# EDGAR Filing Document

**Accession Number:** 0000948258
**File Stem:** 0001410368-25-031863
**Filing Date:** 2025-11
**Character Count:** 171344
**Document Hash:** d0090e56e59de2b64277d0b02023f56e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-031863.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-031863

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** 251525156

**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 Capital Appreciation Fund (Series ID: S000006153)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000016960 | M Capital Appreciation Fund | MFCPX           |

## Nport-Ex

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Common Stocks—66.1%** |  |
|  | **Australia—4.2%** |  |
| 3859 | AGL Energy Ltd.† | $22598 |
| 5193 | ALS Ltd. | 68449 |
| 101642 | AMP Ltd. | 111646 |
| 2155 | Ampol Ltd. | 42651 |
| 3899 | Ansell Ltd. | 82198 |
| 12134 | ANZ Group Holdings Ltd. | 266645 |
| 9054 | APA Group | 53200 |
| 1102 | ARB Corp. Ltd.† | 28118 |
| 1756 | Aristocrat Leisure Ltd. | 81313 |
| 492 | ASX Ltd. | 19074 |
| 10882 | Atlas Arteria Ltd. | 35355 |
| 3580 | AUB Group Ltd. | 77534 |
| 51152 | Aurizon Holdings Ltd. | 107973 |
| 9559 | Austal Ltd.\* | 48957 |
| 15336 | Bank of Queensland Ltd.† | 73572 |
| 57818 | Beach Energy Ltd.† | 43806 |
| 6079 | Bendigo & Adelaide Bank Ltd. | 52574 |
| 21786 | BHP Group Ltd.† | 613104 |
| 7612 | BHP Group Ltd., ADR | 424369 |
| 12902 | BHP Group Ltd., Class DI† | 356234 |
| 3458 | BlueScope Steel Ltd. | 51918 |
| 8200 | Brambles Ltd. | 134563 |
| 3529 | Breville Group Ltd.† | 70007 |
| 12020 | Capricorn Metals Ltd.\* | 105227 |
| 1476 | CAR Group Ltd.† | 35922 |
| 10457 | Challenger Ltd. | 59922 |
| 11591 | Champion Iron Ltd.† | 35818 |
| 27200 | Cleanaway Waste Management Ltd.† | 49855 |
| 370 | Cochlear Ltd. | 68369 |
| 3543 | Codan Ltd. | 69207 |
| 9946 | Coles Group Ltd. | 153278 |
| 5050 | Commonwealth Bank of Australia† | 557711 |
| 3756 | Computershare Ltd. | 90193 |
| 2821 | Corporate Travel Management Ltd.†, § | 29997 |
| 1322 | CSL Ltd. | 173379 |
| 3553 | Dalrymple Bay Infrastructure Ltd. | 10274 |
| 1480 | Dicker Data Ltd.† | 9607 |
| 25989 | Downer EDI Ltd. | 126741 |
| 50120 | Dyno Nobel Ltd. | 102810 |
| 5649 | Eagers Automotive Ltd.† | 109597 |
| 19239 | Emerald Resources NL†, \* | 63907 |
| 16177 | Endeavour Group Ltd.† | 38857 |
| 16713 | Evolution Mining Ltd. | 119769 |
| 3089 | EVT Ltd. | 26715 |
| 3366 | Flight Centre Travel Group Ltd.† | 25770 |
| 14861 | Fortescue Ltd.† | 183690 |
| 17503 | Genesis Minerals Ltd.†, \* | 68216 |
| 7079 | Harvey Norman Holdings Ltd.† | 34569 |
| 1274 | HUB24 Ltd. | 84941 |
| 2262 | IDP Education Ltd.† | 9834 |
| 6212 | IGO Ltd.†, \* | 21292 |
| 12565 | Iluka Resources Ltd.† | 52629 |
| 18310 | Insignia Financial Ltd.\* | 54278 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Australia (Continued)** |  |
| 21084 | Insurance Australia Group Ltd. | $114401 |
| 2093 | James Hardie Industries PLC, CDI\* | 38889 |
| 896 | JB Hi-Fi Ltd. | 68774 |
| 15197 | Lendlease Corp. Ltd. | 55307 |
| 14208 | Lottery Corp. Ltd. | 55280 |
| 2708 | Lovisa Holdings Ltd.† | 66999 |
| 1607 | Lynas Rare Earths Ltd.†, \* | 17875 |
| 753 | Macquarie Group Ltd.† | 109283 |
| 16327 | Medibank Pvt Ltd. | 52073 |
| 2379 | Megaport Ltd.\* | 24825 |
| 38904 | Metcash Ltd.† | 97823 |
| 1054 | Mineral Resources Ltd.†, \* | 28692 |
| 1548 | Monadelphous Group Ltd. | 23047 |
| 24451 | Myer Holdings Ltd. | 7766 |
| 14605 | National Australia Bank Ltd. | 426671 |
| 1533 | Netwealth Group Ltd. | 29813 |
| 27710 | New Hope Corp. Ltd.† | 71876 |
| 1909 | NEXTDC Ltd.†, \* | 21373 |
| 16970 | nib holdings Ltd. | 83320 |
| 76777 | Nickel Industries Ltd. | 36070 |
| 51876 | Nine Entertainment Co. Holdings Ltd. | 41535 |
| 7979 | Northern Star Resources Ltd.† | 125287 |
| 4275 | Orica Ltd. | 59800 |
| 7726 | Origin Energy Ltd. | 63904 |
| 36425 | Orora Ltd.† | 50133 |
| 3744 | Perpetual Ltd.† | 46402 |
| 55296 | Perseus Mining Ltd. | 179288 |
| 4897 | PEXA Group Ltd.†, \* | 50776 |
| 13508 | Pilbara Minerals Ltd.†, \* | 22524 |
| 1867 | Premier Investments Ltd.† | 23781 |
| 573 | Pro Medicus Ltd.† | 116889 |
| 5039 | Qantas Airways Ltd. | 36411 |
| 13764 | QBE Insurance Group Ltd. | 187526 |
| 9918 | Qube Holdings Ltd. | 26973 |
| 60869 | Ramelius Resources Ltd. | 156275 |
| 1823 | Ramsay Health Care Ltd.† | 38275 |
| 355 | REA Group Ltd.† | 54277 |
| 2536 | Reece Ltd.† | 18945 |
| 5440 | Regis Healthcare Ltd. | 21670 |
| 32230 | Regis Resources Ltd. | 128173 |
| 21598 | Reliance Worldwide Corp. Ltd. | 58452 |
| 3221 | Rio Tinto Ltd.† | 260087 |
| 14490 | Sandfire Resources Ltd.\* | 136821 |
| 40802 | Santos Ltd. | 181701 |
| 1678 | SEEK Ltd. | 31656 |
| 1582 | SGH Ltd.† | 52267 |
| 57922 | Sigma Healthcare Ltd.† | 113831 |
| 5449 | Sims Ltd.† | 48207 |
| 3263 | Sonic Healthcare Ltd. | 46292 |
| 31643 | South32 Ltd. | 57371 |
| 13307 | Stanmore Resources Ltd. | 18755 |
| 8695 | Steadfast Group Ltd. | 34118 |
| 7603 | Suncorp Group Ltd. | 101926 |
| 5725 | Super Retail Group Ltd.† | 61597 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Australia (Continued)** |  |
| 69176 | Tabcorp Holdings Ltd. | $46918 |
| 2659 | Technology One Ltd. | 67669 |
| 24644 | Telstra Group Ltd. | 78599 |
| 2964 | TPG Telecom Ltd. | 9846 |
| 12697 | Transurban Group | 115942 |
| 3558 | Treasury Wine Estates Ltd. | 16645 |
| 3895 | Tuas Ltd.\* | 18015 |
| 154114 | Vault Minerals Ltd.\* | 67305 |
| 30432 | Ventia Services Group Pty. Ltd. | 102899 |
| 37802 | Viva Energy Group Ltd.# | 45400 |
| 2801 | Washington H Soul Pattinson & Co. Ltd. | 71338 |
| 6200 | Wesfarmers Ltd. | 377516 |
| 42238 | West African Resources Ltd.\*, § | 50820 |
| 8296 | Westgold Resources Ltd. | 24593 |
| 15208 | Westpac Banking Corp.† | 392160 |
| 17855 | Whitehaven Coal Ltd.† | 77859 |
| 679 | WiseTech Global Ltd. | 40549 |
| 20617 | Woodside Energy Group Ltd.† | 314181 |
| 1661 | Woodside Energy Group Ltd., ADR† | 24998 |
| 5982 | Woolworths Group Ltd. | 105686 |
| 3162 | Worley Ltd. | 29397 |
| 838 | Xero Ltd.\* | 87334 |
| 6051 | Yancoal Australia Ltd.† | 21221 |
|  |  | 11707204 |
|  | **Austria—0.5%** |  |
| 1865 | ANDRITZ AG | 131157 |
| 2872 | BAWAG Group AG # | 377650 |
| 1666 | Erste Group Bank AG | 162736 |
| 799 | EVN AG | 21951 |
| 2065 | OMV AG | 110117 |
| 3082 | Raiffeisen Bank International AG | 106164 |
| 527 | Strabag SE, Bearer Shares | 48013 |
| 3952 | Telekom Austria AG | 42223 |
| 2837 | UNIQA Insurance Group AG | 42101 |
| 470 | Verbund AG | 34157 |
| 1541 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 84762 |
| 3281 | voestalpine AG | 117026 |
| 1254 | Wienerberger AG | 40369 |
|  |  | 1318426 |
|  | **Belgium—0.6%** |  |
| 831 | Ackermans & van Haaren NV | 212689 |
| 1905 | Ageas SA | 131734 |
| 6082 | Anheuser-Busch InBev SA | 362741 |
| 69 | Argenx SE\* | 49999 |
| 3318 | Azelis Group NV | 44954 |
| 2193 | CMB Tech NV\* | 20635 |
| 1027 | Colruyt Group NV | 40417 |
| 285 | D'ieteren Group | 53269 |
| 224 | Deme Group NV | 32663 |
| 590 | Elia Group SA | 67988 |
| 1966 | KBC Group NV | 234165 |
| 9 | Lotus Bakeries NV | 84743 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Belgium (Continued)** |  |
| 2468 | Syensqo SA | $199062 |
| 517 | UCB SA | 142641 |
| 4405 | Umicore SA | 78144 |
|  |  | 1755844 |
|  | **Canada—8.2%** |  |
| 2777 | Agnico Eagle Mines Ltd. | 467905 |
| 6362 | Air Canada\* | 80274 |
| 3806 | Alamos Gold, Inc., Class A | 132670 |
| 7091 | Algonquin Power & Utilities Corp.† | 38079 |
| 3609 | Algonquin Power & Utilities Corp. | 19397 |
| 5591 | Alimentation Couche-Tard, Inc. | 298291 |
| 3374 | AltaGas Ltd. | 103957 |
| 549 | Andlauer Healthcare Group, Inc. | 20817 |
| 8136 | ARC Resources Ltd. | 148374 |
| 3008 | Aritzia, Inc.\* | 181945 |
| 2100 | Atco Ltd., Class I | 76021 |
| 1848 | AtkinsRealis Group, Inc. | 133372 |
| 553 | ATS Corp.\* | 14468 |
| 509 | ATS Corp.†, \* | 13336 |
| 44637 | B2Gold Corp. | 220873 |
| 4474 | Bank of Montreal | 582999 |
| 7207 | Bank of Nova Scotia | 466018 |
| 8360 | Barrick Mining Corp. | 273957 |
| 1119 | Bausch & Lomb Corp.\* | 16863 |
| 2683 | Bausch Health Cos., Inc.\* | 17274 |
| 17989 | Baytex Energy Corp. | 42138 |
| 753 | BCE, Inc. | 17595 |
| 950 | Bombardier, Inc., Class B\* | 133131 |
| 467 | BOYD GROUP, Inc. | 78763 |
| 2384 | Brookfield Corp. | 163551 |
| 1054 | Brookfield Infrastructure Corp., Class A† | 43340 |
| 700 | Brookfield Infrastructure Corp., Class A | 28750 |
| 555 | BRP, Inc.† | 33733 |
| 385 | BRP, Inc. | 23409 |
| 2527 | CAE, Inc.†, \* | 74900 |
| 520 | Cameco Corp. | 43642 |
| 6281 | Canadian Imperial Bank of Commerce | 501911 |
| 2000 | Canadian National Railway Co. | 188604 |
| 655 | Canadian National Railway Co.† | 61767 |
| 17284 | Canadian Natural Resources Ltd. | 552661 |
| 2806 | Canadian Pacific Kansas City Ltd. | 209016 |
| 2578 | Canadian Tire Corp. Ltd., Class A | 306889 |
| 1711 | Canadian Utilities Ltd., Class A | 47862 |
| 3694 | Capital Power Corp. | 173459 |
| 10798 | Capstone Copper Corp.\* | 91710 |
| 1524 | CCL Industries, Inc., Class B | 85897 |
| 3389 | Celestica, Inc.\* | 834123 |
| 6625 | Cenovus Energy, Inc. | 112487 |
| 10243 | Cenovus Energy, Inc.† | 174029 |
| 1850 | CGI, Inc. | 164818 |
| 714 | Colliers International Group, Inc. | 111596 |
| 122 | Constellation Software, Inc. | 331187 |
| 3054 | Definity Financial Corp. | 156968 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Canada (Continued)** |  |
| 511 | Descartes Systems Group, Inc.\* | $48152 |
| 2340 | Dollarama, Inc. | 308604 |
| 9286 | DPM Metals, Inc. | 205844 |
| 3700 | E-L Financial Corp. Ltd. | 43016 |
| 9101 | Eldorado Gold Corp.\* | 262887 |
| 4175 | Element Fleet Management Corp. | 108117 |
| 2063 | Emera, Inc. | 98977 |
| 4105 | Empire Co. Ltd., Class A | 147334 |
| 3107 | Enbridge, Inc.† | 156779 |
| 5120 | Enbridge, Inc. | 258299 |
| 3346 | Endeavour Mining PLC | 140553 |
| 1000 | EQB, Inc. | 66825 |
| 9049 | Equinox Gold Corp.\* | 101530 |
| 112 | Fairfax Financial Holdings Ltd. | 195946 |
| 5341 | Finning International, Inc. | 248111 |
| 9374 | First Majestic Silver Corp. | 115206 |
| 4271 | First Quantum Minerals Ltd.\* | 96609 |
| 347 | FirstService Corp. | 66114 |
| 2807 | Fortis, Inc. | 142377 |
| 743 | Franco-Nevada Corp. | 165555 |
| 1335 | George Weston Ltd. | 81431 |
| 614 | GFL Environmental, Inc. | 29091 |
| 6200 | Gibson Energy, Inc. | 115250 |
| 2386 | Gildan Activewear, Inc. | 137894 |
| 543 | Great-West Lifeco, Inc. | 22037 |
| 23043 | Hudbay Minerals, Inc. | 349237 |
| 1698 | Hydro One Ltd.# | 60578 |
| 1315 | iA Financial Corp., Inc. | 149510 |
| 34100 | IAMGOLD Corp.\* | 440877 |
| 1034 | Imperial Oil Ltd. | 93756 |
| 546 | Imperial Oil Ltd.† | 49544 |
| 788 | Intact Financial Corp. | 153314 |
| 1068 | Ivanhoe Mines Ltd., Class A\* | 11327 |
| 4859 | Keyera Corp. | 163014 |
| 18607 | Kinross Gold Corp. | 462020 |
| 1789 | Linamar Corp. | 95948 |
| 3212 | Loblaw Cos. Ltd. | 124238 |
| 4000 | Lundin Gold, Inc. | 259165 |
| 7550 | Lundin Mining Corp. | 112623 |
| 3172 | Magna International, Inc. | 150292 |
| 3404 | Manulife Financial Corp. | 106056 |
| 2212 | Maple Leaf Foods, Inc. | 57235 |
| 1500 | MDA Space Ltd.\* | 37357 |
| 1000 | Methanex Corp. | 39757 |
| 1582 | Metro, Inc. | 106251 |
| 1922 | National Bank of Canada | 204160 |
| 30088 | New Gold, Inc.\* | 215848 |
| 9492 | Northland Power, Inc. | 158916 |
| 5499 | Nutrien Ltd. | 322860 |
| 13466 | OceanaGold Corp. | 287472 |
| 1253 | Open Text Corp. | 46836 |
| 5799 | Open Text Corp.† | 216767 |
| 1875 | OR Royalties, Inc. | 75151 |
| 3941 | Pan American Silver Corp. | 152678 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Canada (Continued)** |  |
| 7127 | Parkland Corp. | $197161 |
| 2049 | Pembina Pipeline Corp. | 82846 |
| 900 | Pembina Pipeline Corp.† | 36414 |
| 1500 | Premium Brands Holdings Corp. | 100722 |
| 3512 | Quebecor, Inc., Class B | 110581 |
| 473 | RB Global, Inc.† | 51254 |
| 622 | RB Global, Inc. | 67371 |
| 1622 | Restaurant Brands International, Inc. | 104049 |
| 3924 | Rogers Communications, Inc., Class B | 135086 |
| 9360 | Royal Bank of Canada | 1379553 |
| 10574 | Sandstorm Gold Ltd. | 132386 |
| 4104 | Saputo, Inc. | 99673 |
| 700 | Shopify, Inc., Class A\* | 103997 |
| 6791 | South Bow Corp. | 192121 |
| 987 | Spin Master Corp.# | 13624 |
| 4155 | SSR Mining, Inc.\* | 101449 |
| 900 | Stantec, Inc. | 97048 |
| 1000 | Stella-Jones, Inc. | 57060 |
| 122 | Strathcona Resources Ltd. | 3158 |
| 4233 | Sun Life Financial, Inc. | 254178 |
| 15768 | Suncor Energy, Inc. | 659558 |
| 3279 | TC Energy Corp. | 178410 |
| 2272 | Teck Resources Ltd., Class B | 99666 |
| 640 | TFI International, Inc. | 56325 |
| 327 | Thomson Reuters Corp. | 50779 |
| 1730 | TMX Group Ltd. | 66182 |
| 4300 | Torex Gold Resources, Inc.\* | 178711 |
| 656 | Toromont Industries Ltd. | 72835 |
| 7406 | Toronto-Dominion Bank | 592182 |
| 2837 | Tourmaline Oil Corp. | 122352 |
| 779 | TransAlta Corp.† | 10649 |
| 7046 | TransAlta Corp. | 96245 |
| 838 | Triple Flag Precious Metals Corp. | 24520 |
| 2344 | Vermilion Energy, Inc. | 18308 |
| 176 | Victoria Gold Corp./Vancouver \*, § | 11 |
| 787 | Waste Connections, Inc. | 138354 |
| 570 | West Fraser Timber Co. Ltd. | 38750 |
| 660 | West Fraser Timber Co. Ltd.† | 44867 |
| 346 | Wheaton Precious Metals Corp. | 38720 |
| 33764 | Whitecap Resources, Inc. | 257652 |
| 24398 | Whitecap Resources, Inc.† | 186157 |
| 822 | WSP Global, Inc. | 161541 |
|  |  | 22572656 |
|  | **Denmark—1.4%** |  |
| 4429 | ALK-Abello AS\* | 145171 |
| 33625 | Alm Brand AS | 93819 |
| 6674 | Ambu AS, Class B | 97202 |
| 15 | AP Moller - Maersk AS, Class A | 29325 |
| 30 | AP Moller - Maersk AS, Class B | 58815 |
| 799 | Carlsberg AS, Class B | 92843 |
| 610 | Coloplast AS, Class B | 52096 |
| 4232 | Danske Bank AS | 180315 |
| 3204 | Demant AS\* | 110965 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Denmark (Continued)** |  |
| 378 | DSV AS | $75177 |
| 348 | Genmab AS\* | 105499 |
| 8387 | H Lundbeck AS | 60073 |
| 4236 | H Lundbeck AS, Class A | 23485 |
| 5888 | ISS AS | 186325 |
| 1781 | Jyske Bank AS, Registered | 198323 |
| 2216 | NKT AS\* | 215046 |
| 19567 | Novo Nordisk AS, Class B | 1060666 |
| 2597 | Novonesis Novozymes B, Class B | 158931 |
| 1057 | Orsted AS\*, # | 18877 |
| 1052 | Pandora AS | 137067 |
| 1113 | Ringkjoebing Landbobank AS | 258029 |
| 1580 | Rockwool AS, Class A | 58635 |
| 2710 | Rockwool AS, Class B | 100633 |
| 2025 | Sydbank AS | 162591 |
| 2761 | Tryg AS | 70045 |
| 4343 | Vestas Wind Systems AS | 81832 |
|  |  | 3831785 |
|  | **Finland—1.0%** |  |
| 4024 | Elisa OYJ | 210991 |
| 3644 | Finnair OYJ† | 12296 |
| 4969 | Fortum OYJ | 93954 |
| 3249 | Huhtamaki OYJ | 112451 |
| 844 | Kalmar OYJ , Class B | 33413 |
| 2475 | Kesko OYJ, Class A | 53059 |
| 8405 | Kesko OYJ, Class B | 178609 |
| 2610 | Kone OYJ, Class B | 177728 |
| 2574 | Konecranes OYJ | 212145 |
| 10101 | Metso OYJ† | 138573 |
| 1635 | Neste OYJ | 29917 |
| 14164 | Nokia OYJ | 67831 |
| 16750 | Nokia OYJ, ADR† | 80567 |
| 17546 | Nordea Bank Abp | 287883 |
| 727 | Orion OYJ, Class A | 55309 |
| 3470 | Orion OYJ, Class B | 265418 |
| 17450 | Sampo OYJ, Class A | 200123 |
| 16255 | Stora Enso OYJ, Class R† | 178170 |
| 2814 | UPM-Kymmene OYJ | 76879 |
| 4926 | Valmet OYJ† | 163554 |
| 4643 | Wartsila OYJ Abp | 138731 |
|  |  | 2767601 |
|  | **France—5.1%** |  |
| 1828 | Accor SA | 86490 |
| 376 | Aeroports de Paris SA | 49574 |
| 971 | Air France-KLM\* | 13025 |
| 1619 | Air Liquide SA | 336173 |
| 1951 | Airbus SE | 452159 |
| 10994 | Alstom SA\* | 285514 |
| 514 | Amundi SA# | 40673 |
| 2048 | Arkema SA | 128879 |
| 5382 | AXA SA | 256794 |
| 5844 | Ayvens SA# | 70464 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **France (Continued)** |  |
| 393 | BioMerieux | $52508 |
| 4454 | BNP Paribas SA | 404376 |
| 3160 | Bouygues SA | 142167 |
| 3497 | Bureau Veritas SA | 109375 |
| 899 | Capgemini SE | 130404 |
| 20987 | Carrefour SA | 317730 |
| 3251 | Cie de Saint-Gobain SA | 349851 |
| 7397 | Cie Generale des Etablissements Michelin SCA | 265223 |
| 3850 | Clariane SE\* | 21389 |
| 4277 | Credit Agricole SA | 83958 |
| 964 | Danone SA | 83933 |
| 24 | Dassault Aviation SA | 8019 |
| 1320 | Dassault Systemes SE | 44183 |
| 2327 | Edenred SE | 55187 |
| 1299 | Eiffage SA | 165778 |
| 10545 | Elis SA | 303071 |
| 14139 | Engie SA | 303031 |
| 565 | EssilorLuxottica SA | 183082 |
| 1472 | Eurofins Scientific SE | 106768 |
| 557 | Euronext NV# | 83313 |
| 2974 | FDJ UNITED | 99511 |
| 1133 | Gaztransport Et Technigaz SA | 209639 |
| 3075 | Getlink SE | 56536 |
| 155 | Hermes International SCA | 379060 |
| 585 | Imerys SA | 15412 |
| 319 | Interparfums SA | 10517 |
| 1199 | Ipsen SA | 159913 |
| 1300 | JCDecaux SE | 23306 |
| 570 | Kering SA | 189085 |
| 702 | L'Oreal SA | 303712 |
| 1237 | Legrand SA | 204194 |
| 1818 | LVMH Moet Hennessy Louis Vuitton SE | 1110968 |
| 1449 | Nexans SA | 214351 |
| 25581 | Orange SA | 414761 |
| 659 | Pernod Ricard SA | 64635 |
| 579 | Pluxee NV | 10271 |
| 1449 | Publicis Groupe SA | 138954 |
| 3983 | Renault SA | 162733 |
| 8943 | Rexel SA | 292307 |
| 1748 | Safran SA | 615877 |
| 2397 | Sanofi SA | 221055 |
| 19 | Sartorius Stedim Biotech | 3838 |
| 1652 | Schneider Electric SE | 460833 |
| 6876 | SCOR SE | 242183 |
| 691 | SEB SA | 50664 |
| 4891 | Societe Generale SA | 323635 |
| 2165 | Sodexo SA | 136114 |
| 610 | Sopra Steria Group | 115877 |
| 5730 | SPIE SA | 308111 |
| 3434 | STMicroelectronics NV | 96156 |
| 1577 | STMicroelectronics NV, Registered | 44566 |
| 6187 | Technip Energies NV | 291135 |
| 2518 | Teleperformance SE† | 187250 |
| 505 | Thales SA | 158066 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **France (Continued)** |  |
| 17627 | TotalEnergies SE | $1070552 |
| 8576 | Vallourec SACA | 162961 |
| 3558 | Veolia Environnement SA | 121057 |
| 3910 | Vinci SA | 541454 |
| 6270 | Vivendi SE | 22069 |
| 160 | VusionGroup | 47901 |
| 2202 | Worldline SA†, #\* | 7110 |
|  |  | 14221420 |
|  | **Germany—5.0%** |  |
| 952 | adidas AG | 200515 |
| 787 | Allianz SE, Registered | 330230 |
| 878 | Aumovio SE\* | 36202 |
| 1264 | Aurubis AG | 157601 |
| 8301 | BASF SE | 413124 |
| 10754 | Bayer AG, Registered | 356425 |
| 2747 | Bayerische Motoren Werke AG | 275554 |
| 2780 | Bechtle AG | 128074 |
| 325 | Beiersdorf AG | 33959 |
| 876 | Bilfinger SE | 96367 |
| 4639 | Brenntag SE | 277223 |
| 925 | Carl Zeiss Meditec AG, Bearer Shares | 45786 |
| 5046 | Commerzbank AG | 190110 |
| 1756 | Continental AG | 115699 |
| 701 | Covestro AG\* | 47981 |
| 1501 | CTS Eventim AG & Co. KGaA | 146972 |
| 6165 | Daimler Truck Holding AG | 253476 |
| 1140 | Delivery Hero SE\*, # | 32671 |
| 11971 | Deutsche Bank AG, Registered | 421132 |
| 1149 | Deutsche Boerse AG | 307703 |
| 9773 | Deutsche Lufthansa AG, Registered | 82705 |
| 10100 | Deutsche Post AG | 449889 |
| 37807 | Deutsche Telekom AG, Registered | 1287677 |
| 943 | Deutsche Wohnen SE | 23969 |
| 1068 | DWS Group GmbH & Co. KGaA# | 66832 |
| 13790 | E.ON SE | 259285 |
| 7742 | Evonik Industries AG | 134252 |
| 655 | Fielmann Group AG | 39527 |
| 1717 | Fraport AG Frankfurt Airport Services Worldwide\* | 148265 |
| 5080 | Freenet AG | 162345 |
| 2203 | Fresenius Medical Care AG | 115510 |
| 3220 | Fresenius SE & Co. KGaA | 179193 |
| 939 | FUCHS SE | 33569 |
| 3525 | GEA Group AG | 260107 |
| 330 | Hannover Rueck SE | 99416 |
| 188 | Hapag-Lloyd AG# | 24721 |
| 1279 | Heidelberg Materials AG | 287634 |
| 844 | Henkel AG & Co. KGaA | 62575 |
| 1340 | Hensoldt AG | 173527 |
| 204 | HOCHTIEF AG | 54560 |
| 10112 | Infineon Technologies AG | 394150 |
| 3794 | KION Group AG | 255902 |
| 919 | Knorr-Bremse AG | 86154 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Germany (Continued)** |  |
| 593 | Krones AG | $86330 |
| 1874 | LEG Immobilien SE | 148952 |
| 3077 | Mercedes-Benz Group AG | 193163 |
| 593 | Merck KGaA | 76200 |
| 142 | MTU Aero Engines AG | 65169 |
| 846 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 539730 |
| 671 | Nemetschek SE | 87287 |
| 3080 | Nordex SE\* | 78830 |
| 4631 | Puma SE | 115048 |
| 2143 | Qiagen NV | 94840 |
| 5548 | Qiagen NV† | 247885 |
| 97 | Rational AG | 73910 |
| 319 | Rheinmetall AG | 743239 |
| 1496 | RTL Group SA | 61385 |
| 3022 | RWE AG | 134185 |
| 1988 | SAP SE | 531922 |
| 7857 | Schaeffler AG | 52349 |
| 1449 | Scout24 SE# | 181348 |
| 1401 | Siemens AG, Registered | 376998 |
| 1155 | Siemens Energy AG\* | 134816 |
| 1389 | Siemens Healthineers AG# | 75047 |
| 834 | Sixt SE | 80634 |
| 871 | Symrise AG | 75713 |
| 1019 | Talanx AG | 135428 |
| 16458 | thyssenkrupp AG | 225591 |
| 18848 | TUI AG\* | 171319 |
| 4980 | United Internet AG, Registered | 157044 |
| 418 | Volkswagen AG | 46008 |
| 4135 | Vonovia SE | 128892 |
| 615 | Wacker Chemie AG | 46283 |
| 7176 | Zalando SE\*, # | 219134 |
|  |  | 13933247 |
|  | **Hong Kong—1.2%** |  |
| 58600 | AIA Group Ltd. | 562133 |
| 7800 | ASMPT Ltd. | 82240 |
| 47611 | Bank of East Asia Ltd. | 74029 |
| 17000 | BOC Hong Kong Holdings Ltd. | 79823 |
| 20000 | Bright Smart Securities & Commodities Group Ltd.\* | 23464 |
| 9600 | Budweiser Brewing Co. APAC Ltd.# | 10214 |
| 26181 | Cathay Pacific Airways Ltd. | 35224 |
| 10906 | CK Asset Holdings Ltd. | 52863 |
| 13000 | CK Hutchison Holdings Ltd. | 85615 |
| 2500 | CK Infrastructure Holdings Ltd. | 16416 |
| 6500 | CLP Holdings Ltd. | 53833 |
| 8000 | Cowell e Holdings, Inc.\* | 40093 |
| 36000 | CTF Services Ltd. | 38952 |
| 98000 | First Pacific Co. Ltd. | 82234 |
| 78000 | FIT Hon Teng Ltd.\*, # | 63948 |
| 10000 | Galaxy Entertainment Group Ltd. | 55102 |
| 16000 | Guotai Junan International Holdings Ltd. | 9232 |
| 20000 | Hang Lung Group Ltd. | 37677 |
| 75087 | Hang Lung Properties Ltd. | 84235 |
| 3800 | Hang Seng Bank Ltd. | 57865 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Hong Kong (Continued)** |  |
| 8500 | Henderson Land Development Co. Ltd. | $29972 |
| 24500 | HK Electric Investments & HK Electric Investments Ltd. | 18638 |
| 48000 | HKT Trust & HKT Ltd. | 71057 |
| 44457 | Hong Kong & China Gas Co. Ltd. | 38619 |
| 6606 | Hong Kong Exchanges & Clearing Ltd. | 375208 |
| 10000 | Hysan Development Co. Ltd. | 20432 |
| 11500 | Johnson Electric Holdings Ltd. | 60146 |
| 26500 | Kerry Properties Ltd. | 70967 |
| 9991 | Kowloon Development Co. Ltd. | 4686 |
| 16000 | MGM China Holdings Ltd. | 34192 |
| 6185 | MTR Corp. Ltd. | 20966 |
| 28188 | NagaCorp Ltd. | 21226 |
| 44000 | NewOcean Energy Holdings Ltd.\*, § |  |
| 52789 | PCCW Ltd. | 36156 |
| 6000 | Power Assets Holdings Ltd. | 37996 |
| 4800 | PRADA SpA | 28867 |
| 49200 | Samsonite Group SA# | 105330 |
| 9600 | Sands China Ltd. | 26770 |
| 12000 | Shandong Hi-Speed Holdings Group Ltd.\* | 6862 |
| 22000 | Shangri-La Asia Ltd. | 12863 |
| 21000 | SITC International Holdings Co. Ltd. | 80849 |
| 96250 | SJM Holdings Ltd.\* | 41063 |
| 5500 | Sun Hung Kai Properties Ltd. | 65870 |
| 23000 | SUNeVision Holdings Ltd. | 20305 |
| 2000 | Swire Pacific Ltd., Class A | 16949 |
| 15000 | Swire Pacific Ltd., Class B | 22514 |
| 6200 | Swire Properties Ltd. | 17639 |
| 6000 | Techtronic Industries Co. Ltd. | 76754 |
| 52000 | United Laboratories International Holdings Ltd. | 100366 |
| 60826 | WH Group Ltd.# | 65891 |
| 12000 | Wharf Real Estate Investment Co. Ltd. | 35467 |
| 27200 | Wynn Macau Ltd. | 25236 |
| 61130 | Xinyi Glass Holdings Ltd. | 70855 |
| 35500 | Yue Yuen Industrial Holdings Ltd. | 60444 |
|  |  | 3266347 |
|  | **Ireland—0.2%** |  |
| 23256 | AIB Group PLC | 210648 |
| 10747 | Bank of Ireland Group PLC | 176835 |
| 602 | Kerry Group PLC, Class A | 54245 |
| 1085 | Kingspan Group PLC | 90188 |
|  |  | 531916 |
|  | **Israel—0.8%** |  |
| 182 | AFI Properties Ltd.\* | 11545 |
| 162 | Africa Israel Residences Ltd. | 12722 |
| 734 | Airport City Ltd.\* | 13615 |
| 160 | Alrov Properties & Lodgings Ltd. | 12729 |
| 2317 | Amot Investments Ltd. | 17320 |
| 471 | Ashtrom Group Ltd. | 9906 |
| 154 | Azrieli Group Ltd. | 15283 |
| 10509 | Bank Hapoalim BM | 213594 |
| 14537 | Bank Leumi Le-Israel BM | 286553 |
| 133 | Bet Shemesh Engines Holdings 1997 Ltd.\* | 27273 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Israel (Continued)** |  |
| 22557 | Bezeq The Israeli Telecommunication Corp. Ltd. | $43225 |
| 92 | Big Shopping Centers Ltd. | 18902 |
| 124 | Blue Square Real Estate Ltd. | 13545 |
| 2419 | Carasso Motors Ltd. | 29608 |
| 3153 | Cellcom Israel Ltd.\* | 31395 |
| 1006 | Clal Insurance Enterprises Holdings Ltd. | 51542 |
| 142 | Danel Adir Yeoshua Ltd. | 21775 |
| 260 | Delek Automotive Systems Ltd. | 1917 |
| 153 | Delek Group Ltd. | 36987 |
| 208 | Delta Galil Ltd. | 10933 |
| 4033 | Doral Group Renewable Energy Resources Ltd.\* | 20675 |
| 5933 | El Al Israel Airlines\* | 27030 |
| 37 | Elbit Systems Ltd.† | 18863 |
| 30 | Electra Ltd. | 17477 |
| 111 | Enlight Renewable Energy Ltd.\* | 3415 |
| 50 | Equital Ltd.\* | 2186 |
| 1 | Fattal Holdings 1998 Ltd.\* | 167 |
| 699 | First International Bank of Israel Ltd. | 50037 |
| 122 | Formula Systems 1985 Ltd., ADR† | 17324 |
| 81 | Fox Wizel Ltd. | 8574 |
| 1072 | Harel Insurance Investments & Financial Services Ltd. | 36120 |
| 313 | Hilan Ltd. | 24154 |
| 1012 | ICL Group Ltd. | 6325 |
| 380 | IDI Insurance Co. Ltd. | 23450 |
| 3574 | Inrom Construction Industries Ltd. | 23523 |
| 1 | Isracard Ltd. | 2 |
| 11469 | Israel Discount Bank Ltd., Class A | 113367 |
| 50 | Isras Investment Co. Ltd. | 13314 |
| 302 | Kenon Holdings Ltd. | 13522 |
| 955 | Kvutzat Acro Ltd. | 13425 |
| 521 | Lapidoth Capital Ltd. | 12678 |
| 325 | M Yochananof & Sons Ltd. | 27033 |
| 267 | Matrix IT Ltd. | 9391 |
| 252 | Mega Or Holdings Ltd. | 13649 |
| 2116 | Meitav Investment House Ltd. | 60052 |
| 526 | Menora Mivtachim Holdings Ltd. | 51612 |
| 8220 | Mivne Real Estate KD Ltd. | 32064 |
| 1572 | Mizrahi Tefahot Bank Ltd. | 103417 |
| 518 | Neto Malinda Trading Ltd. | 20784 |
| 747 | Next Vision Stabilized Systems Ltd. | 33829 |
| 156 | Nice Ltd.\* | 22984 |
| 12 | Nice Ltd., ADR\* | 1737 |
| 58 | Nova Ltd.\* | 18378 |
| 1226 | One Software Technologies Ltd. | 29941 |
| 1134 | OPC Energy Ltd.\* | 17937 |
| 564 | OY Nofar Energy Ltd.\* | 17964 |
| 2855 | Partner Communications Co. Ltd. | 27324 |
| 109 | Paz Retail & Energy Ltd. | 22338 |
| 1791 | Phoenix Financial Ltd. | 67050 |
| 394 | Prashkovsky Investments & Construction Ltd. | 15857 |
| 282 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 25993 |
| 1204 | Retailors Ltd. | 23319 |
| 1415 | Shapir Engineering & Industry Ltd. | 11569 |
| 5468 | Shikun & Binui Ltd.\* | 24927 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Israel (Continued)** |  |
| 2661 | Shufersal Ltd. | $31340 |
| 1975 | Tamar Petroleum Ltd.# | 27131 |
| 1120 | Tel Aviv Stock Exchange Ltd. | 25831 |
| 473 | Teva Pharmaceutical Industries Ltd.\* | 9197 |
| 6714 | Teva Pharmaceutical Industries Ltd., ADR\* | 135623 |
| 160 | Tower Semiconductor Ltd.\* | 11568 |
| 2836 | Veridis Environment Ltd.\* | 20121 |
|  |  | 2265957 |
|  | **Italy—2.2%** |  |
| 62353 | A2A SpA | 163029 |
| 2124 | ACEA SpA† | 51220 |
| 2261 | Amplifon SpA† | 36778 |
| 4544 | Azimut Holding SpA | 175678 |
| 1967 | Banca Generali SpA | 109510 |
| 2764 | Banca Mediolanum SpA | 55329 |
| 4690 | Banca Monte dei Paschi di Siena SpA† | 41517 |
| 14608 | Banco BPM SpA | 218241 |
| 20519 | BPER Banca SpA | 227316 |
| 1134 | Brunello Cucinelli SpA† | 123818 |
| 2416 | Buzzi SpA | 132635 |
| 3914 | Credito Emiliano SpA | 62955 |
| 5293 | Davide Campari-Milano NV† | 33371 |
| 1614 | De' Longhi SpA | 58326 |
| 80669 | Enel SpA | 763927 |
| 17540 | Eni SpA | 306133 |
| 562 | Ferrari NV | 271580 |
| 5782 | FinecoBank Banca Fineco SpA | 124940 |
| 1236 | Generali | 48482 |
| 30199 | Hera SpA | 135793 |
| 1311 | Interpump Group SpA | 59997 |
| 37367 | Intesa Sanpaolo SpA | 246290 |
| 17564 | Iren SpA | 54316 |
| 16195 | Italgas SpA | 148973 |
| 7657 | Iveco Group NV | 165006 |
| 931 | Leonardo SpA | 59046 |
| 737 | Lottomatica Group SpA | 19832 |
| 2387 | Maire SpA | 35311 |
| 1371 | Moncler SpA | 80272 |
| 20578 | Nexi SpA†, # | 116353 |
| 15698 | Pirelli & C SpA# | 106785 |
| 2463 | Poste Italiane SpA# | 58383 |
| 1227 | Prysmian SpA | 121266 |
| 1690 | Recordati Industria Chimica e Farmaceutica SpA | 102580 |
| 624 | Reply SpA | 88792 |
| 55163 | Saipem SpA† | 159126 |
| 13537 | Snam SpA | 81341 |
| 756 | SOL SpA | 45000 |
| 13056 | Stellantis NV | 120543 |
| 425403 | Telecom Italia SpA\* | 222403 |
| 1807 | Tenaris SA | 32226 |
| 582 | Tenaris SA, ADR | 20818 |
| 8182 | Terna - Rete Elettrica Nazionale | 82977 |
| 6400 | UniCredit SpA | 484423 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Italy (Continued)** |  |
| 4056 | Unipol Assicurazioni SpA | $86953 |
| 12239 | Webuild SpA† | 50809 |
|  |  | 5990399 |
|  | **Japan—14.5%** |  |
| 2500 | 77 Bank Ltd. | 104490 |
| 800 | ABC-Mart, Inc. | 15869 |
| 3100 | ADEKA Corp. | 69196 |
| 4000 | Advantest Corp. | 396254 |
| 12585 | Aeon Co. Ltd. | 152754 |
| 2600 | AGC, Inc. | 84829 |
| 1300 | Ai Holdings Corp. | 24631 |
| 2500 | Aica Kogyo Co. Ltd. | 62954 |
| 900 | Ain Holdings, Inc. | 42479 |
| 3100 | Air Water, Inc. | 53349 |
| 5100 | Aisin Corp. | 88285 |
| 3000 | Ajinomoto Co., Inc. | 86134 |
| 2500 | Alfresa Holdings Corp. | 35779 |
| 8800 | Alps Alpine Co. Ltd.† | 111662 |
| 2600 | ALSOK Co. Ltd. | 19621 |
| 2700 | Amada Co. Ltd.† | 33238 |
| 1900 | Amano Corp. | 53948 |
| 500 | ANA Holdings, Inc. | 9673 |
| 400 | Anycolor, Inc. | 15228 |
| 1800 | Aozora Bank Ltd.† | 28177 |
| 1900 | Arcs Co. Ltd. | 40599 |
| 1000 | Artience Co. Ltd. | 21165 |
| 2200 | As One Corp. | 36522 |
| 7500 | Asahi Group Holdings Ltd. | 90045 |
| 1600 | Asahi Intecc Co. Ltd. | 25982 |
| 15000 | Asahi Kasei Corp. | 118115 |
| 4400 | Asics Corp. | 115203 |
| 1400 | ASKUL Corp. | 14844 |
| 10200 | Astellas Pharma, Inc. | 110391 |
| 1800 | AZ-COM MARUWA Holdings, Inc. | 13011 |
| 4400 | Azbil Corp. | 41758 |
| 2900 | Bandai Namco Holdings, Inc. | 96578 |
| 1000 | BayCurrent, Inc. | 58829 |
| 3800 | Bic Camera, Inc. | 42038 |
| 900 | BIPROGY, Inc. | 36746 |
| 4300 | Bridgestone Corp. | 199117 |
| 2300 | Brother Industries Ltd. | 38547 |
| 1800 | Bunka Shutter Co. Ltd. | 27776 |
| 400 | C Uyemura & Co. Ltd. | 31646 |
| 2200 | Calbee, Inc.† | 42487 |
| 500 | Canon Marketing Japan, Inc. | 20249 |
| 3700 | Canon, Inc. | 108509 |
| 2100 | Capcom Co. Ltd. | 57127 |
| 2700 | Casio Computer Co. Ltd.† | 22201 |
| 2500 | Central Japan Railway Co. | 71728 |
| 3700 | Chiba Bank Ltd. | 38893 |
| 3800 | Chubu Electric Power Co., Inc. | 52894 |
| 3600 | Chugai Pharmaceutical Co. Ltd. | 156965 |
| 5900 | Chugin Financial Group, Inc. | 87053 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 6100 | Chugoku Electric Power Co., Inc.† | $34785 |
| 700 | Chugoku Marine Paints Ltd.† | 16969 |
| 8700 | Citizen Watch Co. Ltd.† | 59006 |
| 3000 | CKD Corp. | 55888 |
| 1200 | Coca-Cola Bottlers Japan Holdings, Inc. | 21381 |
| 2500 | Colowide Co. Ltd.† | 30936 |
| 900 | COMSYS Holdings Corp. | 22463 |
| 8000 | Concordia Financial Group Ltd. | 61507 |
| 2000 | Cosmo Energy Holdings Co. Ltd. | 48430 |
| 400 | Cosmos Pharmaceutical Corp. | 23370 |
| 9600 | Create Restaurants Holdings, Inc. | 50244 |
| 1700 | Create SD Holdings Co. Ltd. | 38165 |
| 1800 | CyberAgent, Inc.† | 21617 |
| 1300 | Cybozu, Inc. | 29976 |
| 1500 | Dai Nippon Printing Co. Ltd. | 25515 |
| 1000 | Dai-Dan Co. Ltd. | 41857 |
| 18600 | Dai-ichi Life Holdings, Inc. | 146652 |
| 7800 | Daicel Corp.† | 71178 |
| 5600 | Daido Steel Co. Ltd. | 48413 |
| 1800 | Daifuku Co. Ltd. | 57730 |
| 700 | Daihen Corp. | 38956 |
| 1900 | Daiichi Sankyo Co. Ltd. | 42591 |
| 4200 | Daiichikosho Co. Ltd. | 47500 |
| 1300 | Daikin Industries Ltd.† | 150144 |
| 2280 | Daiseki Co. Ltd.† | 52727 |
| 8400 | Daishi Hokuetsu Financial Group, Inc. | 81509 |
| 3000 | Daito Trust Construction Co. Ltd. | 65828 |
| 5300 | Daiwa House Industry Co. Ltd. | 190662 |
| 4700 | Daiwa Securities Group, Inc. | 38217 |
| 4300 | Daiwabo Holdings Co. Ltd.† | 85849 |
| 5300 | DCM Holdings Co. Ltd. | 57449 |
| 3700 | Denka Co. Ltd.† | 57132 |
| 9800 | Denso Corp. | 141515 |
| 900 | Dentsu Group, Inc. | 19706 |
| 400 | Dentsu Soken, Inc. | 17554 |
| 3000 | Dexerials Corp. | 46181 |
| 3600 | DIC Corp. | 88853 |
| 500 | Disco Corp. | 157251 |
| 3100 | DMG Mori Co. Ltd. | 62363 |
| 2500 | Dowa Holdings Co. Ltd. | 91253 |
| 6000 | DTS Corp. | 53149 |
| 3300 | East Japan Railway Co. | 80779 |
| 4400 | Ebara Corp. | 100654 |
| 2100 | EDION Corp.† | 30743 |
| 1400 | Eisai Co. Ltd. | 47097 |
| 1200 | Elecom Co. Ltd. | 14979 |
| 1800 | Electric Power Development Co. Ltd. | 33770 |
| 19500 | ENEOS Holdings, Inc. | 123934 |
| 1000 | Exedy Corp. | 35162 |
| 8600 | EXEO Group, Inc. | 124564 |
| 1900 | Ezaki Glico Co. Ltd. | 65049 |
| 1300 | FANUC Corp. | 37466 |
| 1000 | Fast Retailing Co. Ltd. | 304561 |
| 1200 | Food & Life Cos. Ltd. | 62781 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 1400 | FP Corp. | $23828 |
| 900 | Fuji Co. Ltd.† | 12293 |
| 3300 | Fuji Corp.† | 60250 |
| 1400 | Fuji Electric Co. Ltd. | 94138 |
| 500 | Fuji Kyuko Co. Ltd. | 8699 |
| 700 | Fuji Oil Co. Ltd. | 16988 |
| 1900 | Fuji Seal International, Inc. | 36603 |
| 2800 | FUJIFILM Holdings Corp. | 69695 |
| 1400 | Fujikura Ltd. | 136843 |
| 900 | Fujimi, Inc. | 13182 |
| 5900 | Fujitsu Ltd. | 138997 |
| 400 | Fukuda Denshi Co. Ltd. | 18230 |
| 1200 | Fukuoka Financial Group, Inc. | 36012 |
| 600 | Fukuyama Transporting Co. Ltd.† | 14931 |
| 1000 | Furukawa Electric Co. Ltd. | 61615 |
| 900 | Fuso Chemical Co. Ltd.† | 29820 |
| 2000 | Future Corp. | 31389 |
| 3000 | Glory Ltd.† | 74308 |
| 700 | GMO Payment Gateway, Inc. | 39273 |
| 1200 | Goldwin, Inc.† | 20440 |
| 3800 | GS Yuasa Corp. | 89935 |
| 3900 | Gunma Bank Ltd. | 43553 |
| 3000 | H.U. Group Holdings, Inc.† | 69277 |
| 3400 | H2O Retailing Corp.† | 49913 |
| 5000 | Hachijuni Bank Ltd. | 52270 |
| 7300 | Hakuhodo DY Holdings, Inc. | 58668 |
| 1800 | Hamamatsu Photonics KK | 19535 |
| 1900 | Hankyu Hanshin Holdings, Inc. | 56068 |
| 1500 | Hanwa Co. Ltd.† | 63901 |
| 500 | Happinet Corp. | 23329 |
| 3500 | Haseko Corp. | 59795 |
| 6300 | Hazama Ando Corp. | 71314 |
| 2300 | Heiwa Corp.† | 32723 |
| 700 | Heiwado Co. Ltd. | 13765 |
| 12900 | Hino Motors Ltd.\* | 33749 |
| 10000 | Hirogin Holdings, Inc. | 97779 |
| 200 | Hirose Electric Co. Ltd. | 24925 |
| 1000 | HIS Co. Ltd.† | 9501 |
| 900 | Hitachi Construction Machinery Co. Ltd.† | 28810 |
| 23600 | Hitachi Ltd. | 627163 |
| 6200 | Hokkaido Electric Power Co., Inc.† | 45446 |
| 3000 | Hokuetsu Corp.† | 20205 |
| 2800 | Hokuhoku Financial Group, Inc. | 73330 |
| 2300 | Hokuriku Electric Power Co.† | 13148 |
| 24800 | Honda Motor Co. Ltd.† | 256745 |
| 600 | Horiba Ltd. | 50877 |
| 600 | Hoshizaki Corp. | 22542 |
| 2500 | House Foods Group, Inc. | 49033 |
| 2000 | Hoya Corp. | 276904 |
| 4400 | Hulic Co. Ltd.† | 48200 |
| 8400 | Hyakugo Bank Ltd.† | 51973 |
| 700 | Ibiden Co. Ltd. | 42525 |
| 3300 | Ichibanya Co. Ltd.† | 20931 |
| 4400 | Idemitsu Kosan Co. Ltd.† | 30229 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 3500 | IHI Corp. | $65321 |
| 1100 | Iida Group Holdings Co. Ltd.† | 17565 |
| 1900 | Inaba Denki Sangyo Co. Ltd. | 54064 |
| 1500 | Inabata & Co. Ltd. | 35399 |
| 11712 | INFRONEER Holdings, Inc.† | 121884 |
| 13200 | Inpex Corp. | 238588 |
| 1200 | Internet Initiative Japan, Inc. | 21248 |
| 1500 | Isetan Mitsukoshi Holdings Ltd.† | 27721 |
| 7800 | Isuzu Motors Ltd. | 98604 |
| 1900 | Ito En Ltd. | 44723 |
| 4100 | ITOCHU Corp. | 233604 |
| 2700 | Itochu Enex Co. Ltd. | 36113 |
| 680 | Itoham Yonekyu Holdings, Inc. | 26164 |
| 9300 | Iwatani Corp. | 101688 |
| 1900 | Iyogin Holdings, Inc. | 28850 |
| 1900 | Izumi Co. Ltd. | 41948 |
| 3500 | J. Front Retailing Co. Ltd. | 58458 |
| 1200 | JAC Recruitment Co. Ltd. | 8788 |
| 1400 | Japan Airlines Co. Ltd. | 28240 |
| 1900 | Japan Airport Terminal Co. Ltd. | 60680 |
| 1800 | Japan Aviation Electronics Industry Ltd.† | 30612 |
| 4400 | Japan Elevator Service Holdings Co. Ltd. | 55846 |
| 7200 | Japan Exchange Group, Inc. | 80454 |
| 1200 | Japan Material Co. Ltd. | 14833 |
| 7800 | Japan Post Holdings Co. Ltd. | 77533 |
| 1000 | Japan Post Insurance Co. Ltd. | 28353 |
| 3000 | Japan Securities Finance Co. Ltd. | 37793 |
| 400 | Japan Steel Works Ltd. | 24343 |
| 1800 | Japan Tobacco, Inc. | 59178 |
| 1600 | Jeol Ltd. | 54972 |
| 4400 | JFE Holdings, Inc.† | 54046 |
| 4100 | JTEKT Corp. | 40769 |
| 1300 | Juroku Financial Group, Inc. | 48524 |
| 1000 | Justsystems Corp. | 32424 |
| 7700 | JVCKenwood Corp. | 60086 |
| 6900 | K's Holdings Corp. | 74559 |
| 800 | Kadokawa Corp. | 19512 |
| 2000 | Kaga Electronics Co. Ltd. | 47943 |
| 2900 | Kagome Co. Ltd. | 56457 |
| 1400 | Kajima Corp. | 40859 |
| 1500 | Kakaku.com, Inc. | 25753 |
| 400 | Kamigumi Co. Ltd. | 12150 |
| 7000 | Kanadevia Corp. | 48423 |
| 500 | Kanamoto Co. Ltd. | 12172 |
| 1500 | Kandenko Co. Ltd.† | 41140 |
| 2000 | Kaneka Corp.† | 56909 |
| 4100 | Kanematsu Corp. | 86389 |
| 4100 | Kansai Electric Power Co., Inc. | 58734 |
| 4700 | Kansai Paint Co. Ltd.† | 76641 |
| 1500 | Kao Corp. | 65433 |
| 1800 | Katitas Co. Ltd.† | 34117 |
| 800 | Kato Sangyo Co. Ltd. | 31538 |
| 900 | Kawasaki Heavy Industries Ltd.† | 59458 |
| 28400 | KDDI Corp. | 453313 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 1800 | Keihan Holdings Co. Ltd. | $40897 |
| 2300 | Keikyu Corp.† | 23344 |
| 700 | Keio Corp. | 18105 |
| 1800 | Keisei Electric Railway Co. Ltd.† | 16693 |
| 900 | Kewpie Corp. | 24581 |
| 400 | Keyence Corp. | 149251 |
| 3300 | Kikkoman Corp.† | 28005 |
| 1500 | Kintetsu Group Holdings Co. Ltd.† | 31271 |
| 5200 | Kirin Holdings Co. Ltd. | 76215 |
| 1700 | Kiyo Bank Ltd.† | 33751 |
| 1300 | Kobe Bussan Co. Ltd. | 35725 |
| 4600 | Kobe Steel Ltd.† | 54388 |
| 1800 | Koito Manufacturing Co. Ltd. | 27289 |
| 1100 | Kokusai Electric Corp. | 31233 |
| 11600 | Kokuyo Co. Ltd. | 69105 |
| 8600 | Komatsu Ltd. | 300071 |
| 900 | KOMEDA Holdings Co. Ltd. | 18927 |
| 1900 | Komeri Co. Ltd.† | 42398 |
| 600 | Konami Group Corp. | 86621 |
| 21400 | Konica Minolta, Inc. | 76420 |
| 1200 | Konoike Transport Co. Ltd. | 26615 |
| 500 | Kose Corp. | 20046 |
| 3800 | Kotobuki Spirits Co. Ltd. | 46638 |
| 7800 | Kubota Corp. | 98261 |
| 3600 | Kumagai Gumi Co. Ltd.† | 30526 |
| 500 | Kura Sushi, Inc.† | 11495 |
| 4700 | Kuraray Co. Ltd. | 54140 |
| 1200 | Kureha Corp.† | 30997 |
| 800 | Kurita Water Industries Ltd. | 27313 |
| 1700 | Kusuri No. Aoki Holdings Co. Ltd. | 46039 |
| 1300 | KYB Corp.† | 34503 |
| 2500 | Kyoritsu Maintenance Co. Ltd.† | 54012 |
| 2400 | Kyoto Financial Group, Inc. | 51056 |
| 1800 | Kyowa Kirin Co. Ltd. | 27976 |
| 600 | Kyudenko Corp. | 29025 |
| 3100 | Kyushu Electric Power Co., Inc.† | 31014 |
| 9600 | Kyushu Financial Group, Inc. | 59131 |
| 1200 | Kyushu Railway Co. | 31800 |
| 600 | Lasertec Corp. | 82382 |
| 5600 | Leopalace21 Corp. | 27037 |
| 2100 | Life Corp. | 35884 |
| 2200 | Lintec Corp. | 54150 |
| 3100 | Lion Corp. | 32376 |
| 3000 | Lixil Corp.† | 36921 |
| 8500 | LY Corp. | 27365 |
| 2200 | M3, Inc. | 35495 |
| 3100 | Mabuchi Motor Co. Ltd. | 54292 |
| 7000 | Macnica Holdings, Inc. | 97177 |
| 600 | Makino Milling Machine Co. Ltd. | 46496 |
| 900 | Makita Corp. | 29248 |
| 2300 | Mani, Inc. | 19791 |
| 2200 | Marubeni Corp. | 55013 |
| 2000 | Maruha Nichiro Corp. | 46401 |
| 2000 | Marui Group Co. Ltd.† | 42925 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 100 | Maruwa Co. Ltd. | $26169 |
| 4100 | Matsui Securities Co. Ltd.† | 21292 |
| 3020 | MatsukiyoCocokara & Co. | 61345 |
| 200 | Matsuyafoods Holdings Co. Ltd. | 8114 |
| 1000 | Max Co. Ltd. | 38138 |
| 5700 | Mazda Motor Corp.† | 41665 |
| 500 | McDonald's Holdings Co. Japan Ltd. | 20996 |
| 9000 | Mebuki Financial Group, Inc. | 57584 |
| 1600 | Medipal Holdings Corp. | 27573 |
| 900 | Medley, Inc.†, \* | 14819 |
| 2400 | Megmilk Snow Brand Co. Ltd. | 48054 |
| 1700 | Meidensha Corp. | 67708 |
| 2100 | MEIJI Holdings Co. Ltd. | 43538 |
| 900 | Meiko Electronics Co. Ltd. | 59824 |
| 2600 | MEITEC Group Holdings, Inc. | 56119 |
| 2200 | Mercari, Inc.\* | 33859 |
| 1000 | Micronics Japan Co. Ltd. | 39761 |
| 3500 | Minebea Mitsumi, Inc.† | 66019 |
| 3400 | Mirait One Corp. | 66329 |
| 2100 | MISUMI Group, Inc. | 32753 |
| 1000 | Mitani Corp. | 14511 |
| 15500 | Mitsubishi Chemical Group Corp. | 89226 |
| 7300 | Mitsubishi Corp. | 174300 |
| 6900 | Mitsubishi Electric Corp. | 177440 |
| 3300 | Mitsubishi Estate Co. Ltd. | 75937 |
| 1500 | Mitsubishi Gas Chemical Co., Inc. | 26803 |
| 7100 | Mitsubishi Heavy Industries Ltd. | 186232 |
| 800 | Mitsubishi Logisnext Co. Ltd.† | 9818 |
| 4100 | Mitsubishi Logistics Corp. | 33616 |
| 3900 | Mitsubishi Materials Corp.† | 73261 |
| 16900 | Mitsubishi Motors Corp.† | 45940 |
| 38500 | Mitsubishi UFJ Financial Group, Inc. | 623248 |
| 1700 | Mitsui Chemicals, Inc. | 42556 |
| 4400 | Mitsui E&S Co. Ltd.† | 133144 |
| 6700 | Mitsui Fudosan Co. Ltd. | 73078 |
| 1200 | Mitsui Mining & Smelting Co. Ltd.† | 93356 |
| 2400 | Mitsui-Soko Holdings Co. Ltd.† | 67106 |
| 2500 | Miura Co. Ltd. | 49185 |
| 10390 | Mizuho Financial Group, Inc. | 350443 |
| 2100 | Mizuno Corp.† | 37929 |
| 900 | Monogatari Corp. | 25986 |
| 2900 | MonotaRO Co. Ltd. | 42279 |
| 2600 | Morinaga & Co. Ltd. | 46054 |
| 3100 | Morinaga Milk Industry Co. Ltd.† | 72613 |
| 6500 | MS&AD Insurance Group Holdings, Inc. | 147507 |
| 5900 | Murata Manufacturing Co. Ltd. | 112327 |
| 1500 | Musashi Seimitsu Industry Co. Ltd.† | 34993 |
| 2800 | Nabtesco Corp. | 63409 |
| 3400 | Nagase & Co. Ltd. | 73617 |
| 4900 | Nagoya Railroad Co. Ltd. | 58564 |
| 2500 | Nakanishi, Inc. | 34622 |
| 1800 | Namura Shipbuilding Co. Ltd.† | 41566 |
| 2700 | Nankai Electric Railway Co. Ltd. | 50938 |
| 4400 | NEC Corp. | 140999 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 1300 | Nexon Co. Ltd. | $28543 |
| 3900 | NGK Insulators Ltd. | 65389 |
| 1000 | NH Foods Ltd. | 39652 |
| 5400 | NHK Spring Co. Ltd. | 81282 |
| 1500 | Nichias Corp. | 56375 |
| 6000 | Nichirei Corp. | 70433 |
| 4300 | NIDEC Corp. | 76573 |
| 1900 | Nifco, Inc. | 57430 |
| 10300 | Nihon M&A Center Holdings, Inc. | 52606 |
| 1200 | Nikkon Holdings Co. Ltd.† | 27686 |
| 4500 | Nikon Corp.† | 52490 |
| 700 | Nintendo Co. Ltd. | 60611 |
| 1900 | Nippn Corp. | 29781 |
| 3300 | Nippon Electric Glass Co. Ltd. | 108360 |
| 4800 | Nippon Express Holdings, Inc. | 109090 |
| 3500 | Nippon Gas Co. Ltd. | 65510 |
| 5700 | Nippon Kayaku Co. Ltd. | 53556 |
| 6200 | Nippon Paint Holdings Co. Ltd. | 42344 |
| 1300 | Nippon Sanso Holdings Corp. | 46124 |
| 2600 | Nippon Shinyaku Co. Ltd. | 58598 |
| 4500 | Nippon Shokubai Co. Ltd. | 55503 |
| 1800 | Nippon Soda Co. Ltd.† | 41992 |
| 33000 | Nippon Steel Corp.† | 136008 |
| 8500 | Nipro Corp. | 86532 |
| 4800 | Nishi-Nippon Financial Holdings, Inc. | 81469 |
| 2400 | Nishi-Nippon Railroad Co. Ltd. | 37935 |
| 1000 | Nishimatsu Construction Co. Ltd. | 35446 |
| 800 | Nishimatsuya Chain Co. Ltd. | 11571 |
| 1800 | Nissan Chemical Corp. | 65362 |
| 12700 | Nissan Motor Co. Ltd.†, \* | 31242 |
| 800 | Nisshin Oillio Group Ltd. | 28130 |
| 1400 | Nisshin Seifun Group, Inc. | 17192 |
| 7800 | Nisshinbo Holdings, Inc. | 60049 |
| 1800 | Nissin Foods Holdings Co. Ltd.† | 33910 |
| 16100 | Nissui Corp. | 113495 |
| 2000 | Niterra Co. Ltd. | 77276 |
| 2000 | Nitori Holdings Co. Ltd. | 38591 |
| 400 | Nitto Boseki Co. Ltd.† | 17852 |
| 5900 | Nitto Denko Corp. | 140314 |
| 700 | Nitto Kogyo Corp.† | 17135 |
| 300 | Noevir Holdings Co. Ltd.† | 9058 |
| 2100 | NOF Corp. | 36736 |
| 4500 | Nojima Corp. | 123390 |
| 16900 | Nomura Holdings, Inc. | 124049 |
| 7500 | Nomura Real Estate Holdings, Inc. | 47880 |
| 2200 | Nomura Research Institute Ltd. | 84394 |
| 14600 | North Pacific Bank Ltd. | 73748 |
| 2000 | NSD Co. Ltd. | 47037 |
| 9700 | NSK Ltd.† | 50138 |
| 10100 | NTN Corp.† | 23248 |
| 104100 | NTT, Inc. | 108897 |
| 3100 | Obayashi Corp. | 50917 |
| 1000 | Obic Co. Ltd. | 34851 |
| 2100 | Odakyu Electric Railway Co. Ltd. | 23636 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 900 | Ohsho Food Service Corp. | $22518 |
| 7400 | Oji Holdings Corp. | 40481 |
| 2700 | Okamura Corp. | 42868 |
| 4600 | Okasan Securities Group, Inc.† | 21276 |
| 2000 | Okinawa Cellular Telephone Co. | 35325 |
| 2200 | OKUMA Corp.† | 50282 |
| 1400 | Okumura Corp.† | 44778 |
| 4700 | Olympus Corp. | 59463 |
| 1200 | Omron Corp.† | 33026 |
| 1800 | Ono Pharmaceutical Co. Ltd.† | 20728 |
| 900 | Open House Group Co. Ltd. | 46587 |
| 3300 | Open Up Group, Inc. | 40523 |
| 300 | Oracle Corp. | 30632 |
| 400 | Organo Corp. | 30672 |
| 3300 | Oriental Land Co. Ltd. | 79596 |
| 2100 | Osaka Gas Co. Ltd. | 60905 |
| 2900 | OSG Corp. | 41592 |
| 1400 | Otsuka Corp. | 29234 |
| 2100 | Otsuka Holdings Co. Ltd. | 111600 |
| 1600 | PAL GROUP Holdings Co. Ltd. | 27156 |
| 1200 | PALTAC Corp. | 37578 |
| 12500 | Pan Pacific International Holdings Corp. | 82412 |
| 16800 | Panasonic Holdings Corp. | 182899 |
| 700 | Paramount Bed Holdings Co. Ltd. | 17182 |
| 4400 | Park24 Co. Ltd. | 56233 |
| 12800 | Penta-Ocean Construction Co. Ltd. | 100922 |
| 2400 | PeptiDream, Inc.†, \* | 25520 |
| 26000 | Persol Holdings Co. Ltd. | 47417 |
| 1100 | PHC Holdings Corp. | 7282 |
| 4400 | Pigeon Corp. | 52796 |
| 1200 | Pilot Corp. | 38949 |
| 700 | Raito Kogyo Co. Ltd. | 15265 |
| 2600 | Rakus Co. Ltd. | 23875 |
| 700 | Rakuten Bank Ltd.\* | 39141 |
| 4200 | Rakuten Group, Inc.\* | 27262 |
| 7900 | Recruit Holdings Co. Ltd. | 425383 |
| 4200 | Relo Group, Inc. | 50681 |
| 8800 | Renesas Electronics Corp. | 101517 |
| 10700 | Rengo Co. Ltd.† | 67643 |
| 7900 | Resona Holdings, Inc. | 80691 |
| 2800 | Resonac Holdings Corp. | 95066 |
| 5200 | Resorttrust, Inc. | 66035 |
| 6400 | Ricoh Co. Ltd.† | 56541 |
| 1200 | Rinnai Corp. | 28449 |
| 2800 | Rohm Co. Ltd.† | 41881 |
| 1500 | Rohto Pharmaceutical Co. Ltd. | 25221 |
| 3000 | Rorze Corp. | 45106 |
| 2600 | Round One Corp. | 22979 |
| 1000 | Royal Holdings Co. Ltd.† | 18508 |
| 4200 | Ryohin Keikaku Co. Ltd. | 83639 |
| 1164 | Ryoyo Ryosan Holdings, Inc. | 23495 |
| 1100 | Saizeriya Co. Ltd. | 37042 |
| 1100 | Sakata Seed Corp. | 27112 |
| 600 | San-A Co. Ltd. | 11299 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 5700 | San-In Godo Bank Ltd.† | $53074 |
| 1800 | Sangetsu Corp. | 37793 |
| 1300 | Sanken Electric Co. Ltd.†, \* | 63205 |
| 900 | Sanki Engineering Co. Ltd.† | 30003 |
| 3000 | Sankyo Co. Ltd. | 52166 |
| 1300 | Sankyu, Inc. | 71204 |
| 1300 | Sanrio Co. Ltd.† | 61104 |
| 3600 | Santen Pharmaceutical Co. Ltd. | 39911 |
| 1600 | Sanwa Holdings Corp. | 45830 |
| 600 | Sapporo Holdings Ltd. | 29987 |
| 4800 | Sawai Group Holdings Co. Ltd.† | 65061 |
| 1700 | SBI Holdings, Inc. | 73985 |
| 600 | SCREEN Holdings Co. Ltd.† | 54610 |
| 1600 | SCSK Corp. | 47918 |
| 2200 | Secom Co. Ltd. | 80705 |
| 300 | Sega Sammy Holdings, Inc. | 6321 |
| 1900 | Seibu Holdings, Inc. | 68774 |
| 2400 | Seiko Epson Corp. | 30802 |
| 1400 | Seiko Group Corp. | 61913 |
| 1200 | Seino Holdings Co. Ltd.† | 17689 |
| 1700 | Seiren Co. Ltd. | 35061 |
| 2700 | Sekisui Chemical Co. Ltd. | 50299 |
| 3200 | Sekisui House Ltd. | 72857 |
| 6200 | Senko Group Holdings Co. Ltd. | 85274 |
| 1700 | Seria Co. Ltd. | 35693 |
| 23200 | Seven & i Holdings Co. Ltd. | 312345 |
| 22100 | Seven Bank Ltd.† | 43666 |
| 3200 | SG Holdings Co. Ltd.† | 33085 |
| 1200 | Sharp Corp.\* | 6734 |
| 2900 | SHIFT, Inc.\* | 24512 |
| 1900 | Shiga Bank Ltd.† | 87108 |
| 4500 | Shikoku Electric Power Co., Inc. | 40014 |
| 1700 | Shimadzu Corp. | 42935 |
| 200 | Shimano, Inc. | 22450 |
| 3500 | Shimizu Corp. | 49216 |
| 9900 | Shin-Etsu Chemical Co. Ltd. | 324879 |
| 1700 | Shionogi & Co. Ltd. | 29790 |
| 3700 | Ship Healthcare Holdings, Inc. | 57094 |
| 1200 | Shiseido Co. Ltd. | 20505 |
| 2500 | Shizuoka Financial Group, Inc. | 34343 |
| 1300 | SHO-BOND Holdings Co. Ltd. | 42775 |
| 1400 | Simplex Holdings, Inc. | 41133 |
| 400 | Sinfonia Technology Co. Ltd. | 24668 |
| 7900 | SKY Perfect JSAT Holdings, Inc. | 74521 |
| 2300 | Skylark Holdings Co. Ltd. | 47575 |
| 100 | SMC Corp. | 30720 |
| 2800 | Socionext, Inc.† | 52825 |
| 151000 | SoftBank Corp. | 222286 |
| 1160 | Sojitz Corp.† | 30717 |
| 4300 | Sompo Holdings, Inc. | 133026 |
| 57500 | Sony Financial Group, Inc.\* | 63766 |
| 57500 | Sony Group Corp. | 1655966 |
| 3000 | Sotetsu Holdings, Inc. | 54062 |
| 300 | Square Enix Holdings Co. Ltd. | 6455 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 1900 | Starts Corp., Inc. | $65267 |
| 8400 | Subaru Corp. | 172107 |
| 1200 | Sugi Holdings Co. Ltd. | 28936 |
| 13300 | SUMCO Corp. | 141827 |
| 2000 | Sumitomo Bakelite Co. Ltd. | 67120 |
| 10600 | Sumitomo Chemical Co. Ltd. | 33409 |
| 4300 | Sumitomo Corp. | 124681 |
| 7200 | Sumitomo Electric Industries Ltd. | 205360 |
| 4800 | Sumitomo Forestry Co. Ltd. | 57174 |
| 3600 | Sumitomo Heavy Industries Ltd. | 86711 |
| 16800 | Sumitomo Mitsui Financial Group, Inc. | 474401 |
| 3800 | Sumitomo Mitsui Trust Group, Inc. | 110466 |
| 800 | Sumitomo Osaka Cement Co. Ltd.† | 21043 |
| 2100 | Sumitomo Realty & Development Co. Ltd. | 92756 |
| 2400 | Sumitomo Riko Co. Ltd. | 35801 |
| 2800 | Sumitomo Rubber Industries Ltd. | 34052 |
| 700 | Sundrug Co. Ltd. | 20529 |
| 800 | Suntory Beverage & Food Ltd. | 25019 |
| 6300 | Suruga Bank Ltd. | 65733 |
| 1600 | Suzuken Co. Ltd. | 62935 |
| 12700 | Suzuki Motor Corp. | 185538 |
| 1200 | SWCC Corp. | 63049 |
| 3900 | Sysmex Corp. | 48115 |
| 6800 | Systena Corp. | 24370 |
| 3400 | T&D Holdings, Inc. | 83273 |
| 1800 | Taiheiyo Cement Corp. | 46800 |
| 800 | Taikisha Ltd. | 15461 |
| 600 | Taisei Corp. | 41262 |
| 1700 | Taiyo Holdings Co. Ltd. | 92883 |
| 5500 | Taiyo Yuden Co. Ltd.† | 123102 |
| 6200 | Takara Holdings, Inc. | 73179 |
| 600 | Takasago Thermal Engineering Co. Ltd. | 16704 |
| 7200 | Takashimaya Co. Ltd.† | 82524 |
| 11800 | Takeda Pharmaceutical Co. Ltd. | 344301 |
| 1500 | Takeuchi Manufacturing Co. Ltd. | 52541 |
| 700 | Takuma Co. Ltd.† | 10622 |
| 4000 | Tamron Co. Ltd. | 27995 |
| 13000 | TDK Corp. | 188866 |
| 8400 | Teijin Ltd.† | 71484 |
| 2500 | Terumo Corp. | 41299 |
| 800 | THK Co. Ltd. | 22136 |
| 1200 | TIS, Inc. | 39631 |
| 700 | TKC Corp. | 20022 |
| 3100 | Toagosei Co. Ltd. | 31611 |
| 1500 | Tobu Railway Co. Ltd. | 26788 |
| 9400 | Toda Corp. | 64834 |
| 400 | Toho Co. Ltd. | 25696 |
| 1500 | Toho Gas Co. Ltd.† | 46232 |
| 1200 | Toho Holdings Co. Ltd.† | 44305 |
| 3300 | Tohoku Electric Power Co., Inc.† | 24011 |
| 9700 | Tokai Carbon Co. Ltd. | 67592 |
| 1600 | TOKAI Holdings Corp.† | 11263 |
| 3000 | Tokai Rika Co. Ltd. | 54306 |
| 13700 | Tokio Marine Holdings, Inc. | 580757 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 3100 | Tokuyama Corp.† | $77036 |
| 6100 | Tokyo Electric Power Co. Holdings, Inc.\* | 28635 |
| 2700 | Tokyo Electron Ltd. | 481266 |
| 1400 | Tokyo Gas Co. Ltd. | 49833 |
| 1400 | Tokyo Kiraboshi Financial Group, Inc. | 68350 |
| 700 | Tokyo Ohka Kogyo Co. Ltd. | 22948 |
| 1300 | Tokyo Seimitsu Co. Ltd. | 88390 |
| 2000 | Tokyo Steel Manufacturing Co. Ltd.† | 19718 |
| 2700 | Tokyo Tatemono Co. Ltd. | 54142 |
| 3000 | Tokyu Corp.† | 36596 |
| 9700 | Tokyu Fudosan Holdings Corp. | 80350 |
| 1500 | Tomy Co. Ltd. | 32458 |
| 9400 | Toray Industries, Inc. | 60086 |
| 500 | Toridoll Holdings Corp.† | 16236 |
| 1300 | Toshiba TEC Corp. | 26636 |
| 3600 | Tosoh Corp. | 53300 |
| 400 | Totetsu Kogyo Co. Ltd. | 11698 |
| 1000 | TOTO Ltd. | 26331 |
| 700 | Towa Pharmaceutical Co. Ltd.† | 13973 |
| 1000 | Toyo Seikan Group Holdings Ltd.† | 22822 |
| 500 | Toyo Suisan Kaisha Ltd. | 35754 |
| 2500 | Toyo Tire Corp. | 66454 |
| 3700 | Toyoda Gosei Co. Ltd. | 92122 |
| 2400 | Toyota Boshoku Corp. | 39834 |
| 50100 | Toyota Motor Corp. | 965344 |
| 5400 | Toyota Tsusho Corp. | 149784 |
| 500 | Transcosmos, Inc. | 12476 |
| 900 | Trend Micro, Inc. | 49295 |
| 3900 | Tsubakimoto Chain Co. | 56673 |
| 2000 | Tsumura & Co. | 48970 |
| 2500 | Tsuruha Holdings, Inc. | 40023 |
| 2400 | U-Next Holdings Co. Ltd. | 35022 |
| 6800 | UACJ Corp.† | 73893 |
| 4000 | UBE Corp.† | 61778 |
| 1600 | Ulvac, Inc. | 69773 |
| 5800 | Unicharm Corp. | 37627 |
| 3700 | Ushio, Inc. | 58283 |
| 3800 | USS Co. Ltd. | 43618 |
| 1000 | Valor Holdings Co. Ltd. | 19664 |
| 400 | Visional, Inc.\* | 30591 |
| 1600 | Wacoal Holdings Corp.† | 60977 |
| 1500 | Welcia Holdings Co. Ltd. | 27386 |
| 2400 | West Japan Railway Co. | 52630 |
| 400 | Workman Co. Ltd. | 16878 |
| 1100 | Yakult Honsha Co. Ltd.† | 17937 |
| 16700 | Yamada Holdings Co. Ltd. | 54814 |
| 2200 | Yamaguchi Financial Group, Inc. | 26815 |
| 2700 | Yamaha Corp.† | 17967 |
| 11400 | Yamaha Motor Co. Ltd. | 85566 |
| 2000 | Yamato Holdings Co. Ltd.† | 31998 |
| 1500 | Yamazaki Baking Co. Ltd. | 33391 |
| 1600 | Yamazen Corp. | 15104 |
| 400 | Yaoko Co. Ltd.\*, § | 25916 |
| 1200 | Yaskawa Electric Corp. | 25617 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Japan (Continued)** |  |
| 2100 | Yokogawa Electric Corp. | $60422 |
| 1600 | Yokohama Rubber Co. Ltd. | 59343 |
| 2000 | Yonex Co. Ltd. | 51256 |
| 1700 | Yoshinoya Holdings Co. Ltd.† | 34601 |
| 1300 | Yurtec Corp. | 23708 |
| 900 | Zensho Holdings Co. Ltd. | 58862 |
| 6200 | Zeon Corp.† | 69029 |
| 3000 | ZOZO, Inc. | 27589 |
|  |  | 40161737 |
|  | **Netherlands—2.4%** |  |
| 4092 | Aalberts NV | 134518 |
| 3361 | ABN AMRO Bank NV, CVA# | 107528 |
| 52 | Adyen NV\*, # | 83334 |
| 8208 | Aegon Ltd. | 65837 |
| 5954 | Aegon Ltd., Registered | 47573 |
| 4532 | Akzo Nobel NV | 322440 |
| 13946 | Allfunds Group PLC | 103889 |
| 1768 | Arcadis NV | 89049 |
| 2831 | ArcelorMittal SA | 101640 |
| 294 | ASM International NV | 176313 |
| 1963 | ASML Holding NV | 1908490 |
| 118 | ASML Holding NV, Registered | 114235 |
| 2907 | ASR Nederland NV | 197201 |
| 976 | BE Semiconductor Industries NV | 145354 |
| 1433 | Coca-Cola Europacific Partners PLC | 129714 |
| 2885 | CTP NV# | 64220 |
| 98 | HAL Trust | 15579 |
| 1514 | Heineken NV | 118062 |
| 1715 | IMCD NV | 177188 |
| 13780 | ING Groep NV | 357139 |
| 5180 | InPost SA\* | 63553 |
| 1082 | JDE Peet's NV | 39634 |
| 4524 | Just Eat Takeaway.com NV\*, # | 107237 |
| 8062 | Koninklijke Ahold Delhaize NV | 326076 |
| 50841 | Koninklijke KPN NV | 243953 |
| 3061 | Koninklijke Philips NV | 82800 |
| 1815 | Koninklijke Philips NV, Registered† | 49477 |
| 2715 | Koninklijke Vopak NV | 124442 |
| 3146 | NN Group NV | 221244 |
| 2899 | Prosus NV | 204010 |
| 3308 | Randstad NV | 140476 |
| 6164 | SBM Offshore NV | 157474 |
| 5242 | Universal Music Group NV | 151151 |
| 1919 | Wolters Kluwer NV | 261686 |
|  |  | 6632516 |
|  | **New Zealand—0.2%** |  |
| 5589 | a2 Milk Co. Ltd. | 32240 |
| 103494 | Air New Zealand Ltd. | 35700 |
| 7342 | Auckland International Airport Ltd. | 33541 |
| 7155 | Chorus Ltd. | 39656 |
| 3858 | Contact Energy Ltd. | 20354 |
| 1306 | EBOS Group Ltd. | 22548 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **New Zealand (Continued)** |  |
| 2584 | Fisher & Paykel Healthcare Corp. Ltd. | $55504 |
| 14716 | Fletcher Building Ltd.\* | 28751 |
| 5325 | Freightways Group Ltd. | 42294 |
| 24486 | Genesis Energy Ltd. | 33360 |
| 2216 | Infratil Ltd. | 15866 |
| 647 | Mainfreight Ltd. | 23594 |
| 6099 | Mercury NZ Ltd. | 23620 |
| 6314 | Meridian Energy Ltd. | 20389 |
| 1991 | Port of Tauranga Ltd.† | 8646 |
| 17407 | Ryman Healthcare Ltd.\* | 26138 |
| 18846 | Spark New Zealand Ltd. | 25785 |
| 6946 | Summerset Group Holdings Ltd. | 43008 |
|  |  | 530994 |
|  | **Norway—0.5%** |  |
| 1014 | AF Gruppen ASA | 17090 |
| 204 | Aker ASA, Class A | 16006 |
| 4007 | Aker BP ASA | 101625 |
| 11626 | Aker Solutions ASA | 34856 |
| 1456 | Atea ASA | 20980 |
| 69 | Austevoll Seafood ASA | 657 |
| 28 | Bakkafrost P/F | 1283 |
| 687 | Bluenord ASA | 31116 |
| 480 | Bonheur ASA | 10822 |
| 1580 | Borregaard ASA | 30747 |
| 1420 | BW LPG Ltd.# | 20305 |
| 540 | Cadeler AS, ADR\* | 11151 |
| 3512 | DNB Bank ASA | 95546 |
| 12792 | DNO ASA | 19676 |
| 1188 | DOF Group ASA | 11684 |
| 6672 | Elkem ASA# | 17583 |
| 5641 | Elopak ASA | 25945 |
| 745 | Entra ASA\*, # | 8884 |
| 8783 | Equinor ASA | 214216 |
| 4440 | Europris ASA# | 45025 |
| 357 | FLEX LNG Ltd.\* | 8996 |
| 672 | Frontline PLC | 15353 |
| 170 | Gjensidige Forsikring ASA | 4984 |
| 3883 | Hafnia Ltd. | 23392 |
| 6371 | Hexagon Composites ASA\* | 6946 |
| 2783 | Hoegh Autoliners ASA | 29839 |
| 4683 | Kitron ASA | 27358 |
| 1263 | Kongsberg Gruppen ASA | 40366 |
| 1019 | Mowi ASA | 21525 |
| 1107 | Norbit ASA | 20433 |
| 864 | Nordic Semiconductor ASA\* | 13229 |
| 3224 | Norsk Hydro ASA | 21839 |
| 23135 | Norwegian Air Shuttle ASA | 36872 |
| 2969 | Odfjell Drilling Ltd. | 23087 |
| 1567 | Odfjell SE, Class A | 19282 |
| 264 | Orkla ASA | 2757 |
| 468 | Protector Forsikring ASA | 23026 |
| 4491 | Scatec ASA\*, # | 44215 |
| 638 | Sparebank 1 Oestlandet | 12034 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Norway (Continued)** |  |
| 813 | SpareBank 1 Sor-Norge ASA | $14485 |
| 4328 | Storebrand ASA | 66007 |
| 2103 | Subsea 7 SA | 43411 |
| 3478 | Telenor ASA | 57644 |
| 6835 | TGS ASA | 50614 |
| 373 | TOMRA Systems ASA | 5569 |
| 5444 | Var Energi ASA | 18166 |
| 2043 | Veidekke ASA | 32346 |
| 160 | Vend Marketplaces ASA, Class B | 5377 |
| 2083 | Wallenius Wilhelmsen ASA | 18514 |
| 642 | Yara International ASA | 23455 |
|  |  | 1466318 |
|  | **Portugal—0.1%** |  |
| 110980 | Banco Comercial Portugues SA, Class R | 98139 |
| 1880 | EDP Renovaveis SA | 24721 |
| 14431 | EDP SA | 68398 |
| 6461 | Galp Energia SGPS SA | 122127 |
| 1457 | Jeronimo Martins SGPS SA | 35409 |
|  |  | 348794 |
|  | **Singapore—0.7%** |  |
| 6300 | City Developments Ltd. | 33797 |
| 11574 | DBS Group Holdings Ltd. | 458940 |
| 15900 | DFI Retail Group Holdings Ltd. | 51834 |
| 56500 | Genting Singapore Ltd. | 32193 |
| 118900 | Golden Agri-Resources Ltd. | 27191 |
| 7200 | Hongkong Land Holdings Ltd. | 45576 |
| 7500 | Keppel Ltd. | 51862 |
| 57200 | Netlink NBN Trust | 42126 |
| 36200 | Olam Group Ltd. | 27782 |
| 16439 | Oversea-Chinese Banking Corp. Ltd. | 209510 |
| 28523 | SATS Ltd. | 74959 |
| 58226 | Seatrium Ltd. | 106977 |
| 10100 | Sembcorp Industries Ltd. | 47135 |
| 7100 | SIA Engineering Co. Ltd. | 19484 |
| 14199 | Singapore Airlines Ltd.† | 71768 |
| 7100 | Singapore Exchange Ltd. | 90983 |
| 13200 | Singapore Technologies Engineering Ltd. | 88106 |
| 9300 | Singapore Telecommunications Ltd. | 29776 |
| 10200 | United Overseas Bank Ltd. | 273434 |
| 7000 | UOL Group Ltd. | 42381 |
| 6900 | Venture Corp. Ltd. | 74566 |
| 15300 | Wilmar International Ltd. | 33804 |
| 23500 | Yangzijiang Shipbuilding Holdings Ltd. | 61394 |
|  |  | 1995578 |
|  | **Spain—1.8%** |  |
| 999 | Acciona SA† | 200445 |
| 2254 | ACS Actividades de Construccion y Servicios SA | 179949 |
| 3860 | Aena SME SA# | 105456 |
| 3571 | Amadeus IT Group SA | 282996 |
| 36165 | Banco Bilbao Vizcaya Argentaria SA | 693789 |
| 9155 | Banco Bilbao Vizcaya Argentaria SA, ADR | 176234 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Spain (Continued)** |  |
| 65963 | Banco de Sabadell SA | $255565 |
| 71052 | Banco Santander SA | 740257 |
| 5213 | Bankinter SA | 82043 |
| 25292 | CaixaBank SA | 265643 |
| 1311 | Cellnex Telecom SA# | 45390 |
| 765 | CIE Automotive SA | 23891 |
| 1292 | Corp. ACCIONA Energias Renovables SA† | 33432 |
| 5378 | Enagas SA | 84040 |
| 2506 | Endesa SA | 80056 |
| 4660 | Ercros SA\* | 14772 |
| 1363 | Ferrovial SE | 78059 |
| 2889 | Fluidra SA | 78216 |
| 7914 | Grifols SA | 114517 |
| 1450 | Grupo Catalana Occidente SA | 83246 |
| 11839 | Iberdrola SA | 223853 |
| 2830 | Indra Sistemas SA† | 126590 |
| 4919 | Industria de Diseno Textil SA | 271259 |
| 1890 | Logista Integral SA | 64128 |
| 14645 | Mapfre SA | 69292 |
| 1120 | Naturgy Energy Group SA | 34793 |
| 6510 | Redeia Corp. SA | 125652 |
| 5700 | Repsol SA | 100816 |
| 44676 | Telefonica SA† | 230683 |
| 42183 | Unicaja Banco SA# | 115393 |
|  |  | 4980455 |
|  | **Sweden—1.8%** |  |
| 984 | AAK AB | 25566 |
| 1763 | AddLife AB, Class B | 33221 |
| 3120 | AddNode Group AB | 34798 |
| 1249 | AddTech AB, Class B | 40491 |
| 3560 | AFRY AB | 61184 |
| 1239 | Alfa Laval AB | 56380 |
| 1255 | Alimak Group AB# | 20636 |
| 6385 | Alleima AB | 48323 |
| 1172 | AQ Group AB | 22396 |
| 1404 | Asmodee Group AB, Class B\* | 17971 |
| 3136 | Assa Abloy AB, Class B | 108793 |
| 13066 | Atlas Copco AB, Class A | 220533 |
| 7880 | Atlas Copco AB, Class B | 117977 |
| 4050 | Atrium Ljungberg AB, Class B† | 13622 |
| 1217 | Avanza Bank Holding AB | 45128 |
| 294 | Axfood AB† | 9122 |
| 818 | Beijer Alma AB | 21418 |
| 1530 | Beijer Ref AB | 23833 |
| 4838 | Betsson AB, Class B | 79808 |
| 4166 | Billerud Aktiebolag | 37392 |
| 1495 | BioGaia AB, Class B | 17023 |
| 1975 | Boliden AB\* | 80285 |
| 852 | BoneSupport Holding AB\*, # | 26408 |
| 8308 | Bravida Holding AB# | 80967 |
| 3350 | Bufab AB | 31442 |
| 680 | Castellum AB† | 7678 |
| 447 | Catena AB | 20322 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Sweden (Continued)** |  |
| 1100 | Clas Ohlson AB, Class B | $43185 |
| 11207 | Dometic Group AB# | 58449 |
| 1963 | Dynavox Group AB\* | 23833 |
| 4459 | Electrolux AB, Class B†, \* | 24288 |
| 4995 | Electrolux Professional AB, Class B | 32153 |
| 9901 | Elekta AB, Class B | 49955 |
| 1404 | Embracer Group AB†, \* | 15540 |
| 3115 | Epiroc AB, Class A | 65646 |
| 1782 | Epiroc AB, Class B | 33579 |
| 3217 | Essity AB, Class B | 83992 |
| 641 | Evolution AB# | 52659 |
| 1567 | Fabege AB† | 13241 |
| 4532 | Fastighets AB Balder, Class B\* | 32417 |
| 1712 | FastPartner AB, Class A | 9220 |
| 1600 | Getinge AB, Class B | 34415 |
| 4010 | Granges AB | 49750 |
| 3509 | H & M Hennes & Mauritz AB, Class B† | 65320 |
| 888 | Hemnet Group AB | 22336 |
| 3499 | Hexagon AB, Class B | 41589 |
| 3325 | Hexpol AB | 29809 |
| 557 | Holmen AB, Class B | 21145 |
| 298 | Hufvudstaden AB, Class A | 4014 |
| 5315 | Husqvarna AB, Class B | 28307 |
| 1077 | Indutrade AB | 24687 |
| 3881 | International Petroleum Corp.\* | 64722 |
| 884 | INVISIO AB | 29578 |
| 1748 | Lagercrantz Group AB, Class B | 37580 |
| 977 | Lifco AB, Class B | 32980 |
| 2222 | Lindab International AB† | 46779 |
| 1250 | Loomis AB | 53323 |
| 1134 | Medicover AB, Class B | 31198 |
| 2586 | Modern Times Group MTG AB, Class B\* | 30270 |
| 208 | Munters Group AB# | 2472 |
| 1084 | Mycronic AB | 24750 |
| 4443 | NCC AB, Class B | 102033 |
| 3693 | New Wave Group AB, Class B | 43111 |
| 5005 | Nibe Industrier AB, Class B | 19692 |
| 7632 | Nolato AB, Class B | 47749 |
| 931 | Nordnet AB publ | 26997 |
| 590 | NP3 Fastigheter AB | 15762 |
| 2738 | Nyfosa AB | 23863 |
| 1014 | OEM International AB, Class B | 15402 |
| 4892 | Peab AB, Class B | 39752 |
| 5424 | Ratos AB, Class B | 21236 |
| 686 | RaySearch Laboratories AB† | 18363 |
| 863 | Saab AB, Class B† | 52663 |
| 1598 | Sagax AB, Class B | 33320 |
| 5237 | Sandvik AB | 145633 |
| 6187 | Scandic Hotels Group AB# | 58424 |
| 1030 | Sectra AB, Class B | 34157 |
| 2362 | Securitas AB, Class B | 35526 |
| 10286 | Sinch AB\*, # | 33072 |
| 6901 | Skandinaviska Enskilda Banken AB, Class A | 134803 |
| 2462 | Skanska AB, Class B | 63783 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Sweden (Continued)** |  |
| 426 | SKF AB, Class A | $10634 |
| 2466 | SKF AB, Class B | 61084 |
| 2200 | SkiStar AB† | 36805 |
| 4349 | SSAB AB, Class A | 25989 |
| 3835 | SSAB AB, Class B | 22242 |
| 43452 | Storskogen Group AB, Class B | 44253 |
| 3118 | Svenska Cellulosa AB SCA, Class B | 41184 |
| 6847 | Svenska Handelsbanken AB, Class A† | 89020 |
| 1660 | Sweco AB, Class B | 27648 |
| 4536 | Swedbank AB, Class A | 136450 |
| 339 | Swedish Orphan Biovitrum AB\* | 10327 |
| 3908 | Systemair AB | 32503 |
| 6025 | Tele2 AB, Class B | 102748 |
| 1292 | Telefonaktiebolaget LM Ericsson, Class A | 10677 |
| 23805 | Telefonaktiebolaget LM Ericsson, Class B† | 196824 |
| 19797 | Telia Co. AB | 75471 |
| 1057 | Thule Group AB# | 25891 |
| 836 | Trelleborg AB, Class B | 31124 |
| 6750 | Truecaller AB, Class B | 29741 |
| 1264 | Vitec Software Group AB, Class B | 44495 |
| 2608 | Vitrolife AB | 35930 |
| 2412 | Volvo AB, Class A | 69072 |
| 14602 | Volvo AB, Class B | 418002 |
| 7017 | Volvo Car AB, Class B†, \* | 14389 |
| 1622 | Wallenstam AB, Class B† | 7522 |
| 2008 | Wihlborgs Fastigheter AB | 19633 |
|  |  | 5100897 |
|  | **Switzerland—5.3%** |  |
| 4614 | ABB Ltd., Registered | 332233 |
| 3239 | Accelleron Industries AG | 272409 |
| 4541 | Adecco Group AG, Registered | 127208 |
| 2917 | Alcon AG | 217149 |
| 200 | Alcon AG† | 14902 |
| 583 | Allreal Holding AG, Registered | 136513 |
| 275 | ALSO Holding AG, Registered | 83255 |
| 3040 | Amrize Ltd.\* | 146606 |
| 4373 | Avolta AG | 236545 |
| 1195 | Baloise Holding AG, Registered | 294828 |
| 930 | Banque Cantonale Vaudoise, Registered | 109700 |
| 36 | Barry Callebaut AG, Registered† | 49293 |
| 92 | Belimo Holding AG, Registered | 96097 |
| 409 | BKW AG | 87292 |
| 262 | Bucher Industries AG, Registered | 124080 |
| 1017 | Cembra Money Bank AG | 116833 |
| 1 | Chocoladefabriken Lindt & Spruengli AG, Registered | 150242 |
| 2187 | Cie Financiere Richemont SA, Registered Class A | 416493 |
| 8240 | Clariant AG, Registered | 76081 |
| 1324 | DKSH Holding AG | 89481 |
| 117 | dormakaba Holding AG | 107292 |
| 743 | DSM-Firmenich AG | 63261 |
| 3335 | EFG International AG | 67785 |
| 73 | Emmi AG, Registered | 63000 |
| 44 | EMS-Chemie Holding AG, Registered | 31091 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Switzerland (Continued)** |  |
| 782 | Flughafen Zurich AG, Registered | $238318 |
| 1950 | Galenica AG# | 211890 |
| 276 | Geberit AG, Registered | 207056 |
| 2324 | Georg Fischer AG, Registered | 180858 |
| 24 | Givaudan SA, Registered | 97441 |
| 526 | Helvetia Holding AG, Registered | 128650 |
| 3040 | Holcim AG | 257162 |
| 1418 | Julius Baer Group Ltd. | 97900 |
| 194 | Kuehne & Nagel International AG, Registered | 36105 |
| 863 | Logitech International SA, Registered | 94336 |
| 311 | Lonza Group AG, Registered | 205966 |
| 547 | Luzerner Kantonalbank AG, Registered | 54971 |
| 103 | Medacta Group SA# | 18865 |
| 15318 | Nestle SA, Registered | 1406051 |
| 4061 | Novartis AG, ADR | 520783 |
| 9049 | Novartis AG, Registered | 1138102 |
| 130 | Partners Group Holding AG | 168777 |
| 1116 | PSP Swiss Property AG, Registered | 191643 |
| 4149 | Roche Holding AG | 1354595 |
| 217 | Roche Holding AG, Bearer Shares | 74201 |
| 3418 | Sandoz Group AG | 202534 |
| 486 | Sandoz Group AG, ADR | 28980 |
| 107 | Schindler Holding AG, Registered | 38509 |
| 666 | SFS Group AG | 89352 |
| 1229 | SGS SA, Registered | 127339 |
| 1260 | Siegfried Holding AG, Registered | 125517 |
| 11472 | SIG Group AG | 118243 |
| 586 | Sika AG, Registered | 130369 |
| 796 | Softwareone Holding AG | 8184 |
| 297 | Sonova Holding AG, Registered | 80812 |
| 90 | St. Galler Kantonalbank AG, Registered | 57320 |
| 6 | Stadler Rail AG | 146 |
| 280 | Straumann Holding AG, Registered | 29862 |
| 844 | Sulzer AG, Registered | 142920 |
| 392 | Sunrise Communications AG, Class A | 23123 |
| 777 | Swatch Group AG, Bearer Shares | 145874 |
| 854 | Swatch Group AG, Registered† | 32613 |
| 208 | Swiss Life Holding AG, Registered | 223560 |
| 2347 | Swiss Prime Site AG, Registered | 328147 |
| 2020 | Swiss Re AG | 373144 |
| 339 | Swisscom AG, Registered | 245930 |
| 478 | Swissquote Group Holding SA, Registered | 333558 |
| 1526 | Temenos AG, Registered | 123069 |
| 461 | UBS Group AG, Registered\* | 18901 |
| 13387 | UBS Group AG, Registered | 546714 |
| 256 | VAT Group AG# | 101107 |
| 1108 | Vontobel Holding AG, Registered | 83373 |
| 49 | Ypsomed Holding AG, Registered | 19236 |
| 4 | Zuger Kantonalbank, Bearer Shares | 43716 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Switzerland (Continued)** |  |
| 715 | Zurich Insurance Group AG | $508911 |
|  |  | 14524402 |
|  | **United Kingdom—8.2%** |  |
| 2058 | Admiral Group PLC | 92777 |
| 22122 | Airtel Africa PLC# | 72595 |
| 9670 | AJ Bell PLC | 70423 |
| 5812 | Anglo American PLC | 217691 |
| 1452 | Antofagasta PLC | 53721 |
| 4716 | Ashtead Group PLC | 314907 |
| 1588 | Associated British Foods PLC | 43803 |
| 5866 | AstraZeneca PLC | 882168 |
| 2628 | AstraZeneca PLC, ADR | 201620 |
| 7793 | Auto Trader Group PLC# | 82610 |
| 26130 | Aviva PLC | 241005 |
| 20385 | B&M European Value Retail SA | 71747 |
| 9780 | Babcock International Group PLC | 174937 |
| 9767 | BAE Systems PLC | 270463 |
| 13907 | Balfour Beatty PLC | 121012 |
| 63460 | Barclays PLC | 323978 |
| 30800 | Barratt Redrow PLC | 161508 |
| 13799 | Beazley PLC | 168324 |
| 3399 | Bellway PLC | 112180 |
| 2696 | Berkeley Group Holdings PLC | 139088 |
| 126772 | BP PLC | 725885 |
| 5028 | Bridgepoint Group PLC†, # | 20625 |
| 10689 | British American Tobacco PLC | 567406 |
| 90208 | BT Group PLC | 231905 |
| 1635 | Bunzl PLC | 51586 |
| 8926 | Burberry Group PLC\* | 140213 |
| 6270 | Canal & SA | 20660 |
| 510 | Carnival PLC\* | 13564 |
| 54171 | Centrica PLC | 121376 |
| 1369 | Coca-Cola HBC AG | 64515 |
| 10000 | Compass Group PLC | 340125 |
| 2752 | Computacenter PLC | 99413 |
| 34171 | Convatec Group PLC# | 106344 |
| 1693 | Cranswick PLC | 114301 |
| 549 | Croda International PLC | 19965 |
| 2430 | DCC PLC† | 155954 |
| 7164 | Diageo PLC | 171067 |
| 745 | Diploma PLC | 53153 |
| 21785 | Drax Group PLC | 204944 |
| 4344 | Dunelm Group PLC | 65667 |
| 2569 | easyJet PLC | 16031 |
| 5003 | Entain PLC | 58794 |
| 5371 | Experian PLC | 268857 |
| 3491 | Frasers Group PLC†, \* | 34884 |
| 3163 | Fresnillo PLC | 100392 |
| 794 | Games Workshop Group PLC | 155159 |
| 59740 | Glencore PLC\* | 274456 |
| 21221 | GSK PLC | 449364 |
| 6435 | GSK PLC, ADR† | 277735 |
| 12169 | Haleon PLC | 54401 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **United Kingdom (Continued)** |  |
| 1069 | Halma PLC | $49601 |
| 18488 | Harbour Energy PLC | 51569 |
| 3046 | Helical PLC | 8398 |
| 4068 | Hikma Pharmaceuticals PLC | 92899 |
| 11961 | Hiscox Ltd. | 220222 |
| 13082 | Howden Joinery Group PLC | 148405 |
| 83993 | HSBC Holdings PLC | 1180454 |
| 8114 | IG Group Holdings PLC | 117528 |
| 5093 | IMI PLC | 156581 |
| 9231 | Imperial Brands PLC | 392058 |
| 6754 | Inchcape PLC | 62903 |
| 6450 | Informa PLC | 79598 |
| 1721 | IntegraFin Holdings PLC | 8032 |
| 917 | InterContinental Hotels Group PLC | 110674 |
| 10061 | International Consolidated Airlines Group SA | 52243 |
| 16212 | International Workplace Group PLC | 48665 |
| 1532 | Intertek Group PLC | 97291 |
| 16126 | Investec PLC | 120476 |
| 9592 | Ithaca Energy PLC | 25414 |
| 131729 | ITV PLC | 141641 |
| 19557 | J. Sainsbury PLC | 87849 |
| 64820 | JD Sports Fashion PLC | 83079 |
| 1084 | JET2 PLC | 20614 |
| 5610 | Johnson Matthey PLC | 151652 |
| 218 | Just Group PLC | 620 |
| 42747 | Kingfisher PLC | 177473 |
| 40503 | Legal & General Group PLC | 129645 |
| 1935 | Lion Finance Group PLC | 199082 |
| 358260 | Lloyds Banking Group PLC | 403865 |
| 608 | London Stock Exchange Group PLC | 69635 |
| 15967 | Man Group PLC | 38310 |
| 23081 | Marks & Spencer Group PLC | 113147 |
| 5417 | Melrose Industries PLC | 44353 |
| 3657 | Mondi PLC | 50363 |
| 695 | Morgan Sindall Group PLC | 41501 |
| 8076 | National Grid PLC | 115946 |
| 1411 | National Grid PLC, ADR† | 102537 |
| 23339 | NatWest Group PLC | 163723 |
| 979 | Next PLC | 162936 |
| 537 | NMC Health PLC\*, § |  |
| 2579 | Ocado Group PLC\* | 7804 |
| 7228 | OSB Group PLC | 55166 |
| 2772 | Pearson PLC | 39387 |
| 10353 | Pennon Group PLC | 65107 |
| 8502 | Persimmon PLC | 132524 |
| 2924 | Phoenix Group Holdings PLC | 25306 |
| 7042 | Playtech PLC | 34947 |
| 3173 | Plus500 Ltd. | 137409 |
| 7110 | Prudential PLC | 99543 |
| 1341 | Prudential PLC, ADR† | 37535 |
| 14053 | QinetiQ Group PLC | 103855 |
| 5252 | Reckitt Benckiser Group PLC | 403886 |
| 9691 | RELX PLC | 463599 |
| 310 | RELX PLC, ADR | 14806 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **United Kingdom (Continued)** |  |
| 8093 | Rentokil Initial PLC | $40903 |
| 18568 | Rightmove PLC | 176952 |
| 3804 | Rio Tinto PLC | 250044 |
| 2102 | Rio Tinto PLC, SP ADR | 138753 |
| 51408 | Rolls-Royce Holdings PLC | 822749 |
| 23365 | Rotork PLC | 106526 |
| 12872 | RS Group PLC | 98416 |
| 5394 | Sage Group PLC | 79798 |
| 5215 | Schroders PLC | 26371 |
| 39363 | Serco Group PLC | 125360 |
| 1639 | Severn Trent PLC | 57047 |
| 53100 | Shell PLC | 1889976 |
| 1712 | Shell PLC, ADR† | 122459 |
| 2999 | Smith & Nephew PLC | 53946 |
| 1470 | Smiths Group PLC | 46499 |
| 3811 | Softcat PLC | 80879 |
| 1908 | Spectris PLC | 105209 |
| 984 | Spirax Group PLC | 90188 |
| 6456 | SSE PLC | 151209 |
| 11289 | St. James's Place PLC | 192819 |
| 13981 | Standard Chartered PLC | 269918 |
| 5719 | Tate & Lyle PLC | 34581 |
| 90900 | Taylor Wimpey PLC | 125980 |
| 2231 | TBC Bank Group PLC | 136371 |
| 52256 | Tesco PLC | 313093 |
| 32660 | TP ICAP Group PLC | 121012 |
| 7296 | Unilever PLC | 433091 |
| 1523 | Unilever PLC, ADR† | 90283 |
| 4797 | United Utilities Group PLC | 73966 |
| 149732 | Vodafone Group PLC | 173504 |
| 2052 | Weir Group PLC | 75396 |
| 4680 | Whitbread PLC | 202671 |
| 1347 | Wise PLC, Class A\* | 18750 |
| 4839 | WPP PLC | 23936 |
| 3457 | WPP PLC, ADR† | 86598 |
|  |  | 22572407 |
|  | **United States—0.2%** |  |
| 75 | Flutter Entertainment PLC\* | 19508 |
| 2625 | International Paper Co. | 119856 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **United States (Continued)** |  |
| 15052 | MEG Energy Corp. | $303700 |
|  |  | 443064 |
|  | **TOTAL COMMON STOCKS (Cost $133,724,948)** | 182919964 |
|  | **Affiliated Investment Company—32.7%** |  |
|  | **United States—32.7%** |  |
| 3192847 | DFA Emerging Markets Core Equity Portfolio, Class I‡‡ (Cost $66,076,154) | 90453343 |

---

---

| | | | |
|:---|:---|:---|:---|
| |  | **Expiration<br> Date** | |
|  | **WarrantS—0.0%** |  |  |
|  | **Canada—0.0%** |  |  |
| 122 | Constellation Software, Inc. \*, § | 03/31/2040 |  |
|  | **TOTAL WARRANTS (Cost $—)** |  |  |
|  | **Rights—0.0%** |  |  |
|  | **Denmark—0.0%** |  |  |
| 15855 | Orsted AS \* | 10/02/2025 | 15785 |
|  | **TOTAL RIGHTS (Cost $29,074)** |  | 15785 |
|  | **Preferred Stocks—0.3%** |  |  |
|  | **Germany—0.3%** |  |  |
| 439 | Bayerische Motoren Werke AG, 5.49% |  | 40691 |
| 1013 | Dr. Ing hc F Porsche AG, 5.57%# |  | 49095 |
| 2620 | FUCHS SE, 3.08% |  | 117135 |
| 1168 | Henkel AG & Co. KGaA, 2.97% |  | 94208 |
| 917 | Porsche Automobil Holding SE, 5.72% |  | 36012 |
| 126 | Sartorius AG, 0.38% |  | 29275 |
| 872 | Sixt SE, 4.75% |  | 58765 |
| 2512 | Volkswagen AG, 6.91% |  | 271210 |
|  |  |  | 696391 |
|  | **Italy—0.0%** |  |  |
| 236193 | Telecom Italia SpA, 0.0%\* |  | 136599 |
|  | **TOTAL PREFERRED STOCK (Cost $1,159,720)** |  | 832990 |

---

---

| | | | |
|:---|:---|:---|:---|
| |  | **7-Day<br> Yield** |  |
| | **Short-Term Investments—1.0%** | **Short-Term Investments—1.0%** | **Short-Term Investments—1.0%** |
| 2901670 | State Street Navigator Securities Lending Government Money Market Portfolio (Cost $2,901,670)†† | 4.20% | 2901670 |

---

**M International Equity Fund**

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

**September 30, 2025**

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS, AT VALUE—100.1%<br> (Cost $203,891,566)** | $277123752 |
| **Liabilities in Excess of Other Assets—(0.1)%** | (246004) |
| **NET ASSETS—100.0%** | $276877748 |

---

---

| | |
|:---|:---|
| **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 September 30, 2025, the market value of the securities on loan was $12,737,650. |
| †† | Represents invested cash collateral received from securities lending transactions. |
| § | Fair valued security—Represents fair value as determined by the Fund's Adviser. As of September 30, 2025, the total value of the fair valued securities was $106,744 which represents 0.0% of net assets. |
| \* | Non-income producing security |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The aggregate value of securities exempt from registration under Rule 144A of the Securities Act of 1933 at September 30, 2025, amounts to approximately $3,658,156, and represents 1.3% of net assets. |
| ‡‡ | Affiliated issuer. Assets with a total aggregate market value of $90,453,343, or 32.7% of net assets, were affiliated with the Fund as of September 30, 2025. |
| Percentages indicated are based on net assets. | Percentages indicated are based on net assets. |

---

**M Large Cap Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| | **Common Stocks—99.1%** | |
|  | **Aerospace & Defense—0.1%** |  |
| 575 | General Electric Co. | $172971 |
|  | **Automobiles—1.8%** |  |
| 12625 | Tesla, Inc.\* | 5614590 |
|  | **Biotechnology—4.6%** |  |
| 26412 | AbbVie, Inc. | 6115434 |
| 1027 | Alnylam Pharmaceuticals, Inc.\* | 468312 |
| 11393 | Amgen, Inc. | 3215105 |
| 16348 | Incyte Corp.\* | 1386474 |
| 4587 | Regeneron Pharmaceuticals, Inc. | 2579133 |
| 4418 | Sarepta Therapeutics, Inc.\* | 85135 |
| 1788 | Vertex Pharmaceuticals, Inc.\* | 700252 |
|  |  | 14549845 |
|  | **Broadline Retail—4.8%** |  |
| 65689 | Amazon.com, Inc.\* | 14423334 |
| 7590 | eBay, Inc. | 690310 |
|  |  | 15113644 |
|  | **Building Products—0.3%** |  |
| 2202 | Trane Technologies PLC | 929156 |
|  | **Capital Markets—2.9%** |  |
| 12273 | Ameriprise Financial, Inc. | 6029111 |
| 1338 | Goldman Sachs Group, Inc. | 1065516 |
| 8988 | Morgan Stanley | 1428733 |
| 760 | MSCI, Inc. | 431232 |
|  |  | 8954592 |
|  | **Chemicals—0.8%** |  |
| 56627 | Celanese Corp. | 2382864 |
|  | **Commercial Services & Supplies—1.5%** |  |
| 44552 | Veralto Corp. | 4749689 |
|  | **Communications Equipment—0.8%** |  |
| 18343 | Arista Networks, Inc.\* | 2672759 |
|  | **Consumer Staples Distribution & Retail—2.0%** |  |
| 5841 | Costco Wholesale Corp. | 5406605 |
| 20776 | Maplebear, Inc.†,\* | 763726 |
|  |  | 6170331 |
|  | **Electrical Equipment—2.6%** |  |
| 2367 | Acuity, Inc. | 815171 |

---

**M Large Cap Growth Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Electrical Equipment (Continued)** |  |
| 11710 | GE Vernova, Inc. | $7200479 |
|  |  | 8015650 |
|  | **Energy Equipment and Services—0.1%** |  |
| 7025 | Weatherford International PLC | 480721 |
|  | **Entertainment—2.7%** |  |
| 2934 | Live Nation Entertainment, Inc.\* | 479416 |
| 2874 | Netflix, Inc.\* | 3445696 |
| 23939 | ROBLOX Corp., Class A\* | 3316030 |
| 1683 | Spotify Technology SA\* | 1174734 |
|  |  | 8415876 |
|  | **Financial Services—2.0%** |  |
| 3419 | Mastercard, Inc., Class A | 1944762 |
| 73223 | StoneCo Ltd., Class A\* | 1384647 |
| 7614 | Visa, Inc., Class A | 2599267 |
| 49606 | Western Union Co. | 396352 |
|  |  | 6325028 |
|  | **Food Products—0.0%** |  |
| 9218 | Flowers Foods, Inc. | 120295 |
|  | **Ground Transportation—0.6%** |  |
| 17902 | Uber Technologies, Inc.\* | 1753859 |
|  | **Health Care Equipment and Supplies—1.3%** |  |
| 10723 | Align Technology, Inc.\* | 1342734 |
| 39195 | Dexcom, Inc.\* | 2637432 |
|  |  | 3980166 |
|  | **Health Care Providers and Services—1.0%** |  |
| 6467 | Cardinal Health, Inc. | 1015060 |
| 7273 | Cencora, Inc. | 2273031 |
|  |  | 3288091 |
|  | **Hotels, Restaurants & Leisure—3.2%** |  |
| 3981 | Airbnb, Inc., Class A\* | 483373 |
| 352 | Domino's Pizza, Inc. | 151962 |
| 15440 | DoorDash, Inc., Class A\* | 4199526 |
| 608 | Flutter Entertainment PLC\* | 154432 |
| 342 | McDonald's Corp. | 103930 |
| 2683 | Royal Caribbean Cruises Ltd.† | 868165 |
| 65390 | Viking Holdings Ltd.\* | 4064642 |

---

**M Large Cap Growth Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Hotels, Restaurants & Leisure (Continued)** |  |
| 595 | Yum! Brands, Inc. | $90440 |
|  |  | 10116470 |
|  | **Household Durables—0.4%** |  |
| 13301 | SharkNinja, Inc.\* | 1371998 |
|  | **Independent Power and Renewable Electricity Producers—0.1%** |  |
| 944 | Vistra Corp. | 184948 |
|  | **Insurance—0.7%** |  |
| 1618 | Arch Capital Group Ltd. | 146801 |
| 8024 | Progressive Corp. | 1981527 |
|  |  | 2128328 |
|  | **Interactive Media & Services—9.6%** |  |
| 68053 | Alphabet, Inc., Class A | 16543684 |
| 16140 | Meta Platforms, Inc., Class A | 11852893 |
| 5140 | Reddit, Inc., Class A\* | 1182149 |
| 37585 | ZoomInfo Technologies, Inc.\* | 410052 |
|  |  | 29988778 |
|  | **IT Services—0.8%** |  |
| 4888 | EPAM Systems, Inc.\* | 737061 |
| 12938 | GoDaddy, Inc., Class A\* | 1770307 |
|  |  | 2507368 |
|  | **Life Sciences Tools and Services—0.3%** |  |
| 8690 | Illumina, Inc.\* | 825289 |
|  | **Machinery—0.7%** |  |
| 24405 | Allison Transmission Holdings, Inc. | 2071496 |
|  | **Professional Services—0.7%** |  |
| 10050 | Paycom Software, Inc.† | 2091807 |
|  | **Semiconductors and Semiconductor Equipment—18.6%** |  |
| 49376 | Broadcom, Inc. | 16289636 |
| 8425 | Enphase Energy, Inc.\* | 298161 |
| 476 | KLA Corp. | 513414 |
| 199846 | NVIDIA Corp. | 37287267 |
| 9300 | QUALCOMM, Inc. | 1547148 |
| 16057 | Teradyne, Inc. | 2210085 |
|  |  | 58145711 |
|  | **Software—21.5%** |  |
| 20983 | Adobe, Inc.\* | 7401753 |
| 3445 | AppLovin Corp., Class A\* | 2475370 |
| 1333 | Autodesk, Inc.\* | 423454 |
| 453 | Crowdstrike Holdings, Inc., Class A\* | 222142 |
| 210 | HubSpot, Inc.\* | 98238 |
| 771 | Intuit, Inc. | 526524 |
| 68940 | Microsoft Corp. | 35707473 |
| 63202 | Nutanix, Inc., Class A\* | 4701597 |
| 5565 | Oracle Corp. | 1565101 |

---

**M Large Cap Growth Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Software (Continued)** |  |
| 38195 | Palantir Technologies, Inc., Class A\* | $6967532 |
| 4617 | Palo Alto Networks, Inc.\* | 940113 |
| 2925 | Rubrik, Inc., Class A\* | 240581 |
| 11001 | Salesforce, Inc. | 2607237 |
| 789 | ServiceNow, Inc.\* | 726101 |
| 9171 | Zscaler, Inc.\* | 2748182 |
|  |  | 67351398 |
|  | **Specialty Retail—1.9%** |  |
| 143 | AutoZone, Inc.\* | 613504 |
| 21763 | Five Below, Inc.\* | 3366736 |
| 1394 | Murphy USA, Inc. | 541234 |
| 2865 | O'Reilly Automotive, Inc.\* | 308876 |
| 699 | TJX Cos., Inc. | 101034 |
| 2043 | Ulta Beauty, Inc.\* | 1117010 |
|  |  | 6048394 |
|  | **Technology Hardware, Storage & Peripherals—10.5%** |  |
| 112901 | Apple, Inc. | 28747982 |
| 13198 | Dell Technologies, Inc., Class C | 1871080 |
| 11500 | NetApp, Inc. | 1362290 |
| 12540 | Pure Storage, Inc., Class A\* | 1050977 |
|  |  | 33032329 |
|  | **Textiles, Apparel and Luxury Goods—0.2%** |  |
| 5156 | Deckers Outdoor Corp.\* | 522664 |
|  | **TOTAL COMMON STOCKS (Cost $211,352,874)** | 310077105 |
|  | **TOTAL INVESTMENTS, AT VALUE—99.1%<br> (Cost $211,352,874)** | 310077105 |
|  | **Other Assets in Excess of Liabilities—0.9%** | 2730987 |
|  | **NET ASSETS—100.0%** | $312808092 |

---

---

| | |
|:---|:---|
| **Notes to the Schedule of Investments:** | **Notes to the Schedule of Investments:** |
| \* | Non-income producing security |
| † | Denotes all or a portion of security on loan. As of September 30, 2025, the market value of the securities on loan was $1,483,711. |
| Percentages indicated are based on net assets. | Percentages indicated are based on net assets. |

---

**M Capital Appreciation Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Common Stocks—98.5%** |  |
|  | **Aerospace & Defense—6.4%** |  |
| 7385 | AAR Corp.\* | $662213 |
| 7082 | AeroVironment, Inc.\* | 2230051 |
| 59297 | ATI, Inc.\* | 4823218 |
| 5865 | BWX Technologies, Inc. | 1081330 |
| 3408 | Curtiss-Wright Corp. | 1850340 |
| 30403 | Hexcel Corp. | 1906268 |
| 15366 | Kratos Defense & Security Solutions, Inc.\* | 1403991 |
| 16968 | Rocket Lab Corp.\* | 812937 |
|  |  | 14770348 |
|  | **Automobile Components—1.7%** |  |
| 10157 | LCI Industries | 946125 |
| 20171 | Modine Manufacturing Co.\* | 2867509 |
|  |  | 3813634 |
|  | **Banks—4.8%** |  |
| 35773 | Citizens Financial Group, Inc. | 1901693 |
| 69870 | Eastern Bankshares, Inc. | 1268140 |
| 89325 | First BanCorp | 1969616 |
| 50709 | Hope Bancorp, Inc. | 546136 |
| 17341 | Popular, Inc. | 2202480 |
| 23176 | Seacoast Banking Corp. of Florida | 705246 |
| 10017 | Triumph Financial, Inc.\* | 501251 |
| 14937 | Wintrust Financial Corp. | 1978256 |
|  |  | 11072818 |
|  | **Biotechnology—4.8%** |  |
| 24019 | Bridgebio Pharma, Inc.\* | 1247547 |
| 34580 | Exact Sciences Corp.\* | 1891872 |
| 17026 | Insmed, Inc.\* | 2451914 |
| 11082 | Natera, Inc.\* | 1783870 |
| 17227 | Revolution Medicines, Inc.\* | 804501 |
| 15844 | Ultragenyx Pharmaceutical, Inc.\* | 476587 |
| 3294 | United Therapeutics Corp.\* | 1380878 |
| 33845 | Vericel Corp.\* | 1065102 |
|  |  | 11102271 |
|  | **Building Products—2.1%** |  |
| 26258 | Builders FirstSource, Inc.\* | 3183782 |
| 33519 | Trex Co., Inc.\* | 1731927 |
|  |  | 4915709 |
|  | **Capital Markets—1.6%** |  |
| 33591 | Carlyle Group, Inc. | 2106156 |
| 63027 | DigitalBridge Group, Inc. | 737416 |
| 13750 | TPG, Inc. | 789937 |
|  |  | 3633509 |
|  | **Chemicals—0.8%** |  |
| 11905 | Albemarle Corp. | 965258 |

---

**M Capital Appreciation Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 26975 | FMC Corp. | $907169 |
|  |  | 1872427 |
|  | **Commercial Services & Supplies—0.5%** |  |
| 116855 | ACV Auctions, Inc., Class A\* | 1158033 |
|  | **Construction and Engineering—2.8%** |  |
| 8972 | AECOM | 1170577 |
| 33971 | Granite Construction, Inc. | 3724920 |
| 7499 | MasTec, Inc.\* | 1595862 |
|  |  | 6491359 |
|  | **Construction Materials—1.8%** |  |
| 15172 | Eagle Materials, Inc. | 3535683 |
| 30273 | James Hardie Industries PLC\* | 581544 |
|  |  | 4117227 |
|  | **Diversified Consumer Services—1.2%** |  |
| 147557 | KinderCare Learning Cos., Inc.\* | 979779 |
| 43981 | Perdoceo Education Corp. | 1656324 |
|  |  | 2636103 |
|  | **Diversified Telecommunication Services—0.6%** |  |
| 36750 | Cogent Communications Holdings, Inc. | 1409362 |
|  | **Electrical Equipment—4.1%** |  |
| 3080 | Hubbell, Inc. | 1325355 |
| 19135 | NEXTracker, Inc., Class A\* | 1415799 |
| 12417 | Regal Rexnord Corp. | 1781094 |
| 199198 | Shoals Technologies Group, Inc., Class A\* | 1476057 |
| 21893 | Vertiv Holdings Co., Class A | 3302778 |
|  |  | 9301083 |
|  | **Electronic Equipment, Instruments & Components—6.4%** |  |
| 6880 | Belden, Inc. | 827458 |
| 27233 | Cognex Corp. | 1233655 |
| 31683 | Coherent Corp.\* | 3412893 |
| 61920 | Flex Ltd.\* | 3589502 |
| 15994 | Jabil, Inc. | 3473417 |
| 10229 | Rogers Corp.\* | 823025 |
| 11764 | Sanmina Corp.\* | 1354154 |
|  |  | 14714104 |
|  | **Energy Equipment and Services—1.4%** |  |
| 198783 | TETRA Technologies, Inc.\* | 1143002 |
| 31671 | Weatherford International PLC | 2167247 |
|  |  | 3310249 |
|  | **Food Products—1.5%** |  |
| 72140 | Darling Ingredients, Inc.\* | 2226962 |
| 18901 | Lamb Weston Holdings, Inc. | 1097770 |
|  |  | 3324732 |
|  | **Ground Transportation—3.6%** |  |
| 225675 | FTAI Infrastructure, Inc. | 983943 |

---

**M Capital Appreciation Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 38298 | Knight-Swift Transportation Holdings, Inc. | $1513154 |
| 81550 | RXO, Inc.\* | 1254239 |
| 3423 | Saia, Inc.\* | 1024709 |
| 27526 | XPO, Inc.\* | 3558286 |
|  |  | 8334331 |
|  | **Health Care Equipment and Supplies—5.4%** |  |
| 8178 | Align Technology, Inc.\* | 1024049 |
| 33620 | Cooper Cos., Inc.\* | 2304987 |
| 17216 | Inspire Medical Systems, Inc.\* | 1277427 |
| 9149 | Insulet Corp.\* | 2824571 |
| 12520 | iRhythm Technologies, Inc.\* | 2153315 |
| 27199 | Novocure Ltd.\* | 351411 |
| 2829 | STERIS PLC | 700008 |
| 58286 | Tandem Diabetes Care, Inc.\* | 707592 |
| 9428 | TransMedics Group, Inc.\*, † | 1057822 |
|  |  | 12401182 |
|  | **Health Care Providers and Services—0.9%** |  |
| 25815 | Acadia Healthcare Co., Inc.\* | 639180 |
| 16095 | HealthEquity, Inc.\* | 1525323 |
|  |  | 2164503 |
|  | **Health Care REITs—0.4%** |  |
| 38316 | Sila Realty Trust, Inc. | 961732 |
|  | **Hotels, Restaurants & Leisure—2.5%** |  |
| 73967 | Caesars Entertainment, Inc.\* | 1998958 |
| 26556 | DraftKings, Inc., Class A\* | 993195 |
| 23139 | Planet Fitness, Inc., Class A\* | 2401828 |
| 41710 | Sweetgreen, Inc., Class A\*, † | 332846 |
|  |  | 5726827 |
|  | **Household Durables—0.8%** |  |
| 20736 | LGI Homes, Inc.\* | 1072258 |
| 4586 | M/I Homes, Inc.\* | 662402 |
|  |  | 1734660 |
|  | **Industrial REITs—0.6%** |  |
| 37113 | STAG Industrial, Inc. | 1309718 |
|  | **Insurance—2.9%** |  |
| 5240 | Everest Group Ltd. | 1835205 |
| 16559 | First American Financial Corp. | 1063750 |
| 753 | Markel Group, Inc.\* | 1439254 |
| 8525 | Selective Insurance Group, Inc. | 691122 |
| 20511 | W.R. Berkley Corp. | 1571553 |
|  |  | 6600884 |
|  | **Interactive Media & Services—0.5%** |  |
| 109735 | ZoomInfo Technologies, Inc.\* | 1197209 |
|  | **IT Services—2.6%** |  |
| 10949 | EPAM Systems, Inc.\* | 1651000 |
| 151910 | Grid Dynamics Holdings, Inc.\* | 1171226 |
| 7009 | MongoDB, Inc.\* | 2175453 |

---

**M Capital Appreciation Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 10403 | Okta, Inc.\* | $953955 |
|  |  | 5951634 |
|  | **Life Sciences Tools and Services—2.3%** |  |
| 111452 | Avantor, Inc.\* | 1390921 |
| 7053 | Charles River Laboratories International, Inc.\* | 1103512 |
| 9506 | ICON PLC\* | 1663550 |
| 13006 | Revvity, Inc. | 1139976 |
|  |  | 5297959 |
|  | **Machinery—1.0%** |  |
| 9351 | AGCO Corp. | 1001211 |
| 25433 | Symbotic, Inc.\*, † | 1370839 |
|  |  | 2372050 |
|  | **Marine Transportation—0.6%** |  |
| 15443 | Kirby Corp.\* | 1288718 |
|  | **Media—0.6%** |  |
| 67445 | Magnite, Inc.\* | 1468952 |
|  | **Metals and Mining—2.6%** |  |
| 18905 | Carpenter Technology Corp. | 4641934 |
| 21328 | MP Materials Corp.\* | 1430469 |
|  |  | 6072403 |
|  | **Oil, Gas and Consumable Fuels—1.6%** |  |
| 39481 | Devon Energy Corp. | 1384204 |
| 176668 | Permian Resources Corp. | 2261350 |
|  |  | 3645554 |
|  | **Passenger Airlines—1.5%** |  |
| 39128 | Alaska Air Group, Inc.\* | 1947792 |
| 11388 | Allegiant Travel Co.\* | 692049 |
| 76194 | Sun Country Airlines Holdings, Inc.\* | 899851 |
|  |  | 3539692 |
|  | **Pharmaceuticals—1.1%** |  |
| 89439 | Elanco Animal Health, Inc.\* | 1801301 |
| 5406 | Jazz Pharmaceuticals PLC\* | 712511 |
|  |  | 2513812 |
|  | **Professional Services—5.6%** |  |
| 59005 | Amentum Holdings, Inc.\* | 1413170 |
| 2438 | CACI International, Inc., Class A\* | 1216025 |
| 7778 | Equifax, Inc. | 1995290 |
| 36356 | KBR, Inc. | 1719275 |
| 11576 | Parsons Corp.\* | 959882 |
| 8513 | Paycom Software, Inc. | 1771896 |
| 182858 | Planet Labs PBC\* | 2373497 |

---

**M Capital Appreciation Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 15733 | TransUnion | $1318111 |
|  |  | 12767146 |
|  | **Residential REITs—0.4%** |  |
| 52446 | Independence Realty Trust, Inc. | 859590 |
|  | **Semiconductors and Semiconductor Equipment—9.3%** |  |
| 10883 | Entegris, Inc. | 1006242 |
| 495143 | indie Semiconductor, Inc., Class A\*, † | 2015232 |
| 36161 | Lattice Semiconductor Corp.\* | 2651325 |
| 13553 | MACOM Technology Solutions Holdings, Inc.\* | 1687213 |
| 115859 | MaxLinear, Inc.\* | 1863013 |
| 10368 | MKS, Inc. | 1283247 |
| 2819 | Monolithic Power Systems, Inc. | 2595284 |
| 21001 | Qorvo, Inc.\* | 1912771 |
| 4933 | SiTime Corp.\* | 1486362 |
| 14541 | Teradyne, Inc. | 2001423 |
| 60103 | Ultra Clean Holdings, Inc.\* | 1637807 |
| 8904 | Universal Display Corp. | 1278882 |
|  |  | 21418801 |
|  | **Software—4.4%** |  |
| 38316 | Appian Corp., Class A\* | 1171320 |
| 21838 | Bill Holdings, Inc.\* | 1156759 |
| 15337 | Dolby Laboratories, Inc., Class A | 1109939 |
| 12074 | Elastic NV\* | 1020132 |
| 6395 | Guidewire Software, Inc.\* | 1469955 |
| 1835 | HubSpot, Inc.\* | 858413 |
| 18302 | Procore Technologies, Inc.\* | 1334582 |
| 1729 | Tyler Technologies, Inc.\* | 904544 |
| 26789 | Unity Software, Inc.\* | 1072631 |
|  |  | 10098275 |
|  | **Technology Hardware, Storage & Peripherals—1.3%** |  |
| 8114 | IonQ, Inc.\*, † | 499011 |
| 30690 | Pure Storage, Inc., Class A\* | 2572129 |
|  |  | 3071140 |
|  | **Trading Companies and Distributors—3.5%** |  |
| 47915 | FTAI Aviation Ltd. | 7995097 |
|  | **TOTAL COMMON STOCKS (Cost $170,391,820)** | 226434837 |

---

---

| | | | |
|:---|:---|:---|:---|
| |  | **7-Day <br> Yield** | |
| | **Short-Term Investments—0.7%** | | |
| 1642402 | State Street Navigator Securities Lending Government Money Market Portfolio (Cost $1,642,402)†† | 4.20% | 1642402 |

---

**M Capital Appreciation Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **TOTAL INVESTMENTS, AT VALUE—99.2%<br> (Cost $172,034,222)** | $228077239 |
|  | **Other Assets in Excess of Liabilities—0.8%** | 1725014 |
|  | **NET ASSETS—100.0%** | $229802253 |

---

---

| | |
|:---|:---|
| **Notes to the Schedule of Investments:** | **Notes to the Schedule of Investments:** |
| REIT—Real Estate Investment Trust | REIT—Real Estate Investment Trust |
| \* | Non-income producing security |
| † | Denotes all or a portion of security on loan. As of September 30, 2025, the market value of the securities on loan was $3,203,819. |
| †† | Represents invested cash collateral received from securities lending transactions. |
| Percentages indicated are based on net assets. | Percentages indicated are based on net assets. |

---

**M Large Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| | **Common Stocks—97.3%** | |
| | **Aerospace & Defense—1.2%** | |
| 4400 | General Dynamics Corp. | $1500400 |
| 700 | Huntington Ingalls Industries, Inc. | 201537 |
| 3700 | Textron, Inc. | 312613 |
|  |  | 2014550 |
|  | **Air Freight and Logistics—0.2%** |  |
| 2600 | Expeditors International of Washington, Inc. | 318734 |
|  | **Automobile Components—0.1%** |  |
| 3600 | BorgWarner, Inc. | 158256 |
|  | **Automobiles—1.1%** |  |
| 73800 | Ford Motor Co. | 882648 |
| 18100 | General Motors Co. | 1103557 |
|  |  | 1986205 |
|  | **Banks—15.0%** |  |
| 96100 | Bank of America Corp. | 4957799 |
| 22900 | Citigroup, Inc. | 2324350 |
| 5800 | Citizens Financial Group, Inc. | 308328 |
| 1300 | Comerica, Inc. | 89076 |
| 1785 | Commerce Bancshares, Inc. | 106672 |
| 700 | Cullen/Frost Bankers, Inc. | 88739 |
| 1800 | East West Bancorp, Inc. | 191610 |
| 7500 | Fifth Third Bancorp | 334125 |
| 195 | First Citizens BancShares, Inc., Class A | 348886 |
| 5000 | First Horizon Corp. | 113050 |
| 18900 | Huntington Bancshares, Inc. | 326403 |
| 30200 | JPMorgan Chase & Co. | 9525986 |
| 1800 | M&T Bank Corp. | 355716 |
| 5300 | PNC Financial Services Group, Inc. | 1064929 |
| 300 | Popular, Inc. | 38103 |
| 12000 | Regions Financial Corp. | 316440 |
| 12800 | Truist Financial Corp. | 585216 |
| 15200 | U.S. Bancorp | 734616 |
| 2300 | Webster Financial Corp. | 136712 |
| 45300 | Wells Fargo & Co. | 3797046 |
| 400 | Western Alliance Bancorp | 34688 |
| 1200 | Zions Bancorp NA | 67896 |
|  |  | 25846386 |
|  | **Beverages—1.7%** |  |
| 1500 | Coca-Cola Consolidated, Inc. | 175740 |
| 25700 | Keurig Dr. Pepper, Inc. | 655607 |
| 3300 | Molson Coors Beverage Co., Class B | 149325 |
| 14400 | PepsiCo, Inc. | 2022336 |
|  |  | 3003008 |
|  | **Biotechnology—4.8%** |  |
| 13300 | AbbVie, Inc. | 3079482 |
| 8200 | Amgen, Inc. | 2314040 |
| 5200 | Exelixis, Inc.\* | 214760 |

---

**M Large Cap Value Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Biotechnology (Continued)** |  |
| 18600 | Gilead Sciences, Inc. | $2064600 |
| 2000 | Halozyme Therapeutics, Inc.\* | 146680 |
| 12000 | Roivant Sciences Ltd.\* | 181560 |
| 700 | United Therapeutics Corp.\* | 293447 |
|  |  | 8294569 |
|  | **Broadline Retail—0.5%** |  |
| 100 | Dillard's, Inc., Class A† | 61448 |
| 8700 | eBay, Inc. | 791265 |
|  |  | 852713 |
|  | **Building Products—0.4%** |  |
| 2200 | A.O. Smith Corp. | 161502 |
| 1500 | Allegion PLC | 266025 |
| 4100 | Masco Corp. | 288599 |
|  |  | 716126 |
|  | **Capital Markets—7.1%** |  |
| 1570 | Ameriprise Financial, Inc. | 771262 |
| 10600 | Bank of New York Mellon Corp. | 1154976 |
| 5700 | Carlyle Group, Inc. | 357390 |
| 4600 | Goldman Sachs Group, Inc. | 3663210 |
| 3500 | Invesco Ltd. | 80290 |
| 3300 | Jefferies Financial Group, Inc. | 215886 |
| 24000 | Morgan Stanley | 3815040 |
| 3100 | Northern Trust Corp. | 417260 |
| 3300 | Raymond James Financial, Inc. | 569580 |
| 2000 | SEI Investments Co. | 169700 |
| 4600 | State Street Corp. | 533646 |
| 1400 | Stifel Financial Corp. | 158858 |
| 3000 | T. Rowe Price Group, Inc. | 307920 |
|  |  | 12215018 |
|  | **Chemicals—1.1%** |  |
| 1200 | Albemarle Corp. | 97296 |
| 3100 | CF Industries Holdings, Inc. | 278070 |
| 12900 | Corteva, Inc. | 872427 |
| 5600 | Mosaic Co. | 194208 |
| 4000 | PPG Industries, Inc. | 420440 |
|  |  | 1862441 |
|  | **Communications Equipment—2.3%** |  |
| 58400 | Cisco Systems, Inc. | 3995728 |
|  | **Construction Materials—0.8%** |  |
| 11900 | CRH PLC | 1426810 |
|  | **Consumer Finance—0.3%** |  |
| 3300 | Ally Financial, Inc. | 129360 |
| 6200 | Synchrony Financial | 440510 |
|  |  | 569870 |
|  | **Consumer Staples Distribution & Retail—1.4%** |  |
| 10600 | Albertsons Cos., Inc., Class A | 185606 |

---

**M Large Cap Value Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Consumer Staples Distribution & Retail (Continued)** |  |
| 2300 | Dollar General Corp. | $237705 |
| 3400 | Dollar Tree, Inc.\* | 320858 |
| 12500 | Kroger Co. | 842625 |
| 9200 | Sysco Corp. | 757528 |
|  |  | 2344322 |
|  | **Containers and Packaging—0.5%** |  |
| 5200 | Ball Corp. | 262184 |
| 2300 | Crown Holdings, Inc. | 222157 |
| 1600 | Packaging Corp. of America | 348688 |
|  |  | 833029 |
|  | **Distributors—0.3%** |  |
| 2600 | Genuine Parts Co. | 360360 |
| 4600 | LKQ Corp. | 140484 |
|  |  | 500844 |
|  | **Diversified Consumer Services—0.1%** |  |
| 11400 | ADT, Inc. | 99294 |
| 2200 | H&R Block, Inc. | 111254 |
|  |  | 210548 |
|  | **Diversified Telecommunication Services—4.2%** |  |
| 135100 | AT&T, Inc. | 3815224 |
| 79700 | Verizon Communications, Inc. | 3502815 |
|  |  | 7318039 |
|  | **Electric Utilities—2.4%** |  |
| 11700 | Duke Energy Corp. | 1447875 |
| 4300 | Evergy, Inc. | 326886 |
| 9400 | FirstEnergy Corp. | 430708 |
| 3300 | NRG Energy, Inc. | 534435 |
| 3152 | OGE Energy Corp. | 145843 |
| 13000 | PPL Corp. | 483080 |
| 7700 | Southern Co. | 729729 |
|  |  | 4098556 |
|  | **Electrical Equipment—0.2%** |  |
| 600 | Acuity, Inc. | 206634 |
| 1200 | Regal Rexnord Corp. | 172128 |
|  |  | 378762 |
|  | **Electronic Equipment, Instruments & Components—0.3%** |  |
| 1400 | CDW Corp. | 222992 |
| 1600 | TD SYNNEX Corp. | 262000 |
|  |  | 484992 |
|  | **Energy Equipment and Services—0.6%** |  |
| 17500 | Baker Hughes Co. | 852600 |

---

**M Large Cap Value Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Energy Equipment and Services (Continued)** |  |
| 6800 | TechnipFMC PLC | $268260 |
|  |  | 1120860 |
|  | **Entertainment—1.9%** |  |
| 29400 | Walt Disney Co. | 3366300 |
|  | **Financial Services—1.1%** |  |
| 7200 | Apollo Global Management, Inc. | 959544 |
| 8800 | Corebridge Financial, Inc. | 282040 |
| 900 | Corpay, Inc.\* | 259254 |
| 5400 | Equitable Holdings, Inc. | 274212 |
| 700 | Voya Financial, Inc. | 52360 |
|  |  | 1827410 |
|  | **Food Products—1.4%** |  |
| 1900 | Hormel Foods Corp. | 47006 |
| 1200 | Ingredion, Inc. | 146532 |
| 400 | J.M. Smucker Co. | 43440 |
| 19000 | Kraft Heinz Co. | 494760 |
| 21200 | Mondelez International, Inc., Class A | 1324364 |
| 5400 | Tyson Foods, Inc., Class A | 293220 |
|  |  | 2349322 |
|  | **Gas Utilities—0.1%** |  |
| 1600 | National Fuel Gas Co. | 147792 |
|  | **Ground Transportation—1.4%** |  |
| 33100 | CSX Corp. | 1175381 |
| 3700 | Norfolk Southern Corp. | 1111517 |
| 200 | U-Haul Holding Co.\* | 11414 |
| 3100 | U-Haul Holding Co. NV | 157790 |
|  |  | 2456102 |
|  | **Health Care Equipment and Supplies—1.7%** |  |
| 4800 | GE HealthCare Technologies, Inc. | 360480 |
| 24200 | Medtronic PLC | 2304808 |
| 3700 | Zimmer Biomet Holdings, Inc. | 364450 |
|  |  | 3029738 |
|  | **Health Care Providers and Services—5.3%** |  |
| 3862 | Cardinal Health, Inc. | 606180 |
| 3700 | Cencora, Inc. | 1156361 |
| 5000 | Cigna Group | 1441250 |
| 20100 | CVS Health Corp. | 1515339 |
| 1400 | DaVita, Inc.\* | 186018 |
| 5200 | HCA Healthcare, Inc. | 2216240 |
| 2300 | Henry Schein, Inc.\* | 152651 |
| 1300 | Humana, Inc. | 338221 |
| 1600 | Labcorp Holdings, Inc. | 459296 |
| 2300 | Quest Diagnostics, Inc. | 438334 |
| 1800 | Tenet Healthcare Corp.\* | 365472 |

---

**M Large Cap Value Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Health Care Providers and Services (Continued)** |  |
| 1200 | Universal Health Services, Inc., Class B | $245328 |
|  |  | 9120690 |
|  | **Hotels, Restaurants & Leisure—0.5%** |  |
| 1200 | Darden Restaurants, Inc. | 228432 |
| 2300 | Expedia Group, Inc. | 491625 |
| 5100 | MGM Resorts International\* | 176766 |
|  |  | 896823 |
|  | **Household Durables—1.2%** |  |
| 3100 | DR Horton, Inc. | 525357 |
| 2400 | Lennar Corp., Class A | 302496 |
| 200 | Mohawk Industries, Inc.\* | 25784 |
| 30 | NVR, Inc.\* | 241040 |
| 4300 | PulteGroup, Inc. | 568159 |
| 1600 | Toll Brothers, Inc. | 221024 |
| 500 | TopBuild Corp.\* | 195430 |
|  |  | 2079290 |
|  | **Household Products—0.5%** |  |
| 6300 | Kimberly-Clark Corp. | 783342 |
|  | **Independent Power and Renewable Electricity Producers—0.1%** |  |
| 7500 | AES Corp. | 98700 |
|  | **Industrial Conglomerates—0.9%** |  |
| 10100 | 3M Co. | 1567318 |
|  | **Insurance—7.8%** |  |
| 8700 | Aflac, Inc. | 971790 |
| 1000 | Allstate Corp. | 214650 |
| 1000 | American Financial Group, Inc. | 145720 |
| 9400 | American International Group, Inc. | 738276 |
| 4600 | Arch Capital Group Ltd. | 417358 |
| 800 | Assurant, Inc. | 173280 |
| 1300 | Axis Capital Holdings Ltd. | 124540 |
| 6300 | Chubb Ltd. | 1778175 |
| 2500 | Cincinnati Financial Corp. | 395250 |
| 700 | Everest Group Ltd. | 245161 |
| 3500 | Fidelity National Financial, Inc. | 211715 |
| 300 | Globe Life, Inc. | 42891 |
| 4600 | Hartford Insurance Group, Inc. | 613594 |
| 3400 | Loews Corp. | 341326 |
| 150 | Markel Group, Inc.\* | 286704 |
| 10900 | MetLife, Inc. | 897833 |
| 4000 | Old Republic International Corp. | 169880 |
| 500 | Primerica, Inc. | 138795 |
| 3600 | Principal Financial Group, Inc. | 298476 |
| 6900 | Progressive Corp. | 1703955 |
| 4800 | Prudential Financial, Inc. | 497952 |
| 900 | Reinsurance Group of America, Inc. | 172917 |
| 800 | RenaissanceRe Holdings Ltd. | 203144 |
| 5600 | Travelers Cos., Inc. | 1563632 |
| 2700 | Unum Group | 210006 |

---

**M Large Cap Value Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Insurance (Continued)** |  |
| 5975 | W.R. Berkley Corp. | $457804 |
| 1400 | Willis Towers Watson PLC | 483630 |
|  |  | 13498454 |
|  | **Interactive Media & Services—0.1%** |  |
| 4600 | Match Group, Inc. | 162472 |
|  | **IT Services—0.5%** |  |
| 9300 | Cognizant Technology Solutions Corp., Class A | 623751 |
| 1600 | Twilio, Inc., Class A\* | 160144 |
|  |  | 783895 |
|  | **Leisure Products—0.1%** |  |
| 2200 | Hasbro, Inc. | 166870 |
|  | **Life Sciences Tools and Services—0.0%** |  |
| 100 | Bio-Rad Laboratories, Inc., Class A\* | 28039 |
|  | **Machinery—2.1%** |  |
| 1400 | AGCO Corp. | 149898 |
| 22000 | CNH Industrial NV | 238700 |
| 2200 | Cummins, Inc. | 929214 |
| 2200 | Donaldson Co., Inc. | 180070 |
| 1800 | Dover Corp. | 300294 |
| 1000 | Middleby Corp.\* | 132930 |
| 2100 | Mueller Industries, Inc. | 212331 |
| 1200 | Oshkosh Corp. | 155640 |
| 9922 | PACCAR, Inc. | 975531 |
| 1000 | Snap-on, Inc. | 346530 |
| 400 | Toro Co. | 30480 |
|  |  | 3651618 |
|  | **Media—1.3%** |  |
| 55800 | Comcast Corp., Class A | 1753236 |
| 5000 | Fox Corp., Class A | 315300 |
| 7100 | News Corp., Class A | 218041 |
|  |  | 2286577 |
|  | **Metals and Mining—1.7%** |  |
| 19600 | Newmont Corp. | 1652476 |
| 4400 | Nucor Corp. | 595892 |
| 1000 | Reliance, Inc. | 280830 |
| 3300 | Steel Dynamics, Inc. | 460119 |
|  |  | 2989317 |
|  | **Multi-Utilities—0.8%** |  |
| 3700 | DTE Energy Co. | 523291 |
| 8000 | Public Service Enterprise Group, Inc. | 667680 |
| 2100 | WEC Energy Group, Inc. | 240639 |
|  |  | 1431610 |
|  | **Oil, Gas and Consumable Fuels—6.0%** |  |
| 9100 | Antero Midstream Corp. | 176904 |
| 3300 | Antero Resources Corp.\* | 110748 |

---

**M Large Cap Value Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Oil, Gas and Consumable Fuels (Continued)** |  |
| 3800 | APA Corp. | $92264 |
| 10300 | EOG Resources, Inc. | 1154836 |
| 44900 | Exxon Mobil Corp. | 5062475 |
| 3600 | HF Sinclair Corp. | 188424 |
| 42000 | Kinder Morgan, Inc. | 1189020 |
| 4900 | Ovintiv, Inc. | 197862 |
| 7700 | Phillips 66 | 1047354 |
| 4500 | Range Resources Corp. | 169380 |
| 5900 | Valero Energy Corp. | 1004534 |
|  |  | 10393801 |
|  | **Passenger Airlines—0.8%** |  |
| 9700 | Delta Air Lines, Inc. | 550475 |
| 10100 | Southwest Airlines Co. | 322291 |
| 6100 | United Airlines Holdings, Inc.\* | 588650 |
|  |  | 1461416 |
|  | **Personal Care Products—0.2%** |  |
| 24600 | Kenvue, Inc. | 399258 |
|  | **Pharmaceuticals—4.3%** |  |
| 1000 | Jazz Pharmaceuticals PLC\* | 131800 |
| 38200 | Johnson & Johnson | 7083044 |
| 4600 | Royalty Pharma PLC, Class A | 162288 |
|  |  | 7377132 |
|  | **Professional Services—0.5%** |  |
| 400 | CACI International, Inc., Class A\* | 199512 |
| 3300 | Genpact Ltd. | 138237 |
| 2399 | Leidos Holdings, Inc. | 453315 |
|  |  | 791064 |
|  | **Real Estate Management and Development—0.1%** |  |
| 800 | Jones Lang LaSalle, Inc.\* | 238624 |
|  | **Semiconductors and Semiconductor Equipment—2.6%** |  |
| 3000 | Applied Materials, Inc. | 614220 |
| 2000 | First Solar, Inc.\* | 441060 |
| 20700 | QUALCOMM, Inc. | 3443652 |
| 600 | Skyworks Solutions, Inc. | 46188 |
|  |  | 4545120 |
|  | **Software—0.3%** |  |
| 3900 | Dropbox, Inc., Class A\* | 117819 |
| 11700 | Gen Digital, Inc. | 332163 |
|  |  | 449982 |
|  | **Specialty Retail—2.6%** |  |
| 1300 | AutoNation, Inc.\* | 284401 |
| 6600 | Gap, Inc. | 141174 |
| 500 | Lithia Motors, Inc. | 158000 |
| 11400 | Lowe's Cos., Inc. | 2864934 |
| 1300 | Penske Automotive Group, Inc. | 226083 |
| 800 | Ulta Beauty, Inc.\* | 437400 |

---

**M Large Cap Value Fund**

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

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Specialty Retail (Continued)** |  |
| 2200 | Williams-Sonoma, Inc. | $429990 |
|  |  | 4541982 |
|  | **Technology Hardware, Storage & Peripherals—0.8%** |  |
| 6400 | Dell Technologies, Inc., Class C | 907328 |
| 3500 | NetApp, Inc. | 414610 |
|  |  | 1321938 |
|  | **Tobacco—1.2%** |  |
| 31800 | Altria Group, Inc. | 2100708 |
|  | **Trading Companies and Distributors—0.8%** |  |
| 1180 | United Rentals, Inc. | 1126499 |
| 900 | WESCO International, Inc. | 190350 |
|  |  | 1316849 |
|  | **TOTAL COMMON STOCKS (Cost $124,373,364)** | 168209919 |
|  | **Exchange-Traded Fund—2.2%** |  |
| 18500 | iShares Russell 1000 Value ETF (Cost $3,725,841) | 3766415 |

---

---

| | | |
|:---|:---|:---|
|  | **7-Day <br> Yield** | |
| **Short-Term Investments—0.0%** | | |
| State Street Navigator Securities Lending Government Money Market Portfolio (Cost $43,660)†† | 4.20% | 43660 |
| **TOTAL INVESTMENTS, AT VALUE—99.5%<br> (Cost $128,142,865)** |  | 172019994 |
| **Other Assets in Excess of Liabilities—0.5%** |  | 808650 |
| **NET ASSETS—100.0%** |  | $172828644 |

---

---

| | |
|:---|:---|
| **Notes to the Schedule of Investments:** | **Notes to the Schedule of Investments:** |
| \* | Non-income producing security |
| † | Denotes all or a portion of security on loan. As of September 30, 2025, the market value of the securities on loan was $42,399. |
| †† | Represents invested cash collateral received from securities lending transactions. |
| Percentages indicated are based on net assets. | 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 Capital Appreciation Fund

- **b. EDGAR series identifier (if any):** S000006153

- **c. LEI of Series:** 549300DYWIBRMLTCXW75

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $231908536.73

**Total Liabilities:** $1897888.40

**Net Assets:** $230010648.33

**Cash Not Reported:** $3189863.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000016960 | 2.19%                | 4.17%                | 1.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6753691.97              | $-1705596.44                               |
| Month 2  | $2021259.90              | $7616535.74                                |
| Month 3  | $6398432.18              | $-2857689.12                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FMC Corp                                     | FMC Corp.                                                                   | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     26975 | NS      | $907169.25    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp                                 | Parsons Corp.                                                               | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |     11576 | NS      | $959881.92    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico                    | First BanCorp                                                               | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     89325 | NS      | $1969616.25   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International Inc | Charles River Laboratories International, Inc.                              | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |      7053 | NS      | $1103512.38   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Storage Inc                             | Pure Storage, Inc.                                                          | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |     30690 | NS      | $2572128.90   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc                | Independence Realty Trust, Inc.                                             | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               |  | US        |     52446 | NS      | $859589.94    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                             | EPAM Systems, Inc.                                                          | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |     10949 | NS      | $1650999.71   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                    | Jabil, Inc.                                                                 | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     15994 | NS      | $3473416.98   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                               | Albemarle Corp.                                                             | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |     11905 | NS      | $965257.40    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp                    | Carpenter Technology Corp.                                                  | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |     18905 | NS      | $4641933.70   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Corp                                  | Rogers Corp.                                                                | CUSIP: 775133101<br>LEI: PW0CN80KNFR7RUOOKJ84 | Long             | EC               | CORP              | US        |     10229 | NS      | $823025.34    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Bankshares Inc                       | Eastern Bankshares, Inc.                                                    | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |     69870 | NS      | $1268140.50   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc                                     | Okta, Inc.                                                                  | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |     10403 | NS      | $953955.10    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                                  | Trex Co., Inc.                                                              | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33519 | NS      | $1731926.73   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                          | Exact Sciences Corp.                                                        | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |     34580 | NS      | $1891871.80   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Revvity Inc                                  | Revvity, Inc.                                                               | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |     13006 | NS      | $1139975.90   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| RXO Inc                                      | RXO, Inc.                                                                   | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |     81550 | NS      | $1254239.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                        | Sila Realty Trust, Inc.                                                     | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               |  | US        |     38316 | NS      | $961731.60    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                       | Permian Resources Corp.                                                     | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    176668 | NS      | $2261350.40   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Holdings Inc      | MACOM Technology Solutions Holdings, Inc.                                   | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13553 | NS      | $1687212.97   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| MaxLinear Inc                                | MaxLinear, Inc.                                                             | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |    115859 | NS      | $1863012.72   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                            | Everest Group Ltd.                                                          | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      5240 | NS      | $1835205.20   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc                           | Planet Fitness, Inc.                                                        | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |     23139 | NS      | $2401828.20   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                                 | Teradyne, Inc.                                                              | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     14541 | NS      | $2001423.24   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                 | State Street Navigator Securities Lending Government Money Market Portfolio | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   1642402 | NS      | $1642402.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                      | KBR, Inc.                                                                   | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     36356 | NS      | $1719275.24   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp                | First American Financial Corp.                                              | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |     16559 | NS      | $1063750.16   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                                  | HubSpot, Inc.                                                               | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      1835 | NS      | $858413.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                                   | Belden, Inc.                                                                | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |      6880 | NS      | $827457.60    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| iRhythm Technologies Inc                     | iRhythm Technologies, Inc.                                                  | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |     12520 | NS      | $2153314.80   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Tandem Diabetes Care Inc                     | Tandem Diabetes Care, Inc.                                                  | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |     58286 | NS      | $707592.04    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                           | Cooper Cos., Inc.                                                           | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |     33620 | NS      | $2304987.20   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc                    | Caesars Entertainment, Inc.                                                 | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |     73967 | NS      | $1998958.18   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                    | Qorvo, Inc.                                                                 | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     21001 | NS      | $1912771.08   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc                     | Granite Construction, Inc.                                                  | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |     33971 | NS      | $3724920.15   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| IonQ Inc                                     | IonQ, Inc.                                                                  | CUSIP: 46222L108<br>LEI: 529900RB2VEFGLQS7G28 | Long             | EC               | CORP              | US        |      8114 | NS      | $499011.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: —       |
| AGCO Corp                                    | AGCO Corp.                                                                  | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |      9351 | NS      | $1001211.57   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BILL Holdings Inc                            | Bill Holdings, Inc.                                                         | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |     21838 | NS      | $1156758.86   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Novocure Ltd                                 | Novocure Ltd.                                                               | CUSIP: 000000000<br>LEI: 213800YPP55UMHWA4826 | Long             | EC               | CORP              | JE        |     27199 | NS      | $351411.08    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                          | Paycom Software, Inc.                                                       | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |      8513 | NS      | $1771895.82   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp Inc                             | Hope Bancorp, Inc.                                                          | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |     50709 | NS      | $546135.93    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc                        | Triumph Financial, Inc.                                                     | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |     10017 | NS      | $501250.68    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ZoomInfo Technologies Inc                    | ZoomInfo Technologies, Inc.                                                 | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |    109735 | NS      | $1197208.85   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co                      | Modine Manufacturing Co.                                                    | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     20171 | NS      | $2867509.36   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                                | Coherent Corp.                                                              | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     31683 | NS      | $3412892.76   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The                        | Carlyle Group, Inc.                                                         | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |     33591 | NS      | $2106155.70   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                      | Wintrust Financial Corp.                                                    | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     14937 | NS      | $1978256.28   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc                  | Inspire Medical Systems, Inc.                                               | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |     17216 | NS      | $1277427.20   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                                   | MasTec, Inc.                                                                | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |      7499 | NS      | $1595862.19   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Dolby Laboratories Inc                       | Dolby Laboratories, Inc.                                                    | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               | CORP              | US        |     15337 | NS      | $1109938.69   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp                     | United Therapeutics Corp.                                                   | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      3294 | NS      | $1380877.74   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc                      | Darling Ingredients, Inc.                                                   | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |     72140 | NS      | $2226961.80   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                       | Tyler Technologies, Inc.                                                    | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      1729 | NS      | $904543.64    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                                 | Insulet Corp.                                                               | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      9149 | NS      | $2824570.77   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                         | Align Technology, Inc.                                                      | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |      8178 | NS      | $1024049.16   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                           | Vertiv Holdings Co.                                                         | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     21893 | NS      | $3302777.98   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                     | Revolution Medicines, Inc.                                                  | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     17227 | NS      | $804500.90    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp                           | Regal Rexnord Corp.                                                         | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |     12417 | NS      | $1781094.48   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                        | AECOM                                                                       | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |      8972 | NS      | $1170576.84   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Grid Dynamics Holdings Inc                   | Grid Dynamics Holdings, Inc.                                                | CUSIP: 39813G109<br>LEI: 9845007E77EEC65AZE29 | Long             | EC               | CORP              | US        |    151910 | NS      | $1171226.10   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sweetgreen Inc                               | Sweetgreen, Inc.                                                            | CUSIP: 87043Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41710 | NS      | $332845.80    | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Saia Inc                                     | Saia, Inc.                                                                  | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      3423 | NS      | $1024709.28   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Inc                                  | Hubbell, Inc.                                                               | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      3080 | NS      | $1325354.80   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                             | W.R. Berkley Corp.                                                          | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     20511 | NS      | $1571552.82   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc                     | Ultra Clean Holdings, Inc.                                                  | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |     60103 | NS      | $1637806.75   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp                       | Universal Display Corp.                                                     | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8904 | NS      | $1278881.52   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                                  | MongoDB, Inc.                                                               | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |      7009 | NS      | $2175453.42   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                                   | TransUnion                                                                  | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |     15733 | NS      | $1318110.74   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                        | TransMedics Group, Inc.                                                     | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |      9428 | NS      | $1057821.60   | 0.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Guidewire Software Inc                       | Guidewire Software, Inc.                                                    | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |      6395 | NS      | $1469954.70   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                                 | Sanmina Corp.                                                               | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |     11764 | NS      | $1354154.04   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                          | Eagle Materials, Inc.                                                       | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     15172 | NS      | $3535682.88   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Labs PBC                              | Planet Labs PBC                                                             | CUSIP: 72703X106<br>LEI: 254900Q7PVI3HTQBRB44 | Long             | EC               | CORP              | US        |    182858 | NS      | $2373496.84   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc                | Selective Insurance Group, Inc.                                             | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |      8525 | NS      | $691121.75    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Amentum Holdings Inc                         | Amentum Holdings, Inc.                                                      | CUSIP: 023939101<br>LEI: 2549009FJIBLW40CU216 | Long             | EC               | CORP              | US        |     59005 | NS      | $1413169.75   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnite Inc                                  | Magnite, Inc.                                                               | CUSIP: 55955D100<br>LEI: 54930018FR2YX1HHSB02 | Long             | EC               | CORP              | US        |     67445 | NS      | $1468952.10   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc                         | Alaska Air Group, Inc.                                                      | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     39128 | NS      | $1947791.84   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Country Airlines Holdings Inc            | Sun Country Airlines Holdings, Inc.                                         | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |     76194 | NS      | $899851.14    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                      | ATI, Inc.                                                                   | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |     59297 | NS      | $4823217.98   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                     | Lamb Weston Holdings, Inc.                                                  | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |     18901 | NS      | $1097770.08   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                                   | Kirby Corp.                                                                 | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |     15443 | NS      | $1288718.35   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc                         | BWX Technologies, Inc.                                                      | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |      5865 | NS      | $1081330.05   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc                             | Markel Group, Inc.                                                          | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       753 | NS      | $1439254.08   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Lab Corp                              | Rocket Lab Corp.                                                            | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16968 | NS      | $812936.88    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                                  | Popular, Inc.                                                               | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     17341 | NS      | $2202480.41   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                     | ICON PLC                                                                    | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |      9506 | NS      | $1663550.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI Homes Inc                                | LGI Homes, Inc.                                                             | CUSIP: 50187T106<br>LEI: 549300W02B4WNV8CV109 | Long             | EC               | CORP              | US        |     20736 | NS      | $1072258.56   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Symbotic Inc                                 | Symbotic, Inc.                                                              | CUSIP: 87151X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25433 | NS      | $1370838.70   | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| AeroVironment Inc                            | AeroVironment, Inc.                                                         | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      7082 | NS      | $2230050.98   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                                 | Entegris, Inc.                                                              | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     10883 | NS      | $1006242.18   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                     | Procore Technologies, Inc.                                                  | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |     18302 | NS      | $1334581.84   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Holdings Inc     | Knight-Swift Transportation Holdings, Inc.                                  | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38298 | NS      | $1513153.98   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR Corp                                     | AAR Corp.                                                                   | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |      7385 | NS      | $662212.95    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                            | MP Materials Corp.                                                          | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |     21328 | NS      | $1430468.96   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                                  | Cognex Corp.                                                                | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |     27233 | NS      | $1233654.90   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                                     | Flex Ltd.                                                                   | CUSIP: 000000000<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |     61920 | NS      | $3589502.40   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                         | Bridgebio Pharma, Inc.                                                      | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |     24019 | NS      | $1247546.86   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp                          | Curtiss-Wright Corp.                                                        | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |      3408 | NS      | $1850339.52   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                               | DraftKings, Inc.                                                            | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |     26556 | NS      | $993194.40    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC                  | James Hardie Industries PLC                                                 | CUSIP: 000000000<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |     30273 | NS      | $581544.33    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Integral Ad Science Holding Corp             | Integral Ad Science Holding Corp.                                           | CUSIP: 45828L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51842 | NS      | $527233.14    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Florida             | Seacoast Banking Corp. of Florida                                           | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |     23176 | NS      | $705245.68    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp                      | Perdoceo Education Corp.                                                    | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     43981 | NS      | $1656324.46   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC                     | Jazz Pharmaceuticals PLC                                                    | CUSIP: 000000000<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |      5406 | NS      | $712510.80    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI Industries                               | LCI Industries                                                              | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |     10157 | NS      | $946124.55    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Elastic NV                                   | Elastic NV                                                                  | CUSIP: 000000000<br>LEI: 2549003I48WHHH937I59 | Long             | EC               | CORP              | NL        |     12074 | NS      | $1020132.26   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ACV Auctions Inc                             | ACV Auctions, Inc.                                                          | CUSIP: 00091G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    116855 | NS      | $1158033.05   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA Technologies Inc                       | TETRA Technologies, Inc.                                                    | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |    198783 | NS      | $1143002.25   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                            | Devon Energy Corp.                                                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     39481 | NS      | $1384203.86   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                                      | MKS, Inc.                                                                   | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     10368 | NS      | $1283247.36   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                 | Citizens Financial Group, Inc.                                              | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     35773 | NS      | $1901692.68   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                | Ultragenyx Pharmaceutical, Inc.                                             | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     15844 | NS      | $476587.52    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                   | Insmed, Inc.                                                                | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     17026 | NS      | $2451914.26   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Travel Co                          | Allegiant Travel Co.                                                        | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |     11388 | NS      | $692048.76    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Co Inc                     | Acadia Healthcare Co., Inc.                                                 | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |     25815 | NS      | $639179.40    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                                 | Vericel Corp.                                                               | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     33845 | NS      | $1065102.15   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc                 | Monolithic Power Systems, Inc.                                              | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |      2819 | NS      | $2595284.16   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                   | Natera, Inc.                                                                | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11082 | NS      | $1783869.54   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTracker Inc                               | NEXTracker, Inc.                                                            | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19135 | NS      | $1415798.65   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                             | HealthEquity, Inc.                                                          | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     16095 | NS      | $1525323.15   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions Inc      | Kratos Defense & Security Solutions, Inc.                                   | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     15366 | NS      | $1403991.42   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                      | XPO, Inc.                                                                   | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |     27526 | NS      | $3558286.02   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC                | Weatherford International PLC                                               | CUSIP: 000000000<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |     31671 | NS      | $2167246.53   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Avantor Inc                                  | Avantor, Inc.                                                               | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    111452 | NS      | $1390920.96   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                           | Unity Software, Inc.                                                        | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |     26789 | NS      | $1072631.56   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                                  | SiTime Corp.                                                                | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4933 | NS      | $1486362.23   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc                       | CACI International, Inc.                                                    | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |      2438 | NS      | $1216025.64   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Infrastructure Inc                      | FTAI Infrastructure, Inc.                                                   | CUSIP: 35953C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    225675 | NS      | $983943.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings Inc           | Cogent Communications Holdings, Inc.                                        | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36750 | NS      | $1409362.50   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc                     | Builders FirstSource, Inc.                                                  | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     26258 | NS      | $3183782.50   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| indie Semiconductor Inc                      | indie Semiconductor, Inc.                                                   | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Long             | EC               | CORP              | US        |    495143 | NS      | $2015232.01   | 0.88%             |  |  |  | No            |                  1 | On Loan: —       |
| STAG Industrial Inc                          | STAG Industrial, Inc.                                                       | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |     37113 | NS      | $1309717.77   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                                  | Equifax, Inc.                                                               | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |      7778 | NS      | $1995290.34   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corp                                  | Hexcel Corp.                                                                | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |     30403 | NS      | $1906268.10   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG Inc                                      | TPG, Inc.                                                                   | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |     13750 | NS      | $789937.50    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                            | FTAI Aviation Ltd.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     47915 | NS      | $7995096.90   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoals Technologies Group Inc                | Shoals Technologies Group, Inc.                                             | CUSIP: 82489W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    199198 | NS      | $1476057.18   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                     | Elanco Animal Health, Inc.                                                  | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |     89439 | NS      | $1801301.46   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                   | STERIS PLC                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      2829 | NS      | $700007.76    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corp                   | Lattice Semiconductor Corp.                                                 | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |     36161 | NS      | $2651324.52   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| KinderCare Learning Cos Inc                  | KinderCare Learning Cos., Inc.                                              | CUSIP: 49456W105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    147557 | NS      | $979778.48    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                      | DigitalBridge Group, Inc.                                                   | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |     63027 | NS      | $737415.90    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc                                | M/I Homes, Inc.                                                             | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      4586 | NS      | $662401.84    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Appian Corp                                  | Appian Corp.                                                                | CUSIP: 03782L101<br>LEI: 529900NIARIFW7HGU386 | Long             | EC               | CORP              | US        |     38316 | NS      | $1171320.12   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-22

**Name of Applicant:** M FUND INC

**Signature:** Hannah Hasbrook

**Name of Signer:** Hannah Hasbrook

**Title:** M Fund Administration Manager