M Fund NPORT-P M International Equity Fund (Sep 2024 report)

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2024

Shares			Value (Note 1)
		Common Stocks—67.4%
		Australia—4.6%
	3,859	AGL Energy Ltd.	$	31,562
	4,977	ALS Ltd.		49,617
	101,642	AMP Ltd.		93,459
	3,777	Ampol Ltd.		79,721
	2,658	Ansell Ltd.		58,454
	12,134	ANZ Group Holdings Ltd.		255,692
	8,398	APA Group		45,054
	2,749	ARB Corp. Ltd.†		90,275
	4,576	Aristocrat Leisure Ltd.		185,388
	978	ASX Ltd.		43,226
	10,882	Atlas Arteria Ltd.		36,789
	3,580	AUB Group Ltd.		76,182
	31,634	Aurizon Holdings Ltd.		77,202
	25,890	Bank of Queensland Ltd.†		110,616
	87,244	Beach Energy Ltd.†		73,284
	6,079	Bendigo & Adelaide Bank Ltd.		48,962
	21,786	BHP Group Ltd.†		692,238
	7,612	BHP Group Ltd., ADR		472,781
	12,902	BHP Group Ltd., Class DI		398,977
	5,245	BlueScope Steel Ltd.		80,500
	13,591	Brambles Ltd.		178,809
	3,529	Breville Group Ltd.†		83,294
	3,417	Brickworks Ltd.†		68,957
	3,952	Capricorn Metals Ltd.*		15,710
	1,476	CAR Group Ltd.		38,225
	22,133	Challenger Ltd.		99,461
	18,979	Champion Iron Ltd.†		96,440
	8,596	City Chic Collective Ltd.†, *		802
	27,200	Cleanaway Waste Management Ltd.		55,286
	370	Cochlear Ltd.		72,158
	6,045	Codan Ltd.		67,369
	9,946	Coles Group Ltd.		124,184
	7,954	Commonwealth Bank of Australia		744,510
	3,756	Computershare Ltd.		65,619
	16,210	Coronado Global Resources, Inc., CDI#		13,504
	1,547	Corporate Travel Management Ltd.†		13,797
	765	CSL Ltd.		151,409
	1,480	Dicker Data Ltd.†		9,618
	1,695	Domino's Pizza Enterprises Ltd.†		41,542
	25,989	Downer EDI Ltd.		98,462
	3,054	Eagers Automotive Ltd.†		23,056
	19,239	Emerald Resources NL†, *		51,341
	12,518	Endeavour Group Ltd.		43,445
	26,880	Evolution Mining Ltd.		86,227
	6,090	Flight Centre Travel Group Ltd.†		94,101
	14,861	Fortescue Ltd.†		212,470
	145	Gold Road Resources Ltd.		171
	11,113	GrainCorp Ltd., Class A		70,683
	10,061	Harvey Norman Holdings Ltd.†		34,431
	1,600	HUB24 Ltd.		64,567
	2,262	IDP Education Ltd.†		24,865
	6,212	IGO Ltd.†		25,167
	7,978	Iluka Resources Ltd.		38,444

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Australia (Continued)
	18,669	Incitec Pivot Ltd.	$	40,140
	21,084	Insurance Australia Group Ltd.		107,282
	1,024	IRESS Ltd.*		7,023
	4,226	James Hardie Industries PLC, CDI*		167,790
	1,986	JB Hi-Fi Ltd.		109,759
	15,241	Lendlease Corp. Ltd.		74,812
	14,208	Lottery Corp. Ltd.		50,292
	2,708	Lovisa Holdings Ltd.†		67,398
	8,824	Lynas Rare Earths Ltd.*		48,926
	892	Macquarie Group Ltd.		143,299
	361	Macquarie Technology Group Ltd.*		20,757
	16,327	Medibank Pvt Ltd.		41,200
	38,904	Metcash Ltd.		96,289
	1,895	Mineral Resources Ltd.†		68,178
	20,266	National Australia Bank Ltd.		523,307
	4,471	Netwealth Group Ltd.		76,843
	27,710	New Hope Corp. Ltd.†		99,810
	3,668	NEXTDC Ltd.*		44,378
	16,970	nib holdings Ltd.		69,689
	76,777	Nickel Industries Ltd.		49,099
	30,345	Nine Entertainment Co. Holdings Ltd.		26,329
	5,875	Northern Star Resources Ltd.		64,865
	11,530	oOh!media Ltd.†		10,482
	6,210	Orica Ltd.		79,640
	8,647	Origin Energy Ltd.		59,841
	23,252	Orora Ltd.		43,885
	6,506	Paladin Energy Ltd.*		51,951
	2,144	Perpetual Ltd.		27,600
	68,759	Perseus Mining Ltd.		124,070
	4,897	PEXA Group Ltd.*, †		50,106
	28,614	Pilbara Minerals Ltd.†, *		64,688
	1,933	Pinnacle Investment Management Group Ltd.		24,122
	2,408	Premier Investments Ltd.		51,275
	573	Pro Medicus Ltd.†		70,613
	7,109	PSC Insurance Group Ltd.		30,324
	5,039	Qantas Airways Ltd.*		25,849
	13,764	QBE Insurance Group Ltd.		157,390
	9,918	Qube Holdings Ltd.		27,084
	48,600	Ramelius Resources Ltd.†		73,919
	1,820	Ramsay Health Care Ltd.		52,369
	355	REA Group Ltd.†		49,331
	2,536	Reece Ltd.†		49,968
	29,575	Reliance Worldwide Corp. Ltd.		120,022
	3,221	Rio Tinto Ltd.†		287,552
	20,484	Sandfire Resources Ltd.†, *		153,512
	40,802	Santos Ltd.		198,023
	2,959	SEEK Ltd.†		50,836
	2,649	Seven Group Holdings Ltd.		78,530
	57,922	Sigma Healthcare Ltd.†		57,664
	3,115	Sims Ltd.†		27,264
	3,263	Sonic Healthcare Ltd.		61,427
	31,643	South32 Ltd.		82,474
	8,695	Steadfast Group Ltd.		34,084
	8,934	Suncorp Group Ltd.		111,733

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Australia (Continued)
	9,441	Super Retail Group Ltd.†	$	118,596
	3,536	Technology One Ltd.		58,328
	24,644	Telstra Group Ltd.		66,106
	2,964	TPG Telecom Ltd.†		10,082
	10,038	Transurban Group		91,119
	3,558	Treasury Wine Estates Ltd.		29,518
	3,389	Tuas Ltd.*		12,676
	154,114	Vault Minerals Ltd.*		34,628
	30,432	Ventia Services Group Pty. Ltd.		95,728
	14,458	Viva Energy Group Ltd.#		29,287
	11,024	Webjet Group Ltd.*		7,621
	11,024	Webjet Ltd.†, *		56,018
	6,549	Wesfarmers Ltd.		318,883
	2,636	West African Resources Ltd.*		3,162
	15,208	Westpac Banking Corp.		333,506
	14,291	Whitehaven Coal Ltd.		71,334
	679	WiseTech Global Ltd.†		64,401
	22,948	Woodside Energy Group Ltd.†		399,766
	1,661	Woodside Energy Group Ltd., ADR		28,636
	5,982	Woolworths Group Ltd.†		137,717
	3,162	Worley Ltd.		32,419
	784	Xero Ltd.*		80,999
	6,051	Yancoal Australia Ltd.†		25,644
				12,299,370
		Austria—0.4%
	1,865	ANDRITZ AG		132,139
	2,872	BAWAG Group AG#		222,349
	1,363	CA Immobilien Anlagen AG		40,753
	2,017	Erste Group Bank AG		110,577
	2,065	OMV AG		88,176
	3,082	Raiffeisen Bank International AG		61,273
	263	Strabag SE, Bearer Shares		10,978
	3,952	Telekom Austria AG		38,713
	470	Verbund AG		38,977
	1,541	Vienna Insurance Group AG Wiener Versicherung Gruppe		51,204
	3,281	voestalpine AG		85,389
	3,461	Wienerberger AG		114,422
				994,950
		Belgium—0.7%
	831	Ackermans & van Haaren NV		176,403
	6,673	Ageas SA		355,952
	5,257	Anheuser-Busch InBev SA		347,482
	69	Argenx SE*		37,298
	1,973	Azelis Group NV†		43,244
	1,485	Colruyt Group NV		69,130
	174	D'ieteren Group		36,781
	224	Deme Group NV		36,404
	547	Elia Group SA		62,533
	2,078	Euronav NV		34,536
	32	Gimv NV		1,494
	3,331	KBC Group NV		264,818

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Belgium (Continued)
	6	Lotus Bakeries NV	$	80,414
	490	Melexis NV†		40,445
	1,947	Solvay SA†		76,289
	1,351	Syensqo SA§		119,723
	517	UCB SA		93,231
	2,988	Umicore SA		38,782
	191	VGP NV		19,560
				1,934,519
		Canada—7.5%
	3,137	Agnico Eagle Mines Ltd.		252,709
	1,100	Air Canada*		13,331
	3,797	Alamos Gold, Inc., Class A		75,682
	5,239	Algonquin Power & Utilities Corp.†		28,553
	3,609	Algonquin Power & Utilities Corp.		19,720
	5,591	Alimentation Couche-Tard, Inc.		309,098
	3,374	AltaGas Ltd.		83,524
	785	Altus Group Ltd.		31,860
	549	Andlauer Healthcare Group, Inc.		15,831
	9,336	ARC Resources Ltd.		157,803
	2,528	Aritzia, Inc.*		95,011
	2,100	Atco Ltd., Class I		74,376
	26,500	Athabasca Oil Corp.*		94,052
	1,848	AtkinsRealis Group, Inc.		75,084
	553	ATS Corp.*		16,045
	205	ATS Corp.*, †		5,955
	17,621	B2Gold Corp.†		54,273
	12,321	B2Gold Corp.		38,080
	5,072	Bank of Montreal		457,657
	7,101	Bank of Nova Scotia		386,907
	8,603	Barrick Gold Corp.		171,113
	1,119	Bausch & Lomb Corp.*		21,586
	5,083	Bausch Health Cos., Inc.*		41,485
	34,353	Baytex Energy Corp.		102,618
	708	BCE, Inc.		24,615
	1,128	Bombardier, Inc., Class B*		85,831
	3,362	Boralex, Inc., Class A		89,441
	667	Boyd Group Services, Inc.		101,082
	1,680	Brookfield Corp.		89,226
	704	Brookfield Corp.†		37,418
	354	Brookfield Infrastructure Corp., Class A†		15,374
	600	Brookfield Wealth Solutions Ltd.†, *		31,896
	940	BRP, Inc.		55,958
	2,527	CAE, Inc.†, *		47,381
	902	Cameco Corp.		43,091
	6,281	Canadian Imperial Bank of Commerce		385,280
	2,955	Canadian National Railway Co.		346,075
	18,184	Canadian Natural Resources Ltd.		603,825
	1,042	Canadian Pacific Kansas City Ltd.†		89,133
	846	Canadian Tire Corp. Ltd., Class A		101,392
	1,300	Canadian Utilities Ltd., Class A		34,517
	1,880	Canadian Western Bank		74,827
	3,394	Capital Power Corp.		123,393
	16,865	Capstone Copper Corp.*		131,807

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Canada (Continued)
	1,524	CCL Industries, Inc., Class B	$	92,908
	4,879	Celestica, Inc.*		249,421
	12,642	Cenovus Energy, Inc.		211,468
	1,850	CGI, Inc.*		212,805
	4,510	CI Financial Corp.		61,392
	740	Cogeco Communications, Inc.		39,122
	514	Colliers International Group, Inc.		78,015
	122	Constellation Software, Inc.		396,909
	2,623	Definity Financial Corp.		105,719
	7,600	Denison Mines Corp.*		13,824
	511	Descartes Systems Group, Inc.*		52,613
	2,540	Dollarama, Inc.		260,188
	9,286	Dundee Precious Metals, Inc.		94,065
	9,101	Eldorado Gold Corp.*		158,131
	2,063	Emera, Inc.		81,287
	2,538	Empire Co. Ltd., Class A		77,560
	3,107	Enbridge, Inc.†		126,175
	5,120	Enbridge, Inc.		207,988
	6,178	Endeavour Mining PLC		146,816
	1,100	EQB, Inc.		84,791
	3,881	Equinox Gold Corp.†, *		23,635
	700	ERO Copper Corp.*		15,584
	2,700	ERO Copper Corp.†, *		60,129
	1,229	Exchange Income Corp.		46,726
	312	Fairfax Financial Holdings Ltd.		393,947
	5,898	Finning International, Inc.		193,584
	9,374	First Majestic Silver Corp.†		56,244
	3,171	First Quantum Minerals Ltd.*		43,235
	347	FirstService Corp.		63,401
	2,703	Fortis, Inc.		122,814
	10,041	Fortuna Mining Corp.*		46,699
	10,100	Fortuna Mining Corp.†, *		46,763
	656	Franco-Nevada Corp.		81,498
	645	George Weston Ltd.		108,259
	1,368	GFL Environmental, Inc.		54,556
	6,200	Gibson Energy, Inc.		101,817
	2,776	Gildan Activewear, Inc.		130,755
	1,643	Great-West Lifeco, Inc.		56,028
	1,700	Heroux-Devtek, Inc.*		40,349
	23,043	Hudbay Minerals, Inc.		211,824
	1,698	Hydro One Ltd.#		58,858
	1,615	iA Financial Corp., Inc.		133,862
	3,400	IAMGOLD Corp.*		17,824
	21,700	IAMGOLD Corp.†, *		113,491
	1,311	IGM Financial, Inc.		39,336
	777	Imperial Oil Ltd.†		54,740
	1,034	Imperial Oil Ltd.		72,746
	788	Intact Financial Corp.		151,313
	1,068	Ivanhoe Mines Ltd., Class A*		15,888
	2,348	Keyera Corp.		73,212
	18,607	Kinross Gold Corp.		174256
	200	Lassonde Industries, Inc., Class A		26,212
	4,710	Lightspeed Commerce, Inc.†, *		77,668
	2,489	Linamar Corp.		116,127

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Canada (Continued)
	1,153	Loblaw Cos. Ltd.	$	153,523
	4,000	Lundin Gold, Inc.		86,510
	7,550	Lundin Mining Corp.		79,103
	3,172	Magna International, Inc.		130,121
	4,204	Manulife Financial Corp.		124,244
	2,166	Maple Leaf Foods, Inc.		35,474
	15,052	MEG Energy Corp.		282,799
	3,636	Methanex Corp.		150,290
	1,582	Metro, Inc.		100,000
	3,940	National Bank of Canada		372,136
	33,488	New Gold, Inc.*		96,718
	1,400	North West Co., Inc.		53,135
	9,193	Northland Power, Inc.		158,581
	5,933	Nutrien Ltd.		285,135
	385	Nuvei Corp.†		12,840
	8,000	NuVista Energy Ltd.*		65,777
	40,400	OceanaGold Corp.		114,409
	1,764	Open Text Corp.		58,716
	1,875	Osisko Gold Royalties Ltd.		34,729
	2,072	Pan American Silver Corp.		43,265
	4,147	Paramount Resources Ltd., Class A		80,797
	6,127	Parkland Corp.		157,926
	2,049	Pembina Pipeline Corp.		84,463
	11,030	Peyto Exploration & Development Corp.		125,596
	1,500	Premium Brands Holdings Corp.		106,218
	7,464	Primo Water Corp.		188,423
	2,652	Quebecor, Inc., Class B		69,239
	1,095	RB Global, Inc.		88,133
	422	Restaurant Brands International, Inc.†		30,435
	1,200	Restaurant Brands International, Inc.		86,590
	1,645	Richelieu Hardware Ltd.		48,774
	3,843	Rogers Communications, Inc., Class B		154,521
	8,676	Royal Bank of Canada		1,082,856
	3,340	Russel Metals, Inc.		101,352
	10,574	Sandstorm Gold Ltd.		63,444
	2,504	Saputo, Inc.		54,044
	8,205	Secure Energy Services, Inc.		74,197
	700	Shopify, Inc., Class A*		56,080
	400	Spin Master Corp.#		9,035
	900	Stantec, Inc.		72,373
	1,800	Stella-Jones, Inc.		118,172
	122	Strathcona Resources Ltd.		2,431
	4,366	Sun Life Financial, Inc.		253,260
	15,768	Suncor Energy, Inc.		582,082
	17,204	Tamarack Valley Energy Ltd.		49,738
	7,999	TC Energy Corp.		380,318
	5,557	Teck Resources Ltd., Class B		290,271
	640	TFI International, Inc.		87,663
	527	Thomson Reuters Corp.		89,899
	1,730	TMX Group Ltd.		54,224
	5,500	Torex Gold Resources, Inc.*		104,961
	656	Toromont Industries Ltd.		64,036
	4,896	Toronto-Dominion Bank†		309,721
	7,806	Toronto-Dominion Bank		493,600

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Canada (Continued)
	3,337	Tourmaline Oil Corp.	$	154,976
	3,838	TransAlta Corp.		39,786
	1,600	Triple Flag Precious Metals Corp.		25,888
	30,569	Veren, Inc.		188,030
	4,544	Vermilion Energy, Inc.		44,372
	176	Victoria Gold Corp./Vancouver*, §		62
	787	Waste Connections, Inc.		140,712
	570	West Fraser Timber Co. Ltd.		55,535
	946	Wheaton Precious Metals Corp.		57,776
	33,764	Whitecap Resources, Inc.		252,147
	1,581	Winpak Ltd.		55,539
	822	WSP Global, Inc.		146,039
				20,121,731
		Denmark—2.2%
	5,110	ALK-Abello AS*		131,097
	8,077	Ambu AS, Class B*		158,186
	15	AP Moller - Maersk AS, Class A		24,304
	30	AP Moller - Maersk AS, Class B		50,444
	1,214	Carlsberg AS, Class B		144,595
	610	Coloplast AS, Class B		79,705
	4,232	Danske Bank AS		127,341
	4,231	Demant AS*		165,284
	1,164	DSV AS		240,307
	348	Genmab AS*		84,187
	5,034	GN Store Nord AS*		112,572
	8,387	H Lundbeck AS		54,230
	4,236	H Lundbeck AS, Class A		23,342
	5,888	ISS AS		117,733
	1,781	Jyske Bank AS, Registered		138,697
	2,216	NKT AS*		209,305
	20,596	Novo Nordisk AS, Class B		2,419,893
	2,597	Novonesis (Novozymes) B, Class B		187,003
	723	Orsted AS*, #		48,066
	1,637	Pandora AS		269,511
	987	Ringkjoebing Landbobank AS		155,643
	158	Rockwool AS, Class A		73,496
	463	Rockwool AS, Class B		217,376
	1,860	Royal Unibrew AS*		156,237
	1,028	Sampo OYJ, Class A*		47,811
	2,364	TORM PLC, Class A		80,347
	2,761	Tryg AS		65,473
	4,343	Vestas Wind Systems AS*		95,887
	881	Zealand Pharma AS*		106,958
				5,785,030
		Finland—1.0%
	3,577	Elisa OYJ		189,610
	3,644	Finnair OYJ†, *		10,354
	6,074	Fortum OYJ†		100,033
	2,640	Huhtamaki OYJ†		102,502
	844	Kalmar OYJ , Class B*		27,372
	4,001	Kemira OYJ		99,852
	2,475	Kesko OYJ, Class A		52,456

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Finland (Continued)
	8,405	Kesko OYJ, Class B†	$	179,308
	2,114	Kojamo OYJ*		24,215
	2,610	Kone OYJ, Class B		156,016
	2,574	Konecranes OYJ		193,118
	20,302	Metso OYJ		216,952
	2,807	Neste OYJ†		54,462
	14,164	Nokia OYJ		61,868
	21,352	Nokia OYJ, ADR		93,308
	29,644	Nordea Bank Abp		349,451
	727	Orion OYJ, Class A		39,694
	3,470	Orion OYJ, Class B		190,119
	2,463	Sampo OYJ, Class A		114,877
	5,416	Stora Enso OYJ, Class R		69,331
	2,814	UPM-Kymmene OYJ		94,191
	4,926	Valmet OYJ†		157,702
	4,259	Wartsila OYJ Abp		95,292
				2,672,083
		France—5.5%
	2,982	Accor SA		129,457
	181	Aeroports de Paris SA		23,231
	971	Air France-KLM†, *		9,747
	1,619	Air Liquide SA		312,247
	1,951	Airbus SE		284,978
	10,637	Alstom SA*		220,649
	866	Alten SA		96,495
	514	Amundi SA#		38,363
	2,048	Arkema SA		194,917
	1,585	Atos SE†, *		1,251
	3,777	AXA SA		145,177
	4,246	Ayvens SA†, #		29,942
	393	BioMerieux		47,072
	4,454	BNP Paribas SA		305,163
	5,145	Bollore SE		34,277
	3,160	Bouygues SA		105,738
	4,210	Bureau Veritas SA		139,560
	899	Capgemini SE		194,090
	6,781	Carrefour SA		115,564
	3,959	Cie de Saint-Gobain SA		360,137
	7,397	Cie Generale des Etablissements Michelin SCA		300,210
	3,850	Clariane SE†, *		7,350
	4,277	Credit Agricole SA		65,344
	2,681	Danone SA		194,998
	150	Dassault Aviation SA		30,890
	1,320	Dassault Systemes SE		52,353
	1,478	Edenred SE		55,971
	1,145	Eiffage SA		110,428
	8,496	Elis SA†		177,230
	15,406	Engie SA		266,070
	228	Eramet SA†		17,969
	556	EssilorLuxottica SA		131,580
	1,296	Eurofins Scientific SE		82,086
	717	Euronext NV#		77,778
	1,133	Gaztransport Et Technigaz SA		159,794

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		France (Continued)
	10,520	Getlink SE	$	187,599
	155	Hermes International SCA		380,619
	89	ID Logistics Group SACA*, †		37,548
	290	Interparfums SA†		14,640
	339	Ipsen SA		41,698
	3,076	JCDecaux SE*		68,823
	570	Kering SA		162,970
	702	L'Oreal SA		314,174
	2,974	La Francaise des Jeux SAEM#		122,290
	1,669	Legrand SA		191,916
	2,346	LVMH Moet Hennessy Louis Vuitton SE		1,797,982
	1,147	Neoen SA#		49,794
	1,109	Nexans SA		162,458
	25,581	Orange SA		292,870
	474	Pernod Ricard SA		71,547
	579	Pluxee NV*		12,206
	1,449	Publicis Groupe SA		158,392
	1,544	Renault SA		67,012
	10,305	Rexel SA		297,902
	2,456	Rubis SCA		67,035
	1,353	Safran SA		317,936
	2,805	Sanofi SA		321,293
	124	Sartorius Stedim Biotech		25,915
	1,758	Schneider Electric SE		462,224
	6,876	SCOR SE		153,540
	1,311	SEB SA		149,582
	4,891	Societe Generale SA		121,683
	841	Sodexo SA		68,948
	361	SOITEC*		36,005
	646	Sopra Steria Group		135,477
	5,001	SPIE SA		190,943
	6,426	STMicroelectronics NV		190,823
	5,533	Technip Energies NV		133,159
	2,304	Teleperformance SE		238,517
	894	Thales SA		141,859
	31,242	TotalEnergies SE†		2,034,455
	11,692	Vallourec SACA*		176,808
	3,558	Veolia Environnement SA		116,916
	2,551	Verallia SA#		74,626
	3,910	Vinci SA		456,786
	95	Virbac SACA		40,502
	6,270	Vivendi SE		72,447
	2,202	Worldline SA*, #		16,026
				14,694,051
		Germany—4.4%
	780	adidas AG		206,558
	787	Allianz SE, Registered		258,434
	1,264	Aurubis AG		92,652
	7,886	BASF SE		417,452
	10,754	Bayer AG, Registered		363,015
	3,707	Bayerische Motoren Werke AG		326,732
	2,899	Bechtle AG		129,468
	325	Beiersdorf AG		48,894

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Germany (Continued)
	2,005	Brenntag SE	$	149,490
	161	Carl Zeiss Meditec AG, Bearer Shares		12,751
	6,184	Commerzbank AG		113,753
	1,756	Continental AG		113,646
	1,507	Covestro AG*, #		93,840
	2,032	CTS Eventim AG & Co. KGaA		211,150
	6,165	Daimler Truck Holding AG		230,788
	11,971	Deutsche Bank AG, Registered		206,566
	1,817	Deutsche Boerse AG		426,160
	9,773	Deutsche Lufthansa AG, Registered		71,583
	10,100	Deutsche Post AG		450,050
	39,796	Deutsche Telekom AG, Registered		1,169,048
	943	Deutsche Wohnen SE		26,085
	1,544	DWS Group GmbH & Co. KGaA#		63,523
	7,619	E.ON SE		113,265
	2,482	Encavis AG*		48,073
	2,371	Evonik Industries AG		55,425
	655	Fielmann Group AG		33,831
	1,717	Fraport AG Frankfurt Airport Services Worldwide*		95,659
	3,419	Freenet AG		101,693
	2,203	Fresenius Medical Care AG		93,652
	3,220	Fresenius SE & Co. KGaA*		122,692
	861	FUCHS SE		32,299
	5,583	GEA Group AG		273,199
	1,230	Gerresheimer AG		109,534
	733	Hamburger Hafen und Logistik AG		13,218
	202	Hannover Rueck SE		57,586
	188	Hapag-Lloyd AG#		34,069
	1,620	Heidelberg Materials AG		176,002
	385	Hella GmbH & Co. KGaA		36,771
	711	Henkel AG & Co. KGaA		60,427
	1,726	Hensoldt AG		56,601
	324	HOCHTIEF AG		39,889
	10,112	Infineon Technologies AG		354,119
	3,794	KION Group AG		149,124
	919	Knorr-Bremse AG		81,685
	593	Krones AG		85,153
	2,150	LEG Immobilien SE		224,441
	10,060	Mercedes-Benz Group AG		649,948
	166	Merck KGaA		29,196
	142	MTU Aero Engines AG		44,259
	826	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		454,490
	671	Nemetschek SE		69,464
	2,001	Nordex SE*		31,006
	3,117	Puma SE		130,113
	695	Qiagen NV*		31,309
	54	Rational AG		55,001
	431	Rheinmetall AG		233,359
	1,496	RTL Group SA		50,708
	2,202	SAP SE		501,016
	3,673	Siemens AG, Registered		741,426
	1,155	Siemens Energy AG*		42,518
	1,781	Siemens Healthineers AG#		106,778
	337	Sixt SE		24,609

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Germany (Continued)
	1,184	Stroeer SE & Co. KGaA	$	75,717
	459	Symrise AG		63,407
	1,209	TAG Immobilien AG*		22,354
	1,019	Talanx AG		85,753
	14,859	TUI AG*		113,136
	6,141	United Internet AG, Registered		126,258
	418	Volkswagen AG		46,669
	4,135	Vonovia SE		150,652
	615	Wacker Chemie AG		60,654
	5,328	Zalando SE*, #		175,672
				11,745,517
		Hong Kong—1.2%
	61,800	AIA Group Ltd.		553,699
	7,000	ASMPT Ltd.		85,543
	44,640	Bank of East Asia Ltd.		57,423
	28,000	BOC Hong Kong Holdings Ltd.		89,685
	9,600	Budweiser Brewing Co. APAC Ltd.#		12,917
	26,181	Cathay Pacific Airways Ltd.		28,121
	20,400	Chow Tai Fook Jewellery Group Ltd.		22,962
	10,906	CK Asset Holdings Ltd.		47,979
	13,000	CK Hutchison Holdings Ltd.		74,751
	6,000	CK Infrastructure Holdings Ltd.		41,061
	6,500	CLP Holdings Ltd.		57,568
	8,000	Cowell e Holdings, Inc.*		23,309
	17,600	ESR Group Ltd.#		28,074
	62,947	Far East Consortium International Ltd.		9,798
	98,000	First Pacific Co. Ltd.		54,207
	127,000	FIT Hon Teng Ltd.*, #		39,698
	5,000	Galaxy Entertainment Group Ltd.		25,116
	20,000	Hang Lung Group Ltd.		27,014
	69,479	Hang Lung Properties Ltd.		67,836
	3,800	Hang Seng Bank Ltd.		47,782
	8,500	Henderson Land Development Co. Ltd.		27,116
	24,500	HK Electric Investments & HK Electric Investments Ltd.		16,640
	19,200	HKR International Ltd.*		2,816
	48,000	HKT Trust & HKT Ltd.		61,437
	68,457	Hong Kong & China Gas Co. Ltd.		56,359
	6,606	Hong Kong Exchanges & Clearing Ltd.		277,196
	14,179	Hongkong & Shanghai Hotels Ltd.		10,451
	10,000	Hysan Development Co. Ltd.		17,289
	13,000	Kerry Logistics Network Ltd.		14,482
	26,500	Kerry Properties Ltd.		56,451
	9,991	Kowloon Development Co. Ltd.		5,025
	64,000	Man Wah Holdings Ltd.		53,183
	16,000	MGM China Holdings Ltd.		25,521
	6,185	MTR Corp. Ltd.		23,351
	28,188	NagaCorp Ltd.*		13,525
	50,000	New World Development Co. Ltd.		62,067
	44,000	NewOcean Energy Holdings Ltd.*, §		—
	127,000	Pacific Basin Shipping Ltd.		40,352
	107,789	PCCW Ltd.		59,206
	6,000	Power Assets Holdings Ltd.		38,436
	4,800	PRADA SpA		37,047

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Hong Kong (Continued)
	19,200	Samsonite International SA#	$	52,854
	9,600	Sands China Ltd.*		24,599
	22,000	Shandong Hi-Speed Holdings Group Ltd.*		18,367
	44,000	Shangri-La Asia Ltd.		31,922
	21,000	SITC International Holdings Co. Ltd.		56,729
	96,250	SJM Holdings Ltd.*		38,258
	10,500	Stella International Holdings Ltd.		19,828
	5,500	Sun Hung Kai Properties Ltd.		60,527
	4,500	Swire Pacific Ltd., Class A		38,436
	15,000	Swire Pacific Ltd., Class B		20,299
	6,200	Swire Properties Ltd.		12,745
	10,000	Techtronic Industries Co. Ltd.		151,920
	7,983	Transport International Holdings Ltd.		8,677
	52,000	United Laboratories International Holdings Ltd.		67,560
	5,400	VTech Holdings Ltd.		37,719
	88,826	WH Group Ltd.#		70,386
	12,000	Wharf Real Estate Investment Co. Ltd.		42,450
	27,200	Wynn Macau Ltd.		23,653
	67,174	Xinyi Glass Holdings Ltd.		80,016
	35,500	Yue Yuen Industrial Holdings Ltd.		67,768
	29,000	Zensun Enterprises Ltd.*, §		463
				3,217,669
		Ireland—0.2%
	23,256	AIB Group PLC		133,191
	14,825	Bank of Ireland Group PLC		165,520
	9,232	Glanbia PLC		162,473
	602	Kerry Group PLC, Class A		62,421
	1,085	Kingspan Group PLC		101,875
				625,480
		Israel—0.6%
	182	AFI Properties Ltd.*		8,417
	162	Africa Israel Residences Ltd.		10,538
	734	Airport City Ltd.*		11,014
	160	Alrov Properties & Lodgings Ltd.*		5,674
	2,317	Amot Investments Ltd.		10,000
	471	Ashtrom Group Ltd.*		6,540
	2,639	Azorim-Investment Development & Construction Co. Ltd.*		12,388
	154	Azrieli Group Ltd.		10,716
	10,509	Bank Hapoalim BM		105,121
	16,904	Bank Leumi Le-Israel BM		165,236
	353	Bet Shemesh Engines Holdings 1997 Ltd.*		23,626
	22,557	Bezeq The Israeli Telecommunication Corp. Ltd.		25,934
	92	Big Shopping Centers Ltd.*		10,239
	124	Blue Square Real Estate Ltd.		9,689
	63	Brack Capital Properties NV*		4,994
	506	Camtek Ltd.		40,693
	5,502	Cellcom Israel Ltd.*		24,648
	1,006	Clal Insurance Enterprises Holdings Ltd.*		17,079
	142	Danel Adir Yeoshua Ltd.		12,989
	260	Delek Automotive Systems Ltd.		1,497
	153	Delek Group Ltd.		17,894
	611	Delta Galil Ltd.		27,617

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Israel (Continued)
	7,604	Doral Group Renewable Energy Resources Ltd.*	$	30,025
	96	Elbit Systems Ltd.		19,210
	30	Electra Ltd.		11,950
	986	Electra Real Estate Ltd.		11,360
	4,030	Energix-Renewable Energies Ltd.		14,572
	899	Enlight Renewable Energy Ltd.*		15,082
	567	Equital Ltd.*		19,077
	166	Fattal Holdings 1998 Ltd.*		18,983
	699	First International Bank of Israel Ltd.		28,895
	153	Formula Systems 1985 Ltd.		12,243
	122	Formula Systems 1985 Ltd., ADR†		9,760
	294	Fox Wizel Ltd.		22,200
	1,517	Gav-Yam Lands Corp. Ltd.		12,554
	2,147	Harel Insurance Investments & Financial Services Ltd.		20,843
	313	Hilan Ltd.		16,423
	8,898	ICL Group Ltd.		37,903
	1	Isracard Ltd.		2
	2,814	Israel Canada T.R Ltd.		10,364
	16,353	Israel Discount Bank Ltd., Class A		91,462
	50	Isras Investment Co. Ltd.		9,925
	302	Kenon Holdings Ltd.		8,506
	955	Kvutzat Acro Ltd.		11,528
	521	Lapidoth Capital Ltd.		8,176
	325	M Yochananof & Sons Ltd.		19,537
	1,175	Matrix IT Ltd.		22,457
	252	Mega Or Holdings Ltd.		6,456
	526	Menora Mivtachim Holdings Ltd.		15,351
	12,957	Migdal Insurance & Financial Holdings Ltd.		17,663
	8,220	Mivne Real Estate KD Ltd.		21,036
	1,572	Mizrahi Tefahot Bank Ltd.		61,355
	2,988	Next Vision Stabilized Systems Ltd.		31,660
	156	Nice Ltd.*		27,150
	12	Nice Ltd., ADR†, *		2,084
	215	Nova Ltd.*		44,871
	130,510	Oil Refineries Ltd.		33,644
	1,226	One Software Technologies Ltd.		16,539
	1,134	OPC Energy Ltd.*		9,174
	8,718	Partner Communications Co. Ltd.*		37,558
	282	Paz Oil Co. Ltd.		29,646
	3,099	Phoenix Financial Ltd.		34,915
	497	Priortech Ltd.*		20,931
	282	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		15,734
	1,204	Retailors Ltd.		21,319
	1,415	Shapir Engineering & Industry Ltd.*		8,123
	5,468	Shikun & Binui Ltd.*		13,172
	20,592	Shikun & Binui Soltec Renewable Energy*		12,141
	2,661	Shufersal Ltd.		23,627
	700	Strauss Group Ltd.		11,135
	2,274	Tel Aviv Stock Exchange Ltd.		21,472
	473	Teva Pharmaceutical Industries Ltd.*		8,411
	1,022	Tower Semiconductor Ltd.*		45,234

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Israel (Continued)
	171	YH Dimri Construction & Development Ltd.	$	15,229
				1,651,210
		Italy—2.0%
	62,353	A2A SpA		143,953
	2,124	ACEA SpA		41,565
	4,441	Amplifon SpA		127,592
	4,544	Azimut Holding SpA		117,248
	1,967	Banca Generali SpA		88,108
	9,318	Banca Mediolanum SpA		117,415
	39,576	Banca Monte dei Paschi di Siena SpA		228,288
	14,817	Banca Popolare di Sondrio SpA		113,393
	14,608	Banco BPM SpA		98,508
	42,499	BPER Banca SpA		238,904
	2,680	Brembo NV†		29,334
	1,134	Brunello Cucinelli SpA		122,129
	3,257	Buzzi SpA		129,794
	3,914	Credito Emiliano SpA		44,266
	4,038	Davide Campari-Milano NV†		34,161
	80,669	Enel SpA		644,291
	21,244	Eni SpA†		323,548
	607	Ferrari NV		283,584
	5,782	FinecoBank Banca Fineco SpA		98,957
	2,518	Generali		72,736
	30,199	Hera SpA		120,413
	1,991	Infrastrutture Wireless Italiane SpA#		24,490
	32,221	Intesa Sanpaolo SpA		137,639
	17,564	Iren SpA		39,767
	12,956	Italgas SpA		78,311
	1,706	Leonardo SpA		38,019
	3,294	Mediobanca Banca di Credito Finanziario SpA		56,192
	1,371	Moncler SpA		87,020
	20,578	Nexi SpA†, #, *		139,546
	12,036	Pirelli & C SpA#		73,018
	4,004	Poste Italiane SpA#		56,114
	1,227	Prysmian SpA		89,052
	570	Recordati Industria Chimica e Farmaceutica SpA		32,232
	624	Reply SpA		93,911
	38,184	Saipem SpA*		84,095
	13,537	Snam SpA		68,879
	756	SOL SpA†		30,043
	16,483	Stellantis NV		227,662
	5,817	Stellantis NV†		81,729
	153,794	Telecom Italia SpA*		42,713
	1,807	Tenaris SA		28,432
	1,050	Tenaris SA, ADR		33,379
	5,987	Terna - Rete Elettrica Nazionale		53,902
	11,429	UniCredit SpA		500,809
	7,073	Unipol Gruppo SpA		84,008
				5,399,149
		Japan—14.6%
	2,500	77 Bank Ltd.		68,099
	1,800	ABC-Mart, Inc.		38,198

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Japan (Continued)
	1,200	Adastria Co. Ltd.	$	27,845
	3,100	ADEKA Corp.		62,906
	4,000	Advantest Corp.		187,608
	4,900	Aeon Co. Ltd.		132,928
	1,100	Aeon Delight Co. Ltd.†		31,035
	2,100	Aeon Mall Co. Ltd.		30,552
	2,600	AGC, Inc.		84,065
	1,300	Ai Holdings Corp.†		21,545
	2,500	Aica Kogyo Co. Ltd.†		59,089
	900	Ain Holdings, Inc.		34,027
	3,100	Air Water, Inc.		43,386
	5,100	Aisin Corp.†		55,959
	2,300	Ajinomoto Co., Inc.		88,751
	1,400	Alfresa Holdings Corp.		21,975
	8,800	Alps Alpine Co. Ltd.†		94,536
	2,700	Amada Co. Ltd.		27,380
	1,900	Amano Corp.		56,924
	1,100	Amvis Holdings, Inc.		14,741
	1,600	ANA Holdings, Inc.		34,165
	2,900	Anritsu Corp.†		21,933
	1,800	Aozora Bank Ltd.†		33,364
	1,000	Arata Corp.		25,257
	1,900	Arcs Co. Ltd.		33,856
	2,000	ARE Holdings, Inc.		25,257
	1,600	Artience Co. Ltd.		43,082
	2,200	As One Corp.		44,329
	10,500	Asahi Group Holdings Ltd.		137,236
	1,600	Asahi Intecc Co. Ltd.		28,065
	15,000	Asahi Kasei Corp.		112,924
	4,400	Asics Corp.		91,873
	1,400	ASKUL Corp.		21,069
	2,500	Astellas Pharma, Inc.†		28,648
	4,200	AZ-COM MARUWA Holdings, Inc.		33,518
	4,400	Azbil Corp.		35,528
	3,500	Bandai Namco Holdings, Inc.		79,777
	1,000	BayCurrent, Inc.		36,904
	600	Belc Co. Ltd.		26,843
	3,800	Bic Camera, Inc.†		41,854
	900	BIPROGY, Inc.		30,433
	4,300	Bridgestone Corp.		164,550
	2,300	Brother Industries Ltd.†		44,488
	1,800	Bunka Shutter Co. Ltd.		22,606
	400	C Uyemura & Co. Ltd.		31,839
	1,700	Calbee, Inc.		41,316
	1,200	Canon Marketing Japan, Inc.		38,791
	4,400	Canon, Inc.		143,978
	2,200	Capcom Co. Ltd.		50,942
	2,700	Casio Computer Co. Ltd.†		22,327
	2,500	Central Japan Railway Co.		57,697
	3,700	Chiba Bank Ltd.		29,670
	3,800	Chubu Electric Power Co., Inc.		44,445
	3,600	Chugai Pharmaceutical Co. Ltd.		173,632
	5,900	Chugin Financial Group, Inc.†		58,661
	6,100	Chugoku Electric Power Co., Inc.		41,466

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Japan (Continued)
	8,700	Citizen Watch Co. Ltd.†	$	55,145
	1,300	CKD Corp.		26,638
	2,600	Coca-Cola Bottlers Japan Holdings, Inc.		36,072
	2,500	Colowide Co. Ltd.†		30,066
	900	COMSYS Holdings Corp.		19,569
	8,000	Concordia Financial Group Ltd.		44,084
	1,000	Cosmo Energy Holdings Co. Ltd.		54,368
	400	Cosmos Pharmaceutical Corp.		20,837
	4,800	Create Restaurants Holdings, Inc.		37,672
	1,700	Create SD Holdings Co. Ltd.		37,909
	3,600	CyberAgent, Inc.		25,536
	1,000	Dai-Dan Co. Ltd.		20,456
	4,900	Dai-ichi Life Holdings, Inc.		125,530
	9,700	Daicel Corp.		89,930
	5,600	Daido Steel Co. Ltd.		54,724
	2,700	Daifuku Co. Ltd.		51,877
	700	Daihen Corp.†		31,755
	1,900	Daiichi Sankyo Co. Ltd.		62,252
	4,200	Daiichikosho Co. Ltd.		50,906
	1,300	Daikin Industries Ltd.		181,579
	300	Daikokutenbussan Co. Ltd.		24,463
	4,000	Daio Paper Corp.†		25,220
	2,280	Daiseki Co. Ltd.		59,409
	2,800	Daishi Hokuetsu Financial Group, Inc.		45,801
	600	Daito Trust Construction Co. Ltd.†		72,680
	7,000	Daiwa House Industry Co. Ltd.		219,412
	4,700	Daiwa Securities Group, Inc.†		32,865
	4,300	Daiwabo Holdings Co. Ltd.		81,303
	5,300	DCM Holdings Co. Ltd.		58,227
	3,700	Denka Co. Ltd.†		57,987
	8,600	Denso Corp.		127,182
	900	Dentsu Group, Inc.		27,596
	400	Dentsu Soken, Inc.		15,418
	3,000	Dexerials Corp.		42,279
	3,600	DIC Corp.		81,230
	1,900	Dip Corp.		37,544
	500	Disco Corp.		130,423
	1,800	DMG Mori Co. Ltd.		37,772
	2,500	Dowa Holdings Co. Ltd.		91,407
	1,500	DTS Corp.		42,268
	3,300	East Japan Railway Co.		65,403
	5,500	Ebara Corp.		89,068
	2,100	EDION Corp.†		26,841
	600	Eisai Co. Ltd.		22,313
	2,900	Elecom Co. Ltd.		29,277
	1,700	Electric Power Development Co. Ltd.		28,328
	700	en Japan, Inc.		11,845
	37,400	ENEOS Holdings, Inc.		202,633
	1,000	Exedy Corp.		22,230
	8,600	EXEO Group, Inc.		93,076
	2,300	Ezaki Glico Co. Ltd.		70,236
	1,300	FANUC Corp.		37,899
	1,000	Fast Retailing Co. Ltd.		329,936
	2,400	Financial Partners Group Co. Ltd.		37,071

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Japan (Continued)
	3,300	Food & Life Cos. Ltd.	$	66,069
	1,400	FP Corp.		27,893
	900	Fuji Co. Ltd.		13,244
	3,300	Fuji Corp.		52,373
	1,400	Fuji Electric Co. Ltd.†		83,966
	500	Fuji Kyuko Co. Ltd.		9,612
	700	Fuji Oil Holdings, Inc.		15,444
	700	Fuji Seal International, Inc.		12,303
	600	Fuji Soft, Inc.		37,655
	4,800	FUJIFILM Holdings Corp.		123,169
	3,000	Fujikura Ltd.		100,567
	900	Fujimi, Inc.†		14,841
	1,300	Fujitsu General Ltd.		19,085
	7,700	Fujitsu Ltd.		157,268
	400	Fukuda Denshi Co. Ltd.		21,430
	1,200	Fukuoka Financial Group, Inc.		30,650
	500	Fukushima Galilei Co. Ltd.		19,029
	600	Fukuyama Transporting Co. Ltd.		15,864
	2,800	Furukawa Electric Co. Ltd.		70,290
	1,300	Fuso Chemical Co. Ltd.		35,999
	2,000	Future Corp.		25,326
	3,000	Glory Ltd.†		53,394
	700	GMO Payment Gateway, Inc.		42,860
	400	Goldwin, Inc.		23,038
	3,800	GS Yuasa Corp.		75,286
	4,900	Gunma Bank Ltd.†		29,927
	3,000	H.U. Group Holdings, Inc.†		55,345
	3,400	H2O Retailing Corp.†		48,685
	5,000	Hachijuni Bank Ltd.		29,240
	2,800	Hakuhodo DY Holdings, Inc.		22,774
	1,800	Hamamatsu Photonics KK†		23,489
	1,900	Hankyu Hanshin Holdings, Inc.		58,457
	1,500	Hanwa Co. Ltd.		51,870
	800	Harmonic Drive Systems, Inc.		19,676
	3,500	Haseko Corp.†		45,599
	6,300	Hazama Ando Corp.†		49,050
	2,300	Heiwa Corp.		33,958
	600	Heiwa Real Estate Co. Ltd.		17,033
	700	Heiwado Co. Ltd.		11,640
	12,900	Hino Motors Ltd.*		41,565
	10,000	Hirogin Holdings, Inc.†		76,953
	200	Hirose Electric Co. Ltd.		25,340
	1,000	HIS Co. Ltd.*		11,710
	1,600	Hitachi Construction Machinery Co. Ltd.†		38,640
	27,000	Hitachi Ltd.		710,294
	7,000	Hitachi Zosen Corp.		48,266
	6,200	Hokkaido Electric Power Co., Inc.†		41,641
	3,000	Hokuetsu Corp.†		32,729
	1,800	Hokuhoku Financial Group, Inc.		19,569
	2,300	Hokuriku Electric Power Co.†		14,799
	30,900	Honda Motor Co. Ltd.		324,103
	939	Honda Motor Co. Ltd., ADR		29,794
	400	Horiba Ltd.		26,005
	600	Hoshizaki Corp.		20,806

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Japan (Continued)
	2,500	House Foods Group, Inc.	$	52,983
	2,000	Hoya Corp.		275,317
	4,400	Hulic Co. Ltd.		44,528
	8,400	Hyakugo Bank Ltd.		31,852
	700	Ibiden Co. Ltd.†		21,552
	3,300	Ichibanya Co. Ltd.†		23,902
	6,100	Ichigo, Inc.		15,576
	10,500	Idemitsu Kosan Co. Ltd.		75,102
	500	IHI Corp.†		25,893
	1,100	Iida Group Holdings Co. Ltd.†		16,922
	4,200	Iino Kaiun Kaisha Ltd.†		36,674
	1,900	Inaba Denki Sangyo Co. Ltd.		50,631
	900	Inabata & Co. Ltd.		20,852
	9,012	INFRONEER Holdings, Inc.		73,519
	13,200	Inpex Corp.		177,990
	1,200	Internet Initiative Japan, Inc.		25,215
	1,500	Isetan Mitsukoshi Holdings Ltd.†		23,232
	6,200	Isuzu Motors Ltd.		83,299
	1,900	Ito En Ltd.		45,119
	5,000	ITOCHU Corp.†		267,107
	2,700	Itochu Enex Co. Ltd.		29,268
	680	Itoham Yonekyu Holdings, Inc.		18,286
	2,800	Iwatani Corp.		40,210
	4,100	Iyogin Holdings, Inc.		38,768
	1,900	Izumi Co. Ltd.		46,890
	3,500	J. Front Retailing Co. Ltd.		37,660
	4,100	JAC Recruitment Co. Ltd.		21,794
	1,400	Japan Airlines Co. Ltd.		24,523
	1,200	Japan Airport Terminal Co. Ltd.		43,024
	1,800	Japan Aviation Electronics Industry Ltd.†		31,848
	2,200	Japan Elevator Service Holdings Co. Ltd.		47,605
	7,200	Japan Exchange Group, Inc.		92,952
	1,200	Japan Material Co. Ltd.		15,471
	7,800	Japan Post Holdings Co. Ltd.		74,133
	1,000	Japan Post Insurance Co. Ltd.		18,118
	3,000	Japan Securities Finance Co. Ltd.		39,972
	1,000	Japan Steel Works Ltd.		34,956
	5,800	Japan Tobacco, Inc.		168,643
	1,000	Jeol Ltd.†		38,678
	6,200	JFE Holdings, Inc.†		82,760
	2,600	Joyful Honda Co. Ltd.		37,682
	7,200	JTEKT Corp.		51,173
	1,300	Juroku Financial Group, Inc.		35,728
	2,000	Justsystems Corp.		49,817
	10,400	JVCKenwood Corp.		97,325
	6,900	K's Holdings Corp.		74,053
	800	Kadokawa Corp.		17,778
	2,000	Kaga Electronics Co. Ltd.		38,963
	2,900	Kagome Co. Ltd.		64,729
	2,200	Kajima Corp.†		40,954
	1,500	Kakaku.com, Inc.		26,003
	1,500	Kamigumi Co. Ltd.		34,013
	4,300	Kandenko Co. Ltd.		66,598
	2,000	Kaneka Corp.		54,298

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

M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Japan (Continued)
	4,100	Kanematsu Corp.	$	69,006
	4,100	Kansai Electric Power Co., Inc.		67,608
	1,800	Kansai Paint Co. Ltd.†		31,961
	2,000	Kao Corp.		98,925
	100	Kasumigaseki Capital Co. Ltd.		10,423
	3,000	Katitas Co. Ltd.†		41,559
	800	Kato Sangyo Co. Ltd.		23,601
	900	Kawasaki Heavy Industries Ltd.†		36,351
	14,200	KDDI Corp.		453,886
	4,600	Keihan Holdings Co. Ltd.		96,945
	4,500	Keikyu Corp.†		36,617
	700	Keio Corp.†		16,676
	600	Keisei Electric Railway Co. Ltd.†		17,822
	900	Kewpie Corp.		22,418
	500	Keyence Corp.		237,815
	3,300	Kikkoman Corp.		37,380
	1,500	Kintetsu Group Holdings Co. Ltd.†		37,217
	5,200	Kirin Holdings Co. Ltd.		79,090
	1,700	Kiyo Bank Ltd.†		19,812
	700	Kobayashi Pharmaceutical Co. Ltd.		27,776
	1,300	Kobe Bussan Co. Ltd.		40,920
	4,600	Kobe Steel Ltd.†		54,778
	3,600	Koei Tecmo Holdings Co. Ltd.†		41,442
	900	Kohnan Shoji Co. Ltd.		23,827
	3,200	Koito Manufacturing Co. Ltd.†		43,973
	2,900	Kokuyo Co. Ltd.		51,069
	8,600	Komatsu Ltd.		237,312
	900	KOMEDA Holdings Co. Ltd.		17,321
	1,900	Komeri Co. Ltd.†		48,913
	600	Konami Group Corp.		60,720
	21,400	Konica Minolta, Inc.		61,524
	1,200	Konoike Transport Co. Ltd.		20,798
	500	Kose Corp.		32,298
	3,400	Kotobuki Spirits Co. Ltd.†		43,066
	6,900	Kubota Corp.		97,505
	900	Kumagai Gumi Co. Ltd.		22,543
	500	Kura Sushi, Inc.†		13,081
	4,700	Kuraray Co. Ltd.		69,310
	1,200	Kureha Corp.		23,737
	800	Kurita Water Industries Ltd.		34,321
	2,500	Kusuri No. Aoki Holdings Co. Ltd.		57,975
	2,500	Kyoritsu Maintenance Co. Ltd.†		41,781
	2,400	Kyoto Financial Group, Inc.		36,812
	1,800	Kyowa Kirin Co. Ltd.		31,648
	600	Kyudenko Corp.		28,233
	3,100	Kyushu Electric Power Co., Inc.		33,702
	5,000	Kyushu Financial Group, Inc.		24,251
	1,200	Kyushu Railway Co.		34,524
	400	Lasertec Corp.		65,695
	10,100	Leopalace21 Corp.		42,023
	1,900	Life Corp.		47,987
	1,000	Lintec Corp.		22,995
	4,100	Lion Corp.		46,071
	5,000	Lixil Corp.†		59,610

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Japan (Continued)
	8,500	LY Corp.	$	24,798
	4,100	M3, Inc.		41,021
	3,100	Mabuchi Motor Co. Ltd.		47,969
	5,100	Macnica Holdings, Inc.		70,472
	600	Makino Milling Machine Co. Ltd.†		24,505
	900	Makita Corp.		30,314
	2,300	Mani, Inc.		29,141
	2,200	Marubeni Corp.		35,818
	2,000	Maruha Nichiro Corp.		44,126
	2,000	Marui Group Co. Ltd.†		33,265
	100	Maruwa Co. Ltd.		29,188
	4,100	Matsui Securities Co. Ltd.†		22,308
	1,620	MatsukiyoCocokara & Co.†		26,522
	1,000	Max Co. Ltd.		25,048
	7,000	Mazda Motor Corp.†		52,113
	500	McDonald's Holdings Co. Japan Ltd.		23,795
	3,700	MCJ Co. Ltd.		39,182
	9,000	Mebuki Financial Group, Inc.		35,975
	1,600	Medipal Holdings Corp.		27,725
	2,400	Megmilk Snow Brand Co. Ltd.		45,186
	1,700	Meidensha Corp.		39,565
	1,600	MEIJI Holdings Co. Ltd.		39,965
	900	Meiko Electronics Co. Ltd.		38,636
	2,600	MEITEC Group Holdings, Inc.		57,364
	2,100	Mercari, Inc.*		36,630
	1,000	Micronics Japan Co. Ltd.		27,379
	2,100	Minebea Mitsumi, Inc.		41,174
	3,400	Mirait One Corp.		50,246
	2,100	MISUMI Group, Inc.		37,843
	1,000	Mitani Corp.		11,445
	15,500	Mitsubishi Chemical Group Corp.		99,099
	5,600	Mitsubishi Corp.		115,039
	7,800	Mitsubishi Electric Corp.		125,012
	4,900	Mitsubishi Estate Co. Ltd.		76,999
	1,500	Mitsubishi Gas Chemical Co., Inc.		28,904
	14,000	Mitsubishi Heavy Industries Ltd.		206,262
	2,500	Mitsubishi Logisnext Co. Ltd.		22,595
	900	Mitsubishi Logistics Corp.		32,700
	3,900	Mitsubishi Materials Corp.†		69,873
	16,900	Mitsubishi Motors Corp.†		45,212
	1,000	Mitsubishi Shokuhin Co. Ltd.		36,598
	49,100	Mitsubishi UFJ Financial Group, Inc.		496,551
	1,400	Mitsuboshi Belting Ltd.†		38,720
	1,700	Mitsui Chemicals, Inc.†		45,006
	5,300	Mitsui E&S Co. Ltd.†		41,707
	7,900	Mitsui Fudosan Co. Ltd.		73,545
	4,500	Mitsui High-Tec, Inc.		28,198
	2,600	Mitsui Mining & Smelting Co. Ltd.		88,280
	1,000	Mitsui-Soko Holdings Co. Ltd.		43,208
	1,000	Miura Co. Ltd.		24,436
	10,390	Mizuho Financial Group, Inc.		212,246
	700	Mizuno Corp.		44,321
	1,700	Modec, Inc.		40,038
	8,000	Monex Group, Inc.		33,508

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Japan (Continued)
	900	Monogatari Corp.	$	24,359
	2,900	MonotaRO Co. Ltd.		48,375
	2,600	Morinaga & Co. Ltd.		51,910
	4,200	Morinaga Milk Industry Co. Ltd.†		102,659
	5,500	MS&AD Insurance Group Holdings, Inc.		127,431
	7,800	Murata Manufacturing Co. Ltd.		152,310
	1,500	Musashi Seimitsu Industry Co. Ltd.†		20,393
	2,800	Nabtesco Corp.		48,100
	3,600	Nagase & Co. Ltd.		80,178
	4,900	Nagoya Railroad Co. Ltd.		59,356
	2,500	Nakanishi, Inc.		46,321
	1,800	Namura Shipbuilding Co. Ltd.†		17,471
	2,700	Nankai Electric Railway Co. Ltd.		44,325
	1,100	NEC Corp.		105,236
	1,800	NEC Networks & System Integration Corp.		34,679
	2,500	NET One Systems Co. Ltd.		62,254
	1,300	Nexon Co. Ltd.		25,593
	2,800	Nextage Co. Ltd.†		35,788
	3,900	NGK Insulators Ltd.		50,770
	1,000	NH Foods Ltd.		37,106
	2,400	NHK Spring Co. Ltd.		30,358
	1,100	Nichias Corp.†		43,548
	700	Nichiha Corp.		16,925
	1,500	Nichirei Corp.†		46,620
	3,200	NIDEC Corp.		66,928
	4,600	Nifco, Inc.		116,372
	10,300	Nihon M&A Center Holdings, Inc.†		46,919
	4,800	Nikkon Holdings Co. Ltd.		63,237
	3,000	Nikon Corp.†		31,007
	3,300	Nintendo Co. Ltd.		175,326
	1,900	Nippn Corp.†		29,334
	3,300	Nippon Electric Glass Co. Ltd.		77,193
	1,600	NIPPON EXPRESS HOLDINGS, Inc.†		83,949
	3,500	Nippon Gas Co. Ltd.		55,937
	5,700	Nippon Kayaku Co. Ltd.		49,534
	6,200	Nippon Paint Holdings Co. Ltd.		47,344
	1,900	Nippon Sanso Holdings Corp.†		68,914
	2,600	Nippon Shinyaku Co. Ltd.		67,404
	4,500	Nippon Shokubai Co. Ltd.		54,291
	1,800	Nippon Soda Co. Ltd.		31,235
	8,800	Nippon Steel Corp.†		195,807
	104,100	Nippon Telegraph & Telephone Corp.		106,327
	8,500	Nipro Corp.		84,187
	4,800	Nishi-Nippon Financial Holdings, Inc.		54,504
	2,400	Nishi-Nippon Railroad Co. Ltd.		38,206
	1,000	Nishimatsu Construction Co. Ltd.†		35,394
	1,600	Nishimatsuya Chain Co. Ltd.		27,430
	1,400	Nissan Chemical Corp.		49,931
	21,600	Nissan Motor Co. Ltd.†		60,491
	800	Nisshin Oillio Group Ltd.		29,334
	3,400	Nisshin Seifun Group, Inc.		43,019
	7,800	Nisshinbo Holdings, Inc.		52,034
	1,200	Nissin Foods Holdings Co. Ltd.		33,456
	16,100	Nissui Corp.		102,778

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Japan (Continued)
	1,200	Niterra Co. Ltd.†	$	33,355
	400	Nitori Holdings Co. Ltd.		60,658
	6,000	Nitto Denko Corp.		99,711
	700	Nitto Kogyo Corp.		14,660
	300	Noevir Holdings Co. Ltd.		10,791
	2,100	NOF Corp.		35,944
	900	Nohmi Bosai Ltd.		18,260
	4,500	Nojima Corp.		63,434
	16,900	Nomura Holdings, Inc.		87,366
	1,500	Nomura Real Estate Holdings, Inc.†		39,983
	2,200	Nomura Research Institute Ltd.		81,127
	14,600	North Pacific Bank Ltd.		39,211
	2,000	NSD Co. Ltd.		44,042
	2,900	NSK Ltd.†		14,546
	24,200	NTN Corp.†		43,155
	3,600	NTT Data Group Corp.		64,486
	3,100	Obayashi Corp.		39,105
	500	OBIC Business Consultants Co. Ltd.		25,824
	1,500	Obic Co. Ltd.		52,663
	2,100	Odakyu Electric Railway Co. Ltd.†		23,363
	900	Ohsho Food Service Corp.		17,840
	13,300	Oji Holdings Corp.†		53,117
	2,700	Okamura Corp.†		37,140
	4,600	Okasan Securities Group, Inc.		19,843
	1,000	Okinawa Cellular Telephone Co.		27,518
	2,200	OKUMA Corp.†		46,885
	1,400	Okumura Corp.		42,275
	2,200	Olympus Corp.		41,612
	1,200	Omron Corp.		54,663
	3,800	Ono Pharmaceutical Co. Ltd.		50,539
	1,500	Open House Group Co. Ltd.†		56,410
	3,300	Open Up Group, Inc.		46,931
	500	Oracle Corp.		51,296
	800	Organo Corp.		38,963
	3,300	Oriental Land Co. Ltd.		84,908
	2,100	Osaka Gas Co. Ltd.		47,107
	2,900	OSG Corp.		40,849
	1,400	Otsuka Corp.		34,521
	900	Otsuka Holdings Co. Ltd.		50,615
	1,600	PAL GROUP Holdings Co. Ltd.		28,254
	1,200	PALTAC Corp.		36,820
	2,500	Pan Pacific International Holdings Corp.		64,272
	16,800	Panasonic Holdings Corp.		145,294
	700	Paramount Bed Holdings Co. Ltd.		12,614
	4,400	Park24 Co. Ltd.*		54,876
	15,700	Penta-Ocean Construction Co. Ltd.		69,824
	3,200	PeptiDream, Inc.*		59,246
	26,000	Persol Holdings Co. Ltd.		46,455
	1,100	PHC Holdings Corp.†		8,067
	4,400	Pigeon Corp.		51,493
	1,200	Pilot Corp.		37,029
	900	Pola Orbis Holdings, Inc.		9,261
	2,000	Rakus Co. Ltd.		31,122
	700	Rakuten Bank Ltd.*		15,707

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Japan (Continued)
	4,200	Rakuten Group, Inc.*, †	$	27,048
	7,900	Recruit Holdings Co. Ltd.		478,480
	4,200	Relo Group, Inc.		54,880
	12,500	Renesas Electronics Corp.		180,814
	10,700	Rengo Co. Ltd.		74,366
	11,900	Resona Holdings, Inc.		82,598
	2,800	Resonac Holdings Corp.		71,692
	2,600	Resorttrust, Inc.		52,027
	6,400	Ricoh Co. Ltd.		68,687
	1,600	Riken Keiki Co. Ltd.		42,748
	1,200	Rinnai Corp.		29,481
	1,500	Riso Kyoiku Co. Ltd.		2,693
	2,800	Rohm Co. Ltd.†		31,288
	1,500	Rohto Pharmaceutical Co. Ltd.		37,280
	3,000	Rorze Corp.		41,120
	7,900	Round One Corp.		60,188
	3,400	Ryohin Keikaku Co. Ltd.		62,311
	264	Ryoyo Ryosan Holdings, Inc.†		4,666
	1,100	Saizeriya Co. Ltd.		43,702
	1,100	Sakata Seed Corp.		27,017
	1,800	SAMTY HOLDINGS Co. Ltd.		34,967
	600	San-A Co. Ltd.		10,750
	2,100	San-Ai Obbli Co. Ltd.		28,419
	5,700	San-In Godo Bank Ltd.†		48,384
	1,800	Sangetsu Corp.		35,230
	1,300	Sanken Electric Co. Ltd.*, †		60,656
	3,000	Sankyo Co. Ltd.		43,959
	2,700	Sankyu, Inc.		90,435
	2,100	Sanrio Co. Ltd.		60,344
	3,600	Santen Pharmaceutical Co. Ltd.		43,445
	2,300	Sanwa Holdings Corp.		60,411
	600	Sapporo Holdings Ltd.		33,017
	4,800	Sawai Group Holdings Co. Ltd.†		68,047
	1,700	SBI Holdings, Inc.†		38,974
	1,200	SBI Sumishin Net Bank Ltd.		22,401
	600	SCREEN Holdings Co. Ltd.†		41,634
	1,600	SCSK Corp.		32,946
	2,200	Secom Co. Ltd.		81,035
	2,400	Sega Sammy Holdings, Inc.		47,758
	3,000	Seibu Holdings, Inc.†		66,606
	2,400	Seiko Epson Corp.†		44,076
	700	Seiko Group Corp.		18,946
	1,600	Seino Holdings Co. Ltd.		26,796
	800	Seiren Co. Ltd.†		15,040
	2,700	Sekisui Chemical Co. Ltd.		41,921
	2,100	Sekisui House Ltd.		58,065
	6,200	Senko Group Holdings Co. Ltd.†		53,793
	1,700	Seria Co. Ltd.		41,517
	26,400	Seven & i Holdings Co. Ltd.		394,370
	27,000	Seven Bank Ltd.†		53,784
	5,300	SG Holdings Co. Ltd.		56,826
	4,900	Sharp Corp.*, †		32,381
	400	SHIFT, Inc.†, *		38,017
	1,900	Shiga Bank Ltd.		42,898

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Japan (Continued)
	4,500	Shikoku Electric Power Co., Inc.	$	39,842
	1,700	Shimadzu Corp.		56,468
	200	Shimano, Inc.		37,808
	3,500	Shimizu Corp.		23,950
	10,400	Shin-Etsu Chemical Co. Ltd.		432,498
	2,000	Shin-Etsu Polymer Co. Ltd.		21,569
	800	Shinko Electric Industries Co. Ltd.*		30,553
	4,500	Shionogi & Co. Ltd.		64,295
	3,700	Ship Healthcare Holdings, Inc.		60,201
	1,200	Shiseido Co. Ltd.		32,353
	2,500	Shizuoka Financial Group, Inc.		21,647
	1,300	SHO-BOND Holdings Co. Ltd.		51,304
	1,500	Shoei Co. Ltd.†		23,305
	1,400	Simplex Holdings, Inc.		23,573
	400	Sinfonia Technology Co. Ltd.		14,055
	7,900	SKY Perfect JSAT Holdings, Inc.		49,030
	2,300	Skylark Holdings Co. Ltd.		36,974
	100	SMC Corp.		44,286
	3,200	SMS Co. Ltd.		48,014
	900	Socionext, Inc.†		17,759
	151,000	SoftBank Corp.†		196,676
	5,500	Sohgo Security Services Co. Ltd.		39,607
	1,160	Sojitz Corp.†		27,159
	5,100	Sompo Holdings, Inc.		113,586
	57,500	Sony Group Corp.		1,111,193
	3,000	Sotetsu Holdings, Inc.†		49,783
	700	Square Enix Holdings Co. Ltd.		27,737
	1,900	Starts Corp., Inc.		45,938
	8,400	Subaru Corp.		145,060
	2,400	Sugi Holdings Co. Ltd.		44,510
	4,500	SUMCO Corp.†		48,280
	1,400	Sumitomo Bakelite Co. Ltd.		39,129
	10,600	Sumitomo Chemical Co. Ltd.		30,054
	4,300	Sumitomo Corp.		95,559
	7,200	Sumitomo Electric Industries Ltd.		114,995
	1,600	Sumitomo Forestry Co. Ltd.		78,984
	1,700	Sumitomo Heavy Industries Ltd.		40,689
	1,600	Sumitomo Metal Mining Co. Ltd.		47,769
	16,800	Sumitomo Mitsui Financial Group, Inc.		355,930
	3,800	Sumitomo Mitsui Trust Holdings, Inc.†		89,656
	1,800	Sumitomo Osaka Cement Co. Ltd.		51,173
	2,700	Sumitomo Realty & Development Co. Ltd.		90,285
	2,400	Sumitomo Riko Co. Ltd.		24,330
	3,700	Sumitomo Rubber Industries Ltd.		40,353
	900	Sumitomo Warehouse Co. Ltd.†		16,863
	700	Sundrug Co. Ltd.		20,621
	800	Suntory Beverage & Food Ltd.		30,024
	6,300	Suruga Bank Ltd.†		48,875
	1,000	Suzuken Co. Ltd.		34,810
	12,700	Suzuki Motor Corp.		140,718
	1,200	SWCC Corp.		47,841
	3,900	Sysmex Corp.		76,711
	6,800	Systena Corp.		17,553
	1,900	T Hasegawa Co. Ltd.		43,294

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Japan (Continued)
	2,200	T&D Holdings, Inc.	$	38,191
	3,200	Tadano Ltd.		21,272
	1,800	Taiheiyo Cement Corp.		42,193
	400	Taikisha Ltd.		13,623
	600	Taisei Corp.		26,133
	1,700	Taiyo Holdings Co. Ltd.		43,764
	1,200	Taiyo Yuden Co. Ltd.†		24,342
	2,000	Takara Bio, Inc.		13,999
	6,200	Takara Holdings, Inc.		52,499
	900	Takasago Thermal Engineering Co. Ltd.†		32,186
	5,200	Takashimaya Co. Ltd.		41,354
	11,800	Takeda Pharmaceutical Co. Ltd.		336,861
	1,500	Takeuchi Manufacturing Co. Ltd.		46,130
	700	Takuma Co. Ltd.		7,807
	1,000	Tamron Co. Ltd.		31,101
	13,000	TDK Corp.		164,891
	2,700	TechnoPro Holdings, Inc.		52,206
	8,400	Teijin Ltd.†		82,758
	1,800	Terumo Corp.		33,815
	4,900	THK Co. Ltd.		85,710
	3,900	TIS, Inc.		99,070
	700	TKC Corp.		18,629
	3,100	Toagosei Co. Ltd.		34,845
	1,500	Tobu Railway Co. Ltd.		26,123
	9,400	Toda Corp.†		61,603
	1,000	Toei Animation Co. Ltd.		21,047
	600	Toho Co. Ltd.		24,267
	1,300	Toho Gas Co. Ltd.		35,900
	1,200	Toho Holdings Co. Ltd.		37,897
	3,300	Tohoku Electric Power Co., Inc.		31,479
	9,700	Tokai Carbon Co. Ltd.†		62,158
	5,300	TOKAI Holdings Corp.		35,807
	3,000	Tokai Rika Co. Ltd.		40,911
	11,000	Tokai Tokyo Financial Holdings, Inc.†		36,966
	10,100	Tokio Marine Holdings, Inc.		367,599
	3,100	Tokuyama Corp.		62,194
	6,100	Tokyo Electric Power Co. Holdings, Inc.*		27,031
	600	Tokyo Electron Device Ltd.†		15,029
	2,700	Tokyo Electron Ltd.		475,095
	1,400	Tokyo Gas Co. Ltd.†		32,505
	1,400	Tokyo Kiraboshi Financial Group, Inc.†		40,278
	700	Tokyo Ohka Kogyo Co. Ltd.		16,993
	800	Tokyo Seimitsu Co. Ltd.		42,025
	2,000	Tokyo Steel Manufacturing Co. Ltd.		27,608
	2,700	Tokyo Tatemono Co. Ltd.		43,142
	3,000	Tokyu Corp.†		38,678
	9,700	Tokyu Fudosan Holdings Corp.		66,545
	1,900	Tomy Co. Ltd.		51,715
	5,000	Topcon Corp.		53,766
	9,400	Toray Industries, Inc.		55,148
	1,100	Toridoll Holdings Corp.†		28,471
	1,300	Toshiba TEC Corp.		31,386
	3,600	Tosoh Corp.		47,917
	1,600	TOTO Ltd.†		59,413

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Japan (Continued)
	1,800	Towa Corp.†	$	27,515
	2,100	Towa Pharmaceutical Co. Ltd.		43,980
	3,100	Toyo Construction Co. Ltd.		28,773
	2,400	Toyo Seikan Group Holdings Ltd.		37,588
	500	Toyo Suisan Kaisha Ltd.		32,524
	400	Toyo Tanso Co. Ltd.		15,836
	6,700	Toyo Tire Corp.		97,289
	3,700	Toyoda Gosei Co. Ltd.		62,943
	4,000	Toyota Boshoku Corp.		51,988
	77,000	Toyota Motor Corp.		1,362,133
	5,400	Toyota Tsusho Corp.		97,123
	500	Transcosmos, Inc.		12,333
	900	Trend Micro, Inc.		53,139
	1,100	Trusco Nakayama Corp.		18,919
	3,900	Tsubakimoto Chain Co.†		50,987
	2,500	Tsumura & Co.		78,483
	700	Tsuruha Holdings, Inc.		44,175
	800	U-Next Holdings Co. Ltd.		30,503
	1,000	UACJ Corp.		35,624
	4,000	UBE Corp.		74,295
	600	Ulvac, Inc.		31,807
	1,000	Unicharm Corp.		36,062
	3,700	Ushio, Inc.		52,260
	3,800	USS Co. Ltd.		35,865
	600	UT Group Co. Ltd.		11,489
	700	Visional, Inc.*		38,622
	1,600	Wacoal Holdings Corp.		49,884
	1,500	Welcia Holdings Co. Ltd.		21,270
	2,400	West Japan Railway Co.		45,487
	300	Workman Co. Ltd.		9,309
	1,100	Yakult Honsha Co. Ltd.		25,402
	9,500	Yamada Holdings Co. Ltd.		29,658
	2,100	Yamaguchi Financial Group, Inc.		22,640
	2,700	Yamaha Corp.†		23,172
	11,400	Yamaha Motor Co. Ltd.		101,527
	2,300	Yamato Holdings Co. Ltd.†		26,149
	2,600	Yamazaki Baking Co. Ltd.		51,475
	4,200	Yamazen Corp.		39,713
	400	Yaoko Co. Ltd.†		27,057
	1,200	Yaskawa Electric Corp.		41,730
	1,300	Yellow Hat Ltd.		23,517
	2,100	Yokogawa Electric Corp.		53,404
	2,200	Yokohama Rubber Co. Ltd.		49,166
	2,900	Yonex Co. Ltd.		42,756
	1,700	Yoshinoya Holdings Co. Ltd.		37,152
	900	Zensho Holdings Co. Ltd.		49,695
	6,200	Zeon Corp.†		58,646
	1,000	ZOZO, Inc.†		36,278
				39,164,914
		Netherlands—2.4%
	4,092	Aalberts NV		165,985
	3,265	ABN AMRO Bank NV, CVA#		58,896
	90	Adyen NV*, #		140,517

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Netherlands (Continued)
	11,005	Aegon Ltd.	$	70,659
	4,173	Aegon Ltd., Registered†		26,666
	1,165	Akzo Nobel NV		82,089
	13,946	Allfunds Group PLC		85,692
	384	Aperam SA		12,028
	3,118	Arcadis NV		215,884
	2,831	ArcelorMittal SA		74,182
	396	ASM International NV		259,812
	1,963	ASML Holding NV		1,629,220
	118	ASML Holding NV, Registered		98,324
	2,907	ASR Nederland NV		142,381
	1,709	BE Semiconductor Industries NV		216,014
	1,433	Coca-Cola Europacific Partners PLC		112,617
	1,557	CTP NV#		28,424
	98	HAL Trust		12,916
	1,104	Heineken NV†		97,871
	2,070	IMCD NV		359,228
	16,312	ING Groep NV		295,498
	10,469	InPost SA*		197,411
	1,082	JDE Peet's NV		22,595
	9,384	Koninklijke Ahold Delhaize NV		324,133
	50,841	Koninklijke KPN NV		207,642
	1,815	Koninklijke Philips NV†, *		59,387
	3,061	Koninklijke Philips NV*		100,244
	2,715	Koninklijke Vopak NV		125,965
	3,146	NN Group NV		156,818
	3,356	OCI NV		95,560
	3,422	Prosus NV		149,549
	3,308	Randstad NV†		164,231
	4,850	SBM Offshore NV		88,486
	4,341	Signify NV#		102,249
	3,669	Universal Music Group NV†		95,977
	2,776	Wolters Kluwer NV		467,533
				6,542,683
		New Zealand—0.2%
	5,589	a2 Milk Co. Ltd.†, *		24,322
	103,494	Air New Zealand Ltd.		34,847
	7,273	Auckland International Airport Ltd.		34,516
	7,155	Chorus Ltd.		39,637
	10,574	Contact Energy Ltd.		54,883
	1,222	EBOS Group Ltd.†		28,057
	2,584	Fisher & Paykel Healthcare Corp. Ltd.		57,046
	13,521	Fletcher Building Ltd.*		25,340
	3,784	Freightways Group Ltd.		21,876
	22,649	Genesis Energy Ltd.		30,361
	5,520	Infratil Ltd.		42,959
	647	Mainfreight Ltd.†		29,332
	5,833	Mercury NZ Ltd.		23,902
	6,055	Meridian Energy Ltd.		22,850
	1,991	Port of Tauranga Ltd.		7,526
	7,473	Ryman Healthcare Ltd.†, *		20,415
	16,731	Spark New Zealand Ltd.		32,207
	10,463	Summerset Group Holdings Ltd.		79,433

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		New Zealand (Continued)
	7,097	Vector Ltd.	$	17,088
				626,597
		Norway—0.7%
	1,014	AF Gruppen ASA		12,145
	204	Aker ASA, Class A		10,593
	4,007	Aker BP ASA		85,889
	4,348	Aker Solutions ASA		16,720
	1,456	Atea ASA		18,819
	2,299	Austevoll Seafood ASA		21,066
	1,080	Avance Gas Holding Ltd.#		10,807
	438	Bakkafrost P/F		25,214
	875	Bluenord ASA*		38,348
	480	Bonheur ASA		12,145
	7,171	Borr Drilling Ltd.†, *		39,369
	1,580	Borregaard ASA		29,705
	2,559	BW LPG Ltd.#		36,495
	1,212	Cadeler AS, ADR*		34,154
	289	Cavendish Hydrogen ASA*		320
	968	Crayon Group Holding ASA*, #		11,438
	5,438	DNB Bank ASA		111,512
	12,792	DNO ASA		13,831
	6,672	Elkem ASA*, #		12,961
	5,641	Elopak ASA		23,787
	745	Entra ASA*, #		9,686
	9,681	Equinor ASA		244,664
	4,440	Europris ASA#		28,316
	1,012	FLEX LNG Ltd.		26,065
	1,736	Frontline PLC		39,300
	1,401	Gjensidige Forsikring ASA		26,207
	2,309	Golden Ocean Group Ltd.		30,807
	3,883	Hafnia Ltd.		27,633
	2,783	Hoegh Autoliners ASA		35,892
	391	Kongsberg Gruppen ASA		38,237
	7,739	Leroy Seafood Group ASA		35,479
	2,023	Mowi ASA		36,375
	19,591	MPC Container Ships ASA		45,205
	14,484	NEL ASA*		6,849
	864	Nordic Semiconductor ASA*		8,732
	3,224	Norsk Hydro ASA		20,915
	23,135	Norwegian Air Shuttle ASA		28,412
	5,186	Odfjell Drilling Ltd.		25,014
	1,567	Odfjell SE, Class A		21,056
	973	Okeanis Eco Tankers Corp.#, *		31,902
	4,229	Orkla ASA		39,854
	1,686	Protector Forsikring ASA		38,663
	397	Salmar ASA		20,823
	4,491	Scatec ASA*, #		35,386
	614	Schibsted ASA, Class A		19,817
	840	Schibsted ASA, Class B		25,328
	1,208	Sparebank 1 Oestlandet		16,621
	3,200	SpareBank 1 Sorost-Norge		20,623
	1,199	SpareBank 1 SR-Bank ASA		15,475
	580	Stolt-Nielsen Ltd.		21,435

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Norway (Continued)
	4,328	Storebrand ASA	$	47,533
	2,103	Subsea 7 SA		33,977
	3,478	Telenor ASA		44,493
	5,109	TGS ASA		48,050
	1,776	TOMRA Systems ASA		26,170
	5,444	Var Energi ASA		16,869
	2,363	Veidekke ASA		27,676
	2,083	Wallenius Wilhelmsen ASA		24,515
	1,244	Yara International ASA		39,384
				1,894,756
		Portugal—0.2%
	361,360	Banco Comercial Portugues SA, Class R		163,071
	1,860	EDP Renovaveis SA†		32,527
	14,431	EDP SA		65,894
	6,461	Galp Energia SGPS SA		120,827
	1,457	Jeronimo Martins SGPS SA		28,610
	2,806	Navigator Co. SA		11,519
				422,448
		Singapore—0.7%
	14,300	CapitaLand Investment Ltd.		34,714
	6,300	City Developments Ltd.		26,470
	53,700	ComfortDelGro Corp. Ltd.		63,090
	11,574	DBS Group Holdings Ltd.		342,650
	15,900	DFI Retail Group Holdings Ltd.		34,503
	56,500	Genting Singapore Ltd.		38,465
	242,400	Golden Agri-Resources Ltd.		52,808
	7,200	Hongkong Land Holdings Ltd.		26,424
	1,900	iFAST Corp. Ltd.		10,792
	123,655	Keppel Infrastructure Trust		44,738
	7,500	Keppel Ltd.		38,689
	88,000	Netlink NBN Trust		62,649
	36,200	Olam Group Ltd.		31,546
	16,439	Oversea-Chinese Banking Corp. Ltd.		193,137
	13,623	SATS Ltd.		38,264
	22,126	Seatrium Ltd.†, *		30,643
	10,100	Sembcorp Industries Ltd.		43,535
	19,200	Sheng Siong Group Ltd.		22,856
	7,100	SIA Engineering Co. Ltd.		13,369
	14,199	Singapore Airlines Ltd.†		75,124
	7,100	Singapore Exchange Ltd.		63,087
	13,200	Singapore Technologies Engineering Ltd.		47,860
	9,300	Singapore Telecommunications Ltd.		23,444
	10,200	United Overseas Bank Ltd.		255,308
	6,200	UOL Group Ltd.		26,821
	5,200	Venture Corp. Ltd.		56,805
	15,300	Wilmar International Ltd.		39,879
	23,500	Yangzijiang Shipbuilding Holdings Ltd.		44,797
				1,782,467
		Spain—1.7%
	999	Acciona SA		141,785
	2,624	ACS Actividades de Construccion y Servicios SA		121,159

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Spain (Continued)
	462	Aena SME SA#	$	101,621
	3,838	Amadeus IT Group SA		277,356
	36,165	Banco Bilbao Vizcaya Argentaria SA		390,815
	9,155	Banco Bilbao Vizcaya Argentaria SA, ADR†		99,240
	65,963	Banco de Sabadell SA†		140,171
	71,052	Banco Santander SA		363,860
	30,372	Bankinter SA		268,034
	33,324	CaixaBank SA		198,975
	1,311	Cellnex Telecom SA#		53,164
	1,335	CIE Automotive SA		38,414
	1,292	Corp. ACCIONA Energias Renovables SA†		30,375
	3,950	Enagas SA		60,590
	3,205	Endesa SA		70,033
	4,660	Ercros SA		18,130
	829	Ferrovial SE†		35,602
	2,889	Fluidra SA		75,573
	1,891	Grifols SA†, *		21,523
	1,450	Grupo Catalana Occidente SA		64,724
	19,573	Iberdrola SA		302,631
	4,352	Indra Sistemas SA†		79,885
	7,460	Industria de Diseno Textil SA		441,280
	752	Laboratorios Farmaceuticos Rovi SA		59,936
	1,890	Logista Integral SA		56,930
	36,698	Mapfre SA		97,714
	1,262	Naturgy Energy Group SA†		32,619
	3,196	Redeia Corp. SA		62,152
	16,433	Repsol SA		216,673
	58,157	Telefonica SA†		284,586
	5,440	Telefonica SA, ADR†		26,438
	42,183	Unicaja Banco SA#		53,765
	776	Vidrala SA		87,762
	1,225	Viscofan SA		86,862
				4,460,377
		Sweden—2.1%
	984	AAK AB		32,264
	4,267	AddLife AB, Class B		68,233
	3,120	AddNode Group AB		34,070
	1,249	AddTech AB, Class B		37,411
	3,560	AFRY AB		64,849
	1,239	Alfa Laval AB		59,487
	1,255	Alimak Group AB#		14,013
	6,385	Alleima AB		44,889
	1,797	AQ Group AB		21,254
	3,136	Assa Abloy AB, Class B		105,482
	13,066	Atlas Copco AB, Class A		252,743
	7,880	Atlas Copco AB, Class B		134,853
	810	Atrium Ljungberg AB, Class B†		19,620
	1,217	Avanza Bank Holding AB†		30,138
	1,245	Axfood AB†		35,085
	2,166	Beijer Alma AB		39,371
	1,530	Beijer Ref AB†		25,151
	7,216	Betsson AB, Class B		88,532
	1,754	Better Collective AS†, *		38,946

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Sweden (Continued)
	3,201	Bilia AB, Class A†	$	37,854
	5,965	Billerud Aktiebolag		68,426
	1,495	BioGaia AB, Class B		16,531
	1,975	Boliden AB		66,995
	8,308	Bravida Holding AB#		62,540
	670	Bufab AB		24,040
	381	Camurus AB*		24,235
	2,626	Castellum AB*		38,488
	447	Catena AB		25,528
	14,402	Corem Property Group AB, Class B†		14,706
	2,643	Dios Fastigheter AB		22,784
	11,207	Dometic Group AB#		66,651
	1,713	Electrolux AB, Class B†, *		16,621
	4,995	Electrolux Professional AB, Class B		32,953
	9,901	Elekta AB, Class B†		70,583
	8,427	Embracer Group AB*		21,898
	2,293	Engcon AB†		26,462
	3,115	Epiroc AB, Class A		67,325
	1,782	Epiroc AB, Class B		33,742
	689	Essity AB, Class A		21,540
	3,217	Essity AB, Class B		100,382
	641	Evolution AB#		62,990
	1,567	Fabege AB†		15,522
	2,158	Fagerhult Group AB		13,812
	4,532	Fastighets AB Balder, Class B*		39,814
	1,712	FastPartner AB, Class A		13,958
	3,690	Fortnox AB†		22,890
	1,600	Getinge AB, Class B		34,471
	4,010	Granges AB		48,092
	3,509	H & M Hennes & Mauritz AB, Class B†		59,705
	888	Hemnet Group AB		32,684
	3,499	Hexagon AB, Class B		37,623
	3,325	Hexpol AB		34,377
	366	HMS Networks AB†		14,559
	833	Holmen AB, Class B†		36,040
	690	Hufvudstaden AB, Class A		9,423
	5,315	Husqvarna AB, Class B		37,157
	1,077	Indutrade AB		33,468
	7,302	Instalco AB		30,054
	4,675	International Petroleum Corp.*		55,331
	1,619	JM AB†		32,361
	2,288	Kindred Group PLC, SDR		29,085
	2,602	Lagercrantz Group AB, Class B		49,038
	977	Lifco AB, Class B		32,150
	2,222	Lindab International AB		62,049
	3,266	Loomis AB		107,346
	1,134	Medicover AB, Class B		21,260
	1,828	Munters Group AB#		41,723
	1,021	Mycronic AB		39,711
	4,415	NCAB Group AB		29,322
	4,443	NCC AB, Class B		74,241
	3,693	New Wave Group AB, Class B		41,527
	5,005	Nibe Industrier AB, Class B†		27,430
	7,632	Nolato AB, Class B		42,008

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Sweden (Continued)
	1,918	Nordnet AB publ†	$	46,005
	590	NP3 Fastigheter AB		15,453
	4,865	Nyfosa AB		57,676
	1,014	OEM International AB, Class B		11,802
	6,582	Peab AB, Class B		52,755
	1,448	Saab AB, Class B†		30,783
	1,598	Sagax AB, Class B		45,505
	6,200	Sandvik AB		138,519
	6,187	Scandic Hotels Group AB#, *, †		42,949
	1,043	Sdiptech AB, Class B*		30,604
	1,030	Sectra AB, Class B†		28,783
	2,362	Securitas AB, Class B		29,979
	20,665	Sinch AB*, #		62,142
	13,385	Skandinaviska Enskilda Banken AB, Class A		204,613
	2,462	Skanska AB, Class B		51,345
	426	SKF AB, Class A		8,515
	2,466	SKF AB, Class B		49,049
	844	SkiStar AB†		13,704
	4,349	SSAB AB, Class A		22,773
	7,406	SSAB AB, Class B		37,920
	43,452	Storskogen Group AB, Class B		41,647
	3,118	Svenska Cellulosa AB SCA, Class B		45,423
	6,847	Svenska Handelsbanken AB, Class A		70,285
	1,660	Sweco AB, Class B		28,130
	5,585	Swedbank AB, Class A		118,400
	1,127	Swedish Orphan Biovitrum AB*		36,287
	3,908	Systemair AB		34,709
	6,025	Tele2 AB, Class B		68,165
	1,292	Telefonaktiebolaget LM Ericsson, Class A		9,783
	24,421	Telefonaktiebolaget LM Ericsson, Class B†		184,483
	19,797	Telia Co. AB		64,016
	1,057	Thule Group AB#		32,223
	836	Trelleborg AB, Class B		32,120
	1,381	Troax Group AB		28,964
	6,750	Truecaller AB, Class B†		25,602
	398	VBG Group AB, Class B		15,225
	696	Vitec Software Group AB, Class B		36,048
	1,282	Vitrolife AB		32,240
	2,412	Volvo AB, Class A		64,315
	14,602	Volvo AB, Class B		385,616
	7,017	Volvo Car AB, Class B†, *		19,291
	1,622	Wallenstam AB, Class B		9,415
	2,008	Wihlborgs Fastigheter AB		23,173
				5,654,330
		Switzerland—5.6%
	5,589	ABB Ltd., Registered		323,513
	2,812	Accelleron Industries AG		145,658
	6,161	Adecco Group AG, Registered		209,504
	3,400	Alcon, Inc.		338,948
	583	Allreal Holding AG, Registered		109,388
	275	ALSO Holding AG, Registered		88,055
	1,877	Avolta AG		79,396
	1,692	Baloise Holding AG, Registered		344,857

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Switzerland (Continued)
	58	Banque Cantonale de Geneve, Bearer Shares	$	17,681
	930	Banque Cantonale Vaudoise, Registered		95,983
	127	Barry Callebaut AG, Registered		234,988
	149	Belimo Holding AG, Registered		106,246
	281	BKW AG		50,931
	262	Bucher Industries AG, Registered		118,718
	1	Chocoladefabriken Lindt & Spruengli AG, Registered		127,370
	2,187	Cie Financiere Richemont SA, Registered Class A		345,744
	7,509	Clariant AG, Registered		113,564
	95	Comet Holding AG, Registered		37,434
	197	Daetwyler Holding AG, Bearer Shares†		40,175
	1,324	DKSH Holding AG		105,125
	86	dormakaba Holding AG†		63,610
	967	DSM-Firmenich AG		133,099
	3,335	EFG International AG		44,764
	73	Emmi AG, Registered		74,609
	44	EMS-Chemie Holding AG, Registered		36,911
	782	Flughafen Zurich AG, Registered		187,935
	1,950	Galenica AG#		171,534
	276	Geberit AG, Registered		179,815
	2,324	Georg Fischer AG, Registered		175,326
	29	Givaudan SA, Registered		158,989
	566	Helvetia Holding AG, Registered		97,638
	3,040	Holcim AG		296,547
	45	Inficon Holding AG, Registered		64,867
	110	Investis Holding SA		14,232
	1,776	Julius Baer Group Ltd.		106,810
	507	Kuehne & Nagel International AG, Registered		138,259
	599	Logitech International SA, Registered†		53,748
	476	Logitech International SA, Registered		42,496
	311	Lonza Group AG, Registered		196,444
	547	Luzerner Kantonalbank AG, Registered		40,911
	103	Medacta Group SA#		15,212
	9	Metall Zug AG, Registered Class B		13,080
	16,124	Nestle SA, Registered		1,618,592
	8,864	Novartis AG, ADR		1,019,537
	9,049	Novartis AG, Registered		1,038,708
	161	Partners Group Holding AG		241,590
	1,116	PSP Swiss Property AG, Registered		163,375
	5,304	Roche Holding AG		1,695,826
	248	Roche Holding AG, Bearer Shares†		84,801
	3,418	Sandoz Group AG		142,439
	486	Sandoz Group AG, ADR		20,220
	180	Schindler Holding AG, Registered		51,149
	666	SFS Group AG		103,872
	1,178	SGS SA, Registered		131,308
	126	Siegfried Holding AG, Registered		169,419
	2,038	SIG Group AG		45,415
	586	Sika AG, Registered		193,937
	3,443	Softwareone Holding AG		60,777
	356	Sonova Holding AG, Registered		127,787
	90	St. Galler Kantonalbank AG, Registered		44,078
	829	Stadler Rail AG†		25,957
	480	Straumann Holding AG, Registered		78,407

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Switzerland (Continued)
	844	Sulzer AG, Registered	$	138,016
	232	Swatch Group AG, Bearer Shares†		49,684
	534	Swatch Group AG, Registered†		22,872
	208	Swiss Life Holding AG, Registered		173,507
	2,534	Swiss Prime Site AG, Registered		283,984
	2,431	Swiss Re AG		335,201
	339	Swisscom AG, Registered		221,300
	478	Swissquote Group Holding SA, Registered		171,918
	1,526	Temenos AG, Registered		106,740
	1,464	UBS Group AG, Registered†, *		45,252
	13,387	UBS Group AG, Registered		412,200
	214	VAT Group AG#		108,928
	1,108	Vontobel Holding AG, Registered		72,396
	108	Ypsomed Holding AG, Registered		52,574
	2	Zuger Kantonalbank, Bearer Shares		19,803
	875	Zurich Insurance Group AG		527,057
				15,138,740
		United Kingdom—8.8%
	665	4imprint Group PLC		44,276
	2,058	Admiral Group PLC		76,600
	33,558	Airtel Africa PLC#		51,147
	9,670	AJ Bell PLC		58,113
	6,600	Anglo American PLC		214,332
	2,371	Antofagasta PLC		63,810
	1,907	Ascential PLC		14,443
	4,716	Ashtead Group PLC		364,811
	1,357	Associated British Foods PLC		42,326
	5,866	AstraZeneca PLC		908,795
	2,628	AstraZeneca PLC, ADR		204,747
	7,793	Auto Trader Group PLC#		90,415
	13,256	Aviva PLC		85,707
	835	Avon Technologies PLC		13,619
	26,574	B&M European Value Retail SA		147,513
	19,768	Babcock International Group PLC		124,903
	9,767	BAE Systems PLC		161,593
	13,907	Balfour Beatty PLC		80,098
	1,935	Bank of Georgia Group PLC		95,072
	81,785	Barclays PLC		245,528
	24,401	Barratt Developments PLC		156,166
	27,509	Beazley PLC		279,882
	4,795	Bellway PLC		199,628
	707	Berkeley Group Holdings PLC		44,615
	163,993	BP PLC		858,804
	3,764	BP PLC, ADR		118,152
	8,229	Breedon Group PLC		47,088
	5,028	Bridgepoint Group PLC#		23,165
	13,157	British American Tobacco PLC		479,158
	773	British American Tobacco PLC, ADR		28,276
	4,032	Britvic PLC		68,730
	97,861	BT Group PLC†		193,505
	1,635	Bunzl PLC		77,250
	2,654	Burberry Group PLC		24,873
	510	Carnival PLC*		8,305

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		United Kingdom (Continued)
	41,656	Centamin PLC	$	81,867
	90,145	Centrica PLC		140,586
	45,989	Coats Group PLC		61,731
	1,369	Coca-Cola HBC AG		48,759
	10,000	Compass Group PLC		320,066
	2,752	Computacenter PLC		91,026
	9,207	ConvaTec Group PLC#		27,942
	1,693	Cranswick PLC		113,626
	549	Croda International PLC		30,952
	5,495	Darktrace PLC*		42,375
	1,019	DCC PLC		69,412
	2,124	De La Rue PLC*		2,499
	7,588	Diageo PLC		264,069
	745	Diploma PLC		44,164
	44,907	Direct Line Insurance Group PLC		112,452
	21,785	Drax Group PLC		187,714
	20,429	DS Smith PLC		126,129
	4,344	Dunelm Group PLC		67,021
	2,569	easyJet PLC		17,860
	4,850	Energean PLC		58,488
	3,543	Entain PLC		36,151
	3,432	Evraz PLC*, §		—
	6,215	Experian PLC		326,632
	478	Flutter Entertainment PLC*		112,315
	3,491	Frasers Group PLC*		38,902
	8,295	Fresnillo PLC		67,815
	868	Games Workshop Group PLC		124,751
	2,265	Gamma Communications PLC		50,510
	63,583	Glencore PLC*		363,576
	6,845	Grafton Group PLC, CDI		95,248
	23,256	Grainger PLC		76,331
	3,333	Greggs PLC		139,207
	21,221	GSK PLC		430,253
	6,435	GSK PLC, ADR		263,063
	16,470	Haleon PLC		86,515
	1,753	Halma PLC		61,123
	38,234	Harbour Energy PLC		136,073
	5,962	Hargreaves Lansdown PLC		88,836
	57,167	Hays PLC		70,926
	3,050	Helical PLC		9,175
	5,594	Hikma Pharmaceuticals PLC		142,922
	2,129	Hill & Smith PLC		58,350
	11,961	Hiscox Ltd.		183,260
	7,741	Howden Joinery Group PLC		93,868
	95,822	HSBC Holdings PLC		857,307
	8,825	IMI PLC		213,790
	9,231	Imperial Brands PLC		268,178
	16,522	Inchcape PLC		175,940
	6,450	Informa PLC		70,729
	917	InterContinental Hotels Group PLC		99,746
	10,061	International Consolidated Airlines Group SA		27,628
	10,685	International Distribution Services PLC		48,913
	24,047	International Workplace Group PLC		57,162
	1,532	Intertek Group PLC		105,687

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		United Kingdom (Continued)
	6,648	Investec PLC	$	50,573
	131,729	ITV PLC		140,980
	19,557	J. Sainsbury PLC		77,237
	16,601	JD Sports Fashion PLC		34,191
	1,084	JET2 PLC		20,290
	17,213	John Wood Group PLC*		29,157
	1,521	Johnson Matthey PLC		30,930
	2,148	Just Eat Takeaway.com NV†, #, *		32,173
	19,655	Just Group PLC		36,579
	23,151	Kingfisher PLC		99,665
	9,831	Lancashire Holdings Ltd.		90,296
	40,503	Legal & General Group PLC		122,543
	419,144	Lloyds Banking Group PLC		329,500
	30,105	Lloyds Banking Group PLC, ADR†		93,928
	761	London Stock Exchange Group PLC		103,980
	41,345	Man Group PLC		117,075
	32,319	Marks & Spencer Group PLC		160,996
	7,717	Melrose Industries PLC		47,016
	11,923	Mitchells & Butlers PLC*		47,104
	43,680	Mitie Group PLC		69,026
	4,309	Mondi PLC		81,863
	1,105	Morgan Sindall Group PLC		45,502
	7,845	National Grid PLC		108,030
	1,372	National Grid PLC, ADR		95,587
	33,155	NatWest Group PLC		152,439
	15,508	NatWest Group PLC, ADR		145,155
	979	Next PLC		128,034
	537	NMC Health PLC*, §		—
	2,579	Ocado Group PLC*		13,251
	17,868	OSB Group PLC		92,927
	1,080	Oxford Instruments PLC		30,683
	4,475	Pearson PLC		60,636
	6,275	Pennon Group PLC		49,665
	9,926	Persimmon PLC		218,102
	16,478	Pets at Home Group PLC		67,280
	5,331	Phoenix Group Holdings PLC		39,877
	3,157	Playtech PLC*		31,740
	3,692	Plus500 Ltd.		123,598
	25,790	Premier Foods PLC		63,236
	7,055	Prudential PLC		65,516
	1,341	Prudential PLC, ADR		24,862
	14,053	QinetiQ Group PLC		84,434
	4,228	Reckitt Benckiser Group PLC		258,721
	9,691	RELX PLC		454,640
	310	RELX PLC, ADR		14,713
	208	Renishaw PLC		10,414
	3,920	Rentokil Initial PLC		19,098
	824	RHI Magnesita NV		37,786
	13,936	Rightmove PLC		115,032
	3,804	Rio Tinto PLC		269,494
	1,811	Rio Tinto PLC, SP ADR		128,889
	1,675	Robert Walters PLC		7,368
	51,408	Rolls-Royce Holdings PLC*		362,344
	23,365	Rotork PLC		104,147

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		United Kingdom (Continued)
	12,872	RS Group PLC	$	139,395
	5,394	Sage Group PLC		73,882
	2,515	Savills PLC		39,878
	5,215	Schroders PLC		24,347
	39,363	Serco Group PLC		93,675
	1,639	Severn Trent PLC		57,893
	53,100	Shell PLC		1,721,557
	9,675	Shell PLC, ADR		638,066
	2,913	Smith & Nephew PLC		45,099
	420	Smith & Nephew PLC, ADR		13,079
	1,470	Smiths Group PLC		32,958
	3,811	Softcat PLC		79,076
	1,908	Spectris PLC		69,589
	375	Spirax Group PLC		37,677
	3,530	SSE PLC		88,867
	8,935	St. James's Place PLC		87,681
	15,119	Standard Chartered PLC		160,292
	15,180	Tate & Lyle PLC		138,513
	21,402	Taylor Wimpey PLC		47,012
	2,170	TBC Bank Group PLC		76,881
	2,501	Telecom Plus PLC		61,792
	41,950	Tesco PLC		201,177
	32,660	TP ICAP Group PLC		103,267
	8,288	Travis Perkins PLC		102,607
	7,296	Unilever PLC		472,836
	4,808	Unilever PLC, ADR†		312,328
	4,797	United Utilities Group PLC		67,052
	20,342	Virgin Money U.K. PLC§		59,288
	11,268	Vistry Group PLC*		196,746
	196,611	Vodafone Group PLC		197,249
	2,052	Weir Group PLC		59,422
	3,849	WH Smith PLC		75,028
	1,109	Whitbread PLC		46,467
	1,347	Wise PLC, Class A*		12,093
	4,839	WPP PLC		49,375
	719	WPP PLC, ADR		36,784
				23,542,295
		United States—0.1%
	1,055	Alcoa Corp., CDI		42,085
	246	Chord Energy Corp.		32,037
	498	CRH PLC		45,394
	435	Newmont Corp., CDI		23,433
				142,949
		TOTAL COMMON STOCKS (Cost $147,962,699)		180,513,315

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Affiliated Investment Company—31.5%
		United States—31.5%
	3,325,703	DFA Emerging Markets Core Equity Portfolio, Class I‡‡ (Cost $66,853,244)	$	84,339,832

		Expiration Date
	WarrantS—0.0%
	Canada—0.0%
122	Constellation Software, Inc. *, §	03/31/2040	0
	TOTAL WARRANTS (Cost $0)		0
	Preferred Stocks—0.3%
	Germany—0.3%
666	Bayerische Motoren Werke AG, 8.12%		55,083
667	Dr. Ing hc F Porsche AG, 3.23%#		53,087
2,268	FUCHS SE, 2.55%		110,023
1,055	Henkel AG & Co. KGaA, 2.20%		99,117
949	Jungheinrich AG, 2.78%		28,585
917	Porsche Automobil Holding SE, 6.24%		41,933
126	Sartorius AG, 0.29%		35,373
2,217	Schaeffler AG, 9.74%		11,436
872	Sixt SE, 7.58%		50,766
2,512	Volkswagen AG, 9.56%		266,089
			751,492
	Italy—0.0%
29,205	Telecom Italia SpA, 0.0%*		9,278
	TOTAL PREFERRED STOCK (Cost $1,059,185)		760,770

		7-Day Yield
	Short-Term Investments—1.6%
4,289,947	State Street Navigator Securities Lending Government Money Market Portfolio (Cost $4,289,947)††		5.04	%		4,289,947
	TOTAL INVESTMENTS, AT VALUE—100.8% (Cost $220,165,075)					269,903,864
	Liabilities in Excess of Other Assets—(0.8)%					(2,023,343	)
	NET ASSETS—100.0%				$	267,880,521

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

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 September 30, 2024, the market value of the securities on loan was $14,445,611 (Note 1).
††	Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $10,941,833.
§	Fair valued security - Represents fair value as measured based on the Portfolio Valuation policies specified in Note 1. As of September 30, 2024, the total value of the fair valued securities was $179,536.
*	Non-income producing security
#	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The aggregate value of securities exempt from registration under Rule 144A of the Securities Act of 1933 at September 30, 2024, amounts to approximately $3,435,359, and represents 1.28% of net assets.
‡‡	Affiliated issuer. Assets with a total aggregate market value of $84,339,832, or 31.5% of net assets, were affiliated with the Fund as of September 30, 2024 (Note 2).
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)

September 30, 2024

Shares			Value (Note 1)
		Common Stocks—99.2%
		Aerospace & Defense—3.3%
	22,400	General Electric Co.	$	4,224,192
	51,700	Howmet Aerospace, Inc.		5,182,925
				9,407,117
		Biotechnology—2.3%
	56,500	Neurocrine Biosciences, Inc.*		6,509,930
		Broadline Retail—6.3%
	96,300	Amazon.com, Inc.*		17,943,579
		Communications Equipment—7.4%
	55,075	Arista Networks, Inc.*		21,138,886
		Electrical Equipment—1.0%
	11,300	GE Vernova, Inc.*		2,881,274
		Financial Services—9.6%
	69,640	Fiserv, Inc.*		12,510,826
	10,100	Mastercard, Inc., Class A		4,987,380
	36,200	Visa, Inc., Class A		9,953,190
				27,451,396
		Ground Transportation—4.0%
	153,750	Uber Technologies, Inc.*		11,555,850
		Health Care Equipment and Supplies—1.2%
	29,000	Abbott Laboratories		3,306,290
		Interactive Media & Services—10.3%
	83,350	Alphabet, Inc., Class A		13,823,597
	27,065	Meta Platforms, Inc., Class A		15,493,089
				29,316,686
		Pharmaceuticals—4.0%
	94,900	Novo Nordisk AS, ADR		11,299,743
		Semiconductors and Semiconductor Equipment—20.3%
	70,800	Advanced Micro Devices, Inc.*		11,616,864
	12,600	ASML Holding NV, Registered		10,498,950
	295,350	NVIDIA Corp.		35,867,304
				57,983,118
		Software—24.7%
	11,650	Adobe, Inc.*		6,032,137
	23,800	Autodesk, Inc.*		6,556,424
	8,000	Cadence Design Systems, Inc.*		2,168,240
	56,400	Dynatrace, Inc.*		3,015,708
	81,200	Fortinet, Inc.*		6,297,060
	17,900	Intuit, Inc.		11,115,900
	77,220	Microsoft Corp.		33,227,766

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

M Large Cap Growth Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Software (Continued)
	4,230	Synopsys, Inc.*	$	2,142,030
				70,555,265
		Technology Hardware, Storage & Peripherals—4.8%
	58,500	Apple, Inc.		13,630,500
		TOTAL COMMON STOCKS (Cost $163,268,173)		282,979,634
		TOTAL INVESTMENTS, AT VALUE—99.2% (Cost $163,268,173)		282,979,634
		Other Assets in Excess of Liabilities—0.8%		2,370,635
		NET ASSETS—100.0%	$	285,350,269

Notes to the Schedule of Investments:
ADR—American Depositary Receipt
*	Non-income producing security
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)

September 30, 2024

Shares			Value (Note 1)
		Common Stocks—98.4%
		Aerospace & Defense—2.0%
	9,907	BWX Technologies, Inc.	$	1,076,891
	4,010	Curtiss-Wright Corp.		1,318,047
	19,031	Hexcel Corp.		1,176,687
	62,770	Kratos Defense & Security Solutions, Inc.*		1,462,541
				5,034,166
		Automobile Components—2.6%
	50,133	BorgWarner, Inc.		1,819,327
	74,745	Dana, Inc.		789,307
	19,833	Modine Manufacturing Co.*		2,633,624
	116,572	Stoneridge, Inc.*		1,304,441
				6,546,699
		Banks—4.2%
	14,070	Bancorp, Inc.*		752,745
	37,561	Citizens Financial Group, Inc.		1,542,630
	91,531	First BanCorp		1,937,711
	40,139	Hope Bancorp, Inc.		504,146
	23,215	Pinnacle Financial Partners, Inc.		2,274,374
	17,113	Popular, Inc.		1,715,920
	15,984	Wintrust Financial Corp.		1,734,744
				10,462,270
		Biotechnology—5.5%
	35,171	Exact Sciences Corp. †, *		2,395,849
	37,244	Halozyme Therapeutics, Inc.*		2,131,847
	10,265	Incyte Corp.*		678,516
	21,551	Insmed, Inc.*		1,573,223
	21,503	Natera, Inc.*		2,729,806
	5,536	Sarepta Therapeutics, Inc.*		691,391
	3,375	United Therapeutics Corp.*		1,209,431
	25,569	Vericel Corp.*		1,080,290
	17,804	Viking Therapeutics, Inc.*		1,127,171
				13,617,524
		Building Products—3.7%
	34,059	AZEK Co., Inc.*		1,593,961
	19,625	Builders FirstSource, Inc.*		3,804,502
	18,166	Tecnoglass, Inc.†		1,247,278
	36,441	Trex Co., Inc.*		2,426,242
				9,071,983
		Capital Markets—1.3%
	44,785	Carlyle Group, Inc.		1,928,442
	20,928	TPG, Inc.		1,204,616
				3,133,058
		Chemicals—1.8%
	14,003	Albemarle Corp.		1,326,224
	48,129	Aspen Aerogels, Inc.*		1,332,692

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Chemicals (Continued)
	28,199	FMC Corp.	$	1,859,442
				4,518,358
		Commercial Services & Supplies—0.6%
	67,199	ACV Auctions, Inc., Class A*		1,366,156
		Construction and Engineering—3.9%
	10,532	AECOM		1,087,639
	44,369	Granite Construction, Inc.		3,517,574
	27,558	MasTec, Inc.*		3,392,390
	5,331	Quanta Services, Inc.		1,589,438
				9,587,041
		Construction Materials—2.7%
	12,004	Eagle Materials, Inc.		3,452,950
	80,587	Summit Materials, Inc., Class A*		3,145,311
				6,598,261
		Containers and Packaging—0.3%
	69,726	Pactiv Evergreen, Inc.		802,546
		Diversified Consumer Services—0.5%
	51,871	Perdoceo Education Corp.		1,153,611
		Diversified Telecommunication Services—0.8%
	26,519	Cogent Communications Holdings, Inc.		2,013,322
		Electrical Equipment—3.4%
	120,495	Array Technologies, Inc.*		795,267
	10,999	EnerSys		1,122,448
	2,044	Hubbell, Inc.		875,547
	22,489	NEXTracker, Inc., Class A*		842,888
	10,418	Regal Rexnord Corp.		1,728,138
	126,919	Shoals Technologies Group, Inc., Class A*		712,015
	23,857	Vertiv Holdings Co., Class A		2,373,533
				8,449,836
		Electronic Equipment, Instruments & Components—5.9%
	20,637	Cognex Corp.		835,799
	35,325	Coherent Corp.*		3,140,746
	5,434	Fabrinet*		1,284,815
	90,180	Flex Ltd.*		3,014,717
	29,763	Jabil, Inc.		3,566,500
	12,041	Rogers Corp.*		1,360,753
	21,168	Sanmina Corp.*		1,448,950
				14,652,280
		Financial Services—0.8%
	9,183	Euronet Worldwide, Inc.*		911,229
	24,776	NMI Holdings, Inc.*		1,020,524
				1,931,753
		Food Products—1.1%
	48,285	Darling Ingredients, Inc.*		1,794,271

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Food Products (Continued)
	13,495	Lamb Weston Holdings, Inc.	$	873,666
				2,667,937
		Ground Transportation—2.8%
	33,538	Knight-Swift Transportation Holdings, Inc.		1,809,375
	61,261	RXO, Inc.*		1,715,308
	30,804	XPO, Inc.*		3,311,738
				6,836,421
		Health Care Equipment and Supplies—6.5%
	6,055	Align Technology, Inc.*		1,539,908
	28,649	Cooper Cos., Inc.*		3,161,131
	14,990	Hologic, Inc.*		1,221,085
	10,647	Inspire Medical Systems, Inc.*		2,247,049
	10,843	Insulet Corp.*		2,523,708
	11,853	iRhythm Technologies, Inc.*		879,967
	17,526	Lantheus Holdings, Inc.*		1,923,478
	32,161	Novocure Ltd.*		502,676
	3,325	STERIS PLC		806,446
	28,077	Tandem Diabetes Care, Inc.*		1,190,746
				15,996,194
		Health Care REITs—0.6%
	7,754	Alexandria Real Estate Equities, Inc.		920,787
	24,278	Sila Realty Trust, Inc.		613,991
				1,534,778
		Hotels, Restaurants & Leisure—2.8%
	16,473	Boyd Gaming Corp.		1,064,979
	74,815	Caesars Entertainment, Inc.*		3,122,778
	33,080	Planet Fitness, Inc., Class A*		2,686,758
				6,874,515
		Household Durables—0.7%
	14,741	LGI Homes, Inc.*		1,747,103
		Industrial REITs—1.3%
	92,536	LXP Industrial Trust		929,987
	20,784	Rexford Industrial Realty, Inc.		1,045,643
	28,663	STAG Industrial, Inc.		1,120,437
				3,096,067
		Insurance—1.9%
	5,579	Everest Group Ltd.		2,186,019
	800	Markel Group, Inc.*		1,254,864
	24,119	W.R. Berkley Corp.		1,368,271
				4,809,154
		Interactive Media & Services—0.5%
	129,214	ZoomInfo Technologies, Inc.*		1,333,488
		IT Services—2.4%
	7,748	EPAM Systems, Inc.*		1,542,084
	113,203	Grid Dynamics Holdings, Inc.*		1,584,842

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		IT Services (Continued)
	5,898	MongoDB, Inc.*	$	1,594,524
	15,840	Okta, Inc.*		1,177,546
				5,898,996
		Leisure Products—0.8%
	106,856	Mattel, Inc.*		2,035,607
		Life Sciences Tools and Services—2.7%
	101,497	Avantor, Inc.*		2,625,727
	11,409	Charles River Laboratories International, Inc.*		2,247,231
	18,053	Qiagen NV*		822,675
	6,896	Revvity, Inc.		880,964
				6,576,597
		Machinery—1.7%
	11,237	Helios Technologies, Inc.		536,005
	15,422	Stanley Black & Decker, Inc.		1,698,425
	83,556	Symbotic, Inc.†, *		2,037,931
				4,272,361
		Marine Transportation—0.9%
	18,173	Kirby Corp.*		2,224,920
		Media—1.2%
	155,370	Integral Ad Science Holding Corp.*		1,679,550
	100,768	Magnite, Inc.*		1,395,637
				3,075,187
		Metals and Mining—4.5%
	82,976	ATI, Inc.*		5,551,924
	27,478	Carpenter Technology Corp.		4,384,939
	71,615	MP Materials Corp.†, *		1,264,005
				11,200,868
		Oil, Gas and Consumable Fuels—2.3%
	27,257	Devon Energy Corp.		1,066,294
	165,987	Permian Resources Corp.		2,259,083
	59,040	SM Energy Co.		2,359,829
				5,685,206
		Passenger Airlines—1.3%
	48,797	Alaska Air Group, Inc.*		2,206,112
	173,396	Controladora Vuela Cia de Aviacion SAB de CV, ADR†, *		1,097,597
				3,303,709
		Pharmaceuticals—0.9%
	19,212	Amphastar Pharmaceuticals, Inc.*		932,359
	55,858	Elanco Animal Health, Inc.*		820,554
	3,730	Jazz Pharmaceuticals PLC*		415,559
				2,168,472
		Professional Services—3.5%
	8,699	Equifax, Inc.		2,556,288
	32,544	KBR, Inc.		2,119,591

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

Shares			Value (Note 1)
		Professional Services (Continued)
	9,169	Paycom Software, Inc.	$	1,527,280
	240,490	Planet Labs PBC*		536,293
	17,301	TransUnion		1,811,415
				8,550,867
		Real Estate Management and Development—0.4%
	74,318	DigitalBridge Group, Inc.		1,050,113
		Residential REITs—0.4%
	46,520	Independence Realty Trust, Inc.		953,660
		Semiconductors and Semiconductor Equipment—7.7%
	372,025	indie Semiconductor, Inc., Class A†, *		1,484,380
	31,422	Lattice Semiconductor Corp.*		1,667,565
	15,992	MACOM Technology Solutions Holdings, Inc.*		1,779,270
	91,819	MaxLinear, Inc.*		1,329,539
	11,008	MKS Instruments, Inc.		1,196,680
	2,801	Monolithic Power Systems, Inc.		2,589,524
	24,747	Qorvo, Inc.*		2,556,365
	9,727	SiTime Corp.*		1,668,278
	35,506	Ultra Clean Holdings, Inc.*		1,417,755
	10,735	Universal Display Corp.		2,253,276
	117,147	Wolfspeed, Inc.†, *		1,136,326
				19,078,958
		Software—2.2%
	12,825	Guidewire Software, Inc.*		2,346,205
	1,913	HubSpot, Inc.*		1,016,951
	1,823	Tyler Technologies, Inc.*		1,064,122
	12,200	Workiva, Inc.*		965,264
				5,392,542
		Specialty Retail—0.2%
	162,022	Leslie's, Inc.*		511,990
		Technology Hardware, Storage & Peripherals—0.7%
	33,308	Pure Storage, Inc., Class A*		1,673,394
		Trading Companies and Distributors—6.4%
	40,188	Beacon Roofing Supply, Inc.*		3,473,449
	47,003	FTAI Aviation Ltd.		6,246,699
	18,460	GMS, Inc.*		1,671,922
	337,785	MRC Global, Inc.*		4,303,381
				15,695,451
		TOTAL  COMMON STOCKS (Cost $175,063,235)		243,183,419

		7-Day Yield
	Short-Term Investments—1.4%
3,306,113	State Street Navigator Securities Lending Government Money Market Portfolio (Cost $ 3,306,113)††		5.04	%	3,306,113

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2024

	Value (Note 1)
TOTAL INVESTMENTS, AT VALUE—99.8% (Cost $178,369,347)	$	246,489,532
Other Assets in Excess of Liabilities—0.2%		556,917
NET ASSETS—100.0%	$	247,046,449

Notes to the Schedule of Investments:
ADR—American Depositary Receipt
REIT—Real Estate Investment Trust
*	Non-income producing security
†	Denotes all or a portion of security on loan. As of September 30, 2024, the market value of the securities on loan was $7,665,315 (Note 1).
††	Represents collateral received from securities lending transactions. Non-cash collateral amounted to $4,717,939.
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)

September 30, 2024

Shares			Value (Note 1)
		Common Stocks—98.0%
		Aerospace & Defense—3.6%
	600	Huntington Ingalls Industries, Inc.	$	158,628
	2,800	L3Harris Technologies, Inc.		666,036
	3,600	Lockheed Martin Corp.		2,104,416
	19,400	RTX Corp.		2,350,504
	3,700	Textron, Inc.		327,746
				5,607,330
		Air Freight and Logistics—0.7%
	3,900	FedEx Corp.		1,067,352
		Automobile Components—0.1%
	3,400	Gentex Corp.		100,946
		Automobiles—1.0%
	63,300	Ford Motor Co.		668,448
	18,800	General Motors Co.		842,992
				1,511,440
		Banks—12.7%
	106,300	Bank of America Corp.		4,217,984
	23,700	Citigroup, Inc.		1,483,620
	6,100	Citizens Financial Group, Inc.		250,527
	1,700	Commerce Bancshares, Inc.		100,980
	700	Cullen/Frost Bankers, Inc.		78,302
	1,800	East West Bancorp, Inc.		148,932
	7,500	Fifth Third Bancorp		321,300
	200	First Citizens BancShares, Inc., Class A		368,190
	3,600	First Horizon Corp.		55,908
	19,600	Huntington Bancshares, Inc.		288,120
	38,400	JPMorgan Chase & Co.		8,097,024
	7,300	KeyCorp.		122,275
	1,800	M&T Bank Corp.		320,616
	5,400	PNC Financial Services Group, Inc.		998,190
	12,400	Regions Financial Corp.		289,292
	2,300	Webster Financial Corp.		107,203
	47,000	Wells Fargo & Co.		2,655,030
				19,903,493
		Beverages—0.2%
	100	Coca-Cola Consolidated, Inc.		131,640
	600	Constellation Brands, Inc., Class A		154,614
				286,254
		Biotechnology—3.9%
	27,800	AbbVie, Inc.		5,489,944
	4,200	Gilead Sciences, Inc.		352,128

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

M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Biotechnology (Continued)
	700	United Therapeutics Corp.*	$	250,845
				6,092,917
		Broadline Retail—0.3%
	7,900	eBay, Inc.		514,369
		Building Products—1.4%
	1,300	Allegion PLC		189,462
	2,000	Builders FirstSource, Inc.*		387,720
	1,800	Fortune Brands Innovations, Inc.		161,154
	8,300	Johnson Controls International PLC		644,163
	4,300	Masco Corp.		360,942
	1,800	Owens Corning		317,736
	1,000	UFP Industries, Inc.		131,210
				2,192,387
		Capital Markets—5.3%
	1,400	Ameriprise Financial, Inc.		657,734
	11,100	Bank of New York Mellon Corp.		797,646
	4,900	Carlyle Group, Inc.		210,994
	4,500	Goldman Sachs Group, Inc.		2,227,995
	3,000	Invesco Ltd.		52,680
	2,800	Jefferies Financial Group, Inc.		172,340
	1,000	LPL Financial Holdings, Inc.		232,630
	22,300	Morgan Stanley		2,324,552
	2,700	Northern Trust Corp.		243,081
	2,800	Raymond James Financial, Inc.		342,888
	5,400	Robinhood Markets, Inc., Class A*		126,468
	1,700	SEI Investments Co.		117,623
	4,500	State Street Corp.		398,115
	1,400	Stifel Financial Corp.		131,460
	3,000	T. Rowe Price Group, Inc.		326,790
				8,362,996
		Chemicals—1.2%
	1,500	Celanese Corp.		203,940
	2,400	CF Industries Holdings, Inc.		205,920
	11,100	Dow, Inc.		606,393
	1,800	Eastman Chemical Co.		201,510
	5,185	LyondellBasell Industries NV, Class A		497,241
	1,700	PPG Industries, Inc.		225,182
				1,940,186
		Communications Equipment—1.0%
	27,200	Cisco Systems, Inc.		1,447,584
	900	F5, Inc.*		198,180
				1,645,764
		Construction Materials—0.1%
	500	Eagle Materials, Inc.		143,825
		Consumer Finance—2.7%
	3,800	Ally Financial, Inc.		135,242
	9,600	American Express Co.		2,603,520

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

M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Consumer Finance (Continued)
	4,800	Capital One Financial Corp.	$	718,704
	3,800	Discover Financial Services		533,102
	5,800	Synchrony Financial		289,304
				4,279,872
		Consumer Staples Distribution & Retail—1.5%
	1,000	BJ's Wholesale Club Holdings, Inc.*		82,480
	9,200	Kroger Co.		527,160
	7,800	Sysco Corp.		608,868
	7,300	Target Corp.		1,137,778
				2,356,286
		Containers and Packaging—0.6%
	22,700	Amcor PLC		257,191
	1,600	Berry Global Group, Inc.		108,768
	2,300	Crown Holdings, Inc.		220,524
	4,900	Graphic Packaging Holding Co.		144,991
	4,400	International Paper Co.†		214,940
				946,414
		Distributors—0.2%
	2,200	Genuine Parts Co.		307,296
		Diversified Consumer Services—0.3%
	12,700	ADT, Inc.		91,821
	2,200	H&R Block, Inc.		139,810
	2,900	Service Corp. International		228,897
				460,528
		Diversified Telecommunication Services—3.5%
	113,900	AT&T, Inc.		2,505,800
	66,500	Verizon Communications, Inc.		2,986,515
				5,492,315
		Electric Utilities—2.4%
	12,200	Duke Energy Corp.		1,406,660
	4,500	Edison International		391,905
	3,700	Evergy, Inc.		229,437
	3,200	NRG Energy, Inc.		291,520
	3,152	OGE Energy Corp.		129,295
	1,749	Pinnacle West Capital Corp.		154,944
	11,700	PPL Corp.		387,036
	7,800	Southern Co.		703,404
				3,694,201
		Electrical Equipment—0.1%
	500	Acuity Brands, Inc.		137,695
		Electronic Equipment, Instruments & Components—0.2%
	1,200	Arrow Electronics, Inc.*		159,396

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

M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Electronic Equipment, Instruments & Components (Continued)
	1,300	TD SYNNEX Corp.	$	156,104
				315,500
		Energy Equipment and Services—0.3%
	11,100	Baker Hughes Co.		401,265
		Entertainment—0.4%
	6,100	Walt Disney Co.		586,759
		Financial Services—2.4%
	7,700	Apollo Global Management, Inc.		961,807
	900	Corpay, Inc.*		281,484
	5,700	Equitable Holdings, Inc.		239,571
	6,644	Fiserv, Inc.*		1,193,594
	14,100	PayPal Holdings, Inc.*		1,100,223
				3,776,679
		Food Products—1.3%
	1,300	Bunge Global SA		125,632
	4,700	Campbell Soup Co.		229,924
	7,500	Conagra Brands, Inc.		243,900
	8,300	General Mills, Inc.		612,955
	1,900	Hormel Foods Corp.		60,230
	1,000	Ingredion, Inc.		137,430
	16,300	Kraft Heinz Co.		572,293
				1,982,364
		Ground Transportation—0.8%
	30,800	CSX Corp.		1,063,524
	200	U-Haul Holding Co.*, †		15,496
	3,100	U-Haul Holding Co. NV		223,200
				1,302,220
		Health Care Equipment and Supplies—1.5%
	20,200	Medtronic PLC		1,818,606
	700	Teleflex, Inc.		173,124
	3,200	Zimmer Biomet Holdings, Inc.		345,440
				2,337,170
		Health Care Providers and Services—6.8%
	3,862	Cardinal Health, Inc.		426,828
	3,200	Cencora, Inc.		720,256
	7,200	Centene Corp.*		542,016
	4,500	Cigna Group		1,558,980
	1,300	DaVita, Inc.*		213,109
	4,100	Elevance Health, Inc.		2,132,000
	5,500	HCA Healthcare, Inc.		2,235,365
	2,000	Henry Schein, Inc.*		145,800
	1,600	Labcorp Holdings, Inc.		357,568
	2,700	McKesson Corp.		1,334,934
	500	Molina Healthcare, Inc.*		172,280
	2,300	Quest Diagnostics, Inc.		357,075
	1,300	Tenet Healthcare Corp.*		216,060

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

M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Health Care Providers and Services (Continued)
	1,200	Universal Health Services, Inc., Class B	$	274,812
				10,687,083
		Hotels, Restaurants & Leisure—0.5%
	1,700	Darden Restaurants, Inc.		279,021
	2,000	Expedia Group, Inc.*		296,040
	5,000	MGM Resorts International*		195,450
				770,511
		Household Durables—2.0%
	5,800	DR Horton, Inc.		1,106,466
	4,500	Lennar Corp., Class A		843,660
	30	NVR, Inc.*		294,354
	4,400	PulteGroup, Inc.		631,532
	800	Toll Brothers, Inc.		123,592
	200	TopBuild Corp.*		81,362
				3,080,966
		Household Products—0.4%
	4,600	Kimberly-Clark Corp.		654,488
		Insurance—7.1%
	8,700	Aflac, Inc.		972,660
	1,100	American Financial Group, Inc.		148,060
	8,900	American International Group, Inc.		651,747
	4,900	Arch Capital Group Ltd.*		548,212
	700	Assurant, Inc.		139,202
	5,600	Chubb Ltd.		1,614,984
	2,100	Cincinnati Financial Corp.		285,852
	100	Everest Group Ltd.		39,183
	3,700	Fidelity National Financial, Inc.		229,622
	4,500	Hartford Financial Services Group, Inc.		529,245
	3,300	Loews Corp.		260,865
	150	Markel Group, Inc.*		235,287
	11,300	MetLife, Inc.		932,024
	3,900	Old Republic International Corp.		138,138
	500	Primerica, Inc.		132,575
	3,400	Principal Financial Group, Inc.		292,060
	3,600	Progressive Corp.		913,536
	5,000	Prudential Financial, Inc.		605,500
	900	Reinsurance Group of America, Inc.		196,083
	5,700	Travelers Cos., Inc.		1,334,484
	2,700	Unum Group		160,488
	1,400	Willis Towers Watson PLC		412,342
	5,275	W.R. Berkley Corp.		299,251
				11,071,400
		Interactive Media & Services—0.0%
	1,700	Match Group, Inc.*		64,328
		IT Services—1.8%
	7,800	Cognizant Technology Solutions Corp., Class A		602,004

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

M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		IT Services (Continued)
	10,400	International Business Machines Corp.	$	2,299,232
				2,901,236
		Leisure Products—0.1%
	2,200	Hasbro, Inc.		159,104
		Life Sciences Tools and Services—0.1%
	400	Bio-Rad Laboratories, Inc., Class A*		133,832
		Machinery—4.4%
	1,400	Allison Transmission Holdings, Inc.		134,498
	7,700	Caterpillar, Inc.		3,011,624
	2,100	Cummins, Inc.		679,959
	3,700	Deere & Co.		1,544,121
	1,800	Dover Corp.		345,132
	700	Middleby Corp.*		97,391
	1,000	Oshkosh Corp.		100,210
	8,222	PACCAR, Inc.		811,347
	800	Snap-on, Inc.		231,768
				6,956,050
		Media—2.0%
	58,000	Comcast Corp., Class A		2,422,660
	5,300	Fox Corp., Class A		224,349
	5,900	Interpublic Group of Cos., Inc.		186,617
	3,400	Omnicom Group, Inc.		351,526
				3,185,152
		Metals and Mining—0.9%
	700	Commercial Metals Co.		38,472
	5,000	Nucor Corp.		751,700
	1,000	Reliance, Inc.		289,210
	3,300	Steel Dynamics, Inc.		416,064
				1,495,446
		Multi-Utilities—1.9%
	5,500	Consolidated Edison, Inc.		572,715
	13,200	Dominion Energy, Inc.		762,828
	8,300	Public Service Enterprise Group, Inc.		740,443
	8,300	Sempra		694,129
	2,100	WEC Energy Group, Inc.		201,978
				2,972,093
		Oil, Gas and Consumable Fuels—7.0%
	7,100	Antero Midstream Corp.		106,855
	3,700	Cheniere Energy, Inc.		665,408
	22,969	Chevron Corp.		3,382,645
	16,300	ConocoPhillips		1,716,064
	9,300	Devon Energy Corp.		363,816
	700	DT Midstream, Inc.		55,062
	9,200	EOG Resources, Inc.		1,130,956
	35,000	Kinder Morgan, Inc.		773,150
	9,035	Marathon Oil Corp.		240,602
	5,600	Marathon Petroleum Corp.		912,296

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

M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Oil, Gas and Consumable Fuels (Continued)
	6,700	Phillips 66	$	880,715
	5,100	Valero Energy Corp.		688,653
				10,916,222
		Passenger Airlines—0.5%
	10,100	Delta Air Lines, Inc.		512,979
	5,200	United Airlines Holdings, Inc.*		296,712
				809,691
		Pharmaceuticals—4.1%
	26,700	Johnson & Johnson		4,327,002
	17,100	Merck & Co., Inc.		1,941,876
	18,800	Viatris, Inc.		218,268
				6,487,146
		Professional Services—0.3%
	200	CACI International, Inc., Class A*		100,912
	2,099	Leidos Holdings, Inc.		342,137
	600	Science Applications International Corp.		83,562
				526,611
		Semiconductors and Semiconductor Equipment—0.3%
	3,300	Amkor Technology, Inc.		100,980
	2,900	ON Semiconductor Corp.*		210,569
	2,200	Skyworks Solutions, Inc.		217,294
				528,843
		Software—0.2%
	9,800	Gen Digital, Inc.		268,814
		Specialty Retail—3.4%
	1,300	AutoNation, Inc.*		232,596
	200	AutoZone, Inc.*		630,008
	3,400	Best Buy Co., Inc.		351,220
	2,400	CarMax, Inc.*		185,712
	500	Dick's Sporting Goods, Inc.		104,350
	200	Lithia Motors, Inc.		63,528
	11,800	Lowe's Cos., Inc.		3,196,030
	300	Murphy USA, Inc.		147,861
	1,000	Penske Automotive Group, Inc.		162,420
	1,800	Williams-Sonoma, Inc.		278,856
				5,352,581
		Technology Hardware, Storage & Peripherals—0.7%
	21,000	Hewlett Packard Enterprise Co.		429,660
	20,800	HP, Inc.		746,096
				1,175,756
		Textiles, Apparel and Luxury Goods—0.4%
	900	Crocs, Inc.*		130,329
	649	Ralph Lauren Corp.		125,822
	2,100	Skechers USA, Inc., Class A*		140,532

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

M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2024

Shares			Value (Note 1)
		Textiles, Apparel and Luxury Goods (Continued)
	3,700	Tapestry, Inc.	$	173,826
				570,509
		Tobacco—2.8%
	27,100	Altria Group, Inc.		1,383,184
	24,400	Philip Morris International, Inc.		2,962,160
				4,345,344
		Trading Companies and Distributors—0.6%
	1,000	United Rentals, Inc.		809,730
	800	WESCO International, Inc.		134,384
				944,114
		TOTAL COMMON STOCKS (Cost $114,380,741)		153,803,143
		Exchange-Traded Fund—1.5%
	12,800	iShares Russell 1000 Value ETF (Cost $2,292,831)		2,429,440
		TOTAL INVESTMENTS, AT VALUE—99.5% (Cost $116,673,572)††		156,232,583
		Other Assets in Excess of Liabilities—0.5%		708,746
		NET ASSETS—100.0%	$	156,941,329

Notes to the Schedule of Investments:
*	Non-income producing security
†	Denotes all or a portion of security on loan. As of September 30, 2024, the market value of the securities on loan was $196,649 (Note 1).
††	Non-cash collateral amounted to $201,258.
Percentages indicated are based on net assets.

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

M Fund, Inc.

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)

M Fund, Inc. (the "Corporation") was incorporated in Maryland on August 11, 1995 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of September 30, 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 September 30, 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 September 30, 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 September 30, 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	$	12,299,370	$	—	$	—	$	12,299,370
Austria		994,950		—		—		994,950
Belgium		1,814,796		119,723		—		1,934,519
Canada		20,121,669		62		—		20,121,731
Denmark		5,785,030		—		—		5,785,030
Finland		2,672,083		—		—		2,672,083
France		14,694,051		—		—		14,694,051
Germany		11,745,517		—		—		11,745,517
Hong Kong		3,217,206		463		—		3,217,669
Ireland		625,480		—		—		625,480
Israel		1,651,210		—		—		1,651,210
Italy		5,399,149		—		—		5,399,149
Japan		39,164,914		—		—		39,164,914
Netherlands		6,542,683		—		—		6,542,683
New Zealand		626,597		—		—		626,597
Norway		1,894,756		—		—		1,894,756
Portugal		422,448		—		—		422,448
Singapore		1,782,467		—		—		1,782,467
Spain		4,460,377		—		—		4,460,377
Sweden		5,654,330		—		—		5,654,330
Switzerland		15,138,740		—		—		15,138,740
United Kingdom		23,483,007		59,288		—		23,542,295
United States		142,949		—		—		142,949
Total Common Stocks		180,333,779		179,536		—		180,513,315
Affiliated Investment Company
United States		84,339,832		—		—		84,339,832
Warrants
Canada		—		—		—		—
Preferred Stocks
Germany		751,492		—		—		751,492
Italy		9,278		—		—		9,278
Total Preferred Stock		760,770		—		—		760,770
Short-Term Investments		—		4,289,947		—		4,289,947
Total Investments, at Value		265,434,381		4,469,483		—		269,903,864
Total	$	265,434,381	$	4,469,483	$	—	$	269,903,864

At September 30, 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 September 30, 2024		Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 9/30/24 for the period ended 9/30/2024
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 September 30, 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 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, beginning February 1, 2024. From January 1, 2024 through January 31, 2024, 70% was paid to the Fund and 30% was paid to the custodian as securities lending agent.

M Fund, Inc.

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited) (Continued)

As of September 30, 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	$	4,038,347	$	4,289,947	$	10,407,264	$	10,941,833
M Capital Appreciation Fund		3,065,969		3,306,113		4,599,346		4,717,939
M Large Cap Value Fund		—		—		196,649		201,258

2. Tax Information

As of September 30, 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	$	223,225,657	$	55,578,457	$	(8,900,250	)	$	46,678,207
M Large Cap Growth Fund		163,337,839		121,654,137		(2,012,342	)		119,641,795
M Capital Appreciation Fund		182,158,093		81,302,575		(16,971,136	)		64,331,439
M Large Cap Value Fund		116,984,076		40,059,363		(810,856	)		39,248,507

The Funds did not have any unrecognized tax benefits as of September 30, 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 September 30, 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.