# EDGAR Filing Document

**Accession Number:** 0000948258
**File Stem:** 0001104659-23-028296
**Filing Date:** 2023-3
**Character Count:** 372358
**Document Hash:** fbe1340f1b4ca46f2987b78640e8e9b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-028296.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001104659-23-028296

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** M FUND INC
- **CENTRAL INDEX KEY:** 0000948258
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09082
- **FILM NUMBER:** 23702301

**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 International Equity Fund (Series ID: S000006151)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000016958 | M International Equity Fund | MBEQX           |

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

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

### M Capital Appreciation Fund (Series ID: S000006153)

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

### M Large Cap Growth Fund (Series ID: S000006154)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000016961 | M Large Cap Growth Fund | MTCGX           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u> 811-9082</u>

<u>M Fund, Inc.</u> <br> (Exact name of registrant as specified in charter)

<u>M Financial Plaza 1125 NW Couch Street, Suite 900, Portland, Oregon</u> <u>97209</u> <br> (Address of principal executive offices) (Zip code)

<u> Erik Bjorvik, President, M Fund, Inc. M Financial Plaza, 1125 NW Couch Street, Suite 900, Portland, Oregon 97209</u> <br> (Name and address of agent for service)

with a Copy to:

Cynthia Beyea

Eversheds Sutherland LLP

700 Sixth Street, N.W.

Washington, D.C. 20001-3980

Registrant's telephone number, including area code: <u>(503) 232-6960</u>

---

| | |
|:---|:---|
| Date of fiscal year end: | 12/31 |
| Date of reporting period: | 12/31/2022 |

---

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company
Act of 1940, as amended (the "1940 Act"), for the period January 1, 2022 through December 31, 2022, is filed herewith.

**M FUND, INC.**

M International Equity Fund

M Large Cap Growth Fund

M Capital Appreciation Fund

M Large Cap Value Fund

Annual Report<br>December 31, 2022

![](j2313852_aa001.jpg)

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**M Fund, Inc.**

**PRESIDENT'S LETTER**

Dear Contract Owners:

We are pleased to share the financial condition of M Fund, Inc. (the "Corporation") as presented in the following Annual Report dated December 31, 2022. Total assets under management at year end 2022 were $728 million.

Sub-Advisers to the portfolios, under the direction of M Financial Investment Advisers, Inc., the investment adviser to the Corporation, have prepared the attached discussion of results for each portfolio of the Corporation for the year ended December 31, 2022.

Sub-Advisers to the portfolios of the Corporation are: Dimensional Fund Advisors LP for the M International Equity Fund, DSM Capital Partners LLC for the M Large Cap Growth Fund, Frontier Capital Management Company, LLC for the M Capital Appreciation Fund and Brandywine Global Investment Management, LLC for the M Large Cap Value Fund.

On behalf of the Corporation's Board of Directors, M Financial Investment Advisers, Inc. and the Corporation's participating insurance carriers, we thank you for your business and remain committed to providing investment opportunities that add value to our clients in the upcoming year.

Sincerely,

![](j2313852_ba002.jpg)

ERIK BJORVIK

*President*<br>M Fund, Inc.

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**M INTERNATIONAL EQUITY FUND (Unaudited)**

**Performance**

For the twelve months ended December 31, 2022, the M International Equity Fund had a return of -14.16% (net of management fees) versus a total return (including reinvestment of dividends) of -16.00% for its benchmark, the MSCI All Country World ex USA Index (net dividends)<sup>1</sup>.

**Market Environment/Conditions**

In U.S. dollar terms, global ex U.S. equity markets returned -16.58%, as reflected by the MSCI All Country World ex USA IMI (net dividends), for the year. Developed ex U.S. markets returned -15.26% as measured by the MSCI World ex USA IMI (net dividends) and emerging markets returned -19.83% as measured by the MSCI Emerging Markets IMI (net dividends). In both developed and emerging markets, most currencies depreciated versus the U.S. dollar.

Theoretical and empirical research suggests that investors can systematically pursue higher expected returns by targeting the size, relative price, and profitability<sup>2</sup> dimensions in equity markets. Dimensional Fund Advisors LP integrates these dimensions to emphasize stocks with smaller market capitalizations, lower relative prices, and higher profitability.

Along the market capitalization dimension, small caps (MSCI All Country World ex USA Small Cap Index, net dividends) underperformed large caps (MSCI All Country World ex USA Index, net dividends) by 3.97% for the year. Mid caps (MSCI All Country World ex USA Mid Cap Index, net dividends), a subset of the MSCI All Country World ex USA Index universe, outperformed small caps (MSCI All Country World ex USA Small Cap Index, net dividends) by 0.90% and underperformed large caps (MSCI All Country World ex USA Index, net dividends) by 3.07%.

Along the relative price dimension, large cap value stocks (MSCI All Country World ex USA Value Index, net dividends) outperformed large cap growth stocks (MSCI All Country World ex USA Growth Index, net dividends) by 14.46%, and small cap value stocks (MSCI All Country World ex USA Small Cap Value Index, net dividends) outperformed small cap growth stocks (MSCI All Country World ex USA Small Cap Growth Index, net dividends) by 12.46%.

High profitability stocks underperformed low profitability stocks within both large caps and small caps.

Performance of the premiums may vary depending on the particular segment of the market under analysis.

**Fund Review/Current Positioning**

The M International Equity Fund outperformed the MSCI All Country World ex USA Index (net dividends) by 1.84% for the period. With low relative price (value) stocks outperforming high relative price (growth) stocks, the Fund's greater emphasis on value stocks contributed positively to performance relative to the benchmark. At the country level, the portfolio's underweight to Russia also contributed positively to relative performance as Russian stocks underperformed over the period.

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***Dimensional Fund Advisors LP<br>Investment Sub-Adviser to the M International Equity Fund***

*Performance represented is net of fees. The foregoing reflects the thoughts and opinions of Dimensional Fund Advisors LP exclusively and is subject to change without notice. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Strategies discussed are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance. Portfolio characteristics are as of December 31, 2022. Please note that all indices are unmanaged and are not available for direct investment.*

*This commentary may include statements that constitute "forward looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Fund, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Fund's trading intent. Information about the Fund's holdings, asset allocation or country diversification is historical and is not an indication of future Fund composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.*

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**COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN <br>THE M INTERNATIONAL EQUITY FUND AND THE MSCI AC WORLD ex USA INDEX (Unaudited)**

![](j2313852_ba003.jpg)

*The M International Equity Fund's total return is calculated net of Investment Advisory Fees and operating expenses. Performance figures represent past performance and are not indicative of future performance of the M International Equity Fund or Index. Share value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original investment. Please note that all indices are unmanaged, do not incur expenses, and are not available for direct investment. Persons who invest in the M International Equity Fund through a variable annuity or variable life insurance contract should note this graph does not reflect separate account expenses deducted by the insurance company.*

+ Effective May 1, 2014, the Fund changed its benchmark index from the MSCI EAFE Index to the MSCI AC World ex USA Index. The MSCI AC World ex USA Index is more representative of the Fund's investment portfolio than its previous index.

**MSCI ACWI (ALL COUNTRY WORLD INDEX) ex USA INDEX**

<sup>1</sup> The MSCI ACWI (All Country World Index) ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the US. Investors cannot invest directly in an Index.

<sup>2</sup> Profitability is measured as operating income before depreciation and amortization minus interest expense, scaled by book.

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**M LARGE CAP GROWTH FUND (Unaudited)**

**Performance**

For the twelve months ended December 31, 2022, the M Large Cap Growth Fund had a return of -25.41% (net of management fees) versus a total return (including reinvestment of dividends) of -29.14% for its benchmark, the Russell 1000<sup>®</sup> Growth Index<sup>1</sup>.

**Market Environment/Conditions**

In DSM Capital Partners LLC's ("DSM's") view, the most important factor driving equity and debt markets during 2022 was the realization earlier in the year that inflation would not peak, and therefore decline, until the Federal Reserve tightened monetary policy by raising interest rates significantly. Once investors understood this situation, there was a sharp decline in the valuations of debt, equity, real estate and most other asset classes.

DSM continues to believe that there is light at the end of the tunnel because money supply is at an historically low growth rate. Given DSM's belief that money supply drives inflation, with money supply growth substantially tightened it is not surprising that inflation appears to have peaked and begun to subside over the last few months. As additional data points are announced confirming the downward direction of inflation, it is possible that equity markets will respond by trending upward.

Since the financial crisis in 2008 and 2009, returns on stocks, bonds/credit, private equity, real estate and more were driven by artificially low interest rates set by central banks, which included negative yields on government bonds throughout Europe and Japan. As a result, extreme valuation and return distortions were created in most, if not virtually all asset classes. Although some stocks with extreme valuations have declined significantly over the past year, DSM believes there are many companies with stretched valuations that might fall further regardless of whether interest rates move higher or remain stable over the coming year.

While a global economic downturn certainly remains possible, at this point the severity of a recession appears to be limited and a global "muddle through" scenario is a possibility. In the United States, the economy continues to grind forward, albeit at a slower pace, driven by the strength of consumer spending. Although higher interest rates have put the brakes on the U.S. housing sector, employment remains strong with low unemployment and solid wage gains. On its own, the steady employment outlook may be enough for the Federal Reserve to continue to raise rates, however, in DSM's view, it is more important that the Fed tame inflationary wage gains than worry about the unemployment rate.

**Fund Review/Current Positioning**

There have been a number of changes to the Fund's portfolio over the last several quarters, as DSM has utilized the decline in the market to make opportunistic purchases of a number of new securities. DSM's goal is to position the portfolio for the long-term with investments in dominant "New Era" technology-driven business franchises. These businesses have much in common including leading market positions, sustainable technological advantages, few potential new competitors, little pricing pressure, long runways of revenue growth, and stable cost structures, all of which DSM believes should lead to predictable earnings growth. DSM will continue to initiate and add to positions opportunistically, as they believe ongoing investor concerns over high inflation and rising interest rates will result in continued volatility.

At year-end, the M Large Cap Growth Fund was invested in the communication services, consumer discretionary, consumer staples, financials, health care, information technology and materials sectors. Over the

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reporting period, the Fund outperformed the benchmark as a result of stock selections in the health care, consumer discretionary and financials sectors. The Fund's underweight of the consumer discretionary sector and overweight in financials versus the benchmark also benefitted performance. DSM's stock selection and slight overweight of the communication services sector detracted from performance in the period. By security, the top five contributors to the Fund's performance for the year were Neurocrine Biosciences, O'Reilly Automotive, Burlington Stores, Boston Scientific and UnitedHealth Group. The five positions which contributed the least in the period were Alphabet, Meta Platforms, Microsoft, Amazon.com and PayPal Holdings.

In DSM's view, ongoing rate increases by the Federal Reserve and ECB will continue to lower inflation, until the banks decide to pause the "rate increase" cycle. While it's not certain when this will occur, DSM would guess over the first half of this year. Once clear signs of persistently declining inflation emerge and central bank rate increases are indeed paused, there may well be a bullish response from global equity markets. Importantly, in DSM's opinion, the earnings power of the companies in the Fund portfolio remains largely intact. Given the economic resilience of the portfolio, along with its reasonable valuation and a normalized mid-to-high-teens earnings growth rate going forward, DSM continues to believe that this is an attractive time to be a holder of premier quality growth businesses.

***DSM Capital Partners LLC<br>Investment Sub-Adviser to the M Large Cap Growth Fund***

*Performance represented is net of fees. The foregoing reflects the thoughts and opinions of DSM Capital Partners LLC exclusively and is subject to change without notice. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Strategies discussed are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance. Portfolio characteristics are as of December 31, 2022. Please note that all indices are unmanaged and are not available for direct investment.*

*This commentary may include statements that constitute "forward looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Fund, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Fund's trading intent. Information about the Fund's holdings, asset allocation or country diversification is historical and is not an indication of future Fund composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.*

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**COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN <br>THE M LARGE CAP GROWTH FUND AND THE RUSSELL 1000 GROWTH INDEX (Unaudited)**

![](j2313852_ba004.jpg)

*The M Large Cap Growth Fund's total return is calculated net of Investment Advisory Fees and operating expenses. Performance figures represent past performance and are not indicative of future performance of the M Large Cap Growth Fund or Index. Share value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original investment. Please note that all indices are unmanaged, do not incur expenses, and are not available for direct investment. Persons who invest in the M Large Cap Growth Fund through a variable annuity or variable life insurance contract should note this graph does not reflect separate account expenses deducted by the insurance company.*

**RUSSELL 1000<sup>®</sup> GROWTH INDEX**

<sup>1</sup> The Russell 1000<sup>®</sup> Growth Total Return Index includes dividends reinvested in the Russell 1000<sup>®</sup> Growth Index as reported by the Russell Company. The Russell 1000<sup>®</sup> Growth Index is a capitalization weighted index containing over 600 widely held securities with growth characteristics. DSM uses the Russell 1000<sup>®</sup> Growth Index as a benchmark because its average market capitalization is similar to that of the M Large Cap Growth Fund, and it is an industry standard. Characteristics of any benchmark may differ materially from accounts managed by DSM. Investors cannot invest directly in an Index.

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**M CAPITAL APPRECIATION FUND (Unaudited)**

**Performance**

For the twelve months ended December 31, 2022, the M Capital Appreciation Fund had a return of -18.14% (net of management fees) versus a total return (including reinvestment of dividends) of -18.37% for its benchmark, the Russell 2500<sup>®</sup> Index<sup>1</sup>.

**Market Environment/Conditions**

After three quarters of sequential declines, equities managed a moderate rebound during the fourth quarter, rising from their third quarter lows as signs of slowing inflation drove expectations for less aggressive action from the Federal Reserve.

Global markets linger in a state of flux as investors await incremental data on the health of the economy, rates of inflation and the labor market. For U.S. equities in particular, Federal Reserve rate decisions, meeting notes, CNBC interviews with regional Federal Reserve governors and Powell's public speaking calendar feed the 24-hour news cycle, which can be either a great source of frustration or relief, depending on the moment. What was once good news is now bad news, and what were once red flags signaling the onset of recession are now applauded by investors. The fact remains that the U.S. consumer has continued to embrace post-pandemic life with spending on travel, entertainment and a decent holiday retail season. Inflation has shown signs of abating with many input costs making remarkable progress toward returning to normal. Yet, the Federal Reserve maintains focus on the strength of the labor market as overheated demand presents the greatest risk of generating a long-term structural inflation problem. Across corporate America, expectations for a recession are increasingly a consensus view with debate mostly around the edges concerning the potential depth and length. This tug of war between a hawkish Federal Reserve and early signs of recession will likely drive the ebb and flow of the equities markets in coming months.

Fortunately the growth-at-any-price market witnessed from 2017-2020 continues to unravel in the face of higher interest rates, and investors are focusing on earnings, cash flow and valuation—all key components of our investment philosophy. Inflationary pressures continue to be an area of concern; however, the Fund is well positioned by owning companies with pricing power at valuations less susceptible to multiple compression as rates increase. Our focus is on positioning the portfolio for when we exit this period of uncertainty and we are seizing chances to buy unique franchises at attractive prices. We are excited about the opportunities we have uncovered in recent quarters and believe we have set up Capital Appreciation for solid performance in years to come.

**Fund Review/Current Positioning**

On a net-of-fees basis the Fund outperformed the Russell 2500<sup>®</sup> Index as positive stock selection was partially offset by a negative allocation effect. The portfolio exhibited positive selection in health care, energy, technology, and financials offset somewhat by weak performance of consumer discretionary holdings. Overweight industry allocations to consumer discretionary and technology stocks were a drag on performance as well as underweight positions in consumer staples, energy and utilities. With the exception of energy, where stocks have been propped up by the ongoing war in Ukraine, the overall portfolio behavior is largely consistent with our positioning for longer-term earnings growth as more defensive industries tended to outperform the overall index.

Health care produced by far the largest amount of stock selection for the year, but interestingly none of the top ten contributing stocks were from that industry. Outperformance in 2022 was better described by what we didn't own as opposed to what we did. While some health care holdings such as Insulet (+11%), Acadia Health (+35%) and United Therapeutics (+29%) performed quite well, the positive selection resulted largely from not owning

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expensive biotech stocks. The Capital Appreciation portfolio generally avoids biotech stocks due to volatility and the binary nature of their investment outcomes, and our skepticism was rewarded during 2022. The biotechnology sector materially underperformed the market, declining 36% for the year as interest rates increased and speculative markets collapsed.

Strong performance of the Fund's energy holdings offset the portfolio's modest underweight to the group, with owned stocks increasing 53% versus 38% for the index. This outperformance stemmed from both exposure to traditional energy companies as well as renewable energy. Elevated oil and gas prices have prompted a resurgence in Exploration and Production (E&P) companies like Devon Energy (+51%) as well as the underlying service providers and distributors like MRC Global (+68%). On a short-term basis, supply shocks to the global energy supply from the Ukraine War have propped up energy prices, and we believe long-term structural supply shortages will remain as the world redefines its tolerance for energy dependency. On the renewables side, the Fund gained from its ownership of Array Technologies (+23%) and Shoals Technologies (82%), two companies that provide essential components to the solar power industry.

In financials, ownership of LPL Financial (+36%) and W.R. Berkeley Corporation (+34%) drove better than Index results. LPL Financial was the top contributor for the year as the company increasingly captured incremental returns on underlying customer cash balances with rising interest rates. Property and casualty insurance providers like W.R. Berkeley have continued to benefit from a healthy pricing environment and positive underwriting returns. We have trimmed both of these holdings given their relative performance and have redeployed capital elsewhere in the Fund.

Finally, consumer discretionary was the only negative industry of note representing four of the bottom ten performers. Accelerated inflation, higher interest rates and the potential for recession have given investors pause with many of these stocks despite the fact they reported better-than-expected earnings results. Volaris Aviation (-53%) and Caesars Entertainment (-56%) both traded down on fears of a slowdown in consumer spending. At current valuations we believe they remain compelling investment opportunities. The advertising space also has witnessed dramatic cuts in anticipation of a slowing economy. Two holdings in the portfolio exposed to digital advertising, Cardlytics (-91%) and Integral Ad Science (-60%), fell victim to the volatility in their respective customer bases. We continue to assess their competitive positioning, but thus far have decided to hold these positions as they provide differentiated products in an area that should see long-term secular growth despite the near-term challenges.

***Frontier Capital Management Co., LLC<br>Investment Sub-Adviser to the M Capital Appreciation Fund***

*Performance represented is net of fees. The foregoing reflects the thoughts and opinions of Frontier Capital Management Co., LLC exclusively and is subject to change without notice. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Strategies discussed are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance. Portfolio characteristics are as of December 31, 2022. Please note that all indices are unmanaged and are not available for direct investment.*

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*This commentary may include statements that constitute "forward looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Fund, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Fund's trading intent. Information about the Fund's holdings, asset allocation or country diversification is historical and is not an indication of future Fund composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.*

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**COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN<br>THE M CAPITAL APPRECIATION FUND AND THE RUSSELL 2500 STOCK INDEX (Unaudited)**

![](j2313852_ba005.jpg)

*The M Capital Appreciation Fund's total return is calculated net of Investment Advisory Fees and operating expenses. Performance figures represent past performance and are not indicative of future performance of the M Capital Appreciation Fund or Index. Share value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original investment. Please note that all indices are unmanaged, do not incur expenses, and are not available for direct investment. Persons who invest in the M Capital Appreciation Fund through a variable annuity or variable life insurance contract should note this graph does not reflect separate account expenses deducted by the insurance company.*

**RUSSELL 2500<sup>®</sup> INDEX**

<sup>1</sup> The Russell 2500<sup>®</sup> Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. The Russell 2500<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership. Investors cannot invest directly in an Index.

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**M LARGE CAP VALUE FUND (Unaudited)**

**Performance**

For the twelve months ended December 31, 2022, the Fund had a return of -1.45% (net of management fees) versus a total return of -7.54% for its benchmark, the Russell 1000<sup>®</sup> Value Index<sup>1</sup>.

**Market Environment/Conditions**

Broad U.S. equity markets initially began the year where they left off in 2021 climbing higher. The ascent was short lived and quickly reversed course from the impact of skyrocketing inflation and the widespread effects of geopolitical concerns when Russia invaded Ukraine. The selloff accelerated into July with most indices in bear market territory. The Federal Reserve was caught flat footed with such a profound change in investor sentiment and was left to play catch up by aggressively tightening money supply through multiple rate hikes during the year. At the conclusion of 2022 the Fed had increased rates a total of seven times including an unprecedented four consecutive 75 basis point hikes. U.S. yield curves remained deeply inverted at the end of the year with a surge in short term rates signaling expectations for future economic slowdown. Inflation peaked in the middle of the year but remained at stubbornly high levels above 7% in stark contrast to the first two decades of this century which averaged in the more benign 2% - 2.5% range. Supply chain disruptions and excessive government stimulus in 2021 came to roost as the driving factors causing the spike in inflation. An environment of low inflation, lower volatility and low financing costs bodes well for growth investing which was the investing environment during the prior decade. The Fed also played a role to extend that environment by unnecessarily keeping interest rates low and providing monetary stimulus during that period whenever the economy or markets faltered. A high inflationary environment coupled with rising and markedly higher interest rates are strong headwinds to growth stocks which generally are afforded higher valuation multiples based on ever increasing future earnings or sales that eventually translate into earnings. However, those future earnings are more heavily discounted with rising interest rates especially for companies that borrow capital to fund their growth. The labor market remained resilient this year as an imbalance continued between labor supply and demand and the price of crude oil fell steadily from mid-June which helped equity indices rebound later in the year. Traditional value factors performed well overall during such a negative year and continued to do well even during the year end rebound. As expected, higher quality companies performed better as well as higher yielding companies which offered some offset to the price declines in the form of dividends. However lower share growth companies also acted more defensively during the year. Momentum was also effective, as stocks with the lowest momentum continued to lag and underperform.

**Fund Review/Current Positioning**

The Fund outperformed again by a sizable margin in a very different environment from last year. Amidst the broad-based selloff in 2022, with nearly all sectors across all styles posting negative returns, the portfolio outperformed by acting much more defensively and falling less than the Russell 1000<sup>®</sup> value and the S&P 500. The benchmark recovered from deeply negative territory to only a loss of 7.5% while the portfolio was down less than 1% for the full year on a gross basis. All broad sectors had positive absolute returns in the final quarter and the majority were double digits. For the full year, the contrast remained as stark as it has been throughout the year with the energy sector having a second consecutive year returning greater than 50%. Other traditionally defensive sectors (utilities and consumer staples) eked out very minor positive returns, health care was essentially flat while the remaining sectors posted losses. The difference with 2021 was that the final quarter was again a very strong period of absolute returns however value was much better across the board. In a reversal from the year prior, the consumer discretionary sector was now the biggest detractor to relative performance while health care and real estate were larger contributors to the outperformance.

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We began the year with a substantial overweight in the consumer discretionary sector which was the hardest hit in large value in the first half of the year. Supply chain challenges caused inventory shortage last year which was overcompensated with excessive inventory builds heading into a softening environment that translated into weak retail sales. We reduced the overweight in the sector after many underperforming holdings were sold in the first half and have remained in line with the benchmark weight for the second half and into 2023. Conversely being slightly underweight utilities, which was one of the few sectors that posted a positive absolute return, slightly detracted from the portfolio as the defensiveness of the utilities sector was rewarded during the selloff.

Three of the top five sectors with the biggest contribution to relative outperformance were ones that substantially lagged during the year and were each down more than 25%. The portfolio's largest sector contribution to outperformance came from the health care sector. The portfolio benefited from an underweight position in the medical devices group, which underperformed, and strong returns from Merck, McKesson in the health care distribution industry and the biotech firm AbbVie. The real estate sector is facing multiple headwinds with rising interest rates, dropping occupancy rates for offices and retailers, and residential and vacation real estate reeling from the hangover of such strong price appreciation last year. The spike in interest rates has the largest impact to the earnings of these companies due to the leverage they use for financing. Additionally with the increase in rates, higher yielding equities are no longer needed as a bond alternative with the spread collapsing between short term rates and REITs. The technology sector again lagged throughout the year and was the worst performing sector for the full year yet it was one of our biggest positive contributing sectors in the portfolio. The portfolio benefited from strong stock selection in software holdings and remaining underweight semiconductors which were mostly higher valuation stocks. Remaining focused on lower valuation technology companies such as Oracle and IBM and cycling out of the low momentum underperforming holdings is why this sector was the second largest contributor to relative returns the year. The communication services sector underperformed throughout the year and was the worst performing sector in the benchmark in both the third and fourth quarters. However, this resulted in a sizable benefit to the portfolio from both a large underweight in higher beta media and entertainment companies and above benchmark returns in our telecommunication holdings.

Turnover in the portfolio was back to pre-pandemic levels and was balanced between higher valuation sales that appreciated and became too expensive to own as well as from underperforming holdings sold due to low price momentum. The price momentum factor we use is a quantitative factor that helps to limit further losses in lower valuation companies. This factor was not the dominant reason for holdings being sold during a period of negative returns due to the widespread selloff in the marketplace. Predicted tracking error spiked higher in the portfolio after the annual benchmark rebalance in June so we had to consider and implement a few positioning changes to bring the tracking error back in range. By the end of the year, we were able to unwind those tracking error trades through the natural repositioning from our investment policy.

The largest reduction during the year was in the underperforming consumer discretionary sector followed by financials. We sold out of strong performing holdings in the industrials sector driven from higher valuations. This sector along with the communication services sector are the second largest underweights relative to the benchmark just behind real estate. At the end of the year, we sold out of one of our top ten holdings, Oracle, as valuations stretched beyond our hold range. Throughout the year we cycled out of underperforming small technology companies and cycled into other reasonably valued holdings. The total exposure in the technology sector is quite like how we started the year. Despite the strength over the past two years in the energy sector we again further increased our positioning in the sector making it the second biggest overweight sector. Earnings have more than kept pace with the rise in prices and some of the universe was still working through large share issuance from late 2020 and early 2021. The health care sector is now the largest sector in absolute terms as well as the largest relative overweight, followed by energy and financials. The financial sector is down four percentage points from the start of last year leaving the portfolio with the smallest overweight in four and a half years.

------

2022 was a lesson in persistence and adherence to a logical and academically supported investment discipline supported by a third of a century of investment experience. The broad U.S. equity markets were hit hard in reaction to inflation levels not seen in 40 years and aggressive rate increases by the Fed after over a decade of easy money and two years of COVID pandemic-related economic stimulation. Add to this mix labor shortages, high-priced scarce commodities, nuclear threats from Russia along with COVID lockdown chaos in China, and it is easy to understand why the markets remained in negative territory after such a strong year last year. In this environment, the portfolio remained focused on high-quality low valuation investing with a bias away from low momentum. This disciplined practice was rewarded as investors fled overpriced growth stocks as high interest rates elongated the reward horizon for companies more dependent on future rather than current earnings.

We continue our proven process, not expecting outperformance in every quarter or year but confident that the long term will be rewarded. Additionally, our research and 23 years of investing experience in this strategy suggests that value and large-cap value still have significant upside. We thank you for your continued support and look forward to the challenges of the new year.

***Brandywine Global Investment Management, LLC<br>Investment Sub-Adviser to M Large Cap Value Fund***

*Performance represented is net of fees. The foregoing reflects the thoughts and opinions of Brandywine Global Investment Management, LLC exclusively and is subject to change without notice. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Strategies discussed are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance. Portfolio characteristics are as of December 31, 2022. Please note that all indices are unmanaged and are not available for direct investment.*

*This commentary may include statements that constitute "forward looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Fund, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Fund's trading intent. Information about the Fund's holdings, asset allocation or country diversification is historical and is not an indication of future Fund composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.*

------

**COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN<br>THE M LARGE CAP VALUE FUND AND THE RUSSELL 1000 VALUE INDEX (Unaudited)**

![](j2313852_ba006.jpg)

*The M Large Cap Value Fund's total return is calculated net of Investment Advisory Fees and operating expenses. Performance figures represent past performance and are not indicative of future performance of the M Large Cap Value Fund or Index. Share value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original investment. Please note that all indices are unmanaged, do not incur expenses, and are not available for direct investment. Persons who invest in the M Large Cap Value Fund through a variable annuity or variable life insurance contract should note this graph does not reflect separate account expenses deducted by the insurance company.*

**RUSSELL 1000<sup>®</sup> VALUE INDEX**

<sup>1</sup> Russell 1000<sup>®</sup> companies with lower price-to-book ratios and lower forecasted growth. Investors cannot invest directly in an Index.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **COMMON STOCKS—70.4%** | **COMMON STOCKS—70.4%** |
| | **Australia—5.0%** | **Australia—5.0%** |
| 3170 | 29Metals Ltd.†, | $4122 |
| 13414 | Accent Group Ltd. | 15343 |
| 5596 | Adbri Ltd.† | 6306 |
| 7407 | AGL Energy Ltd. | 40697 |
| 4474 | Allkem Ltd.,\* | 34238 |
| 4977 | ALS Ltd. | 41442 |
| 1335 | Altium Ltd. | 31885 |
| 23001 | Alumina Ltd.† | 23804 |
| 32068 | AMP Ltd.,\* | 28711 |
| 2797 | Ampol Ltd. | 53855 |
| 3540 | Ansell Ltd. | 68064 |
| 13544 | ANZ Group Holdings Ltd. | 218179 |
| 8493 | APA Group | 62219 |
| 2756 | Appen Ltd.† | 4672 |
| 1185 | ARB Corp. Ltd.† | 20711 |
| 16116 | Ardent Leisure Group Ltd. | 6638 |
| 3393 | Aristocrat Leisure Ltd. | 70505 |
| 978 | ASX Ltd. | 45293 |
| 15957 | Atlas Arteria Ltd. | 71813 |
| 1672 | AUB Group Ltd. | 25648 |
| 27196 | Aurizon Holdings Ltd. | 69066 |
| 9677 | Austal Ltd. | 13704 |
| 2559 | Australian Ethical Investment Ltd. | 6778 |
| 6809 | Bank of Queensland Ltd.† | 31988 |
| 5183 | Bapcor Ltd.† | 22796 |
| 36897 | Beach Energy Ltd. | 40069 |
| 4696 | Bega Cheese Ltd.† | 12405 |
| 6079 | Bendigo & Adelaide Bank Ltd. | 40602 |
| 32049 | BHP Group Ltd. | 995709 |
| 4598 | BHP Group Ltd., ADR | 285306 |
| 479 | Blackmores Ltd.† | 23546 |
| 5520 | BlueScope Steel Ltd. | 63290 |
| 6309 | Boral Ltd.† | 12414 |
| 12498 | Brambles Ltd. | 102707 |
| 10167 | Bravura Solutions Ltd. | 6057 |
| 2677 | Breville Group Ltd.† | 33445 |
| 1779 | Brickworks Ltd. | 26853 |
| 3952 | Capricorn Metals Ltd.\* | 12377 |
| 3533 | carsales.com Ltd. | 49937 |
| 10594 | Challenger Ltd. | 54963 |
| 5558 | Champion Iron Ltd.† | 27662 |
| 5238 | City Chic Collective Ltd.†,\* | 1694 |
| 15298 | Cleanaway Waste Management Ltd. | 27393 |
| 816 | Clinuvel Pharmaceuticals Ltd.† | 12039 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Australia (Continued)** | **Australia (Continued)** |
| 444 | Cochlear Ltd. | $61705 |
| 6045 | Codan Ltd.† | 16875 |
| 8123 | Coles Group Ltd. | 92471 |
| 1452 | Collins Foods Ltd.† | 7108 |
| 8623 | Commonwealth Bank of Australia | 602362 |
| 3187 | Computershare Ltd. | 56851 |
| 55582 | Cooper Energy Ltd.†,\* | 7001 |
| 1259 | Corporate Travel Management Ltd.† | 12626 |
| 5529 | Costa Group Holdings Ltd. | 10352 |
| 1552 | Credit Corp. Group Ltd.† | 19866 |
| 1615 | CSL Ltd. | 316413 |
| 9383 | CSR Ltd. | 30089 |
| 2536 | Data#3 Ltd. | 11689 |
| 18018 | De Grey Mining Ltd.†,\* | 15764 |
| 4714 | Deterra Royalties Ltd. | 14700 |
| 1480 | Dicker Data Ltd.†, | 10268 |
| 4479 | Domain Holdings Australia Ltd.† | 8264 |
| 768 | Domino's Pizza Enterprises Ltd.† | 34642 |
| 18120 | Downer EDI Ltd. | 45770 |
| 3054 | Eagers Automotive Ltd.† | 22561 |
| 13551 | Eclipx Group Ltd.†,\* | 18406 |
| 5248 | Elders Ltd. | 36231 |
| 9649 | Endeavour Group Ltd. | 42176 |
| 603 | EQT Holdings Ltd. | 10280 |
| 7109 | Estia Health Ltd.† | 10019 |
| 24998 | Evolution Mining Ltd. | 50719 |
| 1597 | EVT Ltd.† | 13842 |
| 1312 | Flight Centre Travel Group Ltd.†,\* | 12944 |
| 17338 | Fortescue Metals Group Ltd. | 242112 |
| 20944 | G8 Education Ltd.† | 15757 |
| 10800 | Gold Road Resources Ltd. | 12427 |
| 7355 | GrainCorp Ltd., Class A | 37157 |
| 18983 | Grange Resources Ltd.†, | 10921 |
| 2140 | GUD Holdings Ltd.† | 11044 |
| 9346 | GWA Group Ltd. | 13045 |
| 2555 | Hansen Technologies Ltd.†, | 8941 |
| 13339 | Harvey Norman Holdings Ltd.† | 37508 |
| 15902 | Healius Ltd.† | 33239 |
| 9874 | Helia Group Ltd. | 18487 |
| 10290 | Humm Group Ltd.† | 3958 |
| 2021 | IDP Education Ltd.† | 37400 |
| 3676 | IGO Ltd. | 33688 |
| 6363 | Iluka Resources Ltd. | 41286 |
| 11076 | Imdex Ltd. | 16666 |
| 28249 | Incitec Pivot Ltd. | 72317 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Australia (Continued)** | **Australia (Continued)** |
| 11778 | Infomedia Ltd.† | $9583 |
| 5200 | Inghams Group Ltd. | 10126 |
| 16167 | Insignia Financial Ltd.† | 36874 |
| 10177 | Insurance Australia Group Ltd. | 32913 |
| 7725 | Integral Diagnostics Ltd.† | 15411 |
| 1626 | InvoCare Ltd.† | 12211 |
| 2813 | IPH Ltd. | 16720 |
| 3090 | IRESS Ltd. | 20092 |
| 3097 | James Hardie Industries PLC, CDI | 55667 |
| 1702 | JB Hi-Fi Ltd.† | 48612 |
| 2838 | Johns Lyng Group Ltd.† | 11961 |
| 7993 | Karoon Energy Ltd.,\* | 11918 |
| 2906 | Kelsian Group Ltd.†, | 11377 |
| 5029 | Lendlease Corp. Ltd.† | 26844 |
| 2224 | Lifestyle Communities Ltd.† | 28876 |
| 10522 | Link Administration Holdings Ltd. | 14149 |
| 14886 | Lottery Corp. Ltd.,\* | 45405 |
| 1516 | Lovisa Holdings Ltd. | 23853 |
| 8495 | Lynas Rare Earths Ltd.\* | 45403 |
| 805 | Macquarie Group Ltd. | 91508 |
| 309 | Macquarie Telecom Group Ltd.,\* | 12518 |
| 3208 | Magellan Financial Group Ltd. | 19526 |
| 22423 | Mayne Pharma Group Ltd.† | 3053 |
| 1182 | McMillan Shakespeare Ltd. | 10816 |
| 15509 | Medibank Pvt Ltd. | 31150 |
| 13978 | Metcash Ltd.† | 37877 |
| 1307 | Mineral Resources Ltd. | 68698 |
| 1365 | Monadelphous Group Ltd.†, | 12416 |
| 39713 | Mount Gibson Iron Ltd.†,\* | 13114 |
| 7649 | Nanosonics Ltd.†,\* | 22342 |
| 16983 | National Australia Bank Ltd. | 347580 |
| 2783 | Netwealth Group Ltd. | 22927 |
| 10216 | New Hope Corp. Ltd.† | 44237 |
| 6467 | Newcrest Mining Ltd. | 90879 |
| 2652 | NEXTDC Ltd.\* | 16431 |
| 9198 | nib holdings Ltd.†, | 48534 |
| 932 | Nick Scali Ltd.† | 6752 |
| 12378 | Nickel Industries Ltd.† | 8175 |
| 30345 | Nine Entertainment Co. Holdings Ltd. | 38015 |
| 11242 | Northern Star Resources Ltd. | 83506 |
| 12393 | NRW Holdings Ltd. | 23710 |
| 10138 | Nufarm Ltd. | 42312 |
| 7566 | OFX Group Ltd.\* | 12260 |
| 5115 | Omni Bridgeway Ltd.†,\* | 12607 |
| 11530 | oOh!media Ltd. | 10088 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Australia (Continued)** | **Australia (Continued)** |
| 4231 | Orica Ltd. | $43383 |
| 13491 | Origin Energy Ltd. | 70911 |
| 14629 | Orora Ltd. | 28785 |
| 3779 | OZ Minerals Ltd. | 71785 |
| 42639 | Paladin Energy Ltd.†,\* | 20322 |
| 3852 | Pendal Group Ltd. | 13139 |
| 12923 | Perenti Ltd.,\* | 11570 |
| 1594 | Perpetual Ltd.† | 26698 |
| 31929 | Perseus Mining Ltd. | 45869 |
| 1399 | PEXA Group Ltd.\* | 11382 |
| 12851 | Pilbara Minerals Ltd.,\* | 32811 |
| 1933 | Pinnacle Investment Management <br>Group Ltd.† | 11489 |
| 16745 | Platinum Asset Management Ltd.† | 20408 |
| 2030 | Premier Investments Ltd.† | 34332 |
| 1044 | Pro Medicus Ltd.† | 39279 |
| 1615 | PWR Holdings Ltd. | 11842 |
| 9686 | Qantas Airways Ltd.,\* | 39634 |
| 9612 | QBE Insurance Group Ltd. | 87890 |
| 10685 | Qube Holdings Ltd. | 20442 |
| 18026 | Ramelius Resources Ltd.†, | 11414 |
| 1186 | Ramsay Health Care Ltd. | 52244 |
| 355 | REA Group Ltd.† | 26781 |
| 40343 | Red 5 Ltd.\* | 5631 |
| 1390 | Reece Ltd.† | 13391 |
| 19727 | Regis Resources Ltd. | 27668 |
| 13366 | Reliance Worldwide Corp. Ltd. | 26937 |
| 53656 | Resolute Mining Ltd.†,\* | 7306 |
| 9216 | Ridley Corp. Ltd. | 12424 |
| 3675 | Rio Tinto Ltd. | 291272 |
| 12006 | Sandfire Resources Ltd. | 44468 |
| 30483 | Santos Ltd. | 148186 |
| 2534 | SEEK Ltd.† | 36145 |
| 3263 | Select Harvests Ltd.† | 8664 |
| 2744 | Seven Group Holdings Ltd.† | 39177 |
| 62916 | Seven West Media Ltd.†,\* | 16920 |
| 6363 | Sierra Rutile Holdings Ltd.†,\* | 975 |
| 30638 | Silver Lake Resources Ltd.,\* | 24719 |
| 3115 | Sims Ltd. | 27762 |
| 4280 | SmartGroup Corp. Ltd. | 14862 |
| 7231 | Solvar Ltd.† | 9010 |
| 4450 | Sonic Healthcare Ltd. | 90803 |
| 44792 | South32 Ltd. | 121987 |
| 3457 | Southern Cross Media Group Ltd. | 2507 |
| 21630 | St. Barbara Ltd.†,\* | 11413 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Australia (Continued)** | **Australia (Continued)** | **Australia (Continued)** |
| 13525 | Star Entertainment Group Ltd.†,\* | $| 16299 |
| 10939 | Steadfast Group Ltd. |  | 40740 |
| 7077 | Suncorp Group Ltd. |  | 58013 |
| 4830 | Super Retail Group Ltd.† |  | 35220 |
| 24332 | Superloop Ltd.,\* |  | 12011 |
| 50321 | Tabcorp Holdings Ltd.† |  | 36831 |
| 4562 | Technology One Ltd. |  | 40813 |
| 55721 | Telstra Corp. Ltd. |  | 151371 |
| 2964 | TPG Telecom Ltd.† |  | 9868 |
| 12434 | Transurban Group |  | 109885 |
| 2687 | Treasury Wine Estates Ltd. |  | 24899 |
| 4434 | United Malt Group Ltd.† |  | 10476 |
| 14458 | Viva Energy Group Ltd.,# |  | 26873 |
| 3525 | Webjet Ltd.†,\* |  | 14832 |
| 6135 | Wesfarmers Ltd. |  | 191767 |
| 24722 | West African Resources Ltd.,\* |  | 19778 |
| 11815 | Westgold Resources Ltd.\* |  | 7039 |
| 15208 | Westpac Banking Corp. |  | 241775 |
| 14291 | Whitehaven Coal Ltd. |  | 91657 |
| 679 | WiseTech Global Ltd. |  | 23462 |
| 18153 | Woodside Energy Group Ltd.†, |  | 437853 |
| 1661 | Woodside Energy Group Ltd., ADR† |  | 40213 |
| 7882 | Woolworths Group Ltd. |  | 180098 |
| 2386 | Worley Ltd. |  | 24368 |
| 487 | Xero Ltd.,\* |  | 23300 |
|  |  |  | 10277996 |
|  | **Austria—0.3%** | **Austria—0.3%** | **Austria—0.3%** |
| 616 | ANDRITZ AG |  | 35311 |
| 829 | AT&S Austria Technologie & <br>Systemtechnik AG |  | 28397 |
| 1157 | BAWAG Group AG,#,\* |  | 61678 |
| 694 | CA Immobilien Anlagen AG,\* |  | 21061 |
| 133 | DO & Co. AG,\* |  | 12614 |
| 1848 | Erste Group Bank AG |  | 59148 |
| 614 | EVN AG |  | 11108 |
| 1377 | FACC AG\* |  | 8358 |
| 1233 | Immofinanz AG†,\*,§ |  |  |
| 332 | Lenzing AG |  | 19475 |
| 232 | Mayr Melnhof Karton AG |  | 37550 |
| 463 | Oesterreichische Post AG |  | 14571 |
| 1892 | OMV AG |  | 97416 |
| 552 | Palfinger AG |  | 13974 |
| 3082 | Raiffeisen Bank <br>International AG,\* |  | 50641 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Austria (Continued)** | **Austria (Continued)** | **Austria (Continued)** |
| 127 | Schoeller-Bleckmann Oilfield <br>Equipment AG | $| 7912 |
| 279 | Strabag SE, Bearer Shares |  | 11677 |
| 3952 | Telekom Austria AG,\* |  | 24452 |
| 4149 | UNIQA Insurance Group AG |  | 31089 |
| 470 | Verbund AG |  | 39570 |
| 884 | Vienna Insurance Group AG <br>Wiener Versicherung Gruppe |  | 21149 |
| 1881 | voestalpine AG |  | 49895 |
| 1465 | Wienerberger AG |  | 35379 |
|  |  |  | 692425 |
|  | **Belgium—0.8%** | **Belgium—0.8%** | **Belgium—0.8%** |
| 535 | Ackermans & van Haaren NV |  | 91745 |
| 2470 | Ageas SA |  | 109515 |
| 5568 | AGFA-Gevaert NV,\* |  | 15914 |
| 5540 | Anheuser-Busch InBev SA |  | 333697 |
| 69 | Argenx SE,\* |  | 25726 |
| 863 | Barco NV |  | 21321 |
| 781 | Bekaert SA |  | 30331 |
| 2798 | bpost SA† |  | 14389 |
| 105 | Cie d'Entreprises CFE,\* |  | 1072 |
| 229 | D'ieteren Group |  | 43928 |
| 105 | Deme Group NV,\* |  | 13937 |
| 289 | Elia Group SA |  | 41083 |
| 1392 | Etablissements Franz Colruyt NV† |  | 31738 |
| 2078 | Euronav NV†,\* |  | 35409 |
| 1410 | Euronav NV,\* |  | 23681 |
| 548 | EVS Broadcast Equipment SA |  | 13052 |
| 1404 | Exmar NV |  | 11903 |
| 1400 | Fagron |  | 19887 |
| 799 | Galapagos NV,\* |  | 35366 |
| 681 | Gimv NV |  | 32075 |
| 3098 | KBC Group NV |  | 199240 |
| 242 | Kinepolis Group NV†,\* |  | 10046 |
| 9 | Lotus Bakeries NV |  | 60887 |
| 216 | Melexis NV |  | 18729 |
| 2034 | Ontex Group NV†,\* |  | 13586 |
| 1080 | Orange Belgium SA,\* |  | 19931 |
| 2894 | Proximus SADP |  | 27869 |
| 207 | Shurgard Self Storage SA |  | 9495 |
| 214 | Sipef NV |  | 13493 |
| 1351 | Solvay SA†, |  | 136606 |
| 449 | Telenet Group Holding NV |  | 7330 |
| 688 | Tessenderlo Group SA,\* |  | 24561 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Belgium (Continued)** | **Belgium (Continued)** | **Belgium (Continued)** |
| 672 | UCB SA | $| 52915 |
| 2988 | Umicore SA |  | 109773 |
| 172 | VGP NV† |  | 14324 |
|  |  |  | 1664554 |
|  | **Canada—7.9%** | **Canada—7.9%** | **Canada—7.9%** |
| 2082 | Absolute Software Corp. |  | 21736 |
| 5500 | Advantage Energy Ltd.\* |  | 38467 |
| 1679 | Aecon Group, Inc.† |  | 11297 |
| 607 | Ag Growth International, Inc. |  | 19434 |
| 2701 | Agnico-Eagle Mines Ltd. |  | 140356 |
| 5042 | Aimia, Inc.†,\* |  | 13741 |
| 1100 | Air Canada\* |  | 15753 |
| 7409 | Alamos Gold, Inc., Class A |  | 74911 |
| 906 | Algonquin Power & Utilities Corp.† |  | 5902 |
| 1439 | Algonquin Power & Utilities Corp.† |  | 9382 |
| 5608 | Alimentation Couche-Tard, Inc. |  | 246437 |
| 2174 | AltaGas Ltd.† |  | 37539 |
| 1300 | Altius Minerals Corp. |  | 21324 |
| 685 | Altus Group Ltd.† |  | 27339 |
| 600 | Andlauer Healthcare Group, Inc. |  | 20982 |
| 10436 | ARC Resources Ltd. |  | 140662 |
| 1389 | Aritzia, Inc.\* |  | 48574 |
| 1300 | Atco Ltd., Class I |  | 40690 |
| 1053 | ATS Corp.\* |  | 32733 |
| 84 | Aurora Cannabis, Inc.†,\* |  | 78 |
| 20877 | B2Gold Corp.† |  | 74164 |
| 3200 | B2Gold Corp.† |  | 11424 |
| 850 | Badger Infrastructure Solutions Ltd. |  | 16736 |
| 4435 | Ballard Power Systems, Inc.†,\* |  | 21244 |
| 4517 | Bank of Montreal† |  | 409199 |
| 8200 | Bank of Nova Scotia |  | 401764 |
| 800 | Bank of Nova Scotia† |  | 39184 |
| 10485 | Barrick Gold Corp. |  | 180048 |
| 2683 | Bausch Health Cos., Inc.\* |  | 16843 |
| 12953 | Baytex Energy Corp.†,\* |  | 58164 |
| 5774 | BCE, Inc. |  | 253758 |
| 8300 | Birchcliff Energy Ltd.† |  | 57806 |
| 4601 | BlackBerry Ltd.†,\* |  | 14985 |
| 1028 | Bombardier, Inc., Class B\* |  | 39685 |
| 1262 | Boralex, Inc., Class A |  | 37301 |
| 200 | Boyd Group Services, Inc. |  | 30895 |
| 677 | Brookfield Asset Management Ltd., <br>Class A†,\* |  | 19395 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Canada (Continued)** | **Canada (Continued)** |
| 422 | Brookfield Asset Management Ltd., <br>Class A\* | $12083 |
| 4378 | Brookfield Corp. | 137711 |
| 1075 | Brookfield Infrastructure Corp., <br>Class A† | 41817 |
| 18 | Brookfield Reinsurance Ltd.†,\* | 563 |
| 385 | BRP, Inc.† | 29353 |
| 1502 | Cameco Corp.† | 34045 |
| 1985 | Canaccord Genuity Group, Inc. | 12300 |
| 1512 | Canada Goose Holdings, Inc.\* | 26919 |
| 6070 | Canadian Imperial Bank of <br>Commerce | 245535 |
| 2002 | Canadian Imperial Bank of <br>Commerce† | 80981 |
| 2151 | Canadian National Railway Co. | 255515 |
| 10892 | Canadian Natural Resources Ltd. | 604852 |
| 1300 | Canadian Pacific Railway Ltd. | 96924 |
| 784 | Canadian Tire Corp. Ltd., Class A† | 81932 |
| 1300 | Canadian Utilities Ltd., Class A | 35188 |
| 1880 | Canadian Western Bank† | 33407 |
| 1876 | Canfor Corp.\* | 29525 |
| 700 | Canopy Growth Corp.†,\* | 1617 |
| 1494 | Capital Power Corp. | 51120 |
| 4800 | Capstone Copper Corp.†,\* | 17513 |
| 3000 | Cardinal Energy Ltd.† | 16883 |
| 3900 | Cascades, Inc.† | 24368 |
| 1124 | CCL Industries, Inc., Class B | 48015 |
| 2966 | Celestica, Inc.†,\* | 33428 |
| 6625 | Cenovus Energy, Inc. | 128537 |
| 7215 | Cenovus Energy, Inc.† | 140043 |
| 5235 | Centerra Gold, Inc. | 27103 |
| 9000 | CES Energy Solutions Corp.† | 18346 |
| 1321 | CGI, Inc.\* | 113865 |
| 4289 | CI Financial Corp. | 42795 |
| 900 | Cineplex, Inc.†,\* | 5351 |
| 440 | Cogeco Communications, Inc.† | 24954 |
| 300 | Cogeco, Inc.† | 14085 |
| 456 | Colliers International Group, Inc. | 41912 |
| 2500 | Computer Modelling Group Ltd. | 10764 |
| 122 | Constellation Software, Inc. | 190475 |
| 4700 | Converge Technology Solutions <br>Corp.\* | 15933 |
| 5812 | Corus Entertainment, Inc., <br>Class B† | 9272 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Canada (Continued)** | **Canada (Continued)** |
| 15131 | Crescent Point Energy Corp. | $108135 |
| 4900 | Crew Energy, Inc.\* | 20374 |
| 7600 | Denison Mines Corp.†,\* | 8700 |
| 322 | Descartes Systems Group, Inc.\* | 22427 |
| 1840 | Dollarama, Inc. | 107614 |
| 5200 | Doman Building Materials <br>Group Ltd.† | 22083 |
| 1821 | Dorel Industries, Inc., Class B† | 6993 |
| 1100 | DREAM Unlimited Corp., <br>Class A† | 20659 |
| 6100 | Dundee Precious Metals, Inc. | 29329 |
| 1127 | Dye & Durham Ltd. | 13659 |
| 4100 | ECN Capital Corp. | 8418 |
| 3501 | Eldorado Gold Corp.†,\* | 29192 |
| 6320 | Element Fleet Management <br>Corp.† | 86118 |
| 1763 | Emera, Inc.† | 67382 |
| 2538 | Empire Co. Ltd., Class A | 66843 |
| 8399 | Enbridge, Inc. | 328320 |
| 2415 | Endeavour Mining PLC | 51689 |
| 2894 | Endeavour Silver Corp.\* | 9377 |
| 2494 | Enerflex Ltd. | 15730 |
| 3834 | Enerplus Corp. | 67675 |
| 882 | Enghouse Systems Ltd.† | 23431 |
| 7100 | Ensign Energy Services, Inc.\* | 17881 |
| 500 | EQB, Inc. | 20949 |
| 1697 | Equinox Gold Corp.\* | 5566 |
| 700 | ERO Copper Corp.†,\* | 9637 |
| 700 | Exchange Income Corp.† | 27209 |
| 4400 | Extendicare, Inc.† | 21318 |
| 216 | Fairfax Financial Holdings Ltd. | 127952 |
| 2600 | Fiera Capital Corp. | 16668 |
| 3498 | Finning International, Inc.† | 86959 |
| 2505 | First Majestic Silver Corp.† | 20892 |
| 400 | First National Financial Corp.† | 10759 |
| 5971 | First Quantum Minerals Ltd. | 124756 |
| 347 | FirstService Corp. | 42493 |
| 3105 | Fortis, Inc. | 124246 |
| 10041 | Fortuna Silver Mines, Inc.\* | 37746 |
| 314 | Franco-Nevada Corp. | 42821 |
| 3500 | Freehold Royalties Ltd.† | 40919 |
| 2000 | Frontera Energy Corp.\* | 18124 |
| 645 | George Weston Ltd. | 80025 |
| 700 | GFL Environmental, Inc.† | 20461 |
| 2300 | Gibson Energy, Inc. | 40157 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Canada (Continued)** | **Canada (Continued)** |
| 571 | Gildan Activewear, Inc. | $15637 |
| 1938 | Gildan Activewear, Inc.† | 53101 |
| 300 | goeasy Ltd.† | 23586 |
| 5700 | Gran Tierra Energy, Inc.\* | 5683 |
| 1406 | Great-West Lifeco, Inc. | 32502 |
| 1700 | Home Capital Group, Inc.† | 53461 |
| 7321 | Hudbay Minerals, Inc. | 36983 |
| 2098 | Hydro One Ltd.†,# | 56200 |
| 1352 | iA Financial Corp., Inc. | 79153 |
| 3400 | IAMGOLD Corp.†,\* | 8713 |
| 511 | IGM Financial, Inc. | 14266 |
| 2400 | Imperial Oil Ltd. | 116950 |
| 1017 | Innergex Renewable Energy, Inc. | 12168 |
| 1188 | Intact Financial Corp. | 171014 |
| 1545 | Interfor Corp.\* | 23962 |
| 1600 | Invesque, Inc.†,\* | 1456 |
| 3868 | Ivanhoe Mines Ltd., Class A†,\* | 30567 |
| 700 | Jamieson Wellness, Inc.# | 18141 |
| 500 | K-Bro Linen, Inc.† | 10081 |
| 2067 | Karora Resources, Inc.\* | 7099 |
| 7152 | Kelt Exploration Ltd.\* | 26463 |
| 1948 | Keyera Corp.† | 42571 |
| 11598 | Kinross Gold Corp.† | 47283 |
| 3700 | Knight Therapeutics, Inc.\* | 14155 |
| 600 | Labrador Iron Ore Royalty Corp. | 14880 |
| 200 | Lassonde Industries, Inc., <br>Class A | 16437 |
| 800 | Laurentian Bank of Canada† | 19084 |
| 1700 | Leon's Furniture Ltd. | 21583 |
| 2310 | Lightspeed Commerce, Inc.†,\* | 33033 |
| 889 | Linamar Corp. | 40248 |
| 1161 | Loblaw Cos. Ltd. | 102655 |
| 8900 | Lucara Diamond Corp.†,\* | 3287 |
| 1300 | Lundin Gold, Inc. | 12702 |
| 13050 | Lundin Mining Corp. | 80093 |
| 725 | MAG Silver Corp.\* | 11332 |
| 3572 | Magna International, Inc. | 200655 |
| 4800 | Major Drilling Group <br>International, Inc.\* | 37294 |
| 12508 | Manulife Financial Corp. | 223111 |
| 1530 | Maple Leaf Foods, Inc.† | 27628 |
| 1800 | Martinrea International, Inc. | 14969 |
| 1895 | Medical Facilities Corp. | 11252 |
| 8200 | MEG Energy Corp.\* | 114158 |
| 1000 | Methanex Corp. | 37858 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Canada (Continued)** | **Canada (Continued)** |
| 1782 | Metro, Inc. | $98668 |
| 470 | MTY Food Group, Inc.† | 19810 |
| 2700 | Mullen Group Ltd.† | 29014 |
| 3340 | National Bank of Canada† | 225043 |
| 14800 | New Gold, Inc.†,\* | 14538 |
| 1740 | NFI Group, Inc. | 12234 |
| 721 | North American Construction <br>Group Ltd.† | 9628 |
| 1126 | North West Co., Inc. | 29580 |
| 2521 | Northland Power, Inc. | 69132 |
| 5153 | Nutrien Ltd. | 376310 |
| 385 | Nuvei Corp.\*# | 9783 |
| 5200 | NuVista Energy Ltd.\* | 47929 |
| 1300 | Obsidian Energy Ltd.\* | 8632 |
| 18600 | OceanaGold Corp.\* | 35442 |
| 1293 | Onex Corp.† | 62349 |
| 2115 | Open Text Corp. | 62669 |
| 1855 | Osisko Gold Royalties Ltd.† | 22359 |
| 3213 | Osisko Mining, Inc.\* | 8305 |
| 3696 | Pan American Silver Corp. | 60326 |
| 2556 | Paramount Resources Ltd., <br>Class A† | 54065 |
| 2849 | Parex Resources, Inc. | 42398 |
| 700 | Park Lawn Corp. | 13364 |
| 2535 | Parkland Corp. | 55624 |
| 1760 | Pason Systems, Inc. | 20720 |
| 1360 | Pembina Pipeline Corp. | 46164 |
| 4630 | Peyto Exploration & Development <br>Corp.† | 47428 |
| 1800 | Pipestone Energy Corp.† | 3988 |
| 4100 | PrairieSky Royalty Ltd.† | 65709 |
| 280 | Precision Drilling Corp.\* | 21447 |
| 1100 | Premium Brands Holdings Corp.† | 66845 |
| 1959 | Primo Water Corp.† | 30412 |
| 1764 | Quebecor, Inc., Class B | 39345 |
| 1200 | Real Matters, Inc.†,\* | 3705 |
| 1900 | Restaurant Brands International, Inc. | 122881 |
| 745 | Richelieu Hardware Ltd.† | 19923 |
| 889 | Ritchie Bros Auctioneers, Inc. | 51351 |
| 2704 | Rogers Communications, Inc., <br>Class B | 126553 |
| 500 | Rogers Communications, Inc., <br>Class B† | 23420 |
| 5300 | Rogers Sugar, Inc. | 22272 |
| 10258 | Royal Bank of Canada | 964434 |
| 1740 | Russel Metals, Inc.† | 36985 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Canada (Continued)** | **Canada (Continued)** |
| 2900 | Sandstorm Gold Ltd. | $15254 |
| 1304 | Saputo, Inc.† | 32282 |
| 1585 | Savaria Corp.† | 16377 |
| 907 | Seabridge Gold, Inc.\* | 11390 |
| 4547 | Secure Energy Services, Inc. | 23608 |
| 4613 | Shaw Communications, Inc., <br>Class B | 132905 |
| 1968 | ShawCor Ltd.\* | 19971 |
| 700 | Shopify, Inc., Class A\* | 24304 |
| 1794 | Sienna Senior Living, Inc.† | 14442 |
| 300 | Sierra Wireless, Inc.\* | 8697 |
| 1359 | Sleep Country Canada Holdings, <br>Inc.# | 23065 |
| 2819 | SNC-Lavalin Group, Inc.† | 49676 |
| 400 | Spin Master Corp.# | 9843 |
| 4381 | SSR Mining, Inc. | 68562 |
| 1100 | Stantec, Inc. | 52709 |
| 700 | Stelco Holdings, Inc. | 22897 |
| 1100 | Stella-Jones, Inc. | 39418 |
| 1100 | StorageVault Canada, Inc. | 4891 |
| 3756 | Sun Life Financial, Inc. | 174352 |
| 18916 | Suncor Energy, Inc. | 600133 |
| 3579 | Superior Plus Corp.† | 29684 |
| 1699 | Surge Energy, Inc.† | 11431 |
| 10300 | Tamarack Valley Energy Ltd. | 33928 |
| 4400 | Taseko Mines Ltd.\* | 6468 |
| 3042 | TC Energy Corp. | 121271 |
| 7009 | Teck Resources Ltd., Class B | 264996 |
| 850 | TELUS International CDA, Inc.\* | 16780 |
| 840 | TFI International, Inc. | 84130 |
| 287 | Thomson Reuters Corp. | 32740 |
| 261 | Thomson Reuters Corp.† | 29772 |
| 3200 | Timbercreek Financial Corp.† | 16804 |
| 498 | TMX Group Ltd. | 49844 |
| 2171 | Torex Gold Resources, Inc.\* | 24933 |
| 639 | Toromont Industries Ltd. | 46113 |
| 9805 | Toronto-Dominion Bank | 634863 |
| 3037 | Tourmaline Oil Corp. | 153241 |
| 6038 | TransAlta Corp.† | 54003 |
| 2812 | TransAlta Renewables, Inc. | 23364 |
| 2100 | Transcontinental, Inc., Class A† | 23699 |
| 12242 | Trican Well Service Ltd.\* | 33091 |
| 3001 | Tricon Residential, Inc.† | 23139 |
| 496 | Trisura Group Ltd.†,\* | 16591 |
| 1000 | Uni-Select, Inc.\* | 31640 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| 2344 | Vermilion Energy, Inc. | $| 41496 |
| 2200 | Vermilion Energy, Inc.† |  | 38940 |
| 1800 | Wajax Corp. |  | 26229 |
| 635 | Waste Connections, Inc. |  | 84176 |
| 272 | Waste Connections, Inc. |  | 36055 |
| 2200 | Wesdome Gold Mines Ltd.\* |  | 12154 |
| 1070 | West Fraser Timber Co. Ltd. |  | 77279 |
| 12500 | Western Forest Products, Inc. |  | 10709 |
| 1100 | Westshore Terminals Investment <br>Corp.† |  | 18222 |
| 943 | Wheaton Precious Metals Corp. |  | 36842 |
| 12563 | Whitecap Resources, Inc.† |  | 99650 |
| 400 | Winpak Ltd.† |  | 12425 |
| 952 | WSP Global, Inc. |  | 110450 |
| 16121 | Yamana Gold, Inc. |  | 89535 |
|  |  |  | 16242348 |
|  | **China—0.0%** | **China—0.0%** | **China—0.0%** |
| 4100 | BOC Aviation Ltd.,# |  | 34222 |
|  | **Denmark—1.9%** | **Denmark—1.9%** | **Denmark—1.9%** |
| 2040 | ALK-Abello AS,\* |  | 28206 |
| 24690 | Alm Brand AS |  | 39984 |
| 827 | Ambu AS, Class B,\* |  | 10595 |
| 29 | AP Moller—Maersk AS, Class A |  | 64163 |
| 30 | AP Moller—Maersk AS, Class B |  | 67456 |
| 2721 | Bang & Olufsen AS,\* |  | 3216 |
| 713 | Bavarian Nordic AS,\* |  | 21903 |
| 994 | Carlsberg AS, Class B |  | 132098 |
| 106 | Chemometec AS,\* |  | 10536 |
| 646 | Chr Hansen Holding AS |  | 46468 |
| 1026 | Coloplast AS, Class B |  | 119927 |
| 805 | D/S Norden AS |  | 48438 |
| 4232 | Danske Bank AS |  | 83643 |
| 1139 | Demant AS,\* |  | 31571 |
| 778 | Dfds AS |  | 28715 |
| 1325 | DSV AS |  | 209141 |
| 1244 | FLSmidth & Co. AS |  | 45073 |
| 148 | Genmab AS,\* |  | 62657 |
| 1611 | GN Store Nord AS |  | 37047 |
| 3855 | H Lundbeck AS |  | 14456 |
| 818 | H+H International AS, Class B,\* |  | 12081 |
| 3142 | ISS AS,\* |  | 66623 |
| 958 | Jyske Bank AS, Registered,\* |  | 62237 |
| 1970 | Matas AS |  | 19766 |
| 826 | Netcompany Group AS,#,\* |  | 34982 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Denmark (Continued)** | **Denmark (Continued)** | **Denmark (Continued)** |
| 266 | Nilfisk Holding AS,\* | $| 5613 |
| 742 | NKT AS,\* |  | 41806 |
| 362 | NNIT AS,#,\* |  | 3424 |
| 12082 | Novo Nordisk AS, Class B |  | 1631387 |
| 1357 | Novozymes AS, Class B |  | 68741 |
| 218 | NTG Nordic Transport <br>Group AS,\* |  | 7484 |
| 877 | Orsted AS,# |  | 79699 |
| 1564 | Pandora AS |  | 109891 |
| 376 | Per Aarsleff Holding AS |  | 14181 |
| 576 | Ringkjoebing Landbobank AS |  | 78604 |
| 80 | ROCKWOOL AS, Class A |  | 18702 |
| 137 | ROCKWOOl AS, Class B |  | 32205 |
| 980 | Royal Unibrew AS |  | 69873 |
| 1644 | Scandinavian Tobacco Group <br>AS,# |  | 28896 |
| 336 | Schouw & Co. AS |  | 25345 |
| 664 | SimCorp AS |  | 45708 |
| 105 | Solar AS, Class B |  | 9371 |
| 1256 | Spar Nord Bank AS |  | 19237 |
| 1121 | Sydbank AS |  | 47217 |
| 857 | Topdanmark AS |  | 45078 |
| 543 | TORM PLC, Class A |  | 15508 |
| 1813 | Tryg AS |  | 43154 |
| 4688 | Vestas Wind Systems AS |  | 136386 |
| 615 | Zealand Pharma AS,\* |  | 17830 |
|  |  |  | 3896322 |
|  | **Finland—1.0%** | **Finland—1.0%** | **Finland—1.0%** |
| 844 | Cargotec Oyj, Class B |  | 37331 |
| 2048 | Caverion Oyj |  | 15193 |
| 1387 | Elisa Oyj |  | 73434 |
| 628 | Enento Group Oyj#,\* |  | 14386 |
| 25135 | Finnair Oyj\* |  | 10445 |
| 945 | Fiskars Oyj Abp |  | 15558 |
| 1373 | Fortum Oyj |  | 22840 |
| 1696 | Huhtamaki Oyj |  | 58095 |
| 2519 | Kemira Oyj |  | 38640 |
| 1396 | Kesko Oyj, Class A |  | 30410 |
| 3759 | Kesko Oyj, Class B |  | 82971 |
| 2038 | Kojamo Oyj |  | 30106 |
| 2164 | Kone Oyj, Class B |  | 111885 |
| 1119 | Konecranes Oyj |  | 34450 |
| 1919 | Lassila & Tikanoja Oyj† |  | 21857 |
| 560 | Marimekko Oyj |  | 5251 |
| 3137 | Metsa Board Oyj, Class B |  | 29433 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Finland (Continued)** | **Finland (Continued)** | **Finland (Continued)** |
| 6084 | Metso Outotec Oyj | $| 62599 |
| 705 | Musti Group Oyj\* |  | 11780 |
| 1876 | Neste Oyj |  | 86391 |
| 21352 | Nokia Oyj, ADR |  | 99073 |
| 3005 | Nokian Renkaat Oyj†, |  | 30816 |
| 16219 | Nordea Bank Abp |  | 174137 |
| 281 | Olvi Oyj, Class A |  | 9971 |
| 7100 | Oriola Oyj, Class B |  | 13224 |
| 727 | Orion Oyj, Class A |  | 39767 |
| 1150 | Orion Oyj, Class B |  | 63077 |
| 14814 | Outokumpu Oyj†, |  | 75023 |
| 7476 | Raisio Oyj , Class V |  | 19927 |
| 667 | Revenio Group Oyj |  | 27560 |
| 3821 | Sampo Oyj, Class A |  | 199683 |
| 869 | Sanoma Oyj |  | 9135 |
| 5236 | Stora Enso Oyj, Class R |  | 73704 |
| 1519 | Terveystalo Oyj†,# |  | 10163 |
| 1860 | TietoEVRY Oyj |  | 52802 |
| 1633 | Tokmanni Group Corp. |  | 19735 |
| 3581 | UPM-Kymmene Oyj |  | 133896 |
| 775 | Uponor Oyj |  | 13780 |
| 559 | Vaisala Oyj, Class A |  | 23606 |
| 3097 | Valmet Oyj |  | 83410 |
| 5616 | Wartsila Oyj Abp |  | 47300 |
| 6293 | YIT Oyj |  | 16571 |
|  |  |  | 2029415 |
|  | **France—5.9%** | **France—5.9%** | **France—5.9%** |
| 1513 | ABC arbitrage |  | 10446 |
| 2915 | Accor SA,\* |  | 72860 |
| 162 | Aeroports de Paris,\* |  | 21711 |
| 9718 | Air France-KLM†,\* |  | 12806 |
| 1832 | Air Liquide SA |  | 259645 |
| 3475 | Airbus SE |  | 412974 |
| 922 | ALD SA†,# |  | 10620 |
| 2461 | Alstom SA† |  | 60116 |
| 397 | Alten SA |  | 49636 |
| 514 | Amundi SA,# |  | 29161 |
| 1002 | Arkema SA |  | 89969 |
| 820 | Atos SE†,\* |  | 7910 |
| 368 | Aubay |  | 19204 |
| 12617 | AXA SA |  | 351895 |
| 1320 | Beneteau SA |  | 19980 |
| 340 | BioMerieux |  | 35638 |
| 5090 | BNP Paribas SA |  | 290137 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **France (Continued)** | **France (Continued)** |
| 5145 | Bollore SE | $28749 |
| 541 | Bonduelle SCA†, | 7749 |
| 3865 | Bouygues SA† | 116010 |
| 2700 | Bureau Veritas SA | 71128 |
| 722 | Capgemini SE | 120528 |
| 7004 | Carrefour SA | 117260 |
| 461 | Casino Guichard Perrachon SA†,\* | 4816 |
| 20011 | CGG SA†, ,\* | 12951 |
| 474 | Chargeurs SA | 7144 |
| 4668 | Cie de Saint-Gobain | 228107 |
| 834 | Cie des Alpes,\* | 12838 |
| 8132 | Cie Generale des Etablissements <br>Michelin SCA | 226197 |
| 1245 | Cie Plastic Omnium SA | 18098 |
| 2606 | Coface SA | 33866 |
| 7672 | Credit Agricole SA | 80737 |
| 1317 | Danone SA | 69404 |
| 150 | Dassault Aviation SA | 25402 |
| 1755 | Dassault Systemes SE | 62925 |
| 3271 | Derichebourg SA | 19328 |
| 1479 | Edenred | 80553 |
| 1244 | Eiffage SA | 122404 |
| 2146 | Electricite de France SA | 27566 |
| 1532 | Elior Group SA#,\* | 5412 |
| 5099 | Elis SA | 75433 |
| 16086 | Engie SA | 230531 |
| 228 | Eramet SA | 20465 |
| 687 | EssilorLuxottica SA | 124429 |
| 4202 | Etablissements Maurel et <br>Prom SA | 18060 |
| 654 | Eurazeo SE | 40674 |
| 216 | Euroapi SA†, ,\* | 3202 |
| 1263 | Eurofins Scientific SE†, | 90664 |
| 820 | Euronext NV,# | 60706 |
| 5262 | Eutelsat Communications SA† | 39204 |
| 2957 | Faurecia SE\* | 44726 |
| 539 | Fnac Darty SA | 19871 |
| 451 | Gaztransport Et Technigaz SA | 48181 |
| 2345 | Getlink SE | 37590 |
| 143 | Hermes International | 221192 |
| 77 | ID Logistics Group,\* | 22090 |
| 743 | Imerys SA | 28903 |
| 437 | Interparfums SA | 26009 |
| 632 | Ipsen SA | 67991 |
| 810 | IPSOS | 50723 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **France (Continued)** | **France (Continued)** |
| 530 | Jacquet Metals SACA | $9486 |
| 1625 | JCDecaux SE,\* | 30824 |
| 685 | Kaufman & Broad SA† | 20128 |
| 639 | Kering SA | 325250 |
| 1540 | Korian SA | 16683 |
| 874 | L'Oreal SA | 312107 |
| 1095 | La Francaise des Jeux SAEM,# | 44049 |
| 454 | Lectra† | 17107 |
| 1778 | Legrand SA | 142402 |
| 518 | LISI | 10790 |
| 1783 | LVMH Moet Hennessy Louis <br>Vuitton SE | 1297665 |
| 971 | Maisons du Monde SA†,# | 12213 |
| 444 | Mersen SA | 17942 |
| 529 | Metropole Television SA† | 8692 |
| 554 | Neoen SA,# | 22304 |
| 594 | Nexans SA | 53697 |
| 1338 | Nexity SA | 37325 |
| 28734 | Orange SA† | 285468 |
| 676 | Orpea SA†,\* | 4466 |
| 320 | Pernod-Ricard SA | 62942 |
| 1901 | Publicis Groupe SA | 120915 |
| 993 | Quadient SA | 14637 |
| 205 | Remy Cointreau SA | 34584 |
| 2121 | Renault SA,\* | 71007 |
| 4680 | Rexel SA,\* | 92379 |
| 1246 | Rothschild & Co. | 49817 |
| 995 | Rubis SCA | 26201 |
| 738 | Safran SA | 92366 |
| 2382 | Sanofi | 229075 |
| 108 | Sartorius Stedim Biotech | 34972 |
| 200 | Savencia SA | 12503 |
| 1694 | Schneider Electric SE | 237040 |
| 2906 | SCOR SE | 66849 |
| 432 | SEB SA | 36185 |
| 7893 | SES SA | 51455 |
| 721 | Societe BIC SA | 49356 |
| 7241 | Societe Generale SA | 181996 |
| 106 | Societe LDC SA | 12198 |
| 302 | Societe pour l'Informatique <br>Industrielle | 14661 |
| 794 | Sodexo SA†, | 76052 |
| 287 | SOITEC,\* | 46958 |
| 109 | Somfy SA | 16685 |
| 344 | Sopra Steria Group SACA | 51995 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **France (Continued)** | **France (Continued)** | **France (Continued)** |
| 2556 | SPIE SA | $| 66651 |
| 130 | Stef SA |  | 12608 |
| 1697 | STMicroelectronics NV† |  | 60362 |
| 3434 | STMicroelectronics NV |  | 121287 |
| 218 | Sword Group |  | 9194 |
| 4532 | Technicolor Creative Studios <br>SA†,\* |  | 1085 |
| 2982 | Technip Energies NV |  | 46828 |
| 404 | Teleperformance |  | 96309 |
| 2268 | Television Francaise 1 |  | 17371 |
| 428 | Thales SA |  | 54658 |
| 99 | Thermador Groupe |  | 9135 |
| 491 | Tikehau Capital SCA |  | 12746 |
| 28588 | TotalEnergies SE |  | 1794808 |
| 198 | Trigano SA†, |  | 27045 |
| 2151 | Ubisoft Entertainment SA,\* |  | 60810 |
| 5801 | Valeo SA |  | 103702 |
| 1461 | Vallourec SA†, ,\* |  | 19189 |
| 4532 | Vantiva SA†,\* |  | 996 |
| 4260 | Veolia Environnement SA |  | 109443 |
| 1229 | Verallia SA,# |  | 41678 |
| 436 | Vicat SA |  | 10944 |
| 86 | Vilmorin & Cie SA |  | 4202 |
| 3936 | Vinci SA |  | 393058 |
| 95 | Virbac SA |  | 23186 |
| 6270 | Vivendi SE |  | 59828 |
| 988 | Voltalia SA\* |  | 18043 |
| 385 | Wavestone |  | 17783 |
| 1633 | Worldline SA,#,\* |  | 63856 |
| 1412 | X-Fab Silicon Foundries SE,#,\* |  | 9998 |
|  |  |  | 12142753 |
|  | **Germany—4.7%** | **Germany—4.7%** | **Germany—4.7%** |
| 696 | 1&1 AG |  | 8642 |
| 2605 | 7C Solarparken AG |  | 11907 |
| 1887 | Aareal Bank AG,\* |  | 64638 |
| 79 | Adesso SE |  | 11146 |
| 1179 | adidas AG |  | 160862 |
| 536 | ADVA Optical Networking SE\* |  | 12657 |
| 434 | AIXTRON SE |  | 12530 |
| 2763 | Allianz SE, Registered |  | 594192 |
| 52 | Amadeus Fire AG |  | 6435 |
| 10081 | Aroundtown SA |  | 23557 |
| 90 | Atoss Software AG |  | 13411 |
| 408 | Aurubis AG |  | 33350 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Germany (Continued)** | **Germany (Continued)** |
| 1862 | Auto1 Group SE,#,\* | $15547 |
| 10009 | BASF SE | 497028 |
| 546 | Basler AG | 17271 |
| 461 | Bauer AG,\* | 2842 |
| 9546 | Bayer AG, Registered | 493810 |
| 2635 | Bayerische Motoren Werke AG | 235184 |
| 474 | BayWa AG | 21919 |
| 1075 | Bechtle AG | 38043 |
| 775 | Befesa SA,# | 37382 |
| 242 | Beiersdorf AG | 27770 |
| 1136 | Bilfinger SE | 32930 |
| 1628 | Borussia Dortmund GmbH & Co. <br>KGaA,\* | 6455 |
| 2332 | Brenntag SE | 149078 |
| 603 | CANCOM SE | 17660 |
| 309 | Carl Zeiss Meditec AG, Bearer <br>Shares | 38998 |
| 3791 | CECONOMY AG | 7536 |
| 159 | Cewe Stiftung & Co. KGAA | 15097 |
| 18274 | Commerzbank AG,\* | 172844 |
| 270 | CompuGroup Medical SE & Co. <br>KgaA | 10399 |
| 1609 | Continental AG | 96417 |
| 3156 | Covestro AG,# | 123478 |
| 1025 | CropEnergies AG | 14286 |
| 886 | CTS Eventim AG & Co. KGaA,\* | 56526 |
| 3481 | Daimler Truck Holding AG,\* | 107856 |
| 561 | Delivery Hero SE,#,\* | 26891 |
| 182 | Dermapharm Holding SE | 7310 |
| 12553 | Deutsche Bank AG, Registered | 142532 |
| 730 | Deutsche Beteiligungs AG | 21802 |
| 716 | Deutsche Boerse AG | 123704 |
| 9773 | Deutsche Lufthansa AG, <br>Registered,\* | 81234 |
| 3746 | Deutsche Pfandbriefbank AG,# | 29152 |
| 9550 | Deutsche Post AG, Registered | 359638 |
| 38581 | Deutsche Telekom AG, Registered | 769731 |
| 667 | Deutsche Wohnen SE | 14198 |
| 3473 | Deutz AG | 15042 |
| 889 | Duerr AG | 29995 |
| 364 | DWS Group GmbH & Co. KGaA,# | 11830 |
| 29223 | E.ON SE | 291984 |
| 465 | Eckert & Ziegler Strahlen- und <br>Medizintechnik AG | 23096 |
| 185 | Elmos Semiconductor SE | 10615 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Germany (Continued)** | **Germany (Continued)** |
| 1760 | Encavis AG | $34826 |
| 101 | Energiekontor AG | 8325 |
| 2788 | Evonik Industries AG | 53525 |
| 1228 | Evotec SE\* | 20059 |
| 334 | Fielmann AG | 13236 |
| 472 | flatexDEGIRO AG,\* | 3196 |
| 479 | Fraport AG Frankfurt Airport <br>Services Worldwide,\* | 19510 |
| 2143 | Freenet AG | 46843 |
| 2486 | Fresenius Medical Care AG & Co. <br>KGaA | 81351 |
| 4056 | Fresenius SE & Co. KGaA | 113971 |
| 496 | FUCHS PETROLUB SE | 14760 |
| 1192 | GEA Group AG | 48742 |
| 652 | Gerresheimer AG | 43830 |
| 287 | Gesco AG | 7404 |
| 455 | GFT Technologies SE | 16535 |
| 1489 | Grand City Properties SA | 14648 |
| 738 | Hamburger Hafen und Logistik <br>AG | 9401 |
| 336 | Hannover Rueck SE | 66719 |
| 243 | Hapag-Lloyd AG,# | 46197 |
| 1959 | HeidelbergCement AG | 111729 |
| 6593 | Heidelberger Druckmaschinen <br>AG,\* | 10417 |
| 2618 | HelloFresh SE,\* | 57534 |
| 462 | Henkel AG & Co. KGaA | 29796 |
| 760 | Hensoldt AG | 17979 |
| 426 | HOCHTIEF AG | 24023 |
| 322 | Hornbach Holding AG & Co. <br>KGaA | 26627 |
| 1048 | HUGO BOSS AG | 60758 |
| 38 | Hypoport SE,\* | 3962 |
| 721 | Indus Holding AG | 16941 |
| 6369 | Infineon Technologies AG | 193827 |
| 790 | Instone Real Estate Group SE,# | 6824 |
| 788 | Jenoptik AG | 21560 |
| 268 | JOST Werke AG,# | 15090 |
| 828 | KION Group AG | 23727 |
| 571 | Knorr-Bremse AG | 31197 |
| 434 | Koenig & Bauer AG,\* | 7563 |
| 959 | Kontron AG | 15696 |
| 326 | Krones AG | 36641 |
| 131 | KWS Saat SE & Co. KGaA | 8989 |
| 1173 | LANXESS AG | 47337 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Germany (Continued)** | **Germany (Continued)** |
| 1029 | LEG Immobilien SE | $67037 |
| 9184 | Mercedes-Benz Group AG | 603624 |
| 675 | Merck KGaA | 130710 |
| 3251 | METRO AG,\* | 31755 |
| 2085 | MLP SE | 11472 |
| 279 | MTU Aero Engines AG | 60388 |
| 253 | Muenchener Rueckversicherungs-<br>Gesellschaft AG in Muenchen, <br>Registered | 82330 |
| 147 | Nagarro SE,\* | 17404 |
| 766 | Nemetschek SE | 39104 |
| 33 | New Work SE | 5391 |
| 188 | Nexus AG | 11229 |
| 1438 | Nordex SE,\* | 20319 |
| 1039 | Norma Group SE | 18907 |
| 390 | OHB SE | 13464 |
| 471 | PATRIZIA SE | 5223 |
| 53 | Pfeiffer Vacuum Technology AG | 9736 |
| 2884 | ProSiebenSat.1 Media SE | 25778 |
| 1366 | Puma SE | 82909 |
| 458 | PVA TePla AG,\* | 9099 |
| 1192 | QIAGEN NV,\* | 59984 |
| 51 | Rational AG | 30299 |
| 606 | Rheinmetall AG | 120689 |
| 809 | RTL Group SA | 34155 |
| 2548 | RWE AG | 113437 |
| 1686 | SAF-Holland SE | 15909 |
| 523 | Salzgitter AG | 15967 |
| 1175 | SAP SE | 121237 |
| 826 | Scout24 SE,# | 41495 |
| 25 | Secunet Security Networks AG | 5256 |
| 2542 | SGL Carbon SE,\* | 18857 |
| 2959 | Siemens AG, Registered | 410629 |
| 2640 | Siemens Energy AG,\* | 49667 |
| 443 | Siemens Healthineers AG,# | 22160 |
| 279 | Siltronic AG | 20353 |
| 337 | Sixt SE | 31006 |
| 1430 | Software AG | 37075 |
| 638 | Stabilus SE | 42957 |
| 286 | STRATEC SE | 24829 |
| 324 | Stroeer SE & Co. KGaA | 15108 |
| 1626 | Suedzucker AG | 28441 |
| 666 | Symrise AG | 72468 |
| 2651 | Synlab AG | 32152 |
| 2135 | TAG Immobilien AG | 13815 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Germany (Continued)** | **Germany (Continued)** | **Germany (Continued)** |
| 1202 | Takkt AG | $| 17422 |
| 729 | Talanx AG |  | 34585 |
| 1776 | TeamViewer AG,#,\* |  | 22899 |
| 420 | Technotrans SE |  | 11442 |
| 21504 | Telefonica Deutschland <br>Holding AG |  | 53013 |
| 8985 | thyssenkrupp AG |  | 54784 |
| 2447 | United Internet AG, <br>Registered |  | 49480 |
| 426 | VERBIO Vereinigte BioEnergie AG |  | 27634 |
| 622 | Vitesco Technologies Group AG,\* |  | 36121 |
| 542 | Volkswagen AG |  | 85664 |
| 4905 | Vonovia SE |  | 115617 |
| 257 | Vossloh AG |  | 10757 |
| 236 | Wacker Chemie AG |  | 30164 |
| 904 | Wacker Neuson SE |  | 15812 |
| 209 | Washtec AG |  | 7718 |
| 959 | Wuestenrot & Wuerttembergische <br>AG |  | 15850 |
| 714 | Zalando SE,#,\* |  | 25306 |
| 11 | ZEAL Network SE\*,§ |  | 331 |
|  |  |  | 9818155 |
|  | **Hong Kong—1.8%** | **Hong Kong—1.8%** | **Hong Kong—1.8%** |
| 67400 | AIA Group Ltd. |  | 749517 |
| 7400 | ASMPT Ltd. |  | 52759 |
| 27040 | Bank of East Asia Ltd. |  | 32772 |
| 28000 | BOC Hong Kong Holdings Ltd. |  | 95420 |
| 9600 | Budweiser Brewing Co. <br>APAC Ltd.,# |  | 30194 |
| 10000 | Cafe de Coral Holdings Ltd. |  | 19089 |
| 26181 | Cathay Pacific Airways Ltd.,\* |  | 28578 |
| 15000 | Chow Sang Sang Holdings <br>International Ltd. |  | 19871 |
| 20400 | Chow Tai Fook Jewellery Group Ltd. |  | 41608 |
| 56000 | CITIC Telecom International <br>Holdings Ltd. |  | 19012 |
| 10906 | CK Asset Holdings Ltd. |  | 67137 |
| 24000 | CK Hutchison Holdings Ltd. |  | 144053 |
| 6000 | CK Infrastructure Holdings Ltd. |  | 31401 |
| 11000 | CLP Holdings Ltd. |  | 80258 |
| 8000 | Cowell e Holdings, Inc.\* |  | 11131 |
| 6000 | Dah Sing Banking Group Ltd. |  | 4305 |
| 4800 | Dah Sing Financial Holdings Ltd. |  | 11118 |
| 16000 | EC Healthcare |  | 16460 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Hong Kong (Continued)** | **Hong Kong (Continued)** |
| 78750 | Esprit Holdings Ltd.,\* | $8475 |
| 7400 | ESR Group Ltd.,# | 15529 |
| 61642 | Far East Consortium International <br>Ltd. | 14768 |
| 58000 | First Pacific Co. Ltd. | 17314 |
| 41000 | FIT Hon Teng Ltd.#,\* | 10768 |
| 5000 | Galaxy Entertainment Group Ltd. | 33054 |
| 40000 | Giordano International Ltd. | 8866 |
| 7361 | Great Eagle Holdings Ltd. | 16183 |
| 142000 | Guotai Junan International Holdings <br>Ltd. | 13099 |
| 118800 | Haitong International Securities <br>Group Ltd.,\* | 13242 |
| 8000 | Hang Lung Group Ltd. | 14697 |
| 23000 | Hang Lung Properties Ltd. | 44966 |
| 2200 | Hang Seng Bank Ltd. | 36585 |
| 8500 | Henderson Land <br>Development Co. Ltd. | 29675 |
| 24500 | HK Electric Investments & HK <br>Electric Investments Ltd. | 16228 |
| 35000 | HKBN Ltd. | 22555 |
| 19200 | HKR International Ltd. | 6027 |
| 56000 | HKT Trust & HKT Ltd. | 68660 |
| 83457 | Hong Kong & China Gas Co. Ltd. | 79336 |
| 7706 | Hong Kong Exchanges & <br>Clearing Ltd. | 332904 |
| 19000 | Hong Kong Technology Venture Co. <br>Ltd. | 13072 |
| 14179 | Hongkong & Shanghai Hotels <br>Ltd.,\* | 14750 |
| 50000 | Hutchison Telecommunications <br>Hong Kong Holdings Ltd. | 7815 |
| 9000 | Hysan Development Co. Ltd. | 29172 |
| 41000 | IGG, Inc.,\* | 15233 |
| 5602 | Johnson Electric Holdings Ltd. | 7055 |
| 37000 | K Wah International Holdings Ltd. | 12846 |
| 7000 | Kerry Logistics Network Ltd. | 12591 |
| 13500 | Kerry Properties Ltd. | 29403 |
| 9000 | Kowloon Development Co. Ltd. | 8498 |
| 5750 | L'Occitane International SA | 17938 |
| 38400 | Landing International <br>Development Ltd.,\* | 1230 |
| 11000 | Luk Fook Holdings <br>International Ltd. | 32695 |
| 26800 | Man Wah Holdings Ltd. | 26678 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Hong Kong (Continued)** | **Hong Kong (Continued)** |
| 480000 | Mason Group Holdings Ltd.,\* | $1845 |
| 11000 | Melco International Development <br>Ltd.,\* | 11922 |
| 6185 | MTR Corp. Ltd. | 32766 |
| 10094 | NagaCorp Ltd.,\* | 8897 |
| 14000 | New World Development Co. Ltd. | 39460 |
| 44000 | NewOcean Energy Holdings <br>Ltd.,\*,§ | 82 |
| 38000 | NWS Holdings Ltd. | 32862 |
| 22000 | Oriental Watch Holdings | 11500 |
| 196000 | Pacific Basin Shipping Ltd. | 66292 |
| 7128 | Pacific Century Premium <br>Developments Ltd.,\* | 342 |
| 29000 | Pacific Textiles Holdings Ltd. | 9511 |
| 59789 | PCCW Ltd. | 26963 |
| 10000 | Power Assets Holdings Ltd. | 54769 |
| 4800 | PRADA SpA | 27120 |
| 15600 | Samsonite International SA,#,\* | 41071 |
| 9600 | Sands China Ltd.,\* | 31855 |
| 12000 | Shangri-La Asia Ltd.,\* | 9839 |
| 100000 | Shun Tak Holdings Ltd.,\* | 21523 |
| 138000 | Singamas Container Holdings Ltd. | 12906 |
| 44090 | Sino Land Co. Ltd. | 55130 |
| 21000 | SITC International Holdings Co. <br>Ltd. | 46706 |
| 31250 | SJM Holdings Ltd.,\* | 18096 |
| 13500 | SmarTone Telecommunications <br>Holdings Ltd. | 8146 |
| 11500 | Stella International Holdings Ltd. | 10829 |
| 31000 | Sun Hung Kai & Co. Ltd. | 11637 |
| 7000 | Sun Hung Kai Properties Ltd. | 95779 |
| 27000 | SUNeVision Holdings Ltd. | 14597 |
| 4500 | Swire Pacific Ltd., Class A | 39607 |
| 15000 | Swire Pacific Ltd., Class B | 20409 |
| 6200 | Swire Properties Ltd. | 15759 |
| 11000 | Techtronic Industries Co. Ltd. | 122748 |
| 12000 | Television Broadcasts Ltd.,\* | 5673 |
| 18500 | Texhong Textile Group Ltd. | 14813 |
| 7600 | Transport International Holdings <br>Ltd. | 11139 |
| 30000 | United Laboratories International <br>Holdings Ltd. | 18833 |
| 32000 | Value Partners Group Ltd. | 11807 |
| 12000 | Vitasoy International Holdings Ltd. | 24690 |
| 24000 | VSTECS Holdings Ltd. | 13836 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Hong Kong (Continued)** | **Hong Kong (Continued)** | **Hong Kong (Continued)** |
| 3500 | VTech Holdings Ltd. | $| 22555 |
| 135326 | WH Group Ltd.,# |  | 78712 |
| 11000 | Wharf Real Estate Investment Co. <br>Ltd. |  | 64122 |
| 27000 | Xinyi Glass Holdings Ltd. |  | 50296 |
| 14500 | Yue Yuen Industrial Holdings Ltd. |  | 20360 |
| 29000 | Zensun Enterprises Ltd.,\* |  | 5164 |
|  |  |  | 3729558 |
|  | **Ireland—0.4%** | **Ireland—0.4%** | **Ireland—0.4%** |
| 12093 | AIB Group PLC |  | 46809 |
| 12674 | Bank of Ireland Group PLC |  | 120745 |
| 10801 | Cairn Homes PLC |  | 10036 |
| 3828 | CRH PLC |  | 151655 |
| 4547 | CRH PLC, ADR† |  | 180925 |
| 2359 | Dalata Hotel Group PLC,\* |  | 8257 |
| 39 | FBD Holdings PLC |  | 461 |
| 475 | Flutter Entertainment PLC,\* |  | 64982 |
| 3602 | Glanbia PLC |  | 45961 |
| 7929 | Glenveagh Properties PLC,#,\* |  | 7180 |
| 1946 | Irish Continental Group PLC |  | 8916 |
| 526 | Kerry Group PLC, Class A |  | 47432 |
| 1303 | Kingspan Group PLC |  | 70549 |
| 3377 | Smurfit Kappa Group PLC |  | 124931 |
|  |  |  | 888839 |
|  | **Israel—0.7%** | **Israel—0.7%** | **Israel—0.7%** |
| 182 | AFI Properties Ltd.,\* |  | 5385 |
| 734 | Airport City Ltd.,\* |  | 11748 |
| 1386 | Alony Hetz Properties & Investments <br>Ltd. |  | 14116 |
| 160 | Alrov Properties & Lodgings Ltd. |  | 8407 |
| 2317 | Amot Investments Ltd. |  | 13612 |
| 471 | Ashtrom Group Ltd. |  | 8802 |
| 277 | AudioCodes Ltd. |  | 4956 |
| 2639 | Azorim-Investment Development & <br>Construction Co. Ltd. |  | 8476 |
| 154 | Azrieli Group Ltd. |  | 10234 |
| 8099 | Bank Hapoalim BM |  | 73085 |
| 15548 | Bank Leumi Le-Israel BM |  | 129644 |
| 22557 | Bezeq The Israeli Telecommunication <br>Corp. Ltd. |  | 38920 |
| 92 | Big Shopping Centers Ltd.,\* |  | 9422 |
| 124 | Blue Square Real Estate Ltd. |  | 7320 |
| 63 | Brack Capital Properties NV,\* |  | 6540 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Israel (Continued)** | **Israel (Continued)** |
| 726 | Camtek Ltd.,\* | $15728 |
| 2356 | Cellcom Israel Ltd.,\* | 12373 |
| 1006 | Clal Insurance Enterprises <br>Holdings Ltd.,\* | 16937 |
| 66 | Danel Adir Yeoshua Ltd. | 5163 |
| 764 | Delek Automotive Systems Ltd. | 8957 |
| 153 | Delek Group Ltd.,\* | 16845 |
| 611 | Delta Galil Ltd. | 25604 |
| 96 | Elbit Systems Ltd. | 15748 |
| 30 | Electra Ltd. | 16216 |
| 986 | Electra Real Estate Ltd. | 9481 |
| 4030 | Energix-Renewable Energies Ltd. | 12703 |
| 8990 | Enlight Renewable Energy Ltd.,\* | 18414 |
| 567 | Equital Ltd.,\* | 16879 |
| 166 | Fattal Holdings 1998 Ltd.,\* | 14021 |
| 699 | First International Bank Of Israel <br>Ltd. | 27641 |
| 122 | Formula Systems 1985 Ltd., ADR | 8649 |
| 294 | Fox Wizel Ltd. | 26932 |
| 1517 | Gav-Yam Lands Corp. Ltd. | 11825 |
| 2147 | Harel Insurance Investments & <br>Financial Services Ltd. | 18941 |
| 313 | Hilan Ltd. | 15529 |
| 5268 | ICL Group Ltd. | 38141 |
| 275 | IDI Insurance Co. Ltd. | 5946 |
| 135 | IES Holdings Ltd. | 9175 |
| 2482 | Inrom Construction Industries Ltd. | 9433 |
| 6972 | Isracard Ltd. | 20269 |
| 2814 | Israel Canada T.R Ltd. | 6124 |
| 10322 | Israel Discount Bank Ltd., Class A | 54266 |
| 50 | Isras Investment Co. Ltd. | 9601 |
| 302 | Kenon Holdings Ltd. | 10018 |
| 521 | Lapidoth Capital Ltd. | 9467 |
| 325 | M Yochananof & Sons Ltd. | 17521 |
| 909 | Magic Software Enterprises Ltd. | 14408 |
| 1175 | Matrix IT Ltd. | 24616 |
| 1507 | Maytronics Ltd. | 15005 |
| 4151 | Mediterranean Towers Ltd. | 9621 |
| 252 | Mega Or Holdings Ltd. | 6954 |
| 298 | Melisron Ltd. | 21330 |
| 526 | Menora Mivtachim Holdings Ltd. | 10255 |
| 12957 | Migdal Insurance & Financial <br>Holdings Ltd.,\* | 14781 |
| 8220 | Mivne Real Estate KD Ltd. | 26191 |
| 1207 | Mizrahi Tefahot Bank Ltd. | 39110 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Israel (Continued)** | **Israel (Continued)** | **Israel (Continued)** |
| 2005 | Naphtha Israel Petroleum Corp. <br>Ltd.,\* | $| 9263 |
| 156 | Nice Ltd.,\* |  | 30178 |
| 12 | Nice Ltd., ADR†,\* |  | 2308 |
| 130 | Nova Ltd.,\* |  | 10562 |
| 70417 | Oil Refineries Ltd. |  | 24660 |
| 1226 | One Software Technologies Ltd. |  | 17062 |
| 1134 | OPC Energy Ltd.,\* |  | 12646 |
| 2397 | Partner Communications Co. Ltd.,\* |  | 17382 |
| 282 | Paz Oil Co. Ltd.,\* |  | 35131 |
| 499 | Perion Network Ltd.,\* |  | 12490 |
| 3099 | Phoenix Holdings Ltd. |  | 33061 |
| 282 | Rami Levy Chain Stores Hashikma <br>Marketing 2006 Ltd. |  | 19735 |
| 313 | Scope Metals Group Ltd. |  | 11674 |
| 1415 | Shapir Engineering and Industry Ltd. |  | 11183 |
| 5468 | Shikun & Binui Ltd.,\* |  | 15322 |
| 2661 | Shufersal Ltd. |  | 15360 |
| 700 | Strauss Group Ltd. |  | 18578 |
| 1314 | Summit Real Estate Holdings Ltd. |  | 16597 |
| 67 | Tadiran Group Ltd. |  | 6721 |
| 526 | Tera Light Ltd.,\* |  | 713 |
| 2579 | Teva Pharmaceutical Industries <br>Ltd., ADR\* |  | 23520 |
| 862 | Tower Semiconductor Ltd.\* |  | 37238 |
| 171 | YH Dimri Construction & <br>Development Ltd. |  | 10634 |
|  |  |  | 1429503 |
|  | **Italy—1.7%** | **Italy—1.7%** | **Italy—1.7%** |
| 23194 | A2A SpA |  | 30911 |
| 1164 | ACEA SpA |  | 16098 |
| 1290 | Amplifon SpA†, |  | 38416 |
| 6692 | Anima Holding SpA,# |  | 26806 |
| 7433 | Assicurazioni Generali SpA |  | 132200 |
| 1709 | Azimut Holding SpA |  | 38289 |
| 1239 | Banca Generali SpA† |  | 42521 |
| 801 | Banca IFIS SpA |  | 11412 |
| 2201 | Banca Mediolanum SpA |  | 18373 |
| 9396 | Banca Popolare di Sondrio SPA |  | 38019 |
| 21761 | Banco BPM SpA |  | 77662 |
| 2332 | BFF Bank SpA,# |  | 18498 |
| 26017 | BPER Banca† |  | 53430 |
| 2680 | Brembo SpA |  | 29979 |
| 732 | Brunello Cucinelli SpA |  | 54145 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Italy (Continued)** | **Italy (Continued)** |
| 1230 | Buzzi Unicem SpA†, | $23700 |
| 3016 | Cairo Communication SpA | 4804 |
| 1300 | Carel Industries SpA,# | 32702 |
| 27159 | CIR SpA-Compagnie Industriali,\* | 12632 |
| 7842 | CNH Industrial NV | 125623 |
| 3914 | Credito Emiliano SpA | 27778 |
| 51958 | d'Amico International <br>Shipping SA,\* | 20746 |
| 660 | Danieli & C Officine Meccaniche <br>SpA† | 14695 |
| 3500 | Davide Campari-Milano NV | 35533 |
| 432 | De' Longhi SpA† | 9702 |
| 253 | DiaSorin SpA† | 35316 |
| 3319 | Enav SpA,# | 14069 |
| 43401 | Enel SpA | 233687 |
| 26813 | Eni SpA | 381334 |
| 741 | Ferrari NV | 158799 |
| 18781 | Fincantieri SpA\* | 10665 |
| 4611 | FinecoBank Banca Fineco SpA | 76604 |
| 725 | Gruppo MutuiOnline SpA† | 20426 |
| 11797 | Hera SpA | 31810 |
| 1991 | Infrastrutture Wireless Italiane <br>SpA,# | 20064 |
| 924 | Interpump Group SpA | 41700 |
| 76753 | Intesa Sanpaolo SpA | 170729 |
| 9018 | Iren SpA | 14171 |
| 7345 | Italgas SpA | 40806 |
| 6402 | Iveco Group NV,\* | 38089 |
| 7160 | Leonardo SpA | 61775 |
| 15202 | MediaForEurope NV, Class A† | 5881 |
| 8088 | MediaForEurope NV, Class B† | 4861 |
| 5161 | Mediobanca Banca di Credito <br>Finanziario SpA | 49633 |
| 1242 | Moncler SpA | 65810 |
| 3909 | Nexi SpA†,#,\* | 30822 |
| 9750 | OVS SpA# | 21980 |
| 7136 | Piaggio & C SpA | 21419 |
| 8299 | Pirelli & C SpA,# | 35570 |
| 3814 | Poste Italiane SpA,# | 37259 |
| 1584 | Prysmian SpA | 58769 |
| 2926 | RAI Way SpA,# | 16945 |
| 1030 | Recordati Industria Chimica e <br>Farmaceutica SpA | 42724 |
| 272 | Reply SpA | 31154 |
| 514 | Salvatore Ferragamo SpA† | 9073 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Italy (Continued)** | **Italy (Continued)** | **Italy (Continued)** |
| 10551 | Saras SpA,\* | $| 12977 |
| 103 | Sesa SpA |  | 12790 |
| 13350 | Snam SpA |  | 64693 |
| 575 | SOL SpA |  | 10895 |
| 1456 | Stellantis NV† |  | 20675 |
| 20599 | Stellantis NV |  | 292474 |
| 3313 | Tamburi Investment Partners SpA† |  | 25924 |
| 2650 | Technogym SpA,# |  | 20282 |
| 151273 | Telecom Italia SpA,\* |  | 35026 |
| 1807 | Tenaris SA |  | 31500 |
| 1050 | Tenaris SA, ADR |  | 36918 |
| 8668 | Terna—Rete Elettrica Nazionale |  | 64023 |
| 10905 | UniCredit SpA |  | 154927 |
| 7073 | Unipol Gruppo SpA |  | 34510 |
| 9399 | UnipolSai Assicurazioni SpA† |  | 23161 |
|  |  |  | 3557393 |
|  | **Japan—15.7%** | **Japan—15.7%** | **Japan—15.7%** |
| 1200 | 77 Bank Ltd. |  | 20207 |
| 2700 | A&D HOLON Holdings Co. Ltd. |  | 20923 |
| 600 | ABC-Mart, Inc. |  | 34151 |
| 4900 | Acom Co. Ltd. |  | 11798 |
| 1200 | Adastria Co. Ltd. |  | 21442 |
| 1500 | ADEKA Corp. |  | 24733 |
| 1200 | Advantest Corp. |  | 77537 |
| 4200 | Aeon Co. Ltd. |  | 89063 |
| 1100 | Aeon Delight Co. Ltd. |  | 25396 |
| 2900 | AEON Financial Service Co. Ltd.†, |  | 30936 |
| 2100 | Aeon Mall Co. Ltd. |  | 27282 |
| 2300 | AGC, Inc.† |  | 77023 |
| 1300 | Ai Holdings Corp.† |  | 20752 |
| 700 | Aica Kogyo Co. Ltd. |  | 16695 |
| 2900 | Aida Engineering Ltd. |  | 17214 |
| 8600 | Aiful Corp. |  | 26015 |
| 300 | Ain Holdings, Inc. |  | 13807 |
| 3100 | Air Water, Inc. |  | 36258 |
| 2500 | Aisin Corp. |  | 67243 |
| 1900 | Ajinomoto Co., Inc. |  | 58358 |
| 1200 | Alconix Corp. |  | 12106 |
| 1400 | Alfresa Holdings Corp. |  | 17879 |
| 5000 | Alps Alpine Co. Ltd. |  | 45603 |
| 2700 | Amada Co. Ltd. |  | 21272 |
| 1000 | Amano Corp. |  | 18539 |
| 1600 | ANA Holdings, Inc.,\* |  | 34136 |
| 1500 | Anritsu Corp. |  | 14653 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1100 | AOKI Holdings, Inc.† | $5733 |
| 900 | Aoyama Trading Co. Ltd. | 6295 |
| 1800 | Aozora Bank Ltd.† | 35591 |
| 500 | Arata Corp. | 15982 |
| 1200 | ARCLANDS Corp. | 14337 |
| 1000 | Arcs Co. Ltd. | 16733 |
| 400 | Argo Graphics, Inc. | 11338 |
| 1400 | Arisawa Manufacturing Co. Ltd.†, | 13857 |
| 300 | Aruhi Corp.† | 2313 |
| 200 | As One Corp. | 8778 |
| 1800 | Asahi Diamond Industrial Co. Ltd. | 9258 |
| 2300 | Asahi Group Holdings Ltd.†, | 72186 |
| 2000 | Asahi Holdings, Inc. | 29336 |
| 1600 | Asahi Intecc Co. Ltd. | 26382 |
| 15000 | Asahi Kasei Corp. | 107597 |
| 700 | ASAHI YUKIZAI Corp. | 14940 |
| 1200 | Asanuma Corp. | 27614 |
| 1100 | Asics Corp. | 24424 |
| 1400 | ASKUL Corp. | 18231 |
| 5600 | Astellas Pharma, Inc. | 85617 |
| 1600 | Autobacs Seven Co. Ltd. | 17604 |
| 800 | Avex, Inc. | 10265 |
| 800 | Awa Bank Ltd. | 12996 |
| 400 | Axial Retailing, Inc. | 10332 |
| 1000 | AZ-COM MARUWA Holdings, <br>Inc.† | 12001 |
| 1100 | Azbil Corp. | 27869 |
| 1100 | Bandai Namco Holdings, Inc. | 69685 |
| 600 | Bank of Kyoto Ltd. | 26791 |
| 1300 | Bank of the Ryukyus Ltd. | 8648 |
| 1000 | BayCurrent Consulting, Inc. | 31355 |
| 300 | Belc Co. Ltd. | 13144 |
| 1300 | Bell System24 Holdings, Inc. | 13501 |
| 1300 | Belluna Co. Ltd.† | 6736 |
| 1000 | Benefit One, Inc. | 14729 |
| 800 | Benesse Holdings, Inc. | 12228 |
| 1500 | Bic Camera, Inc.† | 14653 |
| 900 | BIPROGY, Inc. | 22939 |
| 500 | BML, Inc. | 12782 |
| 5400 | Bridgestone Corp.†, | 193016 |
| 4000 | Broadleaf Co. Ltd.† | 13380 |
| 2800 | Brother Industries Ltd. | 42819 |
| 3200 | Bunka Shutter Co. Ltd. | 27016 |
| 400 | C Uyemura & Co. Ltd. | 18531 |
| 1700 | Calbee, Inc. | 38756 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 900 | Canon Electronics, Inc.†, | $10396 |
| 1200 | Canon Marketing Japan, Inc. | 27330 |
| 4200 | Canon, Inc.†, | 91383 |
| 1000 | Capcom Co. Ltd. | 32079 |
| 2700 | Casio Computer Co. Ltd. | 27630 |
| 600 | Central Glass Co. Ltd. | 12847 |
| 500 | Central Japan Railway Co. | 61738 |
| 3700 | Chiba Bank Ltd. | 27121 |
| 7600 | Chiyoda Corp.\* | 20789 |
| 600 | Chofu Seisakusho Co. Ltd. | 8782 |
| 3800 | Chubu Electric Power Co., Inc. | 39436 |
| 700 | Chudenko Corp. | 11137 |
| 4200 | Chugai Pharmaceutical Co. Ltd. | 107784 |
| 3900 | Chugoku Electric Power Co., <br>Inc.†, ,\* | 20059 |
| 2300 | Chugoku Marine Paints Ltd.† | 16719 |
| 5400 | Citizen Watch Co. Ltd.† | 24400 |
| 1300 | CKD Corp. | 18612 |
| 2600 | Coca-Cola Bottlers Japan Holdings, <br>Inc.†, | 28468 |
| 600 | Colowide Co. Ltd.† | 8124 |
| 900 | COMSYS Holdings Corp. | 15876 |
| 1300 | Comture Corp.† | 23803 |
| 8000 | Concordia Financial Group Ltd. | 33526 |
| 1200 | Cosmo Energy Holdings Co. Ltd. | 31911 |
| 200 | Cosmos Pharmaceutical Corp. | 20329 |
| 1500 | Create Restaurants Holdings, Inc.† | 10401 |
| 600 | Create SD Holdings Co. Ltd. | 15110 |
| 1900 | Credit Saison Co. Ltd. | 24626 |
| 600 | CTI Engineering Co. Ltd. | 14675 |
| 3600 | CyberAgent, Inc.† | 32039 |
| 1700 | Cybozu, Inc.† | 31399 |
| 1700 | Dai Nippon Printing Co. Ltd. | 34326 |
| 500 | Dai-Dan Co. Ltd. | 8351 |
| 8900 | Dai-ichi Life Holdings, Inc. | 203037 |
| 6500 | Daicel Corp. | 47299 |
| 3700 | Daido Metal Co. Ltd. | 13448 |
| 600 | Daido Steel Co. Ltd. | 19727 |
| 900 | Daifuku Co. Ltd. | 42380 |
| 500 | Daihen Corp. | 14744 |
| 700 | Daiho Corp.† | 20988 |
| 300 | Daiichi Jitsugyo Co. Ltd. | 10058 |
| 1100 | Daiichi Sankyo Co. Ltd. | 35622 |
| 1900 | Daiki Aluminium Industry Co. <br>Ltd.† | 17966 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 800 | Daikin Industries Ltd. | $123133 |
| 1400 | Daikyonishikawa Corp. | 5942 |
| 4000 | Daio Paper Corp. | 30844 |
| 480 | Daiseki Co. Ltd. | 16605 |
| 400 | Daishi Hokuetsu Financial Group, <br>Inc. | 8741 |
| 700 | Daito Trust Construction Co. Ltd. | 72219 |
| 5300 | Daiwa House Industry Co. Ltd. | 122727 |
| 9500 | Daiwa Securities Group, Inc. | 42201 |
| 2500 | Daiwabo Holdings Co. Ltd. | 37069 |
| 2200 | DCM Holdings Co. Ltd. | 20149 |
| 1200 | DeNA Co. Ltd.†, | 16148 |
| 1300 | Denka Co. Ltd. | 29964 |
| 2300 | Denso Corp. | 114544 |
| 1900 | Dentsu Group, Inc.† | 60008 |
| 1000 | Dexerials Corp.† | 19430 |
| 1200 | DIC Corp.† | 21268 |
| 400 | Digital Arts, Inc. | 16977 |
| 300 | Digital Garage, Inc. | 10458 |
| 700 | dip Corp. | 20215 |
| 200 | Disco Corp. | 57528 |
| 1800 | DMG Mori Co. Ltd.† | 24070 |
| 1100 | Doutor Nichires Holdings Co. Ltd. | 14408 |
| 1100 | Dowa Holdings Co. Ltd. | 34784 |
| 600 | DTS Corp. | 13633 |
| 1000 | Duskin Co. Ltd. | 22798 |
| 400 | DyDo Group Holdings, Inc.† | 14508 |
| 1100 | Eagle Industry Co. Ltd. | 8985 |
| 300 | Earth Corp.†, | 11567 |
| 1100 | East Japan Railway Co.†, | 63030 |
| 1400 | Ebara Corp. | 50351 |
| 2100 | EDION Corp.† | 20578 |
| 1000 | eGuarantee, Inc. | 18615 |
| 500 | Eiken Chemical Co. Ltd. | 6511 |
| 600 | Eisai Co. Ltd. | 39793 |
| 300 | Eizo Corp. | 7829 |
| 600 | Elecom Co. Ltd. | 6172 |
| 1700 | Electric Power Development Co. <br>Ltd. | 27150 |
| 700 | en-Japan, Inc. | 12929 |
| 43600 | ENEOS Holdings, Inc. | 148833 |
| 1500 | eRex Co. Ltd.†, | 24825 |
| 1000 | Exedy Corp. | 12313 |
| 1900 | EXEO Group, Inc. | 32545 |
| 1000 | Ezaki Glico Co. Ltd.† | 27583 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 900 | Fancl Corp. | $18433 |
| 700 | FANUC Corp. | 105795 |
| 300 | Fast Retailing Co. Ltd. | 184083 |
| 1100 | FCC Co. Ltd. | 11324 |
| 1100 | Ferrotec Holdings Corp. | 23359 |
| 1300 | Food & Life Cos. Ltd. | 25735 |
| 900 | Foster Electric Co. Ltd. | 5699 |
| 800 | FP Corp. | 23103 |
| 1100 | Fudo Tetra Corp. | 12547 |
| 1600 | Fuji Corp. | 23529 |
| 1000 | Fuji Electric Co. Ltd. | 38327 |
| 500 | Fuji Kyuko Co. Ltd. | 18211 |
| 1600 | Fuji Media Holdings, Inc. | 13094 |
| 700 | Fuji Oil Holdings, Inc. | 10870 |
| 700 | Fuji Seal International, Inc. | 9009 |
| 500 | Fuji Soft, Inc.† | 28802 |
| 400 | Fujibo Holdings, Inc. | 9814 |
| 700 | Fujicco Co. Ltd. | 10214 |
| 1600 | FUJIFILM Holdings Corp. | 80768 |
| 4100 | Fujikura Ltd. | 31365 |
| 300 | Fujimi, Inc. | 14287 |
| 500 | Fujimori Kogyo Co. Ltd. | 11544 |
| 600 | Fujitsu General Ltd. | 14470 |
| 1200 | Fujitsu Ltd. | 161064 |
| 400 | Fukuda Denshi Co. Ltd. | 13913 |
| 800 | Fukui Computer Holdings, Inc. | 16105 |
| 2200 | Fukuoka Financial Group, Inc. | 50373 |
| 500 | Fukushima Galilei Co. Ltd. | 15982 |
| 600 | Fukuyama Transporting Co. Ltd. | 14013 |
| 1200 | FULLCAST Holdings Co. Ltd. | 25821 |
| 1000 | Funai Soken Holdings, Inc.† | 20710 |
| 900 | Furukawa Co. Ltd. | 8675 |
| 1200 | Furukawa Electric Co. Ltd. | 22621 |
| 1200 | Furuno Electric Co. Ltd. | 8860 |
| 400 | Fuso Chemical Co. Ltd. | 10363 |
| 800 | Futaba Corp. | 3237 |
| 2000 | Future Corp.†, | 25099 |
| 500 | Fuyo General Lease Co. Ltd. | 32841 |
| 800 | G-7 Holdings, Inc. | 10082 |
| 2200 | G-Tekt Corp. | 24189 |
| 800 | Geo Holdings Corp. | 13289 |
| 700 | GLOBERIDE, Inc. | 13633 |
| 1000 | Glory Ltd. | 16717 |
| 900 | GMO internet group, Inc. | 16911 |
| 300 | GMO Payment Gateway, Inc. | 24962 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 700 | Goldcrest Co. Ltd. | $8966 |
| 400 | Goldwin, Inc. | 29107 |
| 1000 | GS Yuasa Corp. | 16154 |
| 1100 | GungHo Online Entertainment, Inc. | 17870 |
| 4900 | Gunma Bank Ltd. | 18817 |
| 600 | Gunze Ltd. | 19293 |
| 1500 | H.U. Group Holdings, Inc. | 32928 |
| 1700 | H2O Retailing Corp. | 16710 |
| 5000 | Hachijuni Bank Ltd. | 20916 |
| 2900 | Hakuhodo DY Holdings, Inc. | 29389 |
| 600 | Halows Co. Ltd. | 13308 |
| 800 | Hamakyorex Co. Ltd. | 19171 |
| 600 | Hamamatsu Photonics KK | 28894 |
| 1600 | Hankyu Hanshin Holdings, Inc. | 47790 |
| 800 | Hanwa Co. Ltd. | 22828 |
| 300 | Harmonic Drive Systems, Inc.† | 8492 |
| 3500 | Haseko Corp. | 39283 |
| 3500 | Hazama Ando Corp.† | 22428 |
| 1200 | Heiwa Corp. | 22722 |
| 600 | Heiwa Real Estate Co. Ltd. | 16756 |
| 900 | Heiwado Co. Ltd. | 14689 |
| 200 | Hikari Tsushin, Inc. | 28376 |
| 4400 | Hino Motors Ltd.,\* | 16864 |
| 200 | Hioki EE Corp.† | 9646 |
| 400 | Hirata Corp. | 16641 |
| 3100 | Hirogin Holdings, Inc. | 15613 |
| 200 | Hirose Electric Co. Ltd. | 25297 |
| 400 | Hisamitsu Pharmaceutical Co., Inc. | 11963 |
| 1100 | Hitachi Construction Machinery Co. <br>Ltd. | 24801 |
| 6800 | Hitachi Ltd. | 346684 |
| 3400 | Hitachi Zosen Corp. | 21399 |
| 400 | Hogy Medical Co. Ltd.† | 10393 |
| 2900 | Hokkaido Electric Power Co., Inc.,\* | 10297 |
| 700 | Hokkoku Financial Holdings, Inc. | 24215 |
| 3000 | Hokuetsu Corp. | 17418 |
| 1800 | Hokuhoku Financial Group, Inc. | 13400 |
| 2300 | Hokuriku Electric Power Co.\* | 9586 |
| 1200 | Hokuto Corp. | 17172 |
| 8800 | Honda Motor Co. Ltd. | 203304 |
| 704 | Honda Motor Co. Ltd., ADR | 16093 |
| 1100 | Horiba Ltd.†, | 48027 |
| 600 | Hoshizaki Corp.†, | 21282 |
| 3100 | Hosiden Corp. | 37179 |
| 500 | Hosokawa Micron Corp. | 10222 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1100 | House Foods Group, Inc. | $23284 |
| 2200 | Hoya Corp. | 212976 |
| 4100 | Hulic Co. Ltd.† | 32490 |
| 3000 | Hyakugo Bank Ltd. | 8412 |
| 1600 | Ibiden Co. Ltd. | 58336 |
| 600 | Idec Corp. | 13350 |
| 4100 | Idemitsu Kosan Co. Ltd. | 95908 |
| 3000 | IDOM, Inc. | 15178 |
| 2400 | IHI Corp. | 70314 |
| 1100 | Iida Group Holdings Co. Ltd. | 16772 |
| 4200 | Iino Kaiun Kaisha Ltd. | 29762 |
| 500 | Inaba Denki Sangyo Co. Ltd. | 10328 |
| 900 | Inabata & Co. Ltd. | 16369 |
| 1300 | Infocom Corp. | 21327 |
| 4200 | Infomart Corp. | 11425 |
| 400 | Information Services International-<br>Dentsu Ltd. | 11963 |
| 4712 | INFRONEER Holdings, Inc. | 35940 |
| 14800 | Inpex Corp. | 157428 |
| 1400 | Insource Co. Ltd. | 16588 |
| 1100 | Intage Holdings, Inc. | 11550 |
| 1200 | Internet Initiative Japan, Inc. | 22402 |
| 300 | IR Japan Holdings Ltd.† | 4131 |
| 300 | Iriso Electronics Co. Ltd.† | 9669 |
| 2600 | Isetan Mitsukoshi Holdings Ltd. | 28468 |
| 1600 | Ishihara Sangyo Kaisha Ltd. | 12959 |
| 7500 | Isuzu Motors Ltd. | 88407 |
| 500 | Ito En Ltd. | 18249 |
| 10100 | ITOCHU Corp. | 319069 |
| 1200 | Itochu Enex Co. Ltd. | 9601 |
| 700 | Itochu Techno-Solutions Corp. | 16375 |
| 3400 | Itoham Yonekyu Holdings, Inc. | 18161 |
| 700 | Iwatani Corp. | 30882 |
| 4100 | Iyogin Holdings, Inc. | 22337 |
| 1000 | Izumi Co. Ltd. | 22767 |
| 2300 | J Trust Co. Ltd.† | 9078 |
| 700 | J-Oil Mills, Inc. | 8091 |
| 3500 | J. Front Retailing Co. Ltd. | 32029 |
| 1300 | Jaccs Co. Ltd. | 40860 |
| 2100 | JAFCO Group Co. Ltd. | 35971 |
| 1400 | Japan Airlines Co. Ltd.,\* | 28749 |
| 500 | Japan Airport Terminal Co. Ltd.,\* | 24878 |
| 1800 | Japan Aviation Electronics Industry <br>Ltd. | 28926 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1100 | Japan Elevator Service Holdings Co. <br>Ltd. | $13863 |
| 3600 | Japan Exchange Group, Inc. | 52050 |
| 1500 | Japan Lifeline Co. Ltd. | 10469 |
| 1200 | Japan Material Co. Ltd. | 19540 |
| 1100 | Japan Petroleum Exploration Co. <br>Ltd. | 32227 |
| 12800 | Japan Post Holdings Co. Ltd. | 108211 |
| 1000 | Japan Post Insurance Co. Ltd. | 17685 |
| 600 | Japan Pulp & Paper Co. Ltd. | 23362 |
| 3000 | Japan Securities Finance Co. Ltd. | 26379 |
| 1000 | Japan Steel Works Ltd. | 19880 |
| 6800 | Japan Tobacco, Inc.†, | 137876 |
| 1700 | Japan Wool Textile Co. Ltd. | 12617 |
| 1100 | JCR Pharmaceuticals Co. Ltd. | 14089 |
| 400 | JCU Corp. | 9387 |
| 1100 | Jeol Ltd. | 30090 |
| 7600 | JFE Holdings, Inc. | 88949 |
| 2700 | JGC Holdings Corp. | 34521 |
| 400 | JINS Holdings, Inc. | 14051 |
| 600 | Joshin Denki Co. Ltd. | 8874 |
| 1700 | JSR Corp. | 33523 |
| 3800 | JTEKT Corp. | 26899 |
| 800 | Juroku Financial Group, Inc. | 17482 |
| 300 | Justsystems Corp. | 6439 |
| 8900 | JVCKenwood Corp. | 25024 |
| 4900 | K's Holdings Corp. | 42115 |
| 800 | Kadokawa Corp. | 14630 |
| 700 | Kaga Electronics Co. Ltd. | 21788 |
| 800 | Kagome Co. Ltd.† | 18622 |
| 3700 | Kajima Corp. | 43304 |
| 1100 | Kakaku.com, Inc. | 17702 |
| 500 | Kaken Pharmaceutical Co. Ltd. | 14820 |
| 600 | Kameda Seika Co. Ltd. | 19887 |
| 1000 | Kamigumi Co. Ltd. | 20474 |
| 1300 | Kanamoto Co. Ltd. | 22416 |
| 2200 | Kandenko Co. Ltd. | 14433 |
| 1100 | Kaneka Corp. | 27575 |
| 1700 | Kanematsu Corp. | 19430 |
| 700 | Kanematsu Electronics Ltd. | 23735 |
| 4400 | Kansai Electric Power Co., Inc. | 42880 |
| 1200 | Kansai Paint Co. Ltd. | 14803 |
| 1500 | Kanto Denka Kogyo Co. Ltd. | 10572 |
| 3100 | Kao Corp.†, | 124128 |
| 900 | Katitas Co. Ltd. | 20710 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 400 | Kato Sangyo Co. Ltd. | $10698 |
| 300 | KAWADA TECHNOLOGIES, Inc. | 7463 |
| 2100 | Kawasaki Heavy Industries Ltd. | 49444 |
| 1100 | Kawasaki Kisen Kaisha Ltd.† | 23359 |
| 15000 | KDDI Corp. | 455120 |
| 1200 | Keihan Holdings Co. Ltd. | 31545 |
| 3100 | Keikyu Corp. | 32857 |
| 700 | Keio Corp. | 25815 |
| 600 | Keisei Electric Railway Co. Ltd. | 17167 |
| 2500 | Keiyo Bank Ltd. | 11182 |
| 3100 | Keiyo Co. Ltd. | 21259 |
| 900 | Kewpie Corp. | 16390 |
| 700 | Keyence Corp. | 274261 |
| 500 | KFC Holdings Japan Ltd. | 10500 |
| 1100 | KH Neochem Co. Ltd.† | 22572 |
| 300 | Ki-Star Real Estate Co. Ltd.† | 10492 |
| 600 | Kikkoman Corp. | 31728 |
| 1200 | Kinden Corp. | 13148 |
| 1000 | Kintetsu Group Holdings Co. Ltd. | 33183 |
| 2000 | Kirin Holdings Co. Ltd.†, | 30646 |
| 800 | Kissei Pharmaceutical Co. Ltd. | 15727 |
| 2600 | Kitz Corp.†, | 15631 |
| 1600 | Kiyo Bank Ltd. | 19116 |
| 300 | Kobayashi Pharmaceutical Co. Ltd. | 20642 |
| 1300 | Kobe Bussan Co. Ltd. | 37542 |
| 9300 | Kobe Steel Ltd. | 45494 |
| 1000 | Koei Tecmo Holdings Co. Ltd.† | 18226 |
| 900 | Kohnan Shoji Co. Ltd. | 23453 |
| 1600 | Koito Manufacturing Co. Ltd. | 24224 |
| 1500 | Kokuyo Co. Ltd.†, | 21236 |
| 6800 | Komatsu Ltd. | 149016 |
| 1100 | KOMEDA Holdings Co. Ltd. | 20828 |
| 1000 | Komeri Co. Ltd. | 20824 |
| 1400 | Komori Corp. | 8598 |
| 1000 | Konami Holdings Corp. | 45489 |
| 6900 | Konica Minolta, Inc. | 27707 |
| 700 | Konishi Co. Ltd. | 8966 |
| 1200 | Konoike Transport Co. Ltd. | 14703 |
| 100 | Kose Corp. | 10988 |
| 300 | Kotobuki Spirits Co. Ltd. | 17670 |
| 5100 | Kubota Corp. | 70609 |
| 400 | Kumagai Gumi Co. Ltd. | 8019 |
| 1500 | Kumiai Chemical Industry Co. Ltd. | 10367 |
| 4700 | Kuraray Co. Ltd.† | 37889 |
| 400 | Kureha Corp. | 24566 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 700 | Kurita Water Industries Ltd. | $29122 |
| 400 | Kusuri No. Aoki Holdings Co. <br>Ltd.†, | 23408 |
| 1000 | KYB Corp. | 25945 |
| 1600 | Kyocera Corp. | 79878 |
| 1500 | Kyoei Steel Ltd.† | 14355 |
| 1700 | Kyokuto Kaihatsu Kogyo Co. Ltd. | 18692 |
| 500 | Kyokuyo Co. Ltd. | 14477 |
| 500 | KYORIN Holdings, Inc. | 6553 |
| 300 | Kyoritsu Maintenance Co. Ltd.† | 13487 |
| 900 | Kyowa Kirin Co. Ltd. | 20710 |
| 600 | Kyudenko Corp. | 14927 |
| 5300 | Kyushu Electric Power Co., Inc.,\* | 30046 |
| 5000 | Kyushu Financial Group, Inc. | 17297 |
| 1200 | Kyushu Railway Co. | 26717 |
| 500 | Lasertec Corp. | 82844 |
| 900 | Lawson, Inc. | 34494 |
| 10100 | Leopalace21 Corp.\* | 22395 |
| 900 | Life Corp. | 18139 |
| 1000 | Lintec Corp. | 16359 |
| 1900 | Lion Corp.†, | 21919 |
| 200 | LITALICO, Inc. | 3517 |
| 3500 | Lixil Corp. | 53364 |
| 500 | M&A Capital Partners Co. Ltd.\* | 17582 |
| 2800 | M3, Inc. | 76336 |
| 700 | Mabuchi Motor Co. Ltd. | 19922 |
| 1300 | Macnica Holdings, Inc. | 31153 |
| 900 | Macromill, Inc. | 7228 |
| 800 | Maeda Kosen Co. Ltd.† | 18988 |
| 600 | Makino Milling Machine Co. Ltd. | 19796 |
| 1500 | Makita Corp. | 35203 |
| 1800 | Mandom Corp. | 20079 |
| 500 | Mani, Inc. | 7734 |
| 9000 | Marubeni Corp. | 103894 |
| 800 | Marudai Food Co. Ltd.† | 8668 |
| 700 | Maruha Nichiro Corp. | 13388 |
| 1300 | Marui Group Co. Ltd. | 21604 |
| 1300 | Maruichi Steel Tube Ltd. | 26775 |
| 2200 | Marusan Securities Co. Ltd.† | 6705 |
| 200 | Maruwa Co. Ltd. | 23895 |
| 500 | Maruzen Showa Unyu Co. Ltd. | 11563 |
| 1300 | Matsuda Sangyo Co. Ltd. | 22763 |
| 4100 | Matsui Securities Co. Ltd. | 24524 |
| 540 | MatsukiyoCocokara & Co. | 27156 |
| 1700 | Maxell Ltd. | 17604 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 7000 | Mazda Motor Corp. | $53604 |
| 500 | McDonald's Holdings Co. <br>Japan Ltd.†, | 19030 |
| 1300 | MCJ Co. Ltd. | 9371 |
| 9000 | Mebuki Financial Group, Inc. | 22905 |
| 1600 | Medipal Holdings Corp. | 21225 |
| 600 | Megachips Corp. | 11260 |
| 1000 | Megmilk Snow Brand Co. Ltd. | 13723 |
| 1700 | Meidensha Corp. | 24236 |
| 1000 | MEIJI Holdings Co. Ltd. | 51356 |
| 900 | Meiko Electronics Co. Ltd.† | 16493 |
| 1500 | Meitec Corp. | 27385 |
| 400 | Menicon Co. Ltd. | 8467 |
| 400 | Mercari, Inc.,\* | 8226 |
| 1900 | Micronics Japan Co. Ltd. | 18849 |
| 600 | Milbon Co. Ltd. | 26151 |
| 1200 | Mimasu Semiconductor Industry <br>Co. Ltd. | 21405 |
| 2200 | MINEBEA MITSUMI, Inc. | 33040 |
| 1600 | MIRAIT ONE Corp. | 18531 |
| 1500 | MISUMI Group, Inc. | 32905 |
| 600 | Mitani Sekisan Co. Ltd. | 19087 |
| 19200 | Mitsubishi Chemical Group Corp. | 100169 |
| 8300 | Mitsubishi Corp. | 270869 |
| 3200 | Mitsubishi Electric Corp. | 32027 |
| 5800 | Mitsubishi Estate Co. Ltd. | 75616 |
| 1500 | Mitsubishi Gas Chemical Co., Inc. | 20836 |
| 13800 | Mitsubishi HC Capital, Inc. | 68243 |
| 1500 | Mitsubishi Heavy Industries Ltd. | 59822 |
| 900 | Mitsubishi Logistics Corp. | 20779 |
| 2000 | Mitsubishi Materials Corp. | 31759 |
| 5200 | Mitsubishi Motors Corp.,\* | 20207 |
| 900 | Mitsubishi Pencil Co. Ltd.†, | 9820 |
| 1000 | Mitsubishi Shokuhin Co. Ltd. | 23773 |
| 54900 | Mitsubishi UFJ Financial <br>Group, Inc. | 371884 |
| 600 | Mitsuboshi Belting Ltd. | 15635 |
| 4000 | Mitsui & Co. Ltd. | 117434 |
| 1900 | Mitsui Chemicals, Inc. | 43070 |
| 2100 | Mitsui E&S Holdings Co. Ltd.,\* | 6144 |
| 2300 | Mitsui Fudosan Co. Ltd. | 42358 |
| 300 | Mitsui High-Tec, Inc.† | 14013 |
| 1000 | Mitsui Matsushima Holdings <br>Co. Ltd.† | 22684 |
| 2200 | Mitsui Mining & Smelting Co. Ltd. | 51714 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1500 | Mitsui OSK Lines Ltd.† | $37603 |
| 800 | Mitsui-Soko Holdings Co. Ltd. | 21914 |
| 1000 | Miura Co. Ltd. | 23164 |
| 1000 | Mixi, Inc. | 18790 |
| 700 | Miyazaki Bank Ltd. | 13217 |
| 13390 | Mizuho Financial Group, Inc. | 189362 |
| 1000 | Mizuho Leasing Co. Ltd. | 25411 |
| 1200 | Mochida Pharmaceutical Co. Ltd. | 31820 |
| 3300 | Monex Group, Inc.† | 10485 |
| 600 | Monogatari Corp.† | 29899 |
| 1600 | MonotaRO Co. Ltd. | 22639 |
| 1200 | Morinaga & Co. Ltd. | 35888 |
| 1200 | Morinaga Milk Industry Co. Ltd. | 45672 |
| 2100 | Morita Holdings Corp. | 18577 |
| 1700 | MS&AD Insurance Group Holdings, <br>Inc. | 54715 |
| 3600 | Murata Manufacturing Co. Ltd. | 180713 |
| 2000 | Musashi Seimitsu Industry Co. <br>Ltd.† | 23849 |
| 1000 | Musashino Bank Ltd. | 15773 |
| 1200 | Nabtesco Corp. | 30768 |
| 600 | Nachi-Fujikoshi Corp. | 16458 |
| 1500 | Nagase & Co. Ltd. | 22882 |
| 1800 | Nagoya Railroad Co. Ltd. | 29886 |
| 1100 | Nakanishi, Inc. | 21432 |
| 1200 | Nankai Electric Railway Co. Ltd. | 26068 |
| 800 | Nanto Bank Ltd. | 15623 |
| 2700 | NEC Corp. | 95356 |
| 1600 | NEC Networks & System Integration <br>Corp. | 20140 |
| 1100 | NET One Systems Co. Ltd. | 28749 |
| 1000 | Nexon Co. Ltd. | 22569 |
| 1100 | Nextage Co. Ltd. | 21289 |
| 3000 | NGK Insulators Ltd. | 38357 |
| 2500 | NGK Spark Plug Co. Ltd. | 46461 |
| 1000 | NH Foods Ltd. | 28002 |
| 2400 | NHK Spring Co. Ltd. | 15471 |
| 1200 | Nichias Corp. | 21597 |
| 1400 | Nichicon Corp. | 13078 |
| 900 | Nichiden Corp. | 11802 |
| 700 | Nichiha Corp. | 14166 |
| 1500 | Nichirei Corp. | 32883 |
| 1500 | Nichireki Co. Ltd. | 14390 |
| 1700 | Nidec Corp. | 88588 |
| 1600 | Nifco, Inc. | 37793 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 700 | Nihon Kohden Corp. | $17095 |
| 2000 | Nihon M&A Center Holdings, Inc. | 24825 |
| 1800 | Nihon Parkerizing Co. Ltd. | 12865 |
| 1700 | Nikkiso Co. Ltd.† | 12293 |
| 1300 | Nikkon Holdings Co. Ltd. | 23298 |
| 3000 | Nikon Corp. | 26882 |
| 7000 | Nintendo Co. Ltd. | 295062 |
| 900 | Nippn Corp. | 11109 |
| 600 | Nippon Carbon Co. Ltd.†, | 19224 |
| 600 | Nippon Chemi-Con Corp.,\* | 7118 |
| 9100 | Nippon Denko Co. Ltd.† | 24407 |
| 700 | Nippon Densetsu Kogyo Co. Ltd. | 8369 |
| 1200 | Nippon Electric Glass Co. Ltd.† | 21432 |
| 800 | NIPPON EXPRESS HOLDINGS, <br>Inc.† | 45962 |
| 1800 | Nippon Gas Co. Ltd. | 28555 |
| 2500 | Nippon Kayaku Co. Ltd. | 21716 |
| 400 | Nippon Koei Co. Ltd. | 10027 |
| 1520 | Nippon Light Metal Holdings <br>Co. Ltd. | 17523 |
| 2700 | Nippon Paint Holdings Co. Ltd. | 21375 |
| 1200 | Nippon Paper Industries Co. <br>Ltd.†, ,\* | 8915 |
| 1100 | Nippon Pillar Packing Co. Ltd. | 22915 |
| 100 | Nippon Road Co. Ltd. | 4511 |
| 1900 | Nippon Sanso Holdings Corp. | 27738 |
| 1200 | Nippon Seiki Co. Ltd. | 7187 |
| 5100 | Nippon Sheet Glass Co. Ltd.,\* | 22034 |
| 500 | Nippon Shinyaku Co. Ltd. | 28497 |
| 400 | Nippon Shokubai Co. Ltd. | 16093 |
| 2600 | Nippon Signal Company Ltd. | 20603 |
| 900 | Nippon Soda Co. Ltd. | 29625 |
| 9700 | Nippon Steel Corp. | 169403 |
| 500 | Nippon Steel Trading Corp. | 35203 |
| 7200 | Nippon Telegraph & Telephone <br>Corp. | 206388 |
| 530 | Nippon Yakin Kogyo Co. Ltd. | 16840 |
| 4800 | Nippon Yusen KK† | 113746 |
| 2200 | Nipro Corp. | 17333 |
| 2000 | Nishi-Nippon Financial Holdings, <br>Inc. | 14675 |
| 900 | Nishi-Nippon Railroad Co. Ltd. | 16945 |
| 1000 | Nishimatsu Construction Co. Ltd. | 29831 |
| 1600 | Nishimatsuya Chain Co. Ltd.† | 18897 |
| 700 | Nishio Rent All Co. Ltd. | 16615 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1300 | Nissan Chemical Corp. | $57254 |
| 17300 | Nissan Motor Co. Ltd. | 55114 |
| 3200 | Nissan Shatai Co. Ltd. | 20116 |
| 600 | Nissei ASB Machine Co. Ltd.† | 19590 |
| 1100 | Nissha Co. Ltd.†, | 15338 |
| 800 | Nisshin Oillio Group Ltd. | 20024 |
| 1400 | Nisshin Seifun Group, Inc. | 17633 |
| 4400 | Nisshinbo Holdings, Inc. | 32655 |
| 2100 | Nissin Electric Co. Ltd. | 20146 |
| 400 | Nissin Foods Holdings Co. Ltd. | 31759 |
| 9600 | Nissui Corp. | 40158 |
| 600 | Nitori Holdings Co. Ltd. | 77949 |
| 900 | Nitta Corp. | 19188 |
| 1100 | Nittetsu Mining Co. Ltd. | 26737 |
| 600 | Nitto Boseki Co. Ltd. | 8718 |
| 1600 | Nitto Denko Corp. | 93264 |
| 700 | Nitto Kogyo Corp. | 12566 |
| 300 | Noevir Holdings Co. Ltd. | 13235 |
| 700 | NOF Corp. | 28162 |
| 900 | Nohmi Bosai Ltd. | 10876 |
| 2200 | Nojima Corp. | 23921 |
| 1500 | NOK Corp. | 13418 |
| 18800 | Nomura Holdings, Inc. | 69991 |
| 1500 | Nomura Real Estate Holdings, Inc. | 32345 |
| 2200 | Nomura Research Institute Ltd. | 52217 |
| 300 | Noritake Co. Ltd. | 9189 |
| 700 | Noritsu Koki Co. Ltd.† | 12700 |
| 1100 | Noritz Corp. | 12103 |
| 7800 | North Pacific Bank Ltd. | 15155 |
| 800 | NS United Kaiun Kaisha Ltd. | 23621 |
| 800 | NSD Co. Ltd. | 13923 |
| 2900 | NSK Ltd. | 15490 |
| 10800 | NTN Corp. | 21725 |
| 6500 | NTT Data Corp. | 95687 |
| 600 | Obara Group, Inc.† | 16458 |
| 6000 | Obayashi Corp. | 45626 |
| 500 | OBIC Business Consultants Co. Ltd. | 16363 |
| 200 | Obic Co. Ltd. | 29579 |
| 2100 | Odakyu Electric Railway Co. Ltd. | 27378 |
| 1100 | Ogaki Kyoritsu Bank Ltd. | 15749 |
| 300 | Ohsho Food Service Corp. | 13670 |
| 800 | Oisix ra daichi, Inc.†,\* | 13618 |
| 13300 | Oji Holdings Corp. | 53812 |
| 1000 | Okamura Corp. | 10843 |
| 4600 | Okasan Securities Group, Inc.† | 13424 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1800 | Oki Electric Industry Co. Ltd. | $9752 |
| 1000 | Okinawa Cellular Telephone Co. | 22143 |
| 1155 | Okinawa Electric Power Co., Inc.\* | 8897 |
| 500 | OKUMA Corp. | 17906 |
| 700 | Okumura Corp. | 15921 |
| 8100 | Olympus Corp. | 145163 |
| 1100 | Omron Corp. | 53684 |
| 2000 | Ono Pharmaceutical Co. Ltd. | 46983 |
| 3700 | Onward Holdings Co. Ltd. | 8740 |
| 900 | Open House Group Co. Ltd. | 33054 |
| 1000 | Optex Group Co. Ltd.† | 13685 |
| 500 | Oracle Corp. Japan | 32460 |
| 800 | Organo Corp. | 17806 |
| 2810 | Orient Corp. | 24837 |
| 200 | Oriental Land Co. Ltd. | 29198 |
| 9700 | ORIX Corp. | 156579 |
| 2100 | Osaka Gas Co. Ltd. | 34083 |
| 700 | Osaka Organic Chemical Industry <br>Ltd. | 10182 |
| 600 | Osaka Soda Co. Ltd. | 17510 |
| 1100 | OSG Corp. | 15229 |
| 700 | Otsuka Corp. | 22162 |
| 1000 | Otsuka Holdings Co. Ltd. | 32803 |
| 1900 | Outsourcing, Inc.† | 13724 |
| 800 | Oyo Corp.† | 13910 |
| 1600 | Pacific Industrial Co. Ltd. | 12277 |
| 900 | Pacific Metals Co. Ltd.,\* | 12961 |
| 1600 | PAL GROUP Holdings Co. Ltd. | 30588 |
| 300 | PALTAC Corp. | 10595 |
| 2300 | Pan Pacific International Holdings <br>Corp. | 42989 |
| 25500 | Panasonic Holdings Corp.† | 215771 |
| 700 | Paramount Bed Holdings Co. Ltd. | 13750 |
| 1500 | Park24 Co. Ltd.,\* | 26002 |
| 700 | Pasona Group, Inc.† | 9926 |
| 3900 | Penta-Ocean Construction Co. Ltd. | 18365 |
| 2000 | PeptiDream, Inc.,\* | 31652 |
| 1300 | Persol Holdings Co. Ltd. | 28013 |
| 2100 | Pigeon Corp.† | 34691 |
| 500 | Pilot Corp.† | 18306 |
| 1100 | Piolax, Inc.† | 14265 |
| 900 | Pola Orbis Holdings, Inc.† | 12755 |
| 2500 | Press Kogyo Co. Ltd. | 8039 |
| 600 | Pressance Corp.† | 7036 |
| 2100 | Prestige International, Inc. | 11617 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1100 | Prima Meat Packers Ltd. | $18431 |
| 600 | Procrea Holdings, Inc.† | 10081 |
| 1000 | Proto Corp. | 9441 |
| 1300 | Qol Holdings Co. Ltd. | 11589 |
| 900 | Raito Kogyo Co. Ltd. | 12982 |
| 1700 | Rakus Co. Ltd. | 20518 |
| 7900 | Rakuten Group, Inc.† | 35876 |
| 8500 | Recruit Holdings Co. Ltd. | 270531 |
| 1200 | Relia, Inc. | 9180 |
| 900 | Relo Group, Inc. | 14566 |
| 11400 | Renesas Electronics Corp.,\* | 102803 |
| 4600 | Rengo Co. Ltd. | 31826 |
| 500 | RENOVA, Inc.†,\* | 8987 |
| 10600 | Resona Holdings, Inc. | 58411 |
| 1100 | Resorttrust, Inc. | 19688 |
| 5100 | Ricoh Co. Ltd. | 39132 |
| 400 | Ricoh Leasing Co. Ltd. | 11597 |
| 800 | Riken Keiki Co. Ltd. | 26821 |
| 900 | Riken Vitamin Co. Ltd. | 13146 |
| 400 | Rinnai Corp. | 29960 |
| 4000 | Riso Kyoiku Co. Ltd. | 11155 |
| 400 | Rohm Co. Ltd. | 29046 |
| 2800 | Rohto Pharmaceutical Co. Ltd. | 49497 |
| 300 | Roland Corp.†, | 7955 |
| 400 | Roland DG Corp. | 8507 |
| 300 | Rorze Corp.†, | 16253 |
| 3600 | Round One Corp. | 13167 |
| 500 | Ryobi Ltd.†, | 4370 |
| 3700 | Ryohin Keikaku Co. Ltd. | 44150 |
| 200 | Ryosan Co. Ltd. | 4331 |
| 600 | S Foods, Inc. | 13574 |
| 1600 | S-Pool, Inc. | 10533 |
| 700 | Sakai Moving Service Co. Ltd. | 23068 |
| 1300 | Sakata INX Corp.† | 10401 |
| 2700 | Sala Corp. | 15039 |
| 1800 | SAMTY Co. Ltd. | 29323 |
| 300 | San-A Co. Ltd. | 9841 |
| 2100 | San-Ai Oil Co. Ltd. | 20002 |
| 3000 | San-In Godo Bank Ltd. | 17761 |
| 1200 | Sangetsu Corp. | 19640 |
| 600 | Sanken Electric Co. Ltd. | 29899 |
| 1300 | Sanki Engineering Co. Ltd. | 15344 |
| 600 | Sankyo Co. Ltd. | 24596 |
| 500 | Sankyu, Inc. | 18401 |
| 3600 | Santen Pharmaceutical Co. Ltd. | 29461 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 2300 | Sanwa Holdings Corp. | $21398 |
| 500 | Sanyo Chemical Industries Ltd. | 15411 |
| 300 | Sanyo Denki Co. Ltd. | 13098 |
| 900 | Sanyo Special Steel Co. Ltd. | 14819 |
| 1200 | Sapporo Holdings Ltd. | 29991 |
| 900 | Sato Holdings Corp. | 13016 |
| 1300 | Sawai Group Holdings Co. Ltd. | 40860 |
| 2800 | SBI Holdings, Inc. | 53700 |
| 500 | SBS Holdings, Inc.† | 10595 |
| 800 | SCREEN Holdings Co. Ltd. | 51570 |
| 1600 | SCSK Corp. | 24395 |
| 800 | Secom Co. Ltd. | 45980 |
| 2100 | Sega Sammy Holdings, Inc. | 31954 |
| 3000 | Seibu Holdings, Inc. | 32963 |
| 1000 | Seikagaku Corp. | 6850 |
| 3100 | Seiko Epson Corp. | 45494 |
| 700 | Seiko Holdings Corp. | 16561 |
| 1600 | Seino Holdings Co. Ltd. | 14288 |
| 1400 | Seiren Co. Ltd.† | 25933 |
| 2900 | Sekisui Chemical Co. Ltd. | 40769 |
| 5000 | Sekisui House Ltd. | 88902 |
| 900 | Sekisui Jushi Corp. | 12824 |
| 1600 | Senko Group Holdings Co. Ltd. | 11765 |
| 8500 | Senshu Ikeda Holdings, Inc. | 16386 |
| 1100 | Seria Co. Ltd. | 24047 |
| 5200 | Seven & i Holdings Co. Ltd. | 224261 |
| 7000 | Seven Bank Ltd.† | 13974 |
| 3800 | SG Holdings Co. Ltd. | 52987 |
| 4900 | Sharp Corp.† | 35283 |
| 500 | Shibaura Electronics Co. Ltd. | 18725 |
| 1100 | Shibaura Machine Co. Ltd. | 21960 |
| 600 | Shibuya Corp.†, | 10511 |
| 200 | SHIFT, Inc.†, ,\* | 35568 |
| 1000 | Shiga Bank Ltd. | 20154 |
| 900 | Shikoku Chemicals Corp.†, | 8936 |
| 1700 | Shikoku Electric Power Co., Inc.,\* | 9909 |
| 900 | Shima Seiki Manufacturing Ltd.† | 12721 |
| 1700 | Shimadzu Corp. | 48510 |
| 200 | Shimamura Co. Ltd. | 19963 |
| 700 | Shimano, Inc.† | 111582 |
| 3500 | Shimizu Corp. | 18775 |
| 1000 | Shin Nippon Biomedical Laboratories <br>Ltd.† | 17220 |
| 3000 | Shin-Etsu Chemical Co. Ltd. | 370885 |
| 2000 | Shin-Etsu Polymer Co. Ltd. | 17251 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1300 | Shinko Electric Industries Co. Ltd.† | $33580 |
| 1700 | Shinmaywa Industries Ltd. | 13653 |
| 1300 | Shinsei Bank Ltd.† | 21277 |
| 600 | Shionogi & Co. Ltd. | 30110 |
| 1200 | Ship Healthcare Holdings, Inc. | 24578 |
| 1600 | Shiseido Co. Ltd.† | 78891 |
| 4800 | Shizuoka Financial Group, Inc. | 38586 |
| 2800 | Shizuoka Gas Co. Ltd.† | 23532 |
| 300 | SHO-BOND Holdings Co. Ltd. | 12847 |
| 300 | Shoei Co. Ltd. | 11727 |
| 3000 | Showa Denko KK† | 46175 |
| 1000 | Siix Corp.† | 9730 |
| 1100 | Sinfonia Technology Co. Ltd. | 12354 |
| 3900 | SKY Perfect JSAT Holdings, Inc. | 14413 |
| 2600 | Skylark Holdings Co. Ltd.†,\* | 30251 |
| 200 | SMC Corp. | 84700 |
| 1300 | SMS Co. Ltd. | 33233 |
| 2700 | Sodick Co. Ltd. | 14586 |
| 16100 | SoftBank Corp. | 182542 |
| 2700 | SoftBank Group Corp. | 116114 |
| 1100 | Sohgo Security Services Co. Ltd. | 30132 |
| 3160 | Sojitz Corp. | 60508 |
| 900 | Solasto Corp. | 4965 |
| 2800 | Sompo Holdings, Inc. | 125023 |
| 10300 | Sony Group Corp. | 787569 |
| 1500 | Sotetsu Holdings, Inc. | 25419 |
| 700 | Square Enix Holdings Co. Ltd. | 32696 |
| 2100 | Stanley Electric Co. Ltd. | 40467 |
| 1600 | Star Micronics Co. Ltd.†, | 19738 |
| 800 | Starts Corp., Inc. | 15934 |
| 5600 | Subaru Corp. | 86513 |
| 800 | Sugi Holdings Co. Ltd. | 35782 |
| 4500 | SUMCO Corp.†, | 60245 |
| 1100 | Sumida Corp.† | 11516 |
| 1200 | Sumitomo Bakelite Co. Ltd. | 35797 |
| 16900 | Sumitomo Chemical Co. Ltd. | 61038 |
| 6900 | Sumitomo Corp. | 115456 |
| 7200 | Sumitomo Electric Industries Ltd. | 82539 |
| 2300 | Sumitomo Forestry Co. Ltd.† | 40886 |
| 1700 | Sumitomo Heavy Industries Ltd. | 34249 |
| 2800 | Sumitomo Metal Mining Co. Ltd. | 99656 |
| 3600 | Sumitomo Mitsui Construction Co. <br>Ltd. | 11439 |
| 5600 | Sumitomo Mitsui Financial Group, <br>Inc. | 225980 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1800 | Sumitomo Mitsui Financial Group, <br>Inc., ADR† | $14436 |
| 1900 | Sumitomo Mitsui Trust Holdings, Inc. | 66422 |
| 900 | Sumitomo Osaka Cement Co. Ltd. | 22322 |
| 3500 | Sumitomo Pharma Co. Ltd. | 26642 |
| 2400 | Sumitomo Realty & Development <br>Co. Ltd. | 57074 |
| 3700 | Sumitomo Rubber Industries Ltd.† | 32478 |
| 400 | Sumitomo Seika Chemicals Co. Ltd. | 12420 |
| 900 | Sumitomo Warehouse Co. Ltd. | 13420 |
| 2600 | Sun Frontier Fudousan Co. Ltd. | 21812 |
| 700 | Sundrug Co. Ltd. | 20882 |
| 1500 | Suntory Beverage & Food Ltd. | 51432 |
| 6300 | Suruga Bank Ltd. | 20306 |
| 1400 | Suzuken Co. Ltd. | 38083 |
| 2200 | Suzuki Motor Corp. | 71596 |
| 1300 | Sysmex Corp. | 79224 |
| 6800 | Systena Corp. | 21295 |
| 800 | T Hasegawa Co. Ltd.† | 17775 |
| 2800 | T&D Holdings, Inc. | 40579 |
| 700 | Tachi-S Co. Ltd. | 5878 |
| 2200 | Tadano Ltd.† | 15372 |
| 1800 | Taiheiyo Cement Corp. | 28212 |
| 1300 | Taisei Corp. | 42098 |
| 600 | Taisho Pharmaceutical Holdings <br>Co. Ltd. | 26516 |
| 600 | Taiyo Holdings Co. Ltd. | 10227 |
| 2000 | Taiyo Yuden Co. Ltd. | 58366 |
| 2000 | Takara Bio, Inc. | 26257 |
| 2500 | Takara Holdings, Inc. | 19906 |
| 2100 | Takara Standard Co. Ltd. | 22130 |
| 900 | Takasago Thermal Engineering <br>Co. Ltd. | 12227 |
| 1600 | Takashimaya Co. Ltd.†, | 22469 |
| 3400 | Takeda Pharmaceutical Co. Ltd. | 106503 |
| 1200 | Takeuchi Manufacturing Co. Ltd. | 26644 |
| 700 | Takuma Co. Ltd. | 6587 |
| 500 | Tamron Co. Ltd.†, | 11338 |
| 2100 | Tamura Corp.† | 11409 |
| 1200 | TBS Holdings, Inc. | 14008 |
| 4400 | TDK Corp. | 145337 |
| 1300 | TechMatrix Corp. | 18216 |
| 1000 | TechnoPro Holdings, Inc. | 26859 |
| 3300 | Teijin Ltd. | 32386 |
| 400 | Tekken Corp. | 5386 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1800 | Terumo Corp. | $51378 |
| 1300 | THK Co. Ltd.†, | 24912 |
| 1400 | TIS, Inc. | 37123 |
| 200 | TKC Corp. | 5494 |
| 3100 | Toagosei Co. Ltd.† | 26266 |
| 1500 | Tobu Railway Co. Ltd. | 35203 |
| 2200 | Tocalo Co. Ltd. | 19328 |
| 3500 | Toda Corp. | 18935 |
| 600 | Toho Co. Ltd. | 23225 |
| 1300 | Toho Gas Co. Ltd. | 24932 |
| 1500 | Toho Holdings Co. Ltd. | 25122 |
| 1400 | Toho Titanium Co. Ltd.† | 29762 |
| 1500 | Toho Zinc Co. Ltd. | 23373 |
| 3300 | Tohoku Electric Power Co., Inc.,\* | 17375 |
| 4500 | Tokai Carbon Co. Ltd.† | 36791 |
| 1000 | Tokai Corp. | 14660 |
| 1300 | TOKAI Holdings Corp. | 8509 |
| 1300 | Tokai Rika Co. Ltd. | 13996 |
| 4800 | Tokai Tokyo Financial <br>Holdings, Inc. | 12911 |
| 200 | Token Corp. | 11308 |
| 6500 | Tokio Marine Holdings, Inc. | 140039 |
| 1100 | Tokuyama Corp. | 15053 |
| 700 | Tokyo Century Corp. | 23895 |
| 10300 | Tokyo Electric Power Co. <br>Holdings, Inc.,\* | 37358 |
| 1100 | Tokyo Electron Ltd. | 325876 |
| 2400 | Tokyo Gas Co. Ltd. | 47272 |
| 1400 | Tokyo Kiraboshi Financial <br>Group, Inc. | 27842 |
| 500 | Tokyo Ohka Kogyo Co. Ltd.†, | 22821 |
| 800 | Tokyo Seimitsu Co. Ltd. | 26029 |
| 2000 | Tokyo Steel Manufacturing <br>Co. Ltd. | 18211 |
| 2700 | Tokyo Tatemono Co. Ltd. | 32896 |
| 400 | Tokyotokeiba Co. Ltd.†, | 11536 |
| 1700 | Tokyu Construction Co. Ltd. | 8238 |
| 3000 | Tokyu Corp. | 38014 |
| 9700 | Tokyu Fudosan Holdings Corp. | 46416 |
| 5300 | TOMONY Holdings, Inc. | 14942 |
| 1900 | Tomy Co. Ltd. | 18299 |
| 1500 | Topcon Corp. | 17498 |
| 1500 | TOPPAN, Inc. | 22333 |
| 1100 | Topre Corp. | 9505 |
| 500 | Topy Industries Ltd. | 6180 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 10400 | Toray Industries, Inc. | $58371 |
| 1100 | Toridoll Holdings Corp. | 22639 |
| 1300 | Tosei Corp. | 13531 |
| 1200 | Toshiba Corp. | 42088 |
| 500 | Toshiba TEC Corp. | 13734 |
| 3600 | Tosoh Corp. | 43066 |
| 1000 | Totetsu Kogyo Co. Ltd. | 20032 |
| 700 | TOTO Ltd. | 24002 |
| 1700 | Towa Corp.† | 21891 |
| 900 | Towa Pharmaceutical Co. Ltd. | 14614 |
| 3100 | Toyo Construction Co. Ltd. | 20290 |
| 200 | Toyo Gosei Co. Ltd.† | 11003 |
| 500 | Toyo Ink SC Holdings Co. Ltd.†, | 6858 |
| 1000 | Toyo Seikan Group Holdings Ltd. | 12359 |
| 800 | Toyo Suisan Kaisha Ltd. | 31088 |
| 1100 | Toyo Tanso Co. Ltd.† | 31515 |
| 3700 | Toyo Tire Corp.† | 42204 |
| 2500 | Toyobo Co. Ltd. | 19030 |
| 1600 | Toyoda Gosei Co. Ltd. | 25029 |
| 700 | Toyota Industries Corp. | 38616 |
| 56800 | Toyota Motor Corp. | 784441 |
| 2000 | Toyota Tsusho Corp. | 74444 |
| 600 | TPR Co. Ltd. | 5578 |
| 500 | Transcosmos, Inc. | 12401 |
| 1200 | Trend Micro, Inc.† | 56141 |
| 800 | Tri Chemical Laboratories, Inc.† | 12118 |
| 1100 | Trusco Nakayama Corp.†, | 17057 |
| 1600 | TS Tech Co. Ltd. | 18470 |
| 1200 | Tsubaki Nakashima Co. Ltd. | 9326 |
| 600 | Tsubakimoto Chain Co. | 13633 |
| 1900 | Tsugami Corp. | 16837 |
| 700 | Tsumura & Co. | 15457 |
| 500 | Tsuruha Holdings, Inc. | 38860 |
| 700 | TV Asahi Holdings Corp. | 7147 |
| 1000 | UACJ Corp. | 16900 |
| 2000 | UBE Corp. | 29534 |
| 200 | Uchida Yoko Co. Ltd. | 7132 |
| 500 | Ulvac, Inc. | 21183 |
| 1600 | Unicharm Corp. | 61786 |
| 800 | Unipres Corp. | 4621 |
| 1100 | United Super Markets <br>Holdings, Inc. | 9429 |
| 500 | Universal Entertainment Corp.†,\* | 9060 |
| 2000 | Ushio, Inc. | 24794 |
| 1300 | USS Co. Ltd. | 20752 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** | **Japan (Continued)** |
| 600 | UT Group Co. Ltd. | $| 10332 |
| 400 | V Technology Co. Ltd. |  | 7674 |
| 1200 | Valor Holdings Co. Ltd. |  | 16660 |
| 1000 | Valqua Ltd. |  | 20078 |
| 1400 | Vital KSK Holdings, Inc. |  | 9067 |
| 3800 | VT Holdings Co. Ltd. |  | 13667 |
| 800 | Wacoal Holdings Corp. |  | 14459 |
| 3000 | Wacom Co. Ltd.†, |  | 13350 |
| 1800 | Wakita & Co. Ltd. |  | 16376 |
| 800 | Welcia Holdings Co. Ltd. |  | 18744 |
| 500 | West Holdings Corp.† |  | 16725 |
| 1200 | West Japan Railway Co. |  | 52383 |
| 300 | Workman Co. Ltd.† |  | 12344 |
| 1000 | Xebio Holdings Co. Ltd. |  | 6980 |
| 500 | Yakult Honsha Co. Ltd. |  | 32612 |
| 9500 | Yamada Holdings Co. Ltd. |  | 33804 |
| 2100 | Yamaguchi Financial Group, Inc. |  | 13777 |
| 900 | Yamaha Corp. |  | 33740 |
| 3100 | Yamaha Motor Co. Ltd.†, |  | 71099 |
| 1300 | Yamaichi Electronics Co. Ltd. |  | 16899 |
| 2100 | Yamato Holdings Co. Ltd. |  | 33395 |
| 900 | Yamato Kogyo Co. Ltd. |  | 30894 |
| 2100 | Yamazaki Baking Co. Ltd.† |  | 25186 |
| 1700 | Yamazen Corp. |  | 12992 |
| 400 | Yaoko Co. Ltd. |  | 20664 |
| 1200 | Yaskawa Electric Corp. |  | 38632 |
| 1200 | Yellow Hat Ltd. |  | 16404 |
| 600 | Yokogawa Bridge Holdings Corp. |  | 8581 |
| 2000 | Yokogawa Electric Corp. |  | 32079 |
| 2100 | Yokohama Rubber Co. Ltd.† |  | 32931 |
| 2500 | Yokorei Co. Ltd. |  | 20402 |
| 1100 | Yoshinoya Holdings Co. Ltd.† |  | 19194 |
| 500 | Yuasa Trading Co. Ltd. |  | 13792 |
| 10500 | Z Holdings Corp. |  | 26562 |
| 700 | Zenkoku Hosho Co. Ltd.†, |  | 26935 |
| 900 | Zensho Holdings Co. Ltd. |  | 22699 |
| 2300 | Zeon Corp. |  | 23414 |
| 800 | ZERIA Pharmaceutical Co. Ltd. |  | 13795 |
| 1000 | ZOZO, Inc. |  | 24840 |
|  |  |  | 32392541 |
|  | **Netherlands—2.2%** | **Netherlands—2.2%** | **Netherlands—2.2%** |
| 2261 | Aalberts NV |  | 87687 |
| 4575 | ABN AMRO Bank NV, CVA,# |  | 63298 |
| 576 | Acomo NV |  | 11727 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Netherland (Continued)** | **Netherland (Continued)** |
| 76 | Adyen NV,#,\* | $104817 |
| 14993 | Aegon NV | 76041 |
| 1266 | Akzo Nobel NV | 84781 |
| 292 | Alfen Beheer BV†,#,\* | 26318 |
| 580 | AMG Advanced Metallurgical <br>Group NV | 21358 |
| 909 | APERAM SA | 28695 |
| 1391 | Arcadis NV | 54646 |
| 5174 | ArcelorMittal SA | 136109 |
| 639 | ArcelorMittal SA, Registered | 16755 |
| 316 | ASM International NV | 79711 |
| 2066 | ASML Holding NV | 1114178 |
| 290 | ASML Holding NV, Registered | 158456 |
| 2402 | ASR Nederland NV | 114034 |
| 894 | Basic-Fit NV†,#,\* | 23427 |
| 1051 | BE Semiconductor Industries NV | 63632 |
| 1655 | Coca-Cola European Partners <br>PLC | 91148 |
| 988 | Corbion NV | 33674 |
| 919 | CTP NV# | 10860 |
| 691 | Flow Traders,# | 16007 |
| 2215 | Fugro NV,\* | 26556 |
| 1262 | Heijmans NV, CVA† | 13671 |
| 1490 | Heineken NV | 140166 |
| 561 | IMCD NV | 79960 |
| 16312 | ING Groep NV | 198848 |
| 1082 | JDE Peet's NV | 31295 |
| 12177 | Koninklijke Ahold Delhaize NV | 349856 |
| 7677 | Koninklijke BAM Groep NV,\* | 17833 |
| 967 | Koninklijke DSM NV | 118315 |
| 36886 | Koninklijke KPN NV | 114110 |
| 3491 | Koninklijke Philips NV | 52332 |
| 1682 | Koninklijke Philips NV | 25213 |
| 1604 | Koninklijke Vopak NV | 47647 |
| 198 | Nedap NV | 11657 |
| 1694 | NN Group NV | 69197 |
| 1110 | OCI NV | 39710 |
| 4749 | Ordina NV | 19699 |
| 13723 | PostNL NV† | 24980 |
| 1806 | Prosus NV,\* | 124597 |
| 1606 | Randstad NV† | 97922 |
| 2766 | SBM Offshore NV | 43406 |
| 2800 | Signify NV,# | 94054 |
| 839 | Sligro Food Group NV | 14585 |
| 506 | TKH Group NV | 20128 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Netherlands (Continued)** | **Netherlands (Continued)** | **Netherlands (Continued)** |
| 1381 | TomTom NV†,\* | $| 9587 |
| 4879 | Universal Music Group NV |  | 117563 |
| 1383 | Van Lanschot Kempen NV |  | 32421 |
| 2325 | Wolters Kluwer NV |  | 243305 |
|  |  |  | 4595972 |
|  | **New Zealand—0.3%** | **New Zealand—0.3%** | **New Zealand—0.3%** |
| 5589 | a2 Milk Co. Ltd.†,\* |  | 26188 |
| 45960 | Air New Zealand Ltd.,\* |  | 21739 |
| 11612 | Arvida Group Ltd. |  | 8405 |
| 8303 | Auckland International Airport <br>Ltd.,\* |  | 41171 |
| 7155 | Chorus Ltd. |  | 37069 |
| 5950 | Contact Energy Ltd. |  | 29126 |
| 1186 | EBOS Group Ltd. |  | 33056 |
| 2511 | Fisher & Paykel Healthcare <br>Corp. Ltd. |  | 36030 |
| 15876 | Fletcher Building Ltd. |  | 47576 |
| 3759 | Freightways Ltd. |  | 23054 |
| 4910 | Genesis Energy Ltd. |  | 8043 |
| 13723 | Heartland Group Holdings Ltd.† |  | 15683 |
| 7492 | Infratil Ltd. |  | 41145 |
| 21719 | KMD Brands Ltd.† |  | 14203 |
| 647 | Mainfreight Ltd. |  | 27728 |
| 5888 | Meridian Energy Ltd. |  | 19589 |
| 12189 | Oceania Healthcare Ltd. |  | 5881 |
| 1991 | Port of Tauranga Ltd. |  | 7926 |
| 8615 | Pushpay Holdings Ltd.,\* |  | 7001 |
| 684 | Restaurant Brands New Zealand <br>Ltd.† |  | 2497 |
| 1880 | Ryman Healthcare Ltd.†, |  | 6374 |
| 2832 | Skellerup Holdings Ltd. |  | 9619 |
| 6026 | SKY Network Television Ltd. |  | 8800 |
| 18375 | SKYCITY Entertainment Group <br>Ltd.,\* |  | 27649 |
| 15590 | Spark New Zealand Ltd. |  | 53450 |
| 4121 | Summerset Group Holdings Ltd. |  | 23155 |
| 7097 | Vector Ltd. |  | 18609 |
| 5190 | Warehouse Group Ltd. |  | 8567 |
|  |  |  | 609333 |
|  | **Norway—0.8%** | **Norway—0.8%** | **Norway—0.8%** |
| 21108 | ABG Sundal Collier Holding ASA |  | 12130 |
| 2559 | Adevinta ASA,\* |  | 17135 |
| 511 | AF Gruppen ASA |  | 7501 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Norway (Continued)** | **Norway (Continued)** |
| 204 | Aker ASA, Class A | $14982 |
| 2037 | Aker BP ASA | 63230 |
| 4348 | Aker Solutions ASA | 16599 |
| 1456 | Atea ASA,\* | 16943 |
| 629 | Atlantic Sapphire ASA†,\* | 477 |
| 2299 | Austevoll Seafood ASA | 20756 |
| 11411 | B2Holding ASA | 9155 |
| 438 | Bakkafrost P/F† | 27540 |
| 480 | Bonheur ASA | 14062 |
| 1580 | Borregaard ASA | 24514 |
| 1681 | Bouvet ASA | 10295 |
| 1249 | BW Energy Ltd.,\* | 3205 |
| 3354 | BW LPG Ltd.,# | 25951 |
| 5362 | BW Offshore Ltd. | 13606 |
| 968 | Crayon Group Holding ASA†,#,\* | 9891 |
| 3857 | DNB Bank ASA | 76555 |
| 12792 | DNO ASA | 15421 |
| 6672 | Elkem ASA,#,\* | 23972 |
| 745 | Entra ASA,# | 8046 |
| 10289 | Equinor ASA | 369475 |
| 4440 | Europris ASA,# | 31113 |
| 1012 | FLEX LNG Ltd. | 33138 |
| 1736 | Frontline Ltd.† | 20839 |
| 1401 | Gjensidige Forsikring ASA | 27486 |
| 2309 | Golden Ocean Group Ltd.†, | 20255 |
| 768 | Grieg Seafood ASA | 6162 |
| 2715 | Hexagon Composites ASA,\* | 7593 |
| 4610 | Kahoot! ASA†,\* | 9145 |
| 391 | Kongsberg Gruppen ASA | 16587 |
| 2342 | Leroy Seafood Group ASA | 13184 |
| 2904 | Mowi ASA | 49562 |
| 6935 | MPC Container Ships ASA | 11503 |
| 14484 | NEL ASA†,\* | 20484 |
| 864 | Nordic Semiconductor ASA,\* | 14455 |
| 10947 | Norsk Hydro ASA | 81928 |
| 23135 | Norwegian Air Shuttle ASA\* | 17343 |
| 621 | Norwegian Energy Co. ASA,\* | 25007 |
| 5186 | Odfjell Drilling Ltd.,\* | 13922 |
| 864 | Odfjell Technology Ltd.,\* | 2558 |
| 4229 | Orkla ASA | 30623 |
| 11538 | PGS ASA\* | 8256 |
| 1686 | Protector Forsikring ASA | 21650 |
| 397 | Salmar ASA | 15593 |
| 1104 | Scatec ASA,# | 8857 |
| 614 | Schibsted ASA, Class A | 11626 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Norway (Continued)** | **Norway (Continued)** | **Norway (Continued)** |
| 404 | Schibsted ASA, Class B | $| 7386 |
| 1199 | SpareBank 1 SR-Bank ASA |  | 14772 |
| 580 | Stolt-Nielsen Ltd. |  | 15955 |
| 3149 | Storebrand ASA |  | 27450 |
| 2103 | Subsea 7 SA |  | 24267 |
| 2644 | Telenor ASA |  | 24721 |
| 2114 | TGS ASA |  | 28484 |
| 1776 | TOMRA Systems ASA |  | 30021 |
| 1273 | Veidekke ASA |  | 12578 |
| 2083 | Wallenius Wilhelmsen ASA |  | 20635 |
| 1669 | Yara International ASA |  | 73358 |
|  |  |  | 1599937 |
|  | **Portugal—0.2%** | **Portugal—0.2%** | **Portugal—0.2%** |
| 3185 | Altri SGPS SA† |  | 17064 |
| 136257 | Banco Comercial Portugues SA, <br>Class R† |  | 21353 |
| 976 | Corticeira Amorim SGPS SA† |  | 9110 |
| 2841 | CTT-Correios de Portugal SA† |  | 9367 |
| 1808 | EDP Renovaveis SA |  | 39830 |
| 18638 | Energias de Portugal SA |  | 92892 |
| 9062 | Galp Energia SGPS SA |  | 122322 |
| 766 | Greenvolt-Energias <br>Renovaveis SA†,\* |  | 6396 |
| 1861 | Jeronimo Martins SGPS SA |  | 40201 |
| 5953 | Navigator Co. SA |  | 22010 |
| 3482 | NOS SGPS SA† |  | 14104 |
| 10709 | Redes Energeticas Nacionais <br>SGPS SA |  | 28888 |
| 20529 | Sonae SGPS SA |  | 20547 |
|  |  |  | 444084 |
|  | **Singapore—0.8%** | **Singapore—0.8%** | **Singapore—0.8%** |
| 4200 | AEM Holdings Ltd.†, |  | 10724 |
| 23500 | Ascendas India Trust |  | 19826 |
| 14300 | Capitaland Investment Ltd. |  | 39503 |
| 7300 | City Developments Ltd. |  | 44855 |
| 23400 | ComfortDelGro Corp. Ltd. |  | 21489 |
| 9622 | DBS Group Holdings Ltd. |  | 243675 |
| 3900 | DFI Retail Group Holdings Ltd. |  | 11427 |
| 18300 | First Resources Ltd. |  | 20221 |
| 35400 | Genting Singapore Ltd. |  | 25240 |
| 132400 | Golden Agri-Resources Ltd. |  | 24713 |
| 800 | Great Eastern Holdings Ltd. |  | 11050 |
| 11200 | GuocoLand Ltd. |  | 13546 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Singapore (Continued)** | **Singapore (Continued)** | **Singapore (Continued)** |
| 2600 | Haw Par Corp. Ltd. | $| 18596 |
| 3200 | Hong Leong Finance Ltd. |  | 5710 |
| 7200 | Hongkong Land Holdings Ltd. |  | 33120 |
| 192400 | Hutchison Port Holdings Trust |  | 37326 |
| 1900 | iFAST Corp. Ltd. |  | 8284 |
| 1800 | Jardine Cycle & Carriage Ltd. |  | 38435 |
| 7500 | Keppel Corp. Ltd. |  | 40652 |
| 57577 | Keppel Infrastructure Trust |  | 23213 |
| 12300 | Nanofilm Technologies <br>International Ltd. |  | 12765 |
| 46800 | NETLINK NBN TRUST |  | 29001 |
| 8300 | Olam Group Ltd. |  | 9047 |
| 21139 | Oversea-Chinese Banking <br>Corp. Ltd. |  | 192230 |
| 25200 | Raffles Medical Group Ltd. |  | 26340 |
| 10600 | SATS Ltd.\* |  | 22476 |
| 10100 | Sembcorp Industries Ltd. |  | 25488 |
| 299400 | Sembcorp Marine Ltd.\* |  | 30848 |
| 19200 | Sheng Siong Group Ltd. |  | 23652 |
| 9299 | Singapore Airlines Ltd.† |  | 38393 |
| 7000 | Singapore Exchange Ltd. |  | 46775 |
| 32900 | Singapore Post Ltd. |  | 12773 |
| 16900 | Singapore Technologies <br>Engineering Ltd. |  | 42269 |
| 25600 | Singapore Telecommunications Ltd. |  | 49120 |
| 22000 | StarHub Ltd. |  | 17082 |
| 5192 | Straits Trading Co. Ltd. |  | 9032 |
| 9500 | UMS Holdings Ltd. |  | 8369 |
| 7000 | United Overseas Bank Ltd. |  | 160445 |
| 6300 | UOL Group Ltd. |  | 31608 |
| 3800 | Venture Corp. Ltd. |  | 48401 |
| 23900 | Wilmar International Ltd. |  | 74409 |
| 15000 | Wing Tai Holdings Ltd. |  | 16799 |
| 29500 | Yangzijiang Financial Holding Ltd.†,\* |  | 7819 |
| 45900 | Yangzijiang Shipbuilding <br>Holdings Ltd. |  | 46606 |
|  |  |  | 1673352 |
|  | **Spain—1.5%** | **Spain—1.5%** | **Spain—1.5%** |
| 310 | Acciona SA |  | 57043 |
| 4531 | Acerinox SA |  | 44826 |
| 1749 | ACS Actividades de Construccion y <br>Servicios SA† |  | 50119 |
| 382 | Aena SME SA,#,\* |  | 47965 |
| 1165 | Almirall SA |  | 11274 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Spain (Continued)** | **Spain (Continued)** |
| 2432 | Amadeus IT Group SA,\* | $126392 |
| 4833 | Applus Services SA | 33188 |
| 54257 | Banco Bilbao Vizcaya <br>Argentaria SA | 327219 |
| 13416 | Banco Bilbao Vizcaya Argentaria SA, <br>ADR | 80630 |
| 84882 | Banco de Sabadell SA | 80031 |
| 91385 | Banco Santander SA | 274149 |
| 11282 | Bankinter SA | 75697 |
| 7180 | CaixaBank SA | 28222 |
| 1374 | Cellnex Telecom SA,#,\* | 45477 |
| 796 | Cia de Distribucion Integral Logista <br>Holdings SA | 20109 |
| 861 | CIE Automotive SA†, | 22175 |
| 318 | Construcciones y Auxiliar de <br>Ferrocarriles SA | 9021 |
| 1692 | Ebro Foods SA† | 26552 |
| 986 | Elecnor SA | 11188 |
| 4375 | Enagas SA† | 72707 |
| 7602 | Ence Energia y Celulosa SA† | 22867 |
| 2253 | Endesa SA | 42531 |
| 4660 | Ercros SA† | 16162 |
| 4201 | Faes Farma SA† | 15784 |
| 2614 | Ferrovial SA | 68471 |
| 598 | Fluidra SA† | 9295 |
| 1318 | Fomento de Construcciones y <br>Contratas SA† | 12444 |
| 3465 | Gestamp Automocion SA,# | 13405 |
| 4339 | Global Dominion Access SA†,# | 16651 |
| 1891 | Grifols SA†,\* | 21801 |
| 705 | Grupo Catalana Occidente SA | 22300 |
| 22954 | Iberdrola SA | 268562 |
| 2164 | Indra Sistemas SA† | 24670 |
| 6499 | Industria de Diseno Textil SA | 172878 |
| 147 | Laboratorios Farmaceuticos <br>Rovi SA†, | 5674 |
| 5075 | Linea Directa Aseguradora SA <br>Cia de Seguros y Reaseguros† | 5606 |
| 19051 | Mapfre SA† | 36912 |
| 4190 | Melia Hotels International SA†,\* | 20533 |
| 875 | Naturgy Energy Group SA† | 22770 |
| 145 | Pharma Mar SA† | 9980 |
| 2459 | Prosegur Cia de Seguridad SA†, | 4667 |
| 3850 | Red Electrica Corp. SA | 67011 |
| 17197 | Repsol SA | 273367 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Spain (Continued)** | **Spain (Continued)** | **Spain (Continued)** |
| 10795 | Sacyr SA† | $| 30044 |
| 1856 | Solaria Energia y Medio <br>Ambiente SA,\* |  | 34013 |
| 57825 | Telefonica SA |  | 209527 |
| 3839 | Tubacex SA,\* |  | 8211 |
| 40719 | Unicaja Banco SA,# |  | 44939 |
| 452 | Vidrala SA† |  | 38901 |
| 582 | Viscofan SA†, |  | 37505 |
|  |  |  | 3021465 |
|  | **Sweden—1.9%** | **Sweden—1.9%** | **Sweden—1.9%** |
| 984 | AAK AB |  | 16771 |
| 1552 | AcadeMedia AB†,# |  | 6639 |
| 1327 | AddLife AB, Class B |  | 13811 |
| 3120 | AddNode Group AB |  | 29421 |
| 2288 | AddTech AB, Class B |  | 32605 |
| 1023 | AFRY AB |  | 16755 |
| 1372 | Alfa Laval AB |  | 39589 |
| 933 | Alimak Group AB# |  | 6670 |
| 1793 | Alleima AB\* |  | 6602 |
| 510 | Alligo AB, Class B |  | 3876 |
| 4107 | Ambea AB,# |  | 17326 |
| 556 | Annehem Fastigheter AB, <br>Class B,\* |  | 1055 |
| 3735 | Arjo AB, Class B |  | 13938 |
| 3136 | Assa Abloy AB, Class B |  | 67229 |
| 15988 | Atlas Copco AB, Class A |  | 188611 |
| 9748 | Atlas Copco AB, Class B |  | 103787 |
| 810 | Atrium Ljungberg AB, Class B |  | 13266 |
| 3696 | Attendo AB,#,\* |  | 8579 |
| 1217 | Avanza Bank Holding AB† |  | 26078 |
| 1245 | Axfood AB |  | 34111 |
| 1079 | Beijer Alma AB |  | 16896 |
| 1530 | Beijer Ref AB†, |  | 21568 |
| 808 | Bergman & Beving AB |  | 8611 |
| 2259 | Betsson AB, Class B,\* |  | 18352 |
| 1218 | Bilia AB, Class A |  | 13342 |
| 1635 | Billerud AB |  | 19915 |
| 1495 | BioGaia AB, Class B |  | 11973 |
| 981 | Biotage AB |  | 17439 |
| 3089 | Boliden AB |  | 115821 |
| 1253 | Bonava AB, Class B |  | 3533 |
| 1482 | Bravida Holding AB,# |  | 15821 |
| 670 | Bufab AB |  | 15025 |
| 1399 | Bure Equity AB |  | 33035 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Sweden (Continued)** | **Sweden (Continued)** |
| 1751 | Castellum AB† | $21185 |
| 447 | Catena AB | 16647 |
| 660 | Cellavision AB | 14484 |
| 1045 | Cibus Nordic Real Estate AB†, | 14361 |
| 855 | Clas Ohlson AB, Class B†, | 5899 |
| 7868 | Cloetta AB, Class B | 15729 |
| 1370 | Coor Service Management <br>Holding AB,# | 8442 |
| 14402 | Corem Property Group AB, Class B | 11580 |
| 2643 | Dios Fastigheter AB | 19110 |
| 2657 | Dometic Group AB†, ,# | 17131 |
| 1685 | Duni AB,\* | 13919 |
| 2823 | Dustin Group AB,#,\* | 11168 |
| 736 | Elanders AB | 10580 |
| 2954 | Electrolux AB, Class B† | 39853 |
| 3376 | Electrolux Professional AB, <br>Class B | 14177 |
| 4884 | Elekta AB, Class B | 29393 |
| 5131 | Epiroc AB, Class A | 93353 |
| 3047 | Epiroc AB, Class B | 48954 |
| 689 | Essity AB, Class A | 17960 |
| 3160 | Essity AB, Class B | 82764 |
| 723 | Evolution AB,# | 70354 |
| 1567 | Fabege AB† | 13320 |
| 2158 | Fagerhult AB | 8365 |
| 6378 | Fastighets AB Balder, Class B,\* | 29656 |
| 79 | Fenix Outdoor International AG | 6450 |
| 3690 | Fortnox AB | 16723 |
| 703 | GARO AB | 7316 |
| 1600 | Getinge AB, Class B | 33166 |
| 1494 | Granges AB | 12213 |
| 5111 | H & M Hennes & Mauritz AB, <br>Class B† | 54975 |
| 2002 | Hexagon AB, Class B | 20912 |
| 1400 | Hexatronic Group AB | 18991 |
| 3325 | Hexpol AB | 35401 |
| 366 | HMS Networks AB | 11911 |
| 3175 | Hoist Finance AB†,#,\* | 8970 |
| 833 | Holmen AB, Class B | 33041 |
| 690 | Hufvudstaden AB, Class A | 9806 |
| 4766 | Husqvarna AB, Class B | 33397 |
| 1347 | Indutrade AB | 27250 |
| 1465 | Instalco AB | 5564 |
| 2972 | International Petroleum Corp.,\* | 33295 |
| 631 | Intrum AB†, | 7631 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Sweden (Continued)** | **Sweden (Continued)** |
| 2675 | Inwido AB | $28378 |
| 1080 | JM AB | 17812 |
| 1933 | Karnov Group AB\* | 10818 |
| 3092 | Kindred Group PLC, SDR | 32180 |
| 512 | KNOW IT AB | 10000 |
| 3488 | Lagercrantz Group AB, Class B | 34530 |
| 1140 | Lifco AB, Class B | 19026 |
| 1567 | Lindab International AB | 19132 |
| 981 | Loomis AB | 26887 |
| 487 | Medicover AB, Class B | 6520 |
| 2179 | MEKO AB | 23513 |
| 2979 | Millicom International Cellular SA, <br>SDR\* | 37727 |
| 302 | MIPS AB† | 12442 |
| 1742 | Modern Times Group MTG AB, <br>Class B,\* | 14874 |
| 510 | Momentum Group AB,\* | 2860 |
| 1828 | Munters Group AB,# | 18026 |
| 1021 | Mycronic AB | 19158 |
| 2840 | NCAB Group AB† | 17677 |
| 1536 | NCC AB, Class B† | 14315 |
| 642 | Neobo Fastigheter AB†,\*,§ | 1203 |
| 648 | New Wave Group AB, Class B | 12817 |
| 2671 | Nibe Industrier AB, Class B | 24855 |
| 3170 | Nobia AB | 6471 |
| 3940 | Nolato AB, Class B | 20635 |
| 1234 | Nordic Waterproofing <br>Holding AB† | 17218 |
| 1467 | Nordnet AB publ | 21222 |
| 474 | Note AB,\* | 8131 |
| 1681 | Nyfosa AB†, | 12984 |
| 1014 | OEM International AB, Class B | 7026 |
| 1353 | Orron Energy ab\* | 2912 |
| 609 | Pandox AB,\* | 6793 |
| 2782 | Peab AB, Class B | 15756 |
| 1578 | Platzer Fastigheter Holding AB, <br>Class B | 12446 |
| 4394 | Ratos AB, Class B | 17471 |
| 5625 | Resurs Holding AB,# | 13450 |
| 528 | Saab AB, Class B | 20781 |
| 1598 | Sagax AB, Class B | 36218 |
| 6434 | Samhallsbyggnadsbolaget i <br>Norden AB† | 10716 |
| 5020 | Sandvik AB | 90636 |
| 2495 | Scandi Standard AB,\* | 11716 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Sweden (Continued)** | **Sweden (Continued)** | **Sweden (Continued)** |
| 2471 | Scandic Hotels Group AB#,\* | $| 7630 |
| 609 | Sdiptech AB, Class B†,\* |  | 13190 |
| 1030 | Sectra AB, Class B\* |  | 14688 |
| 4432 | Securitas AB, Class B |  | 36935 |
| 5251 | Sinch AB#,\* |  | 19238 |
| 7990 | Skandinaviska Enskilda Banken AB, <br>Class A |  | 91846 |
| 2462 | Skanska AB, Class B |  | 38930 |
| 426 | SKF AB, Class A |  | 6507 |
| 5097 | SKF AB, Class B† |  | 77738 |
| 1180 | SkiStar AB†, |  | 12552 |
| 562 | Solid Forsakring AB,\* |  | 3547 |
| 4349 | SSAB AB, Class A |  | 23731 |
| 7778 | SSAB AB, Class B |  | 40400 |
| 9462 | Stillfront Group AB\* |  | 15887 |
| 2352 | Svenska Cellulosa AB SCA, <br>Class B |  | 29741 |
| 6847 | Svenska Handelsbanken AB, <br>Class A |  | 68963 |
| 1170 | Sweco AB, Class B |  | 11196 |
| 3365 | Swedbank AB, Class A |  | 57175 |
| 987 | Swedish Orphan Biovitrum AB,\* |  | 20402 |
| 2312 | Systemair AB |  | 15908 |
| 7040 | Tele2 AB, Class B |  | 57414 |
| 1292 | Telefonaktiebolaget LM Ericsson, <br>Class A |  | 8172 |
| 24521 | Telefonaktiebolaget LM Ericsson, <br>Class B |  | 143110 |
| 30061 | Telia Co. AB |  | 76803 |
| 1057 | Thule Group AB†,# |  | 22052 |
| 2299 | Trelleborg AB, Class B |  | 53053 |
| 353 | Troax Group AB |  | 6177 |
| 700 | Viaplay Group AB,\* |  | 13286 |
| 471 | Vitec Software Group AB, Class B†, |  | 18876 |
| 1877 | Volvo AB, Class A |  | 35634 |
| 14187 | Volvo AB, Class B |  | 256253 |
| 1622 | Wallenstam AB, Class B† |  | 6824 |
| 2008 | Wihlborgs Fastigheter AB |  | 15106 |
|  |  |  | 4019742 |
|  | **Switzerland—5.3%** | **Switzerland—5.3%** | **Switzerland—5.3%** |
| 17392 | ABB Ltd., Registered |  | 527788 |
| 869 | Accelleron Industries AG\* |  | 17993 |
| 2407 | Adecco Group AG, Registered |  | 79292 |
| 2917 | Alcon, Inc. |  | 199314 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Switzerland (Continued)** | **Switzerland (Continued)** |
| 242 | Allreal Holding AG, Registered | $39363 |
| 137 | ALSO Holding AG, Registered,\* | 25069 |
| 5154 | ams-OSRAM AG,\* | 37625 |
| 47 | APG SGA SA | 8158 |
| 1914 | Arbonia AG | 26744 |
| 24513 | Aryzta AG\* | 29188 |
| 590 | Ascom Holding AG, Registered† | 4741 |
| 119 | Autoneum Holding AG† | 13127 |
| 765 | Baloise Holding AG, Registered | 118061 |
| 243 | Banque Cantonale Vaudoise, <br>Registered | 23324 |
| 33 | Barry Callebaut AG, Registered | 65276 |
| 247 | Basilea Pharmaceutica AG, <br>Registered\* | 12235 |
| 154 | Belimo Holding AG, Registered | 73282 |
| 35 | Bell Food Group AG, Registered | 9009 |
| 276 | Bellevue Group AG | 11164 |
| 76 | Berner Kantonalbank AG, <br>Registered | 18288 |
| 301 | BKW AG | 41179 |
| 127 | Bossard Holding AG, Registered <br>Class A | 27442 |
| 147 | Bucher Industries AG, Registered | 61493 |
| 78 | Burckhardt Compression <br>Holding AG | 46480 |
| 137 | Burkhalter Holding AG | 11349 |
| 40 | Bystronic AG | 27729 |
| 262 | Calida Holding AG, Registered | 13388 |
| 456 | Cembra Money Bank AG | 37924 |
| 1 | Chocoladefabriken Lindt & <br>Spruengli AG, Registered | 102742 |
| 1339 | Cie Financiere Richemont SA, <br>Registered Class A | 173629 |
| 3504 | Clariant AG, Registered,\* | 55517 |
| 205 | Coltene Holding AG, Registered,\* | 16894 |
| 168 | Comet Holding AG, Registered | 35575 |
| 8760 | Credit Suisse Group AG, ADR | 26630 |
| 6701 | Credit Suisse Group AG, <br>Registered | 20031 |
| 93 | Daetwyler Holding AG, Bearer <br>Shares†, | 18506 |
| 761 | DKSH Holding AG | 57776 |
| 66 | dormakaba Holding AG | 24162 |
| 2191 | Dufry AG, Registered\* | 91251 |
| 1608 | EFG International AG,\* | 15356 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Switzerland (Continued)** | **Switzerland (Continued)** |
| 36 | Emmi AG, Registered | $30485 |
| 41 | EMS-Chemie Holding AG, <br>Registered | 27758 |
| 338 | Flughafen Zurich AG, Registered,\* | 52309 |
| 20 | Forbo Holding AG, Registered†, | 23533 |
| 1069 | Galenica AG,# | 87344 |
| 5107 | GAM Holding AG†,\* | 5192 |
| 266 | Geberit AG, Registered | 125283 |
| 1909 | Georg Fischer AG, Registered | 116854 |
| 63 | Givaudan SA, Registered | 193023 |
| 566 | Helvetia Holding AG, Registered | 65987 |
| 136 | Hiag Immobilien Holding AG | 12061 |
| 3415 | Holcim AG,\* | 176835 |
| 298 | Huber & Suhner AG, Registered | 27813 |
| 547 | Implenia AG, Registered,\* | 22509 |
| 109 | Ina Invest Holding AG,\* | 2322 |
| 36 | Inficon Holding AG, Registered | 31497 |
| 8 | Interroll Holding AG, Registered | 20332 |
| 16 | Intershop Holding AG | 10434 |
| 110 | Investis Holding SA | 12075 |
| 2363 | Julius Baer Group Ltd. | 137643 |
| 80 | Jungfraubahn Holding AG, <br>Registered,\* | 10728 |
| 169 | Kardex Holding AG, Registered | 27781 |
| 90 | Komax Holding AG, Registered | 25064 |
| 667 | Kuehne & Nagel International AG, <br>Registered | 155235 |
| 580 | Landis & Gyr Group AG†,\* | 40929 |
| 8 | LEM Holding SA, Registered | 15522 |
| 167 | Liechtensteinische Landesbank <br>AG† | 10078 |
| 765 | Logitech International SA, <br>Registered† | 47208 |
| 1894 | Logitech International SA, <br>Registered† | 117902 |
| 208 | Lonza Group AG, Registered | 101925 |
| 63 | Luzerner Kantonalbank AG, <br>Registered | 28173 |
| 103 | Medacta Group SA,# | 11474 |
| 636 | Medmix AG,# | 12106 |
| 2 | Metall Zug AG, Registered Class B | 4164 |
| 1480 | Mobilezone Holding AG, <br>Registered | 24521 |
| 165 | Mobimo Holding AG, <br>Registered | 42113 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Switzerland (Continued)** | **Switzerland (Continued)** |
| 13814 | Nestle SA, Registered | $1600640 |
| 116 | Novartis AG, ADR | 10524 |
| 10645 | Novartis AG, Registered | 962327 |
| 4832 | OC Oerlikon Corp. AG, <br>Registered | 31668 |
| 136 | Orior AG | 10781 |
| 169 | Partners Group Holding AG | 149288 |
| 699 | PSP Swiss Property AG, <br>Registered | 82022 |
| 78 | Rieter Holding AG, Registered | 8857 |
| 3948 | Roche Holding AG | 1240355 |
| 158 | Roche Holding AG, Bearer Shares† | 61242 |
| 239 | Schindler Holding AG, <br>Registered | 43114 |
| 25 | Schweiter Technologies AG, <br>Bearer Shares | 19899 |
| 273 | Sensirion Holding AG,#,\* | 28934 |
| 423 | SFS Group AG | 40029 |
| 45 | SGS SA, Registered | 104634 |
| 91 | Siegfried Holding AG, <br>Registered,\* | 60378 |
| 3372 | SIG Group AG,\* | 73665 |
| 713 | Sika AG, Registered | 170953 |
| 2142 | Softwareone Holding AG,\* | 30370 |
| 482 | Sonova Holding AG, Registered | 114316 |
| 88 | St. Galler Kantonalbank AG, <br>Registered | 45777 |
| 520 | Straumann Holding AG, Registered | 59387 |
| 497 | Sulzer AG, Registered† | 38700 |
| 218 | Swatch Group AG, Bearer Shares | 62006 |
| 853 | Swatch Group AG, Registered | 44317 |
| 173 | Swiss Life Holding AG, Registered | 89208 |
| 1371 | Swiss Prime Site AG, Registered | 118840 |
| 1686 | Swiss Re AG | 157687 |
| 297 | Swisscom AG, Registered | 162721 |
| 247 | Swissquote Group Holding SA, <br>Registered | 35662 |
| 71 | Tecan Group AG, Registered | 31667 |
| 904 | Temenos AG, Registered | 49607 |
| 276 | u-blox Holding AG,\* | 32894 |
| 13089 | UBS Group AG, Registered | 243548 |
| 335 | Valiant Holding AG, Registered | 36230 |
| 310 | VAT Group AG,# | 84754 |
| 23 | Vaudoise Assurances Holding SA | 10522 |
| 400 | Vetropack Holding AG, Registered | 15617 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
|  | **Switzerland (Continued)** | |
| 540 | Vontobel Holding AG, Registered | $35800 |
| 77 | VP Bank AG, Class A† | 7312 |
| 142 | VZ Holding AG | 11026 |
| 6 | Warteck Invest AG, Registered | 14730 |
| 59 | Ypsomed Holding AG, Registered | 10771 |
| 104 | Zehnder Group AG, Registered | 6276 |
| 2 | Zuger Kantonalbank AG, Brearer <br>Shares | 15660 |
| 1057 | Zurich Insurance Group AG | 505609 |
|  |  | 10870630 |
|  | **United Kingdom—9.6%** |  |
| 10852 | 3i Group PLC | 175998 |
| 533 | 4imprint Group PLC | 27547 |
| 2172 | 888 Holdings PLC†,\* | 2283 |
| 30679 | abrdn PLC† | 70192 |
| 1162 | Admiral Group PLC | 30021 |
| 1488 | AG Barr PLC | 9588 |
| 13183 | Airtel Africa PLC,# | 17818 |
| 6044 | AJ Bell PLC | 26173 |
| 12432 | Alliance Pharma PLC | 7966 |
| 11173 | Anglo American PLC | 437173 |
| 2319 | Antofagasta PLC | 43329 |
| 4535 | Ascential PLC\* | 11053 |
| 8024 | Ashmore Group PLC | 23223 |
| 4086 | Ashtead Group PLC | 233157 |
| 355 | ASOS PLC†,\* | 2191 |
| 2153 | Associated British Foods PLC | 41021 |
| 4772 | AstraZeneca PLC | 647179 |
| 6994 | Auto Trader Group PLC,# | 43596 |
| 669 | AVEVA Group PLC | 25986 |
| 20017 | Aviva PLC | 107156 |
| 835 | Avon Rubber PLC | 10852 |
| 11755 | B&M European Value Retail SA | 58451 |
| 13654 | Babcock International Group <br>PLC,\* | 46583 |
| 11973 | BAE Systems PLC | 123904 |
| 9792 | Balfour Beatty PLC | 39965 |
| 617 | Bank of Georgia Group PLC | 19431 |
| 128411 | Barclays PLC | 246090 |
| 10368 | Barratt Developments PLC | 49736 |
| 5619 | Beazley PLC | 46159 |
| 2110 | Bellway PLC | 48658 |
| 733 | Berkeley Group Holdings PLC†, | 33435 |
| 4891 | Biffa PLC,# | 24089 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| 2271 | Bloomsbury Publishing PLC | $12341 |
| 2945 | Bodycote PLC | 20241 |
| 8370 | boohoo Group PLC†,\* | 3585 |
| 163993 | BP PLC | 941534 |
| 2366 | BP PLC, ADR | 82644 |
| 26910 | Breedon Group PLC | 19845 |
| 8803 | British American Tobacco PLC | 349230 |
| 3178 | British American Tobacco PLC, ADR | 127056 |
| 4032 | Britvic PLC | 37875 |
| 414 | Brooks Macdonald Group PLC | 10611 |
| 95431 | BT Group PLC | 129274 |
| 2054 | Bunzl PLC | 68511 |
| 3793 | Burberry Group PLC | 93087 |
| 3634 | Burford Capital Ltd. | 29303 |
| 1708 | Bytes Technology Group PLC | 7991 |
| 4589 | C&C Group PLC,\* | 9725 |
| 40000 | Capita PLC,\* | 11732 |
| 11065 | Capricorn Energy PLC† | 35021 |
| 7460 | Card Factory PLC,\* | 7053 |
| 510 | Carnival PLC†,\* | 3572 |
| 756 | Cazoo Group Ltd.\* | 119 |
| 21596 | Centamin PLC | 29476 |
| 6675 | Central Asia Metals PLC | 20013 |
| 102113 | Centrica PLC | 119153 |
| 2609 | Chesnara PLC | 8942 |
| 577 | Clarkson PLC | 22566 |
| 2800 | Close Brothers Group PLC | 35442 |
| 3114 | CMC Markets PLC,# | 8433 |
| 33791 | Coats Group PLC | 27044 |
| 1369 | Coca-Cola HBC AG,\* | 32654 |
| 6572 | Compass Group PLC | 152350 |
| 865 | Computacenter PLC | 19984 |
| 16130 | ConvaTec Group PLC,# | 45358 |
| 1002 | Cranswick PLC | 37286 |
| 4845 | Crest Nicholson Holdings PLC | 13859 |
| 826 | Croda International PLC | 65947 |
| 21706 | Currys PLC† | 14065 |
| 914 | CVS Group PLC | 21392 |
| 1019 | DCC PLC | 50262 |
| 2945 | De La Rue PLC\* | 2795 |
| 498 | Dechra Pharmaceuticals PLC | 15762 |
| 5029 | Devro PLC | 18726 |
| 6669 | DFS Furniture PLC | 12497 |
| 12494 | Diageo PLC | 551319 |
| 1038 | Diploma PLC | 34836 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| 16489 | Direct Line Insurance Group PLC | $44115 |
| 1383 | DiscoverIE Group PLC | 12222 |
| 3416 | Domino's Pizza Group PLC | 12117 |
| 7369 | Dr Martens PLC | 16980 |
| 7636 | Drax Group PLC | 64898 |
| 23485 | DS Smith PLC | 91281 |
| 1117 | Dunelm Group PLC | 13220 |
| 2569 | easyJet PLC\* | 10081 |
| 5917 | ECORA RESOURCES PLC | 10773 |
| 13055 | Elementis PLC\* | 19003 |
| 1355 | EMIS Group PLC | 30666 |
| 2131 | Energean PLC | 33723 |
| 74403 | EnQuest PLC†,\* | 19249 |
| 2921 | Entain PLC | 46667 |
| 7801 | Esken Ltd.†, ,\* | 481 |
| 5759 | Essentra PLC | 16466 |
| 3432 | Evraz PLC,\*,§ |  |
| 3783 | Experian PLC | 128651 |
| 1729 | FDM Group Holdings PLC | 15656 |
| 1425 | Ferguson PLC | 179856 |
| 286 | Ferguson PLC | 36313 |
| 5122 | Ferrexpo PLC | 9734 |
| 1189 | Fevertree Drinks PLC†, | 14820 |
| 20184 | Firstgroup PLC† | 24645 |
| 3491 | Frasers Group PLC,\* | 29965 |
| 2026 | Fresnillo PLC | 22088 |
| 1255 | Fuller Smith & Turner PLC, <br>Class A | 7525 |
| 2410 | Future PLC | 36915 |
| 2798 | Galliford Try Holdings PLC | 5378 |
| 505 | Games Workshop Group PLC | 52291 |
| 1706 | Gamma Communications PLC | 22316 |
| 6960 | Genel Energy PLC | 10484 |
| 2857 | Genuit Group PLC | 9706 |
| 100979 | Glencore PLC | 674362 |
| 4589 | Grafton Group PLC | 43751 |
| 14240 | Grainger PLC | 43383 |
| 6489 | Greencore Group PLC,\* | 5032 |
| 1534 | Greggs PLC | 43507 |
| 26798 | GSK PLC | 465746 |
| 9789 | Gulf Keystone Petroleum Ltd. | 23787 |
| 4549 | Gym Group PLC#,\* | 5994 |
| 13723 | Haleon PLC,\* | 54309 |
| 6271 | Halfords Group PLC | 15845 |
| 1399 | Halma PLC | 33387 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| 4078 | Harbour Energy PLC | $15007 |
| 3781 | Hargreaves Lansdown PLC | 39137 |
| 21097 | Hays PLC | 29510 |
| 1995 | Headlam Group PLC | 7284 |
| 3050 | Helical PLC | 12297 |
| 7460 | Helios Towers PLC†,\* | 9569 |
| 3074 | Henry Boot PLC | 8733 |
| 1984 | Hikma Pharmaceuticals PLC | 37226 |
| 2154 | Hill & Smith PLC | 30520 |
| 2081 | Hilton Food Group PLC | 14013 |
| 3163 | Hiscox Ltd. | 41662 |
| 5513 | Hochschild Mining PLC | 4682 |
| 3986 | Hollywood Bowl Group PLC | 11999 |
| 4547 | HomeServe PLC,\* | 65800 |
| 7520 | Howden Joinery Group PLC | 51057 |
| 61234 | HSBC Holdings PLC | 381767 |
| 6698 | HSBC Holdings PLC, ADR† | 208710 |
| 3532 | Hunting PLC | 14219 |
| 4879 | Ibstock PLC,# | 9131 |
| 5952 | IG Group Holdings PLC | 56270 |
| 2877 | IMI PLC | 44799 |
| 910 | Impax Asset Management <br>Group PLC | 7954 |
| 12148 | Imperial Brands PLC | 304154 |
| 6373 | Inchcape PLC | 63178 |
| 2984 | Indivior PLC\* | 66811 |
| 6450 | Informa PLC | 48315 |
| 3740 | IntegraFin Holdings PLC | 13664 |
| 917 | InterContinental Hotels Group PLC | 52592 |
| 196 | InterContinental Hotels Group <br>PLC, ADR† | 11435 |
| 2732 | Intermediate Capital Group PLC | 37917 |
| 10061 | International Consolidated Airlines <br>Group SA†,\* | 15063 |
| 10685 | International Distributions <br>Services PLC | 27515 |
| 4161 | International Personal <br>Finance PLC | 3677 |
| 1532 | Intertek Group PLC | 74714 |
| 8515 | Investec PLC | 52645 |
| 3042 | iomart Group PLC | 4597 |
| 35770 | IP Group PLC | 24109 |
| 21591 | IQE PLC,\* | 12960 |
| 66802 | ITV PLC†, | 60699 |
| 9541 | IWG PLC,\* | 19147 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| 22063 | J. Sainsbury PLC | $58067 |
| 2074 | J.D. Wetherspoon PLC†, ,\* | 11138 |
| 1083 | James Fisher & Sons PLC,\* | 5113 |
| 3618 | James Halstead PLC† | 8223 |
| 27745 | JD Sports Fashion PLC | 42314 |
| 1084 | JET2 PLC | 12560 |
| 10403 | John Wood Group PLC\* | 16997 |
| 2038 | Johnson Matthey PLC | 52406 |
| 7194 | Johnson Service Group PLC | 8428 |
| 897 | JTC PLC†,# | 8112 |
| 8912 | Jupiter Fund Management PLC | 14308 |
| 239 | Just Eat Takeaway.com NV#,\* | 5053 |
| 927 | Just Eat Takeaway.com NV†,#,\* | 19473 |
| 30973 | Just Group PLC | 30555 |
| 1680 | Kainos Group PLC | 31339 |
| 1556 | Keller Group PLC | 15049 |
| 11122 | Kier Group PLC\* | 7973 |
| 24636 | Kingfisher PLC | 70319 |
| 4919 | Lancashire Holdings Ltd.†, | 38654 |
| 39847 | Legal & General Group PLC | 120192 |
| 796 | Liontrust Asset Management PLC | 10778 |
| 399205 | Lloyds Banking Group PLC | 219157 |
| 19935 | Lloyds Banking Group PLC, ADR | 43857 |
| 733 | London Stock Exchange Group <br>PLC | 63236 |
| 10707 | Lookers PLC | 9864 |
| 31096 | M&G PLC | 70619 |
| 29336 | Man Group PLC | 75790 |
| 53841 | Marks & Spencer Group PLC,\* | 80257 |
| 1885 | Marshalls PLC | 6226 |
| 18395 | Marston's PLC\* | 8802 |
| 11392 | ME GROUP INTERNATIONAL <br>PLC | 15838 |
| 3805 | Mears Group PLC | 9568 |
| 8277 | Mediclinic International PLC | 49832 |
| 31313 | Melrose Industries PLC | 50916 |
| 3713 | Micro Focus International PLC | 23764 |
| 8089 | Mitchells & Butlers PLC,\* | 13495 |
| 24076 | Mitie Group PLC | 21714 |
| 150 | MJ Gleeson PLC | 624 |
| 4163 | Mondi PLC | 70938 |
| 14223 | Moneysupermarket.com Group <br>PLC | 33083 |
| 3811 | Moonpig Group PLC,\* | 5082 |
| 7506 | Morgan Advanced Materials PLC | 28539 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| 1378 | Morgan Sindall Group PLC | $25489 |
| 765 | Mortgage Advice Bureau <br>Holdings Ltd. | 4902 |
| 1086 | MP Evans Group PLC | 10635 |
| 10029 | National Express Group PLC,\* | 15762 |
| 3907 | National Grid PLC | 47111 |
| 2018 | National Grid PLC, ADR | 121726 |
| 14393 | NatWest Group PLC | 46146 |
| 7545 | NatWest Group PLC, ADR† | 48741 |
| 5311 | NCC Group PLC | 12841 |
| 731 | Next Fifteen Communications <br>Group PLC | 8749 |
| 900 | Next PLC | 63172 |
| 5427 | Ninety One PLC | 12197 |
| 537 | NMC Health PLC,\*,§ |  |
| 1743 | Ocado Group PLC†,\* | 12997 |
| 4680 | On the Beach Group PLC,#,\* | 8849 |
| 8824 | OSB Group PLC | 51184 |
| 1080 | Oxford Instruments PLC | 29508 |
| 5545 | Pagegroup PLC | 30917 |
| 40396 | Pan African Resources PLC† | 8078 |
| 5714 | Paragon Banking Group PLC | 38926 |
| 1213 | PayPoint PLC | 7479 |
| 4475 | Pearson PLC | 50811 |
| 41805 | Pendragon PLC\* | 9704 |
| 3518 | Pennon Group PLC | 37789 |
| 3146 | Persimmon PLC | 46287 |
| 4723 | Petrofac Ltd.†,\* | 4011 |
| 10688 | Pets at Home Group PLC | 36645 |
| 5331 | Phoenix Group Holdings PLC | 39224 |
| 8181 | Playtech PLC,\* | 50342 |
| 1545 | Plus500 Ltd. | 33696 |
| 1124 | Polar Capital Holdings PLC | 6482 |
| 14328 | Premier Foods PLC | 18812 |
| 6783 | Provident Financial PLC | 15679 |
| 3998 | Prudential PLC | 54496 |
| 8123 | PureTech Health PLC†,\* | 26171 |
| 7065 | QinetiQ Group PLC | 30492 |
| 19168 | Quilter PLC# | 21533 |
| 956 | Rathbones Group PLC | 23520 |
| 12130 | Reach PLC | 13946 |
| 2665 | Reckitt Benckiser Group PLC | 185385 |
| 6125 | Redde Northgate PLC | 30508 |
| 6252 | Redrow PLC | 34300 |
| 10683 | RELX PLC | 295500 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| 1210 | RELX PLC, ADR† | $33541 |
| 2776 | Renew Holdings PLC | 24566 |
| 1514 | Renewi PLC,\* | 10946 |
| 428 | Renishaw PLC | 18979 |
| 11676 | Rentokil Initial PLC | 71708 |
| 17999 | Restaurant Group PLC,\* | 6798 |
| 787 | RHI Magnesita NV | 21160 |
| 1162 | Ricardo PLC | 6757 |
| 8346 | Rightmove PLC | 51600 |
| 13779 | Rio Tinto PLC | 965838 |
| 60172 | Rolls-Royce Holdings PLC,\* | 67798 |
| 9205 | Rotork PLC | 34120 |
| 159 | RPS Group PLC | 423 |
| 4820 | RS GROUP PLC | 52182 |
| 3518 | RWS Holdings PLC | 15975 |
| 3036 | Sabre Insurance Group PLC,# | 3905 |
| 948 | Saga PLC†,\* | 1442 |
| 6139 | Sage Group PLC | 55337 |
| 2515 | Savills PLC | 25099 |
| 5215 | Schroders PLC | 27488 |
| 5266 | Senior PLC | 7971 |
| 25172 | Serco Group PLC | 47291 |
| 4307 | Serica Energy PLC | 14840 |
| 11630 | Severfield PLC | 8717 |
| 1830 | Severn Trent PLC | 58650 |
| 41803 | Shell PLC | 1175508 |
| 12527 | Shell PLC, ADR | 713413 |
| 9302 | SIG PLC,\* | 3329 |
| 11912 | Sirius Real Estate Ltd. | 10657 |
| 998 | Smart Metering Systems PLC | 9435 |
| 2988 | Smith & Nephew PLC | 40079 |
| 2338 | Smiths Group PLC | 45182 |
| 1667 | Softcat PLC | 23861 |
| 1032 | Spectris PLC | 37454 |
| 12936 | Speedy Hire PLC | 6216 |
| 525 | Spirax-Sarco Engineering PLC | 67373 |
| 7170 | Spire Healthcare Group PLC,#,\* | 19763 |
| 10386 | Spirent Communications PLC | 32671 |
| 9716 | SSE PLC | 201094 |
| 7895 | SSP Group PLC,\* | 21857 |
| 2424 | St. James's Place PLC | 32089 |
| 18943 | Standard Chartered PLC | 142537 |
| 4177 | SThree PLC | 20351 |
| 8653 | Synthomer PLC | 15085 |
| 5495 | Tate & Lyle PLC | 47246 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| 44971 | Taylor Wimpey PLC | $55265 |
| 1288 | TBC Bank Group PLC | 35347 |
| 978 | Telecom Plus PLC | 25953 |
| 61861 | Tesco PLC | 167672 |
| 5954 | TI Fluid Systems PLC,# | 9617 |
| 16738 | TP ICAP Group PLC | 35311 |
| 5604 | Travis Perkins PLC | 60256 |
| 2958 | TT Electronics PLC | 6222 |
| 42736 | Tullow Oil PLC†,\* | 19075 |
| 4191 | Tyman PLC | 11425 |
| 10538 | Unilever PLC | 529081 |
| 4946 | United Utilities Group PLC | 59280 |
| 5245 | Vesuvius PLC | 25630 |
| 504 | Victrex PLC | 9731 |
| 1057 | VIDENDUM PLC | 13775 |
| 20342 | Virgin Money U.K. PLC | 44783 |
| 3721 | Vistry Group PLC | 28138 |
| 317870 | Vodafone Group PLC | 323725 |
| 6400 | Volution Group PLC† | 28241 |
| 3542 | Watches of Switzerland Group <br>PLC,#,\* | 35135 |
| 5138 | Watkin Jones PLC | 6236 |
| 2052 | Weir Group PLC | 41404 |
| 1764 | WH Smith PLC | 31658 |
| 1648 | Whitbread PLC | 51203 |
| 5006 | Wickes Group PLC | 8854 |
| 3672 | Wincanton PLC | 14960 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **United Kingdom (Continued)** | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| 8767 | WPP PLC | $| 86932 |
| 510 | XP Power Ltd. |  | 12547 |
| 930 | XPS Pensions Group PLC |  | 1563 |
| 589 | Young & Co's Brewery PLC, <br>Class A |  | 7292 |
|  |  |  | 19786076 |
|  | **United States—0.0%** | **United States—0.0%** | **United States—0.0%** |
| 1592 | ADTRAN Holdings, Inc. |  | 28800 |
| 21 | GXO Logistics, Inc.\* |  | 897 |
| 109 | Noble Corp. PLC\* |  | 4087 |
|  |  |  | 33784 |
|  | **TOTAL COMMON STOCKS** <br> (Cost $141,579,171) |  | 145450399 |
|  | **AFFILIATED INVESTMENT COMPANY—28.6%** | **AFFILIATED INVESTMENT COMPANY—28.6%** | **AFFILIATED INVESTMENT COMPANY—28.6%** |
|  | **United States—28.6%** | **United States—28.6%** | **United States—28.6%** |
| 2934398 | DFA Emerging Markets Core <br>Equity Portfolio, Class I‡‡ <br>(Cost $58,246,559) |  | 59098784 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Expiration<br>Date** |  |
| | **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| | **Austria—0.0%** | **Austria—0.0%** | **Austria—0.0%** |
| 1417 | S Immo AG,\*,§ (Cost $0) | 08/11/2023 | 0 |
|  | **PREFERRED STOCKS—0.4%** | **PREFERRED STOCKS—0.4%** | **PREFERRED STOCKS—0.4%** |
|  | **Germany—0.4%** | **Germany—0.4%** | **Germany—0.4%** |
| 566 | Bayerische Motoren Werke AG, 8.77% |  | 48197 |
| 387 | Draegerwerk AG & Co. KGaA, 0.45% |  | 17296 |
| 1497 | FUCHS PETROLUB SE, 4.00% |  | 52465 |
| 537 | Henkel AG & Co. KGaA, 3.04% |  | 37376 |
| 949 | Jungheinrich AG, 3.28% |  | 27001 |
| 917 | Porsche Automobil Holding SE, 4.26% |  | 50297 |
| 162 | Sartorius AG, 0.35% |  | 64059 |
| 631 | Sixt SE, 8.00% |  | 36812 |
| 173 | STO SE & Co. KGaA, 0.25% |  | 27852 |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** |  |  | **Value<br>(Note 1)** |
| | **Germany (Continued)** | **Germany (Continued)** | **Germany (Continued)** |
| 2797 | Volkswagen AG, 6.01% |  | $348567 |
|  |  |  | 709922 |
|  | **Italy—0.0%** | **Italy—0.0%** | **Italy—0.0%** |
| 1392 | Danieli & C Officine Meccaniche SpA, 2.45% |  | 21338 |
| 29205 | Telecom Italia SpA, 0.0%,\* |  | 6512 |
|  |  |  | 27850 |
|  | **TOTAL PREFERRED STOCK** (Cost $991,709) |  | 737772 |
|  |  | **7-Day <br>Yield** |  |
|  | **SHORT-TERM INVESTMENTS—2.2%** | **SHORT-TERM INVESTMENTS—2.2%** | **SHORT-TERM INVESTMENTS—2.2%** |
| 4565218 | State Street Navigator Securities Lending Government Money Market Portfolio <br>(Cost $4,565,218)†† | 4.37% | 4565218 |
|  | **TOTAL INVESTMENTS, AT VALUE—101.6%**<br> (Cost $205,382,657) |  | 209852173 |
|  | **Liabilities in Excess of Other Assets—(1.6)%** |  | (3224017) |
|  | **NET ASSETS—100.0%** |  | $206628156 |

---

**Notes to the Schedule of Investments:**

ADR—American Depositary Receipt

† Denotes all or a portion of security on loan. As of December 31, 2022, the market value of the securities on loan was $10,589,721 (Note 1).

†† Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $6,580,395.

§ Fair valued security—Represents fair value as measured based on the Portfolio Valuation policies specified in Note 1. As of December 31, 2022, the total value of the fair valued securities was $1,616.

\* 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 December 31, 2022, amounts to approximately $2,971,067, and represents 1.43% of net assets.

‡‡ Affiliated issuer. Assets with a total aggregate market value of $59,098,784, or 28.6% of net assets, were affiliated with the Fund as of December 31, 2022 (Note 2).

Percentages indicated are based on net assets.

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

At December 31, 2022, industry diversification of the M International Equity Fund's investments as a percentage of net assets was as follows:

---

| | |
|:---|:---|
| **Summary of Industry Classifications (Unaudited)** | **Percentage <br>of Net <br>Assets** |
| Mutual Funds | 28.6% |
| Banks | 6.2% |
| Oil, Gas and Consumable Fuels | 5.8% |
| Metals and Mining | 4.3% |
| Pharmaceuticals | 3.5% |
| Insurance | 3.2% |
| Machinery | 2.7% |
| Chemicals | 2.6% |
| Food Products | 2.0% |
| Capital Markets | 1.8% |
| Automobiles | 1.7% |
| Semiconductors and Semiconductor Equipment | 1.6% |
| Textiles, Apparel and Luxury Goods | 1.6% |
| Diversified Telecommunication Services | 1.5% |
| Food and Staples Retailing | 1.5% |
| Real Estate Management and Development | 1.4% |
| Trading Companies and Distributors | 1.4% |
| Electronic Equipment, Instruments & Components | 1.2% |
| IT Services | 1.2% |
| Construction and Engineering | 1.1% |
| Professional Services | 1.1% |
| Auto Components | 1.0% |
| Electric Utilities | 1.0% |
| Electrical Equipment | 1.0% |
| Health Care Equipment and Supplies | 1.0% |
| Household Durables | 1.0% |
| Specialty Retail | 1.0% |
| Beverages | 0.9% |
| Hotels, Restaurants & Leisure | 0.9% |
| Building Products | 0.8% |
| Commercial Services & Supplies | 0.8% |
| Aerospace & Defense | 0.7% |
| Industrial Conglomerates | 0.7% |
| Media | 0.7% |
| Personal Products | 0.7% |
| Road and Rail | 0.7% |
| Software | 0.7% |
| Wireless Telecommunication Services | 0.7% |
| Multi-Utilities | 0.6% |
| Air Freight and Logistics | 0.5% |
| Construction Materials | 0.5% |
| Health Care Providers and Services | 0.5% |

---

The accompanying notes are an integral part of these financial statements.

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | |
|:---|:---|
| **Summary of Industry Classifications (Unaudited)** | **Percentage <br>of Net <br>Assets** |
| Tobacco | 0.5% |
| Diversified Financial Services | 0.4% |
| Entertainment | 0.4% |
| Independent Power and Renewable Electricity Producers | 0.4% |
| Marine | 0.4% |
| Multiline Retail | 0.4% |
| Biotechnology | 0.3% |
| Containers and Packaging | 0.3% |
| Energy Equipment and Services | 0.3% |
| Gas Utilities | 0.3% |
| Leisure Equipment and Products | 0.3% |
| Life Sciences Tools and Services | 0.3% |
| Paper and Forest Products | 0.3% |
| Technology Hardware, Storage & Peripherals | 0.3% |
| Transportation Infrastructure | 0.3% |
| Airlines | 0.2% |
| Communications Equipment | 0.2% |
| Consumer Finance | 0.2% |
| Household Products | 0.2% |
| Interactive Media & Services | 0.2% |
| Internet and Catalog Retail | 0.2% |
| Thrifts and Mortgage Finance | 0.2% |
| Distributors | 0.1% |
| Diversified Consumer Services | 0.1% |
| Health Care Technology | 0.1% |
| Water Utilities | 0.1% |
| Short-Term Investments | 2.2% |
| Total | 101.6% |

---

The accompanying notes are an integral part of these financial statements.

------

**M Large Cap Growth Fund**

**SCHEDULE OF INVESTMENTS**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** |
| | **COMMON STOCKS—98.0%** | **COMMON STOCKS—98.0%** |
| | **Beverages—4.0%** | **Beverages—4.0%** |
| 61300 | Keurig Dr. Pepper, Inc. | $2185958 |
| 58000 | Monster Beverage Corp.\* | 5888740 |
|  |  | 8074698 |
|  | **Biotechnology—3.5%** | **Biotechnology—3.5%** |
| 59700 | Neurocrine Biosciences, Inc.\* | 7130568 |
|  | **Capital Markets—4.4%** | **Capital Markets—4.4%** |
| 107200 | Charles Schwab Corp. | 8925472 |
|  | **Chemicals—2.3%** | **Chemicals—2.3%** |
| 14000 | Linde PLC | 4566520 |
|  | **Health Care Equipment and <br>Supplies—4.2%** | **Health Care Equipment and <br>Supplies—4.2%** |
| 183130 | Boston Scientific Corp.\* | 8473425 |
|  | **Health Care Providers and <br>Services—3.1%** | **Health Care Providers and <br>Services—3.1%** |
| 11625 | UnitedHealth Group, Inc. | 6163342 |
|  | **Insurance—2.8%** | **Insurance—2.8%** |
| 18750 | Aon PLC, Class A | 5627625 |
|  | **Interactive Media & Services—7.9%** | **Interactive Media & Services—7.9%** |
| 180400 | Alphabet, Inc., Class A\* | 15916692 |
|  | **Internet and Catalog Retail—4.1%** | **Internet and Catalog Retail—4.1%** |
| 99100 | Amazon.com, Inc.\* | 8324400 |
|  | **IT Services—24.4%** | **IT Services—24.4%** |
| 30400 | Accenture PLC, Class A | 8111936 |
| 11850 | Automatic Data Processing, Inc. | 2830491 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **IT Services (Continued)** | **IT Services (Continued)** | **IT Services (Continued)** |
| 26100 | EPAM Systems, Inc.\* | $| 8554014 |
| 30700 | Fiserv, Inc.\* |  | 3102849 |
| 27550 | FleetCor Technologies, Inc.\* |  | 5060384 |
| 21200 | Mastercard, Inc., Class A |  | 7371876 |
| 89800 | PayPal Holdings, Inc.\* |  | 6395556 |
| 37000 | Visa, Inc., Class A |  | 7687120 |
|  |  |  | 49114226 |
|  | **Pharmaceuticals—2.7%** | **Pharmaceuticals—2.7%** | **Pharmaceuticals—2.7%** |
| 78900 | AstraZeneca PLC, ADR |  | 5349420 |
|  | **Semiconductors and <br>Semiconductor Equipment—8.1%** | **Semiconductors and <br>Semiconductor Equipment—8.1%** | **Semiconductors and <br>Semiconductor Equipment—8.1%** |
| 10000 | ASML Holding NV, Registered |  | 5464000 |
| 29400 | Entegris, Inc. |  | 1928346 |
| 27050 | NVIDIA Corp. |  | 3953087 |
| 17400 | SolarEdge Technologies, Inc.\* |  | 4928898 |
|  |  |  | 16274331 |
|  | **Software—22.5%** | **Software—22.5%** | **Software—22.5%** |
| 25550 | Adobe, Inc.\* |  | 8598342 |
| 33900 | Autodesk, Inc.\* |  | 6334893 |
| 23800 | Intuit, Inc. |  | 9263436 |
| 87620 | Microsoft Corp. |  | 21013028 |
|  |  |  | 45209699 |
|  | **Specialty Retail—4.0%** | **Specialty Retail—4.0%** | **Specialty Retail—4.0%** |
| 22638 | Burlington Stores, Inc.\* |  | 4590081 |
| 4100 | O'Reilly Automotive, Inc.\* |  | 3460523 |
|  |  |  | 8050604 |
|  | **TOTAL COMMON STOCKS** <br>(Cost $159,097,869) |  | 197201022 |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS, AT VALUE—98.0%**<br> (Cost $159,097,869) | 197201022 |
| **Other Assets in Excess of Liabilities—2.0%** | 4043431 |
| **NET ASSETS—100.0%** | $201244453 |

---

**Notes to the Schedule of Investments:**

\* Non-income producing security

Percentages indicated are based on net assets.

The accompanying notes are an integral part of these financial statements.

------

**M Large Cap Growth Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

At December 31, 2022, industry sector diversification of the M Large Cap Growth Fund's investments as a percentage of net assets was as follows:

---

| | |
|:---|:---|
| **Summary of Sector Classifications (Unaudited)** | **Percentage<br>of Net<br>Assets** |
| Information Technology | 55.0% |
| Health Care | 13.5% |
| Consumer Discretionary | 8.1% |
| Communication Services | 7.9% |
| Financials | 7.2% |
| Consumer Staples | 4.0% |
| Materials | 2.3% |
| Total | 98.0% |

---

The accompanying notes are an integral part of these financial statements.

------

**M Capital Appreciation Fund**

**SCHEDULE OF INVESTMENTS**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** |
| | **COMMON STOCKS—98.9%** | **COMMON STOCKS—98.9%** |
| | **Aerospace & Defense—0.9%** | **Aerospace & Defense—0.9%** |
| 75589 | Kratos Defense & Security <br>Solutions, Inc.\* | $780078 |
| 78721 | Triumph Group, Inc.\* | 828145 |
|  |  | 1608223 |
|  | **Airlines—2.2%** | **Airlines—2.2%** |
| 32953 | Alaska Air Group, Inc.\* | 1415002 |
| 151762 | Azul SA, ADR†,\* | 927266 |
| 224310 | Controladora Vuela Cia de Aviacion <br>SAB de CV, ADR\* | 1875231 |
|  |  | 4217499 |
|  | **Auto Components—4.2%** | **Auto Components—4.2%** |
| 37698 | BorgWarner, Inc. | 1517345 |
| 161124 | Dana, Inc. | 2437806 |
| 91177 | Modine Manufacturing Co.\* | 1810775 |
| 98539 | Stoneridge, Inc.\* | 2124501 |
|  |  | 7890427 |
|  | **Banks—5.6%** | **Banks—5.6%** |
| 100352 | Bancorp, Inc.\* | 2847990 |
| 19263 | BankUnited, Inc. | 654364 |
| 113825 | First BanCorp | 1447854 |
| 18467 | Pinnacle Financial Partners, Inc. | 1355478 |
| 21506 | Popular, Inc. | 1426278 |
| 12624 | Signature Bank | 1454537 |
| 15339 | Wintrust Financial Corp. | 1296452 |
|  |  | 10482953 |
|  | **Biotechnology—2.8%** | **Biotechnology—2.8%** |
| 31162 | ACADIA Pharmaceuticals, Inc.\* | 496099 |
| 14725 | BioMarin Pharmaceutical, Inc.\* | 1523890 |
| 23427 | Exact Sciences Corp.\* | 1159871 |
| 10835 | Incyte Corp.\* | 870267 |
| 4493 | United Therapeutics Corp.\* | 1249459 |
|  |  | 5299586 |
|  | **Building Products—3.9%** | **Building Products—3.9%** |
| 65320 | Builders FirstSource, Inc.\* | 4237962 |
| 98014 | Caesarstone Ltd. | 559660 |
| 11707 | Masonite International Corp.\* | 943701 |
| 38460 | Trex Co., Inc.\* | 1628012 |
|  |  | 7369335 |
|  | **Capital Markets—3.1%** | **Capital Markets—3.1%** |
| 38595 | Carlyle Group, Inc. | 1151675 |
| 9899 | Evercore Inc., Class A | 1079783 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Capital Markets (Continued)** | **Capital Markets (Continued)** | **Capital Markets (Continued)** |
| 4594 | LPL Financial Holdings, Inc. | $| 993085 |
| 18947 | Raymond James Financial, Inc. |  | 2024487 |
| 22088 | TPG, Inc. |  | 614709 |
|  |  |  | 5863739 |
|  | **Chemicals—3.2%** | **Chemicals—3.2%** | **Chemicals—3.2%** |
| 10973 | Albemarle Corp. |  | 2379605 |
| 163691 | Diversey Holdings Ltd.\* |  | 697323 |
| 18111 | FMC Corp. |  | 2260253 |
| 33746 | Livent Corp.\* |  | 670533 |
|  |  |  | 6007714 |
|  | **Commercial Services & <br>Supplies—0.6%** | **Commercial Services & <br>Supplies—0.6%** | **Commercial Services & <br>Supplies—0.6%** |
| 109844 | Interface, Inc. |  | 1084160 |
|  | **Construction and <br>Engineering—4.1%** | **Construction and <br>Engineering—4.1%** | **Construction and <br>Engineering—4.1%** |
| 17086 | AECOM |  | 1451114 |
| 44152 | Granite Construction, Inc. |  | 1548410 |
| 25242 | MasTec, Inc.\* |  | 2153900 |
| 17440 | Quanta Services, Inc. |  | 2485200 |
|  |  |  | 7638624 |
|  | **Construction Materials—2.4%** | **Construction Materials—2.4%** | **Construction Materials—2.4%** |
| 18533 | Eagle Materials, Inc. |  | 2462109 |
| 75654 | Summit Materials, Inc., Class A\* |  | 2147806 |
|  |  |  | 4609915 |
|  | **Consumer Finance—0.3%** | **Consumer Finance—0.3%** | **Consumer Finance—0.3%** |
| 37935 | Green Dot Corp., Class A\* |  | 600132 |
|  | **Containers and Packaging—0.6%** | **Containers and Packaging—0.6%** | **Containers and Packaging—0.6%** |
| 101743 | Pactiv Evergreen, Inc. |  | 1155800 |
|  | **Diversified Consumer <br>Services—1.4%** | **Diversified Consumer <br>Services—1.4%** | **Diversified Consumer <br>Services—1.4%** |
| 103149 | 2U, Inc.\* |  | 646744 |
| 146524 | Perdoceo Education Corp.\* |  | 2036684 |
|  |  |  | 2683428 |
|  | **Diversified Telecommunication <br>Services—1.4%** | **Diversified Telecommunication <br>Services—1.4%** | **Diversified Telecommunication <br>Services—1.4%** |
| 17778 | Cogent Communications <br>Holdings, Inc. |  | 1014768 |
| 131693 | Radius Global Infrastructure, Inc., <br>Class A\* |  | 1556612 |
|  |  |  | 2571380 |

---

The accompanying notes are an integral part of these financial statements.

------

**M Capital Appreciation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** |
| | **Electrical Equipment—3.3%** | **Electrical Equipment—3.3%** |
| 176085 | Array Technologies, Inc.\* | $3403723 |
| 11610 | EnerSys | 857282 |
| 41683 | Shoals Technologies Group, Inc. <br>Class A\* | 1028320 |
| 69774 | Vertiv Holdings Co. | 953113 |
|  |  | 6242438 |
|  | **Electronic Equipment, <br>Instruments & Components—5.1%** | **Electronic Equipment, <br>Instruments & Components—5.1%** |
| 6660 | Belden, Inc. | 478854 |
| 38568 | Coherent Corp.\* | 1353737 |
| 11876 | Fabrinet\* | 1522741 |
| 107423 | Flex Ltd.\* | 2305297 |
| 41243 | Jabil, Inc. | 2812772 |
| 89309 | Ouster, Inc.†,\* | 77074 |
| 9199 | Rogers Corp.\* | 1097809 |
|  |  | 9648284 |
|  | **Equity Real Estate Investment <br>Trusts (REITs)—1.5%** | **Equity Real Estate Investment <br>Trusts (REITs)—1.5%** |
| 33553 | Independence Realty Trust, Inc. | 565704 |
| 34056 | NETSTREIT Corp. | 624246 |
| 62214 | SITE Centers Corp. | 849843 |
| 25980 | STAG Industrial, Inc. | 839414 |
|  |  | 2879207 |
|  | **Health Care Equipment and <br>Supplies—7.0%** | **Health Care Equipment and <br>Supplies—7.0%** |
| 4135 | Align Technology, Inc.\* | 872071 |
| 55515 | AngioDynamics, Inc.\* | 764442 |
| 7559 | Cooper Cos., Inc. | 2499535 |
| 15822 | Hologic, Inc.\* | 1183644 |
| 11139 | Insulet Corp.\* | 3279210 |
| 9371 | Merit Medical Systems, Inc.\* | 661780 |
| 15767 | Novocure Ltd.\* | 1156509 |
| 23959 | NuVasive, Inc.\* | 988069 |
| 16370 | Tandem Diabetes Care, Inc.\* | 735832 |
| 49957 | Varex Imaging Corp.\* | 1014127 |
|  |  | 13155219 |
|  | **Hotels, Restaurants & Leisure—4.1%** | **Hotels, Restaurants & Leisure—4.1%** |
| 23813 | Boyd Gaming Corp. | 1298523 |
| 58214 | Caesars Entertainment, Inc.\* | 2421703 |
| 50844 | Cheesecake Factory, Inc.† | 1612263 |
| 30643 | Planet Fitness, Inc., Class A\* | 2414668 |
|  |  | 7747157 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** |
| | **Insurance—2.7%** | **Insurance—2.7%** |
| 24309 | Argo Group International <br>Holdings Ltd. | $628388 |
| 5062 | Everest Re Group Ltd. | 1676889 |
| 17579 | Trupanion, Inc.†,\* | 835530 |
| 27704 | WR Berkley Corp. | 2010479 |
|  |  | 5151286 |
|  | **Interactive Media & <br>Services—0.3%** | **Interactive Media & <br>Services—0.3%** |
| 19082 | ZoomInfo Technologies, Inc.\* | 574559 |
|  | **Internet & Direct Marketing <br>Retail—0.8%** | **Internet & Direct Marketing <br>Retail—0.8%** |
| 30802 | Chewy, Inc., Class A†,\* | 1142138 |
| 43245 | Lands' End, Inc.\* | 328230 |
|  |  | 1470368 |
|  | **IT Services—2.5%** | **IT Services—2.5%** |
| 29561 | Genpact Ltd. | 1369266 |
| 8205 | Okta, Inc.\* | 560648 |
| 56964 | Paya Holdings, Inc.\* | 448307 |
| 108124 | Paymentus Holdings, Inc., Class A\* | 866073 |
| 9203 | SS&C Technologies Holdings, Inc. | 479108 |
| 5805 | WEX, Inc.\* | 949988 |
|  |  | 4673390 |
|  | **Leisure Products—1.1%** | **Leisure Products—1.1%** |
| 112775 | Mattel, Inc.\* | 2011906 |
|  | **Life Sciences Tools and <br>Services—1.2%** | **Life Sciences Tools and <br>Services—1.2%** |
| 4305 | Charles River Laboratories <br>International, Inc.\* | 938059 |
| 19645 | QIAGEN NV\* | 979696 |
| 52687 | Sotera Health Co.\* | 438883 |
|  |  | 2356638 |
|  | **Machinery—0.4%** | **Machinery—0.4%** |
| 31980 | CIRCOR International, Inc.\* | 766241 |
|  | **Marine—0.7%** | **Marine—0.7%** |
| 19179 | Kirby Corp.\* | 1234169 |
|  | **Media—0.9%** | **Media—0.9%** |
| 50338 | Cardlytics, Inc.\* | 290954 |
| 113579 | Integral Ad Science <br>Holding Corp.\* | 998359 |
| 36160 | Magnite, Inc.\* | 382934 |
|  |  | 1672247 |

---

The accompanying notes are an integral part of these financial statements.

------

**M Capital Appreciation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** |
| | **Metals and Mining—2.7%** | **Metals and Mining—2.7%** |
| 100299 | ATI, Inc.\* | $2994928 |
| 57761 | Carpenter Technology Corp. | 2133691 |
|  |  | 5128619 |
|  | **Oil, Gas and Consumable <br>Fuels—3.6%** | **Oil, Gas and Consumable <br>Fuels—3.6%** |
| 31643 | Devon Energy Corp. | 1946361 |
| 120842 | Navigator Holdings Ltd.\* | 1445270 |
| 173590 | Permian Resources Corp. | 1631746 |
| 48362 | SM Energy Co. | 1684449 |
|  |  | 6707826 |
|  | **Pharmaceuticals—1.8%** | **Pharmaceuticals—1.8%** |
| 29226 | Amphastar Pharmaceuticals, Inc.\* | 818913 |
| 27370 | Pacira BioSciences, Inc.\* | 1056756 |
| 42605 | Supernus Pharmaceuticals, Inc.\* | 1519720 |
|  |  | 3395389 |
|  | **Professional Services—3.0%** | **Professional Services—3.0%** |
| 4493 | Equifax, Inc. | 873259 |
| 60437 | KBR, Inc. | 3191074 |
| 13794 | TransUnion | 782809 |
| 69008 | Upwork, Inc.\* | 720444 |
|  |  | 5567586 |
|  | **Road and Rail—2.2%** | **Road and Rail—2.2%** |
| 35394 | Knight-Swift Transportation <br>Holdings, Inc. | 1854999 |
| 28573 | RXO, Inc. | 491456 |
| 51635 | XPO, Inc.\* | 1718929 |
|  |  | 4065384 |
|  | **Semiconductors and <br>Semiconductor Equipment—8.5%** | **Semiconductors and <br>Semiconductor Equipment—8.5%** |
| 8286 | Ambarella, Inc.\* | 681358 |
| 53754 | MACOM Technology Solutions <br>Holdings, Inc.\* | 3385427 |
| 32033 | MaxLinear, Inc.\* | 1087520 |
| 6996 | MKS Instruments, Inc. | 592771 |
| 3846 | Monolithic Power Systems, Inc. | 1359984 |
| 19173 | Qorvo, Inc.\* | 1737841 |
| 37410 | Semtech Corp.\* | 1073293 |
| 14007 | SiTime Corp.\* | 1423391 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Semiconductors and <br>Semiconductor Equipment <br>(Continued)** | **Semiconductors and <br>Semiconductor Equipment <br>(Continued)** | **Semiconductors and <br>Semiconductor Equipment <br>(Continued)** |
| 16027 | Ultra Clean Holdings, Inc.\* | $| 531295 |
| 13799 | Universal Display Corp. |  | 1490844 |
| 37049 | Wolfspeed, Inc.\* |  | 2557863 |
|  |  |  | 15921587 |
|  | **Software—2.8%** | **Software—2.8%** | **Software—2.8%** |
| 12356 | CommVault Systems, Inc.\* |  | 776451 |
| 17027 | Envestnet, Inc.\* |  | 1050566 |
| 2020 | HubSpot, Inc.\* |  | 584042 |
| 27284 | LiveRamp Holdings, Inc.\* |  | 639537 |
| 60155 | Qualtrics International, Inc., <br>Class A\* |  | 624409 |
| 13500 | Workiva, Inc.\* |  | 1133595 |
| 83800 | Zuora, Inc., Class A\* |  | 532968 |
|  |  |  | 5341568 |
|  | **Specialty Retail—1.9%** | **Specialty Retail—1.9%** | **Specialty Retail—1.9%** |
| 5131 | Advance Auto Parts, Inc. |  | 754411 |
| 15343 | Floor & Decor Holdings, Inc., <br>Class A\* |  | 1068333 |
| 96434 | Leslie's, Inc.\* |  | 1177459 |
| 16157 | Victoria's Secret & Co.\* |  | 578098 |
|  |  |  | 3578301 |
|  | **Technology Hardware, Storage & <br>Peripherals—0.2%** | **Technology Hardware, Storage & <br>Peripherals—0.2%** | **Technology Hardware, Storage & <br>Peripherals—0.2%** |
| 26971 | Stratasys Ltd.\* |  | 319876 |
|  | **Thrifts and Mortgage <br>Finance—0.5%** | **Thrifts and Mortgage <br>Finance—0.5%** | **Thrifts and Mortgage <br>Finance—0.5%** |
| 47367 | NMI Holdings, Inc., Class A\* |  | 989970 |
|  | **Trading Companies and <br>Distributors—3.4%** | **Trading Companies and <br>Distributors—3.4%** | **Trading Companies and <br>Distributors—3.4%** |
| 33348 | Beacon Roofing Supply, Inc.\* |  | 1760441 |
| 58504 | FTAI Aviation Ltd. |  | 1001588 |
| 309695 | MRC Global, Inc.\* |  | 3586268 |
|  |  |  | 6348297 |
|  | **TOTAL COMMON STOCKS** <br>(Cost $160,306,744) |  | 186030427 |

---

The accompanying notes are an integral part of these financial statements.

------

**M Capital Appreciation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** |  | **7-Day<br>Yield** | **Value<br>(Note 1)** |
| | **SHORT-TERM INVESTMENTS—0.8%** | **SHORT-TERM INVESTMENTS—0.8%** | **SHORT-TERM INVESTMENTS—0.8%** |
| 1504669 | State Street Navigator Securities Lending Government Money Market Portfolio <br>(Cost $1,504,669)†† | 4.37% | $1504669 |
|  | **TOTAL INVESTMENTS, AT VALUE—99.7%**<br> (Cost $161,811,413) |  | 187535096 |
|  | **Other Assets in Excess of Liabilities—0.3%** |  | 494988 |
|  | **NET ASSETS—100.0%** |  | $188030084 |

---

**Notes to the Schedule of Investments:**

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

\* Non-income producing security.

† Denotes all or a portion of security on loan. As of December 31, 2022, the market value of the securities on loan was $3,738,603 (Note 1).

†† Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $2,364,864.

Percentages indicated are based on net assets.

The accompanying notes are an integral part of these financial statements.

------

**M Capital Appreciation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

At December 31, 2022, industry sector diversification of the M Capital Appreciation Fund's investments as a percentage of net assets was as follows:

---

| | |
|:---|:---|
| **Summary of Sector Classifications (Unaudited)** | **Percentage<br>of Net<br>Assets** |
| Industrials | 24.5% |
| Information Technology | 19.1% |
| Consumer Discretionary | 13.5% |
| Health Care | 12.8% |
| Financials | 12.3% |
| Materials | 9.0% |
| Energy | 3.6% |
| Communication Services | 2.6% |
| Real Estate | 1.5% |
| Short-Term Investments | 0.8% |
| Total | 99.7% |

---

The accompanying notes are an integral part of these financial statements.

------

**M Large Cap Value Fund**

**SCHEDULE OF INVESTMENTS**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** |
| | **COMMON STOCKS—96.6%** | **COMMON STOCKS—96.6%** |
| | **Aerospace & Defense—0.3%** | **Aerospace & Defense—0.3%** |
| 600 | Huntington Ingalls Industries, Inc. | $138408 |
| 3900 | Textron, Inc. | 276120 |
|  |  | 414528 |
|  | **Air Freight and Logistics—2.1%** | **Air Freight and Logistics—2.1%** |
| 1700 | C.H. Robinson Worldwide, Inc. | 155652 |
| 2100 | Expeditors International of <br>Washington, Inc. | 218232 |
| 3500 | FedEx Corp. | 606200 |
| 10000 | United Parcel Service, Inc., Class B | 1738400 |
|  |  | 2718484 |
|  | **Auto Components—0.2%** | **Auto Components—0.2%** |
| 3200 | BorgWarner, Inc. | 128800 |
| 800 | Lear Corp. | 99216 |
|  |  | 228016 |
|  | **Automobiles—1.2%** | **Automobiles—1.2%** |
| 67600 | Ford Motor Co. | 786188 |
| 19400 | General Motors Co. | 652616 |
| 2000 | Harley-Davidson, Inc. | 83200 |
|  |  | 1522004 |
|  | **Banks—9.6%** | **Banks—9.6%** |
| 112700 | Bank of America Corp. | 3732624 |
| 900 | BOK Financial Corp. | 93411 |
| 1900 | Comerica, Inc. | 127015 |
| 1725 | Commerce Bancshares, Inc. | 117421 |
| 1900 | East West Bancorp, Inc. | 125210 |
| 9700 | Fifth Third Bancorp | 318257 |
| 19700 | Huntington Bancshares, Inc. | 277770 |
| 40400 | JPMorgan Chase & Co. | 5417640 |
| 13300 | KeyCorp | 231686 |
| 500 | Pinnacle Financial Partners, Inc. | 36700 |
| 5800 | PNC Financial Services <br>Group, Inc. | 916052 |
| 1200 | Prosperity Bancshares, Inc. | 87216 |
| 13100 | Regions Financial Corp. | 282436 |
| 900 | Synovus Financial Corp. | 33795 |
| 17900 | Truist Financial Corp. | 770237 |
| 2100 | Zions Bancorp NA | 103236 |
|  |  | 12670706 |
|  | **Beverages—0.1%** | **Beverages—0.1%** |
| 2799 | Molson Coors Beverage Co., Class B | 144204 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** |
| | **Biotechnology—7.2%** | **Biotechnology—7.2%** |
| 24300 | AbbVie, Inc. | $3927123 |
| 7300 | Amgen, Inc. | 1917272 |
| 1500 | Biogen, Inc.\* | 415380 |
| 15900 | Gilead Sciences, Inc. | 1365015 |
| 5200 | Moderna, Inc.\* | 934024 |
| 1400 | Regeneron Pharmaceuticals, Inc.\* | 1010086 |
|  |  | 9568900 |
|  | **Building Products—0.9%** | **Building Products—0.9%** |
| 2000 | Builders FirstSource, Inc.\* | 129760 |
| 700 | Carlisle Cos., Inc. | 164955 |
| 10278 | Carrier Global Corp. | 423967 |
| 1700 | Fortune Brands Innovations, Inc. | 97087 |
| 4600 | Masco Corp. | 214682 |
| 1800 | Owens Corning | 153540 |
|  |  | 1183991 |
|  | **Capital Markets—4.2%** | **Capital Markets—4.2%** |
| 1600 | Ameriprise Financial, Inc. | 498192 |
| 12100 | Bank of New York Mellon Corp. | 550792 |
| 4600 | Goldman Sachs Group, Inc. | 1579548 |
| 6200 | Invesco Ltd. | 111538 |
| 3600 | Jefferies Financial Group, Inc. | 123408 |
| 23100 | Morgan Stanley | 1963962 |
| 2800 | Northern Trust Corp. | 247772 |
| 2000 | SEI Investments Co. | 116600 |
| 3100 | T. Rowe Price Group, Inc. | 338086 |
|  |  | 5529898 |
|  | **Chemicals—1.4%** | **Chemicals—1.4%** |
| 2700 | CF Industries Holdings, Inc. | 230040 |
| 9600 | Dow, Inc. | 483744 |
| 1600 | Eastman Chemical Co. | 130304 |
| 1700 | FMC Corp. | 212160 |
| 1600 | Huntsman Corp. | 43968 |
| 4485 | LyondellBasell Industries NV, <br>Class A | 372390 |
| 6600 | Mosaic Co. | 289542 |
| 1850 | Olin Corp. | 97939 |
|  |  | 1860087 |
|  | **Communications Equipment—2.0%** | **Communications Equipment—2.0%** |
| 56500 | Cisco Systems, Inc. | 2691660 |

---

The accompanying notes are an integral part of these financial statements.

------

**M Large Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** |
| | **Consumer Finance—1.7%** | **Consumer Finance—1.7%** |
| 10300 | American Express Co. | $1521825 |
| 200 | Credit Acceptance Corp.†,\* | 94880 |
| 3900 | Discover Financial Services | 381537 |
| 6100 | Synchrony Financial | 200446 |
|  |  | 2198688 |
|  | **Containers and Packaging—1.1%** | **Containers and Packaging—1.1%** |
| 27200 | Amcor PLC | 323952 |
| 1700 | Berry Global Group, Inc. | 102731 |
| 2400 | Crown Holdings, Inc. | 197304 |
| 4200 | Graphic Packaging Holding Co. | 93450 |
| 4900 | International Paper Co. | 169687 |
| 1600 | Packaging Corp. of America | 204656 |
| 2800 | Sealed Air Corp. | 139664 |
| 1300 | Sonoco Products Co. | 78923 |
| 3200 | Westrock Co. | 112512 |
|  |  | 1422879 |
|  | **Distributors—0.2%** | **Distributors—0.2%** |
| 5300 | LKQ Corp. | 283073 |
|  | **Diversified Consumer Services—0.2%** | **Diversified Consumer Services—0.2%** |
| 3200 | Service Corp. International | 221248 |
|  | **Diversified Financial Services—0.2%** | **Diversified Financial Services—0.2%** |
| 6000 | Equitable Holdings, Inc. | 172200 |
| 1800 | Voya Financial, Inc. | 110682 |
|  |  | 282882 |
|  | **Diversified Telecommunication <br>Services—1.4%** | **Diversified Telecommunication <br>Services—1.4%** |
| 98500 | AT&T, Inc. | 1813385 |
| 3400 | Frontier Communications <br>Parent, Inc.\* | 86632 |
|  |  | 1900017 |
|  | **Electric Utilities—2.8%** | **Electric Utilities—2.8%** |
| 3300 | Alliant Energy Corp. | 182193 |
| 10500 | Duke Energy Corp. | 1081395 |
| 4800 | Edison International | 305376 |
| 2800 | Entergy Corp. | 315000 |
| 3200 | Evergy, Inc. | 201376 |
| 4300 | Eversource Energy | 360512 |
| 16900 | Exelon Corp. | 730587 |
| 2752 | OGE Energy Corp. | 108842 |
| 1549 | Pinnacle West Capital Corp. | 117786 |
| 10100 | PPL Corp. | 295122 |
|  |  | 3698189 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** |
| | **Electrical Equipment—0.1%** | **Electrical Equipment—0.1%** |
| 2000 | Sensata Technologies <br>Holding PLC | $80760 |
|  | **Electronic Equipment, <br>Instruments & Components—0.5%** | **Electronic Equipment, <br>Instruments & Components—0.5%** |
| 1300 | Arrow Electronics, Inc.\* | 135941 |
| 11600 | Corning, Inc. | 370504 |
| 2700 | Jabil, Inc. | 184140 |
|  |  | 690585 |
|  | **Energy Equipment and <br>Services—0.5%** | **Energy Equipment and <br>Services—0.5%** |
| 4300 | Sempra Energy | 664522 |
|  | **Food and Staples Retailing—0.7%** | **Food and Staples Retailing—0.7%** |
| 9900 | Kroger Co. | 441342 |
| 11700 | Walgreens Boots Alliance, Inc. | 437112 |
|  |  | 878454 |
|  | **Food Products—2.0%** | **Food Products—2.0%** |
| 9700 | Archer-Daniels-Midland Co. | 900645 |
| 6551 | Conagra Brands, Inc. | 253524 |
| 2100 | Darling Ingredients, Inc.\* | 131439 |
| 900 | Ingredion, Inc. | 88137 |
| 4400 | Kellogg Co. | 313456 |
| 16800 | Kraft Heinz Co. | 683928 |
| 3900 | Tyson Foods, Inc., Class A | 242775 |
|  |  | 2613904 |
|  | **Gas Utilities—0.1%** | **Gas Utilities—0.1%** |
| 1100 | National Fuel Gas Co. | 69630 |
| 2900 | UGI Corp. | 107503 |
|  |  | 177133 |
|  | **Health Care Equipment and <br>Supplies—0.2%** | **Health Care Equipment and <br>Supplies—0.2%** |
| 3200 | Hologic, Inc.\* | 239392 |
|  | **Health Care Providers and <br>Services—8.0%** | **Health Care Providers and <br>Services—8.0%** |
| 3500 | AmerisourceBergen Corp. | 579985 |
| 3262 | Cardinal Health, Inc. | 250750 |
| 7800 | Centene Corp.\* | 639678 |
| 4600 | Cigna Corp. | 1524164 |
| 18010 | CVS Health Corp. | 1678352 |
| 4400 | Elevance Health, Inc. | 2257068 |
| 5800 | HCA Healthcare, Inc. | 1391768 |

---

The accompanying notes are an integral part of these financial statements.

------

**M Large Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Health Care Providers and <br>Services (Continued)** | **Health Care Providers and <br>Services (Continued)** | **Health Care Providers and <br>Services (Continued)** |
| 1900 | Henry Schein, Inc.\* | $| 151753 |
| 1700 | Laboratory Corp. of America <br>Holdings |  | 400316 |
| 2800 | McKesson Corp. |  | 1050336 |
| 2400 | Quest Diagnostics, Inc. |  | 375456 |
| 1400 | Universal Health Services, Inc., <br>Class B |  | 197246 |
|  |  |  | 10496872 |
|  | **Hotels, Restaurants & <br>Leisure—0.1%** | **Hotels, Restaurants & <br>Leisure—0.1%** | **Hotels, Restaurants & <br>Leisure—0.1%** |
| 1349 | Boyd Gaming Corp. |  | 73561 |
|  | **Household Durables—1.2%** | **Household Durables—1.2%** | **Household Durables—1.2%** |
| 6400 | DR Horton, Inc. |  | 570496 |
| 4800 | Lennar Corp., Class A |  | 434400 |
| 50 | NVR, Inc.\* |  | 230629 |
| 4700 | PulteGroup, Inc. |  | 213991 |
| 100 | TopBuild Corp.\* |  | 15649 |
| 1100 | Whirlpool Corp. |  | 155606 |
|  |  |  | 1620771 |
|  | **Independent Power and Renewable <br>Electricity Producers—0.1%** | **Independent Power and Renewable <br>Electricity Producers—0.1%** | **Independent Power and Renewable <br>Electricity Producers—0.1%** |
| 6000 | Vistra Corp. |  | 139200 |
|  | **Insurance—6.3%** | **Insurance—6.3%** | **Insurance—6.3%** |
| 9600 | Aflac, Inc. |  | 690624 |
| 4100 | Allstate Corp. |  | 555960 |
| 1200 | American Financial Group, Inc. |  | 164736 |
| 5500 | Arch Capital Group Ltd.\* |  | 345290 |
| 800 | Assurant, Inc. |  | 100048 |
| 6100 | Chubb Ltd. |  | 1345660 |
| 2200 | Cincinnati Financial Corp. |  | 225258 |
| 600 | Everest Re Group Ltd. |  | 198762 |
| 3800 | Fidelity National Financial, Inc. |  | 142956 |
| 1300 | Globe Life, Inc. |  | 156715 |
| 4900 | Hartford Financial Services <br>Group, Inc. |  | 371567 |
| 3500 | Loews Corp. |  | 204155 |
| 180 | Markel Corp.\* |  | 237148 |
| 12300 | MetLife, Inc. |  | 890151 |
| 4200 | Old Republic International Corp. |  | 101430 |
| 3700 | Principal Financial Group, Inc. |  | 310504 |
| 5400 | Prudential Financial, Inc. |  | 537084 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| 900 | Reinsurance Group of <br>America, Inc. | $| 127881 |
| 600 | RenaissanceRe Holdings Ltd. |  | 110538 |
| 6200 | Travelers Cos., Inc. |  | 1162438 |
| 2800 | Unum Group |  | 114884 |
| 3650 | WR Berkley Corp. |  | 264881 |
|  |  |  | 8358670 |
|  | **IT Services—2.4%** | **IT Services—2.4%** | **IT Services—2.4%** |
| 3200 | DXC Technology Co.\* |  | 84800 |
| 6600 | Fidelity National Information <br>Services, Inc. |  | 447810 |
| 7344 | Fiserv, Inc.\* |  | 742258 |
| 1000 | FleetCor Technologies, Inc.\* |  | 183680 |
| 1000 | Global Payments, Inc. |  | 99320 |
| 11400 | International Business Machines <br>Corp. |  | 1606146 |
| 4300 | Western Union Co. |  | 59211 |
|  |  |  | 3223225 |
|  | **Leisure Equipment and <br>Products—0.1%** | **Leisure Equipment and <br>Products—0.1%** | **Leisure Equipment and <br>Products—0.1%** |
| 1400 | Brunswick Corp. |  | 100912 |
| 800 | Polaris, Inc. |  | 80800 |
|  |  |  | 181712 |
|  | **Machinery—2.7%** | **Machinery—2.7%** | **Machinery—2.7%** |
| 950 | AGCO Corp. |  | 131755 |
| 5800 | Caterpillar, Inc. |  | 1389448 |
| 1900 | Cummins, Inc. |  | 460351 |
| 1700 | Dover Corp. |  | 230197 |
| 800 | Oshkosh Corp. |  | 70552 |
| 4748 | PACCAR, Inc. |  | 469910 |
| 1800 | Parker-Hannifin Corp. |  | 523800 |
| 2200 | Pentair PLC |  | 98956 |
| 1000 | Snap-on, Inc. |  | 228490 |
|  |  |  | 3603459 |
|  | **Media—2.2%** | **Media—2.2%** | **Media—2.2%** |
| 61200 | Comcast Corp., Class A |  | 2140164 |
| 5800 | Fox Corp., Class A |  | 176146 |
| 5300 | Interpublic Group of Cos., Inc. |  | 176543 |
| 4200 | News Corp., Class A |  | 76440 |
| 500 | Nexstar Media Group, Inc. |  | 87515 |
| 3700 | Omnicom Group, Inc. |  | 301809 |
|  |  |  | 2958617 |

---

The accompanying notes are an integral part of these financial statements.

------

**M Large Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** |
| | **Metals and Mining—1.9%** | **Metals and Mining—1.9%** |
| 19487 | Freeport-McMoRan, Inc. | $740506 |
| 10200 | Newmont Corp. | 481440 |
| 5300 | Nucor Corp. | 698593 |
| 1100 | Reliance Steel & Aluminum Co. | 222684 |
| 3600 | Steel Dynamics, Inc. | 351720 |
| 3200 | United States Steel Corp. | 80160 |
|  |  | 2575103 |
|  | **Multi-Utilities—0.9%** | **Multi-Utilities—0.9%** |
| 10800 | Dominion Energy, Inc. | 662256 |
| 9300 | Public Service Enterprise <br>Group, Inc. | 569811 |
|  |  | 1232067 |
|  | **Multiline Retail—0.1%** | **Multiline Retail—0.1%** |
| 3500 | Macy's, Inc. | 72275 |
|  | **Oil, Gas and Consumable <br>Fuels—11.9%** | **Oil, Gas and Consumable <br>Fuels—11.9%** |
| 4600 | APA Corp. | 214728 |
| 9067 | Chevron Corp. | 1627436 |
| 17100 | ConocoPhillips | 2017800 |
| 9000 | Devon Energy Corp. | 553590 |
| 1900 | Diamondback Energy, Inc. | 259882 |
| 10100 | EOG Resources, Inc. | 1308152 |
| 54200 | Exxon Mobil Corp. | 5978260 |
| 30900 | Kinder Morgan, Inc. | 558672 |
| 9935 | Marathon Oil Corp. | 268940 |
| 12500 | Occidental Petroleum Corp. | 787375 |
| 5700 | ONEOK, Inc. | 374490 |
| 3400 | Ovintiv, Inc. | 172414 |
| 1200 | PDC Energy, Inc. | 76176 |
| 3300 | Pioneer Natural Resources Co. | 753687 |
| 3300 | Range Resources Corp. | 82566 |
| 5600 | Valero Energy Corp. | 710416 |
|  |  | 15744584 |
|  | **Pharmaceuticals—7.2%** | **Pharmaceuticals—7.2%** |
| 29200 | Bristol-Myers Squibb Co. | 2100940 |
| 31200 | Merck & Co., Inc. | 3461640 |
| 77400 | Pfizer, Inc. | 3965976 |
|  |  | 9528556 |
|  | **Professional Services—0.2%** | **Professional Services—0.2%** |
| 300 | CACI International, Inc., Class A\* | 90177 |
| 1699 | Leidos Holdings, Inc. | 178718 |
|  |  | 268895 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** |
| | **Real Estate Management and <br>Development—0.4%** | **Real Estate Management and <br>Development—0.4%** |
| 4362 | CBRE Group, Inc., Class A\* | $335699 |
| 900 | Jones Lang LaSalle, Inc.\* | 143433 |
|  |  | 479132 |
|  | **Road and Rail—0.3%** | **Road and Rail—0.3%** |
| 2200 | Knight-Swift Transportation <br>Holdings, Inc. | 115302 |
| 500 | Landstar System, Inc. | 81450 |
| 4000 | U-Haul Holding Co. | 222004 |
|  |  | 418756 |
|  | **Semiconductors and <br>Semiconductor Equipment—3.0%** | **Semiconductors and <br>Semiconductor Equipment—3.0%** |
| 11600 | Applied Materials, Inc. | 1129608 |
| 1800 | KLA Corp. | 678654 |
| 1800 | Lam Research Corp. | 756540 |
| 12600 | QUALCOMM, Inc. | 1385244 |
|  |  | 3950046 |
|  | **Specialty Retail—2.6%** | **Specialty Retail—2.6%** |
| 1500 | AutoNation, Inc.\* | 160950 |
| 3200 | Bath & Body Works, Inc. | 134848 |
| 3100 | Best Buy Co., Inc. | 248651 |
| 800 | Dick's Sporting Goods, Inc. | 96232 |
| 12800 | Lowe's Cos., Inc. | 2550272 |
| 1100 | Penske Automotive Group, Inc. | 126423 |
| 900 | Williams-Sonoma, Inc. | 103428 |
|  |  | 3420804 |
|  | **Technology Hardware, Storage & <br>Peripherals—1.0%** | **Technology Hardware, Storage & <br>Peripherals—1.0%** |
| 3300 | Dell Technologies, Inc. Class C | 132726 |
| 22400 | Hewlett Packard Enterprise Co. | 357504 |
| 22300 | HP, Inc. | 599201 |
| 2800 | NetApp, Inc. | 168168 |
|  |  | 1257599 |
|  | **Textiles, Apparel and Luxury <br>Goods—0.3%** | **Textiles, Apparel and Luxury <br>Goods—0.3%** |
| 1900 | Capri Holdings Ltd.\* | 108908 |
| 549 | Ralph Lauren Corp. | 58013 |
| 1800 | Skechers USA, Inc., Class A\* | 75510 |
| 3300 | Tapestry, Inc. | 125664 |
|  |  | 368095 |

---

The accompanying notes are an integral part of these financial statements.

------

**M Large Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** |
| | **Thrifts and Mortgage <br>Finance—0.0%** | **Thrifts and Mortgage <br>Finance—0.0%** |
| 1200 | UWM Holdings Corp.† | $3972 |
|  | **Tobacco—2.5%** | **Tobacco—2.5%** |
| 24800 | Altria Group, Inc. | 1133608 |
| 21000 | Philip Morris International, Inc. | 2125410 |
|  |  | 3259018 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value<br>(Note 1)** |
| | **Trading Companies and <br>Distributors—0.3%** | **Trading Companies and <br>Distributors—0.3%** |
| 1000 | United Rentals, Inc.\* | $355420 |
|  | **TOTAL COMMON STOCKS** <br>(Cost $106,615,518) | 127474613 |
|  | **EXCHANGE-TRADED <br>FUND—2.7%** | **EXCHANGE-TRADED <br>FUND—2.7%** |
| 23410 | iShares Russell 1000 Value ETF† <br>(Cost $3,684,201) | 3550126 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **7-Day<br>Yield** |  |
| | **SHORT-TERM INVESTMENTS—2.4%** | **SHORT-TERM INVESTMENTS—2.4%** | **SHORT-TERM INVESTMENTS—2.4%** |
| 3225378 | State Street Navigator Securities Lending Government Money Market Portfolio <br>(3225378)†† | 4.37% | 3225378 |
|  | **TOTAL INVESTMENTS, AT VALUE—101.7%**<br> (Cost $113,525,097) |  | 134250117 |
|  | **Liabilities in Excess of Other Assets—(1.7)%** |  | (2294056) |
|  | **NET ASSETS—100.0%** |  | $131956061 |

---

**Notes to the Schedule of Investments:**

\* Non-income producing security

† Denotes all or a portion of security on loan. As of December 31, 2022, the market value of the securities on loan was $3,177,709 (Note 1).

†† Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $27,752.

Percentages indicated are based on net assets.

The accompanying notes are an integral part of these financial statements.

------

**M Large Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2022**

At December 31, 2022, industry sector diversification of the M Large Cap Value Fund's investments as a percentage of net assets was as follows:

---

| | |
|:---|:---|
| **Summary of Sector Classifications (Unaudited)** | **Percentage<br>of Net<br>Assets** |
| Financials | 24.7% |
| Health Care | 22.6% |
| Energy | 11.9% |
| Information Technology | 8.9% |
| Industrials | 6.9% |
| Consumer Discretionary | 6.2% |
| Consumer Staples | 5.3% |
| Utilities | 4.4% |
| Materials | 4.4% |
| Communication Services | 3.6% |
| Real Estate | 0.4% |
| Short-Term Investments | 2.4% |
| Total | 101.7% |

---

The accompanying notes are an integral part of these financial statements.

------

**M Fund, Inc.**

**STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **M International<br>Equity Fund** | **M Large Cap <br>Growth Fund** | **M Capital<br>Appreciation<br>Fund** | **M Large Cap<br>Value Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments, at value (Note 1)\*/\*\*—see accompanying <br>Schedule of Investments | $150753389 | $197201022 | $187535096 | $134250117 |
| Affiliated investment company, at value (Note 1)\*\*\*—see <br>accompanying Schedule of Investments | 59098784 |  |  |  |
| Cash (Note 1) | 370744 | 4167457 | 2216106 | 695504 |
| Cash denominated in foreign currencies\*\*\*\* | 507789 |  |  |  |
| Receivable from: | Receivable from: | Receivable from: | Receivable from: | Receivable from: |
| Securities sold | 43544 |  |  | 166707 |
| Capital stock subscriptions | 1867 | 28501 | 4389 | 15373 |
| Dividends and interest | 628846 | 25530 | 119178 | 168337 |
| Total assets | 211404963 | 201422510 | 189874769 | 135296038 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: | Payable for: | Payable for: | Payable for: |
| Investment Adviser, net (Note 2) | 61893 | 102093 | 140811 | 47971 |
| Capital stock redemptions | 30592 | 2708 | 9379 | 7343 |
| Securities purchased | 11632 |  | 118832 |  |
| Payable upon return of securities loaned (Note 1) | 4565218 |  | 1504669 | 3225378 |
| Accrued expenses and other liabilities | 107472 | 73256 | 70994 | 59285 |
| Total liabilities | 4776807 | 178057 | 1844685 | 3339977 |
| **Net assets** | $206628156 | $201244453 | $188030084 | $131956061 |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Paid-in capital | $267912846 | $161454160 | $161603215 | $109794857 |
| Total distributable earnings (loss) | (61284690) | 39790293 | 26426869 | 22161204 |
| **Net assets** | $206628156 | $201244453 | $188030084 | $131956061 |
| **Shares outstanding#** | 17134704 | 8678003 | 8894951 | 9324761 |
| Net asset value, offering price and redemption price per share | $12.06 | $23.19 | $21.14 | $14.15 |
| \* Cost of investments | $147136098 | $159097869 | $161811413 | $113525097 |
| \*\* Includes securities on loan with market values of | $10589721 | $— | $3738603 | $3177709 |
| \*\*\* Cost of affiliated investment | $58246559 | $— | $— | $— |
| \*\*\*\* Cost of cash denominated in foreign currencies | $507648 | $— | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;# The number of authorized shares with a par value of $0.001 per share, for each of the M International Equity Fund, the M Large Cap Growth Fund, the M Capital Appreciation Fund and the M Large Cap Value Fund is 100,000,000.

The accompanying notes are an integral part of these financial statements.

------

**M Fund, Inc.**

**STATEMENTS OF OPERATIONS**

**For the Year Ended December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **M International<br>Equity Fund** | **M Large Cap<br>Growth Fund** | **M Capital<br>Appreciation<br>Fund** | **M Large Cap<br>Value Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Dividends-Unaffiliated\* | $5188987 | $1253768 | $1400161 | $3523641 |
| Dividends-Affiliated | 2223921 |  |  |  |
| Securities lending income | 38838 |  | 9438 | 213 |
| Total investment income | 7451746 | 1253768 | 1409599 | 3523854 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory fee (Note 2) | 678593 | 1286648 | 1717418 | 558990 |
| Custody, fund accounting, transfer agent and <br>administration fees | 481601 | 221871 | 218806 | 164072 |
| Professional fees | 94349 | 38883 | 39100 | 34053 |
| Directors' fees and expenses | 47979 | 47605 | 45010 | 27407 |
| Compliance expenses | 24018 | 24780 | 22240 | 14541 |
| Other | 42618 | 48667 | 41029 | 23291 |
| Total expenses | 1369158 | 1668454 | 2083603 | 822354 |
| Less: Expenses waived/reimbursed by the Adviser (Note 2) | (151020) |  |  |  |
| Net expenses | 1218138 | 1668454 | 2083603 | 822354 |
| **Net investment income (loss)** | 6233608 | (414686) | (674004) | 2701500 |
| **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Unaffiliated investment transactions | 5158781 | 11718001 | 13168890 | 6620475 |
| Affiliated investment transactions | (1766022) |  |  |  |
| Foreign currency transactions | (75545) |  |  |  |
| Net realized gain | 3317214 | 11718001 | 13168890 | 6620475 |
| Net change in unrealized depreciation on: | Net change in unrealized depreciation on: | Net change in unrealized depreciation on: | Net change in unrealized depreciation on: | Net change in unrealized depreciation on: |
| Unaffiliated investments | (32223198) | (80020780) | (54691157) | (11546143) |
| Affiliated investments | (12252887) |  |  |  |
| Foreign currency translation | (26635) |  |  |  |
| Net change in unrealized depreciation | (44502720) | (80020780) | (54691157) | (11546143) |
| **Net realized and unrealized loss** | (41185506) | (68302779) | (41522267) | (4925668) |
| **Net decrease in net assets resulting from operations** | $(34951898) | $(68717465) | $(42196271) | $(2224168) |
| \* Net of foreign taxes withheld of: | $523601 | $3664 | $17272 | $— |

---

The accompanying notes are an integral part of these financial statements.

------

**M Fund, Inc.**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **M International<br>Equity Fund** | **M International<br>Equity Fund** | **M Large Cap <br>Growth Fund** | **M Large Cap <br>Growth Fund** |
| | **Year Ended<br>December 31,<br>2022** | **Year Ended <br>December 31, <br>2021** | **Year Ended <br>December 31, <br>2022** | **Year Ended <br>December 31, <br>2021** |
| **Increase (decrease) in net assets from:** | **Increase (decrease) in net assets from:** | **Increase (decrease) in net assets from:** | **Increase (decrease) in net assets from:** | **Increase (decrease) in net assets from:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $6233608 | $5055184 | $(414686) | $(965055) |
| Net realized gain on investments and foreign currency <br>transactions | 3317214 | 5579135 | 11718001 | 48290835 |
| Net change in unrealized appreciation (depreciation) on <br>investments and foreign currency | (44502720) | 12508657 | (80020780) | 2567288 |
| Net increase (decrease) in net assets resulting from <br>operations | (34951898) | 23142976 | (68717465) | 49893068 |
| **Distributions to shareholders** | (5758465) | (5778411) | (16765613) | (46706905) |
| Tax return of capital |  | (9041) |  |  |
| Total distributions to shareholders | (5758465) | (5787452) | (16765613) | (46706905) |
| **Fund share transactions (Note 4):** | **Fund share transactions (Note 4):** | **Fund share transactions (Note 4):** | **Fund share transactions (Note 4):** | **Fund share transactions (Note 4):** |
| Proceeds from shares sold | 24752434 | 36442359 | 17265274 | 21205923 |
| Net asset value of shares issued on reinvestment of <br>distributions | 5758465 | 5787452 | 16765613 | 46706905 |
| Cost of shares repurchased | (26893171) | (25790986) | (20388782) | (34035704) |
| Net increase in net assets resulting from Fund share <br>transactions | 3617728 | 16438825 | 13642105 | 33877124 |
| **Total change in net assets** | (37092635) | 33794349 | (71840973) | 37063287 |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 243720791 | 209926442 | 273085426 | 236022139 |
| End of year | $206628156 | $243720791 | $201244453 | $273085426 |

---

The accompanying notes are an integral part of these financial statements.

------

**M Fund, Inc.**

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **M Capital<br>Appreciation Fund** | **M Capital<br>Appreciation Fund** | **M Large Cap <br>Value Fund** | **M Large Cap <br>Value Fund** |
| | **Year Ended<br>December 31,<br>2022** | **Year Ended <br>December 31, <br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
| **Increase (decrease) in net assets from:** | **Increase (decrease) in net assets from:** | **Increase (decrease) in net assets from:** | **Increase (decrease) in net assets from:** | **Increase (decrease) in net assets from:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $(674004) | $(1056507) | $2701500 | $2045742 |
| Net realized gain on investments and foreign currency <br>transactions | 13168890 | 41866634 | 6620475 | 12810644 |
| Net change in unrealized appreciation (depreciation) on <br>investments and foreign currency | (54691157) | (4017610) | (11546143) | 15633481 |
| Net increase (decrease) in net assets resulting from <br>operations | (42196271) | 36792517 | (2224168) | 30489867 |
| **Distributions to shareholders** | (16315676) | (38615861) | (8800255) | (2054256) |
| Total distributions to shareholders | (16315676) | (38615861) | (8800255) | (2054256) |
| **Fund share transactions (Note 4):** | **Fund share transactions (Note 4):** | **Fund share transactions (Note 4):** | **Fund share transactions (Note 4):** | **Fund share transactions (Note 4):** |
| Proceeds from shares sold | 10439054 | 22561242 | 14697091 | 23868898 |
| Net asset value of shares issued on reinvestment of <br>distributions | 16315676 | 38615861 | 8800255 | 2054256 |
| Cost of shares repurchased | (12970943) | (40886502) | (15522899) | (17237564) |
| Net increase in net assets resulting from Fund share <br>transactions | 13783787 | 20290601 | 7974447 | 8685590 |
| **Total change in net assets** | (44728160) | 18467257 | (3049976) | 37121201 |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 232758244 | 214290987 | 135006037 | 97884836 |
| End of year | $188030084 | $232758244 | $131956061 | $135006037 |

---

The accompanying notes are an integral part of these financial statements.

------

**M Fund, Inc.**

**FINANCIAL HIGHLIGHTS**

(FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** |
| | **Year Ended<br>December 31,<br>2022** | **Year Ended <br>December 31, <br>2021** | **Year Ended <br>December 31, <br>2020** | **Year Ended <br>December 31, <br>2019** | **Year Ended <br>December 31, <br>2018** |
| **Net asset value, beginning of year** | $14.45 | $13.33 | $12.42 | $10.60 | $13.58 |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment income‡ | 0.37 | 0.32 | 0.20 | 0.27 | 0.19 |
| Net realized and unrealized gain (loss) on <br>investments | (2.41) | 1.15 | 0.90 | 1.88 | (2.99 |
| Total from investment operations | (2.04) | 1.47 | 1.10 | 2.15 | (2.80 |
| **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** |
| From net investment income | (0.35) | (0.35 | (0.19) | (0.30) | (0.18 |
| From return of capital |  | (0.00 |  | (0.03) |  |
| Total distributions | (0.35) | (0.35 | (0.19) | (0.33) | (0.18 |
| **Net asset value, end of year** | $12.06 | $14.45 | $13.33 | $12.42 | $10.60 |
| **Total Return<sup>+</sup>** | (14.16)% | 11.05 | 8.90% | 20.32% | (20.57 |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (000's) | $206628 | $243721 | $209926 | $195973 | $169923 |
| Net expenses to average daily net assets• | 0.56% | 0.57 | 0.62% | 0.63% | 0.92 |
| Net investment income to average daily net assets• | 2.89% | 2.20 | 1.77% | 2.34% | 1.50 |
| Without the waiver/reimbursement of expenses by <br>the adviser, the ratios of net expenses and net <br>investment income to average daily net assets <br>would have been: | Without the waiver/reimbursement of expenses by <br>the adviser, the ratios of net expenses and net <br>investment income to average daily net assets <br>would have been: | Without the waiver/reimbursement of expenses by <br>the adviser, the ratios of net expenses and net <br>investment income to average daily net assets <br>would have been: | Without the waiver/reimbursement of expenses by <br>the adviser, the ratios of net expenses and net <br>investment income to average daily net assets <br>would have been: | Without the waiver/reimbursement of expenses by <br>the adviser, the ratios of net expenses and net <br>investment income to average daily net assets <br>would have been: | Without the waiver/reimbursement of expenses by <br>the adviser, the ratios of net expenses and net <br>investment income to average daily net assets <br>would have been: |
| Expenses• | 0.63% | 0.58 | 0.65% | 0.68% | 0.98 |
| Net investment income• | 2.82% | 2.19 | 1.74% | 2.30% | 1.43 |
| Portfolio turnover rate | 18% | 9 | 10% | 13% | 117 |

---

‡ Calculation based on average shares outstanding.

\* Represents amounts less than $0.005 per share.

+ Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.

• In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying fund in which it invests. Such indirect expenses are not included in the above expense ratios.

? The increase in portfolio turnover rate during the period was primarily attributable to portfolio adjustments made in response to a change in the Fund's sub-adviser.

The accompanying notes are an integral part of these financial statements.

------

**M Fund, Inc.**

**FINANCIAL HIGHLIGHTS**

(FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **M Large Cap Growth Fund** | **M Large Cap Growth Fund** | **M Large Cap Growth Fund** | **M Large Cap Growth Fund** | **M Large Cap Growth Fund** |
| | **Year Ended<br>December 31,<br>2022** | **Year Ended <br>December 31, <br>2021** | **Year Ended <br>December 31, <br>2020** | **Year Ended <br>December 31, <br>2019** | **Year Ended <br>December 31, <br>2018** |
| **Net asset value, beginning of year** | $33.87 | $33.48 | $29.33 | $22.85 | $27.01 |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment loss‡ | (0.05) | (0.14) | (0.12) | (0.07) | (0.03) |
| Net realized and unrealized gain (loss) on <br>investments | (8.58) | 7.32 | 8.46 | 8.31 | (1.12) |
| Total from investment operations | (8.63) | 7.18 | 8.34 | 8.24 | (1.15) |
| **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** |
| From net realized capital gains | (2.05) | (6.79) | (4.19) | (1.76) | (3.01) |
| **Net asset value, end of year** | $23.19 | $33.87 | $33.48 | $29.33 | $22.85 |
| **Total Return<sup>+</sup>** | (25.41)% | 21.49% | 28.89% | 36.09% | (4.95)% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (000's) | $201244 | $273085 | $236022 | $210615 | $168222 |
| Net expenses to average daily net assets | 0.76% | 0.75% | 0.78% | 0.77% | 0.75% |
| Net investment loss to average daily net assets | (0.19)% | (0.37)% | (0.38)% | (0.25)% | (0.11)% |
| Portfolio turnover rate | 37% | 32% | 31% | 22% | 34% |

---

‡ Calculation based on average shares outstanding.

+ Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.

The accompanying notes are an integral part of these financial statements.

------

**M Fund, Inc.**

**FINANCIAL HIGHLIGHTS**

(FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** |
| | **Year Ended<br>December 31,<br>2022** | **Year Ended <br>December 31, <br>2021** | **Year Ended <br>December 31, <br>2020** | **Year Ended <br>December 31, <br>2019** | **Year Ended <br>December 31, <br>2018** |
| **Net asset value, beginning of year** | $28.30 | $28.77 | $25.05 | $21.14 | $31.24 |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment loss‡ | (0.08) | (0.15) | (0.04) | (0.04) | (0.05) |
| Net realized and unrealized gain (loss) on <br>investments | (5.11) | 5.24 | 4.35 | 6.11 | (4.23) |
| Total from investment operations | (5.19) | 5.09 | 4.31 | 6.07 | (4.28) |
| **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** |
| From net investment income |  |  |  |  | (0.09) |
| From net realized capital gains | (1.97) | (5.56) | (0.59) | (2.16) | (5.73) |
| Total distributions | (1.97) | (5.56) | (0.59) | (2.16) | (5.82) |
| **Net asset value, end of year** | $21.14 | $28.30 | $28.77 | $25.05 | $21.14 |
| **Total Return<sup>+</sup>** | (18.14)% | 17.74% | 17.73% | 28.85% | (14.15)% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (000's) | $188030 | $232758 | $214291 | $181375 | $156007 |
| Net expenses to average daily net assets | 1.05% | 1.04% | 1.10% | 1.10% | 1.07% |
| Net investment loss to average daily net assets | (0.34)% | (0.46)% | (0.19)% | (0.15)% | (0.15)% |
| Portfolio turnover rate | 27% | 38% | 32% | 20% | 26% |

---

‡ Calculation based on average shares outstanding.

+ Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.

The accompanying notes are an integral part of these financial statements.

------

**M Fund, Inc.**

**FINANCIAL HIGHLIGHTS**

(FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **M Large Cap Value Fund** | **M Large Cap Value Fund** | **M Large Cap Value Fund** | **M Large Cap Value Fund** | **M Large Cap Value Fund** |
| | **Year Ended <br>December 31, <br>2022** | **Year Ended <br>December 31, <br>2021** | **Year Ended <br>December 31, <br>2020** | **Year Ended <br>December 31, <br>2019** | **Year Ended <br>December 31, <br>2018** |
| **Net asset value, beginning of year** | $15.39 | $12.02 | $12.80 | $11.06 | $13.93 |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment income‡ | 0.31 | 0.24 | 0.23 | 0.22 | 0.20 |
| Net realized and unrealized gain (loss) on <br>investments | (0.55) | 3.37 | (0.66 | 2.16 | (1.88) |
| Total from investment operations | (0.24) | 3.61 | (0.43 | 2.38 | (1.68) |
| **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** |
| From net investment income | (0.31) | (0.24) | (0.22 | (0.22) | (0.20) |
| From net realized capital gains | (0.69) |  | (0.13 | (0.42) | (0.99) |
| Total distributions | (1.00) | (0.24) | (0.35 | (0.64) | (1.19) |
| **Net asset value, end of year** | $14.15 | $15.39 | $12.02 | $12.80 | $11.06 |
| **Total Return<sup>+</sup>** | (1.45)% | 30.01% | (3.16 | 21.52% | (12.07)% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (000's) | $131956 | $135006 | $97885 | $99890 | $85437 |
| Net expenses to average daily net assets | 0.63% | 0.65% | 0.68 | 0.68% | 0.64% |
| Net investment income to average daily net assets | 2.08% | 1.67% | 2.09 | 1.73% | 1.47% |
| Without the waiver/reimbursement of expenses by <br>the adviser, the ratios of net expenses and net <br>investment income to average daily net assets <br>would have been: | Without the waiver/reimbursement of expenses by <br>the adviser, the ratios of net expenses and net <br>investment income to average daily net assets <br>would have been: | Without the waiver/reimbursement of expenses by <br>the adviser, the ratios of net expenses and net <br>investment income to average daily net assets <br>would have been: | Without the waiver/reimbursement of expenses by <br>the adviser, the ratios of net expenses and net <br>investment income to average daily net assets <br>would have been: | Without the waiver/reimbursement of expenses by <br>the adviser, the ratios of net expenses and net <br>investment income to average daily net assets <br>would have been: | Without the waiver/reimbursement of expenses by <br>the adviser, the ratios of net expenses and net <br>investment income to average daily net assets <br>would have been: |
| Expenses | N/A | N/A | 0.72 | 0.69% | 0.66% |
| Net investment income | N/A | N/A | 2.06 | 1.72% | 1.45% |
| Portfolio turnover rate | 48% | 61% | 157 | 107% | 82% |

---

‡ Calculation based on average shares outstanding.

+ Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.

? The increase in portfolio turnover rate during the period was primarily attributable to portfolio adjustments made in response to a change in the Fund's sub-adviser.

The accompanying notes are an integral part of these financial statements.

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS**

M Fund, Inc. (the "Corporation") was incorporated in Maryland on August 11, 1995 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of December 31, 2022, the Corporation consisted of four separate diversified investment portfolios: M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund (each singularly a "Fund" or collectively the "Funds"), each of which is a separate mutual fund.

The Corporation offers shares of the Funds to certain insurance company separate accounts, which serve as the underlying funding vehicles for certain variable annuity and variable life insurance policies. These annuities and insurance policies are offered primarily by members of M Financial Holdings Incorporated ("M Financial Group") and are issued by certain life insurance companies.

**M International Equity Fund**

M International Equity Fund seeks to achieve its investment objective through exposure to a broad and diverse group of securities of non-U.S. companies in countries with developed and emerging markets. The Fund invests in companies of all sizes, with increased exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the Non-U.S. Universe. For purposes of the Fund, Dimensional Fund Advisors LP ("DFA") defines the Non-U.S. Universe as a market capitalization weighted set (e.g., the larger the company, the greater the proportion of the Non-U.S. Universe it represents) of non-U.S. companies in developed and emerging markets that have been authorized for investment as approved markets by DFA's Investment Committee. The Fund may pursue its investment objective by investing its assets directly and/or indirectly in the Emerging Markets Core Equity Portfolio of DFA Investment Dimensions Group Inc. (the "Underlying Fund"). The Underlying Fund purchases a broad and diverse group of securities associated with emerging markets, which may include frontier markets (emerging market countries in an earlier stage of development). The Underlying Fund invests in companies of all sizes, with increased exposure to smaller capitalization, lower relative price, and higher profitability companies. As of the date of this Annual Report, it is anticipated that a significant portion of the Fund's assets will be invested indirectly through the Underlying Fund.

The Fund's increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Fund's assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the Non-U.S. Universe. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, DFA may consider additional factors such as price-to-cash flow or price-to-earnings ratios. In assessing profitability, DFA considers different ratios, such as that of earnings or profits from operations relative to book value or assets. The criteria DFA uses for assessing relative price and profitability are subject to change from time to time. DFA determines company size on a country or region-specific basis and based primarily on market capitalization. DFA may adjust the representation in the Fund of an eligible company, or exclude a company, after considering such factors as free float, momentum, trading strategies, liquidity, size, relative price, profitability, investment characteristics, and other factors that DFA determines to be appropriate. In assessing a company's investment characteristics, DFA considers ratios such as recent changes in assets divided by total assets. The criteria DFA uses for assessing a company's investment characteristics are subject to change from time to time.

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The Fund will normally invest at least 80% of its total assets in equity securities of issuers located in at least three countries other than the United States. These countries may include, but are not limited to, the nations of Western Europe, North and South America, Australia, Africa and Asia. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice. The Fund may invest up to 40% of its total assets in emerging markets.

The Fund may gain exposure to companies associated with approved markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer's domicile country. The Fund may purchase or sell futures contracts and options on futures contracts for foreign or U.S. equity securities and indices, to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Fund. Because many of the Fund's investments may be denominated in foreign currencies, the Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of foreign securities or to transfer cash balances from one currency to another currency.

**M Large Cap Growth Fund**

M Large Cap Growth Fund will normally invest at least 80% of its total assets in domestic equity securities of U.S. large capitalization securities. Domestic equity securities, as determined by DSM Capital Partners LLC ("DSM"), the Fund's sub-adviser, in its discretion, include, but are not limited to common stocks, preferred stocks, securities convertible into common stocks, rights and warrants. Shares of foreign domiciled issuers that primarily trade on a U.S. exchange are generally considered by DSM to be domestic equity securities. Also, as determined by DSM, issuers that issue domestic equity securities may be domiciled and/or headquartered anywhere in the world. The Fund may generally invest up to 20% of its assets in equity securities of foreign issuers, including American Depositary Receipts and similar securities. DSM defines "large cap" as capitalizations of $10 billion or more. The Fund will generally contain 25 to 35 equity securities.

This strategy to invest at least 80% of its total assets in domestic equity securities of U.S. large capitalization securities is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.

DSM uses a "bottom-up," idea-driven approach and focuses on a long-term (e.g., three-year minimum) investment horizon.

DSM seeks to invest in growing businesses with solid fundamentals, attractive profitability and successful management. Candidate companies will typically have projected revenue and earnings growth in excess of 10% and will often have higher returns on equity and assets than average S&P 500 companies. Generally, these businesses will be generating free cash flow and will have financial returns that are stable or rising, driven by improving business fundamentals, all as determined by DSM.

In its stock valuation work, DSM focuses primarily on P/E ratios. P/E is the ratio of a company's share price to its per-share earnings. DSM will generally only buy a stock that it believes has a forward four-quarter P/E ratio that will rise over the next three years. To accomplish this, a target P/E ratio that DSM believes is reasonable and rational and is reflective of a fair valued stock three years from now is selected. DSM will typically buy when the company's stock clears two hurdles: 1. it must have attractive fundamental business characteristics that translate into a reasonably predictable and growing stream of earnings and 2. it must have a P/E on forward four quarters earnings that is normally 8% to 10% below the target P/E three years from the calculation point. In order to determine a target P/E,

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

DSM takes into consideration a number of qualitative and quantitative factors. Among the qualitative factors are barriers to entry, number of competitors, economic cyclicality, customer loyalty, price competition, global reach, government involvement and management quality. Among the quantitative factors are historic revenue and EPS growth, projected revenue and EPS growth, margins, return on assets, return on equity, capital expenditures relative to net income and the historic range of P/E over the last five years. Once a target P/E has been agreed upon, it may occasionally be adjusted. Additionally, Environmental, Social, and Governance ("ESG") is an important part of DSM's investment process and is fully integrated into its stock selection, monitoring, and selling processes. DSM assigns a proprietary ESG score to every company that it researches. Scores range from 0 to 10 (with 10 being the best), and DSM utilizes MSCI's ESG Controversies as a starting point to make adjustments to ESG scores across five key categories: environment, customers, human rights / community, labor rights / supply chain, and governance. These categories are then broken down further into over 20 subcategories. Each Analyst/Portfolio Manager at DSM completes in-depth research on ESG issues impacting a company and assigns scores using a consistent in-house methodology. DSM stores all ESG communications and developments in centralized folders so that companies' ESG histories and DSM's ESG activities are available to all Analyst/Portfolio Managers. In addition to weekly updates from MSCI, DSM's investment team utilizes in-depth ongoing monitoring to identify ESG issues not fully captured by MSCI.

ESG scores are included in DSM's internal summaries and have an impact on DSM's investment decisions. ESG considerations and the implementation of ESG scores and in-house research have both kept DSM from investing in certain companies and have led to DSM selling portfolio holdings.

**M Capital Appreciation Fund**

M Capital Appreciation Fund principally invests in common stock of U.S. companies of all sizes, with emphasis on stocks of companies with capitalizations that are consistent with the capitalizations of those companies found in the Russell 2500<sup>®</sup> Index. As of December 31, 2022, the market capitalization range of companies in the Russell 2500<sup>®</sup> Index was between approximately $6.07 million and $21.19 billion. The Fund may invest up to 15% of the value of its total assets in equity securities of foreign issuers.

The Fund's sub-adviser, Frontier Capital Management Company, LLC ("Frontier") seeks long-term capital appreciation by employing a Growth-At-A-Reasonable-Price approach to identify, in its view, the best risk/reward investment ideas in the U.S. small- and mid-capitalization equity universe. Frontier purchases companies that, in its view, have above-average earnings growth potential and are available at reasonable valuations. Frontier's philosophy combines rigorous bottom-up fundamental analysis with a proven investment process.

Frontier may sell stocks for a number of reasons, including when price objectives are reached, fundamental conditions have changed so that future earnings progress is likely to be adversely affected, or a stock is fully invested and an attractive, new opportunity causes the sale of a current holding with less appreciation potential. Frontier does not sell stocks solely on changes to a company's market capitalization.

**M Large Cap Value Fund**

M Large Cap Value Fund normally invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, if any, in issuers domiciled, or having their principal activities, in the United States, at the time of investment or other instruments with similar economic characteristics. In addition, the Fund normally invests at

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

least 80% of its net assets in equity securities of large capitalization companies. Brandywine Global Investment Management, LLC ("Brandywine"), the Fund's sub-adviser, defines "large capitalization" companies as those companies with market capitalizations similar to companies in the Russell 1000<sup>®</sup> Index (the "Index"). As of December 31, 2022, the market capitalization range of companies in the Index was between approximately $306.4 million to $2.1 trillion. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.

The Fund invests primarily in equity securities that, in Brandywine's opinion, are undervalued or out of favor. Brandywine invests in securities that meet its value criteria, primarily price-to-earnings, price-to-book, price momentum and share change and quality, based on both quantitative and fundamental analysis. The Fund expects to hold approximately 175-250 stocks under normal market conditions.

Brandywine bases portfolio price targets on quantitative criteria determined in its sell process. Brandywine's systems update these quantitatively determined buy and sell limits on a daily basis. Buy candidates must have a price that qualifies the stock as a value such that the price-to-earnings ratio is in the lower 40% of its universe or the price-to-book is in the lower 25% of its universe at time of purchase. Additionally, the current price compared to the price nine months ago must place it above the lower quartile of other universe stocks when ranked by nine month price momentum and the change in shares outstanding over the past year must place it below the upper quartile.

Sell candidates will have a price that when compared to earnings and book place the stock above the median on a price-to-earnings basis and above the 40th percentile on a price-to-book basis. If a stock's price declines relative to the universe such that it falls to the lower 10% of stocks as ranked on nine month price momentum or the company issues sufficient shares to rank among the top 10% largest issuers (as a percentage of shares outstanding) in the year, the holding will be a sell candidate. Additionally, a stock will be sold if the capitalization falls 20% below the minimum purchase capitalization criteria.

Brandywine may modify buy and sell trigger points and decisions only due to tracking error considerations, trading opportunities or limitations such as position, industry or sector size. Brandywine does not violate its buy and sell rules based on analyst affinity for the stock. Its investment process requires disciplined buy and sell decisions rules with carefully outlined exceptions.

If a security experiences a severe fundamental deterioration event that is not captured in the price change, share change or valuation rules, Brandywine will initiate a sell. The rank order of the most common occurrences are price momentum, valuation expansion into the sell range, share issuance or fundamental deterioration.

**1. Significant Accounting Policies**

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

***Use of Estimates***

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The preparation of financial statements in accordance with GAAP

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**1. Significant Accounting Policies (Continued)**

requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

***Portfolio Valuation***

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

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

Fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is utilized to maximize the use of observable data inputs and minimize the use of unobservable data inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use to price the asset or liability, including assumptions about risk. Observable inputs are inputs that reflect the assumptions market participants would use to price the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use to price the asset or liability

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**1. Significant Accounting Policies (Continued)**

based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

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

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

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

The valuation techniques used by the Funds to measure fair value during the year ended December 31, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

As of December 31, 2022, the M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund, had (i) all long-term investments classified as Level 1, as represented on the Schedule of Investments; and (ii) all short-term investments classified as Level 2.

The following is a summary of the inputs used as of December 31, 2022 in valuing the M International Equity Fund investments:

**Assets Valuation Input**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices<br>in Active<br>Markets for<br>Identical <br>Assets<br>(Level 1)** | **Significant<br>Other<br>Observable<br>Inputs<br>(Level 2)** | **Significant <br>Unobservable<br>Inputs<br>(Level 3)** | **Total** |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| Australia | $10277996 | $— | $— | $10277996 |
| Austria | 692425 |  |  | 692425 |
| Belgium | 1664554 |  |  | 1664554 |
| Canada | 16242348 |  |  | 16242348 |
| China | 34222 |  |  | 34222 |

---

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**1. Significant Accounting Policies (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices<br>in Active<br>Markets for<br>Identical <br>Assets<br>(Level 1)** | **Significant<br>Other<br>Observable<br>Inputs<br>(Level 2)** | **Significant <br>Unobservable<br>Inputs<br>(Level 3)** | **Total** |
| Denmark | $3896322 | $— | $— | $3896322 |
| Finland | 2029415 |  |  | 2029415 |
| France | 12142753 |  |  | 12142753 |
| Germany | 9817824 | 331 |  | 9818155 |
| Hong Kong | 3729476 | 82 |  | 3729558 |
| Ireland | 888839 |  |  | 888839 |
| Israel | 1429503 |  |  | 1429503 |
| Italy | 3557393 |  |  | 3557393 |
| Japan | 32392541 |  |  | 32392541 |
| Netherlands | 4595972 |  |  | 4595972 |
| New Zealand | 609333 |  |  | 609333 |
| Norway | 1599937 |  |  | 1599937 |
| Portugal | 444084 |  |  | 444084 |
| Singapore | 1673352 |  |  | 1673352 |
| Spain | 3021465 |  |  | 3021465 |
| Sweden | 4018539 | 1203 |  | 4019742 |
| Switzerland | 10870630 |  |  | 10870630 |
| United Kingdom | 19786076 |  |  | 19786076 |
| United States | 33784 |  |  | 33784 |
| Total Common Stocks | 145448783 | 1616 |  | 145450399 |
| Affiliated Investment Company | Affiliated Investment Company | Affiliated Investment Company | Affiliated Investment Company | Affiliated Investment Company |
| United States | 59098784 |  |  | 59098784 |
| Rights | Rights | Rights | Rights | Rights |
| Austria |  |  |  |  |
| Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| Germany | 709922 |  |  | 709922 |
| Italy | 27850 |  |  | 27850 |
| Total Preferred Stock | 737772 |  |  | 737772 |
| Short-Term Investments | Short-Term Investments | Short-Term Investments | Short-Term Investments | Short-Term Investments |
| Investments in Security Lending Collateral |  | 4565218 |  | 4565218 |
| Total Investments, at Value | 205285339 | 4566834 |  | 209852173 |
| Total | $205285339 | $4566834 | $— | $209852173 |

---

At December 31, 2022, Level 2 Common Stocks were priced using quoted prices in markets that were not active or other significant observable inputs.

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**1. Significant Accounting Policies (Continued)**

The following is a reconciliation of investments in securities for which significant unobservable inputs (Level 3) were used in determining value for the M International Equity Fund:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Balance <br>as of <br>December 31,<br>2021** | **Realized<br>Gain<br>(Loss)** | **Change <br>in <br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales** | **Transfers<br>in to <br>Level 3\*** | **Transfers<br>out of<br>Level 3** | **Balance <br>as of <br>December 31,<br>2022** | **Net Change in <br>Unrealized<br>Appreciation<br>(Depreciation) <br>from<br>Investments<br>still held <br>as of <br>12/31/22<br>for the <br>year <br>ended<br>12/31/22** |
| Common Stocks | $— | $— | $(27947) | $— | $— | $27947 | $— | $— | $(27947) |
| Rights |  |  |  |  |  |  |  |  |  |
| Total | $— | $— | $(27947) | $— | $— | $27947 | $— | $— | $(27947) |

---

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

During the year ended December 31, 2022, financial assets with a combined market value of $0 held by M International Equity Fund transferred from Level 1 to Level 3.

***Securities Transactions, Investment Income and Expenses***

Securities transactions are recorded as of the trade date. Realized gains or losses from securities sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis and consists of interest accrued and, if applicable, discount earned less premiums amortized. Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the Fund is informed of the ex-dividend date. Investment income is recorded net of foreign taxes withheld where the recovery of such taxes is uncertain. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Expenses of the Corporation that can be directly attributed to a particular fund are charged to that Fund. Expenses that cannot be directly attributed are apportioned among Funds by the Corporation based on average net assets of each Fund.

Additionally, the Funds may invest in mutual funds, which are subject to management fees and other fees that may increase the costs of investing in mutual funds versus the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Funds' Statements of Operations or in the expense ratios included in the financial highlights.

***Dividends and Distributions to Shareholders***

Each Fund declares and pays dividends from net investment income, if any, and distributes net short-term capital gains, if any, on an annual basis. Each Fund also distributes, at least annually, substantially all of the long-term capital gains in excess of available capital losses, if any, which it realizes for each taxable year. Distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**1. Significant Accounting Policies (Continued)**

***Securities Lending***

The Funds participate in a securities lending program under the terms of a Securities Lending Agency Agreement with State Street Bank and Trust Company, which serves as the Funds' securities lending agent. Each Fund may loan its portfolio securities in an amount up to 33 1/3 of its total assets. The Funds receive cash (U.S. currency) and non-cash (U.S. Treasuries and Agencies) as collateral against the loaned securities. Cash collateral is invested by the securities lending agent in a money market mutual fund that meets the quality and diversification requirements in accordance with Rule 2a-7 under the 1940 Act. All collateral received will be in an amount at least equal to 102% (for loans of U.S. securities) or 105% (for loans of non-U.S. securities) of the market value of the loaned securities at the inception of each loan. The market value of the loaned securities is determined each day at the close of business of the Funds and any change in the amount of collateral is delivered to or paid by the Fund the next day. The collateral value does not include the calculated mark, which is the amount charged/returned to the borrower daily to maintain 102% or 105% of market value. There is a day lag in receiving the mark, which may at times result in a collateral percentage above or below 102% or 105%.

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

Income generated from the investment of collateral, less negotiated rebate fees paid to the borrower through the securities lending agent, is the source of the Fund's securities lending income, 70% of which is paid to the Fund, 30% of which is paid to the custodian as securities lending agent.

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amount Not Offset <br>in the Statement<br>of Assets and Liabilities** | **Gross Amount Not Offset <br>in the Statement<br>of Assets and Liabilities** | |
|<br>**Fund** | **Gross**<br>**Amounts of<br>Recognized<br>Assets** | **Gross<br>Amounts<br>Offset in the**<br>**Statement<br>Assets<br>and Liabilities** | **Net Amounts<br>of Assets<br>Presented<br>in the**<br>**Statement<br>Assets<br>and Liabilities** | **Financial<br>Instruments** | **Cash<br>Collateral<br>Received** |<br>**Net <br>Amount** |
| M International Equity Fund | $4565218 | $— | $4565218 | $— | $4565218 | $— |
| M Capital Appreciation Fund | 1504669 |  | 1504669 |  | 1504669 |  |
| M Large Cap Value Fund | 3225378 |  | 3225378 |  | 3225378 |  |

---

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**1. Significant Accounting Policies (Continued)**

The following table presents the remaining contractual maturity of the Securities Lending Agency Agreement as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Security Type** | **Overnight and<br>Continuous** | **Up to 30<br>days** | **30-90<br>days** | **Greater<br>Than 90<br>days** | **Total** |
| M International Equity Fund | Common Stocks | $4565218 | $— | $— | $— | $4565218 |
| M Capital Appreciation Fund | Common Stocks | 1504669 |  |  |  | 1504669 |
| M Large Cap Value Fund | Common Stocks | 3225378 |  |  |  | 3225378 |

---

In addition, the Funds received non-cash collateral in the form of U.S. Government obligations, which the Funds cannot sell or repledge, and accordingly are not reflected in the Schedules of Investments as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of Securities <br>Loaned with<br>Non-Cash Collateral** | **Value of Non-Cash <br>Collateral** |
| M International Equity Fund | $6243805 | $6580395 |
| M Capital Appreciation Fund | 2306313 | 2364864 |
| M Large Cap Value Fund | 27141 | 27752 |

---

***Federal Income Taxes***

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and by distributing substantially all of its earnings to its shareholders. Therefore, no provision for federal income or excise tax is necessary.

The Funds evaluate the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Funds did not have any unrecognized tax benefits as of December 31, 2022, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the year ended December 31, 2022, the Funds did not incur any such interest or penalties. The Funds' tax returns are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years, December 2019 through December 2021. No examination of any of the Funds' tax filings is currently in progress.

***Significant Concentrations***

The Funds maintain a demand deposit in excess of Federal Deposit Insurance Company ("FDIC") Insurance limits. As a result, the Fund is exposed to credit risk in the event of insolvency or other failure of the institution to meet its obligations. The Funds manage this risk by dealing with a major financial institution and monitoring its credit worthiness.

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**2. Advisory Fee and Other Transactions with Affiliates**

The Corporation has entered into an investment advisory agreement (the "Advisory Agreement") with M Financial Investment Advisers, Inc. (the "Adviser"), a wholly-owned subsidiary of M Financial Group. The Advisory Agreement provides that the Funds will pay the Adviser a fee at an annual rate of the value of each Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Fund** | **Total Advisory Fees** |
| M International Equity Fund | 0.15% on all assets plus (and only with |
|  | respect to Fund assets which are not invested |
|  | in a mutual fund that is advised by the  |
|  | Fund's sub-adviser): |
|  | 0.25% on the first $100 million |
|  | 0.20% on the amounts thereafter |
| M Large Cap Growth Fund | 0.65% of the first $50 million |
|  | 0.60% of the next $50 million |
|  | 0.55% on the amounts thereafter |
| M Capital Appreciation Fund | 0.90% on the first $125 million |
|  | 0.80% on the amounts thereafter |
| M Large Cap Value Fund | 0.43% |

---

Prior to May 1, 2022 and for the period May 1, 2022 to April 30, 2023, the Adviser has contractually agreed to reimburse each Fund for any expenses (other than advisory fees, brokerage or other portfolio transaction expenses or expenses for litigation, indemnification, taxes or other extraordinary expenses) to the extent that such expenses exceed 0.25% of a Fund's annualized average daily net assets. For the year ended December 31, 2022, the Adviser reimbursed $151,020 of other expenses for the M International Equity Fund.

The Adviser has engaged Dimensional Fund Advisors LP, DSM Capital Partners LLC, Frontier Capital Management Company, LLC and Brandywine Global Investment Management, LLC to act as sub-advisers to provide day-to-day portfolio management for the M International Equity Fund, the M Large Cap Growth Fund, the M Capital Appreciation Fund and the M Large Cap Value Fund, respectively.

As compensation for their services, each sub-adviser receives a fee based on the average daily net assets of the applicable Fund at the following annual rates:

---

| | |
|:---|:---|
| **Fund** | **Total Sub-Advisory Fees** |
| M International Equity Fund | 0.25% on the first $100 million |
|  | 0.20% on the amounts thereafter |
|  | *Sub-adviser shall not receive any sub-<br>advisory fee for its sub-advisory services to <br>the M International Equity Fund with respect <br>to assets of the M International Equity Fund <br>invested in any other mutual fund advised by <br>the sub-adviser, nor shall such assets count <br>towards the application of the $100 million <br>breakpoint.* |

---

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**2. Advisory Fee and Other Transactions with Affiliates (Continued)**

---

| | |
|:---|:---|
| **Fund** | **Total Sub-Advisory Fees** |
| M Large Cap Growth Fund | 0.50% on the first $50 million |
|  | 0.45% on the next $50 million |
|  | 0.40% on the amounts thereafter |
| M Capital Appreciation Fund | 0.75% on the first $125 million |
|  | 0.65% on the amounts thereafter |
| M Large Cap Value Fund | 0.28% |

---

The sub-advisory fees are paid by the Adviser out of the investment advisory fees disclosed above.

M Holdings Securities, Inc. acts as distributor (the "Distributor") for each of the Funds. The Distributor is a wholly-owned subsidiary of M Financial Group. No fees are charged by the Distributor for its services.

The Corporation pays no compensation to its officers or Interested Directors. As of December 31, 2022, the Corporation pays each Non-Interested Director $1,500 per meeting of the Board that he or she attends. The Corporation pays each Independent Director an annual retainer of $25,000. Each member of the Audit Committee and each member of the Nominating and Corporate Governance Committee receives $1,500 per meeting of the Audit Committee or Nominating and Corporate Governance Committee that he or she attends. The Chair of the Board and Audit Committee Chair each receive an additional $10,000 annually.

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities or is under common management. The Company which is an affiliate of the M International Equity Fund as of December 31, 2022, is noted in the Fund's Schedule of Investments. During the year ended December 31, 2022, purchases and sales transactions, income earned from investments and shares held of investment companies managed by DFA for the M International Equity Fund were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investment<br>Company** | **Value,<br>Beginning<br>of Year** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net Realized<br>(Loss)<br>on Sales** | **Change in<br>Unrealized<br>(Depreciation)** | **Value,<br>End of<br>Period** | **Dividend<br>Income** | **Shares<br>End of<br>Year** |
| DFA Emerging<br>Markets Core <br>Equity Portfolio | $70794732 | $10222452 | $(7899491) | $(1766022) | $(12252887) | $59098784 | $2223921 | 2934398 |

---

The DFA Emerging Markets Core Equity Portfolio is registered under the 1940 Act as an open-end management investment company. The M International Equity Fund may redeem its investment from the DFA Emerging Markets Core Equity Portfolio at any time if the Adviser determines that it is in the best interest of the M International Equity Fund and its shareholders to do so.

The performance of the M International Equity Fund will be directly affected by the performance of the DFA Emerging Markets Core Equity Portfolio. The financial statements of the DFA Emerging Markets Core Equity Portfolio, including the portfolio of investments, can be found at the Securities and Exchange Commission's website www.sec.gov and should be read in conjunction with the M International Equity Fund's financial statements. As of December 31, 2022, the percentage of M International Equity Fund net assets invested in the DFA Emerging Markets Core Equity Portfolio was 28.6%.

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**3. Purchases and Sales of Securities**

Cost of purchases and proceeds from sales of investment securities, excluding short-term investments, for the year ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| | **Non-U.S. <br>Government Securities** | **Non-U.S. <br>Government Securities** |
| | **Purchases** | **Sales** |
| M International Equity Fund | $44066862 | $39748386 |
| M Large Cap Growth Fund | 79615487 | 82450969 |
| M Capital Appreciation Fund | 53498816 | 54982392 |
| M Large Cap Value Fund | 63537951 | 62179878 |

---

**4. Paid-in Capital**

Changes in the capital shares outstanding were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **M International Equity Fund** | **M International Equity Fund** | **M Large Cap Growth Fund** | **M Large Cap Growth Fund** |
| | **Year Ended <br>December 31, <br>2022** | **Year Ended<br>December 31, <br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
| Shares sold | 1944037 | 2512137 | 643755 | 567120 |
| Shares repurchased | (2148100) | (1796681) | (743895) | (909133) |
| Distributions reinvested | 475513 | 401110 | 715926 | 1353645 |
| Net increase | 271450 | 1116566 | 615786 | 1011632 |
| Fund Shares: | Fund Shares: | Fund Shares: | Fund Shares: | Fund Shares: |
| Beginning of year | 16863254 | 15746688 | 8062217 | 7050585 |
| End of year | 17134704 | 16863254 | 8678003 | 8062217 |
|  | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Large Cap Value Fund** | **M Large Cap Value Fund** |
|  | **Year Ended <br>December 31, <br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31, <br>2021** |
| Shares sold | 434832 | 695986 | 982585 | 1673572 |
| Shares repurchased | (544192) | (1273756) | (1056014) | (1177618) |
| Distributions reinvested | 778667 | 1353989 | 627003 | 133245 |
| Net increase | 669307 | 776219 | 553574 | 629199 |
| Fund Shares: | Fund Shares: | Fund Shares: | Fund Shares: | Fund Shares: |
| Beginning of year | 8225644 | 7449425 | 8771187 | 8141988 |
| End of year | 8894951 | 8225644 | 9324761 | 8771187 |

---

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**5. Financial Instruments**

***Foreign Investments and Foreign Currency***

Each of the Funds may invest in securities of companies that are organized under the laws of a foreign country and (i) are unlisted or listed primarily on a non-U.S. exchange; or (ii) are listed on a U.S. exchange or over-the-counter as a sponsored or unsponsored American Depositary Receipt ("foreign issuers"). M International Equity Fund may also invest in non-U.S. dollar denominated securities and securities of foreign issuers represented by European Depositary Receipts ("EDRs"), International Depositary Receipts ("IDRs") and Global Depositary Receipts ("GDRs"). The value of all assets and liabilities expressed in foreign currencies are translated into U.S. dollars at the exchange rates captured as of twelve noon Eastern Time each business day other than market holidays or early closures. Purchases and sales of investment securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of such transactions. Net realized foreign currency gains and losses result from changes in exchange rates, including foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amount actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial trade date and subsequent sale trade date is included in realized gains and losses on investment transactions. M International Equity Fund does not isolate that portion of the results for changes in foreign currency exchange rates from the fluctuations arising from changes in market prices of securities held at year end.

Investments in non-U.S. dollar denominated securities or in the securities of foreign issuers may be affected by changes in currency rates, changes in foreign or U.S. laws or restrictions applicable to such investments and in exchange control regulations (e.g., currency blockage). Some foreign stock markets may have substantially less volume than, for example, the New York Stock Exchange, and securities of some foreign issuers may be less liquid than securities of comparable domestic issuers. Commissions and dealer mark-ups on transactions in foreign investments may be higher than for similar transactions in the United States. In addition, clearance and settlement procedures for such securities may be different in foreign countries and, in certain markets, on certain occasions such procedures have been unable to keep pace with the volume of securities transactions.

Foreign issuers are not generally subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. There may be less publicly available information about a foreign issuer than about a domestic one. In addition, there is generally less government regulation of stock exchanges, brokers, and listed and unlisted issuers in foreign countries than in the United States. Furthermore, with respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, imposition of withholding taxes on dividend or interest payments, limitations on the removal of funds or other assets of the Funds, or political or social instability or diplomatic developments which could affect investments in those countries. Individual foreign economies also may differ favorably or unfavorably from the United States economy in such respects as growth of gross national product, rate of inflation, capital reinvestment and resource self-sufficiency.

Because investment in foreign issuers will usually involve currencies of foreign countries, and because the Funds may be exposed to currency exposure independent of their securities positions, the value of the assets of the Funds invested in foreign issuers as measured in U.S. dollars will be affected by changes in foreign currency exchange rates. To the extent that a Fund's assets consist of investments denominated in a particular currency, the Fund is at risk of adverse developments affecting the value of such currency.

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**5. Financial Instruments (Continued)**

Currency exchange rates may fluctuate significantly over short periods of time causing, along with other factors, a Fund's net asset value to fluctuate as well. Currency exchange rates generally are determined by the forces of supply and demand in the foreign exchange markets and the relative merits of investments in different countries, actual or anticipated changes in interest rates and other complex factors, as seen from an international perspective. Currency exchange rates also can be affected unpredictably by intervention by U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political developments in the U.S. or abroad. To the extent that a substantial portion of a Fund's total assets, adjusted to reflect the Fund's net position after giving effect to currency transactions, is denominated in the currencies of foreign countries, the Fund will be more susceptible to the risk of adverse economic and political developments within those countries.

***Market Disruption Risks Related to Russia-Ukraine Conflict***

Russia's invasion of Ukraine in late February 2022, the resulting responses of various countries, the European Union and NATO to Russia's actions (including potential further sanctions), the potential for military escalation and other corresponding events, including potential retaliatory actions (including cyberattacks) by Russia, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impact may be particularly acute in certain sectors including, but not limited to, energy, financials, commodities, engineering, and defense. This could negatively affect Fund performance and the value of an investment in a Fund, even beyond any direct investment exposure a Fund may have to Russian issuers or the adjoining geographic regions.

***Risks Related to COVID-19 Pandemic***

The global outbreak of the novel coronavirus and related disease (COVID-19) continues to create significant economic and social uncertainty throughout the world and is causing significant related market volatility. In particular, travel restrictions, disruption of healthcare systems, quarantines and supply chain disruptions are having significant economic impacts. These impacts are on-going and may last for an extended period of time. The COVID-19 pandemic, other pandemics or epidemics, and local, regional or global natural or environmental disasters, wars, acts of terrorism, or similar events could have a significant adverse impact on a Fund and its investments and could result in increased volatility of a Fund's net asset value.

**6. Beneficial Interest**

Shares of the Funds are owned by insurance companies through their separate accounts that are used primarily to fund variable annuity contracts and variable life insurance contracts. As of December 31, 2022, John Hancock Variable Life Insurance Co., Pacific Life Insurance Co., Pruco Life Insurance Co. of Arizona and Security Life of Denver (an indirect, wholly owned subsidiary of Voya Financial, Inc.) each owned 5% or more of the Funds' shares. John Hancock Variable Life Insurance Co. and Pacific Life Insurance Co. may each be deemed a control person of each Fund because their separate accounts hold more than 25% of the shares of each Fund.

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**6. Beneficial Interest (Continued)**

As of December 31, 2022, the ownership of each Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Percentage of Ownership<sup>(1)</sup>** | **Percentage of Ownership<sup>(1)</sup>** | **Percentage of Ownership<sup>(1)</sup>** | **Percentage of Ownership<sup>(1)</sup>** |
| | **John Hancock<br>Variable Life<br>Insurance Co.** | **Pacific Life<br>Insurance Co.** | **Pruco Life<br>Insurance Co.<br>Of Arizona** | **Voya-Security<br>Life of<br>Denver** |
| M International Equity Fund | 39.9% | 43.5% | 4.7% | 4.4% |
| M Large Cap Growth Fund | 53.1% | 32.8% | 4.1% | 1.5% |
| M Capital Appreciation Fund | 47.5% | 37.2% | 1.8% | 6.6% |
| M Large Cap Value Fund | 50.0% | 32.9% | 6.5% | 1.3% |

---

<sup>(1)</sup> The balance of the Funds' shares are owned by shareholders with less than 5% beneficial interest.

**7. Tax Information**

At December 31, 2022, aggregated gross unrealized appreciation for investment securities in which there is an excess of value over tax cost and aggregate gross unrealized depreciation for investment securities in which there is an excess of tax cost over value were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Federal<br>Income Tax<br>Cost** | **Tax Basis<br>Unrealized<br>Appreciation** | **Tax Basis<br>Unrealized<br>Depreciation** | **Tax Basis<br>Net Unrealized<br>Appreciation/<br>Depreciation** |
| M International Equity Fund | $207198035 | $21062728 | $(18408590) | $2654138 |
| M Large Cap Growth Fund | 159097869 | 47388855 | (9285702) | 38103153 |
| M Capital Appreciation Fund | 162925521 | 50582335 | (25972760) | 24609575 |
| M Large Cap Value Fund | 114136432 | 23748554 | (3634869) | 20113685 |

---

The tax character of distributions paid during 2022 and 2021 was as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, <br>2022<br>Amount** | **December 31, <br>2021<br>Amount** |
| **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** |
| Distributions paid from: | Distributions paid from: | Distributions paid from: |
| Ordinary Income | $5758465 | $5778411 |
| Return Of Capital |  | 9041 |
| Total Distributions | $5758465 | $5787452 |
| **M Large Cap Growth Fund** | **M Large Cap Growth Fund** | **M Large Cap Growth Fund** |
| Distributions paid from: | Distributions paid from: | Distributions paid from: |
| Ordinary Income | $805532 | $5014895 |
| Long-Term Capital Gain | 15960081 | 41692010 |
| Total Distributions | $16765613 | $46706905 |

---

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**7. Tax Information (Continued)**

---

| | | |
|:---|:---|:---|
| | **December 31, <br>2022<br>Amount** | **December 31, <br>2021<br>Amount** |
| **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** |
| Distributions paid from: | Distributions paid from: | Distributions paid from: |
| Ordinary Income | $— | $3387174 |
| Long-Term Capital Gain | 16315676 | 35228687 |
| Total Distributions | $16315676 | $38615861 |
| **M Large Cap Value Fund** | **M Large Cap Value Fund** | **M Large Cap Value Fund** |
| Distributions paid from: | Distributions paid from: | Distributions paid from: |
| Ordinary Income | $2701500 | $2053448 |
| Long-Term Capital Gain | 6098755 | 808 |
| Total Distributions | $8800255 | $2054256 |

---

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Gain** | **Capital Loss<br>Carryforwards** | **Unrealized <br>Appreciation/<br>Depreciation** | **Total <br>Accumulated<br>Earnings (Loss)** |
| M International Equity Fund | $244476 | $— | $(64168134) | $2638968 | $(61284690) |
| M Large Cap Growth Fund |  | 1687140 |  | 38103153 | 39790293 |
| M Capital Appreciation Fund |  | 1817294 |  | 24609575 | 26426869 |
| M Large Cap Value Fund |  | 2047519 |  | 20113685 | 22161204 |

---

Net capital loss carryforwards may be applied against any net realized taxable gains in each succeeding year, or until their respective expirations dates, whichever occurs first. At December 31, 2022, M International Equity Fund had available, for federal tax purposes, unused short-term capital losses of $17,321,811 and unused long-term capital losses of $46,846,323 permitted to be carried for an unlimited period. In addition, at December 31, 2022 M International Equity Fund used capital loss carryforwards of $5,131,439.

Dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. Temporary differences do not require reclassification.

During the year ended December 31, 2022, the Funds reclassified for book purposes, amounts arising from permanent book/tax difference primarily relating to realized foreign currency gains and losses, return of capital distributions from non-REIT securities, capital gain distributions from REITs, ordinary losses, partnerships and passive foreign investment company gains and losses.

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**7. Tax Information (Continued)**

Permanent differences incurred during the year ended December 31, 2022, resulting from differences in book and tax accounting, have been reclassified at year-end between undistributed net investment income (loss), undistributed (accumulated) net realized gain (loss) and paid-in capital as follows, with no impact to the net asset value per share:

---

| | | |
|:---|:---|:---|
| | **Total<br>Accumulated<br>Earnings** | **Paid-in Capital** |
| M Large Cap Growth Fund | $414684 | $(414684) |
| M Capital Appreciation Fund  | 676946 | (676946) |

---

**8. Disclosure of Certain Commitments and Contingencies**

In the normal course of business, the Corporation may enter into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The maximum exposure to the Corporation under these arrangements is unknown, as it involves future claims that may be made against the Corporation that have not yet occurred. However, based on experience, the Corporation believes that the current risk of loss is remote.

**9. Subsequent Events**

The Funds have evaluated subsequent events through the date of issuance of the Funds' financial statements and have determined there is no material impact to the Funds' financial statements.

------

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of M Fund, Inc. <br>and the Shareholders of <br>M International Equity Fund, <br>M Large Cap Growth Fund, <br>M Capital Appreciation Fund and <br>M Large Cap Value Fund

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund, each a series of shares of beneficial interest in M Fund, Inc. (the ***"Funds"***), including the schedules of investments, as of December 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the financial highlights as for each of the years in the five-year period then ended, and the related notes (collectively referred to as the ***"financial statements"***). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and their financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (***"PCAOB")*** and are required to be independent with respect to the Funds in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, brokers, or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2313852_fa007.jpg)

BBD, LLP

*We have served as the auditor of one or more of the Funds in the M Fund, Inc. since 2008.*

Philadelphia, Pennsylvania<br>February 21, 2023

------

**M Fund, Inc.**

**SUPPLEMENTAL INFORMATION (Unaudited)**

**Director's and Officer's Tables**

Interested Directors:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)<br>Held with<br>the Fund** | **Term of Office(1)<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>in Fund Complex<br>Overseen by<br>Director** | **Other<br>Directorships<br>Held by<br>Director<br>for the Past 5 <br>Years** |
| Peter W. Mullin(2)<br>1125 NW Couch St.,<br>Suite 900<br>Portland, OR 97209<br>82 | Director | Indefinite<br>27 Years | Chairman Emeritus, MullinTBG, Inc. (insurance agency), 2008 to 2021, Founding Chairman, Mullin, Barens, Sanford (life insurance & executive benefits), 2012 to present. | 4 | N/A |
| Malcolm L. "Skip" Cowen II(2)<br>1125 NW Couch St.,<br>Suite 900<br>Portland, OR 97209 <br>63 | Director | Indefinite<br>One Year | President, Cornerstone Advisors Asset Management, LLC and Cornerstone Institutional Investors, LLC, 2002 to present; President, Cornerstone Benefits, Inc., 2021 to present. | 4 | M Financial Investment Advisers, Inc, 1999 to present; and Gettysburg College Board of Trustees, 2012 to present. |
| James "Jim" Kaplan(2)<br>1125 NW Couch St.,<br>Suite 900<br>Portland, OR 97209<br>61 | Director | Indefinite<br>One Year | Chief Executive Officer, KB Financial Companies, LLC, 2016 to present; Principal, KB Financial Partners, LLC, 2009 to present. | 4 | M Financial Investment Advisers, Inc, 2021 to present; M Financial Holdings, Inc., 2019 to present; M Life Insurance Company, 2019 to present; and The Mariano Rivera Foundation, April 2021 to present. |

---

------

**M Fund, Inc.**

**SUPPLEMENTAL INFORMATION (Unaudited) (Continued)**

**Director's and Officer's Tables (Continued)**

(1) In accordance with the Corporation's current by-laws, each Director serves for an indefinite term until the date such Director resigns, retires or is removed by the Board of Directors or shareholders in accordance with the Corporation's Articles of Incorporation.

(2) Messrs. Mullin, Cowen, and Kaplan are deemed to be Interested Persons as defined by the 1940 Act, for the following reasons:

• Mr. Mullin has the power to vote 17.1% of the stock of M Financial Group, which controls the Adviser.

• Mr. Cowen is a Director of the Adviser.

• Mr. Kaplan is a Director of the Adviser and of M Financial Holdings.

------

**M Fund, Inc.**

**SUPPLEMENTAL INFORMATION (Unaudited) (Continued)**

**Director's and Officer's Tables (Continued)**

Independent Directors:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)<br>Held with<br>the Fund** | **Term of Office(1)<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>in Fund Complex<br>Overseen by<br>Director** | **Other<br>Directorships<br>Held by<br>Director<br>for the Past 5 <br>Years** |
| Wayne Pierson<br>1125 NW Couch St.,<br>Suite 900<br>Portland, OR 97209<br>72 | Director, Chair of the Board and Nominating and Corporate Governance Committee Chair | Indefinite <br>10 Years | President, Acorn Investors LLC (investment holding company), 2005 to October 2022; Principal, Clifford Capital Partners LLC (investment manager), 2010 to present. | 4 | Director, Oaktree Capital Group, 2007 to 2019 (investment manager). |
| Bruce W. Madding<br>1125 NW Couch St.,<br>Suite 900<br>Portland, OR 97209<br>71 | Director and Audit Committee Chair | Indefinite <br>14 Years | Retired. Chief Executive Officer, C.M. Capital Corp., 2010 to 2021; Chief Investment Officer, C.M. Capital Corp., 2011 to 2018. | 4 | Vice-Chair and Director, C.M. Capital Corp., 2021 to present. |
| Nancy Crouse<br>1125 NW Couch St.,<br>Suite 900<br>Portland, OR 97209<br>64 | Director | Indefinite<br>Three Years | Retired. Senior Vice President and Portfolio Manager, Nuveen Investments (investment manager), 2005 to 2016. | 4 | Director, Women's Economic Ventures (non-profit), 2016 to present; and Treasurer, Women's Economic Ventures (non-profit), 2018 to present. |
| Mary Moran Zeven<br>1125 NW Couch St.,<br>Suite 900<br>Portland, OR 97209<br>61 | Director | Indefinite<br>Three Years | Director, Graduate Program in Banking and Financial Law, Boston University School of Law, 2019 to 2022; Senior Vice President and Senior Managing Counsel, State Street Bank and Trust Company (custodial bank), 2000 to 2019. | 4 | Wisdom Tree Digital Trust (mutual fund), June 2022 to present. |

---

------

**M Fund, Inc.**

**SUPPLEMENTAL INFORMATION (Unaudited) (Continued)**

**Director's and Officer's Tables (Continued)**

(1) In accordance with the Corporation's current by-laws, each Director serves for an indefinite term until the date such Director resigns, retires or is removed by the Board of Directors or shareholders in accordance with the Corporation's Articles of Incorporation

------

**M Fund, Inc.**

**SUPPLEMENTAL INFORMATION (Unaudited) (Continued)**

**Director's and Officer's Tables (Continued)**

The Officers of the Corporation are listed below together with their respective positions with the Corporation, their principal occupations during the past five years and any positions held with affiliates of the Corporation:

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)<br>Held with the<br>Fund** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During Past 5 Years** |
| Erik Bjorvik<br>1125 NW Couch St.,<br>Suite 900<br>Portland, OR 97209<br>51  | President | One Year<br>Since May 2022 | Vice President, M Financial Asset Management, 2010 to May 2022; President, M Financial Asset Management, May 2022 to present; President, M Financial Investment Advisers, May 2022 to present; Vice President, M Financial Holdings, January 2022 to present. |
| David Lees<br>1125 NW Couch St.,<br>Suite 900<br>Portland, OR 97209<br>57  | Secretary and Treasurer | One Year <br>16 Years | Accounting Director, M Financial Group, 1999 to present; Secretary and Treasurer, M Financial Investment Advisers, Inc., 2007 to present; Secretary and Treasurer, M Financial Asset Management, Inc., 2016 to present. |

---

------

**M Fund, Inc.**

**SUPPLEMENTAL INFORMATION (Unaudited) (Continued)**

***Schedules of Portfolio Holdings***

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds' Form N-PORT is available on the Corporation's website at www.mfin.com/m-funds and on the SEC's website at www.sec.gov. The Funds' Form N-PORT may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

***Proxy Voting Policies and Procedures and Proxy Voting Record***

A description of the Corporation's proxy voting policies and procedures and the Corporation's proxy voting record for the most recent twelve-month period ending June 30 are available (1) without charge, upon request, by calling the Corporation toll-free at 1-888-736-2878; and (2) on Form N-PX on the SEC's website at www.sec.gov.

***Tax Disclosures***

For corporate shareholders, a portion of the ordinary dividends paid during the Fund's year ended December 31, 2022 qualified for the dividends received deduction as follows.

---

| | |
|:---|:---|
| **Fund** | **Dividend Received <br>Deduction** |
| M International Equity Fund | 0.01% |
| M Large Cap Growth Fund | 13.65% |
| M Large Cap Value Fund | 100.00% |

---

Pursuant to Internal Revenue Section 852(b), M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund paid $15,960,081 $16,315,676 and $6,098,755, respectively, which have been designated as capital gains distributions for the fiscal year ended December 31, 2022.

***M International Equity Fund***

In accordance with federal tax law, the Fund elects to provide each shareholder with their portion of the Fund's foreign taxes paid and the income sourced from foreign securities. Accordingly, the Fund made the following designations regarding its fiscal year ended December 31, 2022:

• the total amount of foreign taxes creditable was $353,670

• the total amount of income sourced from foreign countries was $4,443,536

------

**M Fund, Inc.**

**SUPPLEMENTAL INFORMATION (Unaudited) (Continued)**

**ANNUAL REPORT OF LIQUIDITY RISK MANAGEMENT PROGRAM ADMINISTRATOR**

Rule 22e-4 of the 1940 Act (the "Rule") requires that the Liquidity Risk Management Program Administrator (the "LPA") for the Fund periodically, but no less frequently than annually, review and provide the Board a written report that assesses the adequacy of the Liquidity Risk Management Program (the "Program") and the effectiveness of its implementation including, if applicable, the operation of the Highly Liquid Investment Minimum (the "HLIM") for each Fund and any material changes to the Program.

At a meeting of the Board held on November 17, 2022 the LPA presented and the Board reviewed a written report covering the period October 1, 2021 through September 30, 2022 (the "Review Period"). The LPA conducted various liquidity risk assessments during the Review Period, including an annual Liquidity Needs Assessment ("LNA") of each Fund as of June 30, 2022 to assess the liquidity risk of each Fund and assist in the determination as to whether any material changes should be made to the components of the Program. The following factors were reviewed by the LPA in its assessment of each Fund's liquidity risk and evaluation on the adequacy of the Program: (i) investment strategy, portfolio concentration and the liquidity of portfolio investments; (ii) holdings of cash and cash equivalents; (iii) short-term and long-term cash flows; (iv) redemption volatility and stressed conditions; and (v) other funding sources.

**Liquidity Risk Assessment**

1.) Investment Strategy Portfolio Concentration and Liquidity of Portfolio Investments

The LPA evaluated each Fund's investment objective and portfolio strategy, including portfolio concentration, liquidity classifications and any known or identifiable risks to liquidity. For all Funds, other than M Large Cap Growth Fund, the LPA noted that the Funds were highly diversified with relatively low concentration of holdings. The M Large Cap Growth Fund's investment strategy is to hold between 25 and 35 equity securities and as a result is highly concentrated. However, the LPA recognized that the M Large Cap Growth Fund holds larger capitalization, highly liquid securities where daily trading volumes appear adequate for the Fund to dispose of holdings in a fast and efficient manner in order to meet redemptions if necessary.

Each Fund's portfolio liquidity was monitored by the Funds' Chief Compliance Officer (the "CCO"). Liquidity classifications for each security holding were provided to the CCO by the Funds' administrator, State Street Bank and Trust Company ("State Street Bank"), using its *TruView* analytics system on a monthly basis. Each Fund held at least 99.9% of its investments in Highly Liquid Investments during the Review Period. As a result, all Funds met the 15% limit on Illiquid Securities during the Review Period. No material liquidity risks were identified by the LPA during the Review Period relating to each Fund's investment strategy, portfolio concentration or portfolio liquidity. The LPA reasonably expects these trends to continue and believes that each Fund's investment strategy is appropriate and manageable for an open-end fund during both normal and stressed market conditions.

2.) Holdings of Cash and Cash Equivalents

All Funds are primarily invested in securities and hold a low percentage of their assets in cash and cash equivalents. In addition, the Funds do not maintain any type of borrowing arrangement or credit facility. It is the belief of the Funds' investment adviser, M Financial Investment Advisers, LLC, that based upon the high liquidity of each Fund's portfolio and that historical redemption activity was not material from a liquidity perspective for any Fund, a line

------

**M Fund, Inc.**

**SUPPLEMENTAL INFORMATION (Unaudited) (Continued)**

of credit or other borrowing arrangements are not necessary. The LPA did not identify any material liquidity risks during the Review Period with respect to holdings of cash and cash equivalents.

3.) Short-Term and Long-Term Cash Flows and Redemption Volatility and Stressed Conditions

To meet various obligations under the variable annuity or variable life insurance contracts, insurance company separate accounts may redeem Fund shares to generate cash. Proceeds from the redemptions are usually sent to the separate account on the next business day. The Funds may suspend redemptions of shares or postpone payment dates when the New York Stock Exchange ("NYSE") is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as otherwise permitted by the SEC.

The LPA reviewed historical subscription and redemption activity for each Fund. The LPA found that redemption activity was not material from a liquidity perspective for any Fund during either normal or stressed market conditions. The LPA also reviewed shareholder concentration, noting that Fund ownership is highly concentrated amongst approximately 10 insurance carriers. Shares are held in omnibus accounts, which means that Fund ownership is spread out amongst a larger number of underlying contract owners that beneficially own Fund shares. This reduces the risk of larger redemptions in shorter timeframes, which has provided the Funds with stable cash flow and lower redemption volatility over the Review Period.

Since cash flows do not appear to be significant during normal or stressed conditions and the shareholder base of each Fund appears stable, the LPA did not identify any material liquidity risks during the Review Period.

4.) Other Funding Sources

The Funds currently do not have any borrowing or other credit arrangements, nor have they utilized cross transactions, all of which could provide additional liquidity. The LPA believes that these factors do not appear to cause any liquidity concerns given each Fund's highly liquid portfolio and stable cash flow history.

**Program Management**

The Program allows the LPA to delegate certain responsibilities and engage one or more third parties to assist with its implementation, subject in each case to the appropriate oversight by the LPA. The LPA still maintains the responsibility of overseeing and supervising any person that has been delegated liquidity risk management responsibilities under the Program.

The LPA has delegated certain responsibilities under the Program to the CCO. On a monthly basis, State Street Bank provides the CCO with liquidity reports that characterize each Fund's holdings into one of four liquidity categories (as defined under the Rule). Liquidity reports are generated by State Street Bank using the liquidity analytics system, *TruView*. The CCO reports any issues or concerns to the LPA. No material issues were reported to the LPA during the Review Period.

Quarterly, the LPA conducts a formal meeting in order to review the Program. The CCO provides the LPA with a summary of the results from his monitoring of the Program, including liquidity classifications, compliance with the 15% Illiquid Securities Limit, an evaluation of the effectiveness of State Street Bank's responsibilities under the Program, and a determination of whether the Program has operated effectively and whether the Funds have met the

------

**M Fund, Inc.**

**SUPPLEMENTAL INFORMATION (Unaudited) (Continued)**

applicable requirements under the Rule and the Program. All minutes of the LPA meetings are provided to the Board. The CCO reported no material issues to the LPA during the quarterly meetings within the Review Period.

At least annually, the CCO provides the LPA with a Liquidity Needs Assessment in order to assess each Fund's Liquidity Risk and evaluate whether any material changes are needed to the Program. The results of the Liquidity Needs Assessments were addressed earlier in this report.

The Program's administration process, as outlined above, appears to be functioning effectively in all material respects and no changes are recommended at this time.

**Highly Liquid Investment Minimum**

Although the Rule requires the LPA to determine a HLIM for each Fund, the LPA has determined that each Fund qualifies as an Excluded Fund (as defined in the Program). The SEC in its guidance has suggested that a HLIM would not be required if a Fund, under normal circumstances, primarily holds at least 50% of its assets in Highly Liquid Investments. The LPA has determined that all Funds within the Review Period were considered to primarily hold at least 50% of their assets in this category and that all Funds will continue to be excluded from determining a HLIM.

**Conclusion**

There were no material changes to the Program during the Review Period. No significant liquidity events impacting any Funds were noted during the Review Period. It is the LPA's assessment that the Program is adequately designed and has been effective in managing each Fund's liquidity risk and in implementing the requirements of the Rule.

------

**M Fund, Inc.**

**HYPOTHETICAL EXPENSE EXAMPLE (Unaudited)**

As an indirect shareholder of a Fund, you incur ongoing costs, including management fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

**Actual Expenses**

The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line under each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing Fund costs only. As an indirect shareholder of a Fund, you do not incur any transactional costs, such as sales charges (loads), redemption fees or exchange fees. However, you do incur such transactional costs, as well as other fees and charges as an owner of a variable annuity contract or variable life insurance policy. If these transactional and other insurance company fees and charges were included, your costs would have been higher. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only, and will not help you determine the relative total costs of owning different variable annuities or variable life insurance policies.

------

**M Fund, Inc.**

**HYPOTHETICAL EXPENSE EXAMPLE (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Annualized<br>Expense<br>Ratio** | **Expenses<br>Paid During<br>Period\*<br>(July 1, 2022 to <br>December 31, 2022)** |
| **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** |
| Actual | $1000.00 | $1032.80 | 0.57% | $2.92 |
| Hypothetical (5% return before expenses) | 1000.00 | 1022.30 | 0.57% | 2.91 |
| **M Large Cap Growth Fund** | **M Large Cap Growth Fund** | **M Large Cap Growth Fund** | **M Large Cap Growth Fund** | **M Large Cap Growth Fund** |
| Actual | $1000.00 | $997.00 | 0.74% | $3.72 |
| Hypothetical (5% return before expenses) | 1000.00 | 1021.50 | 0.74% | 3.77 |
| **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** |
| Actual | $1000.00 | $1058.40 | 1.03% | $5.34 |
| Hypothetical (5% return before expenses) | 1000.00 | 1020.00 | 1.03% | 5.24 |
| **M Large Cap Value Fund** | **M Large Cap Value Fund** | **M Large Cap Value Fund** | **M Large Cap Value Fund** | **M Large Cap Value Fund** |
| Actual | $1000.00 | $1095.30 | 0.63% | $3.33 |
| Hypothetical (5% return before expenses) | 1000.00 | 1022.00 | 0.63% | 3.21 |

---

\* Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days). In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying fund in which it invests. Such indirect expenses are not included in the above expense ratios.

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

As of December 31, 2022, the Registrant has adopted a code of ethics that applies to the Registrant's President/Principal Executive Officer and Treasurer/Principal Financial and Accounting Officer. For the year ended December 31, 2022, there were no amendments to a provision of its code of ethics, nor were there any waivers (including implicit waivers) granted from a provision of the code of ethics. A copy of the registrant's code of ethics is filed with this Form N-CSR under Item 13(a)(1).

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Directors has determined that the Registrant has two audit committee financial experts serving on its audit committee. The audit committee financial experts serving on the Registrant's audit committee are Bruce W. Madding and Wayne Pierson, who are "independent" as defined in Item 3 of Form N-CSR. Mr. Madding serves as the Chairman of the Registrant's audit committee.

**Item 4. Principal Accountant Fees and Services.**

BBD, LLP served as the principal accountant for the Registrant for the fiscal years ended December 31, 2021 and December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(a) AUDIT FEES: The aggregate fees billed for professional services rendered by its principal accountant,
BBD, LLP for the audit of the Registrant's annual financial statements for the fiscal years ended December 31, 2021 and December 31,
2022 were $88,000 and $91,250, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) AUDIT RELATED FEES: No such fees were billed to the Registrant by BBD, LLP for the fiscal years ended
December 31, 2021 and December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) TAX FEES: The aggregate fees
billed for professional services rendered by BBD, LLP for tax compliance, tax advice, and tax planning for the fiscal years ended December 31,
2021 and December 31, 2022 were $12,500 and $12,500, respectively. Such services included the review of the Fund's tax
and excise returns.

&nbsp;&nbsp;&nbsp;&nbsp;(d) ALL OTHER FEES: No such fees were billed to the Registrant by BBD, LLP for the fiscal years ended December 31,
2021 and December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) The Registrant's audit committee pre-approves all audit and non-audit services to be
 performed by the Registrant's accountant before the accountant is engaged by the Registrant to perform such services.

(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate fees billed by the Registrant's principal accountant, BBD, LLP, for non-audit services
rendered to the Registrant, the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio
management and is subcontracted with or overseen by another investment adviser), and any entities controlling, controlled by, or under
common control with the Registrant's investment adviser that provides ongoing services to the Registrant for the fiscal years ended
December 31, 2021 and December 31, 2022 were $12,500 and $12,500, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A schedule of investments is contained in the Registrant's annual report, which is attached to this report in response to Item
1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 11. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act (17 CFR 270.30a-3(c))) were effective as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"), based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) (the "1934 Act") as of the Evaluation Date.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

[(a)(1) Code of Ethics as described in Item 2 is attached hereto as Exhibit 13(a)(1).](tm231385d1_ex99-codeeth.htm)

[(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 13(a)(2).](tm231385d1_ex99-cert.htm)

(a)(3) Not applicable to this filing.

(a)(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a – 14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto as Exhibit 13(b).](tm231385d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

M Fund, Inc.

---

| | |
|:---|:---|
| By: | /s/ Erik Bjorvik |
|  | Erik Bjorvik |
|  | President/Principal Executive Officer |

---

Date: March 3, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Erik Bjorvik |
|  | Erik Bjorvik |
|  | President/Principal Executive Officer |

---

Date: March 3, 2023

---

| | |
|:---|:---|
| By: | /s/ David Lees |
|  | David Lees |
|  | Treasurer/Principal Financial and Accounting Officer |

---

Date: March 3, 2023

## Ex-99.Code

**Exhibit 99.CODEETH**

**M FUND, INC.**

**CODE OF ETHICS FOR SENIOR OFFICERS**

**<u>INTRODUCTION</u>**

Section 406 of the Sarbanes-Oxley Act of 2002 directed the Securities and Exchange Commission (the "SEC") to adopt rules requiring companies to disclose whether or not they have adopted a code of ethics for senior financial officers, and if not, why not. The SEC has adopted rules requiring registered investment companies to make such disclosures. These rules extend coverage to chief executive officers as well as senior financial officers, and require disclosure of waivers and substantive changes in any code. This Code of Ethics (this "Code") addresses these new requirements, and is different in nature and scope from the code of ethics that was previously adopted as required under Section 17(j) of the Investment Company Act of 1940 (the "1940 Act") and Rule 17j-1 thereunder, which focuses on personal trading activities.

**<u>POLICY STATEMENT</u>**

It is the policy of M Fund, Inc. (the "Fund") to conduct its affairs in accordance with all applicable laws and governmental rules and regulations. This Code has been adopted by the Funds' Board of Directors (the "Board") and applies to the persons appointed by the Board as Chief Executive Officer, President, Chief Financial Officer, Treasurer and/or Chief Accounting Officer, and any persons performing similar functions, all as identified in Exhibit A, as modified from time to time ("Covered Officers"). Each Covered Officer is personally responsible for adhering to the standards and restrictions imposed by applicable laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters. This Code is designed to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full,
 fair, accurate, timely and understandable disclosure in the reports and documents the Fund
 files with, or submits to, the SEC and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance
 with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· prompt
 internal reporting to the appropriate person of violations of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability
 for adherence to this Code.

This Code covers a wide range of business practices and procedures. It does not cover every issue that may arise, but it sets out basic principles to guide Covered Officers. In this regard, each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· act
 with integrity, including being honest and candid while still maintaining the confidentiality
 of information where required by law or the Fund's policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· observe
 in all material respects both the form and spirit of laws and governmental rules and
 regulations, and accounting standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adhere
 to high standards of business ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· place
 the interests of the Fund and its shareholders before the Covered Officer's own personal
 interests and above the interests of M Financial Group.

All activities of Covered Officers should be guided by and adhere to these fiduciary standards. Covered Officers should not hesitate to use available resources whenever it is desirable to seek clarification. Covered Officers are encouraged to consult with the Fund's Chief Legal Officer or, if none, legal counsel to the Fund ("Legal Counsel"), or other appropriate resources, when in doubt about the best course of action in a particular situation.

**<u>CONFLICTS OF INTEREST</u>**

Covered Officers should handle ethically actual and apparent conflicts of interest. A "conflict of interest" occurs when an individual's personal interests actually or potentially interfere with the interests of the Fund or its shareholders. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his duties as a Fund officer objectively and effectively. Service to the Fund should never be subordinated to either a direct or indirect personal gain or advantage.

Certain conflicts of interests arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the 1940 Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The Funds' and the Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and violations of those programs and procedures fall outside the parameters of this Code unless such violations involve conflicts of interest also subject to this Code." Actual or apparent conflicts may arise from, or as a result of, the contractual relationship between the Fund and the Adviser, administrator, principle underwriter or other service provider of which the Covered Officers are also officers or employees (the "Employer"). It is recognized by the Board that the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on the Employer and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Employer, and is consistent with the Board's understanding of the performance by the Covered Officers of their duties as officers of the Fund. Nonetheless, each Covered Officer recognizes that, as an Officer of the Fund, he or she has a duty to act in the best interests of the Fund and its shareholders.

If a Covered Officer believes that his or her responsibilities as an officer or employee of the Employer are likely to materially compromise his or her objectivity or ability to perform the duties of his role as an officer of the Fund, he or she should consult with the Fund's Chief Legal Officer, or the Legal Counsel to the Fund, as appropriate. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board or an appropriate committee thereof.

In addition, each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· avoid
 conflicts of interest wherever possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 use his or her personal influence or personal relationships to influence investment decisions
 or financial reporting by the Fund whereby the Covered Officer would benefit personally to
 the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 engage in personal, business or professional relationships or dealings which would impair
 his or her independence of judgment or adversely affect the performance of his or her duties
 in the best interests of the Fund and its shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 cause the Fund to take action, or fail to take action, for the personal benefit of the Covered
 Officer rather than the benefit the Fund.

**<u>ACCURACY OF REPORTS, RECORDS AND ACCOUNTS</u>**

All Covered Officers are responsible for the accuracy of the records and reports that they are responsible for maintaining. Each Covered Officer shall seek to obtain additional resources if he believes that existing resources are inadequate to enable the Fund to provide full, fair and accurate financial information and other disclosure to regulators and Fund shareholders. Accurate information is essential to the Fund's ability to meet legal and regulatory obligations. The books and records of the Fund shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any materially false or misleading information or omits to disclose necessary information, he shall promptly report it to Legal Counsel for a determination as to what, if any, corrective action is necessary or appropriate.

No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in the Fund's books or records for any reason. No disbursement of Fund assets shall be made without adequate supporting documentation or for any purpose other than as described in the Fund's documents or contracts.

**<u>FUNDS DISCLOSURE CONTROLS AND PROCEDURES</u>**

Each Covered Officer is required to be familiar, and comply, with the Fund's disclosure controls and procedures so that the Fund's subject reports and documents filed with the SEC comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding SEC filings or the Fund's other public communications should, to the extent appropriate within his area of responsibility, consult with other Fund officers and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· familiarize
 him- or herself with the disclosure requirements applicable to the Fund as well as the business
 and financial operations of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ensure
 that reasonable steps are taken within his or her areas of responsibility to promote full,
 fair, accurate, timely and understandable disclosure in all regulatory filings, as well as
 when communicating with the Fund's shareholders or the general public, in accordance
 with applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· consistent
 with his or her responsibilities, exercise appropriate supervision over and assist relevant
 Fund service providers in developing financial information and other disclosure that complies
 with relevant law and presents information in a clear, comprehensible and complete manner;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the
 same, facts about the Fund, whether to persons within or outside the Fund, including to outside
 counsel, independent auditors and governmental regulators.

**<u>CONFIDENTIAL INFORMATION</u>**

Covered Officers who have access to confidential information are not permitted to use or share that information for their personal benefit or for any other purpose except the conduct of the Fund's business. Covered Officers should maintain the confidentiality of information entrusted to them by the Fund or its shareholders, except when disclosure is properly authorized or legally mandated. Confidential information includes all non-public information, including information that might be of use to competitors, or harmful to the Fund or its shareholders if disclosed.

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly by the Fund. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Adviser, the Board, and counsel to the Fund and/or the Board.

**<u>COMPLIANCE, REPORTING AND RECORDKEEPING</u>**

**Compliance**

Any Covered Officer who violates the provisions of this Code will be subject to disciplinary action and appropriate sanctions, up to and including termination. Sanctions shall be imposed by the full Board, in their sole discretion. Depending on the nature and severity of the violation, the Fund may refer such violation to appropriate authorities for civil action or criminal prosecution.

**Reporting**

Each Covered Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon
 receipt of the Code or upon becoming a Covered Officer, sign and submit an Initial Acknowledgement
 (form attached) confirming that he has received, read and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually,
 sign and submit an Annual Acknowledgement (form attached) confirming that he has complied
 with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 retaliate against any Covered Officer or other person for making reports of violations in
 good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify
 Legal Counsel or the Fund's outside counsel, as appropriate, of any actual or potential
 violation of this Code. Failure to do so is itself a violation of this Code. The Fund will
 not retaliate against any Covered Officer for making reports of violations in good faith,
 but will not be precluded from taking appropriate disciplinary action against such a Covered
 Officer for any violations of this Code by the Covered Officer.

Except as described otherwise below, Legal Counsel is authorized to apply this Code to situations presented to it and has the authority to interpret this Code in any particular situation. Legal Counsel shall take all action it considers appropriate to investigate any actual or potential violations reported to it, and Legal Counsel is authorized and encouraged to consult, as appropriate, with the Fund's outside counsel. The Fund's Board is responsible for granting waivers from the terms and provisions of this Code, as it deems appropriate.

**<u>Recordkeeping</u>**

The Fund will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**EXHIBIT A**

"Covered Officers" covered by this ***Code of Ethics for Senior Officers***:

Erik Bjorvik, President

David Lees, Secretary/Treasurer

Current as of: May 5, 2022

**INITIAL ACKNOWLEDGEMENT**

I acknowledge that I have received and read a copy of the Code of Ethics for Senior Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge my responsibility to report any violation of the Code to Legal Counsel, as defined in the Code.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

---

| | |
|:---|:---|
| **Covered Officer Name and Title:** | |
|  | *(please print)* |

---

<br> Signature Date

*Please return this completed form to_______________________________ within one week from the date of your receipt of a request to review these documents. Thank you!*

**ANNUAL ACKNOWLEDGEMENT**

I acknowledge that I have received and read a copy of the Code of Ethics for Senior Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

---

| | |
|:---|:---|
| **Covered Officer Name and Title:** | |
|  | *(please print)* |

---

<br> Signature Date

*Please return this completed form to_______________________________ within one week from the date of your receipt of a request to complete and return it. Thank you!*

## Ex-99.Cert

**Exhibit 99.CERT**

**Exhibit 13(a)(2)**

I, Erik Bjorvik, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of M Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit
committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 3, 2023 | /s/ Erik Bjorvik |
| | | Erik Bjorvik |
| | | President/Principal Executive Officer |

---

I, David Lees, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of M Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit
committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 3, 2023 | /s/ David Lees |
| | | David Lees |
| | | Treasurer/Principal Financial and Accounting Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Exhibit 13(b)**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of M Fund, Inc. (the "Registrant") on Form N-CSR for the period ended December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 3, 2023 | /s/ Erik Bjorvik |
| | | Erik Bjorvik<br> President/Principal Executive Officer |

---

---

| | | |
|:---|:---|:---|
| Date: | March 3, 2023 | /s/ David Lees |
| | | David Lees <br> Treasurer/Principal Financial and Accounting Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.