# EDGAR Filing Document

**Accession Number:** 0000948258
**File Stem:** 0001410368-26-043141
**Filing Date:** 2026-5
**Character Count:** 187060
**Document Hash:** 80375cc9d3f37a80d393de4d36e71814
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-043141.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001410368-26-043141

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** M FUND INC
- **CENTRAL INDEX KEY:** 0000948258

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09082
- **FILM NUMBER:** 26967437

**BUSINESS ADDRESS:**
- **STREET 1:** 1125 NW COUCH STREET
- **STREET 2:** SUITE 900
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97209
- **BUSINESS PHONE:** 5032326960

**MAIL ADDRESS:**
- **STREET 1:** 1125 NW COUCH STREET
- **STREET 2:** SUITE 900
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97209

## Series and Classes Contracts Data

### M Large Cap Value Fund (Series ID: S000006152)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000016959 | M Large Cap Value Fund | MBOVX           |

## Nport-Ex

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| | **Common Stocks—65.2%** | **Common Stocks—65.2%** |
|  | **Australia—4.0%** |  |
| 5006 | AGL Energy Ltd.§ | $34152 |
| 2904 | ALS Ltd.§ | 42167 |
| 82245 | AMP Ltd.§ | 75211 |
| 1049 | Ampol Ltd.§ | 24202 |
| 3899 | Ansell Ltd.§ | 76319 |
| 9438 | ANZ Group Holdings Ltd.§ | 237255 |
| 5541 | APA Group§ | 38103 |
| 1231 | Aristocrat Leisure Ltd.§ | 39114 |
| 501 | ASX Ltd.§ | 18189 |
| 3906 | Atlas Arteria Ltd.§ | 11574 |
| 4001 | AUB Group Ltd.§ | 67700 |
| 43697 | Aurizon Holdings Ltd.§ | 120464 |
| 9559 | Austal Ltd.§, \* | 32261 |
| 15336 | Bank of Queensland Ltd.§ | 71210 |
| 57818 | Beach Energy Ltd.§ | 51138 |
| 16915 | Bellevue Gold Ltd.\*, § | 18264 |
| 9596 | Bendigo & Adelaide Bank Ltd.§ | 65822 |
| 11589 | BHP Group Ltd.§ | 423441 |
| 7612 | BHP Group Ltd., ADR | 553697 |
| 12902 | BHP Group Ltd., Class DI§ | 463660 |
| 3458 | BlueScope Steel Ltd.§ | 61500 |
| 8200 | Brambles Ltd.§ | 128133 |
| 2683 | Breville Group Ltd.§ | 49130 |
| 7159 | Capricorn Metals Ltd.§ | 56995 |
| 541 | CAR Group Ltd.§ | 8749 |
| 15057 | Challenger Ltd.§ | 86676 |
| 11591 | Champion Iron Ltd.§ | 42678 |
| 36410 | Cleanaway Waste Management Ltd.§ | 57620 |
| 253 | Cochlear Ltd.§ | 29711 |
| 2862 | Codan Ltd.§ | 63032 |
| 8429 | Coles Group Ltd.§ | 127934 |
| 4042 | Commonwealth Bank of Australia§ | 472134 |
| 3756 | Computershare Ltd.§ | 74177 |
| 2821 | Corporate Travel Management Ltd.\*, § | 5858 |
| 1322 | CSL Ltd.§ | 129871 |
| 3553 | Dalrymple Bay Infrastructure Ltd.§ | 12455 |
| 1482 | Dicker Data Ltd.§ | 8761 |
| 1387 | Domino's Pizza Enterprises Ltd.§ | 15705 |
| 25989 | Downer EDI Ltd.§ | 138409 |
| 63850 | Dyno Nobel Ltd.§ | 138463 |
| 3276 | Eagers Automotive Ltd.§ | 51272 |
| 11897 | Emerald Resources NL\*, § | 45915 |
| 16177 | Endeavour Group Ltd.§ | 36492 |
| 10354 | Evolution Mining Ltd.§ | 93836 |
| 3366 | Flight Centre Travel Group Ltd.§ | 25331 |
| 11737 | Fortescue Ltd.§ | 165797 |
| 5777 | Genesis Minerals Ltd.\*, § | 24600 |
| 7079 | Harvey Norman Holdings Ltd.§ | 24280 |
| 413 | HUB24 Ltd.§ | 23965 |
| 10779 | IGO Ltd.§, \* | 59408 |
| 12565 | Iluka Resources Ltd.§ | 58340 |
| 15321 | Imdex Ltd.§ | 41156 |
| 18310 | Insignia Financial Ltd.§, \* | 59969 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Australia (Continued)** |  |
| 21084 | Insurance Australia Group Ltd.§ | $106102 |
| 2093 | James Hardie Industries PLC, CDI§, \* | 38657 |
| 896 | JB Hi-Fi Ltd.§ | 45254 |
| 15197 | Lendlease Corp. Ltd.§ | 34802 |
| 14208 | Lottery Corp. Ltd.§ | 52957 |
| 2708 | Lovisa Holdings Ltd.§ | 40311 |
| 1607 | Lynas Rare Earths Ltd.\*, § | 21839 |
| 602 | Macquarie Group Ltd.§ | 85412 |
| 9423 | Medibank Pvt Ltd.§ | 28517 |
| 2585 | Megaport Ltd.\*, § | 13496 |
| 38904 | Metcash Ltd.§ | 79923 |
| 1054 | Mineral Resources Ltd.§, \* | 39674 |
| 1548 | Monadelphous Group Ltd.§ | 29380 |
| 11533 | National Australia Bank Ltd.§ | 333550 |
| 1533 | Netwealth Group Ltd.§ | 23448 |
| 27710 | New Hope Corp. Ltd.§ | 111311 |
| 1909 | NEXTDC Ltd.\*, § | 15303 |
| 16970 | nib holdings Ltd.§ | 74893 |
| 76777 | Nickel Industries Ltd.§, \* | 47839 |
| 51876 | Nine Entertainment Co. Holdings Ltd.§ | 34084 |
| 7979 | Northern Star Resources Ltd.§ | 116484 |
| 8521 | NRW Holdings Ltd.§ | 31685 |
| 11756 | Ora Banda Mining Ltd.\*, § | 9820 |
| 3536 | Orica Ltd.§ | 49490 |
| 7726 | Origin Energy Ltd.§ | 66215 |
| 36425 | Orora Ltd.§ | 47878 |
| 3487 | Paladin Energy Ltd.\*, § | 27608 |
| 38907 | Perseus Mining Ltd.§ | 143942 |
| 3475 | PEXA Group Ltd.\*, § | 36676 |
| 13508 | PLS Group Ltd.\*, § | 49315 |
| 1867 | Premier Investments Ltd.§ | 16319 |
| 319 | Pro Medicus Ltd.§ | 26354 |
| 1804 | Qantas Airways Ltd.§ | 10595 |
| 13764 | QBE Insurance Group Ltd.§ | 202235 |
| 9918 | Qube Holdings Ltd.§ | 33297 |
| 61709 | Ramelius Resources Ltd.§ | 163879 |
| 1823 | Ramsay Health Care Ltd.§ | 49688 |
| 355 | REA Group Ltd.§ | 39318 |
| 2536 | Reece Ltd.§ | 23371 |
| 32230 | Regis Resources Ltd.§ | 154280 |
| 21598 | Reliance Worldwide Corp. Ltd.§ | 46107 |
| 90233 | Resolute Mining Ltd.§, \* | 90270 |
| 2719 | Rio Tinto Ltd.§ | 305708 |
| 9237 | Sandfire Resources Ltd.§, \* | 105132 |
| 35535 | Santos Ltd.§ | 195153 |
| 1678 | SEEK Ltd.§ | 16159 |
| 907 | SGH Ltd.§ | 25723 |
| 12686 | Sigma Healthcare Ltd.§ | 23326 |
| 5449 | Sims Ltd.§ | 68256 |
| 3263 | Sonic Healthcare Ltd.§ | 46186 |
| 21157 | South32 Ltd.§ | 63596 |
| 13307 | Stanmore Resources Ltd.§ | 25531 |
| 8720 | Steadfast Group Ltd.§ | 25735 |
| 7603 | Suncorp Group Ltd.§ | 84820 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Australia (Continued)** |  |
| 5725 | Super Retail Group Ltd.§ | $51133 |
| 43352 | Tabcorp Holdings Ltd.§ | 28596 |
| 1750 | Technology One Ltd.§ | 33669 |
| 24644 | Telstra Group Ltd.§ | 90765 |
| 2964 | TPG Telecom Ltd.§ | 8237 |
| 10369 | Transurban Group§ | 100773 |
| 3558 | Treasury Wine Estates Ltd.§ | 9243 |
| 3895 | Tuas Ltd.§, \* | 16657 |
| 38945 | Vault Minerals Ltd.§ | 117186 |
| 24287 | Ventia Services Group Pty. Ltd.§ | 88136 |
| 38469 | Viva Energy Group Ltd.#, § | 67558 |
| 2801 | Washington H Soul Pattinson & Co. Ltd.§ | 78296 |
| 5033 | Wesfarmers Ltd.§ | 255135 |
| 42238 | West African Resources Ltd.\*, § | 95745 |
| 8296 | Westgold Resources Ltd.§ | 35371 |
| 15208 | Westpac Banking Corp.§ | 417781 |
| 17855 | Whitehaven Coal Ltd.§ | 112840 |
| 679 | WiseTech Global Ltd.§ | 18533 |
| 15141 | Woodside Energy Group Ltd.§ | 361122 |
| 1661 | Woodside Energy Group Ltd., ADR | 39665 |
| 5982 | Woolworths Group Ltd.§ | 150625 |
| 3162 | Worley Ltd.§ | 24621 |
| 838 | Xero Ltd.§, \* | 44825 |
| 6051 | Yancoal Australia Ltd.§ | 34308 |
|  |  | 10840018 |
|  | **Austria—0.5%** |  |
| 1865 | ANDRITZ AG§ | 129087 |
| 2002 | BAWAG Group AG§, # | 305561 |
| 1666 | Erste Group Bank AG§ | 180021 |
| 799 | EVN AG§ | 26424 |
| 1665 | OMV AG§ | 120917 |
| 3082 | Raiffeisen Bank International AG§ | 131831 |
| 527 | Strabag SE, Bearer Shares§ | 53348 |
| 3952 | Telekom Austria AG§ | 41842 |
| 2837 | UNIQA Insurance Group AG§ | 50202 |
| 308 | Verbund AG§ | 23467 |
| 1119 | Vienna Insurance Group AG Wiener Versicherung Gruppe§ | 80703 |
| 3281 | voestalpine AG§ | 148054 |
|  |  | 1291457 |
|  | **Belgium—0.7%** |  |
| 831 | Ackermans & van Haaren NV§ | 253720 |
| 1905 | Ageas SA§ | 139526 |
| 6082 | Anheuser-Busch InBev SA§ | 422032 |
| 43 | Argenx SE§, \* | 31330 |
| 1680 | Azelis Group NV§ | 17015 |
| 2193 | CMB Tech NV | 27856 |
| 1027 | Colruyt Group NV§ | 43144 |
| 476 | D'ieteren Group§ | 88001 |
| 224 | Deme Group NV§ | 48339 |
| 275 | Elia Group SA§, \* | 42143 |
| 1452 | KBC Group NV§ | 177499 |
| 9 | Lotus Bakeries NV§ | 102280 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Belgium (Continued)** |  |
| 2468 | Syensqo SA§ | $142782 |
| 797 | UCB SA§ | 240065 |
| 3740 | Umicore SA§ | 70812 |
|  |  | 1846544 |
|  | **Canada—8.4%** |  |
| 2481 | Agnico Eagle Mines Ltd. | 503597 |
| 6162 | Air Canada\* | 80264 |
| 3808 | Alamos Gold, Inc., Class A | 169326 |
| 10700 | Algonquin Power & Utilities Corp. | 65643 |
| 5591 | Alimentation Couche-Tard, Inc. | 316908 |
| 3374 | AltaGas Ltd. | 117026 |
| 17580 | ARC Resources Ltd. | 365855 |
| 1800 | Aritzia, Inc.\* | 146888 |
| 1500 | Atco Ltd., Class I | 73420 |
| 848 | AtkinsRealis Group, Inc. | 54558 |
| 44637 | B2Gold Corp. | 202370 |
| 4474 | Bank of Montreal | 605989 |
| 7207 | Bank of Nova Scotia | 499791 |
| 7503 | Barrick Mining Corp. | 306135 |
| 1119 | Bausch & Lomb Corp.\* | 17792 |
| 2683 | Bausch Health Cos., Inc.\* | 14504 |
| 753 | BCE, Inc. | 19000 |
| 550 | Bombardier, Inc., Class B\* | 97269 |
| 467 | Boyd Group, Inc. | 59618 |
| 2076 | Brookfield Corp. | 84068 |
| 1754 | Brookfield Infrastructure Corp., Class A | 69315 |
| 940 | BRP, Inc. | 67531 |
| 7544 | CAE, Inc.\* | 196521 |
| 320 | Cameco Corp. | 34800 |
| 442 | Canada Packers, Inc. | 6409 |
| 5981 | Canadian Imperial Bank of Commerce | 566843 |
| 2655 | Canadian National Railway Co. | 273165 |
| 17284 | Canadian Natural Resources Ltd. | 843140 |
| 2315 | Canadian Pacific Kansas City Ltd. | 182107 |
| 2478 | Canadian Tire Corp. Ltd., Class A | 333250 |
| 1711 | Canadian Utilities Ltd., Class A | 60096 |
| 3694 | Capital Power Corp. | 174968 |
| 10798 | Capstone Copper Corp.\* | 81425 |
| 1524 | CCL Industries, Inc., Class B | 95487 |
| 889 | Celestica, Inc.\* | 250565 |
| 16868 | Cenovus Energy, Inc. | 447575 |
| 1250 | CGI, Inc. | 91380 |
| 1014 | Colliers International Group, Inc. | 108394 |
| 122 | Constellation Software, Inc. | 214163 |
| 3054 | Definity Financial Corp. | 143776 |
| 511 | Descartes Systems Group, Inc.\* | 36567 |
| 1940 | Dollarama, Inc. | 238097 |
| 9286 | DPM Metals, Inc. | 326956 |
| 3700 | E-L Financial Corp. Ltd. | 42104 |
| 9101 | Eldorado Gold Corp. | 312471 |
| 7275 | Element Fleet Management Corp. | 157779 |
| 2063 | Emera, Inc. | 106939 |
| 4644 | Empire Co. Ltd., Class A | 166351 |
| 7933 | Enbridge, Inc. | 429846 |
| 9049 | Equinox Gold Corp. | 130849 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Canada (Continued)** |  |
| 600 | Exchange Income Corp. | $45025 |
| 112 | Fairfax Financial Holdings Ltd. | 190839 |
| 4241 | Finning International, Inc. | 262429 |
| 9374 | First Majestic Silver Corp. | 201354 |
| 3171 | First Quantum Minerals Ltd.\* | 75816 |
| 457 | FirstService Corp. | 63555 |
| 2327 | Fortis, Inc. | 129824 |
| 7200 | Fortuna Mining Corp.\* | 71496 |
| 369 | Franco-Nevada Corp. | 91161 |
| 935 | George Weston Ltd. | 66057 |
| 614 | GFL Environmental, Inc. | 25616 |
| 2386 | Gildan Activewear, Inc. | 132804 |
| 543 | Great-West Lifeco, Inc. | 25431 |
| 21743 | Hudbay Minerals, Inc. | 454671 |
| 1698 | Hydro One Ltd.# | 70124 |
| 3315 | iA Financial Corp., Inc. | 367889 |
| 12720 | IAMGOLD Corp.\* | 239340 |
| 1482 | Imperial Oil Ltd. | 194043 |
| 1209 | Intact Financial Corp. | 219082 |
| 1068 | Ivanhoe Mines Ltd., Class A\* | 9128 |
| 6100 | K92 Mining, Inc.\* | 103530 |
| 4098 | Keyera Corp. | 158517 |
| 11507 | Kinross Gold Corp. | 351432 |
| 1589 | Linamar Corp. | 98429 |
| 2612 | Loblaw Cos. Ltd. | 119081 |
| 700 | Lundin Gold, Inc. | 53495 |
| 3887 | Lundin Mining Corp. | 96931 |
| 3172 | Magna International, Inc. | 177150 |
| 3404 | Manulife Financial Corp. | 117259 |
| 2212 | Maple Leaf Foods, Inc. | 47703 |
| 1000 | Methanex Corp. | 59586 |
| 1582 | Metro, Inc. | 108242 |
| 1522 | National Bank of Canada | 196949 |
| 9492 | Northland Power, Inc. | 159258 |
| 4242 | Nutrien Ltd. | 320101 |
| 12082 | OceanaGold Corp. | 380933 |
| 9180 | Open Text Corp. | 204219 |
| 1875 | OR Royalties, Inc. | 71396 |
| 3941 | Pan American Silver Corp. | 215452 |
| 2949 | Pembina Pipeline Corp. | 132004 |
| 4900 | Peyto Exploration & Development Corp. | 95739 |
| 800 | Premium Brands Holdings Corp. | 47232 |
| 3512 | Quebecor, Inc., Class B | 149129 |
| 1095 | RB Global, Inc. | 104988 |
| 1622 | Restaurant Brands International, Inc. | 119985 |
| 3924 | Rogers Communications, Inc., Class B | 150912 |
| 9360 | Royal Bank of Canada | 1513102 |
| 1704 | Saputo, Inc. | 53235 |
| 500 | Shopify, Inc., Class A\* | 59327 |
| 6791 | South Bow Corp. | 226251 |
| 361 | Sprott, Inc. | 51587 |
| 4155 | SSR Mining, Inc.\* | 122042 |
| 874 | Stantec, Inc. | 75544 |
| 600 | Stella-Jones, Inc. | 40259 |
| 122 | Strathcona Resources Ltd. | 3696 |
| 4233 | Sun Life Financial, Inc. | 265149 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Canada (Continued)** |  |
| 14868 | Suncor Energy, Inc. | $983144 |
| 2409 | TC Energy Corp. | 150803 |
| 2272 | Teck Resources Ltd., Class B | 117757 |
| 1440 | TFI International, Inc. | 156567 |
| 327 | Thomson Reuters Corp. | 29501 |
| 1643 | TMX Group Ltd. | 58263 |
| 3700 | Torex Gold Resources, Inc. | 169826 |
| 1013 | Toromont Industries Ltd. | 141824 |
| 6706 | Toronto-Dominion Bank | 626298 |
| 2837 | Tourmaline Oil Corp. | 135783 |
| 7642 | TransAlta Corp. | 100448 |
| 838 | Triple Flag Precious Metals Corp. | 29087 |
| 176 | Victoria Gold Corp./Vancouver§, \* | 11 |
| 1189 | Waste Connections, Inc. | 193150 |
| 1230 | West Fraser Timber Co. Ltd. | 80321 |
| 346 | Wheaton Precious Metals Corp. | 45417 |
| 33599 | Whitecap Resources, Inc. | 378921 |
| 822 | WSP Global, Inc. | 127930 |
|  |  | 22699469 |
|  | **Denmark—1.2%** |  |
| 2025 | AL Sydbank§ | 163487 |
| 3596 | ALK-Abello AS§ | 113309 |
| 20853 | Alm Brand AS§ | 50945 |
| 15 | AP Moller - Maersk AS, Class A§ | 36438 |
| 30 | AP Moller - Maersk AS, Class B§ | 74348 |
| 799 | Carlsberg AS, Class B§ | 99695 |
| 610 | Coloplast AS, Class B§ | 41592 |
| 4232 | Danske Bank AS§ | 205456 |
| 3204 | Demant AS§, \* | 97375 |
| 532 | DSV AS§ | 127097 |
| 669 | FLSmidth & Co. AS§ | 50829 |
| 348 | Genmab AS§, \* | 93111 |
| 8387 | H Lundbeck AS§ | 51988 |
| 4236 | H Lundbeck AS, Class A§ | 21961 |
| 5190 | ISS AS§ | 190365 |
| 1025 | Jyske Bank AS, Registered§ | 141909 |
| 2216 | NKT AS§, \* | 290307 |
| 15655 | Novo Nordisk AS, Class B§ | 576874 |
| 1873 | Novonesis Novozymes B, Class B§ | 110825 |
| 3322 | Orsted AS§, \*, # | 81334 |
| 1014 | Pandora AS§ | 71218 |
| 859 | Ringkjoebing Landbobank AS§ | 206998 |
| 2239 | Rockwool AS, Class A§ | 66502 |
| 3347 | Rockwool AS, Class B§ | 93434 |
| 1163 | Royal Unibrew AS§ | 94984 |
| 2761 | Tryg AS§ | 66091 |
| 5305 | Vestas Wind Systems AS§ | 158834 |
|  |  | 3377306 |
|  | **Finland—0.9%** |  |
| 4024 | Elisa OYJ§ | 195109 |
| 3644 | Finnair OYJ§ | 11745 |
| 3055 | Fortum OYJ§ | 77650 |
| 2475 | Kesko OYJ, Class A§ | 54481 |
| 8405 | Kesko OYJ, Class B§ | 185999 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Finland (Continued)** |  |
| 2284 | Kone OYJ, Class B§ | $145619 |
| 5862 | Konecranes OYJ§ | 191563 |
| 8843 | Mandatum OYJ§ | 70972 |
| 6379 | Metso OYJ§ | 110325 |
| 1635 | Neste OYJ§ | 52801 |
| 14164 | Nokia OYJ§ | 112886 |
| 4523 | Nokia OYJ, ADR | 36365 |
| 17546 | Nordea Bank Abp§ | 302013 |
| 727 | Orion OYJ, Class A§ | 58956 |
| 2852 | Orion OYJ, Class B§ | 230656 |
| 17450 | Sampo OYJ, Class A§ | 186848 |
| 16255 | Stora Enso OYJ, Class R§ | 191470 |
| 2814 | UPM-Kymmene OYJ§ | 87531 |
| 4926 | Valmet OYJ§ | 140471 |
| 3965 | Wartsila OYJ Abp§ | 148258 |
|  |  | 2591718 |
|  | **France—4.9%** |  |
| 1160 | Accor SA§ | 55578 |
| 804 | Aeroports de Paris SA§ | 97828 |
| 971 | Air France-KLM\*, § | 9829 |
| 1619 | Air Liquide SA§ | 333514 |
| 1466 | Airbus SE§ | 275352 |
| 6567 | Alstom SA§, \* | 187121 |
| 514 | Amundi SA§, # | 44208 |
| 2048 | Arkema SA§ | 139359 |
| 4899 | AXA SA§ | 224598 |
| 12886 | Ayvens SA§, # | 151815 |
| 490 | BioMerieux§ | 52181 |
| 3310 | BNP Paribas SA§ | 315314 |
| 2694 | Bouygues SA§ | 155424 |
| 2824 | Bureau Veritas SA§ | 84831 |
| 899 | Capgemini SE§ | 105079 |
| 20987 | Carrefour SA§ | 386911 |
| 3251 | Cie de Saint-Gobain SA§ | 267542 |
| 5369 | Cie Generale des Etablissements Michelin SCA§ | 182827 |
| 4277 | Credit Agricole SA§ | 80292 |
| 964 | Danone SA§ | 77421 |
| 24 | Dassault Aviation SA§ | 8902 |
| 1320 | Dassault Systemes SE§ | 26875 |
| 2327 | Edenred SE§ | 46332 |
| 1299 | Eiffage SA§ | 199440 |
| 8202 | Elis SA§ | 232167 |
| 14620 | Engie SA§ | 471352 |
| 388 | EssilorLuxottica SA§ | 90301 |
| 1617 | Eurofins Scientific SE§ | 118254 |
| 557 | Euronext NV§, # | 89621 |
| 2974 | FDJ UNITED§ | 86745 |
| 1038 | Gaztransport Et Technigaz SA§ | 241906 |
| 3075 | Getlink SE§ | 66265 |
| 155 | Hermes International SCA§ | 296035 |
| 608 | Ipsen SA§ | 114019 |
| 2579 | JCDecaux SE§ | 55769 |
| 390 | Kering SA§ | 117931 |
| 600 | L'Oreal SA§ | 246039 |
| 1237 | Legrand SA§ | 191147 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **France (Continued)** |  |
| 1598 | LVMH Moet Hennessy Louis Vuitton SE§ | $888273 |
| 1449 | Nexans SA§ | 196059 |
| 22837 | Orange SA§ | 466612 |
| 659 | Pernod Ricard SA§ | 49187 |
| 1449 | Publicis Groupe SA§ | 119834 |
| 3983 | Renault SA§ | 135143 |
| 6407 | Rexel SA§ | 250575 |
| 1264 | Rubis SCA§ | 50578 |
| 1661 | Safran SA§ | 543218 |
| 2397 | Sanofi SA§ | 231205 |
| 19 | Sartorius Stedim Biotech§ | 3720 |
| 1406 | Schneider Electric SE§ | 386186 |
| 6876 | SCOR SE§ | 242929 |
| 4891 | Societe Generale SA§ | 357122 |
| 171 | Societe LDC SADIR§ | 19718 |
| 2165 | Sodexo SA§ | 111139 |
| 4473 | SPIE SA§ | 223657 |
| 3434 | STMicroelectronics NV§ | 117885 |
| 6187 | Technip Energies NV§ | 260044 |
| 891 | Teleperformance SE§ | 52346 |
| 428 | Thales SA§ | 125664 |
| 17627 | TotalEnergies SE§ | 1627558 |
| 6427 | Vallourec SACA§ | 159763 |
| 2909 | Veolia Environnement SA§ | 111124 |
| 602 | Vicat SACA§ | 43942 |
| 3910 | Vinci SA§ | 585591 |
| 90 | Vusion§ | 11595 |
| 15414 | Worldline SA#, \*, § | 4655 |
|  |  | 13301446 |
|  | **Germany—4.8%** |  |
| 952 | adidas AG§ | 150022 |
| 575 | Allianz SE, Registered§ | 238273 |
| 878 | Aumovio SE§, \* | 33913 |
| 1264 | Aurubis AG§ | 219196 |
| 8301 | BASF SE§ | 501599 |
| 10754 | Bayer AG, Registered§ | 488888 |
| 1815 | Bayerische Motoren Werke AG§ | 163921 |
| 2780 | Bechtle AG§ | 94016 |
| 325 | Beiersdorf AG§ | 28754 |
| 876 | Bilfinger SE§ | 99187 |
| 4639 | Brenntag SE§ | 306066 |
| 3830 | Commerzbank AG§ | 137503 |
| 1756 | Continental AG§ | 120713 |
| 1501 | CTS Eventim AG & Co. KGaA§ | 86081 |
| 4527 | Daimler Truck Holding AG§ | 215808 |
| 1140 | Delivery Hero SE§, \*, # | 20344 |
| 800 | Deutsche Bank AG, Registered | 23824 |
| 11171 | Deutsche Bank AG, Registered§ | 326886 |
| 1149 | Deutsche Boerse AG§ | 334056 |
| 9773 | Deutsche Lufthansa AG, Registered§ | 80667 |
| 8585 | Deutsche Post AG§ | 442739 |
| 32469 | Deutsche Telekom AG, Registered§ | 1197264 |
| 943 | Deutsche Wohnen SE§ | 20676 |
| 815 | DWS Group GmbH & Co. KGaA§, # | 51588 |
| 15308 | E.ON SE§ | 334584 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Germany (Continued)** |  |
| 7742 | Evonik Industries AG§ | $149960 |
| 655 | Fielmann Group AG§ | 32874 |
| 1979 | flatexDEGIRO SE§ | 67539 |
| 1460 | Fraport AG Frankfurt Airport Services Worldwide§, \* | 126666 |
| 5080 | Freenet AG§ | 154919 |
| 5733 | Fresenius Medical Care AG§ | 255069 |
| 2089 | Fresenius SE & Co. KGaA§ | 107008 |
| 939 | FUCHS SE§ | 32195 |
| 3525 | GEA Group AG§ | 249113 |
| 330 | Hannover Rueck SE§ | 102136 |
| 188 | Hapag-Lloyd AG§, # | 26151 |
| 1186 | Heidelberg Materials AG§ | 244267 |
| 844 | Henkel AG & Co. KGaA§ | 60448 |
| 1340 | Hensoldt AG§ | 116325 |
| 135 | HOCHTIEF AG§ | 59374 |
| 7007 | Infineon Technologies AG§ | 307875 |
| 1117 | IONOS Group SE\*, § | 32093 |
| 3794 | KION Group AG§ | 197114 |
| 919 | Knorr-Bremse AG§ | 102603 |
| 593 | Krones AG§ | 78948 |
| 1874 | LEG Immobilien SE§ | 122044 |
| 2405 | Mercedes-Benz Group AG§ | 145706 |
| 741 | Merck KGaA§ | 92024 |
| 441 | MTU Aero Engines AG§ | 157880 |
| 846 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered§ | 526998 |
| 975 | Nemetschek SE§ | 71763 |
| 3080 | Nordex SE§, \* | 162221 |
| 4631 | Puma SE§ | 117630 |
| 2036 | Qiagen NV§ | 81551 |
| 6148 | Qiagen NV | 246172 |
| 97 | Rational AG§ | 70213 |
| 1539 | RENK Group AG§ | 90156 |
| 199 | Rheinmetall AG§ | 331873 |
| 1496 | RTL Group SA§ | 62963 |
| 3022 | RWE AG§ | 201277 |
| 1493 | SAP SE§ | 252665 |
| 7857 | Schaeffler AG§ | 63917 |
| 1449 | Scout24 SE§, # | 111024 |
| 1021 | Siemens AG, Registered§ | 242171 |
| 2070 | Siemens Energy AG§ | 340671 |
| 1389 | Siemens Healthineers AG§, # | 58269 |
| 3008 | Symrise AG§ | 254683 |
| 764 | Talanx AG§ | 92978 |
| 16458 | thyssenkrupp AG§ | 141957 |
| 565 | Tkms AG& Co. KGaA§, \* | 51231 |
| 16214 | TUI AG§ | 122967 |
| 4525 | United Internet AG, Registered§ | 143740 |
| 418 | Volkswagen AG§ | 42641 |
| 3419 | Vonovia SE§ | 85148 |
| 615 | Wacker Chemie AG§ | 59577 |
| 7176 | Zalando SE§, \*, # | 171678 |
|  |  | 12935033 |
|  | **Hong Kong—1.1%** |  |
| 49400 | AIA Group Ltd.§ | 554952 |
| 5000 | ASMPT Ltd.§ | 65215 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Hong Kong (Continued)** |  |
| 41411 | Bank of East Asia Ltd.§ | $69089 |
| 17000 | BOC Hong Kong Holdings Ltd.§ | 93672 |
| 9600 | Budweiser Brewing Co. APAC Ltd.§, # | 8810 |
| 10181 | Cathay Pacific Airways Ltd.§ | 14744 |
| 10906 | CK Asset Holdings Ltd.§ | 62297 |
| 13000 | CK Hutchison Holdings Ltd.§ | 99910 |
| 2500 | CK Infrastructure Holdings Ltd.§ | 19953 |
| 6500 | CLP Holdings Ltd.§ | 61200 |
| 8000 | Cowell e Holdings, Inc.§, \* | 26586 |
| 24000 | Crystal International Group Ltd.#, § | 18030 |
| 41341 | CTF Services Ltd.§ | 41619 |
| 98000 | First Pacific Co. Ltd.§ | 68811 |
| 78000 | FIT Hon Teng Ltd.§, \*, # | 69904 |
| 10000 | Galaxy Entertainment Group Ltd.§ | 45082 |
| 66000 | Guotai Junan International Holdings Ltd.§ | 19887 |
| 20000 | Hang Lung Group Ltd.§ | 38091 |
| 63087 | Hang Lung Properties Ltd.§ | 70876 |
| 8500 | Henderson Land Development Co. Ltd.§ | 31526 |
| 24500 | HK Electric Investments & HK Electric Investments Ltd.§ | 20202 |
| 48000 | HKT Trust & HKT Ltd.§ | 74838 |
| 44457 | Hong Kong & China Gas Co. Ltd.§ | 40751 |
| 5406 | Hong Kong Exchanges & Clearing Ltd.§ | 274005 |
| 10000 | Hysan Development Co. Ltd.§ | 24349 |
| 11500 | Johnson Electric Holdings Ltd.§ | 34541 |
| 26500 | Kerry Properties Ltd.§ | 74293 |
| 9991 | Kowloon Development Co. Ltd.§ | 5536 |
| 7000 | Luk Fook Holdings International Ltd.§ | 21126 |
| 36400 | Man Wah Holdings Ltd.§ | 20150 |
| 16000 | MGM China Holdings Ltd.§ | 22759 |
| 6185 | MTR Corp. Ltd.§ | 25381 |
| 28188 | NagaCorp Ltd.§ | 13987 |
| 28000 | New World Development Co. Ltd.§, \* | 28942 |
| 44000 | NewOcean Energy Holdings Ltd.§, \* |  |
| 52789 | PCCW Ltd.§ | 39054 |
| 6000 | Power Assets Holdings Ltd.§ | 46748 |
| 4800 | PRADA SpA§ | 22686 |
| 49200 | Samsonite Group SA§, # | 92785 |
| 9600 | Sands China Ltd.§ | 20404 |
| 22000 | Shangri-La Asia Ltd.§ | 12586 |
| 18000 | SITC International Holdings Co. Ltd.§ | 79465 |
| 96250 | SJM Holdings Ltd.§, \* | 25726 |
| 3500 | Sun Hung Kai Properties Ltd.§ | 59321 |
| 2000 | Swire Pacific Ltd., Class A§ | 21935 |
| 15000 | Swire Pacific Ltd., Class B§ | 24546 |
| 6200 | Swire Properties Ltd.§ | 18020 |
| 8000 | Techtronic Industries Co. Ltd.§ | 106485 |
| 42000 | United Laboratories International Holdings Ltd.§ | 51815 |
| 60826 | WH Group Ltd.§, # | 80149 |
| 12000 | Wharf Real Estate Investment Co. Ltd.§ | 34790 |
| 27200 | Wynn Macau Ltd.§ | 19031 |
| 28062 | Xinyi Glass Holdings Ltd.§ | 35193 |
| 35500 | Yue Yuen Industrial Holdings Ltd.§ | 69344 |
|  |  | 3021197 |
|  | **Ireland—0.2%** |  |
| 23256 | AIB Group PLC§ | 247349 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Ireland (Continued)** |  |
| 8063 | Bank of Ireland Group PLC§ | $147557 |
| 2376 | Glanbia PLC§ | 46755 |
| 926 | Kerry Group PLC, Class A§ | 73336 |
| 1085 | Kingspan Group PLC§ | 91584 |
|  |  | 606581 |
|  | **Israel—0.9%** |  |
| 182 | AFI Properties Ltd.§, \* | 12612 |
| 162 | Africa Israel Residences Ltd.§ | 12351 |
| 734 | Airport City Ltd.§, \* | 12484 |
| 160 | Alrov Properties & Lodgings Ltd.§ | 13480 |
| 2317 | Amot Investments Ltd.§ | 14198 |
| 471 | Ashtrom Group Ltd.§ | 10283 |
| 535 | Ayalon Holdings Ltd.§ | 22955 |
| 154 | Azrieli Group Ltd.§ | 20626 |
| 8351 | Bank Hapoalim BM§ | 195467 |
| 11303 | Bank Leumi Le-Israel BM§ | 251890 |
| 133 | Bet Shemesh Engines Holdings 1997 Ltd.§, \* | 29748 |
| 17522 | Bezeq The Israeli Telecommunication Corp. Ltd.§ | 42015 |
| 92 | Big Shopping Centers Ltd.§ | 21066 |
| 124 | Blue Square Real Estate Ltd.§ | 15366 |
| 2419 | Carasso Motors Ltd.§, \* | 23304 |
| 3153 | Cellcom Israel Ltd.§ | 34119 |
| 614 | Clal Insurance Enterprises Holdings Ltd.§ | 43572 |
| 142 | Danel Adir Yeoshua Ltd.§ | 20138 |
| 523 | Danya Cebus Ltd.§ | 26956 |
| 260 | Delek Automotive Systems Ltd.§ | 1677 |
| 70 | Delek Group Ltd.§ | 23461 |
| 208 | Delta Galil Ltd.§ | 10828 |
| 5933 | El Al Israel Airlines§ | 25917 |
| 37 | Elbit Systems Ltd. | 31416 |
| 600 | Electra Ltd.§ | 17111 |
| 418 | Enlight Renewable Energy Ltd.§, \* | 27918 |
| 50 | Equital Ltd.§, \* | 2104 |
| 1 | Fattal Holdings 1998 Ltd.§, \* | 183 |
| 395 | First International Bank of Israel Ltd.§ | 30500 |
| 122 | Formula Systems 1985 Ltd., ADR | 14397 |
| 256 | Fox Wizel Ltd.§ | 22064 |
| 1072 | Harel Insurance Investments & Financial Services Ltd.§ | 59742 |
| 313 | Hilan Ltd.§ | 19400 |
| 1012 | ICL Group Ltd.§ | 5214 |
| 282 | IDI Insurance Co. Ltd.§ | 18759 |
| 3574 | Inrom Construction Industries Ltd.§ | 28124 |
| 1 | Isracard Ltd.§ | 2 |
| 7087 | Israel Discount Bank Ltd., Class A§ | 71057 |
| 50 | Isras Investment Co. Ltd.§ | 12819 |
| 955 | Kvutzat Acro Ltd.§ | 12909 |
| 521 | Lapidoth Capital Ltd.§ | 14773 |
| 325 | M Yochananof & Sons Ltd.§ | 37427 |
| 267 | Matrix IT Ltd.§ | 7422 |
| 3109 | Max Stock Ltd.§ | 26379 |
| 252 | Mega Or Holdings Ltd.§ | 40261 |
| 587 | Meitav Investment House Ltd.§ | 20607 |
| 526 | Menora Mivtachim Holdings Ltd.§ | 76346 |
| 5819 | Mivne Real Estate KD Ltd.§, \* | 24142 |
| 1235 | Mizrahi Tefahot Bank Ltd.§ | 89556 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Israel (Continued)** |  |
| 225 | Neto Malinda Trading Ltd.§ | $11018 |
| 515 | Next Vision Stabilized Systems Ltd.§ | 49870 |
| 156 | Nice Ltd.§, \* | 17200 |
| 12 | Nice Ltd., ADR\* | 1323 |
| 58 | Nova Ltd.§, \* | 25765 |
| 71300 | Oil Refineries Ltd.§, \* | 30648 |
| 831 | One Software Technologies Ltd.§ | 15604 |
| 2855 | Partner Communications Co. Ltd.§ | 31883 |
| 109 | Paz Retail & Energy Ltd.§ | 26833 |
| 1791 | Phoenix Financial Ltd.§ | 95137 |
| 394 | Prashkovsky Investments & Construction Ltd.§, \* | 18393 |
| 282 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.§ | 33811 |
| 1204 | Retailors Ltd.§ | 13171 |
| 1415 | Shapir Engineering & Industry Ltd.§, \* | 16961 |
| 5468 | Shikun & Binui Ltd.§, \* | 28760 |
| 2661 | Shufersal Ltd.§ | 38837 |
| 595 | Strauss Group Ltd.§ | 26191 |
| 1975 | Tamar Petroleum Ltd.§, # | 22068 |
| 909 | Tel Aviv Stock Exchange Ltd.§ | 40249 |
| 473 | Teva Pharmaceutical Industries Ltd.§, \* | 14213 |
| 6714 | Teva Pharmaceutical Industries Ltd., ADR\* | 202226 |
| 160 | Tower Semiconductor Ltd.\* | 28077 |
| 2836 | Veridis Environment Ltd.§, \* | 35144 |
| 1594 | YD More Investments Ltd.§ | 17925 |
|  |  | 2436452 |
|  | **Italy—2.1%** |  |
| 54886 | A2A SpA§ | 155572 |
| 1699 | ACEA SpA§ | 44001 |
| 3420 | Azimut Holding SpA§ | 129910 |
| 1582 | Banca Generali SpA§ | 94333 |
| 1670 | Banca Mediolanum SpA§ | 33918 |
| 4690 | Banca Monte dei Paschi di Siena SpA§ | 40865 |
| 8540 | Banco BPM SpA§ | 119316 |
| 9455 | BPER Banca SpA§ | 123424 |
| 4390 | Brembo NV§ | 41746 |
| 920 | Brunello Cucinelli SpA§ | 80202 |
| 2416 | Buzzi SpA§ | 121867 |
| 2916 | Credito Emiliano SpA§ | 49528 |
| 416 | Danieli & C Officine Meccaniche SpA§ | 28712 |
| 5293 | Davide Campari-Milano NV§ | 37698 |
| 1614 | De' Longhi SpA§ | 57006 |
| 52438 | Enel SpA§ | 570885 |
| 11985 | Eni SpA§ | 340330 |
| 505 | Ferrari NV§ | 170221 |
| 1417 | Fincantieri SpA\*, § | 21677 |
| 5782 | FinecoBank Banca Fineco SpA§ | 128377 |
| 1236 | Generali§ | 49836 |
| 30199 | Hera SpA§ | 139999 |
| 4304 | Infrastrutture Wireless Italiane SpA#, § | 34448 |
| 1485 | Interpump Group SpA§ | 56612 |
| 37367 | Intesa Sanpaolo SpA§ | 227144 |
| 17564 | Iren SpA§ | 50034 |
| 16195 | Italgas SpA§ | 188633 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Italy (Continued)** |  |
| 7657 | Iveco Group NV§ | $169860 |
| 931 | Leonardo SpA§ | 62533 |
| 3313 | Lottomatica Group SpA§ | 95627 |
| 2387 | Maire SpA§ | 37251 |
| 1371 | Moncler SpA§ | 82626 |
| 20578 | Nexi SpA#, § | 76612 |
| 15698 | Pirelli & C SpA§, # | 108104 |
| 2463 | Poste Italiane SpA§, # | 57949 |
| 1227 | Prysmian SpA§ | 143478 |
| 1690 | Recordati Industria Chimica e Farmaceutica SpA§ | 96135 |
| 624 | Reply SpA§ | 58197 |
| 55163 | Saipem SpA§ | 252270 |
| 10138 | Snam SpA§ | 77104 |
| 756 | SOL SpA§ | 51775 |
| 10907 | Stellantis NV§ | 77714 |
| 2766 | Technogym SpA§, # | 56056 |
| 399582 | Telecom Italia SpA§, \* | 279879 |
| 1807 | Tenaris SA§ | 52782 |
| 582 | Tenaris SA, ADR | 33861 |
| 8182 | Terna - Rete Elettrica Nazionale§ | 93699 |
| 5312 | UniCredit SpA§ | 382769 |
| 3067 | Unipol Assicurazioni SpA§ | 71797 |
| 12239 | Webuild SpA§ | 32529 |
|  |  | 5586901 |
|  | **Japan—14.1%** |  |
| 2700 | 77 Bank Ltd.§ | 53179 |
| 800 | ABC-Mart, Inc.§ | 12791 |
| 3100 | ADEKA Corp.§ | 71696 |
| 3600 | Advantest Corp.§ | 487064 |
| 5585 | Aeon Co. Ltd.§ | 66660 |
| 1900 | AGC, Inc.§ | 67005 |
| 1300 | Ai Holdings Corp.§ | 22337 |
| 2500 | Aica Kogyo Co. Ltd.§ | 57584 |
| 900 | Ain Holdings, Inc.§ | 32135 |
| 6600 | Air Water, Inc.§ | 89871 |
| 5100 | Aisin Corp.§ | 70598 |
| 2200 | Ajinomoto Co., Inc.§ | 61685 |
| 2500 | Alfresa Holdings Corp.§ | 40286 |
| 8800 | Alps Alpine Co. Ltd.§ | 119065 |
| 2600 | ALSOK Co. Ltd.§ | 20793 |
| 2700 | Amada Co. Ltd.§ | 37460 |
| 1900 | Amano Corp.§ | 45532 |
| 500 | ANA Holdings, Inc.§ | 8890 |
| 400 | Anycolor, Inc.§ | 7358 |
| 1800 | Aozora Bank Ltd.§ | 28760 |
| 1500 | Arcs Co. Ltd.§ | 35888 |
| 1000 | Artience Co. Ltd.§ | 23923 |
| 900 | As One Corp.§ | 12579 |
| 10200 | Asahi Group Holdings Ltd.§ | 102367 |
| 1600 | Asahi Intecc Co. Ltd.§ | 34135 |
| 12100 | Asahi Kasei Corp.§ | 117168 |
| 4400 | Asics Corp.§ | 117001 |
| 11600 | Astellas Pharma, Inc.§ | 189393 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 4400 | Azbil Corp.§ | $38072 |
| 2900 | Bandai Namco Holdings, Inc.§ | 71631 |
| 1000 | BayCurrent, Inc.§ | 29102 |
| 3800 | Bic Camera, Inc.§ | 41617 |
| 1700 | BIPROGY, Inc.§ | 50076 |
| 3000 | Blue Zones Holdings Co. Ltd.§ | 36156 |
| 4600 | Bridgestone Corp.§ | 95477 |
| 2300 | Brother Industries Ltd.§ | 42211 |
| 400 | C Uyemura & Co. Ltd.§ | 50857 |
| 2200 | Calbee, Inc.§ | 42584 |
| 1000 | Canon Marketing Japan, Inc.§ | 22030 |
| 2900 | Canon, Inc.§ | 80764 |
| 2100 | Capcom Co. Ltd.§ | 44530 |
| 2700 | Casio Computer Co. Ltd.§ | 24078 |
| 3700 | CCI Group, Inc.§ | 22121 |
| 2500 | Central Japan Railway Co.§ | 64738 |
| 3700 | Chiba Bank Ltd.§ | 47673 |
| 3800 | Chubu Electric Power Co., Inc.§ | 62383 |
| 3100 | Chugai Pharmaceutical Co. Ltd.§ | 171518 |
| 4700 | Chugin Financial Group, Inc.§ | 83830 |
| 6100 | Chugoku Electric Power Co., Inc.§ | 38696 |
| 700 | Chugoku Marine Paints Ltd.§ | 14932 |
| 5500 | Citizen Watch Co. Ltd.§ | 58351 |
| 2000 | CKD Corp.§ | 56306 |
| 1200 | Coca-Cola Bottlers Japan Holdings, Inc.§ | 27322 |
| 2500 | Colowide Co. Ltd.§ | 28735 |
| 900 | COMSYS Holdings Corp.§ | 28799 |
| 1000 | Cosmo Energy Holdings Co. Ltd.§ | 28023 |
| 1400 | Cosmos Pharmaceutical Corp.§ | 60150 |
| 9600 | Create Restaurants Holdings, Inc.§ | 46252 |
| 1100 | Create SD Holdings Co. Ltd.§ | 22976 |
| 1800 | CyberAgent, Inc.§ | 15256 |
| 1500 | Dai Nippon Printing Co. Ltd.§ | 27239 |
| 3000 | Dai-Dan Co. Ltd.§ | 51205 |
| 22400 | Dai-ichi Life Holdings, Inc.§ | 204693 |
| 7800 | Daicel Corp.§ | 61024 |
| 5600 | Daido Steel Co. Ltd.§ | 65901 |
| 1100 | Daifuku Co. Ltd.§ | 38431 |
| 6300 | Daiichi Sankyo Co. Ltd.§ | 111072 |
| 2300 | Daiichikosho Co. Ltd.§ | 24529 |
| 1300 | Daikin Industries Ltd.§ | 157711 |
| 3100 | Daio Paper Corp.§ | 20182 |
| 900 | Daiseki Co. Ltd.§ | 22123 |
| 8400 | Daishi Hokuetsu Financial Group, Inc.§ | 100859 |
| 3000 | Daito Trust Construction Co. Ltd.§ | 69872 |
| 3900 | Daiwa House Industry Co. Ltd.§ | 121912 |
| 4700 | Daiwa Securities Group, Inc.§ | 44209 |
| 3300 | Daiwabo Holdings Co. Ltd.§ | 64355 |
| 5300 | DCM Holdings Co. Ltd.§ | 53882 |
| 2200 | Denka Co. Ltd.§ | 49919 |
| 9800 | Denso Corp.§ | 121678 |
| 900 | Dentsu Group, Inc.§ | 15448 |
| 1200 | Dentsu Soken, Inc.§ | 15184 |
| 3000 | Dexerials Corp.§ | 41337 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 3600 | DIC Corp.§ | $84174 |
| 400 | Disco Corp.§ | 160279 |
| 4300 | DMG Mori Co. Ltd.§ | 65864 |
| 900 | Dowa Holdings Co. Ltd.§ | 51316 |
| 3700 | DTS Corp.§ | 24183 |
| 3300 | East Japan Railway Co.§ | 75313 |
| 1700 | Ebara Corp.§ | 47902 |
| 2100 | EDION Corp.§ | 28689 |
| 1400 | Eisai Co. Ltd.§ | 43508 |
| 1200 | Elecom Co. Ltd.§ | 12163 |
| 1800 | Electric Power Development Co. Ltd.§ | 49527 |
| 16000 | ENEOS Holdings, Inc.§ | 142782 |
| 1000 | Exedy Corp.§ | 35276 |
| 4100 | EXEO Group, Inc.§ | 70028 |
| 1900 | Ezaki Glico Co. Ltd.§ | 70619 |
| 1300 | FANUC Corp.§ | 45278 |
| 900 | Fast Retailing Co. Ltd.§ | 358211 |
| 1000 | Ferrotec Corp.§ | 40963 |
| 1200 | Food & Life Cos. Ltd.§ | 71020 |
| 1400 | FP Corp.§ | 20907 |
| 900 | Fuji Co. Ltd.§ | 11867 |
| 900 | Fuji Corp.§ | 27455 |
| 1400 | Fuji Electric Co. Ltd.§ | 98037 |
| 700 | Fuji Oil Co. Ltd.§ | 16063 |
| 1900 | Fuji Seal International, Inc.§ | 31222 |
| 2800 | FUJIFILM Holdings Corp.§ | 53216 |
| 7200 | Fujikura Ltd.§ | 195905 |
| 900 | Fujimi, Inc.§ | 15813 |
| 8900 | Fujitsu Ltd.§ | 180871 |
| 400 | Fukuda Denshi Co. Ltd.§ | 24681 |
| 1200 | Fukuoka Financial Group, Inc.§ | 45560 |
| 600 | Fukuyama Transporting Co. Ltd.§ | 20309 |
| 700 | Furukawa Electric Co. Ltd.§ | 133753 |
| 600 | Furuno Electric Co. Ltd.§ | 23740 |
| 2700 | Fuso Chemical Co. Ltd.§ | 48423 |
| 2400 | Glory Ltd.§ | 61094 |
| 300 | GMO Payment Gateway, Inc.§ | 15800 |
| 1200 | Goldwin, Inc.§ | 16860 |
| 3400 | GS Yuasa Corp.§ | 116868 |
| 2900 | Gunma Bank Ltd.§ | 38449 |
| 1100 | H.U. Group Holdings, Inc.§ | 22379 |
| 4000 | H2O Retailing Corp.§ | 60526 |
| 2800 | Hachijuni Nagano Bank Ltd.§ | 35168 |
| 7300 | Hakuhodo DY Holdings, Inc.§ | 47591 |
| 1800 | Hamamatsu Photonics KK§ | 20773 |
| 1900 | Hankyu Hanshin Holdings, Inc.§ | 54926 |
| 7500 | Hanwa Co. Ltd.§ | 74974 |
| 1000 | Happinet Corp.§ | 17138 |
| 3500 | Haseko Corp.§ | 65042 |
| 6300 | Hazama Ando Corp.§ | 78607 |
| 700 | Heiwado Co. Ltd.§ | 13129 |
| 12900 | Hino Motors Ltd.§, \* | 30956 |
| 8400 | Hirogin Holdings, Inc.§ | 92887 |
| 200 | Hirose Electric Co. Ltd.§ | 26115 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 1000 | HIS Co. Ltd.§ | $6636 |
| 900 | Hitachi Construction Machinery Co. Ltd.§ | 30793 |
| 18400 | Hitachi Ltd.§ | 537751 |
| 6200 | Hokkaido Electric Power Co., Inc.§ | 42231 |
| 3000 | Hokuetsu Corp.§ | 17439 |
| 2800 | Hokuhoku Financial Group, Inc.§ | 105401 |
| 2300 | Hokuriku Electric Power Co.§ | 15644 |
| 13900 | Honda Motor Co. Ltd.§ | 112515 |
| 300 | Horiba Ltd.§ | 34997 |
| 600 | Hoshizaki Corp.§ | 19240 |
| 2500 | House Foods Group, Inc.§ | 48089 |
| 2000 | Hoya Corp.§ | 344992 |
| 4400 | Hulic Co. Ltd.§ | 51221 |
| 8400 | Hyakugo Bank Ltd.§ | 81558 |
| 1400 | Ibiden Co. Ltd.§ | 68659 |
| 3300 | Ichibanya Co. Ltd.§ | 19135 |
| 8800 | Ichigo, Inc.§ | 26103 |
| 4400 | Idemitsu Kosan Co. Ltd.§ | 42775 |
| 3500 | IHI Corp.§ | 71532 |
| 1100 | Iida Group Holdings Co. Ltd.§ | 16727 |
| 3800 | Inaba Denki Sangyo Co. Ltd.§ | 63108 |
| 1500 | Inabata & Co. Ltd.§ | 37791 |
| 7512 | INFRONEER Holdings, Inc.§ | 104574 |
| 8400 | Inpex Corp.§ | 246471 |
| 2800 | Internet Initiative Japan, Inc.§ | 43527 |
| 1500 | Isetan Mitsukoshi Holdings Ltd.§ | 27412 |
| 6000 | Isuzu Motors Ltd.§ | 86187 |
| 1900 | Ito En Ltd.§ | 35683 |
| 14500 | ITOCHU Corp.§ | 184301 |
| 2700 | Itochu Enex Co. Ltd.§ | 33995 |
| 680 | Itoham Yonekyu Holdings, Inc.§ | 24688 |
| 7200 | Iwatani Corp.§ | 92102 |
| 1900 | Iyogin Holdings, Inc.§ | 34758 |
| 5700 | Izumi Co. Ltd.§ | 37555 |
| 3500 | J. Front Retailing Co. Ltd.§ | 53867 |
| 1200 | JAC Recruitment Co. Ltd.§ | 6449 |
| 1400 | Japan Airlines Co. Ltd.§ | 22778 |
| 1900 | Japan Airport Terminal Co. Ltd.§ | 62258 |
| 1800 | Japan Aviation Electronics Industry Ltd.§ | 26033 |
| 4400 | Japan Elevator Service Holdings Co. Ltd.§ | 45697 |
| 7200 | Japan Exchange Group, Inc.§ | 83598 |
| 1200 | Japan Material Co. Ltd.§ | 12415 |
| 5400 | Japan Post Holdings Co. Ltd.§ | 61952 |
| 3000 | Japan Post Insurance Co. Ltd.§ | 30308 |
| 3000 | Japan Securities Finance Co. Ltd.§ | 39546 |
| 400 | Japan Steel Works Ltd.§ | 21780 |
| 1600 | Japan Tobacco, Inc.§ | 61393 |
| 1600 | Jeol Ltd.§ | 59396 |
| 2500 | JFE Holdings, Inc.§ | 29121 |
| 2000 | JTEKT Corp.§ | 21334 |
| 6500 | Juroku Financial Group, Inc.§ | 74337 |
| 1000 | Justsystems Corp.§ | 22268 |
| 7700 | JVCKenwood Corp.§ | 53790 |
| 5000 | K's Holdings Corp.§ | 52976 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 1500 | Kaga Electronics Co. Ltd.§ | $35850 |
| 2900 | Kagome Co. Ltd.§ | 51475 |
| 700 | Kajima Corp.§ | 26592 |
| 2900 | Kakaku.com, Inc.§ | 38020 |
| 400 | Kamigumi Co. Ltd.§ | 13842 |
| 5300 | Kanadevia Corp.§ | 34354 |
| 500 | Kanamoto Co. Ltd.§ | 13867 |
| 800 | Kandenko Co. Ltd.§ | 30447 |
| 2000 | Kaneka Corp.§ | 61024 |
| 8200 | Kanematsu Corp.§ | 116529 |
| 4100 | Kansai Electric Power Co., Inc.§ | 67533 |
| 4700 | Kansai Paint Co. Ltd.§ | 70359 |
| 1500 | Kao Corp.§ | 58613 |
| 1800 | Katitas Co. Ltd.§ | 36159 |
| 800 | Kato Sangyo Co. Ltd.§ | 33953 |
| 4500 | Kawasaki Heavy Industries Ltd.§ | 85383 |
| 28400 | KDDI Corp.§ | 486347 |
| 3400 | Keihan Holdings Co. Ltd.§ | 69459 |
| 2300 | Keikyu Corp.§ | 22206 |
| 3500 | Keio Corp.§ | 17104 |
| 1800 | Keisei Electric Railway Co. Ltd.§ | 13426 |
| 900 | Kewpie Corp.§ | 22993 |
| 400 | Keyence Corp.§ | 141662 |
| 3300 | Kikkoman Corp.§ | 30082 |
| 1500 | Kintetsu Group Holdings Co. Ltd.§ | 30573 |
| 5200 | Kirin Holdings Co. Ltd.§ | 82734 |
| 1700 | Kitz Corp.§ | 19641 |
| 1700 | Kiyo Bank Ltd.§ | 41844 |
| 1300 | Kobe Bussan Co. Ltd.§ | 28256 |
| 4600 | Kobe Steel Ltd.§ | 55533 |
| 1800 | Koito Manufacturing Co. Ltd.§ | 27965 |
| 1100 | Kokusai Electric Corp.§ | 36449 |
| 7700 | Kokuyo Co. Ltd.§ | 41989 |
| 6500 | Komatsu Ltd.§ | 255157 |
| 900 | Komeri Co. Ltd.§ | 19965 |
| 500 | Konami Group Corp.§ | 62210 |
| 21400 | Konica Minolta, Inc.§ | 71684 |
| 1200 | Konoike Transport Co. Ltd.§ | 22127 |
| 500 | Kose Holdings Corp.§ | 18649 |
| 3800 | Kotobuki Spirits Co. Ltd.§ | 44049 |
| 600 | Kraftia Corp.§ | 36372 |
| 4400 | Kubota Corp.§ | 69428 |
| 3600 | Kumagai Gumi Co. Ltd.§ | 35366 |
| 500 | Kura Sushi, Inc.§ | 11457 |
| 11000 | Kuraray Co. Ltd.§ | 115823 |
| 1200 | Kureha Corp.§ | 30209 |
| 800 | Kurita Water Industries Ltd.§ | 38065 |
| 1700 | Kusuri No. Aoki Holdings Co. Ltd.§ | 41581 |
| 1300 | KYB Corp.§ | 34277 |
| 2500 | Kyoritsu Maintenance Co. Ltd.§ | 38540 |
| 1300 | Kyoto Financial Group, Inc.§ | 33904 |
| 1800 | Kyowa Kirin Co. Ltd.§ | 29734 |
| 3100 | Kyushu Electric Power Co., Inc.§ | 35691 |
| 7000 | Kyushu Financial Group, Inc.§ | 50923 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 1200 | Kyushu Railway Co.§ | $28487 |
| 600 | Lasertec Corp.§ | 132294 |
| 5600 | Leopalace21 Corp.§ | 22781 |
| 2100 | Life Corp.§ | 33945 |
| 1800 | Lintec Corp.§ | 51785 |
| 7500 | Lion Corp.§ | 78291 |
| 7900 | Lixil Corp.§ | 81575 |
| 16800 | LY Corp.§ | 40717 |
| 2200 | M3, Inc.§ | 22460 |
| 6200 | Mabuchi Motor Co. Ltd.§ | 62230 |
| 1800 | Macnica Holdings, Inc.§ | 27062 |
| 600 | Makino Milling Machine Co. Ltd.§, \* | 43448 |
| 900 | Makita Corp.§ | 29231 |
| 2200 | Marubeni Corp.§ | 80897 |
| 4300 | Marui Group Co. Ltd.§ | 83226 |
| 100 | Maruwa Co. Ltd.§ | 35013 |
| 400 | Maruzen Showa Unyu Co. Ltd.§ | 21036 |
| 4100 | Matsui Securities Co. Ltd.§ | 24617 |
| 1820 | MatsukiyoCocokara & Co.§ | 29084 |
| 4000 | Max Co. Ltd.§ | 41151 |
| 5700 | Mazda Motor Corp.§ | 38480 |
| 500 | McDonald's Holdings Co. Japan Ltd.§ | 26105 |
| 2300 | MCJ Co. Ltd.§ | 33493 |
| 5400 | Mebuki Financial Group, Inc.§ | 41594 |
| 1600 | Medipal Holdings Corp.§ | 29861 |
| 1800 | Megmilk Snow Brand Co. Ltd.§ | 36860 |
| 1700 | Meidensha Corp.§ | 83259 |
| 2100 | MEIJI Holdings Co. Ltd.§ | 51243 |
| 300 | Meiko Electronics Co. Ltd.§ | 47880 |
| 2600 | MEITEC Group Holdings, Inc.§ | 54068 |
| 1200 | Mercari, Inc.§, \* | 28247 |
| 1000 | Micronics Japan Co. Ltd.§ | 61594 |
| 3500 | Minebea Mitsumi, Inc.§ | 57413 |
| 3400 | Mirait One Corp.§ | 78026 |
| 2100 | MISUMI Group, Inc.§ | 35637 |
| 15500 | Mitsubishi Chemical Group Corp.§ | 89761 |
| 4600 | Mitsubishi Corp.§ | 157970 |
| 3900 | Mitsubishi Electric Corp.§ | 127364 |
| 2000 | Mitsubishi Estate Co. Ltd.§ | 55343 |
| 1500 | Mitsubishi Gas Chemical Co., Inc.§ | 35035 |
| 7100 | Mitsubishi Heavy Industries Ltd.§ | 193683 |
| 4100 | Mitsubishi Logistics Corp.§ | 34522 |
| 2500 | Mitsubishi Materials Corp.§ | 78137 |
| 8100 | Mitsubishi Motors Corp.§ | 15851 |
| 30500 | Mitsubishi UFJ Financial Group, Inc.§ | 515318 |
| 3400 | Mitsui Chemicals, Inc.§ | 40527 |
| 800 | Mitsui E&S Co. Ltd.§ | 29072 |
| 6700 | Mitsui Fudosan Co. Ltd.§ | 70917 |
| 900 | Mitsui Kinzoku Co. Ltd.§ | 168763 |
| 1500 | Mitsui-Soko Holdings Co. Ltd.§ | 38207 |
| 2500 | Miura Co. Ltd.§ | 50190 |
| 5590 | Mizuho Financial Group, Inc.§ | 223124 |
| 700 | Mizuno Corp.§ | 15211 |
| 300 | Modec, Inc.§ | 28658 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 2900 | MonotaRO Co. Ltd.§ | $31176 |
| 2600 | Morinaga & Co. Ltd.§ | 44438 |
| 3100 | Morinaga Milk Industry Co. Ltd.§ | 93450 |
| 8000 | MS&AD Insurance Group Holdings, Inc.§ | 209356 |
| 500 | MTG Co. Ltd.§ | 19443 |
| 5900 | Murata Manufacturing Co. Ltd.§ | 132282 |
| 1500 | Musashi Seimitsu Industry Co. Ltd.§ | 25522 |
| 1800 | Musashino Bank Ltd.§ | 24112 |
| 10800 | Nagase & Co. Ltd.§ | 80054 |
| 4900 | Nagoya Railroad Co. Ltd.§ | 53514 |
| 2500 | Nakanishi, Inc.§ | 43026 |
| 1800 | Namura Shipbuilding Co. Ltd.§ | 49705 |
| 2700 | Nankai Electric Railway Co. Ltd.§ | 52346 |
| 4300 | NEC Corp.§ | 107129 |
| 1300 | Nexon Co. Ltd.§ | 24502 |
| 2800 | NGK Insulators Ltd.§ | 72602 |
| 1000 | NH Foods Ltd.§ | 44259 |
| 2100 | NHK Spring Co. Ltd.§ | 33302 |
| 3300 | Nichias Corp.§ | 61161 |
| 6000 | Nichirei Corp.§ | 74920 |
| 4300 | NIDEC Corp.§ | 54117 |
| 1900 | Nifco, Inc.§ | 53750 |
| 4500 | Nihon Kohden Corp.§ | 41852 |
| 10300 | Nihon M&A Center Holdings, Inc.§ | 41551 |
| 1200 | Nikkon Holdings Co. Ltd.§ | 32476 |
| 2700 | Nikon Corp.§ | 32683 |
| 400 | Nintendo Co. Ltd.§ | 22824 |
| 1900 | Nippn Corp.§ | 32588 |
| 1600 | Nippon Electric Glass Co. Ltd.§ | 61764 |
| 2600 | Nippon Express Holdings, Inc.§ | 58705 |
| 3500 | Nippon Gas Co. Ltd.§ | 65074 |
| 5700 | Nippon Kayaku Co. Ltd.§ | 63902 |
| 1100 | Nippon Light Metal Holdings Co. Ltd.§ | 19685 |
| 6200 | Nippon Paint Holdings Co. Ltd.§ | 38698 |
| 1300 | Nippon Sanso Holdings Corp.§ | 46414 |
| 2600 | Nippon Shinyaku Co. Ltd.§ | 84795 |
| 4500 | Nippon Shokubai Co. Ltd.§ | 65051 |
| 1800 | Nippon Soda Co. Ltd.§ | 40022 |
| 16700 | Nippon Steel Corp.§ | 61351 |
| 7400 | Nipro Corp.§ | 72888 |
| 2800 | Nishi-Nippon Financial Holdings, Inc.§ | 66927 |
| 2400 | Nishi-Nippon Railroad Co. Ltd.§ | 46041 |
| 1000 | Nishimatsu Construction Co. Ltd.§ | 36510 |
| 800 | Nishimatsuya Chain Co. Ltd.§ | 10617 |
| 1800 | Nissan Chemical Corp.§ | 69065 |
| 12700 | Nissan Motor Co. Ltd.§, \* | 26958 |
| 2400 | Nisshin Oillio Group Ltd.§ | 28987 |
| 1400 | Nisshin Seifun Group, Inc.§ | 18566 |
| 5000 | Nisshinbo Holdings, Inc.§ | 46350 |
| 1800 | Nissin Foods Holdings Co. Ltd.§ | 34243 |
| 12900 | Nissui Corp.§ | 110078 |
| 1600 | Niterra Co. Ltd.§ | 74670 |
| 2000 | Nitori Holdings Co. Ltd.§ | 31765 |
| 200 | Nitto Boseki Co. Ltd.§ | 24768 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 4100 | Nitto Denko Corp.§ | $82029 |
| 700 | Nitto Kogyo Corp.§ | 18977 |
| 300 | Noevir Holdings Co. Ltd.§ | 8568 |
| 2100 | NOF Corp.§ | 41513 |
| 11100 | Nojima Corp.§ | 76411 |
| 16900 | Nomura Holdings, Inc.§ | 133672 |
| 7500 | Nomura Real Estate Holdings, Inc.§ | 48265 |
| 2200 | Nomura Research Institute Ltd.§ | 60957 |
| 10000 | North Pacific Bank Ltd.§ | 61020 |
| 500 | NS United Kaiun Kaisha Ltd.§ | 23314 |
| 2000 | NSD Co. Ltd.§ | 34722 |
| 9700 | NSK Ltd.§ | 68348 |
| 15600 | NTN Corp.§ | 32168 |
| 104100 | NTT, Inc.§ | 103353 |
| 3100 | Obayashi Corp.§ | 74654 |
| 1000 | Obic Co. Ltd.§ | 24369 |
| 2100 | Odakyu Electric Railway Co. Ltd.§ | 21860 |
| 600 | Ogaki Kyoritsu Bank Ltd.§ | 23653 |
| 900 | Ohsho Food Service Corp.§ | 17577 |
| 7400 | Oji Holdings Corp.§ | 39851 |
| 2700 | Okamura Corp.§ | 42453 |
| 4600 | Okasan Securities Group, Inc.§ | 24274 |
| 1900 | Oki Electric Industry Co. Ltd.§ | 32143 |
| 1300 | Okinawa Cellular Telephone Co.§ | 28369 |
| 1600 | OKUMA Corp.§ | 36344 |
| 1400 | Okumura Corp.§ | 56647 |
| 7900 | Olympus Corp.§ | 75211 |
| 1200 | Omron Corp.§ | 34569 |
| 1800 | Ono Pharmaceutical Co. Ltd.§ | 28763 |
| 500 | Open House Group Co. Ltd.§ | 32018 |
| 300 | Oracle Corp.§ | 16431 |
| 400 | Organo Corp.§ | 36012 |
| 3300 | Oriental Land Co. Ltd.§ | 56179 |
| 2100 | Osaka Gas Co. Ltd.§ | 85159 |
| 2900 | OSG Corp.§ | 47110 |
| 1400 | Otsuka Corp.§ | 26848 |
| 2100 | Otsuka Holdings Co. Ltd.§ | 148232 |
| 1600 | PAL GROUP Holdings Co. Ltd.§ | 14716 |
| 1200 | PALTAC Corp.§ | 36555 |
| 12500 | Pan Pacific International Holdings Corp.§ | 76678 |
| 16800 | Panasonic Holdings Corp.§ | 278950 |
| 4400 | Park24 Co. Ltd.§ | 52876 |
| 4700 | Penta-Ocean Construction Co. Ltd.§ | 49970 |
| 40300 | Persol Holdings Co. Ltd.§ | 58969 |
| 4400 | Pigeon Corp.§ | 45499 |
| 1200 | Pilot Corp.§ | 35755 |
| 700 | Raito Kogyo Co. Ltd.§ | 17086 |
| 2600 | Rakus Co. Ltd.§ | 12328 |
| 900 | Rakuten Bank Ltd.§, \* | 32602 |
| 8900 | Rakuten Group, Inc.§, \* | 41511 |
| 6400 | Recruit Holdings Co. Ltd.§ | 276870 |
| 2100 | Relo Group, Inc.§ | 25143 |
| 6900 | Renesas Electronics Corp.§ | 97984 |
| 8900 | Rengo Co. Ltd.§ | 72119 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 6000 | Resona Holdings, Inc.§ | $66762 |
| 1600 | Resonac Holdings Corp.§ | 104540 |
| 5200 | Resorttrust, Inc.§ | 57185 |
| 6400 | Ricoh Co. Ltd.§ | 54108 |
| 2600 | Rinnai Corp.§ | 60519 |
| 5100 | Rohto Pharmaceutical Co. Ltd.§ | 77747 |
| 1200 | Rorze Corp.§ | 20497 |
| 5900 | Round One Corp.§ | 30663 |
| 2000 | Royal Holdings Co. Ltd.§ | 18453 |
| 3000 | Ryohin Keikaku Co. Ltd.§ | 63800 |
| 1164 | Ryoyo Ryosan Holdings, Inc.§ | 22447 |
| 1100 | Saizeriya Co. Ltd.§ | 44545 |
| 1100 | Sakata Seed Corp.§ | 30111 |
| 600 | San-A Co. Ltd.§ | 11569 |
| 5700 | San-In Godo Bank Ltd.§ | 63351 |
| 1800 | Sangetsu Corp.§ | 35215 |
| 600 | Sanken Electric Co. Ltd.\*, § | 27623 |
| 900 | Sanki Engineering Co. Ltd.§ | 39003 |
| 4000 | Sankyo Co. Ltd.§ | 49290 |
| 1300 | Sankyu, Inc.§ | 72350 |
| 6500 | Sanrio Co. Ltd.§ | 40110 |
| 2000 | Sansan, Inc.§, \* | 14832 |
| 6900 | Santen Pharmaceutical Co. Ltd.§ | 78361 |
| 1600 | Sanwa Holdings Corp.§ | 36417 |
| 3000 | Sapporo Holdings Ltd.§ | 32478 |
| 4800 | Sawai Group Holdings Co. Ltd.§ | 67660 |
| 3400 | SBI Holdings, Inc.§ | 63333 |
| 1200 | SCREEN Holdings Co. Ltd.§ | 70703 |
| 2200 | Secom Co. Ltd.§ | 84474 |
| 300 | Sega Sammy Holdings, Inc.§ | 4621 |
| 1900 | Seibu Holdings, Inc.§ | 53056 |
| 2400 | Seiko Epson Corp.§ | 29646 |
| 1800 | Seiko Group Corp.§ | 64199 |
| 2700 | Seino Holdings Co. Ltd.§ | 41558 |
| 1700 | Seiren Co. Ltd.§ | 33401 |
| 2700 | Sekisui Chemical Co. Ltd.§ | 45015 |
| 3200 | Sekisui House Ltd.§ | 71437 |
| 4800 | Senko Group Holdings Co. Ltd.§ | 55341 |
| 1700 | Seria Co. Ltd.§ | 40664 |
| 23200 | Seven & i Holdings Co. Ltd.§ | 312258 |
| 22100 | Seven Bank Ltd.§ | 37628 |
| 3200 | SG Holdings Co. Ltd.§ | 30005 |
| 10200 | Sharp Corp.\*, § | 37585 |
| 500 | Shibaura Mechatronics Corp.§ | 13109 |
| 5100 | SHIFT, Inc.\*, § | 20762 |
| 6500 | Shiga Bank Ltd.§ | 78031 |
| 4500 | Shikoku Electric Power Co., Inc.§ | 50056 |
| 1700 | Shimadzu Corp.§ | 40329 |
| 200 | Shimano, Inc.§ | 20958 |
| 1800 | Shimizu Corp.§ | 32449 |
| 900 | Shin Nippon Air Technologies Co. Ltd.§ | 18946 |
| 7500 | Shin-Etsu Chemical Co. Ltd.§ | 305157 |
| 1400 | Shinmaywa Industries Ltd.§ | 20840 |
| 1700 | Shionogi & Co. Ltd.§ | 37823 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 3700 | Ship Healthcare Holdings, Inc.§ | $56573 |
| 1200 | Shiseido Co. Ltd.§ | 24612 |
| 2500 | Shizuoka Financial Group, Inc.§ | 41301 |
| 5200 | SHO-BOND Holdings Co. Ltd.§ | 46367 |
| 5600 | Simplex Holdings, Inc.§ | 28709 |
| 400 | Sinfonia Technology Co. Ltd.§ | 27471 |
| 1900 | SKY Perfect JSAT Holdings, Inc.§ | 35772 |
| 2300 | Skylark Holdings Co. Ltd.§ | 49702 |
| 100 | SMC Corp.§ | 39114 |
| 4600 | Socionext, Inc.§ | 55899 |
| 151000 | SoftBank Corp.§ | 201516 |
| 1160 | Sojitz Corp.§ | 45816 |
| 4500 | Sompo Holdings, Inc.§ | 175830 |
| 34900 | Sony Financial Group, Inc.§ | 31793 |
| 52700 | Sony Group Corp.§ | 1087008 |
| 3000 | Sotetsu Holdings, Inc.§ | 55570 |
| 300 | Square Enix Holdings Co. Ltd.§ | 4768 |
| 1500 | Starts Corp., Inc.§ | 45322 |
| 6400 | Subaru Corp.§ | 102242 |
| 1200 | Sugi Holdings Co. Ltd.§ | 26437 |
| 10400 | SUMCO Corp.§ | 113454 |
| 1000 | Sumitomo Bakelite Co. Ltd.§ | 31043 |
| 10600 | Sumitomo Chemical Co. Ltd.§ | 34208 |
| 2400 | Sumitomo Corp.§ | 89326 |
| 5000 | Sumitomo Electric Industries Ltd.§ | 279976 |
| 4800 | Sumitomo Forestry Co. Ltd.§ | 43507 |
| 2200 | Sumitomo Heavy Industries Ltd.§ | 67185 |
| 16800 | Sumitomo Mitsui Financial Group, Inc.§ | 553789 |
| 3000 | Sumitomo Mitsui Trust Group, Inc.§ | 95469 |
| 3200 | Sumitomo Realty & Development Co. Ltd.§ | 89967 |
| 2800 | Sumitomo Rubber Industries Ltd.§ | 36198 |
| 1500 | Sundrug Co. Ltd.§ | 37062 |
| 800 | Suntory Beverage & Food Ltd.§ | 22622 |
| 4100 | Suruga Bank Ltd.§ | 53034 |
| 1600 | Suzuken Co. Ltd.§ | 60316 |
| 11200 | Suzuki Motor Corp.§ | 134187 |
| 1200 | SWCC Corp.§ | 96091 |
| 3900 | Sysmex Corp.§ | 34000 |
| 6800 | Systena Corp.§ | 17942 |
| 2400 | T&D Holdings, Inc.§ | 60999 |
| 3900 | Taiheiyo Cement Corp.§ | 87208 |
| 800 | Taikisha Ltd.§ | 16909 |
| 600 | Taisei Corp.§ | 62660 |
| 3400 | Taiyo Holdings Co. Ltd.§ | 108782 |
| 3900 | Taiyo Yuden Co. Ltd.§ | 95163 |
| 4000 | Takara Holdings, Inc.§ | 39122 |
| 600 | Takasago Thermal Engineering Co. Ltd.§ | 16575 |
| 3400 | Takashimaya Co. Ltd.§ | 40676 |
| 11800 | Takeda Pharmaceutical Co. Ltd.§ | 435312 |
| 1500 | Takeuchi Manufacturing Co. Ltd.§ | 59730 |
| 4000 | Tamron Co. Ltd.§ | 25445 |
| 13000 | TDK Corp.§ | 168552 |
| 5900 | Teijin Ltd.§ | 61595 |
| 5200 | Terumo Corp.§ | 69626 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 800 | THK Co. Ltd.§ | $23861 |
| 1200 | TIS, Inc.§ | 25894 |
| 700 | TKC Corp.§ | 16397 |
| 1200 | Toa Corp.§ | 23747 |
| 3100 | Toagosei Co. Ltd.§ | 33729 |
| 1500 | Tobu Railway Co. Ltd.§ | 27092 |
| 6600 | Toda Corp.§ | 61619 |
| 1300 | Toei Animation Co. Ltd.§ | 21334 |
| 1900 | Toenec Corp.§ | 24336 |
| 2000 | Toho Co. Ltd.§ | 21098 |
| 6000 | Toho Gas Co. Ltd.§ | 48385 |
| 1200 | Toho Holdings Co. Ltd.§ | 36254 |
| 3300 | Tohoku Electric Power Co., Inc.§ | 24566 |
| 9700 | Tokai Carbon Co. Ltd.§ | 60320 |
| 1600 | TOKAI Holdings Corp.§ | 11781 |
| 3000 | Tokai Rika Co. Ltd.§ | 56898 |
| 13700 | Tokio Marine Holdings, Inc.§ | 639760 |
| 3100 | Tokuyama Corp.§ | 74527 |
| 6100 | Tokyo Electric Power Co. Holdings, Inc.§, \* | 24854 |
| 2700 | Tokyo Electron Ltd.§ | 660291 |
| 1400 | Tokyo Gas Co. Ltd.§ | 66104 |
| 1400 | Tokyo Kiraboshi Financial Group, Inc.§ | 99538 |
| 700 | Tokyo Ohka Kogyo Co. Ltd.§ | 34134 |
| 800 | Tokyo Seimitsu Co. Ltd.§ | 70084 |
| 2000 | Tokyo Steel Manufacturing Co. Ltd.§ | 20590 |
| 1500 | Tokyo Tatemono Co. Ltd.§ | 34434 |
| 3000 | Tokyu Corp.§ | 35435 |
| 9700 | Tokyu Fudosan Holdings Corp.§ | 82421 |
| 2700 | Tomy Co. Ltd.§ | 44656 |
| 5800 | Toray Industries, Inc.§ | 40893 |
| 500 | Toridoll Holdings Corp.§ | 13722 |
| 700 | Toshiba TEC Corp.§ | 12022 |
| 3600 | Tosoh Corp.§ | 53283 |
| 700 | Totech Corp.§ | 16381 |
| 400 | Totetsu Kogyo Co. Ltd.§ | 13697 |
| 1000 | TOTO Ltd.§ | 32891 |
| 700 | Towa Pharmaceutical Co. Ltd.§ | 17878 |
| 1000 | Toyo Seikan Group Holdings Ltd.§ | 22806 |
| 500 | Toyo Suisan Kaisha Ltd.§ | 34908 |
| 1700 | Toyo Tire Corp.§ | 39161 |
| 3700 | Toyoda Gosei Co. Ltd.§ | 96315 |
| 3500 | Toyota Boshoku Corp.§ | 54443 |
| 37600 | Toyota Motor Corp.§ | 779422 |
| 5000 | Toyota Tsusho Corp.§ | 195655 |
| 500 | Transcosmos, Inc.§ | 12308 |
| 900 | Trend Micro, Inc.§ | 30055 |
| 3900 | Tsubakimoto Chain Co.§ | 57682 |
| 900 | Tsugami Corp.§ | 18794 |
| 2000 | Tsumura & Co.§ | 47504 |
| 2925 | Tsuruha Holdings, Inc.§ | 46172 |
| 2400 | U-Next Holdings Co. Ltd.§ | 25081 |
| 6800 | UACJ Corp.§ | 101126 |
| 4000 | UBE Corp.§ | 62806 |
| 6000 | Umios Corp.§ | 55459 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 5800 | Unicharm Corp.§ | $33775 |
| 2300 | Ushio, Inc.§ | 42151 |
| 3800 | USS Co. Ltd.§ | 39786 |
| 1000 | Valor Holdings Co. Ltd.§ | 23189 |
| 400 | Visional, Inc.§, \* | 17886 |
| 1600 | Wacoal Holdings Corp.§ | 40202 |
| 2400 | West Japan Railway Co.§ | 47669 |
| 400 | Workman Co. Ltd.§ | 15984 |
| 1100 | Yakult Honsha Co. Ltd.§ | 18440 |
| 16700 | Yamada Holdings Co. Ltd.§ | 55649 |
| 2200 | Yamaguchi Financial Group, Inc.§ | 34002 |
| 5400 | Yamaha Corp.§ | 38067 |
| 8400 | Yamaha Motor Co. Ltd.§ | 59874 |
| 2000 | Yamato Holdings Co. Ltd.§ | 22086 |
| 1500 | Yamazaki Baking Co. Ltd.§ | 33590 |
| 1600 | Yamazen Corp.§ | 14524 |
| 1200 | Yaskawa Electric Corp.§ | 31769 |
| 1300 | Yokogawa Electric Corp.§ | 40269 |
| 5000 | Yokohama Financial Group, Inc.§ | 44452 |
| 1600 | Yokohama Rubber Co. Ltd.§ | 61073 |
| 1100 | Yonex Co. Ltd.§ | 20668 |
| 1700 | Yoshinoya Holdings Co. Ltd.§ | 35376 |
| 1300 | Yurtec Corp.§ | 21371 |
| 500 | Zensho Holdings Co. Ltd.§ | 29003 |
| 6200 | Zeon Corp.§ | 69715 |
| 3000 | ZOZO, Inc.§ | 20982 |
|  |  | 38110931 |
|  | **Netherlands—2.5%** |  |
| 660 | Aalberts NV§ | 22951 |
| 2626 | ABN AMRO Bank NV, CVA§ | 83993 |
| 52 | Adyen NV§, \*, # | 52034 |
| 8208 | Aegon Ltd.§ | 59844 |
| 13906 | Aegon Ltd., Registered | 100958 |
| 4532 | Akzo Nobel NV§ | 260070 |
| 13946 | Allfunds Group PLC§ | 139553 |
| 600 | Arcadis NV§ | 19314 |
| 2262 | ArcelorMittal SA§ | 117854 |
| 261 | ASM International NV§ | 198811 |
| 1963 | ASML Holding NV§ | 2598300 |
| 118 | ASML Holding NV, Registered | 155858 |
| 2450 | ASR Nederland NV§ | 168785 |
| 460 | BE Semiconductor Industries NV§ | 97054 |
| 1188 | Coca-Cola Europacific Partners PLC§ | 109047 |
| 2931 | CTP NV§, # | 49326 |
| 98 | HAL Trust§ | 19804 |
| 1514 | Heineken NV§ | 116507 |
| 1715 | IMCD NV§ | 178993 |
| 12917 | ING Groep NV§ | 337512 |
| 3641 | InPost SA\*, § | 63919 |
| 5942 | Koninklijke Ahold Delhaize NV§ | 277395 |
| 50841 | Koninklijke KPN NV§ | 282774 |
| 3061 | Koninklijke Philips NV§ | 83840 |
| 1815 | Koninklijke Philips NV, Registered | 49731 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Netherlands (Continued)** |  |
| 2715 | Koninklijke Vopak NV§ | $146496 |
| 2600 | Magnum Ice Cream Co. NV\*, § | 38374 |
| 9583 | Magnum Ice Cream Co. NV\* | 143266 |
| 3146 | NN Group NV§ | 246084 |
| 3308 | Randstad NV§ | 86908 |
| 4508 | SBM Offshore NV§ | 179290 |
| 5242 | Universal Music Group NV§ | 101643 |
| 1559 | Wolters Kluwer NV§ | 116629 |
|  |  | 6702917 |
|  | **New Zealand—0.2%** |  |
| 2003 | a2 Milk Co. Ltd.§ | 13301 |
| 103494 | Air New Zealand Ltd.§ | 25956 |
| 7420 | Auckland International Airport Ltd.§ | 34035 |
| 7155 | Chorus Ltd.§ | 38588 |
| 4135 | Contact Energy Ltd.§ | 22072 |
| 1340 | EBOS Group Ltd.§ | 17260 |
| 1534 | Fisher & Paykel Healthcare Corp. Ltd.§ | 33228 |
| 14716 | Fletcher Building Ltd.§, \* | 25076 |
| 5325 | Freightways Group Ltd.§ | 36795 |
| 29800 | Genesis Energy Ltd.§ | 37463 |
| 2231 | Infratil Ltd.§ | 15021 |
| 647 | Mainfreight Ltd.§ | 21570 |
| 6099 | Mercury NZ Ltd.§ | 21950 |
| 6399 | Meridian Energy Ltd.§ | 20453 |
| 1991 | Port of Tauranga Ltd.§ | 8903 |
| 17407 | Ryman Healthcare Ltd.§, \* | 21258 |
| 18846 | Spark New Zealand Ltd.§ | 22472 |
| 7042 | Summerset Group Holdings Ltd.§ | 35990 |
|  |  | 451391 |
|  | **Norway—0.7%** |  |
| 1014 | AF Gruppen ASA§ | 17837 |
| 204 | Aker ASA, Class A§ | 22532 |
| 3166 | Aker BP ASA§ | 116233 |
| 11626 | Aker Solutions ASA§ | 55329 |
| 1456 | Atea ASA§ | 21301 |
| 2148 | Austevoll Seafood ASA§ | 22998 |
| 28 | Bakkafrost P/F§ | 1311 |
| 687 | Bluenord ASA§ | 39440 |
| 480 | Bonheur ASA§ | 11899 |
| 1580 | Borregaard ASA§ | 28639 |
| 2868 | BW Energy Ltd.§, \* | 18374 |
| 1420 | BW LPG Ltd.§, # | 24720 |
| 2006 | BW Offshore Ltd.§ | 10732 |
| 540 | Cadeler AS, ADR\* | 12706 |
| 2662 | DNB Bank ASA§ | 83021 |
| 12792 | DNO ASA§ | 28668 |
| 1188 | DOF Group ASA§ | 16957 |
| 6672 | Elkem ASA§, # | 19770 |
| 5641 | Elopak ASA§ | 21191 |
| 745 | Entra ASA§, # | 8071 |
| 6961 | Equinor ASA§ | 294632 |
| 4440 | Europris ASA§, # | 41947 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Norway (Continued)** |  |
| 357 | FLEX LNG Ltd.\* | $10606 |
| 672 | Frontline PLC§ | 23772 |
| 170 | Gjensidige Forsikring ASA§ | 4438 |
| 3883 | Hafnia Ltd.§ | 29528 |
| 2783 | Hoegh Autoliners ASA§ | 40096 |
| 1830 | Kitron ASA§ | 17831 |
| 1263 | Kongsberg Gruppen ASA§ | 54079 |
| 1019 | Mowi ASA§ | 23146 |
| 8798 | MPC Container Ships ASA§ | 20787 |
| 1107 | Norbit ASA§ | 21875 |
| 864 | Nordic Semiconductor ASA§, \* | 13836 |
| 6429 | Norsk Hydro ASA§ | 68169 |
| 23135 | Norwegian Air Shuttle ASA§ | 34086 |
| 2969 | Odfjell Drilling Ltd.§ | 31032 |
| 1567 | Odfjell SE, Class A§ | 19166 |
| 264 | Orkla ASA§ | 3320 |
| 468 | Protector Forsikring ASA§ | 22685 |
| 4491 | Scatec ASA§, \*, # | 60739 |
| 638 | Sparebank 1 Oestlandet§ | 13105 |
| 813 | SpareBank 1 Sor-Norge ASA§ | 17697 |
| 705 | Stolt-Nielsen Ltd.§ | 24374 |
| 4328 | Storebrand ASA§ | 78229 |
| 2103 | Subsea 7 SA§ | 65431 |
| 2020 | Telenor ASA§ | 35577 |
| 4962 | TGS ASA§ | 66684 |
| 373 | TOMRA Systems ASA§ | 4461 |
| 5444 | Var Energi ASA§ | 27915 |
| 2043 | Veidekke ASA§ | 40019 |
| 160 | Vend Marketplaces ASA, Class B§ | 3982 |
| 2083 | Wallenius Wilhelmsen ASA§ | 26272 |
| 642 | Yara International ASA§ | 37371 |
|  |  | 1858616 |
|  | **Portugal—0.1%** |  |
| 60886 | Banco Comercial Portugues SA, Class R§ | 59688 |
| 1880 | EDP Renovaveis SA§ | 30082 |
| 14431 | EDP SA§ | 76403 |
| 5363 | Galp Energia SGPS SA§ | 130383 |
| 1457 | Jeronimo Martins SGPS SA§ | 34952 |
| 31852 | Sonae SGPS SA§ | 70716 |
|  |  | 402224 |
|  | **Singapore—0.8%** |  |
| 8000 | City Developments Ltd.§ | 51548 |
| 10374 | DBS Group Holdings Ltd.§ | 460951 |
| 15900 | DFI Retail Group Holdings Ltd.§ | 66904 |
| 131800 | Genting Singapore Ltd.§ | 69197 |
| 118900 | Golden Agri-Resources Ltd.§ | 28323 |
| 7200 | Hongkong Land Holdings Ltd.§ | 56315 |
| 4600 | Keppel Ltd.§ | 42691 |
| 17500 | Netlink NBN Trust§ | 13171 |
| 13039 | Oversea-Chinese Banking Corp. Ltd.§ | 224570 |
| 28523 | SATS Ltd.§ | 78683 |
| 58226 | Seatrium Ltd.§ | 107954 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Singapore (Continued)** |  |
| 10100 | Sembcorp Industries Ltd.§ | $52452 |
| 11500 | Sheng Siong Group Ltd.§ | 25303 |
| 14199 | Singapore Airlines Ltd.§ | 73473 |
| 5400 | Singapore Exchange Ltd.§ | 82857 |
| 9800 | Singapore Technologies Engineering Ltd.§ | 83522 |
| 19000 | Singapore Telecommunications Ltd.§ | 73552 |
| 8600 | United Overseas Bank Ltd.§ | 247350 |
| 7000 | UOL Group Ltd.§ | 53320 |
| 6900 | Venture Corp. Ltd.§ | 83009 |
| 15300 | Wilmar International Ltd.§ | 46095 |
| 23500 | Yangzijiang Shipbuilding Holdings Ltd.§ | 69830 |
|  |  | 2091070 |
|  | **Spain—1.8%** |  |
| 708 | Acciona SA§ | 186847 |
| 953 | ACS Actividades de Construccion y Servicios SA§ | 117927 |
| 3445 | Aena SME SA§, # | 102576 |
| 2431 | Amadeus IT Group SA§ | 138191 |
| 36165 | Banco Bilbao Vizcaya Argentaria SA§ | 789349 |
| 9155 | Banco Bilbao Vizcaya Argentaria SA, ADR | 198297 |
| 65963 | Banco de Sabadell SA§ | 237157 |
| 66404 | Banco Santander SA§ | 751383 |
| 5213 | Bankinter SA§ | 82066 |
| 23188 | CaixaBank SA§ | 278219 |
| 1311 | Cellnex Telecom SA§, # | 42565 |
| 765 | CIE Automotive SA§ | 24130 |
| 2161 | Corp. ACCIONA Energias Renovables SA§ | 53814 |
| 5378 | Enagas SA§ | 106840 |
| 1898 | Endesa SA§ | 80040 |
| 1374 | Ferrovial SE§ | 89335 |
| 2889 | Fluidra SA§ | 66970 |
| 7914 | Grifols SA§ | 83120 |
| 12001 | Iberdrola SA§ | 275492 |
| 2830 | Indra Sistemas SA§ | 155942 |
| 4522 | Industria de Diseno Textil SA§ | 259997 |
| 115 | Laboratorios Farmaceuticos Rovi SA§ | 10858 |
| 1890 | Logista Integral SA§ | 71102 |
| 14645 | Mapfre SA§ | 65557 |
| 1120 | Naturgy Energy Group SA§ | 33626 |
| 6510 | Redeia Corp. SA§ | 110169 |
| 5700 | Repsol SA§ | 160148 |
| 31911 | Telefonica SA§ | 141105 |
| 42183 | Unicaja Banco SA§, # | 125662 |
|  |  | 4838484 |
|  | **Sweden—1.8%** |  |
| 984 | AAK AB§ | 25382 |
| 3107 | AddLife AB, Class B§ | 46123 |
| 1249 | AddTech AB, Class B§ | 42439 |
| 3560 | AFRY AB§ | 48772 |
| 1239 | Alfa Laval AB§ | 67605 |
| 1255 | Alimak Group AB§, # | 14321 |
| 6385 | Alleima AB§ | 50870 |
| 3094 | Ambea AB#, § | 43635 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Sweden (Continued)** |  |
| 1172 | AQ Group AB§ | $23255 |
| 1404 | Asmodee Group AB, Class B§, \* | 15956 |
| 2561 | Assa Abloy AB, Class B§ | 91838 |
| 11716 | Atlas Copco AB, Class A§ | 206072 |
| 6364 | Atlas Copco AB, Class B§ | 98880 |
| 4050 | Atrium Ljungberg AB, Class B§ | 12645 |
| 5187 | Attendo AB§, # | 55564 |
| 939 | Avanza Bank Holding AB§ | 36272 |
| 294 | Axfood AB§ | 10028 |
| 818 | Beijer Alma AB§ | 20989 |
| 1530 | Beijer Ref AB§ | 21027 |
| 4838 | Betsson AB, Class B§ | 51849 |
| 1554 | Bilia AB, Class A§ | 20588 |
| 4166 | Billerud Aktiebolag§ | 32177 |
| 1495 | BioGaia AB, Class B§ | 19098 |
| 1281 | Boliden AB§, \* | 67997 |
| 852 | BoneSupport Holding AB#, \*, § | 17758 |
| 8308 | Bravida Holding AB#, § | 87562 |
| 3350 | Bufab AB§ | 37563 |
| 680 | Castellum AB§ | 7900 |
| 447 | Catena AB§ | 20984 |
| 1100 | Clas Ohlson AB, Class B§ | 43584 |
| 5879 | Cloetta AB, Class B§ | 33356 |
| 1404 | Coffee Stain Group AB, Class B\*, § | 2571 |
| 11207 | Dometic Group AB#, § | 30546 |
| 4459 | Electrolux AB, Class B\*, § | 28049 |
| 4995 | Electrolux Professional AB, Class B§ | 27053 |
| 3613 | Elekta AB, Class B§ | 21455 |
| 1404 | Embracer Group AB\*, § | 7174 |
| 2048 | Epiroc AB, Class A§ | 50282 |
| 1782 | Epiroc AB, Class B§ | 38323 |
| 3217 | Essity AB, Class B§ | 82928 |
| 641 | Evolution AB§, # | 39977 |
| 1567 | Fabege AB§ | 12648 |
| 4532 | Fastighets AB Balder, Class B§, \* | 26654 |
| 1600 | Getinge AB, Class B§ | 32321 |
| 4010 | Granges AB§ | 63258 |
| 2971 | H & M Hennes & Mauritz AB, Class B§ | 55390 |
| 888 | Hemnet Group AB§ | 9995 |
| 3499 | Hexagon AB, Class B§ | 34045 |
| 3325 | Hexpol AB§ | 25334 |
| 557 | Holmen AB, Class B§ | 19938 |
| 298 | Hufvudstaden AB, Class A§ | 3784 |
| 5315 | Husqvarna AB, Class B§ | 20918 |
| 1077 | Indutrade AB§ | 24907 |
| 2474 | International Petroleum Corp.§, \* | 66494 |
| 884 | INVISIO AB§ | 24359 |
| 1748 | Lagercrantz Group AB, Class B§ | 37216 |
| 977 | Lifco AB, Class B§ | 29396 |
| 2222 | Lindab International AB§ | 36080 |
| 1250 | Loomis AB§ | 56585 |
| 1134 | Medicover AB, Class B§ | 22666 |
| 2586 | Modern Times Group MTG AB, Class B\*, § | 25258 |
| 208 | Munters Group AB§, # | 3703 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Sweden (Continued)** |  |
| 1084 | Mycronic AB§ | $25447 |
| 3890 | NCC AB, Class B§ | 86359 |
| 3693 | New Wave Group AB, Class B§ | 37940 |
| 5005 | Nibe Industrier AB, Class B§ | 20865 |
| 7632 | Nolato AB, Class B§ | 38806 |
| 931 | Nordnet AB publ§ | 30259 |
| 590 | NP3 Fastigheter AB§ | 15438 |
| 2738 | Nyfosa AB§ | 19018 |
| 1014 | OEM International AB, Class B§ | 13947 |
| 4892 | Peab AB, Class B§ | 50501 |
| 5424 | Ratos AB, Class B§ | 18745 |
| 457 | Saab AB, Class B§ | 29978 |
| 642 | Sagax AB, Class B§ | 11966 |
| 3797 | Sandvik AB§ | 145103 |
| 5045 | Scandic Hotels Group AB#, § | 45660 |
| 1030 | Sectra AB, Class B§ | 24771 |
| 2362 | Securitas AB, Class B§ | 39706 |
| 10286 | Sinch AB#, \*, § | 27186 |
| 4629 | Skandinaviska Enskilda Banken AB, Class A§ | 85047 |
| 1674 | Skanska AB, Class B§ | 45148 |
| 426 | SKF AB, Class A§ | 10275 |
| 2466 | SKF AB, Class B§ | 58898 |
| 1490 | SkiStar AB§ | 25914 |
| 4349 | SSAB AB, Class A§ | 34476 |
| 3835 | SSAB AB, Class B§ | 30564 |
| 43452 | Storskogen Group AB, Class B§ | 40658 |
| 3118 | Svenska Cellulosa AB SCA, Class B§ | 36090 |
| 5186 | Svenska Handelsbanken AB, Class A§ | 67715 |
| 1660 | Sweco AB, Class B§ | 23480 |
| 4536 | Swedbank AB, Class A§ | 154007 |
| 914 | Swedish Orphan Biovitrum AB§, \* | 38213 |
| 3908 | Systemair AB§ | 29666 |
| 4655 | Tele2 AB, Class B§ | 95689 |
| 1292 | Telefonaktiebolaget LM Ericsson, Class A§ | 14543 |
| 17361 | Telefonaktiebolaget LM Ericsson, Class B§ | 196650 |
| 19797 | Telia Co. AB§ | 101233 |
| 1057 | Thule Group AB§, # | 22995 |
| 836 | Trelleborg AB, Class B§ | 31150 |
| 2608 | Vitrolife AB§ | 26095 |
| 1910 | Volvo AB, Class A§ | 62726 |
| 14602 | Volvo AB, Class B§ | 476388 |
| 7017 | Volvo Car AB, Class B\*, § | 15550 |
| 1622 | Wallenstam AB, Class B§ | 7065 |
| 2008 | Wihlborgs Fastigheter AB§ | 18406 |
|  |  | 4761732 |
|  | **Switzerland—5.3%** |  |
| 3732 | ABB Ltd., Registered§ | 303534 |
| 2701 | Accelleron Industries AG§ | 243951 |
| 4541 | Adecco Group AG, Registered§ | 109897 |
| 2622 | Alcon AG§ | 196705 |
| 511 | Allreal Holding AG, Registered§ | 144595 |
| 3040 | Amrize Ltd.§, \* | 169062 |
| 4373 | Avolta AG§ | 262316 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Switzerland (Continued)** |  |
| 930 | Banque Cantonale Vaudoise, Registered§ | $150667 |
| 59 | Barry Callebaut AG, Registered§ | 103447 |
| 174 | Belimo Holding AG, Registered§ | 140639 |
| 409 | BKW AG§ | 80558 |
| 214 | Bucher Industries AG, Registered§ | 94414 |
| 549 | Cembra Money Bank AG§ | 68404 |
| 1 | Chocoladefabriken Lindt & Spruengli AG, Registered§ | 142222 |
| 1969 | Cie Financiere Richemont SA, Registered Class A§ | 350862 |
| 2131 | Clariant AG, Registered§ | 21129 |
| 1324 | DKSH Holding AG§ | 97071 |
| 743 | DSM-Firmenich AG§ | 53066 |
| 3335 | EFG International AG§ | 70925 |
| 73 | Emmi AG, Registered§ | 78150 |
| 44 | EMS-Chemie Holding AG, Registered§ | 34358 |
| 782 | Flughafen Zurich AG, Registered§ | 243887 |
| 398 | Galderma Group AG§ | 77156 |
| 1759 | Galenica AG§, # | 200797 |
| 276 | Geberit AG, Registered§ | 186764 |
| 2324 | Georg Fischer AG, Registered§ | 119045 |
| 30 | Givaudan SA, Registered§ | 101469 |
| 2116 | Helvetia Baloise Holding AG§ | 546583 |
| 3040 | Holcim AG§ | 252268 |
| 328 | Inficon Holding AG, Registered§ | 41226 |
| 1418 | Julius Baer Group Ltd.§ | 104490 |
| 194 | Kuehne & Nagel International AG, Registered§ | 44321 |
| 2437 | Logitech International SA, Registered | 222059 |
| 476 | Logitech International SA, Registered§ | 43492 |
| 249 | Lonza Group AG, Registered§ | 159308 |
| 547 | Luzerner Kantonalbank AG, Registered§ | 72608 |
| 219 | Medacta Group SA§, # | 40957 |
| 15318 | Nestle SA, Registered§ | 1519376 |
| 4061 | Novartis AG, ADR | 620318 |
| 7044 | Novartis AG, Registered§ | 1069487 |
| 130 | Partners Group Holding AG§ | 139667 |
| 990 | PSP Swiss Property AG, Registered§ | 197045 |
| 3907 | Roche Holding AG§ | 1542741 |
| 186 | Roche Holding AG, Bearer Shares§ | 77045 |
| 2134 | Sandoz Group AG§ | 167388 |
| 107 | Schindler Holding AG, Registered§ | 33654 |
| 666 | SFS Group AG§ | 99249 |
| 1229 | SGS SA, Registered§ | 130080 |
| 1260 | Siegfried Holding AG, Registered§ | 119359 |
| 11472 | SIG Group AG§ | 172143 |
| 586 | Sika AG, Registered§ | 97457 |
| 796 | Softwareone Holding AG | 6905 |
| 297 | Sonova Holding AG, Registered§ | 67322 |
| 90 | St. Galler Kantonalbank AG, Registered§ | 75463 |
| 6 | Stadler Rail AG§ | 153 |
| 280 | Straumann Holding AG, Registered§ | 29210 |
| 710 | Sulzer AG, Registered§ | 148683 |
| 1525 | Sunrise Communications AG, Class A§ | 90972 |
| 777 | Swatch Group AG, Bearer Shares§ | 172726 |
| 1294 | Swatch Group AG, Registered§ | 57065 |
| 148 | Swiss Life Holding AG, Registered§ | 162217 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Switzerland (Continued)** |  |
| 2347 | Swiss Prime Site AG, Registered§ | $397642 |
| 1793 | Swiss Re AG§ | 299415 |
| 273 | Swisscom AG, Registered§ | 227889 |
| 311 | Swissquote Group Holding SA, Registered§ | 153346 |
| 1526 | Temenos AG, Registered§ | 131661 |
| 10042 | UBS Group AG, Registered§ | 390574 |
| 235 | VAT Group AG#, § | 144969 |
| 1108 | Vontobel Holding AG, Registered§ | 96144 |
| 90 | Ypsomed Holding AG, Registered†, § | 31192 |
| 2 | Zuger Kantonalbank, Bearer Shares§ | 25666 |
| 558 | Zurich Insurance Group AG§ | 397854 |
|  |  | 14464479 |
|  | **United Kingdom—8.0%** |  |
| 2058 | Admiral Group PLC§ | 86821 |
| 13056 | Airtel Africa PLC§, # | 60231 |
| 2312 | Anglo American PLC§ | 98225 |
| 1980 | Antofagasta PLC§ | 88084 |
| 1588 | Associated British Foods PLC§ | 39745 |
| 4998 | AstraZeneca PLC§ | 976200 |
| 1314 | AstraZeneca PLC, ADR | 259147 |
| 10951 | Autotrader Group PLC§, # | 68502 |
| 26130 | Aviva PLC§ | 208139 |
| 7366 | Babcock International Group PLC§ | 113463 |
| 9767 | BAE Systems PLC§ | 284308 |
| 13907 | Balfour Beatty PLC§ | 139157 |
| 46980 | Barclays PLC§ | 247559 |
| 30800 | Barratt Redrow PLC§ | 107736 |
| 14807 | Beazley PLC§ | 248425 |
| 3399 | Bellway PLC§ | 82998 |
| 2696 | Berkeley Group Holdings PLC§, \* | 123581 |
| 126772 | BP PLC§ | 999291 |
| 7485 | British American Tobacco PLC§ | 436007 |
| 71970 | BT Group PLC§ | 201730 |
| 1635 | Bunzl PLC§ | 48984 |
| 8926 | Burberry Group PLC§, \* | 130605 |
| 6270 | Canal & SA§ | 16937 |
| 510 | Carnival PLC§ | 12993 |
| 30738 | Centrica PLC§ | 86946 |
| 1369 | Coca-Cola HBC AG§ | 77607 |
| 10000 | Compass Group PLC§ | 277837 |
| 2293 | Computacenter PLC§ | 91041 |
| 34171 | Convatec Group PLC§, # | 98259 |
| 1507 | Cranswick PLC§ | 104841 |
| 2119 | Croda International PLC§ | 79180 |
| 2430 | DCC PLC§ | 149765 |
| 8347 | Diageo PLC§ | 155090 |
| 465 | Diageo PLC, ADR | 34619 |
| 575 | Diploma PLC§ | 45881 |
| 18365 | Drax Group PLC§ | 216938 |
| 4344 | Dunelm Group PLC§ | 45411 |
| 2569 | easyJet PLC§ | 11911 |
| 2946 | Endeavour Mining PLC | 176641 |
| 4445 | Experian PLC§ | 154502 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **United Kingdom (Continued)** |  |
| 3491 | Frasers Group PLC\*, § | $29379 |
| 1373 | Fresnillo PLC§ | 60823 |
| 539 | Games Workshop Group PLC§ | 127054 |
| 36855 | Glencore PLC§, \* | 280835 |
| 18456 | GSK PLC§ | 506153 |
| 6435 | GSK PLC, ADR | 355148 |
| 19544 | Haleon PLC§ | 96741 |
| 1069 | Halma PLC§ | 54310 |
| 18488 | Harbour Energy PLC§ | 73135 |
| 3046 | Helical PLC§ | 7070 |
| 5070 | Helios Towers PLC\*, § | 12193 |
| 4068 | Hikma Pharmaceuticals PLC§ | 68186 |
| 9579 | Hiscox Ltd.§ | 193051 |
| 8363 | Hochschild Mining PLC§ | 67966 |
| 13082 | Howden Joinery Group PLC§ | 138972 |
| 71796 | HSBC Holdings PLC§ | 1174814 |
| 8114 | IG Group Holdings PLC§ | 153043 |
| 2874 | IMI PLC§ | 97982 |
| 7171 | Imperial Brands PLC§ | 291856 |
| 8605 | Inchcape PLC§ | 85114 |
| 4742 | Informa PLC§ | 47274 |
| 586 | InterContinental Hotels Group PLC§ | 77177 |
| 10061 | International Consolidated Airlines Group SA§ | 47172 |
| 16212 | International Workplace Group PLC§ | 37992 |
| 1532 | Intertek Group PLC§ | 74696 |
| 12534 | Investec PLC§ | 96313 |
| 9592 | Ithaca Energy PLC§ | 32254 |
| 116703 | ITV PLC§ | 116258 |
| 19557 | J. Sainsbury PLC§ | 87823 |
| 95231 | JD Sports Fashion PLC§ | 89417 |
| 1084 | JET2 PLC§ | 16094 |
| 5610 | Johnson Matthey PLC§ | 142674 |
| 218 | Just Group PLC§ | 632 |
| 24469 | Kingfisher PLC§ | 92915 |
| 33532 | Legal & General Group PLC§ | 110517 |
| 1671 | Lion Finance Group PLC§ | 207272 |
| 284388 | Lloyds Banking Group PLC§ | 351491 |
| 608 | London Stock Exchange Group PLC§ | 71857 |
| 22066 | Man Group PLC§ | 74556 |
| 18102 | Marks & Spencer Group PLC§ | 81300 |
| 5417 | Melrose Industries PLC§ | 36489 |
| 7296 | Mondi PLC§ | 82145 |
| 695 | Morgan Sindall Group PLC§ | 38178 |
| 8192 | National Grid PLC§ | 138108 |
| 1431 | National Grid PLC, ADR | 121063 |
| 32773 | NatWest Group PLC§ | 243177 |
| 749 | Next PLC§ | 126310 |
| 537 | NMC Health PLC§, \* |  |
| 2579 | Ocado Group PLC\*, § | 6206 |
| 7228 | OSB Group PLC§ | 50072 |
| 43188 | Pan African Resources PLC§ | 81552 |
| 2772 | Pearson PLC§ | 36374 |
| 10353 | Pennon Group PLC§ | 72974 |
| 8502 | Persimmon PLC§ | 121635 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **United Kingdom (Continued)** |  |
| 2921 | Plus500 Ltd.§ | $157695 |
| 8465 | Prudential PLC§ | 118047 |
| 3089 | Prudential PLC, ADR | 87820 |
| 14053 | QinetiQ Group PLC§ | 84989 |
| 3973 | Reckitt Benckiser Group PLC§ | 269618 |
| 7711 | RELX PLC§ | 254226 |
| 310 | RELX PLC, ADR | 10277 |
| 8093 | Rentokil Initial PLC§ | 50319 |
| 18568 | Rightmove PLC§ | 105767 |
| 3804 | Rio Tinto PLC§ | 353589 |
| 757 | Rio Tinto PLC, SP ADR | 70621 |
| 35988 | Rolls-Royce Holdings PLC§ | 549571 |
| 20899 | Rotork PLC§ | 86831 |
| 12872 | RS Group PLC§ | 96118 |
| 5394 | Sage Group PLC§ | 60244 |
| 5215 | Schroders PLC§ | 39764 |
| 36018 | Serco Group PLC§ | 136471 |
| 1639 | Severn Trent PLC§ | 67299 |
| 53100 | Shell PLC§ | 2479601 |
| 1712 | Shell PLC, ADR | 159216 |
| 2999 | Smith & Nephew PLC§ | 47374 |
| 1470 | Smiths Group PLC§ | 44773 |
| 3811 | Softcat PLC§ | 61717 |
| 568 | Spirax Group PLC§ | 50835 |
| 3235 | SSE PLC§ | 111685 |
| 7491 | St. James's Place PLC§ | 117826 |
| 13981 | Standard Chartered PLC§ | 290355 |
| 2924 | Standard Life PLC§ | 26442 |
| 4064 | Sunbelt Rentals Holdings, Inc.§ | 259520 |
| 90900 | Taylor Wimpey PLC§ | 107468 |
| 1692 | TBC Bank Group PLC§ | 91698 |
| 37804 | Tesco PLC§ | 238367 |
| 25497 | TP ICAP Group PLC§ | 92209 |
| 6485 | Unilever PLC§ | 365472 |
| 2329 | Unilever PLC, ADR | 132683 |
| 4797 | United Utilities Group PLC§ | 83863 |
| 94790 | Vodafone Group PLC§ | 143727 |
| 1491 | Weir Group PLC§ | 55781 |
| 4680 | Whitbread PLC§ | 142247 |
| 1347 | Wise PLC, Class A§, \* | 16167 |
| 4839 | WPP PLC§ | 14996 |
| 3457 | WPP PLC, ADR | 53756 |
|  |  | 21556173 |
|  | **United States—0.2%** |  |
| 12140 | Coeur Mining, Inc.\* | 227458 |
| 2625 | International Paper Co.§ | 92962 |
| 423 | Royal Gold, Inc. | 107649 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **United States (Continued)** |  |
| 1926 | Sunococorp LLC | $118738 |
|  |  | 546807 |
|  | **TOTAL COMMON STOCKS** (Cost $125,174,918) | 176318946 |
|  | **Affiliated Investment Company—33.4%** |  |
|  | **United States—33.4%** |  |
| 3015021 | DFA Emerging Markets Core Equity 2 Portfolio, Class I‡‡ (Cost $64,509,492) | 90149115 |

---

---

| | | | |
|:---|:---|:---|:---|
| |  | **Expiration<br> Date** | |
| | **Warrant—0.0%** | **Warrant—0.0%** | **Warrant—0.0%** |
|  | **Canada—0.0%** |  |  |
| 122 | Constellation Software, Inc. \*, § | 03/31/2040 |  |
|  | **TOTAL WARRANTS** (Cost $—) |  |  |
|  | **Rights—0.0%** |  |  |
|  | **Italy—0.0%** |  |  |
| 589398 | Telecom Italia SpA \*, § | 04/30/2026 |  |
|  | **TOTAL RIGHTS** (Cost $—) |  |  |
|  | **Preferred Stocks—0.3%** |  |  |
|  | **Germany—0.2%** |  |  |
| 439 | Bayerische Motoren Werke AG, 5.52%§ |  | 39442 |
| 1013 | Dr. Ing hc F Porsche AG, 5.90%§ |  | 45398 |
| 2620 | FUCHS SE, 3.22%§ |  | 109554 |
| 1168 | Henkel AG & Co. KGaA, 3.06%§ |  | 89741 |
| 917 | Porsche Automobil Holding SE, 6.10%§ |  | 32985 |
| 126 | Sartorius AG, 0.35%§ |  | 30747 |
| 872 | Sixt SE, 5.01%§ |  | 54668 |
| 2512 | Volkswagen AG, 7.28%§ |  | 251556 |
|  |  |  | 654091 |
|  | **Italy—0.1%** |  |  |
| 578 | Danieli & C Officine Meccaniche SpA, 0.78%§ |  | 28800 |
| 189816 | Telecom Italia SpA, 0.0%§, \* |  | 156783 |
|  |  |  | 185583 |
|  | **TOTAL PREFERRED STOCK** (Cost $1,176,877) |  | 839674 |
|  | **TOTAL INVESTMENTS, AT VALUE—98.9%**<br> (Cost $190,861,287)† |  | 267307735 |
|  | **Other Assets in Excess of Liabilities—1.1%** |  | 2891643 |
|  | **NET ASSETS—100.0%** |  | $270199378 |

---

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | |
|:---|:---|
| **Notes to the Schedule of Investments:** | **Notes to the Schedule of Investments:** |
| ADR—American Depositary Receipt | ADR—American Depositary Receipt |
| SP ADR—Sponsored American Depositary Receipt | SP ADR—Sponsored American Depositary Receipt |
| † | Denotes all or a portion of security on loan. As of March 31, 2026, the market value of the securities on loan was $12,144. |
| § | Fair valued security-Represents fair value as measured based on the Portfolio Valuation policies. As of March 31, 2026, the total value of the fair valued securities was $149,784,743 which represents 55.4% of net assets. Of this amount, $149,778,874 represented non-U.S. securities valued by an approved independent pricing vendor, and $5,869 represented securities valued by the Adviser using significant unobservable inputs. |
| \* | Non-income producing security |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The aggregate value of securities exempt from registration under Rule 144A of the Securities Act of 1933 at March 31, 2026, amounts to approximately $3,408,877, and represents 1.3% of net assets. |
| ‡‡ | Affiliated issuer. Assets with a total aggregate market value of $90,149,115, or 33.4% of net assets, were affiliated with the Fund as of March 31, 2026. |
| Percentages indicated are based on net assets. | Percentages indicated are based on net assets. |

---

**M Large Cap Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Common Stocks—99.0%** |  |
|  | **Aerospace & Defense—0.8%** |  |
| 8015 | General Electric Co. | $2274417 |
|  | **Automobiles—2.2%** |  |
| 16970 | Tesla, Inc.\* | 6308597 |
|  | **Biotechnology—4.8%** |  |
| 23172 | AbbVie, Inc. | 5039678 |
| 1233 | Alnylam Pharmaceuticals, Inc.\* | 407963 |
| 6766 | Amgen, Inc. | 2380617 |
| 16348 | Incyte Corp.\* | 1538674 |
| 4587 | Regeneron Pharmaceuticals, Inc. | 3544099 |
| 4418 | Sarepta Therapeutics, Inc.\* | 96136 |
| 1105 | Vertex Pharmaceuticals, Inc.\* | 493427 |
|  |  | 13500594 |
|  | **Broadline Retail—3.0%** |  |
| 37720 | Amazon.com, Inc.\* | 7855944 |
| 7590 | eBay, Inc. | 690842 |
|  |  | 8546786 |
|  | **Building Products—0.3%** |  |
| 1985 | Trane Technologies PLC | 827229 |
|  | **Capital Markets—3.1%** |  |
| 12273 | Ameriprise Financial, Inc. | 5454121 |
| 5650 | Bank of New York Mellon Corp. | 670260 |
| 1338 | Goldman Sachs Group, Inc. | 1131935 |
| 8988 | Morgan Stanley | 1479155 |
| 248 | MSCI, Inc. | 133674 |
|  |  | 8869145 |
|  | **Chemicals—0.6%** |  |
| 26934 | Celanese Corp. | 1771449 |
|  | **Commercial Services & Supplies—1.1%** |  |
| 7847 | Copart, Inc.\* | 260521 |
| 33515 | Veralto Corp. | 2963396 |
|  |  | 3223917 |
|  | **Communications Equipment—0.8%** |  |
| 18343 | Arista Networks, Inc.\* | 2252154 |
|  | **Consumer Staples Distribution & Retail—2.4%** |  |
| 6014 | Costco Wholesale Corp. | 5992530 |
| 20776 | Maplebear, Inc.\* | 778269 |
|  |  | 6770799 |
|  | **Diversified Consumer Services—0.2%** |  |
| 4027 | Duolingo, Inc.\* | 396941 |
|  | **Electrical Equipment—3.2%** |  |
| 2367 | Acuity, Inc. | 663281 |
| 9151 | GE Vernova, Inc. | 7987908 |

---

**M Large Cap Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Electrical Equipment (Continued)** |  |
| 2019 | Vertiv Holdings Co., Class A | $505921 |
|  |  | 9157110 |
|  | **Energy Equipment and Services—0.2%** |  |
| 7025 | Weatherford International PLC | 664424 |
|  | **Financial Services—3.8%** |  |
| 130413 | Fiserv, Inc.\* | 7277046 |
| 3749 | Mastercard, Inc., Class A | 1873225 |
| 73223 | StoneCo Ltd., Class A\* | 1033909 |
| 517 | Visa, Inc., Class A | 156258 |
| 49606 | Western Union Co. | 433060 |
|  |  | 10773498 |
|  | **Food Products—0.0%** |  |
| 9218 | Flowers Foods, Inc. | 75127 |
|  | **Ground Transportation—1.0%** |  |
| 37877 | Uber Technologies, Inc.\* | 2724493 |
|  | **Health Care Equipment and Supplies—0.4%** |  |
| 1129 | Align Technology, Inc.\* | 193544 |
| 2002 | Intuitive Surgical, Inc.\* | 922902 |
|  |  | 1116446 |
|  | **Health Care Providers and Services—1.2%** |  |
| 6467 | Cardinal Health, Inc. | 1366542 |
| 6775 | Cencora, Inc. | 2128298 |
|  |  | 3494840 |
|  | **Health Care Technology—0.5%** |  |
| 7859 | Veeva Systems, Inc., Class A\* | 1380512 |
|  | **Hotels, Restaurants & Leisure—2.7%** |  |
| 4649 | Airbnb, Inc., Class A\* | 587076 |
| 451 | Booking Holdings, Inc. | 1898854 |
| 352 | Domino's Pizza, Inc. | 126294 |
| 65390 | Viking Holdings Ltd.\* | 4804857 |
| 595 | Yum! Brands, Inc. | 92511 |
|  |  | 7509592 |
|  | **Household Durables—0.5%** |  |
| 12266 | SharkNinja, Inc.\* | 1298969 |
|  | **Insurance—0.1%** |  |
| 1618 | Arch Capital Group Ltd.\* | 155312 |
|  | **Interactive Media & Services—10.9%** |  |
| 69454 | Alphabet, Inc., Class A | 19972192 |
| 16401 | Meta Platforms, Inc., Class A | 9383504 |
| 26095 | Pinterest, Inc., Class A\* | 478583 |
| 5140 | Reddit, Inc., Class A\* | 692101 |

---

**M Large Cap Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Interactive Media & Services (Continued)** |  |
| 37585 | ZoomInfo Technologies, Inc.\* | $224758 |
|  |  | 30751138 |
|  | **IT Services—1.2%** |  |
| 4888 | EPAM Systems, Inc.\* | 661835 |
| 8099 | Gartner, Inc.\* | 1282396 |
| 11969 | GoDaddy, Inc., Class A\* | 989477 |
| 2235 | MongoDB, Inc.\* | 547061 |
|  |  | 3480769 |
|  | **Life Sciences Tools and Services—0.4%** |  |
| 8690 | Illumina, Inc.\* | 1071129 |
|  | **Machinery—0.8%** |  |
| 18268 | Allison Transmission Holdings, Inc. | 2138452 |
|  | **Media—0.6%** |  |
| 78014 | Trade Desk, Inc., Class A\* | 1770138 |
|  | **Passenger Airlines—0.0%** |  |
| 1815 | Southwest Airlines Co. | 68190 |
|  | **Pharmaceuticals—1.1%** |  |
| 3447 | Eli Lilly & Co. | 3170447 |
|  | **Professional Services—0.4%** |  |
| 10050 | Paycom Software, Inc. | 1221477 |
|  | **Semiconductors and Semiconductor Equipment—20.2%** |  |
| 44379 | Broadcom, Inc. | 13735744 |
| 476 | KLA Corp. | 700867 |
| 216506 | NVIDIA Corp. | 37758647 |
| 1140 | QUALCOMM, Inc. | 146809 |
| 16057 | Teradyne, Inc. | 4760258 |
|  |  | 57102325 |
|  | **Software—15.7%** |  |
| 16987 | Adobe, Inc.\* | 4129200 |
| 3445 | AppLovin Corp., Class A\* | 1371110 |
| 23251 | Atlassian Corp., Class A\* | 1586881 |
| 1333 | Autodesk, Inc.\* | 319120 |
| 1579 | Crowdstrike Holdings, Inc., Class A\* | 616457 |
| 7085 | Fortinet, Inc.\* | 578986 |
| 210 | HubSpot, Inc.\* | 51261 |
| 6624 | Intuit, Inc. | 2864085 |
| 68870 | Microsoft Corp. | 25493608 |
| 25968 | Palantir Technologies, Inc., Class A\* | 3798599 |
| 10889 | Palo Alto Networks, Inc.\* | 1745725 |
| 2484 | Salesforce, Inc. | 463688 |
| 615 | Tyler Technologies, Inc.\* | 210564 |
| 9731 | Workday, Inc., Class A\* | 1264252 |

---

**M Large Cap Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Software (Continued)** |  |
| 701 | Zscaler, Inc.\* | $98343 |
|  |  | 44591879 |
|  | **Specialty Retail—2.4%** |  |
| 21763 | Five Below, Inc.\* | 4972410 |
| 1394 | Murphy USA, Inc. | 688594 |
| 699 | TJX Cos., Inc. | 111630 |
| 2043 | Ulta Beauty, Inc.\* | 1067897 |
|  |  | 6840531 |
|  | **Technology Hardware, Storage & Peripherals—11.4%** |  |
| 116873 | Apple, Inc. | 29661199 |
| 5120 | Dell Technologies, Inc., Class C | 840345 |
| 12540 | Everpure, Inc., Class A\* | 740362 |
| 11500 | NetApp, Inc. | 1177485 |
|  |  | 32419391 |
|  | **Textiles, Apparel and Luxury Goods—1.0%** |  |
| 18893 | Lululemon Athletica, Inc.\* | 2892518 |
|  | **TOTAL COMMON STOCKS** (Cost $223,666,878) | 280610735 |
|  | **TOTAL INVESTMENTS, AT VALUE—99.0%**<br> (Cost $223,666,878) | 280610735 |
|  | **Other Assets in Excess of Liabilities—1.0%** | 2841057 |
|  | **NET ASSETS—100.0%** | $283451792 |

---

**Notes to the Schedule of Investments:**

\* Non-income producing security

Percentages indicated are based on net assets.

**M Capital Appreciation Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Common Stocks—98.4%** |  |
|  | **Aerospace & Defense—9.8%** |  |
| 10534 | AAR Corp.\* | $1153051 |
| 11102 | AeroVironment, Inc.\* | 2032221 |
| 28996 | ATI, Inc.\* | 4217758 |
| 11811 | Carpenter Technology Corp. | 4655306 |
| 3491 | Curtiss-Wright Corp. | 2377790 |
| 30525 | FTAI Aviation Ltd. | 7478625 |
| 21258 | Hexcel Corp. | 1720410 |
| 17385 | Rocket Lab Corp.\* | 1116465 |
| 44437 | Voyager Technologies, Inc., Class A\* | 1039381 |
|  |  | 25791007 |
|  | **Air Freight and Logistics—0.3%** |  |
| 14253 | GXO Logistics, Inc.\* | 739018 |
|  | **Automobile Components—1.0%** |  |
| 35078 | Gentherm, Inc.\* | 974467 |
| 13314 | LCI Industries | 1637356 |
|  |  | 2611823 |
|  | **Banks—5.2%** |  |
| 36648 | Citizens Financial Group, Inc. | 2197780 |
| 71576 | Eastern Bankshares, Inc. | 1400027 |
| 91507 | First BanCorp | 1954589 |
| 51992 | Hope Bancorp, Inc. | 580751 |
| 17763 | Popular, Inc. | 2383262 |
| 56294 | Seacoast Banking Corp. of Florida | 1705145 |
| 19315 | Triumph Financial, Inc.\* | 1152333 |
| 16286 | Wintrust Financial Corp. | 2262777 |
|  |  | 13636664 |
|  | **Biotechnology—6.1%** |  |
| 10723 | Apogee Therapeutics, Inc.\* | 902555 |
| 24638 | Bridgebio Pharma, Inc.\* | 1829618 |
| 18839 | Insmed, Inc.\* | 3080553 |
| 9379 | Natera, Inc.\* | 1875706 |
| 5426 | Nuvalent, Inc., Class A\* | 555894 |
| 9479 | Palvella Therapeutics, Inc.\* | 1181557 |
| 14993 | Revolution Medicines, Inc.\* | 1458069 |
| 39179 | Ultragenyx Pharmaceutical, Inc.\* | 820800 |
| 3378 | United Therapeutics Corp.\* | 2003087 |
| 37221 | UroGen Pharma Ltd.\* | 669234 |
| 34673 | Vericel Corp.\* | 1115430 |
| 23723 | Viridian Therapeutics, Inc.\* | 464022 |
|  |  | 15956525 |
|  | **Building Products—2.3%** |  |
| 36146 | Builders FirstSource, Inc.\* | 2975900 |
| 13778 | Modine Manufacturing Co.\* | 2985831 |
|  |  | 5961731 |
|  | **Capital Markets—0.7%** |  |
| 25579 | Carlyle Group, Inc. | 1237768 |

---

**M Capital Appreciation Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 36476 | Perella Weinberg Partners | $662404 |
|  |  | 1900172 |
|  | **Chemicals—1.1%** |  |
| 7873 | Albemarle Corp. | 1413439 |
| 24934 | Ashland, Inc. | 1386580 |
|  |  | 2800019 |
|  | **Commercial Services & Supplies—0.3%** |  |
| 207832 | ACV Auctions, Inc., Class A\* | 881208 |
|  | **Construction and Engineering—1.6%** |  |
| 34808 | Granite Construction, Inc. | 4172783 |
|  | **Construction Materials—2.0%** |  |
| 17066 | Eagle Materials, Inc. | 3233154 |
| 100983 | James Hardie Industries PLC\* | 1912618 |
|  |  | 5145772 |
|  | **Consumer Staples Distribution & Retail—0.9%** |  |
| 23864 | BJ's Wholesale Club Holdings, Inc.\* | 2348695 |
|  | **Diversified Consumer Services—1.4%** |  |
| 45050 | Perdoceo Education Corp. | 1676311 |
| 23177 | Stride, Inc.\* | 2043516 |
|  |  | 3719827 |
|  | **Diversified Telecommunication Services—0.4%** |  |
| 59835 | Cogent Communications Holdings, Inc. | 1127291 |
|  | **Electrical Equipment—2.3%** |  |
| 3767 | Hubbell, Inc. | 1848618 |
| 14506 | Nextpower, Inc., Class A\* | 1748698 |
| 12720 | Regal Rexnord Corp. | 2381947 |
|  |  | 5979263 |
|  | **Electronic Equipment, Instruments & Components—6.9%** |  |
| 16733 | Belden, Inc. | 1921450 |
| 48392 | Cognex Corp. | 2370724 |
| 16695 | Coherent Corp.\* | 3976916 |
| 54415 | Flex Ltd.\* | 3562006 |
| 15141 | Jabil, Inc. | 4021904 |
| 17138 | Sanmina Corp.\* | 2221770 |
|  |  | 18074770 |
|  | **Energy Equipment and Services—2.5%** |  |
| 68934 | Liberty Energy, Inc. | 1985299 |
| 114333 | TETRA Technologies, Inc.\* | 974117 |
| 38344 | Weatherford International PLC | 3626576 |
|  |  | 6585992 |
|  | **Financial Services—0.3%** |  |
| 23096 | Better Home & Finance Holding Co.\* | 822679 |
|  | **Food Products—1.9%** |  |
| 61527 | Darling Ingredients, Inc.\* | 3805445 |

---

**M Capital Appreciation Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 26771 | Lamb Weston Holdings, Inc. | $1131342 |
|  |  | 4936787 |
|  | **Ground Transportation—5.5%** |  |
| 263762 | FTAI Infrastructure, Inc. | 1302984 |
| 56035 | Knight-Swift Transportation Holdings, Inc. | 3226496 |
| 142152 | RXO, Inc.\* | 2078262 |
| 6911 | Saia, Inc.\* | 2427696 |
| 28202 | XPO, Inc.\* | 5486699 |
|  |  | 14522137 |
|  | **Health Care Equipment and Supplies—4.8%** |  |
| 9906 | Align Technology, Inc.\* | 1698186 |
| 40649 | Cooper Cos., Inc.\* | 2906403 |
| 11596 | Insulet Corp.\* | 2433305 |
| 10285 | IRhythm Holdings, Inc.\* | 1213836 |
| 5548 | STERIS PLC | 1226829 |
| 59711 | Tandem Diabetes Care, Inc.\* | 1144660 |
| 19072 | TransMedics Group, Inc.\* | 1895947 |
|  |  | 12519166 |
|  | **Health Care Providers and Services—1.9%** |  |
| 86349 | Acadia Healthcare Co., Inc.\* | 2019703 |
| 1689 | Chemed Corp. | 638003 |
| 28826 | HealthEquity, Inc.\* | 2408989 |
|  |  | 5066695 |
|  | **Health Care REITs—0.5%** |  |
| 50048 | Sila Realty Trust, Inc. | 1185137 |
|  | **Hotels, Restaurants & Leisure—2.1%** |  |
| 75781 | Caesars Entertainment, Inc.\* | 2002892 |
| 57406 | DraftKings, Inc., Class A\* | 1241118 |
| 30444 | Planet Fitness, Inc., Class A\* | 2264424 |
|  |  | 5508434 |
|  | **Household Durables—1.1%** |  |
| 16780 | Champion Homes, Inc.\* | 1247929 |
| 12627 | M/I Homes, Inc.\* | 1546176 |
|  |  | 2794105 |
|  | **Industrial REITs—0.6%** |  |
| 44834 | STAG Industrial, Inc. | 1616714 |
|  | **Insurance—3.2%** |  |
| 5366 | Everest Group Ltd. | 1753877 |
| 16963 | First American Financial Corp. | 1022699 |
| 13652 | Lemonade, Inc.\* | 855708 |
| 902 | Markel Group, Inc.\* | 1726491 |
| 23174 | Selective Insurance Group, Inc. | 1747088 |
| 21014 | W.R. Berkley Corp. | 1392808 |
|  |  | 8498671 |
|  | **IT Services—2.9%** |  |
| 14786 | Akamai Technologies, Inc.\* | 1698172 |

---

**M Capital Appreciation Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 12153 | EPAM Systems, Inc.\* | $1645516 |
| 169686 | Grid Dynamics Holdings, Inc.\* | 967210 |
| 7182 | MongoDB, Inc.\* | 1757938 |
| 19882 | Okta, Inc.\* | 1564913 |
|  |  | 7633749 |
|  | **Life Sciences Tools and Services—2.6%** |  |
| 169238 | Avantor, Inc.\* | 1326826 |
| 7226 | Charles River Laboratories International, Inc.\* | 1246485 |
| 15997 | ICON PLC\* | 1770228 |
| 28329 | Revvity, Inc. | 2481904 |
|  |  | 6825443 |
|  | **Machinery—1.1%** |  |
| 13674 | AGCO Corp. | 1584406 |
| 12850 | Mueller Industries, Inc. | 1423780 |
|  |  | 3008186 |
|  | **Marine Transportation—1.2%** |  |
| 23968 | Kirby Corp.\* | 3184868 |
|  | **Metals and Mining—0.9%** |  |
| 22541 | MP Materials Corp.\* | 1087829 |
| 51011 | Ryerson Holding Corp. | 1146727 |
|  |  | 2234556 |
|  | **Oil, Gas and Consumable Fuels—3.1%** |  |
| 9377 | Gulfport Energy Corp.\* | 1983892 |
| 190795 | Permian Resources Corp. | 4067749 |
| 44661 | Range Resources Corp. | 2017784 |
|  |  | 8069425 |
|  | **Passenger Airlines—1.9%** |  |
| 62706 | Alaska Air Group, Inc.\* | 2306327 |
| 16262 | Allegiant Travel Co.\* | 1317872 |
| 87760 | Sun Country Airlines Holdings, Inc.\* | 1449795 |
|  |  | 5073994 |
|  | **Pharmaceuticals—1.4%** |  |
| 91626 | Elanco Animal Health, Inc.\* | 2192610 |
| 8235 | Jazz Pharmaceuticals PLC\* | 1556827 |
|  |  | 3749437 |
|  | **Professional Services—2.9%** |  |
| 60444 | Amentum Holdings, Inc.\* | 1576380 |
| 2497 | CACI International, Inc., Class A\* | 1358043 |
| 10550 | Equifax, Inc. | 1899738 |
| 37246 | KBR, Inc. | 1372888 |

---

**M Capital Appreciation Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 20461 | TransUnion | $1415697 |
|  |  | 7622746 |
|  | **Residential REITs—0.4%** |  |
| 70303 | Independence Realty Trust, Inc. | 1046812 |
|  | **Semiconductors and Semiconductor Equipment—10.1%** |  |
| 15861 | Astera Labs, Inc.\* | 1738366 |
| 20008 | Entegris, Inc. | 2345738 |
| 737801 | indie Semiconductor, Inc., Class A\* | 2375719 |
| 33842 | Lattice Semiconductor Corp.\* | 3139184 |
| 10567 | MACOM Technology Solutions Holdings, Inc.\* | 2346614 |
| 7673 | MKS, Inc. | 1763332 |
| 2890 | Monolithic Power Systems, Inc. | 3159781 |
| 25125 | Qorvo, Inc.\* | 1944675 |
| 2954 | SiTime Corp.\* | 1020164 |
| 8956 | Synaptics, Inc.\* | 627278 |
| 7798 | Teradyne, Inc. | 2311795 |
| 35971 | Ultra Clean Holdings, Inc.\* | 2236677 |
| 16520 | Universal Display Corp. | 1514223 |
|  |  | 26523546 |
|  | **Software—2.2%** |  |
| 21079 | Circle Internet Group, Inc.\* | 2011147 |
| 15712 | Dolby Laboratories, Inc., Class A | 943663 |
| 9699 | Guidewire Software, Inc.\* | 1450582 |
| 24807 | Procore Technologies, Inc.\* | 1413999 |
|  |  | 5819391 |
|  | **Technology Hardware, Storage & Peripherals—1.0%** |  |
| 44678 | Everpure, Inc., Class A\* | 2637789 |
|  | **TOTAL COMMON STOCKS** (Cost $204,732,859) | 258333027 |
|  | **TOTAL INVESTMENTS, AT VALUE—98.4%**<br> (Cost $204,732,859) | 258333027 |
|  | **Other Assets in Excess of Liabilities—1.6%** | 4243928 |
|  | **NET ASSETS—100.0%** | $262576955 |

---

**Notes to the Schedule of Investments:**

REIT—Real Estate Investment Trust

\* Non-income producing security

Percentages indicated are based on net assets.

**M Large Cap Value Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) <br> March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Common Stocks—97.7%** |  |
|  | **Aerospace & Defense—1.0%** |  |
| 4600 | General Dynamics Corp. | $1578812 |
| 4000 | Textron, Inc. | 350240 |
|  |  | 1929052 |
|  | **Air Freight and Logistics—1.8%** |  |
| 5300 | FedEx Corp. | 1887754 |
| 16900 | United Parcel Service, Inc., Class B | 1662622 |
|  |  | 3550376 |
|  | **Automobile Components—0.1%** |  |
| 4300 | BorgWarner, Inc. | 233318 |
|  | **Automobiles—1.3%** |  |
| 90200 | Ford Motor Co. | 1040908 |
| 18900 | General Motors Co. | 1408050 |
|  |  | 2448958 |
|  | **Banks—13.2%** |  |
| 101700 | Bank of America Corp. | 4957875 |
| 23900 | Citigroup, Inc. | 2710499 |
| 6000 | Citizens Financial Group, Inc. | 359820 |
| 700 | Cullen/Frost Bankers, Inc. | 95956 |
| 1800 | East West Bancorp, Inc. | 192168 |
| 195 | First Citizens BancShares, Inc., Class A | 367509 |
| 5500 | First Horizon Corp. | 125180 |
| 30200 | JPMorgan Chase & Co. | 8883632 |
| 12400 | KeyCorp | 248620 |
| 1800 | M&T Bank Corp. | 372096 |
| 5500 | PNC Financial Services Group, Inc. | 1144495 |
| 700 | Popular, Inc. | 93919 |
| 12500 | Regions Financial Corp. | 326500 |
| 14700 | Truist Financial Corp. | 675759 |
| 17700 | U.S. Bancorp | 920577 |
| 47400 | Wells Fargo & Co. | 3773514 |
| 1000 | Western Alliance Bancorp | 70850 |
| 1400 | Zions Bancorp NA | 80668 |
|  |  | 25399637 |
|  | **Beverages—1.9%** |  |
| 1700 | Coca-Cola Consolidated, Inc. | 325958 |
| 1600 | Constellation Brands, Inc., Class A | 240000 |
| 1600 | Molson Coors Beverage Co., Class B | 68896 |
| 19800 | PepsiCo, Inc. | 3074742 |
|  |  | 3709596 |
|  | **Biotechnology—3.6%** |  |
| 8000 | Amgen, Inc. | 2814800 |
| 5400 | Exelixis, Inc.\* | 231606 |
| 17600 | Gilead Sciences, Inc. | 2452912 |
| 2300 | Halozyme Therapeutics, Inc.\* | 148649 |
| 1000 | Regeneron Pharmaceuticals, Inc. | 772640 |

---

**M Large Cap Value Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) (Continued) <br> March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Biotechnology (Continued)** |  |
| 800 | United Therapeutics Corp.\* | $474384 |
|  |  | 6894991 |
|  | **Broadline Retail—0.5%** |  |
| 200 | Dillard's, Inc., Class A | 114422 |
| 10300 | eBay, Inc. | 937506 |
|  |  | 1051928 |
|  | **Building Products—0.5%** |  |
| 2600 | A.O. Smith Corp. | 171444 |
| 1900 | Allegion PLC | 276051 |
| 800 | Carlisle Cos., Inc. | 266896 |
| 4700 | Masco Corp. | 283739 |
|  |  | 998130 |
|  | **Capital Markets—7.4%** |  |
| 1570 | Ameriprise Financial, Inc. | 697708 |
| 11100 | Bank of New York Mellon Corp. | 1316793 |
| 3400 | Carlyle Group, Inc. | 164526 |
| 16300 | Charles Schwab Corp. | 1531874 |
| 4800 | Goldman Sachs Group, Inc. | 4060752 |
| 4400 | Invesco Ltd. | 106876 |
| 25000 | Morgan Stanley | 4114250 |
| 3300 | Northern Trust Corp. | 460581 |
| 3500 | Raymond James Financial, Inc. | 506765 |
| 2000 | SEI Investments Co. | 156940 |
| 4800 | State Street Corp. | 607488 |
| 2100 | Stifel Financial Corp. | 155232 |
| 3200 | T. Rowe Price Group, Inc. | 288448 |
|  |  | 14168233 |
|  | **Chemicals—1.5%** |  |
| 2300 | Albemarle Corp. | 412919 |
| 3300 | CF Industries Holdings, Inc. | 428472 |
| 13400 | Corteva, Inc. | 1121714 |
| 5100 | PPG Industries, Inc. | 545088 |
| 3000 | RPM International, Inc. | 298200 |
|  |  | 2806393 |
|  | **Communications Equipment—0.1%** |  |
| 400 | F5, Inc.\* | 115732 |
|  | **Construction and Engineering—0.1%** |  |
| 3000 | AECOM | 254460 |
|  | **Construction Materials—0.3%** |  |
| 6200 | CRH PLC | 651744 |
|  | **Consumer Finance—1.3%** |  |
| 3500 | Ally Financial, Inc. | 137305 |
| 6400 | American Express Co. | 1935872 |
| 6500 | Synchrony Financial | 442130 |
|  |  | 2515307 |
|  | **Consumer Staples Distribution & Retail—2.0%** |  |
| 1200 | BJ's Wholesale Club Holdings, Inc.\* | 118104 |
| 2000 | Dollar General Corp. | 237460 |
| 4100 | Dollar Tree, Inc.\* | 448991 |
| 13100 | Kroger Co. | 947916 |
| 11000 | Sysco Corp. | 784630 |

---

**M Large Cap Value Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) (Continued) <br> March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Consumer Staples Distribution & Retail (Continued)** |  |
| 10300 | Target Corp. | $1248360 |
|  |  | 3785461 |
|  | **Containers and Packaging—0.7%** |  |
| 1700 | Avery Dennison Corp. | 293556 |
| 6100 | Ball Corp. | 360571 |
| 2700 | Crown Holdings, Inc. | 270675 |
| 1700 | Packaging Corp. of America | 360774 |
|  |  | 1285576 |
|  | **Distributors—0.2%** |  |
| 3200 | Genuine Parts Co. | 338400 |
|  | **Diversified Consumer Services—0.1%** |  |
| 3200 | Service Corp. International | 264032 |
|  | **Diversified Telecommunication Services—3.9%** |  |
| 119900 | AT&T, Inc. | 3475901 |
| 19100 | Comcast Corp., Class A | 548361 |
| 71000 | Verizon Communications, Inc. | 3564200 |
|  |  | 7588462 |
|  | **Electric Utilities—2.0%** |  |
| 5800 | Alliant Energy Corp. | 416208 |
| 12200 | Duke Energy Corp. | 1597468 |
| 5200 | Evergy, Inc. | 425984 |
| 13200 | FirstEnergy Corp. | 668712 |
| 8000 | Southern Co. | 772160 |
|  |  | 3880532 |
|  | **Electrical Equipment—0.3%** |  |
| 700 | Acuity, Inc. | 196154 |
| 1500 | Regal Rexnord Corp. | 280890 |
|  |  | 477044 |
|  | **Electronic Equipment, Instruments & Components—0.2%** |  |
| 1800 | TD SYNNEX Corp. | 303678 |
|  | **Energy Equipment and Services—0.4%** |  |
| 19300 | Halliburton Co. | 752507 |
|  | **Entertainment—2.1%** |  |
| 40900 | Walt Disney Co. | 3941942 |
|  | **Financial Services—0.3%** |  |
| 6300 | Block, Inc.\* | 379134 |
| 600 | Corpay, Inc.\* | 174594 |
|  |  | 553728 |
|  | **Food Products—1.0%** |  |
| 1900 | Hormel Foods Corp. | 43035 |
| 1200 | Ingredion, Inc. | 135192 |
| 1000 | J.M. Smucker Co. | 96440 |
| 22100 | Mondelez International, Inc., Class A | 1273844 |

---

**M Large Cap Value Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) (Continued) <br> March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Food Products (Continued)** |  |
| 5600 | Tyson Foods, Inc., Class A | $358792 |
|  |  | 1907303 |
|  | **Gas Utilities—0.1%** |  |
| 4900 | UGI Corp. | 178458 |
|  | **Ground Transportation—0.0%** |  |
| 400 | Ryder System, Inc. | 81884 |
|  | **Health Care Equipment and Supplies—1.6%** |  |
| 1800 | Cooper Cos., Inc.\* | 128700 |
| 5000 | GE HealthCare Technologies, Inc. | 355900 |
| 25200 | Medtronic PLC | 2183580 |
| 4000 | Zimmer Biomet Holdings, Inc. | 361680 |
|  |  | 3029860 |
|  | **Health Care Providers and Services—3.7%** |  |
| 3900 | Cencora, Inc. | 1225146 |
| 20900 | CVS Health Corp. | 1501038 |
| 600 | DaVita, Inc.\* | 92214 |
| 600 | Encompass Health Corp. | 58038 |
| 5400 | HCA Healthcare, Inc. | 2555496 |
| 2400 | Henry Schein, Inc.\* | 176880 |
| 1600 | Labcorp Holdings, Inc. | 426896 |
| 2400 | Quest Diagnostics, Inc. | 470352 |
| 1800 | Tenet Healthcare Corp.\* | 339678 |
| 1200 | Universal Health Services, Inc., Class B | 214764 |
|  |  | 7060502 |
|  | **Hotels, Restaurants & Leisure—0.6%** |  |
| 2700 | Darden Restaurants, Inc. | 529308 |
| 2700 | Expedia Group, Inc. | 623403 |
|  |  | 1152711 |
|  | **Household Durables—1.3%** |  |
| 6700 | DR Horton, Inc. | 919374 |
| 5100 | Lennar Corp., Class A | 442884 |
| 30 | NVR, Inc.\* | 197695 |
| 4500 | PulteGroup, Inc. | 529245 |
| 2200 | Toll Brothers, Inc. | 300234 |
| 500 | TopBuild Corp.\* | 175650 |
|  |  | 2565082 |
|  | **Household Products—1.6%** |  |
| 21600 | Procter & Gamble Co. | 3119904 |
|  | **Independent Power and Renewable Electricity Producers—0.1%** |  |
| 16300 | AES Corp. | 229667 |
|  | **Industrial Conglomerates—0.9%** |  |
| 12100 | 3M Co. | 1757283 |
|  | **Insurance—6.9%** |  |
| 9000 | Aflac, Inc. | 987390 |
| 3000 | Allstate Corp. | 622020 |
| 1000 | American Financial Group, Inc. | 127710 |
| 9800 | American International Group, Inc. | 737450 |
| 2000 | Aon PLC, Class A | 645560 |
| 4800 | Arch Capital Group Ltd.\* | 460752 |
| 800 | Assurant, Inc. | 174248 |
| 1300 | Axis Capital Holdings Ltd. | 131833 |

---

**M Large Cap Value Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) (Continued) <br> March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Insurance (Continued)** |  |
| 6600 | Chubb Ltd. | $2151138 |
| 2600 | Cincinnati Financial Corp. | 409110 |
| 700 | Everest Group Ltd. | 228795 |
| 3700 | Fidelity National Financial, Inc. | 171606 |
| 900 | Globe Life, Inc. | 125253 |
| 4800 | Hartford Insurance Group, Inc. | 649104 |
| 3600 | Loews Corp. | 384264 |
| 150 | Markel Group, Inc.\* | 287110 |
| 11400 | MetLife, Inc. | 806208 |
| 4200 | Old Republic International Corp. | 167580 |
| 500 | Primerica, Inc. | 125240 |
| 3800 | Principal Financial Group, Inc. | 342418 |
| 5000 | Prudential Financial, Inc. | 488450 |
| 900 | Reinsurance Group of America, Inc. | 183744 |
| 800 | RenaissanceRe Holdings Ltd. | 237784 |
| 5800 | Travelers Cos., Inc. | 1691744 |
| 2800 | Unum Group | 204484 |
| 6175 | W.R. Berkley Corp. | 409279 |
| 1400 | Willis Towers Watson PLC | 406980 |
|  |  | 13357254 |
|  | **Interactive Media & Services—0.8%** |  |
| 4800 | Match Group, Inc. | 147408 |
| 2500 | Meta Platforms, Inc., Class A | 1430325 |
|  |  | 1577733 |
|  | **IT Services—0.1%** |  |
| 1600 | Twilio, Inc., Class A\* | 201312 |
|  | **Leisure Products—0.1%** |  |
| 2300 | Hasbro, Inc. | 215280 |
|  | **Life Sciences Tools and Services—0.2%** |  |
| 400 | Bio-Rad Laboratories, Inc., Class A\* | 111500 |
| 900 | IQVIA Holdings, Inc.\* | 153486 |
| 1000 | Revvity, Inc. | 87610 |
|  |  | 352596 |
|  | **Machinery—0.9%** |  |
| 1700 | AGCO Corp. | 196979 |
| 500 | Allison Transmission Holdings, Inc. | 58530 |
| 6600 | CNH Industrial NV | 72600 |
| 1800 | Dover Corp. | 375210 |
| 2200 | Mueller Industries, Inc. | 243760 |
| 1400 | Oshkosh Corp. | 206094 |
| 1200 | Snap-on, Inc. | 435864 |
| 2300 | Toro Co. | 214912 |
|  |  | 1803949 |
|  | **Media—0.3%** |  |
| 5200 | Fox Corp., Class A | 303680 |
| 8500 | News Corp., Class A | 211905 |
|  |  | 515585 |
|  | **Metals and Mining—2.3%** |  |
| 5100 | Alcoa Corp. | 338283 |
| 20400 | Newmont Corp. | 2208300 |
| 5200 | Nucor Corp. | 879320 |
| 1000 | Reliance, Inc. | 303920 |

---

**M Large Cap Value Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) (Continued) <br> March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Metals and Mining (Continued)** |  |
| 3500 | Steel Dynamics, Inc. | $630000 |
|  |  | 4359823 |
|  | **Multi-Utilities—0.9%** |  |
| 3900 | DTE Energy Co. | 570258 |
| 11400 | Public Service Enterprise Group, Inc. | 922830 |
| 2200 | WEC Energy Group, Inc. | 254694 |
|  |  | 1747782 |
|  | **Oil, Gas and Consumable Fuels—10.1%** |  |
| 10900 | Antero Midstream Corp. | 248520 |
| 6100 | Antero Resources Corp.\* | 258884 |
| 8100 | APA Corp. | 343764 |
| 6500 | ConocoPhillips | 858000 |
| 14300 | Devon Energy Corp. | 719576 |
| 6600 | Diamondback Energy, Inc. | 1305414 |
| 10800 | EOG Resources, Inc. | 1561356 |
| 58300 | Exxon Mobil Corp. | 9891178 |
| 4200 | HF Sinclair Corp. | 262038 |
| 50900 | Kinder Morgan, Inc. | 1706677 |
| 1600 | Marathon Petroleum Corp. | 390688 |
| 9200 | Phillips 66 | 1676056 |
| 5400 | Range Resources Corp. | 243972 |
|  |  | 19466123 |
|  | **Passenger Airlines—0.9%** |  |
| 10100 | Delta Air Lines, Inc. | 671448 |
| 10600 | Southwest Airlines Co. | 398242 |
| 7400 | United Airlines Holdings, Inc.\* | 681318 |
|  |  | 1751008 |
|  | **Pharmaceuticals—6.2%** |  |
| 1000 | Jazz Pharmaceuticals PLC\* | 189050 |
| 31200 | Johnson & Johnson | 7626528 |
| 23200 | Merck & Co., Inc. | 2790728 |
| 36800 | Pfizer, Inc. | 1033344 |
| 22800 | Viatris, Inc. | 308028 |
|  |  | 11947678 |
|  | **Professional Services—0.4%** |  |
| 400 | CACI International, Inc., Class A\* | 217548 |
| 2899 | Leidos Holdings, Inc. | 450852 |
|  |  | 668400 |
|  | **Real Estate Management and Development—0.1%** |  |
| 800 | Jones Lang LaSalle, Inc.\* | 243456 |
|  | **Semiconductors and Semiconductor Equipment—3.1%** |  |
| 2000 | First Solar, Inc.\* | 394520 |
| 7100 | Micron Technology, Inc. | 2398664 |
| 24500 | QUALCOMM, Inc. | 3155110 |
| 600 | Skyworks Solutions, Inc. | 32130 |
|  |  | 5980424 |
|  | **Specialty Retail—2.3%** |  |
| 1300 | AutoNation, Inc.\* | 253838 |
| 4800 | Best Buy Co., Inc. | 308160 |
| 4200 | GameStop Corp., Class A\* | 96768 |
| 8500 | Gap, Inc. | 205700 |
| 11900 | Lowe's Cos., Inc. | 2811732 |

---

**M Large Cap Value Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) (Continued) <br> March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Specialty Retail (Continued)** |  |
| 1500 | Penske Automotive Group, Inc. | $224280 |
| 2400 | Williams-Sonoma, Inc. | 437592 |
|  |  | 4338070 |
|  | **Technology Hardware, Storage & Peripherals—0.9%** |  |
| 7600 | Dell Technologies, Inc., Class C | 1247388 |
| 4500 | NetApp, Inc. | 460755 |
|  |  | 1708143 |
|  | **Textiles, Apparel and Luxury Goods—0.4%** |  |
| 1300 | Deckers Outdoor Corp.\* | 130117 |
| 4100 | Tapestry, Inc. | 578551 |
|  |  | 708668 |
|  | **Tobacco—1.3%** |  |
| 38400 | Altria Group, Inc. | 2534016 |
|  | **Trading Companies and Distributors—0.7%** |  |
| 3800 | Core & Main, Inc., Class A\* | 187720 |
| 1180 | United Rentals, Inc. | 859701 |
| 900 | WESCO International, Inc. | 246258 |
|  |  | 1293679 |
|  | **Wireless Telecommunication Services—1.1%** |  |
| 10300 | T-Mobile U.S., Inc. | 2163309 |
|  | **TOTAL COMMON STOCKS** (Cost $140,691,853) | 187916159 |
|  | **Exchange-Traded Fund—1.9%** |  |
| 16900 | iShares Russell 1000 Value ETF (Cost $3,701,530) | 3611023 |
|  | **TOTAL INVESTMENTS, AT VALUE—99.6%**<br> (Cost $144,393,383) | 191527182 |
|  | **Other Assets in Excess of Liabilities—0.4%** | 789915 |
|  | **NET ASSETS—100.0%** | $192317097 |

---

**Notes to the Schedule of Investments:**

\* Non-income producing security

Percentages indicated are based on net assets.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** M FUND INC

- **b. Investment Company Act file number:** 811-09082

- **c. CIK number of Registrant:** 0000948258

- **d. LEI of Registrant:** 5493007H7VIH3Y9VBE66

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1125 NW COUCH STREET,

  - **City:** PORTLAND

  - **State:** OR

  - **Foreign country:** US

  - **Zip / Postal Code:** 97209

  - **Telephone number:** 888-736-2878

**Item A.2. Information about the Series.**

- **a. Name of Series:** M Large Cap Value Fund

- **b. EDGAR series identifier (if any):** S000006152

- **c. LEI of Series:** 549300X3OCJ4T62WNN33

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $192498602.92

**Total Liabilities:** $102734.53

**Net Assets:** $192395868.39

**Cash Not Reported:** $471444.36

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000016959 | 3.76%                | 3.05%                | -3.51%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2100100.18              | $4515354.97                                |
| Month 2  | $2030542.65              | $3641944.07                                |
| Month 3  | $876048.64               | $-8233458.73                               |

### Schedule of Portfolio Investments

| Name                                 | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aflac Inc                            | Aflac, Inc.                           | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      9000 | NS      | $987390.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp                            | AGCO Corp.                            | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |      1700 | NS      | $196979.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                         | AES Corp.                             | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |     16300 | NS      | $229667.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                             | AT&T, Inc.                            | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    119900 | NS      | $3475901.00   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Inc                           | Acuity, Inc.                          | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       700 | NS      | $196154.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                | AECOM                                 | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |      3000 | NS      | $254460.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                       | Albemarle Corp.                       | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |      2300 | NS      | $412919.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                           | Alcoa Corp.                           | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      5100 | NS      | $338283.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp                  | Alliant Energy Corp.                  | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |      5800 | NS      | $416208.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings Inc    | Allison Transmission Holdings, Inc.   | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |       500 | NS      | $58530.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The                    | Allstate Corp.                        | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      3000 | NS      | $622020.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc                   | Ally Financial, Inc.                  | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |      3500 | NS      | $137305.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                     | Altria Group, Inc.                    | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     38400 | NS      | $2534016.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                  | American Express Co.                  | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      6400 | NS      | $1935872.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/OH      | American Financial Group, Inc.        | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      1000 | NS      | $127710.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc     | American International Group, Inc.    | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      9800 | NS      | $737450.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                          | Cencora, Inc.                         | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      3900 | NS      | $1225146.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc             | Ameriprise Financial, Inc.            | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      1570 | NS      | $697708.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                            | Amgen, Inc.                           | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      8000 | NS      | $2814800.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp                | Antero Resources Corp.                | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |      6100 | NS      | $258884.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp                | Antero Midstream Corp.                | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10900 | NS      | $248520.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                             | APA Corp.                             | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      8100 | NS      | $343764.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                         | Assurant, Inc.                        | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |       800 | NS      | $174248.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                       | AutoNation, Inc.                      | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1300 | NS      | $253838.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                  | Avery Dennison Corp.                  | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      1700 | NS      | $293556.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings Inc     | BJ's Wholesale Club Holdings, Inc.    | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      1200 | NS      | $118104.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp                            | Ball Corp.                            | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |      6100 | NS      | $360571.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                 | Bank of America Corp.                 | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    101700 | NS      | $4957875.00   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/The     | Bank of New York Mellon Corp.         | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     11100 | NS      | $1316793.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                     | W.R. Berkley Corp.                    | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      6175 | NS      | $409279.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                      | Best Buy Co., Inc.                    | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      4800 | NS      | $308160.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories Inc             | Bio-Rad Laboratories, Inc.            | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |       400 | NS      | $111500.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                       | BorgWarner, Inc.                      | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |      4300 | NS      | $233318.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc           | CF Industries Holdings, Inc.          | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      3300 | NS      | $428472.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                      | CVS Health Corp.                      | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     20900 | NS      | $1501038.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc               | CACI International, Inc.              | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |       400 | NS      | $217548.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                     | Carlisle Cos., Inc.                   | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |       800 | NS      | $266896.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The                | Carlyle Group, Inc.                   | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |      3400 | NS      | $164526.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corp            | Cincinnati Financial Corp.            | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |      2600 | NS      | $409110.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                        | Citigroup, Inc.                       | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     23900 | NS      | $2710499.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc         | Citizens Financial Group, Inc.        | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |      6000 | NS      | $359820.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Consolidated Inc           | Coca-Cola Consolidated, Inc.          | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |      1700 | NS      | $325958.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                         | Comcast Corp.                         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     19100 | NS      | $548361.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                       | ConocoPhillips                        | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      6500 | NS      | $858000.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc             | Constellation Brands, Inc.            | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      1600 | NS      | $240000.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                   | Cooper Cos., Inc.                     | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      1800 | NS      | $128700.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                      | Core & Main, Inc.                     | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3800 | NS      | $187720.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                           | Corpay, Inc.                          | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |       600 | NS      | $174594.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                          | Corteva, Inc.                         | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     13400 | NS      | $1121714.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                   | Crown Holdings, Inc.                  | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |      2700 | NS      | $270675.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc             | Cullen/Frost Bankers, Inc.            | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |       700 | NS      | $95956.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                        | DR Horton, Inc.                       | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      6700 | NS      | $919374.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                        | DTE Energy Co.                        | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |      3900 | NS      | $570258.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc               | Darden Restaurants, Inc.              | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      2700 | NS      | $529308.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| DaVita Inc                           | DaVita, Inc.                          | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |       600 | NS      | $92214.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp                 | Deckers Outdoor Corp.                 | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      1300 | NS      | $130117.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                | Dell Technologies, Inc.               | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      7600 | NS      | $1247388.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc                  | Delta Air Lines, Inc.                 | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     10100 | NS      | $671448.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                    | Devon Energy Corp.                    | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     14300 | NS      | $719576.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc               | Diamondback Energy, Inc.              | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      6600 | NS      | $1305414.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's Inc                        | Dillard's, Inc.                       | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |       200 | NS      | $114422.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                   | Walt Disney Co.                       | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     40900 | NS      | $3941942.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                  | Dollar General Corp.                  | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      2000 | NS      | $237460.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                      | Dollar Tree, Inc.                     | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      4100 | NS      | $448991.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corp                           | Dover Corp.                           | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |      1800 | NS      | $375210.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                     | Duke Energy Corp.                     | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     12200 | NS      | $1597468.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                    | EOG Resources, Inc.                   | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     10800 | NS      | $1561356.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                | East West Bancorp, Inc.               | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |      1800 | NS      | $192168.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                             | eBay, Inc.                            | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     10300 | NS      | $937506.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                | Encompass Health Corp.                | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |       600 | NS      | $58038.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                           | Evergy, Inc.                          | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      5200 | NS      | $425984.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                         | Exelixis, Inc.                        | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      5400 | NS      | $231606.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                    | Expedia Group, Inc.                   | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |      2700 | NS      | $623403.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                     | Exxon Mobil Corp.                     | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     58300 | NS      | $9891178.00   | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                   | Meta Platforms, Inc.                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2500 | NS      | $1430325.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                           | FedEx Corp.                           | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      5300 | NS      | $1887754.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                               | F5, Inc.                              | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |       400 | NS      | $115732.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial Inc      | Fidelity National Financial, Inc.     | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |      3700 | NS      | $171606.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/NC     | First Citizens BancShares, Inc.       | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       195 | NS      | $367508.70    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp                   | First Horizon Corp.                   | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |      5500 | NS      | $125180.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                      | First Solar, Inc.                     | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      2000 | NS      | $394520.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp                     | FirstEnergy Corp.                     | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     13200 | NS      | $668712.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                        | Ford Motor Co.                        | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     90200 | NS      | $1040908.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                             | Fox Corp.                             | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      5200 | NS      | $303680.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc       | GE HealthCare Technologies, Inc.      | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |      5000 | NS      | $355900.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GameStop Corp                        | GameStop Corp.                        | CUSIP: 36467W109<br>LEI: 549300505KLOET039L77 | Long             | EC               | CORP              | US        |      4200 | NS      | $96768.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                          | Gap, Inc.                             | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |      8500 | NS      | $205700.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                | General Dynamics Corp.                | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      4600 | NS      | $1578812.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                    | General Motors Co.                    | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     18900 | NS      | $1408050.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                     | Genuine Parts Co.                     | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |      3200 | NS      | $338400.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                  | Gilead Sciences, Inc.                 | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     17600 | NS      | $2452912.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                       | Globe Life, Inc.                      | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |       900 | NS      | $125253.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The          | Goldman Sachs Group, Inc.             | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      4800 | NS      | $4060752.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp                     | HF Sinclair Corp.                     | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |      4200 | NS      | $262038.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                   | HCA Healthcare, Inc.                  | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      5400 | NS      | $2555496.00   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                       | Halliburton Co.                       | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     19300 | NS      | $752507.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc            | Halozyme Therapeutics, Inc.           | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |      2300 | NS      | $148649.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/The     | Hartford Insurance Group, Inc.        | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      4800 | NS      | $649104.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                           | Hasbro, Inc.                          | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |      2300 | NS      | $215280.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                    | Hormel Foods Corp.                    | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |      1900 | NS      | $43035.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                        | Ingredion, Inc.                       | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |      1200 | NS      | $135192.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc                   | IQVIA Holdings, Inc.                  | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |       900 | NS      | $153486.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 1000 Value ETF       | iShares Russell 1000 Value ETF        | CUSIP: 464287598<br>LEI: 549300KLSYN5NN4YNM90 | Long             | EC               | RF                | US        |     18400 | NS      | $3931528.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                  | JPMorgan Chase & Co.                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     30200 | NS      | $8883632.00   | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                    | Johnson & Johnson                     | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     31200 | NS      | $7626528.00   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc               | Jones Lang LaSalle, Inc.              | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |       800 | NS      | $243456.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                              | KeyCorp                               | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |     12400 | NS      | $248620.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                    | Kinder Morgan, Inc.                   | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     50900 | NS      | $1706677.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                        | Kroger Co.                            | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     13100 | NS      | $947916.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                 | Labcorp Holdings, Inc.                | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1600 | NS      | $426896.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                  | Leidos Holdings, Inc.                 | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |      2899 | NS      | $450852.48    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                          | Lennar Corp.                          | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      5100 | NS      | $442884.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corp                           | Loews Corp.                           | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |      3600 | NS      | $384264.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                       | Lowe's Cos., Inc.                     | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     11900 | NS      | $2811732.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                        | M&T Bank Corp.                        | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      1800 | NS      | $372096.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp              | Marathon Petroleum Corp.              | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      1600 | NS      | $390688.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc                     | Markel Group, Inc.                    | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       150 | NS      | $287110.50    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                           | Masco Corp.                           | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      4700 | NS      | $283739.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                      | Match Group, Inc.                     | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      4800 | NS      | $147408.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                       | Merck & Co., Inc.                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     23200 | NS      | $2790728.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                          | MetLife, Inc.                         | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     11400 | NS      | $806208.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                | Micron Technology, Inc.               | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      7100 | NS      | $2398664.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co             | Molson Coors Beverage Co.             | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |      1600 | NS      | $68896.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc           | Mondelez International, Inc.          | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     22100 | NS      | $1273844.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                       | Morgan Stanley                        | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     25000 | NS      | $4114250.00   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc               | Mueller Industries, Inc.              | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |      2200 | NS      | $243760.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                              | NVR, Inc.                             | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |        30 | NS      | $197694.90    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                           | NetApp, Inc.                          | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      4500 | NS      | $460755.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                         | Newmont Corp.                         | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     20400 | NS      | $2208300.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corp                            | News Corp.                            | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |      8500 | NS      | $211905.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                  | Northern Trust Corp.                  | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |      3300 | NS      | $460581.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                           | Nucor Corp.                           | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      5200 | NS      | $879320.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corp      | Old Republic International Corp.      | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |      4200 | NS      | $167580.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                         | Oshkosh Corp.                         | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |      1400 | NS      | $206094.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc/The | PNC Financial Services Group, Inc.    | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      5500 | NS      | $1144495.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                   | PPG Industries, Inc.                  | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      5100 | NS      | $545088.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America            | Packaging Corp. of America            | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      1700 | NS      | $360774.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc          | Penske Automotive Group, Inc.         | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      1500 | NS      | $224280.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                          | PepsiCo, Inc.                         | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     19800 | NS      | $3074742.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Revvity Inc                          | Revvity, Inc.                         | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |      1000 | NS      | $87610.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                           | Pfizer, Inc.                          | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     36800 | NS      | $1033344.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                          | Phillips 66                           | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      9200 | NS      | $1676056.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                          | Popular, Inc.                         | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |       700 | NS      | $93919.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc               | T. Rowe Price Group, Inc.             | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |      3200 | NS      | $288448.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                        | Primerica, Inc.                       | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |       500 | NS      | $125240.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc        | Principal Financial Group, Inc.       | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |      3800 | NS      | $342418.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The              | Procter & Gamble Co.                  | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     21600 | NS      | $3119904.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc             | Prudential Financial, Inc.            | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |      5000 | NS      | $488450.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Inc  | Public Service Enterprise Group, Inc. | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     11400 | NS      | $922830.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                       | PulteGroup, Inc.                      | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4500 | NS      | $529245.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                         | QUALCOMM, Inc.                        | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     24500 | NS      | $3155110.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                | Quest Diagnostics, Inc.               | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      2400 | NS      | $470352.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                | RPM International, Inc.               | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |      3000 | NS      | $298200.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp                 | Range Resources Corp.                 | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |      5400 | NS      | $243972.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc          | Raymond James Financial, Inc.         | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |      3500 | NS      | $506765.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp                   | Regal Rexnord Corp.                   | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |      1500 | NS      | $280890.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc        | Regeneron Pharmaceuticals, Inc.       | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1000 | NS      | $772640.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp               | Regions Financial Corp.               | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     12500 | NS      | $326500.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America Inc     | Reinsurance Group of America, Inc.    | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |       900 | NS      | $183744.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                         | Reliance, Inc.                        | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      1000 | NS      | $303920.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc                     | Ryder System, Inc.                    | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |       400 | NS      | $81884.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                   | SEI Investments Co.                   | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |      2000 | NS      | $156940.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc                     | Henry Schein, Inc.                    | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |      2400 | NS      | $176880.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The              | Charles Schwab Corp.                  | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     16300 | NS      | $1531874.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US        | Service Corp. International           | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |      3200 | NS      | $264032.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc               | Skyworks Solutions, Inc.              | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |       600 | NS      | $32130.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                       | A.O. Smith Corp.                      | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |      2600 | NS      | $171444.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The                   | J.M. Smucker Co.                      | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |      1000 | NS      | $96440.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                          | Snap-on, Inc.                         | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      1200 | NS      | $435864.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                      | Southern Co.                          | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      8000 | NS      | $772160.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co                | Southwest Airlines Co.                | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     10600 | NS      | $398242.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                            | Block, Inc.                           | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |      6300 | NS      | $379134.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                    | State Street Corp.                    | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      4800 | NS      | $607488.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                   | Steel Dynamics, Inc.                  | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      3500 | NS      | $630000.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp                | Stifel Financial Corp.                | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      2100 | NS      | $155232.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                       | TD SYNNEX Corp.                       | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      1800 | NS      | $303678.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                  | Synchrony Financial                   | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |      6500 | NS      | $442130.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                           | Sysco Corp.                           | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     11000 | NS      | $784630.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                      | T-Mobile U.S., Inc.                   | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     10300 | NS      | $2163309.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                         | Tapestry, Inc.                        | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      4100 | NS      | $578551.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                          | Target Corp.                          | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     10300 | NS      | $1248360.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp                | Tenet Healthcare Corp.                | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      1800 | NS      | $339678.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                          | Textron, Inc.                         | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |      4000 | NS      | $350240.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                                | 3M Co.                                | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     12100 | NS      | $1757283.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc                    | Toll Brothers, Inc.                   | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |      2200 | NS      | $300234.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                        | TopBuild Corp.                        | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |       500 | NS      | $175650.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co/The                          | Toro Co.                              | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |      2300 | NS      | $214912.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                | Travelers Cos., Inc.                  | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      5800 | NS      | $1691744.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                | Truist Financial Corp.                | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     14700 | NS      | $675759.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                           | Twilio, Inc.                          | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |      1600 | NS      | $201312.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                      | Tyson Foods, Inc.                     | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      5600 | NS      | $358792.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                             | UGI Corp.                             | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |      4900 | NS      | $178458.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                           | U.S. Bancorp                          | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     17700 | NS      | $920577.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc         | United Airlines Holdings, Inc.        | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      7400 | NS      | $681318.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc            | United Parcel Service, Inc.           | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     16900 | NS      | $1662622.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                   | United Rentals, Inc.                  | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      1180 | NS      | $859700.80    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp             | United Therapeutics Corp.             | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |       800 | NS      | $474384.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc        | Universal Health Services, Inc.       | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |      1200 | NS      | $214764.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                           | Unum Group                            | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |      2800 | NS      | $204484.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc           | Verizon Communications, Inc.          | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     71000 | NS      | $3564200.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                          | Viatris, Inc.                         | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     22800 | NS      | $308028.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                 | WEC Energy Group, Inc.                | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      2200 | NS      | $254694.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                     | Wells Fargo & Co.                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     47400 | NS      | $3773514.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc              | WESCO International, Inc.             | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |       900 | NS      | $246258.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp             | Western Alliance Bancorp              | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |      1000 | NS      | $70850.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                  | Williams-Sonoma, Inc.                 | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      2400 | NS      | $437592.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc           | Zimmer Biomet Holdings, Inc.          | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      4000 | NS      | $361680.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA                     | Zions Bancorp NA                      | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |      1400 | NS      | $80668.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                         | Allegion PLC                          | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |      1900 | NS      | $276051.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                              | Aon PLC                               | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |      2000 | NS      | $645560.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd               | Arch Capital Group Ltd.               | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      4800 | NS      | $460752.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd            | Axis Capital Holdings Ltd.            | CUSIP: 000000000<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |      1300 | NS      | $131833.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                              | CRH PLC                               | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |      6200 | NS      | $651744.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                    | Everest Group Ltd.                    | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |       700 | NS      | $228795.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                          | Invesco Ltd.                          | CUSIP: 000000000<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |      4400 | NS      | $106876.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC             | Jazz Pharmaceuticals PLC              | CUSIP: 000000000<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |      1000 | NS      | $189050.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                        | Medtronic PLC                         | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     25200 | NS      | $2183580.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd           | RenaissanceRe Holdings Ltd.           | CUSIP: 000000000<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |       800 | NS      | $237784.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC             | Willis Towers Watson PLC              | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |      1400 | NS      | $406980.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                            | Chubb Ltd.                            | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      6600 | NS      | $2151138.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV                    | CNH Industrial NV                     | CUSIP: 000000000<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | NL        |      6600 | NS      | $72600.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-20

**Name of Applicant:** M FUND INC

**Signature:** Hannah Hasbrook

**Name of Signer:** Hannah Hasbrook

**Title:** M Fund Administration Manager