,365
	1,620	Heidelberg Materials AG		178,182
	6,593	Heidelberger Druckmaschinen AG*		7,397
	385	Hella GmbH & Co. KGaA		35,388
	2,618	HelloFresh SE*		18,619
	473	Henkel AG & Co. KGaA		34,067
	760	Hensoldt AG		35,618
	324	HOCHTIEF AG		37,646
	322	Hornbach Holding AG & Co. KGaA		25,881
	1,048	Hugo Boss AG		61,755
	721	Indus Holding AG		20,652
	11,322	Infineon Technologies AG		384,947
	790	Instone Real Estate Group SE#		7,611
	788	Jenoptik AG		24,484
	268	JOST Werke SE#		13,763
	1,609	KION Group AG		84,676
	919	Knorr-Bremse AG		69,502
	434	Koenig & Bauer AG*		5,853
	959	Kontron AG		21,148
	326	Krones AG		43,154
	459	KWS Saat SE & Co. KGaA		24,537
	1,173	Lanxess AG		31,397
	930	LEG Immobilien SE*		79,845
	10,060	Mercedes-Benz Group AG		801,077
	392	Merck KGaA		69,188
	3,251	METRO AG		17,695
	2,085	MLP SE		12,619
	142	MTU Aero Engines AG		36,032
	1,241	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		605,563
	353	Mutares SE & Co. KGaA		14,053
	147	Nagarro SE*		12,648
	671	Nemetschek SE		66,397
	33	New Work SE		2,400
	188	Nexus AG		11,419
	1,033	Nordex SE*		13,552
	1,039	Norma Group SE		19,314
	390	OHB SE*		18,429
	471	Patrizia SE		4,380
	53	Pfeiffer Vacuum Technology AG		8,920
	1,470	ProCredit Holding AG*		14,495
	2,884	ProSiebenSat.1 Media SE		20,261
	1,972	Puma SE		89,397
	458	PVA TePla AG*		9,284

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Germany (Continued)
	695	Qiagen NV*	$	29,718
	54	Rational AG		46,548
	307	Rheinmetall AG		172,559
	828	RTL Group SA		27,942
	3,773	RWE AG		128,058
	844	Salzgitter AG		22,035
	2,202	SAP SE		428,706
	323	Scout24 SE#		24,344
	25	Secunet Security Networks AG		4,326
	2,542	SGL Carbon SE*		19,074
	3,264	Siemens AG, Registered		623,141
	1,155	Siemens Energy AG*		21,189
	1,781	Siemens Healthineers AG#,*		108,984
	408	Siltronic AG		36,182
	337	Sixt SE		33,612
	194	SMA Solar Technology AG*		11,197
	517	Stabilus SE		32,908
	286	STRATEC SE		12,404
	759	Stroeer SE & Co. KGaA		46,183
	2,282	Suedzucker AG		32,719
	447	SUESS MicroTec SE		17,626
	459	Symrise AG		54,942
	2,651	Synlab AG*		28,457
	2,135	TAG Immobilien AG*		29,195
	1,202	Takkt AG		17,351
	727	Talanx AG		57,569
	1,776	TeamViewer SE*,#		26,451
	420	Technotrans SE		8,201
	8,985	thyssenkrupp AG		48,215
	2,367	United Internet AG, Registered		53,269
	426	Verbio SE		9,674
	418	Volkswagen AG		63,856
	4,135	Vonovia SE		122,233
	257	Vossloh AG		12,671
	413	Wacker Chemie AG		46,584
	904	Wacker Neuson SE		16,736
	209	Washtec AG		8,895
	959	Wuestenrot & Wuerttembergische AG		13,781
	1,374	Zalando SE*,#		39,267
	11	Zeal Network SE		409
				11,428,668
		Hong Kong—1.2%
	61,800	AIA Group Ltd.		414,927
	6,700	ASMPT Ltd.		84,233
	27,040	Bank of East Asia Ltd.		32,198
	28,000	BOC Hong Kong Holdings Ltd.		74,947
	9,600	Budweiser Brewing Co. APAC Ltd.#		14,130
	10,000	Cafe de Coral Holdings Ltd.		10,234
	26,181	Cathay Pacific Airways Ltd.*		29,737
	15,000	Chow Sang Sang Holdings International Ltd.		15,907
	20,400	Chow Tai Fook Jewellery Group Ltd.		30,078
	56,000	CITIC Telecom International Holdings Ltd.		18,102
	10,906	CK Asset Holdings Ltd.		44,867

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Hong Kong (Continued)
	17,000	CK Hutchison Holdings Ltd.	$	82,101
	6,000	CK Infrastructure Holdings Ltd.		35,110
	9,000	CLP Holdings Ltd.		71,695
	8,000	Cowell e Holdings, Inc.*		19,134
	27,500	Crystal International Group Ltd.#		11,243
	6,000	Dah Sing Banking Group Ltd.		4,270
	4,800	Dah Sing Financial Holdings Ltd.		11,027
	16,000	EC Healthcare		2,678
	78,750	Esprit Holdings Ltd.*		1,147
	17,600	ESR Group Ltd.#		18,821
	62,947	Far East Consortium International Ltd.		8,203
	58,000	First Pacific Co. Ltd.		29,197
	41,000	FIT Hon Teng Ltd.*,#		10,477
	7,800	Fosun Tourism Group*,#		3,548
	5,000	Galaxy Entertainment Group Ltd.		25,106
	40,000	Giordano International Ltd.		10,528
	7,361	Great Eagle Holdings Ltd.		10,326
	142,000	Guotai Junan International Holdings Ltd.		9,616
	8,000	Hang Lung Group Ltd.		9,209
	23,000	Hang Lung Properties Ltd.		23,567
	3,800	Hang Seng Bank Ltd.		41,583
	8,500	Henderson Land Development Co. Ltd.		24,218
	24,500	HK Electric Investments & HK Electric Investments Ltd.		15,307
	35,000	HKBN Ltd.		13,102
	19,200	HKR International Ltd.		3,066
	56,000	HKT Trust & HKT Ltd.		65,323
	68,457	Hong Kong & China Gas Co. Ltd.		51,866
	6,606	Hong Kong Exchanges & Clearing Ltd.		192,266
	19,000	Hong Kong Technology Venture Co. Ltd.*		3,957
	14,179	Hongkong & Shanghai Hotels Ltd.*		10,779
	50,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		6,452
	9,000	Hysan Development Co. Ltd.		14,511
	41,000	IGG, Inc.*		17,286
	5,685	Johnson Electric Holdings Ltd.		7,873
	37,000	K Wah International Holdings Ltd.		8,462
	13,000	Kerry Logistics Network Ltd.		14,151
	13,500	Kerry Properties Ltd.		24,699
	9,000	Kowloon Development Co. Ltd.		5,531
	9,750	L'Occitane International SA		39,426
	11,000	Luk Fook Holdings International Ltd.		30,146
	26,800	Man Wah Holdings Ltd.		18,901
	16,000	MGM China Holdings Ltd.*		26,739
	8,000	Miramar Hotel & Investment		10,201
	15,000	Mongolian Mining Corp.*		17,421
	6,185	MTR Corp. Ltd.		20,388
	28,188	NagaCorp Ltd.*		12,317
	23,000	New World Development Co. Ltd.		24,273
	44,000	NewOcean Energy Holdings Ltd.*		—
	38,000	NWS Holdings Ltd.		31,558
	22,000	Oriental Watch Holdings		10,063
	168,000	Pacific Basin Shipping Ltd.		48,510
	7,128	Pacific Century Premium Developments Ltd.*		172
	29,000	Pacific Textiles Holdings Ltd.		4,668
	59,789	PCCW Ltd.		29,563

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Hong Kong (Continued)
	6,000	Power Assets Holdings Ltd.	$	35,110
	4,800	PRADA SpA		38,023
	19,200	Samsonite International SA*,#		72,611
	9,600	Sands China Ltd.*		27,045
	22,000	Shandong Hi-Speed Holdings Group Ltd.*		15,235
	26,000	Shangri-La Asia Ltd.*		16,277
	100,000	Shun Tak Holdings Ltd.*		9,582
	138,000	Singamas Container Holdings Ltd.		9,874
	36,629	Sino Land Co. Ltd.		38,047
	21,000	SITC International Holdings Co. Ltd.		38,368
	96,250	SJM Holdings Ltd.*		29,391
	13,500	SmarTone Telecommunications Holdings Ltd.		6,606
	11,500	Stella International Holdings Ltd.		18,337
	31,000	Sun Hung Kai & Co. Ltd.		9,506
	5,500	Sun Hung Kai Properties Ltd.		53,019
	27,000	SUNeVision Holdings Ltd.		8,797
	4,500	Swire Pacific Ltd., Class A		37,026
	15,000	Swire Pacific Ltd., Class B		19,548
	6,200	Swire Properties Ltd.		13,023
	10,000	Techtronic Industries Co. Ltd.		135,558
	12,000	Television Broadcasts Ltd.*		4,722
	18,500	Texhong International Group Ltd.*		10,116
	170,000	Theme International Holdings Ltd.*		13,466
	7,983	Transport International Holdings Ltd.		9,179
	30,000	United Laboratories International Holdings Ltd.		34,343
	32,000	Value Partners Group Ltd.		7,318
	12,000	Vitasoy International Holdings Ltd.		10,288
	35,000	Vobile Group Ltd.*		7,199
	24,000	VSTECS Holdings Ltd.		12,848
	5,400	VTech Holdings Ltd.		32,737
	135,326	WH Group Ltd.#		89,216
	12,000	Wharf Real Estate Investment Co. Ltd.		39,019
	28,174	Xinyi Glass Holdings Ltd.		29,841
	14,500	Yue Yuen Industrial Holdings Ltd.		20,341
	29,000	Zensun Enterprises Ltd.*		1,223
				2,963,980
		Ireland—0.3%
	15,119	AIB Group PLC		76,727
	14,825	Bank of Ireland Group PLC		151,143
	10,801	Cairn Homes PLC		18,598
	4,637	Dalata Hotel Group PLC		22,537
	821	FBD Holdings PLC		11,692
	3,942	Glanbia PLC		77,742
	7,929	Glenveagh Properties PLC*,#		10,710
	1,946	Irish Continental Group PLC		10,182
	849	Kerry Group PLC, Class A		72,762
	828	Kingspan Group PLC		75,447
	4,344	Permanent TSB Group Holdings PLC*		6,444
	3,992	Smurfit Kappa Group PLC		182,047
				716,031
		Israel—0.7%
	182	AFI Properties Ltd.*		8,375

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Israel (Continued)
	734	Airport City Ltd.*	$	11,778
	1,386	Alony Hetz Properties & Investments Ltd.		10,174
	160	Alrov Properties & Lodgings Ltd.		6,710
	2,317	Amot Investments Ltd.		10,977
	282	Ashdod Refinery Ltd.		6,711
	471	Ashtrom Group Ltd.*		6,971
	277	AudioCodes Ltd.		3,612
	2,639	Azorim-Investment Development & Construction Co. Ltd.*		13,558
	154	Azrieli Group Ltd.		11,120
	12,866	Bank Hapoalim BM		120,652
	16,904	Bank Leumi Le-Israel BM		140,543
	22,557	Bezeq The Israeli Telecommunication Corp. Ltd.		29,006
	92	Big Shopping Centers Ltd.*		10,209
	124	Blue Square Real Estate Ltd.		8,553
	63	Brack Capital Properties NV*		3,977
	506	Camtek Ltd.*		42,111
	2,356	Cellcom Israel Ltd.*		10,124
	1,006	Clal Insurance Enterprises Holdings Ltd.*		18,534
	349	Danel Adir Yeoshua Ltd.		29,842
	260	Delek Automotive Systems Ltd.		1,584
	153	Delek Group Ltd.		20,011
	611	Delta Galil Ltd.		26,887
	96	Elbit Systems Ltd.		20,182
	30	Electra Ltd.		12,918
	986	Electra Real Estate Ltd.		10,528
	4,030	Energix-Renewable Energies Ltd.		14,753
	899	Enlight Renewable Energy Ltd.*		15,044
	567	Equital Ltd.*		18,063
	166	Fattal Holdings 1998 Ltd.*		21,309
	699	First International Bank Of Israel Ltd.		29,087
	153	Formula Systems 1985 Ltd.		12,255
	122	Formula Systems 1985 Ltd., ADR†		9,455
	294	Fox Wizel Ltd.		27,482
	1,517	Gav-Yam Lands Corp. Ltd.		11,561
	2,147	Harel Insurance Investments & Financial Services Ltd.*		20,665
	313	Hilan Ltd.		19,903
	8,898	ICL Group Ltd.		47,045
	275	IDI Insurance Co. Ltd.		8,040
	135	IES Holdings Ltd.*		8,257
	2,482	Inrom Construction Industries Ltd.		7,898
	6,972	Isracard Ltd.		28,441
	2,814	Israel Canada T.R Ltd.*		11,212
	16,353	Israel Discount Bank Ltd., Class A		84,637
	1,789	Israel Land Development Co. Ltd.		16,543
	50	Isras Investment Co. Ltd.		10,105
	302	Kenon Holdings Ltd.		7,914
	521	Lapidoth Capital Ltd.		8,584
	325	M Yochananof & Sons Ltd.		15,645
	1,881	Magic Software Enterprises Ltd.		21,537
	1,175	Matrix IT Ltd.		25,904
	1,507	Maytronics Ltd.		14,997
	4,151	Mediterranean Towers Ltd.		10,827
	252	Mega Or Holdings Ltd.		6,732
	298	Melisron Ltd.		22,053

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Israel (Continued)
	526	Menora Mivtachim Holdings Ltd.	$	14,134
	12,957	Migdal Insurance & Financial Holdings Ltd.		17,905
	8,220	Mivne Real Estate KD Ltd.		20,299
	1,572	Mizrahi Tefahot Bank Ltd.		58,958
	2,005	Naphtha Israel Petroleum Corp. Ltd.*		11,288
	1,314	Next Vision Stabilized Systems Ltd.		15,646
	156	Nice Ltd.*		40,612
	12	Nice Ltd., ADR†,*		3,127
	305	Nova Ltd.*		54,065
	70,417	Oil Refineries Ltd.		23,365
	1,226	One Software Technologies Ltd.		18,139
	1,134	OPC Energy Ltd.*		8,050
	2,397	Partner Communications Co. Ltd.*		10,444
	282	Paz Oil Co. Ltd.		30,126
	499	Perion Network Ltd.*		11,251
	3,099	Phoenix Holdings Ltd.		30,949
	282	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		16,950
	1,204	Retailors Ltd.		29,471
	313	Scope Metals Group Ltd.*		11,109
	1,415	Shapir Engineering & Industry Ltd.*		8,082
	5,468	Shikun & Binui Ltd.*		13,547
	2,661	Shufersal Ltd.*		18,665
	700	Strauss Group Ltd.*		13,199
	1,314	Summit Real Estate Holdings Ltd.		16,657
	67	Tadiran Group Ltd.		5,412
	3,209	Tamar Petroleum Ltd.#		20,929
	2,274	Tel Aviv Stock Exchange Ltd.		15,344
	526	Tera Light Ltd.*		1,154
	2,579	Teva Pharmaceutical Industries Ltd., ADR*		36,390
	1,022	Tower Semiconductor Ltd.*		34,186
	171	YH Dimri Construction & Development Ltd.		13,445
				1,774,493
		Italy—2.0%
	15,137	A2A SpA		27,329
	1,164	ACEA SpA†		20,620
	1,839	Amplifon SpA		67,059
	6,692	Anima Holding SpA#		31,767
	1,954	Ariston Holding NV		10,973
	2,378	Assicurazioni Generali SpA		60,187
	1,709	Azimut Holding SpA		46,426
	929	Banca Generali SpA		36,903
	801	Banca IFIS SpA		15,684
	2,423	Banca Mediolanum SpA		26,611
	9,508	Banca Monte dei Paschi di Siena SpA*		43,082
	6,337	Banca Popolare di Sondrio SpA		47,446
	14,608	Banco BPM SpA		97,207
	2,260	BFF Bank SpA#		30,234
	26,017	BPER Banca		122,940
	2,680	Brembo SpA		34,320
	418	Brunello Cucinelli SpA		47,802
	1,230	Buzzi SpA		48,302
	3,016	Cairo Communication SpA		6,508
	1,462	Carel Industries SpA†,#		32,098

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Italy (Continued)
	2,669	Cementir Holding NV	$	30,177
	27,159	CIR SpA-Compagnie Industriali*		15,705
	3,914	Credito Emiliano SpA		39,144
	5,195	d'Amico International Shipping SA		35,701
	660	Danieli & C Officine Meccaniche SpA†		23,426
	4,038	Davide Campari-Milano NV†		40,575
	500	De' Longhi SpA		17,294
	66	DiaSorin SpA†		6,373
	1,488	doValue SpA†,#		3,411
	3,319	Enav SpA#		13,893
	80,669	Enel SpA		532,535
	28,303	Eni SpA†		447,272
	1,308	Esprinet SpA†		7,592
	607	Ferrari NV		264,564
	4,430	FinecoBank Banca Fineco SpA		66,361
	97	Gruppo MutuiOnline SpA†		3,919
	9,751	Hera SpA		34,358
	1,991	Infrastrutture Wireless Italiane SpA#		22,618
	678	Intercos SpA†		9,816
	550	Interpump Group SpA		26,814
	32,221	Intesa Sanpaolo SpA		116,903
	9,018	Iren SpA		18,427
	7,345	Italgas SpA		42,790
	803	Italmobiliare SpA†		29,975
	3,666	Iveco Group NV*		54,580
	1,706	Leonardo SpA		42,847
	3,565	Maire Tecnimont SpA		27,942
	3,294	Mediobanca Banca di Credito Finanziario SpA		49,077
	3,040	MFE-MediaForEurope NV, Class A†		7,888
	1,616	MFE-MediaForEurope NV, Class B†		5,607
	710	Moncler SpA		52,991
	3,909	Nexi SpA#,*		24,772
	9,750	OVS SpA†,#		25,624
	7,136	Piaggio & C SpA†		22,573
	4,248	Pirelli & C SpA#		26,013
	4,004	Poste Italiane SpA#		50,130
	871	Prysmian SpA		45,471
	2,926	RAI Way SpA#		16,383
	570	Recordati Industria Chimica e Farmaceutica SpA		31,510
	272	Reply SpA		38,500
	14,895	Safilo Group SpA†,*		19,315
	514	Salvatore Ferragamo SpA†		6,250
	12,775	Saras SpA		24,422
	103	Sesa SpA†		11,390
	9,035	Snam SpA		42,655
	575	SOL SpA		20,564
	1,551	Spaxs SpA†,*		8,132
	16,483	Stellantis NV†		468,485
	3,313	Tamburi Investment Partners SpA		35,564
	2,650	Technogym SpA#		26,302
	1,265	Technoprobe SpA†,*		11,491
	246,028	Telecom Italia SpA*		59,748
	1,807	Tenaris SA		35,705
	1,050	Tenaris SA, ADR		41,233

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Italy (Continued)
	5,987	Terna - Rete Elettrica Nazionale	$	49,476
	227	Tod's SpA†,*		10,531
	13,445	UniCredit SpA		510,218
	7,073	Unipol Gruppo SpA		59,260
	9,399	UnipolSai Assicurazioni SpA†		27,216
	10,768	Webuild SpA†		26,045
	1,116	Zignago Vetro SpA		15,965
				4,735,016
		Japan—16.2%
	1,200	77 Bank Ltd.		31,906
	2,700	A&D HOLON Holdings Co. Ltd.		51,724
	1,800	ABC-Mart, Inc.		34,084
	4,900	Acom Co. Ltd.†		12,999
	1,200	Adastria Co. Ltd.		30,400
	1,500	ADEKA Corp.		31,530
	4,000	Advantest Corp.		176,906
	3,700	Aeon Co. Ltd.		87,599
	1,100	Aeon Delight Co. Ltd.		25,505
	2,900	AEON Financial Service Co. Ltd.		26,370
	2,100	Aeon Mall Co. Ltd.†		24,721
	2,600	AGC, Inc.		94,155
	1,300	Ai Holdings Corp.		20,851
	700	Aica Kogyo Co. Ltd.†		17,072
	2,900	Aida Engineering Ltd.†		16,954
	8,600	Aiful Corp.		25,792
	900	Ain Holdings, Inc.		32,372
	3,100	Air Water, Inc.		48,339
	2,900	Aisan Industry Co. Ltd.		32,165
	1,700	Aisin Corp.		69,143
	2,300	Ajinomoto Co., Inc.		85,570
	1,200	Alconix Corp.		11,375
	1,400	Alfresa Holdings Corp.		20,281
	4,300	Alps Alpine Co. Ltd.†		33,675
	400	Altech Corp.		7,224
	2,700	Amada Co. Ltd.†		30,758
	1,000	Amano Corp.		25,446
	1,100	Amvis Holdings, Inc.		18,421
	1,600	ANA Holdings, Inc.		33,399
	4,300	Anicom Holdings, Inc.		16,248
	2,900	Anritsu Corp.†		23,410
	1,100	AOKI Holdings, Inc.		8,117
	900	Aoyama Trading Co. Ltd.		9,952
	1,800	Aozora Bank Ltd.†		29,114
	1,000	Arata Corp.		21,205
	1,200	ARCLANDS Corp.		13,999
	1,000	Arcs Co. Ltd.		20,610
	2,000	ARE Holdings, Inc.†		25,353
	400	Argo Graphics, Inc.		11,217
	1,400	Arisawa Manufacturing Co. Ltd.		10,414
	500	Artience Co. Ltd.		9,674
	1,000	As One Corp.		17,453
	1,800	Asahi Diamond Industrial Co. Ltd.†		11,344
	2,700	Asahi Group Holdings Ltd.		98,882

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	1,600	Asahi Intecc Co. Ltd.	$	27,924
	15,000	Asahi Kasei Corp.		109,691
	700	Asahi Yukizai Corp.		24,230
	1,200	Asanuma Corp.†		31,550
	1,100	Asics Corp.		51,636
	1,400	ASKUL Corp.		20,346
	2,100	Astellas Pharma, Inc.		22,543
	1,600	Autobacs Seven Co. Ltd.†		16,684
	800	Avex, Inc.†		6,759
	800	Awa Bank Ltd.†		14,665
	1,600	Axial Retailing, Inc.		10,834
	1,000	AZ-COM MARUWA Holdings, Inc.		8,938
	1,100	Azbil Corp.†		30,294
	3,500	Bandai Namco Holdings, Inc.		64,691
	1,100	Bando Chemical Industries Ltd.		13,610
	1,300	Bank of the Ryukyus Ltd.		10,194
	1,000	BayCurrent Consulting, Inc.		19,567
	300	Belc Co. Ltd.		13,753
	1,300	Bell System24 Holdings, Inc.		13,440
	1,300	Belluna Co. Ltd.		5,273
	1,500	Bic Camera, Inc.†		12,693
	900	BIPROGY, Inc.		26,653
	500	BML, Inc.		9,605
	4,300	Bridgestone Corp.		190,060
	2,300	Brother Industries Ltd.		42,527
	3,200	Bunka Shutter Co. Ltd.		35,873
	400	C Uyemura & Co. Ltd.		27,084
	1,700	Calbee, Inc.†		38,317
	900	Canon Electronics, Inc.†		14,542
	1,200	Canon Marketing Japan, Inc.		35,260
	4,800	Canon, Inc.		142,719
	2,200	Capcom Co. Ltd.		41,070
	2,700	Casio Computer Co. Ltd.†		23,258
	600	Central Glass Co. Ltd.†		11,284
	2,500	Central Japan Railway Co.		61,963
	600	Change Holdings, Inc.†		5,057
	3,700	Chiba Bank Ltd.		30,736
	7,600	Chiyoda Corp.†,*		20,132
	600	Chofu Seisakusho Co. Ltd.		8,533
	600	Chori Co. Ltd.		13,357
	3,800	Chubu Electric Power Co., Inc.		49,565
	1,700	Chubu Steel Plate Co. Ltd.†		29,490
	700	Chudenko Corp.		13,863
	3,600	Chugai Pharmaceutical Co. Ltd.		137,122
	3,500	Chugin Financial Group, Inc.		29,710
	3,900	Chugoku Electric Power Co., Inc.†		29,318
	2,300	Chugoku Marine Paints Ltd.†		33,684
	5,400	Citizen Watch Co. Ltd.†		35,422
	1,300	CKD Corp.†		25,892
	2,600	Coca-Cola Bottlers Japan Holdings, Inc.		38,292
	600	Colowide Co. Ltd.†		8,504
	1,700	Computer Engineering & Consulting Ltd.		17,317
	900	COMSYS Holdings Corp.		21,011
	1,300	Comture Corp.		16,875

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	8,000	Concordia Financial Group Ltd.	$	40,122
	1,000	Cosmo Energy Holdings Co. Ltd.†		50,020
	200	Cosmos Pharmaceutical Corp.		18,939
	1,500	Create Restaurants Holdings, Inc.		10,216
	600	Create SD Holdings Co. Ltd.		13,040
	1,900	Credit Saison Co. Ltd.		38,997
	600	CTI Engineering Co. Ltd.		20,333
	3,600	CyberAgent, Inc.		26,112
	1,700	Cybozu, Inc.		19,709
	1,000	Dai Nippon Printing Co. Ltd.		30,532
	1,000	Dai-Dan Co. Ltd.		15,854
	4,900	Dai-ichi Life Holdings, Inc.		124,620
	2,400	Daicel Corp.		23,615
	3,700	Daido Metal Co. Ltd.		16,376
	3,000	Daido Steel Co. Ltd.		34,651
	1,500	Daifuku Co. Ltd.		35,761
	500	Daihen Corp.		31,015
	700	Daiho Corp.†		15,953
	900	Daiichi Jitsugyo Co. Ltd.		12,580
	1,100	Daiichi Sankyo Co. Ltd.		34,865
	1,800	Daiichikosho Co. Ltd.		22,723
	1,900	Daiki Aluminium Industry Co. Ltd.†		15,363
	1,300	Daikin Industries Ltd.		176,992
	200	Daikokutenbussan Co. Ltd.		12,749
	1,400	Daikyonishikawa Corp.		7,149
	4,000	Daio Paper Corp.†		30,916
	1,280	Daiseki Co. Ltd.		31,159
	400	Daishi Hokuetsu Financial Group, Inc.†		11,732
	660	Daito Pharmaceutical Co. Ltd.		10,172
	800	Daito Trust Construction Co. Ltd.		91,003
	4,500	Daiwa House Industry Co. Ltd.		133,383
	4,700	Daiwa Securities Group, Inc.		35,581
	1,400	Daiwabo Holdings Co. Ltd.†		23,343
	2,200	DCM Holdings Co. Ltd.		21,247
	1,200	DeNA Co. Ltd.		11,839
	2,000	Denka Co. Ltd.†		31,114
	8,600	Denso Corp.		163,899
	900	Dentsu Group, Inc.		24,911
	400	Dentsu Soken, Inc.		13,027
	1,000	Dexerials Corp.		43,335
	1,200	DIC Corp.		22,870
	400	Digital Arts, Inc.		11,428
	700	Dip Corp.		12,772
	500	Disco Corp.		182,290
	1,800	DMG Mori Co. Ltd.†		47,336
	1,100	Doutor Nichires Holdings Co. Ltd.		14,918
	1,100	Dowa Holdings Co. Ltd.†		37,800
	600	DTS Corp.		15,636
	1,000	Duskin Co. Ltd.		21,297
	800	DyDo Group Holdings, Inc.		14,427
	1,100	Eagle Industry Co. Ltd.		13,232
	3,300	East Japan Railway Co.		63,207
	1,100	Ebara Corp.		99,442
	2,100	EDION Corp.†		21,100

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	1,000	eGuarantee, Inc.	$	11,811
	1,400	Eiken Chemical Co. Ltd.†		18,173
	600	Eisai Co. Ltd.		24,697
	300	Eizo Corp.		10,186
	600	Elecom Co. Ltd.		6,143
	1,700	Electric Power Development Co. Ltd.		27,845
	700	en Japan, Inc.†		12,263
	21,400	ENEOS Holdings, Inc.		102,731
	1,500	eRex Co. Ltd.†,*		6,827
	2,400	ES-Con Japan Ltd.		16,076
	1,000	Exedy Corp.		19,983
	3,800	EXEO Group, Inc.		40,239
	1,000	Ezaki Glico Co. Ltd.		27,877
	900	Fancl Corp.		11,962
	1,300	FANUC Corp.		36,240
	1,000	Fast Retailing Co. Ltd.		308,561
	1,100	FCC Co. Ltd.		15,950
	1,500	Ferrotec Holdings Corp.†		29,043
	900	Financial Partners Group Co. Ltd.		12,616
	1,100	Food & Life Cos. Ltd.		21,062
	900	Foster Electric Co. Ltd.		7,289
	800	FP Corp.†		14,493
	1,100	Fudo Tetra Corp.		14,853
	900	Fuji Co. Ltd.		10,975
	1,600	Fuji Corp.		28,162
	1,000	Fuji Electric Co. Ltd.		66,719
	500	Fuji Kyuko Co. Ltd.†		12,898
	1,600	Fuji Media Holdings, Inc.		19,331
	700	Fuji Oil Holdings, Inc.†		10,950
	700	Fuji Seal International, Inc.		9,156
	600	Fuji Soft, Inc.†		23,702
	400	Fujibo Holdings, Inc.†		11,521
	700	Fujicco Co. Ltd.		8,777
	4,800	FUJIFILM Holdings Corp.		107,428
	3,400	Fujikura Ltd.		50,086
	900	Fujimi, Inc.†		20,541
	500	Fujimori Kogyo Co. Ltd.		14,104
	1,300	Fujitsu General Ltd.†		16,072
	12,000	Fujitsu Ltd.		191,637
	400	Fukuda Denshi Co. Ltd.		18,232
	800	Fukui Computer Holdings, Inc.		13,635
	1,200	Fukuoka Financial Group, Inc.†		31,930
	500	Fukushima Galilei Co. Ltd.		19,619
	600	Fukuyama Transporting Co. Ltd.		14,170
	1,200	FULLCAST Holdings Co. Ltd.		11,439
	1,000	Funai Soken Holdings, Inc.		16,376
	900	Furukawa Co. Ltd.		10,785
	1,200	Furukawa Electric Co. Ltd.†		25,232
	1,200	Furuno Electric Co. Ltd.		19,342
	400	Furuya Metal Co. Ltd.		29,594
	400	Fuso Chemical Co. Ltd.†		12,142
	800	Futaba Corp.		2,732
	4,700	Futaba Industrial Co. Ltd.		36,419
	2,000	Future Corp.		21,971

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	500	Fuyo General Lease Co. Ltd.	$	44,359
	800	G-7 Holdings, Inc.		7,557
	2,200	G-Tekt Corp.		30,723
	3,500	Gakken Holdings Co. Ltd.		21,456
	800	Geo Holdings Corp.†		10,025
	1,600	Giken Ltd.		21,879
	700	GLOBERIDE, Inc.†		9,285
	1,000	Glory Ltd.†		18,807
	900	GMO internet group, Inc.		16,249
	300	GMO Payment Gateway, Inc.		19,293
	1,300	GNI Group Ltd.*		25,806
	800	Godo Steel Ltd.		30,176
	700	Goldcrest Co. Ltd.		11,704
	400	Goldwin, Inc.†		25,377
	2,700	Gree, Inc.		8,579
	2,300	GS Yuasa Corp.†		47,677
	1,100	GungHo Online Entertainment, Inc.		17,567
	4,900	Gunma Bank Ltd.		27,708
	600	Gunze Ltd.		21,482
	1,500	H.U. Group Holdings, Inc.†		24,420
	1,700	H2O Retailing Corp.		21,685
	5,000	Hachijuni Bank Ltd.		33,641
	800	Hagiwara Electric Holdings Co. Ltd.†		23,411
	2,800	Hakuhodo DY Holdings, Inc.†		25,155
	600	Halows Co. Ltd.		17,697
	800	Hamakyorex Co. Ltd.		20,240
	900	Hamamatsu Photonics KK		31,593
	1,600	Hankyu Hanshin Holdings, Inc.		45,787
	800	Hanwa Co. Ltd.		31,127
	1,300	Happinet Corp.†		26,021
	800	Harmonic Drive Systems, Inc.		21,192
	3,500	Haseko Corp.		43,155
	3,500	Hazama Ando Corp.†		27,190
	1,200	Heiwa Corp.		15,696
	600	Heiwa Real Estate Co. Ltd.†		15,696
	900	Heiwado Co. Ltd.		12,021
	200	Hikari Tsushin, Inc.		37,429
	4,400	Hino Motors Ltd.*		14,681
	200	Hioki EE Corp.†		9,460
	400	Hirata Corp.†		20,531
	3,100	Hirogin Holdings, Inc.		22,178
	200	Hirose Electric Co. Ltd.		20,478
	400	Hisamitsu Pharmaceutical Co., Inc.		10,340
	1,600	Hitachi Construction Machinery Co. Ltd.		48,070
	5,400	Hitachi Ltd.		490,666
	3,400	Hitachi Zosen Corp.		29,602
	400	Hogy Medical Co. Ltd.		9,830
	2,900	Hokkaido Electric Power Co., Inc.		15,791
	700	Hokkoku Financial Holdings, Inc.		22,982
	3,000	Hokuetsu Corp.†		36,702
	1,000	Hokuetsu Industries Co. Ltd.		13,047
	1,800	Hokuhoku Financial Group, Inc.		22,711
	2,300	Hokuriku Electric Power Co.†		12,169
	1,200	Hokuto Corp.†		14,507

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	30,900	Honda Motor Co. Ltd.	$	380,381
	939	Honda Motor Co. Ltd., ADR†		34,959
	400	Horiba Ltd.		41,313
	600	Hoshizaki Corp.		21,811
	3,100	Hosiden Corp.		39,298
	500	Hosokawa Micron Corp.		15,672
	1,100	House Foods Group, Inc.		22,352
	2,000	Hoya Corp.		248,844
	2,000	Hulic Co. Ltd.		20,478
	3,000	Hyakugo Bank Ltd.		12,663
	700	Ibiden Co. Ltd.†		31,148
	600	Idec Corp.†		10,563
	5,500	Idemitsu Kosan Co. Ltd.		37,531
	3,000	IDOM, Inc.		20,690
	1,000	IHI Corp.†		26,642
	1,100	Iida Group Holdings Co. Ltd.†		14,181
	4,200	Iino Kaiun Kaisha Ltd.†		34,875
	500	Inaba Denki Sangyo Co. Ltd.		11,560
	900	Inabata & Co. Ltd.		18,906
	1,300	Infocom Corp.		22,886
	2,412	INFRONEER Holdings, Inc.†		23,072
	13,200	Inpex Corp.		200,511
	1,400	Insource Co. Ltd.		8,379
	200	Intage Holdings, Inc.		2,086
	400	Integrated Design & Engineering Holdings Co. Ltd.		11,389
	1,200	Internet Initiative Japan, Inc.		22,342
	300	IR Japan Holdings Ltd.†		2,606
	1,300	Iriso Electronics Co. Ltd.		25,935
	2,600	Isetan Mitsukoshi Holdings Ltd.†		42,080
	1,600	Ishihara Sangyo Kaisha Ltd.		18,243
	6,200	Isuzu Motors Ltd.		83,510
	1,300	Ito En Ltd.		31,757
	6,500	ITOCHU Corp.†		277,553
	1,200	Itochu Enex Co. Ltd.		12,342
	680	Itoham Yonekyu Holdings, Inc.		17,833
	2,200	Itoki Corp.		25,157
	700	Iwatani Corp.		37,654
	4,100	Iyogin Holdings, Inc.		31,607
	1,000	Izumi Co. Ltd.		22,889
	2,300	J Trust Co. Ltd.†		6,685
	700	J-Oil Mills, Inc.		8,948
	3,500	J. Front Retailing Co. Ltd.		38,773
	3,200	JAC Recruitment Co. Ltd.		16,636
	1,000	Jaccs Co. Ltd.		36,200
	2,100	JAFCO Group Co. Ltd.†		25,907
	1,400	Japan Airlines Co. Ltd.		26,552
	500	Japan Airport Terminal Co. Ltd.		19,715
	1,800	Japan Aviation Electronics Industry Ltd.†		29,417
	1,100	Japan Elevator Service Holdings Co. Ltd.		17,919
	3,600	Japan Exchange Group, Inc.		97,146
	1,500	Japan Lifeline Co. Ltd.		11,940
	1,200	Japan Material Co. Ltd.		19,073
	500	Japan Petroleum Exploration Co. Ltd.†		22,592
	2,100	Japan Post Bank Co. Ltd.		22,543

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	7,800	Japan Post Holdings Co. Ltd.	$	78,448
	1,000	Japan Post Insurance Co. Ltd.†		19,088
	600	Japan Pulp & Paper Co. Ltd.		20,491
	3,000	Japan Securities Finance Co. Ltd.		32,996
	1,000	Japan Steel Works Ltd.		22,216
	5,800	Japan Tobacco, Inc.		154,329
	1,700	Japan Wool Textile Co. Ltd.		16,317
	400	JCU Corp.		10,133
	500	Jeol Ltd.†		20,597
	6,200	JFE Holdings, Inc.		102,330
	2,700	JGC Holdings Corp.†		26,397
	400	JINS Holdings, Inc.		11,296
	600	Joshin Denki Co. Ltd.†		9,120
	900	Joyful Honda Co. Ltd.		12,931
	900	JSR Corp.*		25,743
	3,800	JTEKT Corp.		35,733
	800	Juroku Financial Group, Inc.		24,785
	800	Justsystems Corp.†		13,999
	6,300	JVCKenwood Corp.		38,621
	3,200	K's Holdings Corp.†		27,481
	800	Kadokawa Corp.†		14,004
	700	Kaga Electronics Co. Ltd.†		29,641
	800	Kagome Co. Ltd.†		19,353
	2,200	Kajima Corp.		44,980
	2,900	Kakaku.com, Inc.		35,105
	500	Kaken Pharmaceutical Co. Ltd.†		11,283
	600	Kameda Seika Co. Ltd.		16,825
	1,000	Kamigumi Co. Ltd.†		21,965
	1,300	Kanamoto Co. Ltd.		23,170
	2,200	Kandenko Co. Ltd.		25,040
	1,100	Kaneka Corp.		27,286
	1,700	Kanematsu Corp.		28,917
	4,100	Kansai Electric Power Co., Inc.		58,204
	1,200	Kansai Paint Co. Ltd.†		17,111
	1,500	Kanto Denka Kogyo Co. Ltd.†		9,958
	2,300	Kao Corp.		85,935
	900	Katitas Co. Ltd.†		11,706
	400	Kato Sangyo Co. Ltd.		11,970
	900	Kawada Technologies, Inc.†		19,352
	900	Kawasaki Heavy Industries Ltd.†		29,459
	1,800	Kawasaki Kisen Kaisha Ltd.†		24,168
	14,200	KDDI Corp.		419,115
	600	KeePer Technical Laboratory Co. Ltd.		19,659
	1,200	Keihan Holdings Co. Ltd.†		26,556
	3,100	Keikyu Corp.		28,444
	700	Keio Corp.		19,148
	600	Keisei Electric Railway Co. Ltd.†		24,312
	2,500	Keiyo Bank Ltd.		12,469
	900	Kewpie Corp.		16,674
	600	Keyence Corp.		277,804
	500	KFC Holdings Japan Ltd.†		14,450
	1,100	KH Neochem Co. Ltd.		16,604
	300	Ki-Star Real Estate Co. Ltd.†		7,402
	1,500	Kikkoman Corp.		19,184

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	1,200	Kinden Corp.†	$	20,840
	1,000	Kintetsu Group Holdings Co. Ltd.†		29,066
	3,500	Kirin Holdings Co. Ltd.		48,600
	800	Kissei Pharmaceutical Co. Ltd.		18,681
	2,600	Kitz Corp.		23,255
	1,600	Kiyo Bank Ltd.		19,585
	1,500	Koa Corp.†		14,516
	700	Kobayashi Pharmaceutical Co. Ltd.		22,681
	1,300	Kobe Bussan Co. Ltd.		31,843
	4,600	Kobe Steel Ltd.†		62,111
	1,000	Koei Tecmo Holdings Co. Ltd.†		10,626
	900	Kohnan Shoji Co. Ltd.		25,922
	1,600	Koito Manufacturing Co. Ltd.		21,509
	1,500	Kokuyo Co. Ltd.		24,460
	7,800	Komatsu Ltd.		229,960
	1,100	KOMEDA Holdings Co. Ltd.		19,576
	1,000	Komeri Co. Ltd.†		22,757
	1,400	Komori Corp.†		11,338
	600	Konami Group Corp.		40,706
	6,900	Konica Minolta, Inc.		22,503
	1,400	Konishi Co. Ltd.		14,178
	1,200	Konoike Transport Co. Ltd.		16,758
	500	Kose Corp.		26,714
	2,000	Koshidaka Holdings Co. Ltd.		12,353
	1,500	Kotobuki Spirits Co. Ltd.†		18,787
	1,200	Krosaki Harima Corp.		27,784
	4,400	Kubota Corp.		68,785
	400	Kumagai Gumi Co. Ltd.		10,873
	1,500	Kumiai Chemical Industry Co. Ltd.		8,175
	4,700	Kuraray Co. Ltd.		50,158
	1,200	Kureha Corp.		21,593
	800	Kurita Water Industries Ltd.		33,051
	1,200	Kusuri No. Aoki Holdings Co. Ltd.		24,717
	1,000	KYB Corp.†		33,822
	4,800	Kyocera Corp.		63,845
	1,500	Kyoei Steel Ltd.		23,335
	1,700	Kyokuto Kaihatsu Kogyo Co. Ltd.		28,715
	500	Kyokuyo Co. Ltd.†		12,221
	500	Kyorin Pharmaceutical Co. Ltd.†		6,001
	1,200	Kyoritsu Maintenance Co. Ltd.†		27,428
	2,400	Kyoto Financial Group, Inc.		43,147
	900	Kyowa Kirin Co. Ltd.		16,141
	600	Kyudenko Corp.		24,816
	5,300	Kyushu Electric Power Co., Inc.		47,440
	5,000	Kyushu Financial Group, Inc.		36,811
	1,200	Kyushu Railway Co.		27,333
	400	Lasertec Corp.		113,436
	600	Lawson, Inc.		40,963
	10,100	Leopalace21 Corp.†		33,894
	900	Life Corp.		23,038
	1,900	LIFENET INSURANCE Co.†,*		18,551
	1,000	Lintec Corp.		20,544
	1,900	Lion Corp.		16,969
	200	LITALICO, Inc.		2,769

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	5,000	Lixil Corp.	$	61,468
	16,500	LY Corp.		41,691
	500	M&A Capital Partners Co. Ltd.		7,375
	2,100	M3, Inc.		30,089
	1,400	Mabuchi Motor Co. Ltd.		25,437
	700	Macnica Holdings, Inc.†		34,108
	900	Macromill, Inc.		4,596
	800	Maeda Kosen Co. Ltd.†		19,131
	600	Makino Milling Machine Co. Ltd.		24,851
	900	Makita Corp.		25,416
	1,800	Mandom Corp.		15,850
	2,300	Mani, Inc.		29,977
	2,200	Marubeni Corp.		37,938
	800	Marudai Food Co. Ltd.		8,540
	700	Maruha Nichiro Corp.		13,671
	2,000	Marui Group Co. Ltd.†		31,979
	1,300	Maruichi Steel Tube Ltd.		34,574
	2,200	Marusan Securities Co. Ltd.		15,521
	200	Maruwa Co. Ltd.		41,683
	500	Maruzen Showa Unyu Co. Ltd.		15,293
	1,300	Matsuda Sangyo Co. Ltd.		21,048
	4,100	Matsui Securities Co. Ltd.†		22,344
	1,620	MatsukiyoCocokara & Co.		25,946
	1,700	Maxell Ltd.		17,766
	7,000	Mazda Motor Corp.†		81,454
	500	McDonald's Holdings Co. Japan Ltd.		22,460
	1,300	MCJ Co. Ltd.		11,499
	9,000	Mebuki Financial Group, Inc.		29,483
	1,600	Medipal Holdings Corp.		24,426
	400	Medley, Inc.*		11,825
	600	Megachips Corp.		15,260
	1,000	Megmilk Snow Brand Co. Ltd.		17,730
	1,700	Meidensha Corp.		31,916
	1,600	MEIJI Holdings Co. Ltd.		34,879
	900	Meiko Electronics Co. Ltd.†		31,748
	1,500	MEITEC Group Holdings, Inc.		28,929
	1,600	Menicon Co. Ltd.		16,388
	1,000	Mercari, Inc.*		12,739
	1,800	METAWATER Co. Ltd.		26,409
	500	Micronics Japan Co. Ltd.		27,249
	600	Milbon Co. Ltd.		12,588
	1,200	Mimasu Semiconductor Industry Co. Ltd.		24,257
	2,100	Minebea Mitsumi, Inc.		40,937
	1,600	Mirait One Corp.		19,675
	1,300	MISUMI Group, Inc.		18,047
	600	Mitani Sekisan Co. Ltd.		23,781
	4,200	Mitsuba Corp.		45,252
	15,500	Mitsubishi Chemical Group Corp.		94,128
	5,600	Mitsubishi Corp.		128,847
	7,800	Mitsubishi Electric Corp.		129,923
	2,000	Mitsubishi Estate Co. Ltd.		36,266
	1,500	Mitsubishi Gas Chemical Co., Inc.†		25,079
	9,500	Mitsubishi HC Capital, Inc.		66,051
	14,000	Mitsubishi Heavy Industries Ltd.		126,239

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	900	Mitsubishi Logistics Corp.	$	29,073
	2,000	Mitsubishi Materials Corp.†		37,521
	9,200	Mitsubishi Motors Corp.†		30,114
	900	Mitsubishi Pencil Co. Ltd.		15,024
	700	Mitsubishi Research Institute, Inc.		22,866
	1,000	Mitsubishi Shokuhin Co. Ltd.		36,663
	49,100	Mitsubishi UFJ Financial Group, Inc.		497,876
	600	Mitsuboshi Belting Ltd.†		18,371
	2,200	Mitsui & Co. Ltd.		102,356
	2,500	Mitsui Chemicals, Inc.†		73,094
	2,100	Mitsui E&S Co. Ltd.†		26,399
	9,600	Mitsui Fudosan Co. Ltd.		102,957
	300	Mitsui High-Tec, Inc.		16,980
	1,000	Mitsui Matsushima Holdings Co. Ltd.†		19,124
	1,300	Mitsui Mining & Smelting Co. Ltd.†		39,666
	2,100	Mitsui OSK Lines Ltd.†		63,979
	800	Mitsui-Soko Holdings Co. Ltd.†		24,653
	1,300	Mitsuuroko Group Holdings Co. Ltd.		12,109
	1,000	Miura Co. Ltd.		19,312
	1,000	MIXI, Inc.†		17,255
	700	Miyazaki Bank Ltd.		13,290
	10,390	Mizuho Financial Group, Inc.		205,082
	5,000	Mizuho Leasing Co. Ltd.		36,762
	700	Mizuno Corp.		29,132
	1,200	Mochida Pharmaceutical Co. Ltd.		25,327
	400	Modec, Inc.		8,046
	3,300	Monex Group, Inc.†		19,489
	900	Monogatari Corp.		27,586
	2,900	MonotaRO Co. Ltd.		34,770
	1,200	Morinaga & Co. Ltd.		20,563
	1,600	Morinaga Milk Industry Co. Ltd.		32,691
	2,100	Morita Holdings Corp.		22,681
	8,700	MS&AD Insurance Group Holdings, Inc.		153,132
	9,600	Murata Manufacturing Co. Ltd.		179,754
	2,000	Musashi Seimitsu Industry Co. Ltd.		22,235
	1,000	Musashino Bank Ltd.		19,302
	1,200	Nabtesco Corp.		20,052
	600	Nachi-Fujikoshi Corp.		13,694
	1,500	Nagase & Co. Ltd.		25,144
	1,800	Nagoya Railroad Co. Ltd.		25,107
	1,100	Nakanishi, Inc.		17,207
	3,400	Nakayama Steel Works Ltd.†		21,000
	1,200	Nankai Electric Railway Co. Ltd.		24,606
	800	Nanto Bank Ltd.		16,118
	1,100	NEC Corp.		80,040
	1,600	NEC Networks & System Integration Corp.		26,487
	1,700	NET One Systems Co. Ltd.		29,883
	1,000	Nexon Co. Ltd.		16,581
	1,100	Nextage Co. Ltd.†		20,840
	3,900	NGK Insulators Ltd.		52,325
	1,000	NH Foods Ltd.†		33,432
	2,400	NHK Spring Co. Ltd.		23,765
	1,200	Nichias Corp.		31,986
	1,400	Nichicon Corp.†		11,782

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	900	Nichiden Corp.†	$	15,761
	700	Nichiha Corp.		15,768
	1,500	Nichirei Corp.		40,309
	1,500	Nichireki Co. Ltd.†		24,742
	800	Nichirin Co. Ltd.		19,580
	1,300	NIDEC Corp.†		53,450
	800	Nifco, Inc.		20,018
	2,600	Nihon Dempa Kogyo Co. Ltd.†		23,221
	700	Nihon Kohden Corp.		18,538
	4,000	Nihon M&A Center Holdings, Inc.†		25,364
	1,800	Nihon Parkerizing Co. Ltd.		14,447
	1,700	Nikkiso Co. Ltd.		13,858
	1,300	Nikkon Holdings Co. Ltd.†		25,020
	3,000	Nikon Corp.†		30,222
	3,100	Nintendo Co. Ltd.		169,130
	900	Nippn Corp.		13,793
	600	Nippon Carbon Co. Ltd.		20,967
	600	Nippon Chemi-Con Corp.*		5,652
	9,100	Nippon Denko Co. Ltd.		19,056
	700	Nippon Densetsu Kogyo Co. Ltd.		9,655
	1,200	Nippon Electric Glass Co. Ltd.		30,606
	1,100	NIPPON EXPRESS HOLDINGS, Inc.		56,017
	1,800	Nippon Gas Co. Ltd.		30,161
	2,500	Nippon Kayaku Co. Ltd.		21,362
	1,520	Nippon Light Metal Holdings Co. Ltd.		17,973
	2,700	Nippon Paint Holdings Co. Ltd.		19,343
	1,200	Nippon Paper Industries Co. Ltd.†		9,267
	10,200	Nippon Parking Development Co. Ltd.†		13,611
	1,100	Nippon Pillar Packing Co. Ltd.		44,471
	500	Nippon Road Co. Ltd.		6,206
	1,900	Nippon Sanso Holdings Corp.		59,329
	1,200	Nippon Seiki Co. Ltd.		12,105
	5,100	Nippon Sheet Glass Co. Ltd.*		17,384
	500	Nippon Shinyaku Co. Ltd.		14,820
	1,600	Nippon Shokubai Co. Ltd.		15,595
	2,600	Nippon Signal Company Ltd.		17,639
	900	Nippon Soda Co. Ltd.		35,910
	7,800	Nippon Steel Corp.†		186,988
	104,100	Nippon Telegraph & Telephone Corp.		123,781
	530	Nippon Yakin Kogyo Co. Ltd.		16,840
	4,800	Nippon Yusen KK†		131,589
	5,000	Nipro Corp.†		39,602
	2,000	Nishi-Nippon Financial Holdings, Inc.		24,957
	900	Nishi-Nippon Railroad Co. Ltd.		14,637
	1,000	Nishimatsu Construction Co. Ltd.†		28,703
	1,600	Nishimatsuya Chain Co. Ltd.		25,441
	700	Nishio Holdings Co. Ltd.		17,849
	1,000	Nissan Chemical Corp.		37,753
	21,600	Nissan Motor Co. Ltd.†		85,213
	3,200	Nissan Shatai Co. Ltd.†		21,963
	600	Nissei ASB Machine Co. Ltd.		20,491
	1,100	Nissha Co. Ltd.		10,922
	800	Nisshin Oillio Group Ltd.		26,793
	1,400	Nisshin Seifun Group, Inc.		19,255

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	4,400	Nisshinbo Holdings, Inc.	$	35,271
	1,200	Nissin Foods Holdings Co. Ltd.†		33,056
	5,400	Nissui Corp.		33,799
	1,200	Niterra Co. Ltd.†		39,691
	400	Nitori Holdings Co. Ltd.		60,299
	900	Nitta Corp.†		23,484
	1,100	Nittetsu Mining Co. Ltd.		35,388
	900	Nitto Denko Corp.		81,897
	700	Nitto Kogyo Corp.†		19,213
	300	Noevir Holdings Co. Ltd.		10,285
	2,100	NOF Corp.		28,646
	900	Nohmi Bosai Ltd.		13,419
	2,200	Nojima Corp.		24,459
	1,500	NOK Corp.†		20,521
	16,900	Nomura Holdings, Inc.		107,643
	1,600	Nomura Micro Science Co. Ltd.†		55,912
	1,500	Nomura Real Estate Holdings, Inc.		42,241
	2,200	Nomura Research Institute Ltd.		61,867
	600	Noritake Co. Ltd.		16,647
	700	Noritsu Koki Co. Ltd.		14,682
	1,100	Noritz Corp.		12,571
	7,800	North Pacific Bank Ltd.		22,671
	800	NS United Kaiun Kaisha Ltd.†		24,917
	800	NSD Co. Ltd.		15,421
	2,900	NSK Ltd.		16,487
	10,800	NTN Corp.†		22,416
	3,600	NTT Data Group Corp.		56,944
	600	Obara Group, Inc.		15,042
	3,100	Obayashi Corp.		36,728
	500	OBIC Business Consultants Co. Ltd.		23,401
	200	Obic Co. Ltd.		30,143
	2,100	Odakyu Electric Railway Co. Ltd.		28,875
	1,100	Ogaki Kyoritsu Bank Ltd.		15,841
	300	Ohsho Food Service Corp.		15,299
	800	Oisix ra daichi, Inc.†,*		6,812
	13,300	Oji Holdings Corp.†		55,140
	1,000	Okamura Corp.		14,691
	4,600	Okasan Securities Group, Inc.†		24,462
	1,800	Oki Electric Industry Co. Ltd.†		13,698
	1,000	Okinawa Cellular Telephone Co.		23,550
	1,155	Okinawa Electric Power Co., Inc.		8,744
	500	OKUMA Corp.†		23,662
	700	Okumura Corp.		23,213
	2,200	Olympus Corp.		31,587
	1,200	Omron Corp.		42,743
	3,800	Ono Pharmaceutical Co. Ltd.†		62,179
	3,700	Onward Holdings Co. Ltd.		13,076
	1,500	Open House Group Co. Ltd.		48,385
	1,200	Open Up Group, Inc.		16,250
	1,000	Optex Group Co. Ltd.		12,994
	700	Optorun Co. Ltd.		9,479
	500	Oracle Corp.		37,472
	800	Organo Corp.		39,477
	2,810	Orient Corp.†		19,843

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	3,300	Oriental Land Co. Ltd.	$	105,444
	9,300	ORIX Corp.		202,612
	2,100	Osaka Gas Co. Ltd.		47,138
	700	Osaka Organic Chemical Industry Ltd.		14,705
	600	Osaka Soda Co. Ltd.†		37,971
	900	OSAKA Titanium Technologies Co. Ltd.†		15,493
	2,900	OSG Corp.		41,561
	1,400	Otsuka Corp.		29,604
	1,000	Otsuka Holdings Co. Ltd.		41,426
	800	Oyo Corp.		11,600
	1,600	Pacific Industrial Co. Ltd.		17,683
	900	Pacific Metals Co. Ltd.†,*		8,008
	1,600	PAL GROUP Holdings Co. Ltd.		27,195
	300	PALTAC Corp.		7,949
	1,600	Pan Pacific International Holdings Corp.		42,331
	16,800	Panasonic Holdings Corp.		159,643
	700	Paramount Bed Holdings Co. Ltd.		11,852
	1,800	Park24 Co. Ltd.*		21,165
	700	Pasona Group, Inc.		12,823
	3,900	Penta-Ocean Construction Co. Ltd.		19,531
	1,900	PeptiDream, Inc.*		17,729
	26,000	Persol Holdings Co. Ltd.		36,274
	1,100	PHC Holdings Corp.†		8,945
	2,100	Pigeon Corp.		20,212
	500	Pilot Corp.		12,961
	1,100	Piolax, Inc.†		19,213
	900	Pola Orbis Holdings, Inc.		8,603
	900	Premium Group Co. Ltd.		12,164
	2,500	Press Kogyo Co. Ltd.		11,610
	600	Pressance Corp.†		7,004
	2,100	Prestige International, Inc.†		9,433
	1,100	Prima Meat Packers Ltd.		16,459
	600	Procrea Holdings, Inc.		7,352
	1,000	Proto Corp.		9,281
	1,300	Qol Holdings Co. Ltd.		14,865
	900	Raito Kogyo Co. Ltd.		11,962
	2,400	Raksul, Inc.*		17,075
	1,700	Rakus Co. Ltd.		22,926
	7,900	Rakuten Group, Inc.*		44,672
	7,900	Recruit Holdings Co. Ltd.		345,945
	2,100	Relo Group, Inc.		17,042
	12,500	Renesas Electronics Corp.		221,628
	4,600	Rengo Co. Ltd.		35,021
	500	RENOVA, Inc.†,*		4,086
	15,200	Resona Holdings, Inc.		93,582
	3,000	Resonac Holdings Corp.		69,481
	1,100	Resorttrust, Inc.		18,802
	1,000	Restar Corp.		19,950
	6,400	Ricoh Co. Ltd.		56,716
	400	Ricoh Leasing Co. Ltd.†		13,899
	1,600	Riken Keiki Co. Ltd.†		40,164
	900	Riken Vitamin Co. Ltd.		14,917
	1,200	Rinnai Corp.		27,467
	4,000	Riso Kyoiku Co. Ltd.		5,813

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	2,800	Rohm Co. Ltd.	$	44,678
	1,500	Rohto Pharmaceutical Co. Ltd.		29,048
	300	Roland Corp.		9,116
	400	Roland DG Corp.		14,269
	300	Rorze Corp.		42,132
	3,600	Round One Corp.		18,597
	600	Royal Holdings Co. Ltd.		9,794
	1,000	RS Technologies Co. Ltd.		19,917
	500	Ryobi Ltd.		9,889
	2,000	Ryohin Keikaku Co. Ltd.		32,646
	200	Ryosan Co. Ltd.†		6,381
	600	S Foods, Inc.		13,317
	1,600	S-Pool, Inc.		3,308
	500	Saizeriya Co. Ltd.		17,043
	1,400	Sakai Moving Service Co. Ltd.		23,481
	1,300	Sakata INX Corp.		13,483
	500	Sakata Seed Corp.		12,237
	2,700	Sala Corp.		14,732
	1,800	SAMTY Co. Ltd.		32,830
	300	San-A Co. Ltd.		9,275
	2,100	San-Ai Obbli Co. Ltd.		28,522
	3,000	San-In Godo Bank Ltd.		23,484
	1,200	Sangetsu Corp.		26,159
	700	Sanken Electric Co. Ltd.†		30,482
	1,300	Sanki Engineering Co. Ltd.		18,043
	3,000	Sankyo Co. Ltd.		32,729
	800	Sankyu, Inc.		27,449
	2,100	Sanrio Co. Ltd.		40,230
	3,600	Santen Pharmaceutical Co. Ltd.		35,351
	2,300	Sanwa Holdings Corp.		40,005
	500	Sanyo Chemical Industries Ltd.		13,922
	300	Sanyo Denki Co. Ltd.		13,971
	900	Sanyo Special Steel Co. Ltd.†		13,228
	600	Sapporo Holdings Ltd.		23,880
	900	Sato Holdings Corp.		13,716
	600	Sawai Group Holdings Co. Ltd.		23,432
	300	SBI ARUHI Corp.		1,855
	1,700	SBI Holdings, Inc.		44,415
	500	SBS Holdings, Inc.		8,528
	600	SCREEN Holdings Co. Ltd.†		77,249
	1,600	SCSK Corp.		29,668
	700	Secom Co. Ltd.		50,680
	2,400	Sega Sammy Holdings, Inc.		29,592
	3,000	Seibu Holdings, Inc.		46,829
	1,000	Seikagaku Corp.		5,007
	2,400	Seiko Epson Corp.†		41,776
	700	Seiko Group Corp.		18,797
	1,600	Seino Holdings Co. Ltd.†		21,937
	800	Seiren Co. Ltd.†		14,517
	2,700	Sekisui Chemical Co. Ltd.		39,382
	2,100	Sekisui House Ltd.		47,638
	900	Sekisui Jushi Corp.		13,942
	1,600	Senko Group Holdings Co. Ltd.†		11,954
	8,500	Senshu Ikeda Holdings, Inc.		22,011

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	1,100	Seria Co. Ltd.	$	21,727
	26,400	Seven & i Holdings Co. Ltd.		383,670
	7,000	Seven Bank Ltd.†		13,549
	3,800	SG Holdings Co. Ltd.		48,059
	4,900	Sharp Corp.†,*		27,206
	500	Shibaura Electronics Co. Ltd.		20,511
	1,100	Shibaura Machine Co. Ltd.†		26,486
	600	Shibaura Mechatronics Corp.†		25,287
	600	Shibuya Corp.		13,753
	100	SHIFT, Inc.*		15,881
	1,000	Shiga Bank Ltd.		27,547
	1,700	Shikoku Electric Power Co., Inc.		13,246
	900	Shikoku Kasei Holdings Corp.		10,458
	900	Shima Seiki Manufacturing Ltd.†		8,216
	1,700	Shimadzu Corp.		47,200
	400	Shimamura Co. Ltd.		22,772
	400	Shimano, Inc.		59,730
	3,500	Shimizu Corp.		22,531
	1,000	Shin Nippon Biomedical Laboratories Ltd.†		10,120
	15,000	Shin-Etsu Chemical Co. Ltd.		654,578
	2,000	Shin-Etsu Polymer Co. Ltd.		20,267
	800	Shinko Electric Industries Co. Ltd.		29,822
	1,700	Shinmaywa Industries Ltd.		13,802
	1,500	Shionogi & Co. Ltd.		76,625
	1,200	Ship Healthcare Holdings, Inc.		16,532
	2,200	Shiseido Co. Ltd.		60,021
	4,800	Shizuoka Financial Group, Inc.		45,533
	2,800	Shizuoka Gas Co. Ltd.		17,479
	300	SHO-BOND Holdings Co. Ltd.		12,582
	1,800	Shoei Co. Ltd.†		27,111
	1,000	Siix Corp.		11,369
	1,400	Simplex Holdings, Inc.		25,729
	1,100	Sinfonia Technology Co. Ltd.		22,417
	500	Sinko Industries Ltd.		12,584
	3,900	SKY Perfect JSAT Holdings, Inc.†		26,459
	2,300	Skylark Holdings Co. Ltd.		36,396
	100	SMC Corp.		56,110
	1,300	SMS Co. Ltd.		22,281
	900	Socionext, Inc.†		24,388
	2,700	Sodick Co. Ltd.		12,824
	15,100	SoftBank Corp.		193,613
	1,800	SoftBank Group Corp.		106,564
	5,500	Sohgo Security Services Co. Ltd.		29,793
	2,060	Sojitz Corp.†		54,106
	900	Solasto Corp.		3,222
	4,200	Sompo Holdings, Inc.		87,673
	11,500	Sony Group Corp.		982,263
	1,500	Sotetsu Holdings, Inc.†		26,754
	700	Square Enix Holdings Co. Ltd.†		26,922
	2,300	Stanley Electric Co. Ltd.		40,567
	1,600	Star Micronics Co. Ltd.		19,532
	800	Starts Corp., Inc.		16,594
	8,400	Subaru Corp.		190,107
	2,400	Sugi Holdings Co. Ltd.		40,935

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	4,500	SUMCO Corp.	$	70,794
	1,100	Sumida Corp.		8,800
	1,400	Sumitomo Bakelite Co. Ltd.		41,987
	10,600	Sumitomo Chemical Co. Ltd.†		22,988
	4,300	Sumitomo Corp.		103,111
	900	Sumitomo Densetsu Co. Ltd.†		20,006
	7,200	Sumitomo Electric Industries Ltd.		111,058
	1,600	Sumitomo Forestry Co. Ltd.		50,162
	1,700	Sumitomo Heavy Industries Ltd.		53,286
	1,600	Sumitomo Metal Mining Co. Ltd.		47,383
	3,600	Sumitomo Mitsui Construction Co. Ltd.		10,107
	5,600	Sumitomo Mitsui Financial Group, Inc.		326,722
	3,800	Sumitomo Mitsui Trust Holdings, Inc.		81,784
	900	Sumitomo Osaka Cement Co. Ltd.†		22,491
	3,500	Sumitomo Pharma Co. Ltd.†,*		9,156
	1,800	Sumitomo Realty & Development Co. Ltd.		66,778
	3,700	Sumitomo Rubber Industries Ltd.		45,413
	400	Sumitomo Seika Chemicals Co. Ltd.		13,317
	900	Sumitomo Warehouse Co. Ltd.†		15,101
	2,600	Sun Frontier Fudousan Co. Ltd.		32,015
	700	Sundrug Co. Ltd.		21,678
	800	Suntory Beverage & Food Ltd.		27,015
	6,300	Suruga Bank Ltd.†		36,623
	1,000	Suzuken Co. Ltd.		30,433
	10,800	Suzuki Motor Corp.		122,782
	1,200	SWCC Corp.		29,925
	3,900	Sysmex Corp.		69,238
	6,800	Systena Corp.		12,039
	800	T Hasegawa Co. Ltd.†		16,039
	1,500	T&D Holdings, Inc.		26,026
	700	Tachi-S Co. Ltd.		9,188
	1,100	Tachibana Eletech Co. Ltd.		23,398
	2,200	Tadano Ltd.		18,733
	1,800	Taiheiyo Cement Corp.		41,332
	600	Taisei Corp.		21,811
	600	Taisho Pharmaceutical Holdings Co. Ltd.		33,967
	600	Taiyo Holdings Co. Ltd.		13,159
	1,200	Taiyo Yuden Co. Ltd.†		28,308
	2,000	Takara Bio, Inc.		12,868
	2,500	Takara Holdings, Inc.†		17,952
	2,100	Takara Standard Co. Ltd.†		26,510
	900	Takasago Thermal Engineering Co. Ltd.		28,567
	1,600	Takashimaya Co. Ltd.		25,472
	11,800	Takeda Pharmaceutical Co. Ltd.		327,622
	1,200	Takeuchi Manufacturing Co. Ltd.		47,880
	700	Takuma Co. Ltd.		8,661
	500	Tamron Co. Ltd.		22,196
	2,100	Tamura Corp.†		8,226
	1,200	TBS Holdings, Inc.		33,333
	2,100	TDK Corp.		102,545
	1,300	TechMatrix Corp.		15,595
	1,000	TechnoPro Holdings, Inc.		19,943
	3,300	Teijin Ltd.		29,876
	400	Tekken Corp.		7,113

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	1,800	Terumo Corp.	$	32,812
	1,300	THK Co. Ltd.		30,400
	2,700	TIS, Inc.		57,681
	700	TKC Corp.		17,132
	3,100	Toagosei Co. Ltd.		32,376
	1,500	Tobu Railway Co. Ltd.		37,416
	2,200	Tocalo Co. Ltd.		25,709
	3,500	Toda Corp.		23,329
	1,000	Toei Animation Co. Ltd.†		20,049
	500	Toei Co. Ltd.		12,650
	600	Toho Co. Ltd.		19,893
	1,300	Toho Gas Co. Ltd.		28,709
	1,500	Toho Holdings Co. Ltd.†		35,573
	1,400	Toho Titanium Co. Ltd.†		14,474
	1,500	Toho Zinc Co. Ltd.*		10,900
	3,300	Tohoku Electric Power Co., Inc.†		25,789
	5,800	Tokai Carbon Co. Ltd.		38,314
	1,000	Tokai Corp.		14,222
	1,300	TOKAI Holdings Corp.		8,459
	1,300	Tokai Rika Co. Ltd.		22,208
	4,800	Tokai Tokyo Financial Holdings, Inc.		19,057
	200	Token Corp.		13,912
	10,100	Tokio Marine Holdings, Inc.		315,250
	1,100	Tokuyama Corp.		19,184
	2,800	Tokyo Century Corp.		29,039
	6,100	Tokyo Electric Power Co. Holdings, Inc.*		37,000
	600	Tokyo Electron Device Ltd.†		27,111
	2,700	Tokyo Electron Ltd.		700,238
	1,400	Tokyo Gas Co. Ltd.		31,777
	1,400	Tokyo Kiraboshi Financial Group, Inc.		43,328
	700	Tokyo Ohka Kogyo Co. Ltd.		21,072
	600	Tokyo Seimitsu Co. Ltd.		46,314
	2,000	Tokyo Steel Manufacturing Co. Ltd.†		21,852
	2,700	Tokyo Tatemono Co. Ltd.		45,401
	400	Tokyotokeiba Co. Ltd.†		11,811
	1,700	Tokyu Construction Co. Ltd.		9,276
	3,000	Tokyu Corp.		36,435
	9,700	Tokyu Fudosan Holdings Corp.		78,014
	5,300	TOMONY Holdings, Inc.		14,565
	1,900	Tomy Co. Ltd.		34,591
	1,500	Topcon Corp.		17,246
	1,500	TOPPAN Holdings, Inc.		37,416
	1,100	Topre Corp.		18,595
	500	Topy Industries Ltd.		8,882
	9,400	Toray Industries, Inc.		45,056
	1,100	Toridoll Holdings Corp.†		29,989
	1,300	Tosei Corp.		20,550
	500	Toshiba TEC Corp.		9,925
	1,900	Tosoh Corp.		25,736
	1,000	Totetsu Kogyo Co. Ltd.		19,692
	1,600	TOTO Ltd.		44,772
	600	Towa Corp.†		39,556
	900	Towa Pharmaceutical Co. Ltd.		17,420
	3,100	Toyo Construction Co. Ltd.†		26,499

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	200	Toyo Gosei Co. Ltd.†	$	12,776
	1,000	Toyo Seikan Group Holdings Ltd.		15,719
	500	Toyo Suisan Kaisha Ltd.		30,523
	400	Toyo Tanso Co. Ltd.		21,192
	2,500	Toyo Tire Corp.		47,017
	2,500	Toyobo Co. Ltd.		18,348
	1,600	Toyoda Gosei Co. Ltd.†		35,090
	600	Toyota Boshoku Corp.		10,182
	800	Toyota Industries Corp.		83,049
	75,400	Toyota Motor Corp.		1,895,709
	1,800	Toyota Tsusho Corp.		122,830
	600	TPR Co. Ltd.†		9,314
	300	Trancom Co. Ltd.		12,029
	500	Transcosmos, Inc.†		10,173
	1,200	TRE Holdings Corp.†		9,528
	900	Trend Micro, Inc.		45,571
	1,100	Trusco Nakayama Corp.		18,588
	1,600	TS Tech Co. Ltd.		20,272
	1,200	Tsubaki Nakashima Co. Ltd.		6,564
	600	Tsubakimoto Chain Co.		20,135
	1,700	Tsuburaya Fields Holdings, Inc.†		19,608
	1,900	Tsugami Corp.		14,396
	1,600	Tsumura & Co.		39,773
	300	Tsuruha Holdings, Inc.		21,393
	700	TV Asahi Holdings Corp.		9,641
	700	Tv Tokyo Holdings Corp.		13,669
	800	U-Next Holdings Co. Ltd.		27,322
	1,000	UACJ Corp.		28,504
	2,000	UBE Corp.		35,526
	200	Uchida Yoko Co. Ltd.		9,116
	600	Ulvac, Inc.		38,367
	1,000	Unicharm Corp.		31,834
	800	Unipres Corp.†		6,125
	1,100	United Super Markets Holdings, Inc.†		7,245
	500	Universal Entertainment Corp.†		6,361
	2,000	Ushio, Inc.		25,492
	3,800	USS Co. Ltd.		31,365
	600	UT Group Co. Ltd.		13,971
	400	V Technology Co. Ltd.		6,556
	1,200	Valor Holdings Co. Ltd.		19,572
	1,000	Valqua Ltd.†		33,360
	1,400	Vision, Inc.*		11,311
	400	Visional, Inc.*		25,578
	1,400	Vital KSK Holdings, Inc.		11,477
	3,800	VT Holdings Co. Ltd.		13,430
	800	Wacoal Holdings Corp.		19,464
	3,000	Wacom Co. Ltd.		12,822
	1,800	Wakita & Co. Ltd.		18,954
	1,600	Warabeya Nichiyo Holdings Co. Ltd.		28,907
	2,000	Welcia Holdings Co. Ltd.		33,981
	500	West Holdings Corp.		9,466
	2,400	West Japan Railway Co.		49,941
	600	WingArc1st, Inc.		12,029
	300	Workman Co. Ltd.†		7,897

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Japan (Continued)
	1,000	Xebio Holdings Co. Ltd.	$	6,375
	1,200	YA-MAN Ltd.†		7,880
	1,100	Yakult Honsha Co. Ltd.†		22,468
	9,500	Yamada Holdings Co. Ltd.		27,500
	2,100	Yamaguchi Financial Group, Inc.†		21,252
	900	Yamaha Corp.†		19,352
	11,400	Yamaha Motor Co. Ltd.		104,639
	1,300	Yamaichi Electronics Co. Ltd.		20,688
	2,100	Yamato Holdings Co. Ltd.		30,186
	400	Yamato Kogyo Co. Ltd.		22,677
	1,500	Yamazaki Baking Co. Ltd.		38,635
	1,700	Yamazen Corp.†		14,981
	400	Yaoko Co. Ltd.†		24,016
	1,200	Yaskawa Electric Corp.		50,765
	1,200	Yellow Hat Ltd.		15,680
	600	Yodogawa Steel Works Ltd.†		18,094
	600	Yokogawa Bridge Holdings Corp.		11,546
	2,000	Yokogawa Electric Corp.		45,885
	1,100	Yokohama Rubber Co. Ltd.		29,546
	2,500	Yokorei Co. Ltd.		16,977
	1,500	Yokowo Co. Ltd.		15,200
	1,100	Yonex Co. Ltd.		8,022
	1,100	Yoshinoya Holdings Co. Ltd.		24,510
	500	Yuasa Trading Co. Ltd.		17,407
	700	Zenkoku Hosho Co. Ltd.†		25,003
	900	Zensho Holdings Co. Ltd.†		37,426
	2,300	Zeon Corp.†		19,972
	800	ZERIA Pharmaceutical Co. Ltd.		11,182
	1,100	Zojirushi Corp.		10,427
	1,000	ZOZO, Inc.†		24,752
				38,949,890
		Netherlands—2.4%
	2,261	Aalberts NV		108,768
	3,265	ABN AMRO Bank NV, CVA#		55,831
	576	Acomo NV		10,912
	101	Adyen NV*,#		170,855
	11,005	Aegon Ltd.		67,081
	4,173	Aegon Ltd., Registered†		25,247
	1,218	Akzo Nobel NV		90,905
	292	Alfen NV†,#,*		15,751
	3,191	Allfunds Group PLC		23,048
	580	AMG Critical Materials NV		13,165
	923	Aperam SA		29,166
	1,347	Arcadis NV		82,470
	2,831	ArcelorMittal SA		77,745
	396	ASM International NV		241,766
	1,963	ASML Holding NV		1,889,485
	118	ASML Holding NV, Registered		114,516
	2,907	ASR Nederland NV		142,353
	1,371	Basic-Fit NV†,#,*		30,588
	506	BE Semiconductor Industries NV		77,463
	1,433	Coca-Cola Europacific Partners PLC		101,263
	988	Corbion NV		21,158

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Netherlands (Continued)
	954	CTP NV#	$	17,003
	691	Flow Traders Ltd.†		13,620
	3,265	Fugro NV*		80,030
	576	Heineken NV		55,517
	541	IMCD NV		95,341
	16,312	ING Groep NV		268,302
	3,861	InPost SA*		59,503
	1,082	JDE Peet's NV		22,716
	9,384	Koninklijke Ahold Delhaize NV		280,635
	7,677	Koninklijke BAM Groep NV		29,088
	1,262	Koninklijke Heijmans NV, CVA		23,364
	20,387	Koninklijke KPN NV		76,233
	3,646	Koninklijke Philips NV		73,186
	1,756	Koninklijke Philips NV†,*		35,120
	1,604	Koninklijke Vopak NV		61,830
	198	Nedap NV		14,440
	2,998	NN Group NV		138,497
	2,076	OCI NV		56,866
	17,809	Pharming Group NV†,*		19,578
	14,292	PostNL NV†		19,459
	5,120	Prosus NV		160,602
	1,154	Randstad NV†		60,905
	2,766	SBM Offshore NV†		44,135
	2,800	Signify NV#		86,334
	839	Sligro Food Group NV		12,690
	799	TKH Group NV		34,049
	1,381	TomTom NV†,*		11,040
	3,210	Universal Music Group NV		96,551
	739	Van Lanschot Kempen NV		25,114
	2,724	Wolters Kluwer NV		426,712
				5,787,996
		New Zealand—0.2%
	5,589	a2 Milk Co. Ltd.†,*		22,639
	45,960	Air New Zealand Ltd.		16,613
	11,996	Arvida Group Ltd.		7,955
	6,449	Auckland International Airport Ltd.		32,172
	12,705	Channel Infrastructure NZ Ltd.		11,538
	7,155	Chorus Ltd.		32,873
	5,950	Contact Energy Ltd.		30,749
	1,219	EBOS Group Ltd.		24,944
	2,561	Fisher & Paykel Healthcare Corp. Ltd.		39,246
	9,814	Fletcher Building Ltd.		24,157
	3,784	Freightways Group Ltd.		20,008
	12,901	Genesis Energy Ltd.		18,961
	14,022	Heartland Group Holdings Ltd.†		10,723
	4,880	Infratil Ltd.		31,750
	21,719	KMD Brands Ltd.		7,137
	647	Mainfreight Ltd.		26,943
	5,585	Mercury NZ Ltd.		23,124
	5,888	Meridian Energy Ltd.		20,790
	12,393	Oceania Healthcare Ltd.†		4,665
	1,991	Port of Tauranga Ltd.		6,423
	684	Restaurant Brands New Zealand Ltd.		1,430

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		New Zealand (Continued)
	7,473	Ryman Healthcare Ltd.*	$	20,315
	2,832	Skellerup Holdings Ltd.†		7,648
	6,026	SKY Network Television Ltd.		10,189
	18,375	SKYCITY Entertainment Group Ltd.†		22,835
	7,885	Spark New Zealand Ltd.		22,447
	4,276	Summerset Group Holdings Ltd.		29,124
	7,097	Vector Ltd.		16,409
	5,190	Warehouse Group Ltd.		4,806
				548,613
		Norway—0.8%
	21,108	ABG Sundal Collier Holding ASA		11,821
	2,559	Adevinta ASA*		26,824
	511	AF Gruppen ASA		6,552
	204	Aker ASA, Class A		11,716
	4,007	Aker BP ASA		99,580
	4,348	Aker Solutions ASA		15,547
	1,456	Atea ASA		17,408
	758	Atlantic Sapphire ASA*		63
	2,299	Austevoll Seafood ASA		18,042
	11,411	B2 Impact ASA		8,409
	438	Bakkafrost P/F		28,120
	621	Bluenord ASA*		32,776
	480	Bonheur ASA		10,589
	2,956	Borr Drilling Ltd.†,*		20,249
	1,580	Borregaard ASA		27,535
	1,681	Bouvet ASA		9,585
	2,559	BW LPG Ltd.#		28,521
	5,362	BW Offshore Ltd.		13,434
	1,212	Cadeler AS, ADR*		21,986
	968	Crayon Group Holding ASA*,#		7,124
	4,353	DNB Bank ASA		86,246
	12,792	DNO ASA		11,488
	6,672	Elkem ASA#		13,103
	745	Entra ASA#		7,699
	9,681	Equinor ASA		255,390
	4,440	Europris ASA#		31,900
	1,012	FLEX LNG Ltd.		25,168
	1,736	Frontline PLC		39,400
	1,401	Gjensidige Forsikring ASA		20,286
	2,309	Golden Ocean Group Ltd.		29,074
	768	Grieg Seafood ASA		4,810
	3,883	Hafnia Ltd.		26,700
	2,715	Hexagon Composites ASA*		4,704
	931	Hexagon Purus ASA*		536
	2,783	Hoegh Autoliners ASA		23,635
	1,218	Kid ASA#		15,909
	3,798	Kitron ASA		11,894
	391	Kongsberg Gruppen ASA		26,993
	7,739	Leroy Seafood Group ASA		34,046
	15,523	LINK Mobility Group Holding ASA*		28,282
	2,023	Mowi ASA		37,072
	6,935	MPC Container Ships ASA		8,014
	14,484	NEL ASA*		6,441

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Norway (Continued)
	864	Nordic Semiconductor ASA*	$	6,828
	9,874	Norsk Hydro ASA		54,024
	5,255	Norske Skog ASA#		16,235
	23,135	Norwegian Air Shuttle ASA*		34,884
	5,186	Odfjell Drilling Ltd.		23,263
	805	Odfjell SE, Class A		10,158
	864	Odfjell Technology Ltd.		5,149
	6,202	OKEA ASA		14,156
	973	Okeanis Eco Tankers Corp.*,#		28,724
	4,229	Orkla ASA		29,815
	43,866	PGS ASA*		31,767
	1,686	Protector Forsikring ASA		35,253
	397	Salmar ASA		26,161
	4,491	Scatec ASA#		29,846
	614	Schibsted ASA, Class A		19,614
	840	Schibsted ASA, Class B		25,425
	6,053	Shelf Drilling Ltd.*,#		14,162
	1,208	Sparebank 1 Oestlandet		13,842
	1,083	SpareBank 1 Sorost-Norge		6,684
	1,199	SpareBank 1 SR-Bank ASA		15,020
	580	Stolt-Nielsen Ltd.		21,370
	4,328	Storebrand ASA		39,866
	2,103	Subsea 7 SA		33,425
	3,478	Telenor ASA		38,684
	2,114	TGS ASA		23,016
	1,776	TOMRA Systems ASA		27,736
	5,444	Var Energi ASA		17,877
	1,273	Veidekke ASA		13,836
	2,083	Wallenius Wilhelmsen ASA		16,951
	388	Wilh Wilhelmsen Holding ASA, Class A		12,473
	1,244	Yara International ASA		39,291
				1,890,206
		Portugal—0.2%
	3,185	Altri SGPS SA†		17,971
	189,974	Banco Comercial Portugues SA, Class R*		64,068
	976	Corticeira Amorim SGPS SA†		10,351
	2,841	CTT-Correios de Portugal SA		12,658
	14,431	EDP - Energias de Portugal SA		56,204
	1,832	EDP Renovaveis SA		24,795
	5,216	Galp Energia SGPS SA		86,182
	1,062	Greenvolt-Energias Renovaveis SA*		9,349
	1,457	Jeronimo Martins SGPS SA		28,891
	7,098	Mota-Engil SGPS SA†		36,872
	5,953	Navigator Co. SA†		26,011
	8,146	NOS SGPS SA†		31,866
	10,709	REN - Redes Energeticas Nacionais SGPS SA		25,417
	20,529	Sonae SGPS SA		19,490
				450,125
		Singapore—0.7%
	4,200	AEM Holdings Ltd.†		6,812
	26,296	Capitaland India Trust		20,449
	14,300	CapitaLand Investment Ltd.		28,383

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares				Value (Note 1)
		Singapore (Continued)
	6,300	City Developments Ltd.		$	27,295
	23,400	ComfortDelGro Corp. Ltd.			24,262
	10,522	DBS Group Holdings Ltd.			280,769
	3,900	DFI Retail Group Holdings Ltd.			8,385
	18,300	First Resources Ltd.			18,568
	23,100	Frencken Group Ltd.			28,570
	35,400	Genting Singapore Ltd.			23,202
	72,500	Geo Energy Resources Ltd.			18,524
	132,400	Golden Agri-Resources Ltd.			26,475
	800	Great Eastern Holdings Ltd.			10,795
	11,200	GuocoLand Ltd.			12,442
	2,600	Haw Par Corp. Ltd.			18,640
	3,200	Hong Leong Finance Ltd.			5,901
	7,200	Hongkong Land Holdings Ltd.			22,104
	192,400	Hutchison Port Holdings Trust			24,242
	1,900	iFAST Corp. Ltd.			9,372
	1,700	Jardine Cycle & Carriage Ltd.			30,431
	60,455	Keppel Infrastructure Trust			22,163
	7,500	Keppel Ltd.			40,770
	12,300	Nanofilm Technologies International Ltd.			6,513
	46,800	Netlink NBN Trust			29,635
	8,300	Olam Group Ltd.			6,885
	16,439	Oversea-Chinese Banking Corp. Ltd.			164,238
	25,200	Raffles Medical Group Ltd.			19,410
	2,823	SATS Ltd.*			5,436
	442,537	Seatrium Ltd.*			25,892
	10,100	Sembcorp Industries Ltd.			40,393
	19,200	Sheng Siong Group Ltd.			21,756
	14,299	Singapore Airlines Ltd.†			67,775
	7,100	Singapore Exchange Ltd.			48,429
	32,900	Singapore Post Ltd.			10,234
	13,200	Singapore Technologies Engineering Ltd.			39,299
	17,800	Singapore Telecommunications Ltd.	��		33,352
	22,000	StarHub Ltd.			19,226
	5,192	Straits Trading Co. Ltd.			5,652
	9,500	UMS Holdings Ltd.			9,498
	10,200	United Overseas Bank Ltd.			221,412
	6,300	UOL Group Ltd.			26,828
	3,100	Venture Corp. Ltd.			32,762
	15,300	Wilmar International Ltd.			38,866
	15,000	Wing Tai Holdings Ltd.			15,664
	23,500	Yangzijiang Shipbuilding Holdings Ltd.			33,242
					1,630,951
		Spain—1.7%
	227	Acciona SA			27,637
	2,509	Acerinox SA			27,515
	2,524	ACS Actividades de Construccion y Servicios SA†			105,599
	462	Aena SME SA#			90,938
	1,188	Almirall SA†			10,593
	3,838	Amadeus IT Group SA			246,119
	2,480	Applus Services SA			30,608
	5,985	Atresmedia Corp. de Medios de Comunicacion SA			28,617
	36,165	Banco Bilbao Vizcaya Argentaria SA			430,743

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Spain (Continued)
	9,155	Banco Bilbao Vizcaya Argentaria SA, ADR†	$	108,395
	65,963	Banco de Sabadell SA		103,544
	71,052	Banco Santander SA		346,593
	11,460	Bankinter SA†		83,850
	31,430	CaixaBank SA†		152,350
	2,453	Cellnex Telecom SA#		86,723
	796	Cia de Distribucion Integral Logista Holdings SA		22,242
	861	CIE Automotive SA		24,708
	318	Construcciones y Auxiliar de Ferrocarriles SA†		11,596
	1,292	Corp. ACCIONA Energias Renovables SA†		28,128
	1,692	Ebro Foods SA†		28,184
	986	Elecnor SA		20,477
	3,876	Enagas SA†		57,560
	7,602	Ence Energia y Celulosa SA†		26,458
	3,205	Endesa SA		59,352
	4,660	Ercros SA†		17,646
	10,352	Faes Farma SA		35,124
	823	Ferrovial SE		32,568
	1,842	Fluidra SA		43,560
	9,277	Gestamp Automocion SA#		29,825
	4,339	Global Dominion Access SA#		15,752
	1,891	Grifols SA†,*		17,010
	705	Grupo Catalana Occidente SA†		26,963
	19,014	Iberdrola SA		235,800
	2,164	Indra Sistemas SA†		44,848
	7,916	Industria de Diseno Textil SA		398,570
	494	Laboratorios Farmaceuticos Rovi SA		43,116
	5,075	Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		5,065
	19,051	Mapfre SA†		48,136
	4,190	Melia Hotels International SA*		33,858
	1,262	Naturgy Energy Group SA		27,366
	1,960	Neinor Homes SA†,#		21,484
	145	Pharma Mar SA†		4,496
	2,599	Redeia Corp. SA		44,316
	16,433	Repsol SA		273,732
	11,547	Sacyr SA		42,605
	1,856	Solaria Energia y Medio Ambiente SA†,*		20,234
	2,349	Tecnicas Reunidas SA*		19,057
	58,157	Telefonica SA		256,555
	5,440	Telefonica SA, ADR†		23,990
	3,839	Tubacex SA		13,813
	21,017	Unicaja Banco SA#		26,007
	258	Vidrala SA†		26,777
	742	Viscofan SA†		47,150
				4,033,952
		Sweden—2.2%
	984	AAK AB		23,387
	1,552	AcadeMedia AB#		7,038
	3,422	AddLife AB, Class B		35,806
	3,120	AddNode Group AB		33,345
	1,249	AddTech AB, Class B		28,448
	1,712	AFRY AB		27,350
	741	Alfa Laval AB		29,131

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Sweden (Continued)
	1,866	Alimak Group AB#	$	17,084
	1,793	Alleima AB		12,084
	510	Alligo AB, Class B		7,337
	4,107	Ambea AB#		24,460
	834	Annehem Fastigheter AB, Class B*		1,426
	313	AQ Group AB		15,644
	3,735	Arjo AB, Class B		17,848
	3,136	Assa Abloy AB, Class B		89,973
	13,066	Atlas Copco AB, Class A		220,696
	7,880	Atlas Copco AB, Class B		116,426
	810	Atrium Ljungberg AB, Class B		15,831
	3,696	Attendo AB*,#		14,088
	1,217	Avanza Bank Holding AB†		26,252
	1,245	Axfood AB		36,196
	1,079	Beijer Alma AB		19,495
	1,530	Beijer Ref AB†		22,727
	808	Bergman & Beving AB		15,814
	2,259	Betsson AB, Class B		22,349
	791	Better Collective AS*		21,246
	1,218	Bilia AB, Class A		15,612
	3,167	Billerud Aktiebolag		28,410
	601	BioArctic AB#,*		12,094
	1,495	BioGaia AB, Class B		17,444
	981	Biotage AB		16,671
	3,089	Boliden AB		85,782
	3,759	Bonava AB, Class B†,*		3,719
	1,975	Boozt AB*,#		25,924
	2,967	Bravida Holding AB#		26,028
	670	Bufab AB		26,277
	1,399	Bure Equity AB		44,804
	3,952	Byggmax Group AB*		13,291
	381	Camurus AB*		18,064
	2,626	Castellum AB*		34,567
	447	Catena AB†		21,841
	660	Cellavision AB		14,737
	1,045	Cibus Nordic Real Estate AB publ†		13,697
	855	Clas Ohlson AB, Class B		11,582
	7,868	Cloetta AB, Class B		13,371
	1,066	Concentric AB		19,061
	1,370	Coor Service Management Holding AB#		6,419
	14,402	Corem Property Group AB, Class B†		14,679
	2,643	Dios Fastigheter AB†		21,272
	3,369	Dometic Group AB#		27,238
	11,292	Dustin Group AB#,*		13,334
	736	Elanders AB, Class B		8,581
	1,713	Electrolux AB, Class B†,*		15,302
	3,376	Electrolux Professional AB, Class B		22,078
	4,884	Elekta AB, Class B		36,822
	8,427	Embracer Group AB†,*		18,379
	2,293	Engcon AB†		18,005
	3,115	Epiroc AB, Class A		58,523
	1,782	Epiroc AB, Class B		30,183
	689	Essity AB, Class A		16,414
	4,784	Essity AB, Class B†		113,611

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Sweden (Continued)
	460	Evolution AB#	$	57,182
	1,567	Fabege AB†		14,654
	2,158	Fagerhult Group AB		14,899
	6,378	Fastighets AB Balder, Class B*		46,882
	79	Fenix Outdoor International AG		5,092
	3,690	Fortnox AB		23,076
	703	GARO AB		2,200
	1,600	Getinge AB, Class B		32,197
	2,730	Granges AB		29,534
	6,297	H & M Hennes & Mauritz AB, Class B†		102,703
	888	Hemnet Group AB		27,194
	3,499	Hexagon AB, Class B		41,417
	4,181	Hexatronic Group AB†		12,859
	3,325	Hexpol AB		40,568
	366	HMS Networks AB†		15,852
	3,175	Hoist Finance AB*,#		15,750
	833	Holmen AB, Class B*		33,883
	690	Hufvudstaden AB, Class A		8,380
	2,602	Husqvarna AB, Class B		22,276
	1,077	Indutrade AB*		29,370
	7,076	Instalco AB		27,950
	2,972	International Petroleum Corp.*		35,345
	1,692	Intrum AB†		3,950
	649	INVISIO AB		14,764
	2,675	Inwido AB		36,461
	1,080	JM AB†		22,096
	1,933	Karnov Group AB*		11,937
	2,288	Kindred Group PLC, SDR		26,569
	512	KNOW IT AB		7,558
	2,602	Lagercrantz Group AB, Class B		39,818
	977	Lifco AB, Class B		25,520
	374	Lime Technologies AB		13,172
	1,567	Lindab International AB		33,671
	981	Loomis AB		27,384
	641	Medcap AB*		22,876
	1,134	Medicover AB, Class B		14,620
	2,179	MEKO AB		24,550
	2,979	Millicom International Cellular SA, SDR*		60,727
	1,742	Modern Times Group MTG AB, Class B*		13,605
	510	Momentum Group AB		6,170
	1,828	Munters Group AB#		32,806
	1,021	Mycronic AB		36,056
	2,840	NCAB Group AB		18,612
	2,359	NCC AB, Class B†		32,463
	1,296	New Wave Group AB, Class B		15,507
	5,005	Nibe Industrier AB, Class B†		24,576
	3,170	Nobia AB†,*		1,303
	3,940	Nolato AB, Class B		17,609
	1,234	Nordic Waterproofing Holding AB†		18,907
	1,918	Nordnet AB publ†		35,192
	3,057	Norion Bank AB*		13,337
	474	Note AB*		6,399
	1,681	Nyfosa AB		16,584
	1,014	OEM International AB, Class B		9,947

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Sweden (Continued)
	1,353	Orron Energy AB†,*	$	899
	1,559	OX2 AB*		7,195
	609	Pandox AB		10,224
	6,582	Peab AB, Class B		41,414
	1,578	Platzer Fastigheter Holding AB, Class B		13,563
	1,200	Proact IT Group AB		12,399
	4,394	Ratos AB, Class B†		14,441
	774	Rejlers AB		10,376
	5,625	Resurs Holding AB#		8,151
	362	Saab AB, Class B		32,196
	1,598	Sagax AB, Class B		42,160
	6,434	Samhallsbyggnadsbolaget i Norden AB†		2,541
	6,200	Sandvik AB		137,681
	2,495	Scandi Standard AB		16,689
	2,471	Scandic Hotels Group AB†,#,*		14,456
	609	Sdiptech AB, Class B*		14,827
	1,030	Sectra AB, Class B†		19,933
	2,362	Securitas AB, Class B		24,350
	10,448	Sinch AB#,*		26,213
	13,385	Skandinaviska Enskilda Banken AB, Class A		181,255
	2,462	Skanska AB, Class B†		43,816
	426	SKF AB, Class A		8,696
	2,848	SKF AB, Class B†		58,136
	1,180	SkiStar AB†		17,782
	562	Solid Forsakring AB		3,649
	4,349	SSAB AB, Class A		32,097
	7,406	SSAB AB, Class B		54,590
	9,462	Stillfront Group AB*		8,422
	3,118	Svenska Cellulosa AB SCA, Class B†		47,859
	6,847	Svenska Handelsbanken AB, Class A		69,244
	3,052	Sweco AB, Class B†		34,358
	3,365	Swedbank AB, Class A†		66,740
	1,127	Swedish Orphan Biovitrum AB*		28,133
	2,426	Synsam AB		13,168
	2,312	Systemair AB†		16,502
	6,025	Tele2 AB, Class B		49,477
	1,292	Telefonaktiebolaget LM Ericsson, Class A†		7,049
	30,732	Telefonaktiebolaget LM Ericsson, Class B†		165,489
	19,797	Telia Co. AB		50,732
	1,057	Thule Group AB#		31,866
	836	Trelleborg AB, Class B		29,905
	1,381	Troax Group AB		31,764
	6,750	Truecaller AB, Class B†,*		20,646
	398	VBG Group AB, Class B		11,657
	8,400	Viaplay Group AB†,*		745
	471	Vitec Software Group AB, Class B		24,465
	2,100	Vitrolife AB		39,434
	1,595	Volvo AB, Class A†		43,928
	13,803	Volvo AB, Class B†		374,089
	7,017	Volvo Car AB, Class B*		26,602
	1,622	Wallenstam AB, Class B		7,933

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Sweden (Continued)
	2,008	Wihlborgs Fastigheter AB	$	18,609
				5,177,851
		Switzerland—5.5%
	8,020	ABB Ltd., Registered		372,521
	1,684	Accelleron Industries AG		63,076
	3,006	Adecco Group AG, Registered		118,860
	3,400	Alcon, Inc.		281,973
	362	Allreal Holding AG, Registered		62,136
	137	ALSO Holding AG, Registered		35,547
	19,322	ams-OSRAM AG*		22,443
	47	APG SGA SA		11,517
	1,914	Arbonia AG†		25,595
	24,513	Aryzta AG*		44,495
	590	Ascom Holding AG, Registered		5,384
	148	Autoneum Holding AG†,*		26,520
	2,191	Avolta AG*		91,177
	765	Baloise Holding AG, Registered		119,859
	58	Banque Cantonale de Geneve, Bearer Shares		18,522
	362	Banque Cantonale Vaudoise, Registered†		42,066
	55	Barry Callebaut AG, Registered		79,830
	247	Basilea Pharmaceutica AG, Registered*		10,312
	131	Belimo Holding AG, Registered		64,233
	35	Bell Food Group AG, Registered		10,478
	276	Bellevue Group AG†		6,457
	76	Berner Kantonalbank AG, Registered†		20,562
	300	BKW AG		46,039
	127	Bossard Holding AG, Registered Class A†		30,840
	147	Bucher Industries AG, Registered		64,678
	68	Burckhardt Compression Holding AG		42,601
	137	Burkhalter Holding AG		14,842
	40	Bystronic AG†		21,156
	262	Calida Holding AG, Registered		8,483
	456	Cembra Money Bank AG†		38,175
	1	Chocoladefabriken Lindt & Spruengli AG, Registered		120,641
	2,000	Cie Financiere Richemont SA, Registered Class A		304,929
	79	Cie Financiere Tradition SA, Bearer Shares		12,045
	5,039	Clariant AG, Registered*		68,110
	205	Coltene Holding AG, Registered†		13,093
	95	Comet Holding AG, Registered		33,098
	148	COSMO Pharmaceuticals NV		11,701
	98	CPH Chemie & Papier Holding AG, Registered		9,541
	93	Daetwyler Holding AG, Bearer Shares†		19,181
	761	DKSH Holding AG		51,768
	66	dormakaba Holding AG		34,725
	967	DSM-Firmenich AG		109,958
	3,335	EFG International AG		41,639
	36	Emmi AG, Registered		35,727
	44	EMS-Chemie Holding AG, Registered		33,762
	388	Flughafen Zurich AG, Registered		88,024
	30	Forbo Holding AG, Registered†		38,321
	647	Fundamenta Real Estate AG		11,263
	1,125	Galenica AG#		93,807
	2,505	GAM Holding AG†,*		726

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Switzerland (Continued)
	229	Geberit AG, Registered	$	135,341
	1,595	Georg Fischer AG, Registered		118,318
	29	Givaudan SA, Registered		129,139
	566	Helvetia Holding AG, Registered		78,011
	136	Hiag Immobilien Holding AG		11,943
	3,291	Holcim AG		297,991
	298	Huber & Suhner AG, Registered†		25,179
	547	Implenia AG, Registered†		19,834
	109	Ina Invest Holding AG*		2,055
	36	Inficon Holding AG, Registered		52,612
	12	Interroll Holding AG, Registered		39,918
	16	Intershop Holding AG		11,496
	110	Investis Holding SA†		11,856
	2,012	Julius Baer Group Ltd.		116,189
	80	Jungfraubahn Holding AG, Registered		16,020
	114	Kardex Holding AG, Registered		31,981
	90	Komax Holding AG, Registered†		17,444
	507	Kuehne & Nagel International AG, Registered†		141,107
	580	Landis & Gyr Group AG		44,536
	13	LEM Holding SA, Registered		24,592
	167	Liechtensteinische Landesbank AG†		13,592
	476	Logitech International SA, Registered		42,625
	271	Lonza Group AG, Registered		162,327
	367	Luzerner Kantonalbank AG, Registered†		28,771
	103	Medacta Group SA#		13,979
	636	Medmix AG#		11,298
	9	Metall Zug AG, Registered Class B		13,173
	1,480	Mobilezone Holding AG, Registered†		24,386
	165	Mobimo Holding AG, Registered†		47,386
	16,124	Nestle SA, Registered		1,711,896
	1,918	Novartis AG, ADR		185,528
	9,049	Novartis AG, Registered		876,655
	4,832	OC Oerlikon Corp. AG, Registered		21,281
	136	Orior AG		10,028
	208	Partners Group Holding AG		297,060
	27	Phoenix Mecano AG, Registered*		13,652
	500	PSP Swiss Property AG, Registered		65,532
	78	Rieter Holding AG, Registered†		11,278
	6,700	Roche Holding AG		1,706,481
	298	Roche Holding AG, Bearer Shares		80,295
	200	Romande Energie Holding SA, Registered		11,931
	2,886	Sandoz Group AG*		87,074
	486	Sandoz Group AG, ADR†,*		14,629
	254	Schindler Holding AG, Registered		61,961
	25	Schweiter Technologies AG†		14,082
	273	Sensirion Holding AG†,#,*		20,191
	423	SFS Group AG†		55,628
	1,132	SGS SA, Registered†,*		109,830
	92	Siegfried Holding AG, Registered		93,954
	4,806	SIG Group AG		106,581
	694	Sika AG, Registered		206,696
	194	SKAN Group AG		18,306
	2,142	Softwareone Holding AG		39,474
	242	Sonova Holding AG, Registered		70,063

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Switzerland (Continued)
	68	St. Galler Kantonalbank AG, Registered	$	36,645
	829	Stadler Rail AG†		26,400
	554	Straumann Holding AG, Registered		88,458
	497	Sulzer AG, Registered		60,454
	232	Swatch Group AG, Bearer Shares†		53,868
	534	Swatch Group AG, Registered		24,218
	208	Swiss Life Holding AG, Registered		145,809
	1,371	Swiss Prime Site AG, Registered		129,294
	3,164	Swiss Re AG		406,792
	339	Swisscom AG, Registered*		207,268
	164	Swissquote Group Holding SA, Registered		46,044
	853	Temenos AG, Registered		60,987
	174	TX Group AG		28,748
	276	u-blox Holding AG†		26,564
	13,387	UBS Group AG, Registered		411,771
	1,464	UBS Group AG, Registered†		44,974
	335	Valiant Holding AG, Registered		39,300
	336	VAT Group AG#		174,101
	23	Vaudoise Assurances Holding SA		11,451
	400	Vetropack Holding AG, Registered		14,437
	540	Vontobel Holding AG, Registered		32,753
	77	VP Bank AG, Class A		8,009
	318	VZ Holding AG		38,787
	106	Walliser Kantonalbank, Registered		13,575
	6	Warteck Invest AG, Registered		12,208
	59	Ypsomed Holding AG, Registered		23,584
	104	Zehnder Group AG, Registered*		6,896
	6	Zug Estates Holding AG, Class B		12,108
	2	Zuger Kantonalbank AG, Brearer Shares		17,741
	875	Zurich Insurance Group AG		471,822
				13,180,687
		United Kingdom—8.8%
	7,312	3i Group PLC		259,238
	533	4imprint Group PLC		42,651
	38,071	abrdn PLC†		67,800
	2,939	Accesso Technology Group PLC*		19,883
	2,058	Admiral Group PLC		73,691
	3,336	Advanced Medical Solutions Group PLC		8,253
	1,488	AG Barr PLC		10,930
	23,240	Airtel Africa PLC#		31,034
	6,044	AJ Bell PLC		23,068
	12,432	Alliance Pharma PLC†		6,229
	6,600	Anglo American PLC		162,589
	2,371	Antofagasta PLC		61,018
	8,120	Ascential PLC†,*		31,135
	8,024	Ashmore Group PLC		19,820
	4,716	Ashtead Group PLC		335,710
	1,378	Ashtead Technology Holdings PLC		13,218
	355	ASOS PLC†,*		1,718
	1,357	Associated British Foods PLC		42,784
	5,866	AstraZeneca PLC		790,575
	2,628	AstraZeneca PLC, ADR		178,047

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		United Kingdom (Continued)
	2,563	Atalaya Mining PLC†	$	12,551
	1,309	Auction Technology Group PLC*		10,210
	7,793	Auto Trader Group PLC#		68,871
	9,711	Aviva PLC		60,867
	835	Avon Rubber PLC		11,403
	9,181	B&M European Value Retail SA		63,246
	6,888	Babcock International Group PLC		45,207
	8,429	BAE Systems PLC		143,569
	9,792	Balfour Beatty PLC		47,236
	897	Bank of Georgia Group PLC		57,174
	89,247	Barclays PLC		206,362
	3,662	Barclays PLC, ADR†		34,606
	10,368	Barratt Developments PLC		62,237
	9,934	Beazley PLC		83,442
	2,110	Bellway PLC		70,946
	733	Berkeley Group Holdings PLC		44,019
	2,271	Bloomsbury Publishing PLC		15,134
	2,945	Bodycote PLC		25,889
	8,370	boohoo Group PLC†,*		3,799
	163,993	BP PLC		1,026,018
	7,412	BP PLC, ADR		279,284
	5,382	Breedon Group PLC		26,119
	5,028	Bridgepoint Group PLC#		16,513
	12,171	British American Tobacco PLC		369,601
	773	British American Tobacco PLC, ADR		23,577
	4,032	Britvic PLC		41,832
	414	Brooks Macdonald Group PLC		9,432
	97,861	BT Group PLC†		135,434
	1,635	Bunzl PLC		62,899
	2,654	Burberry Group PLC		40,632
	3,634	Burford Capital Ltd.		57,012
	5,366	Bytes Technology Group PLC		34,609
	11,474	C&C Group PLC		23,721
	40,000	Capita PLC*		6,664
	3,477	Capricorn Energy PLC		7,680
	7,460	Card Factory PLC*		8,700
	510	Carnival PLC*		7,528
	21,596	Centamin PLC		30,774
	6,675	Central Asia Metals PLC		16,648
	98,182	Centrica PLC		158,184
	3,018	Chemring Group PLC		13,827
	2,609	Chesnara PLC		8,660
	577	Clarkson PLC		29,203
	2,800	Close Brothers Group PLC		14,779
	3,114	CMC Markets PLC#		8,549
	33,791	Coats Group PLC		34,589
	1,369	Coca-Cola HBC AG		43,249
	10,000	Compass Group PLC		293,197
	1,605	Computacenter PLC		54,614
	9,207	ConvaTec Group PLC#		33,281
	568	Cranswick PLC		29,364
	4,845	Crest Nicholson Holdings PLC		11,814
	828	CRH PLC		71,357
	549	Croda International PLC		33,967

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		United Kingdom (Continued)
	21,706	Currys PLC*	$	16,588
	914	CVS Group PLC		11,248
	5,495	Darktrace PLC*		30,294
	1,019	DCC PLC		74,081
	2,945	De La Rue PLC*		3,029
	10,115	Deliveroo PLC*,#		15,103
	6,669	DFS Furniture PLC		9,310
	9,998	Diageo PLC		369,168
	335	Diploma PLC		15,737
	20,487	Direct Line Insurance Group PLC*		50,435
	3,490	DiscoverIE Group PLC		33,345
	1,714	Diversified Energy Co. PLC†		20,508
	7,529	Domino's Pizza Group PLC		32,746
	8,792	dotdigital group PLC		9,543
	21,490	Dowlais Group PLC		21,156
	7,369	Dr Martens PLC		8,161
	7,218	Drax Group PLC		45,679
	24,538	DS Smith PLC		122,861
	2,804	Dunelm Group PLC		40,062
	2,569	easyJet PLC		18,508
	5,917	Ecora Resources PLC†		5,706
	13,055	Elementis PLC*		24,452
	2,131	Energean PLC		29,398
	74,403	EnQuest PLC*		13,241
	3,543	Entain PLC		35,658
	5,759	Essentra PLC		12,778
	3,432	Evraz PLC*		—
	4,699	Experian PLC		204,851
	1,729	FDM Group Holdings PLC		7,485
	5,122	Ferrexpo PLC*		2,823
	1,189	Fevertree Drinks PLC		18,023
	20,184	Firstgroup PLC†		45,957
	478	Flutter Entertainment PLC*		95,262
	4,050	Forterra PLC#		8,802
	3,491	Frasers Group PLC*		35,734
	2,026	Fresnillo PLC		12,016
	1,255	Fuller Smith & Turner PLC, Class A		9,346
	1,310	Fund Technologies PLC*		20,304
	2,410	Future PLC†		18,646
	2,798	Galliford Try Holdings PLC		8,476
	465	Games Workshop Group PLC		58,925
	1,706	Gamma Communications PLC		29,456
	5,050	GB Group PLC		17,362
	6,960	Genel Energy PLC†		7,318
	2,857	Genuit Group PLC		15,902
	882	Georgia Capital PLC*		14,761
	86,470	Glencore PLC		475,078
	3,132	Grafton Group PLC, CDI		39,618
	14,240	Grainger PLC†		46,334
	27,394	Greencore Group PLC*		41,248
	1,534	Greggs PLC		55,645
	21,221	GSK PLC		457,633
	1,505	GSK PLC, ADR		64,519
	9,789	Gulf Keystone Petroleum Ltd.†,*		13,998

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		United Kingdom (Continued)
	4,549	Gym Group PLC†,#,*	$	6,591
	13,671	Haleon PLC		57,476
	6,271	Halfords Group PLC		12,704
	945	Halma PLC		28,244
	15,421	Harbour Energy PLC		53,681
	5,962	Hargreaves Lansdown PLC		55,384
	21,097	Hays PLC		25,150
	1,995	Headlam Group PLC		4,432
	3,050	Helical PLC		8,007
	7,460	Helios Towers PLC*		8,935
	3,074	Henry Boot PLC		6,984
	2,424	Hikma Pharmaceuticals PLC		58,696
	1,312	Hill & Smith PLC		32,390
	2,081	Hilton Food Group PLC		22,142
	5,520	Hiscox Ltd.		86,392
	5,513	Hochschild Mining PLC*		8,865
	3,986	Hollywood Bowl Group PLC		16,577
	7,741	Howden Joinery Group PLC		88,597
	100,865	HSBC Holdings PLC		788,029
	5,484	HSBC Holdings PLC, ADR†		215,850
	3,532	Hunting PLC		14,733
	4,879	Ibstock PLC#		9,280
	13,192	IDOX PLC†		10,423
	7,234	IG Group Holdings PLC		66,652
	2,433	IMI PLC		55,735
	910	Impax Asset Management Group PLC		5,335
	9,231	Imperial Brands PLC		206,221
	6,599	Inchcape PLC		60,301
	2,109	Indivior PLC*		45,092
	6,450	Informa PLC		67,667
	3,740	IntegraFin Holdings PLC		13,123
	917	InterContinental Hotels Group PLC		95,392
	1,597	Intermediate Capital Group PLC		41,402
	10,061	International Consolidated Airlines Group SA*		22,445
	10,685	International Distributions Services PLC*		30,924
	4,161	International Personal Finance PLC		5,724
	1,532	Intertek Group PLC		96,391
	6,648	Investec PLC		44,605
	3,042	iomart Group PLC		5,583
	35,770	IP Group PLC		21,490
	25,606	IQE PLC†,*		6,787
	32,542	ITV PLC		30,353
	9,541	IWG PLC*		23,229
	19,557	J. Sainsbury PLC		66,745
	2,074	J.D. Wetherspoon PLC*		19,253
	1,083	James Fisher & Sons PLC*		3,568
	3,618	James Halstead PLC†		9,179
	16,601	JD Sports Fashion PLC		28,182
	1,084	JET2 PLC		19,729
	10,403	John Wood Group PLC*		17,371
	1,521	Johnson Matthey PLC		34,344
	7,194	Johnson Service Group PLC		11,931
	8,912	Jupiter Fund Management PLC		9,960
	2,148	Just Eat Takeaway.com NV†,#,*		31,901

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		United Kingdom (Continued)
	30,973	Just Group PLC	$	41,125
	1,680	Kainos Group PLC		20,473
	1,556	Keller Group PLC		20,582
	552	Keywords Studios PLC		9,071
	11,122	Kier Group PLC*		18,474
	23,151	Kingfisher PLC		72,875
	4,919	Lancashire Holdings Ltd.		38,431
	9,246	Learning Technologies Group PLC		9,966
	40,503	Legal & General Group PLC		130,051
	1,556	Liontrust Asset Management PLC		13,197
	419,144	Lloyds Banking Group PLC		273,822
	30,105	Lloyds Banking Group PLC, ADR		77,972
	761	London Stock Exchange Group PLC		91,151
	3,033	LSL Property Services PLC		10,183
	13,116	M&G PLC		36,502
	17,861	Man Group PLC		60,281
	32,319	Marks & Spencer Group PLC		108,138
	1,885	Marshalls PLC		6,538
	18,395	Marston's PLC*		6,559
	11,392	Me Group International PLC		23,926
	3,805	Mears Group PLC		17,721
	7,717	Melrose Industries PLC		65,550
	8,089	Mitchells & Butlers PLC*		23,053
	24,076	Mitie Group PLC		31,907
	150	MJ Gleeson PLC		907
	10,029	Mobico Group PLC		8,810
	4,931	Mondi PLC		86,851
	8,246	Moneysupermarket.com Group PLC		22,876
	7,639	Moonpig Group PLC*		16,323
	7,506	Morgan Advanced Materials PLC		27,000
	1,378	Morgan Sindall Group PLC		40,350
	765	Mortgage Advice Bureau Holdings Ltd.		8,806
	1,086	MP Evans Group PLC†		11,103
	5,870	National Grid PLC		78,978
	1,372	National Grid PLC, ADR†		93,598
	33,155	NatWest Group PLC		111,103
	15,508	NatWest Group PLC, ADR†		105,454
	5,311	NCC Group PLC		8,339
	2,402	Next 15 Group PLC		28,013
	979	Next PLC		114,075
	2,759	Nexxen International Ltd.*		7,313
	5,427	Ninety One PLC†		11,699
	537	NMC Health PLC*		—
	4,680	On the Beach Group PLC*,#		9,758
	8,824	OSB Group PLC		42,032
	1,080	Oxford Instruments PLC		28,966
	5,545	Pagegroup PLC		31,396
	40,396	Pan African Resources PLC		11,472
	3,228	Paragon Banking Group PLC		28,133
	1,213	PayPoint PLC		7,441
	4,475	Pearson PLC		58,853
	3,518	Pennon Group PLC		28,751
	1,878	Persimmon PLC		31,193
	4,723	Petrofac Ltd.†,*		1,635

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		United Kingdom (Continued)
	10,688	Pets at Home Group PLC	$	36,207
	5,331	Phoenix Group Holdings PLC		37,182
	41,805	Pinewood Technologies Group PLC*		20,261
	3,157	Playtech PLC*		18,385
	1,562	Plus500 Ltd.		35,585
	1,124	Polar Capital Holdings PLC		6,462
	14,328	Premier Foods PLC		27,018
	7,055	Prudential PLC		66,160
	1,341	Prudential PLC, ADR†		25,841
	8,123	PureTech Health PLC†,*		22,812
	5,219	PZ Cussons PLC		5,909
	7,065	QinetiQ Group PLC		32,565
	19,168	Quilter PLC#		25,911
	956	Rathbones Group PLC		18,678
	12,130	Reach PLC		12,003
	4,228	Reckitt Benckiser Group PLC		240,777
	6,125	Redde Northgate PLC		29,493
	6,252	Redrow PLC		52,514
	9,691	RELX PLC		418,806
	310	RELX PLC, ADR		13,420
	2,776	Renew Holdings PLC		32,374
	1,514	Renewi PLC*		10,969
	428	Renishaw PLC		22,959
	7,633	Rentokil Initial PLC		45,444
	1,162	Ricardo PLC		6,702
	10,136	Rightmove PLC		70,311
	3,804	Rio Tinto PLC		240,877
	541	Rio Tinto PLC, SP ADR		34,483
	1,675	Robert Walters PLC		8,604
	51,408	Rolls-Royce Holdings PLC*		276,863
	9,205	Rotork PLC		38,200
	5,432	RS Group PLC		49,829
	3,518	RWS Holdings PLC		8,330
	4,500	S4 Capital PLC*		2,985
	3,036	Sabre Insurance Group PLC#		6,874
	948	Saga PLC†,*		1,465
	3,736	Sage Group PLC		59,673
	2,515	Savills PLC		33,838
	5,215	Schroders PLC		24,788
	5,266	Senior PLC		11,751
	25,172	Serco Group PLC		60,269
	4,307	Serica Energy PLC		10,247
	11,630	Severfield PLC		8,044
	1,639	Severn Trent PLC		51,096
	53,100	Shell PLC		1,759,279
	9,675	Shell PLC, ADR		648,612
	9,302	SIG PLC*		3,428
	33,155	Sirius Real Estate Ltd.		40,989
	2,645	Smart Metering Systems PLC		31,781
	2,913	Smith & Nephew PLC		36,458
	833	Smith & Nephew PLC, ADR†		21,125
	1,470	Smiths Group PLC		30,456
	1,667	Softcat PLC		33,412
	797	Spectris PLC		33,266

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		United Kingdom (Continued)
	12,936	Speedy Hire PLC	$	4,147
	170	Spirax-Sarco Engineering PLC		21,564
	7,170	Spire Healthcare Group PLC#		20,995
	10,386	Spirent Communications PLC		26,217
	4,519	SSE PLC		94,110
	11,406	SSP Group PLC		31,556
	4,597	St. James's Place PLC		26,951
	15,119	Standard Chartered PLC		128,120
	4,177	SThree PLC		22,670
	3,024	Synthomer PLC*		9,916
	6,868	Tate & Lyle PLC		53,528
	21,402	Taylor Wimpey PLC		37,021
	704	TBC Bank Group PLC		28,567
	2,011	Telecom Plus PLC		41,322
	41,950	Tesco PLC		157,041
	25,894	THG PLC†,*		22,557
	5,954	TI Fluid Systems PLC#		10,821
	16,738	TP ICAP Group PLC		47,575
	5,304	Trainline PLC#,*		24,796
	5,604	Travis Perkins PLC		51,591
	2,958	TT Electronics PLC		5,921
	42,736	Tullow Oil PLC†,*		16,808
	4,191	Tyman PLC		15,314
	7,296	Unilever PLC		366,172
	4,797	United Utilities Group PLC		62,301
	6,783	Vanquis Banking Group PLC		4,512
	11,363	Vertu Motors PLC		9,681
	5,245	Vesuvius PLC		32,782
	863	Victrex PLC		14,149
	1,479	Videndum PLC		5,395
	20,342	Virgin Money U.K. PLC		54,918
	4,160	Vistry Group PLC		64,582
	244,935	Vodafone Group PLC		217,823
	3,200	Volex PLC		11,632
	6,400	Volution Group PLC		35,106
	3,542	Watches of Switzerland Group PLC*,#		16,031
	5,138	Watkin Jones PLC†		2,639
	2,052	Weir Group PLC		52,368
	1,764	WH Smith PLC		29,322
	1,109	Whitbread PLC		46,387
	5,006	Wickes Group PLC		9,800
	3,672	Wincanton PLC		27,808
	1,347	Wise PLC, Class A*		15,787
	4,839	WPP PLC		46,026
	248	WPP PLC, ADR†		11,755
	930	XPS Pensions Group PLC		2,712
	589	Young & Co's Brewery PLC, Class A†		7,271
				21,236,576
		United States—0.0%
	1,592	ADTRAN Holdings, Inc.		8,650
	3,578	Arcadium Lithium PLC, CDI*		15,808

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		United States (Continued)
	2,586	Newmont Corp., CDI	$	90,510
				114,968
		TOTAL  COMMON STOCKS (Cost $146,725,677)		168,706,572
		Affiliated Investment Company—28.5%
		United States—28.5%
	2,989,806	DFA Emerging Markets Core Equity Portfolio, Class I‡‡ (Cost $58,690,540)		68,496,445

		Expiration Date
	WarrantS—0.0%
	Canada—0.0%
122	Constellation Software, Inc.*,§	03/31/2040	0
	TOTAL  WARRANTS (Cost $0)		0
	Rights—0.0%
	Sweden—0.0%
3,170	Nobia AB*,§	04/17/2024	1,688
	TOTAL RIGHTS (Cost $11,323)		1,688
	Preferred Stocks—0.4%
	Germany—0.4%
666	Bayerische Motoren Werke AG, 8.59%		71,420
882	Dr Ing hc F Porsche AG, 1.09%#		87,809
387	Draegerwerk AG & Co. KGaA, 0.38%		21,251
120	Einhell Germany AG,1.93%		19,808
1,205	FUCHS SE, 2.33%		59,671
805	Henkel AG & Co. KGaA, 2.49%		64,701
949	Jungheinrich AG, 1.99%		35,097
917	Porsche Automobil Holding SE, 5.22%		48,595
183	Sartorius AG, 0.39%*		72,772
491	Sixt SE, 9.04%		36,021
88	STO SE & Co. KGaA, 3.18%		15,019
2,512	Volkswagen AG, 7.16%		332,905
			865,069
	Italy—0.0%
1,392	Danieli & C Officine Meccaniche SpA, 1.35%		36,718

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares						Value (Note 1)
		Italy (Continued)
	29,205	Telecom Italia SpA, 0.0%*				$	7,184
							43,902
		TOTAL PREFERRED STOCK (Cost $1,059,018)					908,971
			7-Day Yield
		Short-Term Investments—3.6%
	8,695,480	State Street Navigator Securities Lending Government Money Market Portfolio (Cost $8,695,480)††		5.37	%		8,695,480
		TOTAL INVESTMENTS, AT VALUE—102.6% (Cost $215,182,038)					246,809,156
		Liabilities in Excess of Other Assets—(2.6)%					(6,288,910	)
		NET ASSETS—100.0%				$	240,520,246

Notes to the Schedule of Investments:
ADR—American Depositary Receipt
SP ADR—Sponsored American Depositary Receipt
†	Denotes all or a portion of security on loan. As of March 31, 2024, the market value of the securities on loan was $15,842,588 (Note 1).
††	Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $8,053,582.
§	Fair valued security  - Represents fair value as measured based on the Portfolio Valuation policies specified in Note 1. As of March 31, 2024, the total value of the fair valued securities was $1,688.
*	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 March 31, 2024, amounts to approximately $3,635,075, and represents 1.51% of net assets.
‡‡	Affiliated issuer. Assets with a total aggregate market value of $68,496,445, or 28.5% of net assets, were affiliated with the Fund as of March 31, 2024 (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)

March 31, 2024

At March 31, 2024, 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		28.5	%
Banks		6.7	%
Oil, Gas and Consumable Fuels		5.7	%
Pharmaceuticals		3.9	%
Metals and Mining		3.3	%
Insurance		3.1	%
Machinery		2.9	%
Automobiles		2.4	%
Chemicals		2.4	%
Semiconductors and Semiconductor Equipment		2.3	%
Capital Markets		1.9	%
Food Products		1.8	%
Textiles, Apparel and Luxury Goods		1.8	%
Consumer Staples Distribution & Retail		1.4	%
Construction and Engineering		1.3	%
Diversified Telecommunication Services		1.3	%
Professional Services		1.3	%
Real Estate Management and Development		1.3	%
Electronic Equipment, Instruments & Components		1.2	%
Hotels, Restaurants & Leisure		1.2	%
Trading Companies and Distributors		1.2	%
Automobile Components		1.1	%
Specialty Retail		1.1	%
Household Durables		1.0	%
Aerospace & Defense		0.9	%
Electric Utilities		0.9	%
Electrical Equipment		0.9	%
Health Care Equipment and Supplies		0.9	%
IT Services		0.9	%
Software		0.9	%
Building Products		0.8	%
Commercial Services & Supplies		0.8	%
Beverages		0.7	%
Ground Transportation		0.7	%
Industrial Conglomerates		0.7	%
Broadline Retail		0.6	%
Financial Services		0.6	%
Wireless Telecommunication Services		0.6	%
Air Freight and Logistics		0.5	%
Construction Materials		0.5	%
Health Care Providers and Services		0.5	%
Media		0.5	%
Personal Care Products		0.5	%
Containers and Packaging		0.4	%
Multi-Utilities		0.4	%
Biotechnology		0.3	%
Energy Equipment and Services		0.3	%
Entertainment		0.3	%
Independent Power and Renewable Electricity Producers		0.3	%
Life Sciences Tools and Services		0.3	%
Marine Transportation		0.3	%
Paper and Forest Products		0.3	%

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Tobacco	0.3	%
Transportation Infrastructure	0.3	%
Communications Equipment	0.2	%
Consumer Finance	0.2	%
Gas Utilities	0.2	%
Household Products	0.2	%
Interactive Media & Services	0.2	%
Leisure 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	3.6	%
Total	102.6	%

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

M Large Cap Growth Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

Shares			Value (Note 1)
		Common Stocks—99.1%
		Beverages—1.7%
	79,000	Monster Beverage Corp.*	$	4,683,120
		Biotechnology—2.3%
	46,100	Neurocrine Biosciences, Inc.*		6,358,112
		Broadline Retail—6.4%
	96,300	Amazon.com, Inc.*		17,370,594
		Capital Markets—2.3%
	84,600	Charles Schwab Corp.		6,119,964
		Communications Equipment—5.9%
	55,075	Arista Networks, Inc.*		15,970,649
		Financial Services—9.9%
	65,300	Fiserv, Inc.*		10,436,246
	10,100	Mastercard, Inc., Class A		4,863,857
	41,100	Visa, Inc., Class A		11,470,188
				26,770,291
		Ground Transportation—3.6%
	127,300	Uber Technologies, Inc.*		9,800,827
		Health Care Equipment and Supplies—2.1%
	84,630	Boston Scientific Corp.*		5,796,309
		Hotels, Restaurants & Leisure—1.4%
	1,265	Chipotle Mexican Grill, Inc.*		3,677,064
		Interactive Media & Services—9.5%
	87,850	Alphabet, Inc., Class A*		13,259,200
	25,700	Meta Platforms, Inc., Class A		12,479,406
				25,738,606
		IT Services—2.7%
	11,300	Accenture PLC, Class A		3,916,693
	12,600	EPAM Systems, Inc.*		3,479,616
				7,396,309
		Professional Services—2.7%
	18,850	Automatic Data Processing, Inc.		4,707,599
	13,725	Paycom Software, Inc.		2,731,412
				7,439,011
		Semiconductors and Semiconductor Equipment—23.7%
	67,900	Advanced Micro Devices, Inc.*		12,255,271
	12,600	ASML Holding NV, Registered		12,227,922
	58,700	Entegris, Inc.		8,249,698
	34,950	NVIDIA Corp.		31,579,422
				64,312,313
		Software—24.9%
	13,150	Adobe, Inc.*		6,635,490

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

M Large Cap Growth Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares				Value (Note 1)
		Software (Continued)
	29,700	Autodesk, Inc.*	$	7,734,474
	24,700	Dynatrace, Inc.*		1,147,068
	64,200	Fortinet, Inc.*		4,385,502
	20,600	Intuit, Inc.		13,390,000
	82,020	Microsoft Corp.		34,507,454
				67,799,988
		TOTAL  COMMON STOCKS (Cost $154,618,719)		269,233,157
		TOTAL INVESTMENTS, AT VALUE—99.1% (Cost $154,618,719)		269,233,157
		Other Assets in Excess of Liabilities—0.9%		2,522,904
		NET ASSETS—100.0%	$	271,756,061

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)

March 31, 2024

At March 31, 2024, 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		57.2	%
Financials		12.1	%
Communication Services		9.5	%
Consumer Discretionary		7.8	%
Industrials		6.3	%
Health Care		4.5	%
Consumer Staples		1.7	%
Total		99.1	%

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

Shares			Value (Note 1)
		Common Stocks—98.1%
		Aerospace & Defense—1.3%
	9,999	BWX Technologies, Inc.	$	1,026,098
	3,328	Curtiss-Wright Corp.		851,768
	63,361	Kratos Defense & Security Solutions, Inc.*		1,164,575
				3,042,441
		Automobile Components—3.3%
	50,605	BorgWarner, Inc.		1,758,018
	75,448	Dana, Inc.		958,190
	27,293	Mobileye Global, Inc., Class A†, *		877,470
	22,412	Modine Manufacturing Co.*		2,133,398
	117,671	Stoneridge, Inc.*		2,169,853
				7,896,929
		Banks—3.7%
	36,681	Bancorp, Inc.*		1,227,346
	31,400	Citizens Financial Group, Inc.		1,139,506
	92,393	First BanCorp		1,620,573
	21,594	Pinnacle Financial Partners, Inc.		1,854,493
	17,273	Popular, Inc.		1,521,579
	15,036	Wintrust Financial Corp.		1,569,608
				8,933,105
		Biotechnology—4.9%
	14,083	BioMarin Pharmaceutical, Inc.*		1,230,009
	26,579	Exact Sciences Corp.*		1,835,546
	37,596	Halozyme Therapeutics, Inc.*		1,529,406
	10,362	Incyte Corp.*		590,323
	27,848	Insmed, Inc.*		755,516
	21,705	Natera, Inc.*		1,985,140
	8,244	Sarepta Therapeutics, Inc.*		1,067,268
	2,542	United Therapeutics Corp.*		583,948
	25,809	Vericel Corp.*		1,342,584
	10,889	Viking Therapeutics, Inc.*		892,898
				11,812,638
		Building Products—3.8%
	25,331	AZEK Co., Inc.*		1,272,123
	19,736	Builders FirstSource, Inc.*		4,115,943
	36,784	Trex Co., Inc.*		3,669,204
				9,057,270
		Capital Markets—2.0%
	45,207	Carlyle Group, Inc.		2,120,661
	13,088	Raymond James Financial, Inc.		1,680,761
	21,126	TPG, Inc.		944,332
				4,745,754
		Chemicals—2.0%
	14,136	Albemarle Corp.†		1,862,277
	69,351	Aspen Aerogels, Inc.*		1,220,578

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Chemicals (Continued)
	28,465	FMC Corp.	$	1,813,220
				4,896,075
		Commercial Services & Supplies—0.4%
	56,724	Interface, Inc.		954,098
		Construction and Engineering—4.1%
	13,847	AECOM		1,358,114
	53,380	Granite Construction, Inc.		3,049,599
	39,018	MasTec, Inc.*		3,638,428
	6,907	Quanta Services, Inc.		1,794,439
				9,840,580
		Construction Materials—2.9%
	13,971	Eagle Materials, Inc.		3,796,619
	72,358	Summit Materials, Inc., Class A*		3,224,996
				7,021,615
		Containers and Packaging—0.7%
	110,321	Pactiv Evergreen, Inc.		1,579,797
		Diversified Consumer Services—0.5%
	66,035	Perdoceo Education Corp.		1,159,575
		Diversified Telecommunication Services—0.6%
	20,442	Cogent Communications Holdings, Inc.		1,335,476
		Electrical Equipment—4.0%
	176,316	Array Technologies, Inc.*		2,628,872
	11,104	EnerSys		1,048,884
	2,064	Hubbell, Inc.		856,663
	17,897	NEXTracker, Inc., Class A*		1,007,064
	3,691	Regal Rexnord Corp.		664,749
	97,272	Shoals Technologies Group, Inc., Class A*		1,087,501
	26,923	Vertiv Holdings Co.		2,198,801
				9,492,534
		Electronic Equipment, Instruments & Components—5.8%
	6,371	Belden, Inc.		590,018
	46,075	Coherent Corp.*		2,793,066
	6,827	Fabrinet*		1,290,440
	91,030	Flex Ltd.*		2,604,368
	30,044	Jabil, Inc.		4,024,394
	10,143	Rogers Corp.*		1,203,873
	21,367	Sanmina Corp.*		1,328,600
				13,834,759
		Financial Services—1.2%
	45,303	NMI Holdings, Inc., Class A*		1,465,099

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Financial Services (Continued)
	56,855	Paymentus Holdings, Inc., Class A*	$	1,293,451
				2,758,550
		Food Products—0.7%
	36,932	Darling Ingredients, Inc.*		1,717,707
		Ground Transportation—3.2%
	33,853	Knight-Swift Transportation Holdings, Inc.		1,862,592
	73,333	RXO, Inc.*		1,603,793
	35,170	XPO, Inc.*		4,291,795
				7,758,180
		Health Care Equipment and Supplies—5.6%
	4,802	Align Technology, Inc.*		1,574,672
	28,918	Cooper Cos., Inc.		2,934,020
	15,131	Hologic, Inc.*		1,179,613
	8,783	Inspire Medical Systems, Inc.*		1,886,501
	10,946	Insulet Corp.*		1,876,144
	15,583	Lantheus Holdings, Inc.*		969,886
	32,464	Novocure Ltd.*		507,412
	2,503	STERIS PLC		562,725
	28,342	Tandem Diabetes Care, Inc.*		1,003,590
	47,780	Varex Imaging Corp.*		864,818
				13,359,381
		Hotels, Restaurants & Leisure—3.0%
	25,794	Boyd Gaming Corp.		1,736,452
	68,286	Caesars Entertainment, Inc.*		2,986,830
	40,618	Planet Fitness, Inc., Class A*		2,543,905
				7,267,187
		Industrial REITs—1.1%
	93,408	LXP Industrial Trust		842,540
	14,544	Rexford Industrial Realty, Inc.		731,563
	24,850	STAG Industrial, Inc.		955,234
				2,529,337
		Insurance—1.8%
	5,632	Everest Group Ltd.		2,238,720
	24,657	Trupanion, Inc.†, *		680,780
	16,231	WR Berkley Corp.		1,435,469
				4,354,969
		Interactive Media & Services—0.6%
	96,017	ZoomInfo Technologies, Inc.*		1,539,152
		IT Services—2.2%
	4,536	EPAM Systems, Inc.*		1,252,662
	100,865	Grid Dynamics Holdings, Inc.*		1,239,631
	2,978	MongoDB, Inc.*		1,068,030

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		IT Services (Continued)
	15,988	Okta, Inc.*	$	1,672,664
				5,232,987
		Leisure Products—0.9%
	107,861	Mattel, Inc.*		2,136,726
		Life Sciences Tools and Services—2.5%
	92,959	Avantor, Inc.*		2,376,962
	10,491	Charles River Laboratories International, Inc.*		2,842,536
	18,224	Qiagen NV*		783,450
				6,002,948
		Machinery—1.5%
	15,568	Stanley Black & Decker, Inc.		1,524,574
	89,338	Stratasys Ltd.*		1,038,108
	22,644	Symbotic, Inc.†, *		1,018,980
				3,581,662
		Marine Transportation—0.7%
	18,343	Kirby Corp.*		1,748,455
		Media—1.1%
	156,833	Integral Ad Science Holding Corp.*		1,563,625
	101,718	Magnite, Inc.*		1,093,468
				2,657,093
		Metals and Mining—3.5%
	87,128	ATI, Inc.*		4,458,340
	38,305	Carpenter Technology Corp.		2,735,743
	35,729	MP Materials Corp.†, *		510,925
	42,910	Sigma Lithium Corp.†, *		556,113
				8,261,121
		Office REITs—0.3%
	4,724	Alexandria Real Estate Equities, Inc.		608,971
		Oil, Gas and Consumable Fuels—3.7%
	27,514	Devon Energy Corp.		1,380,652
	63,859	Navigator Holdings Ltd.		980,236
	182,251	Permian Resources Corp.		3,218,553
	64,505	SM Energy Co.		3,215,574
				8,795,015
		Passenger Airlines—2.6%
	43,190	Alaska Air Group, Inc.*		1,856,738
	323,115	Azul SA, ADR†, *		2,510,604
	248,782	Controladora Vuela Cia de Aviacion SAB de CV, ADR†, *		1,845,962
				6,213,304
		Pharmaceuticals—1.3%
	19,394	Amphastar Pharmaceuticals, Inc.*		851,591
	27,760	Elanco Animal Health, Inc.*		451,933
	5,122	Jazz Pharmaceuticals PLC*		616,791

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Pharmaceuticals (Continued)
	37,866	Pacira BioSciences, Inc.*	$	1,106,444
				3,026,759
		Professional Services—3.1%
	8,781	Equifax, Inc.		2,349,093
	32,852	KBR, Inc.		2,091,358
	5,684	Paycom Software, Inc.		1,131,173
	203,528	Planet Labs PBC†, *		518,997
	17,464	TransUnion		1,393,627
				7,484,248
		Real Estate Management and Development—0.4%
	51,384	DigitalBridge Group, Inc.		990,170
		Residential REITs—0.3%
	46,958	Independence Realty Trust, Inc.		757,433
		Retail REITs—0.3%
	32,573	NETSTREIT Corp.†		598,366
		Semiconductors and Semiconductor Equipment—7.7%
	93,590	indie Semiconductor, Inc., Class A†, *		662,617
	7,430	Lattice Semiconductor Corp.*		581,249
	23,922	MACOM Technology Solutions Holdings, Inc.*		2,287,900
	47,415	MaxLinear, Inc.*		885,238
	11,113	MKS Instruments, Inc.		1,478,029
	3,193	Monolithic Power Systems, Inc.		2,163,002
	22,834	Qorvo, Inc.*		2,622,028
	14,123	SiTime Corp.*		1,316,687
	6,007	SolarEdge Technologies, Inc.*		426,377
	41,730	Ultra Clean Holdings, Inc.*		1,917,076
	10,837	Universal Display Corp.		1,825,493
	73,984	Wolfspeed, Inc.†, *		2,182,528
				18,348,224
		Software—1.9%
	19,148	Envestnet, Inc.*		1,108,861
	12,945	Guidewire Software, Inc.*		1,510,811
	1,932	HubSpot, Inc.*		1,210,514
	1,841	Tyler Technologies, Inc.*		782,443
				4,612,629
		Specialty Retail—0.3%
	120,015	Leslie's, Inc.*		780,097
		Technology Hardware, Storage & Peripherals—0.7%
	33,622	Pure Storage, Inc., Class A*		1,748,008
		Trading Companies and Distributors—5.9%
	40,566	Beacon Roofing Supply, Inc.*		3,976,279
	65,371	FTAI Aviation Ltd.		4,399,468
	15,677	GMS, Inc.*		1,525,999

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Trading Companies and Distributors (Continued)
	340,969	MRC Global, Inc.*	$	4,285,981
				14,187,727
		TOTAL  COMMON STOCKS (Cost $166,287,659)		234,659,052

		7-Day Yield
	Short-Term Investments—2.8%
6,773,692	State Street Navigator Securities Lending Government Money Market Portfolio (Cost $6,773,692)††		5.37	%		6,773,692
	TOTAL INVESTMENTS, AT VALUE—100.9% (Cost $173,061,351)					241,432,744
	Liabilities in Excess of Other Assets—(0.9)%					(2,065,063	)
	NET ASSETS—100.0%				$	239,367,681

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 March 31, 2024, the market value of the securities on loan was $11,089,561 (Note 1).
††	Represents collateral received from securities lending transactions. Non-cash collateral amounted to $4,745,801.
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)

March 31, 2024

At March 31, 2024, 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		30.7	%
Information Technology		18.3	%
Health Care		14.3	%
Materials		9.1	%
Financials		8.7	%
Consumer Discretionary		8.0	%
Energy		3.7	%
Real Estate		2.3	%
Communication Services		2.3	%
Consumer Staples		0.7	%
Short-Term Investments		2.8	%
Total		100.9	%

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

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

Shares			Value (Note 1)
		Common Stocks—97.6%
		Aerospace & Defense—2.2%
	500	Huntington Ingalls Industries, Inc.	$	145,735
	2,100	L3Harris Technologies, Inc.		447,510
	3,100	Lockheed Martin Corp.		1,410,097
	9,400	RTX Corp.		916,782
	3,600	Textron, Inc.		345,348
				3,265,472
		Air Freight and Logistics—0.7%
	3,300	FedEx Corp.		956,142
		Automobile Components—0.1%
	800	Lear Corp.		115,904
		Automobiles—1.1%
	62,300	Ford Motor Co.		827,344
	18,500	General Motors Co.		838,975
				1,666,319
		Banks—11.6%
	84,900	Bank of America Corp.		3,219,408
	23,400	Citigroup, Inc.		1,479,816
	5,000	Citizens Financial Group, Inc.		181,450
	1,000	Commerce Bancshares, Inc.		53,200
	700	Cullen/Frost Bankers, Inc.		78,799
	1,600	East West Bancorp, Inc.		126,576
	7,400	Fifth Third Bancorp		275,354
	11,400	Huntington Bancshares, Inc.		159,030
	38,400	JPMorgan Chase & Co.		7,691,520
	7,200	KeyCorp.		113,832
	1,800	M&T Bank Corp.		261,792
	4,300	PNC Financial Services Group, Inc.		694,880
	10,000	Regions Financial Corp.		210,400
	1,900	Webster Financial Corp.		96,463
	39,000	Wells Fargo & Co.		2,260,440
				16,902,960
		Beverages—0.2%
	100	Coca-Cola Consolidated, Inc.		84,641
	2,499	Molson Coors Beverage Co., Class B		168,058
				252,699
		Biotechnology—4.9%
	21,800	AbbVie, Inc.		3,969,780
	6,900	Amgen, Inc.		1,961,808
	16,200	Gilead Sciences, Inc.		1,186,650
				7,118,238
		Broadline Retail—0.3%
	100	Dillard's, Inc., Class A†		47,164

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

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Broadline Retail (Continued)
	6,400	eBay, Inc.	$	337,792
				384,956
		Building Products—1.4%
	1,100	Allegion PLC		148,181
	2,000	Builders FirstSource, Inc.*		417,100
	1,800	Fortune Brands Innovations, Inc.		152,406
	8,200	Johnson Controls International PLC		535,624
	4,200	Masco Corp.		331,296
	1,800	Owens Corning		300,240
	700	UFP Industries, Inc.		86,107
				1,970,954
		Capital Markets—5.0%
	1,400	Ameriprise Financial, Inc.		613,816
	10,900	Bank of New York Mellon Corp.		628,058
	4,200	Carlyle Group, Inc.		197,022
	4,400	Goldman Sachs Group, Inc.		1,837,836
	3,500	Invesco Ltd.		58,065
	2,300	Jefferies Financial Group, Inc.		101,430
	1,000	LPL Financial Holdings, Inc.		264,200
	22,000	Morgan Stanley		2,071,520
	2,300	Northern Trust Corp.		204,516
	2,500	Raymond James Financial, Inc.		321,050
	5,300	Robinhood Markets, Inc., Class A*		106,689
	800	SEI Investments Co.		57,520
	4,400	State Street Corp.		340,208
	1,400	Stifel Financial Corp.		109,438
	2,800	T. Rowe Price Group, Inc.		341,376
				7,252,744
		Chemicals—1.1%
	2,100	CF Industries Holdings, Inc.		174,741
	8,700	Dow, Inc.		503,991
	1,600	Eastman Chemical Co.		160,352
	4,285	LyondellBasell Industries NV, Class A		438,270
	1,850	Olin Corp.		108,780
	1,700	PPG Industries, Inc.		246,330
				1,632,464
		Communications Equipment—1.8%
	53,700	Cisco Systems, Inc.		2,680,167
		Construction Materials—0.1%
	500	Eagle Materials, Inc.		135,875
		Consumer Finance—2.6%
	3,700	Ally Financial, Inc.		150,183
	9,500	American Express Co.		2,163,055
	4,700	Capital One Financial Corp.		699,783
	3,700	Discover Financial Services		485,033

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

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Consumer Finance (Continued)
	5,700	Synchrony Financial	$	245,784
				3,743,838
		Consumer Staples Distribution & Retail—1.0%
	1,000	BJ's Wholesale Club Holdings, Inc.*		75,650
	9,100	Kroger Co.		519,883
	3,900	Sysco Corp.		316,602
	3,300	Target Corp.		584,793
				1,496,928
		Containers and Packaging—0.6%
	1,600	Berry Global Group, Inc.		96,768
	2,300	Crown Holdings, Inc.		182,298
	4,000	Graphic Packaging Holding Co.		116,720
	4,300	International Paper Co.		167,786
	1,500	Packaging Corp. of America		284,670
				848,242
		Diversified Consumer Services—0.2%
	1,100	H&R Block, Inc.		54,021
	2,900	Service Corp. International		215,209
				269,230
		Diversified Telecommunication Services—2.4%
	77,400	AT&T, Inc.		1,362,240
	51,400	Verizon Communications, Inc.		2,156,744
				3,518,984
		Electric Utilities—1.5%
	9,600	Duke Energy Corp.		928,416
	4,400	Edison International		311,212
	2,452	OGE Energy Corp.		84,103
	1,549	Pinnacle West Capital Corp.		115,757
	9,500	PPL Corp.		261,535
	7,700	Southern Co.		552,398
				2,253,421
		Electrical Equipment—0.1%
	500	Regal Rexnord Corp.		90,050
		Electronic Equipment, Instruments & Components—0.7%
	1,200	Arrow Electronics, Inc.*		155,352
	10,900	Corning, Inc.		359,264
	2,500	Jabil, Inc.		334,875
	1,200	TD SYNNEX Corp.		135,720
				985,211
		Energy Equipment and Services—0.6%
	10,900	Baker Hughes Co.		365,150
	10,800	Halliburton Co.		425,736

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

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Energy Equipment and Services (Continued)
	3,100	NOV, Inc.	$	60,512
				851,398
		Financial Services—1.5%
	5,600	Equitable Holdings, Inc.		212,856
	6,544	Fiserv, Inc.*		1,045,862
	3,200	Global Payments, Inc.		427,712
	7,500	PayPal Holdings, Inc.*		502,425
				2,188,855
		Food Products—0.6%
	1,300	Bunge Global SA		133,276
	900	Ingredion, Inc.		105,165
	15,800	Kraft Heinz Co.		583,020
				821,461
		Ground Transportation—0.7%
	24,400	CSX Corp.		904,508
	2,400	U-Haul Holding Co.NV		160,032
	200	U-Haul Holding Co.†, *		13,508
				1,078,048
		Health Care Equipment and Supplies—0.9%
	14,500	Medtronic PLC		1,263,675
		Health Care Providers and Services—7.6%
	3,462	Cardinal Health, Inc.		387,398
	3,200	Cencora, Inc.		777,568
	5,800	Centene Corp.*		455,184
	4,400	Cigna Group		1,598,036
	13,700	CVS Health Corp.		1,092,712
	1,200	DaVita, Inc.*		165,660
	4,000	Elevance Health, Inc.		2,074,160
	5,400	HCA Healthcare, Inc.		1,801,062
	1,800	Henry Schein, Inc.*		135,936
	1,600	Laboratory Corp. of America Holdings		349,536
	2,700	McKesson Corp.		1,449,495
	500	Molina Healthcare, Inc.*		205,415
	2,300	Quest Diagnostics, Inc.		306,153
	1,100	Tenet Healthcare Corp.*		115,621
	1,200	Universal Health Services, Inc., Class B		218,952
				11,132,888
		Hotels, Restaurants & Leisure—0.4%
	1,349	Boyd Gaming Corp.		90,815
	800	Darden Restaurants, Inc.		133,720
	1,400	Expedia Group, Inc.*		192,850
	3,400	MGM Resorts International*		160,514
				577,899
		Household Durables—1.8%
	5,700	DR Horton, Inc.		937,935
	4,400	Lennar Corp., Class A		756,712
	30	NVR, Inc.*		242,999

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

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Household Durables (Continued)
	4,300	PulteGroup, Inc.	$	518,666
	800	Toll Brothers, Inc.		103,496
				2,559,808
		Independent Power and Renewable Electricity Producers—0.3%
	5,600	Vistra Corp.		390,040
		Insurance—6.3%
	8,600	Aflac, Inc.		738,396
	1,000	American Financial Group, Inc.		136,480
	8,600	American International Group, Inc.		672,262
	4,800	Arch Capital Group Ltd.*		443,712
	700	Assurant, Inc.		131,768
	5,500	Chubb Ltd.		1,425,215
	1,900	Cincinnati Financial Corp.		235,923
	3,500	Fidelity National Financial, Inc.		185,850
	1,300	First American Financial Corp.		79,365
	1,200	Globe Life, Inc.		139,644
	4,400	Hartford Financial Services Group, Inc.		453,420
	3,300	Loews Corp.		258,357
	150	Markel Group, Inc.*		228,222
	11,100	MetLife, Inc.		822,621
	3,800	Old Republic International Corp.		116,736
	400	Primerica, Inc.		101,184
	3,400	Principal Financial Group, Inc.		293,454
	4,900	Prudential Financial, Inc.		575,260
	900	Reinsurance Group of America, Inc.		173,592
	5,600	Travelers Cos., Inc.		1,288,784
	2,700	Unum Group		144,882
	800	Willis Towers Watson PLC		220,000
	3,450	WR Berkley Corp.		305,118
				9,170,245
		IT Services—1.7%
	6,000	Cognizant Technology Solutions Corp., Class A		439,740
	10,300	International Business Machines Corp.		1,966,888
	1,500	Twilio, Inc., Class A*		91,725
				2,498,353
		Leisure Products—0.1%
	1,200	Brunswick Corp.		115,824
	3,800	Mattel, Inc.*		75,278
				191,102
		Machinery—4.9%
	950	AGCO Corp.		116,869
	6,100	Caterpillar, Inc.		2,235,223
	1,900	Cummins, Inc.		559,835
	3,600	Deere & Co.		1,478,664
	1,800	Dover Corp.		318,942
	700	Middleby Corp.*		112,553
	800	Oshkosh Corp.		99,768
	6,722	PACCAR, Inc.		832,788
	1,700	Parker-Hannifin Corp.		944,843

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

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Machinery (Continued)
	2,200	Pentair PLC	$	187,968
	800	Snap-on, Inc.		236,976
	800	Timken Co.		69,944
				7,194,373
		Media—2.3%
	1,200	Charter Communications, Inc., Class A*		348,756
	57,200	Comcast Corp., Class A		2,479,620
	5,200	Fox Corp., Class A		162,604
	3,400	Omnicom Group, Inc.		328,984
				3,319,964
		Metals and Mining—1.4%
	6,100	Cleveland-Cliffs, Inc.*		138,714
	700	Commercial Metals Co.		41,139
	4,900	Nucor Corp.		969,710
	1,000	Reliance, Inc.		334,180
	3,300	Steel Dynamics, Inc.		489,159
	3,100	U.S. Steel Corp.		126,418
				2,099,320
		Multi-Utilities—1.1%
	5,200	CenterPoint Energy, Inc.		148,148
	4,300	Consolidated Edison, Inc.		390,483
	8,200	Public Service Enterprise Group, Inc.		547,596
	8,200	Sempra		589,006
				1,675,233
		Oil, Gas and Consumable Fuels—12.9%
	4,300	APA Corp.		147,834
	3,100	Cheniere Energy, Inc.		499,968
	22,669	Chevron Corp.		3,575,808
	300	Chord Energy Corp.		53,472
	16,100	ConocoPhillips		2,049,208
	9,200	Coterra Energy, Inc.		256,496
	4,500	Devon Energy Corp.		225,810
	9,100	EOG Resources, Inc.		1,163,344
	49,900	Exxon Mobil Corp.		5,800,376
	29,300	Kinder Morgan, Inc.		537,362
	8,935	Marathon Oil Corp.		253,218
	4,900	Marathon Petroleum Corp.		987,350
	1,100	Murphy Oil Corp.		50,270
	1,700	New Fortress Energy, Inc.†		52,003
	11,700	Occidental Petroleum Corp.		760,383
	5,300	Phillips 66		865,702
	3,100	Range Resources Corp.		106,733
	5,000	Valero Energy Corp.		853,450

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

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Oil, Gas and Consumable Fuels (Continued)
	13,300	Williams Cos., Inc.	$	518,301
				18,757,088
		Passenger Airlines—0.2%
	5,100	Delta Air Lines, Inc.		244,137
		Pharmaceuticals—3.0%
	700	Jazz Pharmaceuticals PLC*		84,294
	26,300	Johnson & Johnson		4,160,397
	14,700	Viatris, Inc.		175,518
				4,420,209
		Professional Services—0.3%
	200	CACI International, Inc., Class A*		75,766
	1,599	Leidos Holdings, Inc.		209,613
	1,400	Robert Half, Inc.		110,992
	600	Science Applications International Corp.		78,234
				474,605
		Real Estate Management and Development—0.1%
	400	Jones Lang LaSalle, Inc.*		78,036
		Semiconductors and Semiconductor Equipment—2.3%
	1,700	Amkor Technology, Inc.		54,808
	5,900	Microchip Technology, Inc.		529,289
	14,500	QUALCOMM, Inc.		2,454,850
	2,200	Skyworks Solutions, Inc.		238,304
				3,277,251
		Software—0.1%
	7,000	Gen Digital, Inc.		156,800
		Specialty Retail—3.1%
	1,300	AutoNation, Inc.*		215,254
	2,500	Bath & Body Works, Inc.		125,050
	2,800	Best Buy Co., Inc.		229,684
	1,800	CarMax, Inc.*		156,798
	500	Dick's Sporting Goods, Inc.		112,430
	400	Lithia Motors, Inc.		120,344
	11,600	Lowe's Cos., Inc.		2,954,868
	300	Murphy USA, Inc.		125,760
	1,000	Penske Automotive Group, Inc.		161,990
	900	Williams-Sonoma, Inc.		285,777
				4,487,955
		Technology Hardware, Storage & Peripherals—1.1%
	3,100	Dell Technologies, Inc., Class C		353,741
	20,700	Hewlett Packard Enterprise Co.		367,011
	20,500	HP, Inc.		619,510
	2,700	NetApp, Inc.		283,419
				1,623,681
		Textiles, Apparel and Luxury Goods—0.3%
	700	Crocs, Inc.*		100,660

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

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2024

Shares			Value (Note 1)
		Textiles, Apparel and Luxury Goods (Continued)
	1,200	Levi Strauss & Co., Class A	$	23,988
	400	PVH Corp.		56,244
	649	Ralph Lauren Corp.		121,856
	1,800	Skechers USA, Inc., Class A*		110,268
				413,016
		Tobacco—1.9%
	22,900	Altria Group, Inc.		998,898
	19,300	Philip Morris International, Inc.		1,768,266
				2,767,164
		Trading Companies and Distributors—0.5%
	900	United Rentals, Inc.		648,999
	400	WESCO International, Inc.		68,512
				717,511
		TOTAL  COMMON STOCKS (Cost $105,260,841)		141,970,913
		Exchange-Traded Fund—1.9%
	15,900	iShares Russell 1000 Value ETF (Cost $2,722,623)		2,847,849

		7-Day Yield
	Short-Term Investments—0.1%
86,684	State Street Navigator Securities Lending Government Money Market Portfolio (Cost $86,684)††		5.37	%		86,684
	TOTAL SHORT-TERM INVESTMENTS (Cost $86,684)					86,684
	TOTAL INVESTMENTS, AT VALUE—99.6% (Cost $108,070,147)					144,905,446
	Other Assets in Excess of Liabilities—0.4%					595,705
	NET ASSETS—100.0%				$	145,501,151

Notes to the Schedule of Investments:
*	Non-income producing security
†	Denotes all or a portion of security on loan. As of March 31, 2024, the market value of the securities on loan was $95,436 (Note 1).
††	Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $10,741.
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)

March 31, 2024

At March 31, 2024, industry sector diversification of the M Large Cap Value Fund's investments as a percentage of net assets was as follows:

Summary of Sector Classifications	Percentage of Net Assets
Financials		28.9	%
Health Care		16.5	%
Energy		13.5	%
Industrials		11.0	%
Information Technology		7.7	%
Consumer Discretionary		7.3	%
Communication Services		4.7	%
Consumer Staples		3.7	%
Materials		3.2	%
Utilities		2.9	%
Real Estate		0.1	%
Short-Term Investments		0.1	%
Total		99.6	%

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 March 31, 2024, the Corporation consisted of four separate diversified investment portfolios: M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund (each singularly a “Fund” or collectively the “Funds”), each of which is a separate mutual fund.

1. Significant Accounting Policies

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

Portfolio Valuation

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

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

Fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is utilized to maximize the use of observable data inputs and minimize the use of unobservable data inputs and to establish classification of fair value measurements for disclosure purposes.

M Fund, Inc.

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited) (Continued)

Inputs refer broadly to the assumptions that market participants would use to price the asset or liability, including assumptions about risk. Observable inputs are inputs that reflect the assumptions market participants would use to price the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use to price the asset or liability based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

· Level 1 — quoted prices in active markets for identical investments;

· Level 2 — quoted prices in markets that are not active or other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and

· Level 3 — significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments).

The valuation techniques used by the Funds to measure fair value during the period ended March 31, 2024 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 March 31, 2024, 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 March 31, 2024 in valuing the M International Equity Fund investments:

Assets Valuation Input

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Australia	$	11,581,834	$	—	$	—	$	11,581,834
Austria		791,110		—		—		791,110
Belgium		1,778,697		—		—		1,778,697
Canada		18,080,880		—		—		18,080,880
Denmark		5,248,448		—		—		5,248,448
Finland		2,107,975		—		—		2,107,975
France		14,497,625		—		—		14,497,625
Germany		11,428,668		—		—		11,428,668
Hong Kong		2,963,980		—		—		2,963,980
Ireland		716,031		—		—		716,031
Israel		1,774,493		—		—		1,774,493
Italy		4,735,016		—		—		4,735,016
Japan		38,949,890		—		—		38,949,890
Netherlands		5,787,996		—		—		5,787,996
New Zealand		548,613		—		—		548,613
Norway		1,890,206		—		—		1,890,206
Portugal		450,125		—		—		450,125
Singapore		1,630,951		—		—		1,630,951
Spain		4,033,952		—		—		4,033,952
Sweden		5,177,851		—		—		5,177,851
Switzerland		13,180,687		—		—		13,180,687
United Kingdom		21,236,576		—		—		21,236,576
United States		114,968		—		—		114,968
Total  Common Stocks		168,706,572		—		—		168,706,572
Affiliated Investment Company
United States		68,496,445		—		—		68,496,445
Warrants
Canada		—		—		—		—
Rights
Sweden		—		1,688		—		1,688
Preferred Stocks
Germany		865,069		—		—		865,069
Italy		43,902		—		—		43,902
Total Preferred Stock		908,971		—		—		908,971
Short-Term Investments		—		8,695,480		—		8,695,480
Total Investments, at Value		238,111,988		8,697,168		—		246,809,156
Total	$	238,111,988	$	8,697,168	$	—	$	246,809,156

At March 31, 2024, Level 2 Common Stocks were priced based on a fair value determination by the Valuation Committee.

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, 2023		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers in to Level 3*		Transfers out of Level 3			Balance as of March 31, 2024		Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 3/31/24 for the period ended 3/31/24
Common Stocks	$	39	$	-	$	-	$	-	$	-	$	-	$	(39	)	$	-	$	-
Rights		-		-		-		-		-		-		-			-		-
Total	$	39	$	-	$	-	$	-	$	-	$	-	$	(39	)	$	-	$	-

* The Fund(s) recognize transfers between the levels as of the beginning of the period.

The M International Equity Fund did not have any significant transfers in and out of Level 1, Level 2 or Level 3 of the fair value hierarchy during the period ended March 31, 2024.

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

Income generated from the investment of collateral, less negotiated rebate fees paid to the borrower through the securities lending agent, is the source of the Fund’s securities lending income, 75% of which is paid to the Fund, 25% of which is paid to the custodian as securities lending agent.

M Fund, Inc.

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited) (Continued)

As of March 31, 2024, the value of the securities on loan and the value of the related collateral were as follows:

	Value of Securities Loaned with Cash Collateral		Value of Cash Collateral		Value of Securities Loaned with Non-Cash Collateral		Value of Non-Cash Collateral
M International Equity Fund	$	8,276,247	$	8,695,480	$	7,566,341	$	8,053,582
M Capital Appreciation Fund		6,415,150		6,773,692		4,674,410		4,745,801
M Large Cap Value Fund		84,900		86,684		10,536		10,741

2. Tax Information

As of March 31, 2024, aggregated gross unrealized appreciation for investment securities in which there is an excess of value over tax cost and aggregate gross unrealized depreciation for investment securities in which there is an excess of tax cost over value were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized Depreciation			Tax Basis Net Unrealized Appreciation/ Depreciation
M International Equity Fund	$	218,239,499	$	44,876,516	$	(16,306,859	)	$	28,569,657
M Large Cap Growth Fund		155,296,734		115,629,096		(1,692,673	)		113,936,423
M Capital Appreciation Fund		176,096,302		80,374,925		(15,038,483	)		65,336,442
M Large Cap Value Fund		108,365,761		37,096,327		(556,642	)		36,539,685

The Funds did not have any unrecognized tax benefits as of March 31, 2024, 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 March 31, 2024, 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 2021 through December 2023. No examination of any of the Funds' tax filings is currently in progress.