# EDGAR Filing Document

**Accession Number:** 0000948258
**File Stem:** 0001104659-25-081793
**Filing Date:** 2025-8
**Character Count:** 284765
**Document Hash:** 805f581ed4155b9c44b1ea0c5119d9e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-081793.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001104659-25-081793

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09082
- **FILM NUMBER:** 251245239

**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           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

&nbsp;&nbsp;UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549<br>

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-09082</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M Fund, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Exact name of registrant as specified in charter) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Exact name of registrant as specified in charter) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M Financial Plaza |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1125 NW Couch Street, Suite 900, Portland, Oregon | 97209 |
| (Address of principal executive offices) | (Zip code) |
| Robert Olson, President, M Fund, Inc.<br> M Financial Plaza, 1125 NW Couch Street, Suite 900, Portland, Oregon 97209 | Robert Olson, President, M Fund, Inc.<br> M Financial Plaza, 1125 NW Couch Street, Suite 900, Portland, Oregon 97209 |
| (Name and address of agent for service) | (Name and address of agent for service) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with a Copy to:<br>Cynthia Beyea<br> Dechert LLP<br> 1900 K Street, N.W.<br> Washington, D.C. 20006-1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with a Copy to:<br>Cynthia Beyea<br> Dechert LLP<br> 1900 K Street, N.W.<br> Washington, D.C. 20006-1110 |  |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | &nbsp;&nbsp;(888) 736-2878 |
| Date of fiscal year end: | &nbsp;&nbsp;12/31 |  |
| Date of reporting period: | &nbsp;&nbsp;6/30/2025 |  |

---

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the reports 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, 2025 through
June 30, 2025, are filed herewith.

**TABLE OF CONTENTS**

---

| |
|:---|
|  [M Capital Appreciation Fund](#classnamebd9a4067-a024-489e-8c85-dda1350d1b8d)<br> **[MFCPX](#classnamebd9a4067-a024-489e-8c85-dda1350d1b8d)**  |
|  [M International Equity Fund](#classname7a0b580f-c8b0-4d2a-ae6a-8b5319813aed)<br> **[MBEQX](#classname7a0b580f-c8b0-4d2a-ae6a-8b5319813aed)**  |
|  [M Large Cap Growth Fund](#classnamef36dbb8f-b16d-44e0-bbba-2b947c57d683)<br> **[MTCGX](#classnamef36dbb8f-b16d-44e0-bbba-2b947c57d683)**  |
|  [M Large Cap Value Fund](#classname34c4582c-58f3-451d-9548-c801c0b9ec2b)<br> **[MBOVX](#classname34c4582c-58f3-451d-9548-c801c0b9ec2b)**  |

---

# M Capital Appreciation Fund
![Image](tm2514010d1_tsrimg002.jpg)

# MFCPX

#### Semi-Annual Shareholder Report June 30, 2025
This Semi-Annual shareholder report contains important information about M Capital Appreciation Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.mfin.com/m-funds. You can also request this information by contacting us at 1-888-736-2878.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| M Capital Appreciation Fund | $51 | 1.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $224408483 |
| # of Portfolio Holdings | 143 |
| Portfolio Turnover Rate | 18% |

---

## What did the Fund invest in?
The tables below shows the investment makeup of the Fund, excluding short-term investments, representing the percentage of total net assets of the Fund. The Fund invested in a variety of equity securities.

### Top Ten Equity Sector Allocation (%)

---

| | |
|:---|:---|
| Industrials | 33.4% |
| Information Technology | 22.0% |
| Health Care | 15.3% |
| Financials | 9.3% |
| Materials | 6.1% |
| Consumer Discretionary | 5.5% |
| Energy | 2.7% |
| Communication Services | 2.4% |
| Real Estate | 1.4% |
| Consumer Staples | 1.4% |

---

### Ten Largest Equity Portfolio Holdings (%)

---

| | |
|:---|:---|
| FTAI Aviation Ltd. | 2.7% |
| Carpenter Technology Corp. | 2.7% |
| ATI, Inc. | 2.6% |
| Jabil, Inc. | 1.9% |
| MRC Global, Inc. | 1.8% |
| Flex Ltd. | 1.6% |
| XPO, Inc. | 1.5% |
| Granite Construction, Inc. | 1.5% |
| Eagle Materials, Inc. | 1.4% |
| Builders FirstSource, Inc. | 1.4% |

---

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit the Fund's website at www.mfin.com/m-funds, which may also be accessed through this QR code, or contact us at:

Phone: 1-888-736-2878

![QR Code](tm2514010d1_tsrimg001.jpg)

![Image](tm2514010d1_tsrimg002.jpg)

# M Capital Appreciation Fund

#### Semi-Annual Shareholder Report June 30, 2025

# MFCPX

# M International Equity Fund
![Image](tm2514010d1_tsrimg002.jpg)

# MBEQX

#### Semi-Annual Shareholder Report June 30, 2025
This Semi-Annual shareholder report contains important information about M International Equity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.mfin.com/m-funds. You can also request this information by contacting us at 1-888-736-2878.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| M International Equity Fund | $29 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $275469159 |
| # of Portfolio Holdings | 1846 |
| Portfolio Turnover Rate | 5% |

---

## What did the Fund invest in?
The tables below shows the investment makeup of the Fund, excluding short-term investments, representing the percentage of total net assets of the Fund. The Fund invested in a variety of equity securities.

### Top Ten Industry Allocation (%)

---

| | |
|:---|:---|
| Other Investment Companies<sup>Footnote Reference\*</sup> | 31.9% |
| Banks | 7.9% |
| Oil, Gas and Consumable Fuels | 4.5% |
| Insurance | 3.7% |
| Pharmaceuticals | 3.6% |
| Metals and Mining | 3.3% |
| Machinery | 2.7% |
| Chemicals | 2.2% |
| Capital Markets | 1.9% |
| Semiconductors and Semiconductor Equipment | 1.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Other Investment Companies is the DFA Emerging Markets Core Equity Portfolio Mutual Fund investment. |

---

### Top Ten Country Allocation (%)

---

| | |
|:---|:---|
| United States<sup>Footnote Reference\*</sup> | 32.0% |
| Japan | 14.3% |
| United Kingdom | 8.2% |
| Canada | 7.7% |
| Switzerland | 5.7% |
| Germany | 5.5% |
| France | 5.5% |
| Australia | 4.1% |
| Italy | 2.4% |
| Netherlands | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The United States country allocation is comprised primarily of the DFA Emerging Markets Core Equity Portfolio Mutual Fund investment. |

---

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit the Fund's website at www.mfin.com/m-funds, which may also be accessed through this QR code, or contact us at:

Phone: 1-888-736-2878

![QR Code](tm2514010d1_tsrimg001.jpg)

![Image](tm2514010d1_tsrimg002.jpg)

# M International Equity Fund

#### Semi-Annual Shareholder Report June 30, 2025

# MBEQX

# M Large Cap Growth Fund
![Image](tm2514010d1_tsrimg002.jpg)

# MTCGX

#### Semi-Annual Shareholder Report June 30, 2025
This Semi-Annual shareholder report contains important information about M Large Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.mfin.com/m-funds. You can also request this information by contacting us at 1-888-736-2878. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| M Large Cap Growth Fund | $36 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $294772977 |
| # of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 84% |

---

## What did the Fund invest in?
The tables below shows the investment makeup of the Fund, excluding short-term investments, representing the percentage of total net assets of the Fund. The Fund invested in a variety of equity securities.

### Top Ten Equity Sector Allocation (%)

---

| | |
|:---|:---|
| Information Technology | 48.3% |
| Communication Services | 14.1% |
| Consumer Discretionary | 13.4% |
| Health Care | 7.5% |
| Financials | 5.9% |
| Industrials | 4.3% |
| Consumer Staples | 3.8% |
| Materials | 1.1% |
| Utilities | 0.2% |
| Energy | 0.1% |

---

### Ten Largest Equity Portfolio Holdings (%)

---

| | |
|:---|:---|
| Microsoft Corp. | 10.6% |
| NVIDIA Corp. | 8.9% |
| Apple, Inc. | 7.3% |
| Amazon.com, Inc. | 6.8% |
| Alphabet, Inc., Class A | 5.7% |
| Broadcom, Inc. | 4.3% |
| Meta Platforms, Inc., Class A | 3.9% |
| Costco Wholesale Corp. | 2.3% |
| Ameriprise Financial, Inc. | 2.2% |
| Spotify Technology SA | 2.1% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus which further describes the above changes at www.mfin.com/m-funds or receive a copy upon request by contacting us at 1-888-736-2878.

Effective May 1, 2025, Federated MDTA LLC replaced DSM Capital Partners LLC as the Sub-Adviser for the Fund. In connection with this change, the advisory fees paid by the Fund to M Financial Investment Advisers, Inc. ("MFIA") were reduced to 0.45% on the ﬁrst $100 million in Fund net assets and 0.40% on Fund net assets thereafter. Prior to May 1, 2025, the advisory fees paid by the Fund to MFIA were 0.65% on the first $50 million in Fund net assets, 0.60% on the next $50 million in Fund net assets, and 0.55% on Fund net assets thereafter.

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit the Fund's website at www.mfin.com/m-funds, which may also be accessed through this QR code, or contact us at:

Phone: 1-888-736-2878

![QR Code](tm2514010d1_tsrimg001.jpg)

![Image](tm2514010d1_tsrimg002.jpg)

# M Large Cap Growth Fund

#### Semi-Annual Shareholder Report June 30, 2025

# MTCGX

# M Large Cap Value Fund
![Image](tm2514010d1_tsrimg002.jpg)

# MBOVX

#### Semi-Annual Shareholder Report June 30, 2025
This Semi-Annual shareholder report contains important information about M Large Cap Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.mfin.com/m-funds. You can also request this information by contacting us at 1-888-736-2878.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| M Large Cap Value Fund | $31 | 0.61%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $159680657 |
| # of Portfolio Holdings | 224 |
| Portfolio Turnover Rate | 36% |

---

## What did the Fund invest in?
The tables below shows the investment makeup of the Fund, excluding short-term investments, representing the percentage of total net assets of the Fund. The Fund invested in a variety of equity securities.

### Top Ten Equity Sector Allocation (%)

---

| | |
|:---|:---|
| Financials | 33.3% |
| Health Care | 15.1% |
| Industrials | 11.9% |
| Communication Services | 8.6% |
| Consumer Staples | 6.0% |
| Consumer Discretionary | 6.0% |
| Information Technology | 6.0% |
| Energy | 5.3% |
| Materials | 3.7% |
| Utilities | 3.4% |

---

### Ten Largest Equity Portfolio Holdings (%)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 5.5% |
| Johnson & Johnson | 3.7% |
| Bank of America Corp. | 2.8% |
| Cisco Systems, Inc. | 2.5% |
| Walt Disney Co. | 2.3% |
| Wells Fargo & Co. | 2.3% |
| Morgan Stanley | 2.1% |
| Goldman Sachs Group, Inc. | 2.0% |
| Caterpillar, Inc. | 2.0% |
| Verizon Communications, Inc. | 2.0% |

---

## Additional Information
If you wish to view additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit the Fund's website at www.mfin.com/m-funds, which may also be accessed through this QR code, or contact us at:

Phone: 1-888-736-2878

![QR Code](tm2514010d1_tsrimg001.jpg)

![Image](tm2514010d1_tsrimg002.jpg)

# M Large Cap Value Fund

#### Semi-Annual Shareholder Report June 30, 2025

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

**Item 2. Code of Ethics.**

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

**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 Financial Statements filed under Item 7(a) of this report.

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

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) The Registrant's Financial Statements are included herein.

(b) The Registrant's Financial Highlights are included as part of the Financial Statements under Item 7(a) of this report.

------

**M FUND, INC.**

M International Equity Fund

M Large Cap Growth Fund

M Capital Appreciation Fund

M Large Cap Value Fund

Semi-Annual Financial Statements and Additional Information

June 30, 2025

![](j25140102_ab001.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment <br>Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment <br>Companies.** |
| [Schedules of Investments](#MInternationalEquityFund-2) | 1 |
| [M International Equity Fund](#SCHEDULEOFINVESTMENTS-2) | 1 |
| [M Large Cap Growth Fund](#MLargeCapGrowthFund-2) | 25 |
| [M Capital Appreciation Fund](#MCapitalAppreciationFund-2) | 28 |
| [M Large Cap Value Fund](#MLargeCapValueFund-2) | 32 |
| [Statements of Assets and Liabilities](#STATEMENTSOFASSETSANDLIABILITIES-2) | 37 |
| [Statements of Operations](#STATEMENTSOFOPERATIONS-2) | 38 |
| [Statements of Changes in Net Assets](#STATEMENTSOFCHANGESINNETASSETS-2) | 39 |
| [Financial Highlights](#FINANCIALHIGHLIGHTS-2) | 41 |
| [Notes to Financial Statements](#NOTESTOFINANCIALSTATEMENTS-2) | 45 |
| [Supplemental Information](#SUPPLEMENTALINFORMATION-2) | 63 |
| [Other Information](#OTHERINFORMATION-2) | 73 |
| [**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**](#Item8ChangesinandDisagreementswithAccountantsforOpen-EndManagementInvestmentCompanies-2) | 73 |
| [**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**](#Item9ProxyDisclosuresforOpen-EndManagementInvestmentCompanies-2) | 73 |
| [**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**](#Item10RemunerationPaidtoDirectorsOfficersandOthersofOpen-EndManagementInvestmentCompanies-2) | 73 |
| [**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**](#Item11StatementRegardingBasisforApprovalofInvestmentAdvisoryContract-2) | 73 |

---

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **COMMON STOCKS—67.0%** | **COMMON STOCKS—67.0%** |
| | **Australia—4.1%** | **Australia—4.1%** |
| 3859 | AGL Energy Ltd.§ | $24796 |
| 5193 | ALS Ltd.§ | 58450 |
| 101642 | AMP Ltd.§ | 84310 |
| 2155 | Ampol Ltd.§ | 36489 |
| 3281 | Ansell Ltd.§ | 65416 |
| 12134 | ANZ Group Holdings Ltd.§ | 232895 |
| 8733 | APA Group§ | 46960 |
| 2756 | ARB Corp. Ltd.†,§ | 59321 |
| 2653 | Aristocrat Leisure Ltd.§ | 113807 |
| 492 | ASX Ltd.§ | 22590 |
| 10882 | Atlas Arteria Ltd.§ | 36457 |
| 3580 | AUB Group Ltd.§ | 83616 |
| 51152 | Aurizon Holdings Ltd.§ | 102013 |
| 9438 | Bank of Queensland Ltd.§ | 48330 |
| 57818 | Beach Energy Ltd.§ | 50190 |
| 6079 | Bendigo & Adelaide Bank Ltd.§ | 50576 |
| 21786 | BHP Group Ltd.†,§ | 523616 |
| 7612 | BHP Group Ltd., ADR† | 366061 |
| 12902 | BHP Group Ltd., Class DI†,§ | 309911 |
| 3458 | BlueScope Steel Ltd.§ | 52879 |
| 13591 | Brambles Ltd.§ | 209504 |
| 3529 | Breville Group Ltd.†,§ | 68504 |
| 3417 | Brickworks Ltd.§ | 77368 |
| 8295 | Capricorn Metals Ltd.§,\* | 53026 |
| 1476 | CAR Group Ltd.§ | 36356 |
| 14226 | Challenger Ltd.§ | 75672 |
| 18979 | Champion Iron Ltd.†,§ | 52096 |
| 27200 | Cleanaway Waste Management <br>Ltd.§ | 48699 |
| 370 | Cochlear Ltd.§ | 73162 |
| 3543 | Codan Ltd.§ | 46899 |
| 9946 | Coles Group Ltd.§ | 136435 |
| 5905 | Commonwealth Bank of Australia§ | 718074 |
| 3756 | Computershare Ltd.§ | 98620 |
| 2821 | Corporate Travel Management <br>Ltd.†,§ | 25718 |
| 1322 | CSL Ltd.§ | 208380 |
| 1480 | Dicker Data Ltd.†,§ | 7861 |
| 1700 | Domino's Pizza Enterprises Ltd.†,§ | 21562 |
| 25989 | Downer EDI Ltd.§ | 108137 |
| 31061 | Dyno Nobel Ltd.§ | 55029 |
| 5649 | Eagers Automotive Ltd.†,§ | 64882 |
| 19239 | Emerald Resources NL†,\*,§ | 50421 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Australia (Continued)** | **Australia (Continued)** |
| 16177 | Endeavour Group Ltd.§,† | $42697 |
| 16713 | Evolution Mining Ltd.§ | 87169 |
| 3089 | EVT Ltd.§ | 33853 |
| 6090 | Flight Centre Travel Group Ltd.†,§ | 50027 |
| 14861 | Fortescue Ltd.†,§ | 149554 |
| 8705 | Genesis Minerals Ltd.†,\*,§ | 25071 |
| 23516 | Gold Road Resources Ltd.§ | 51018 |
| 10061 | Harvey Norman Holdings Ltd.†,§ | 34899 |
| 1274 | HUB24 Ltd.§ | 74785 |
| 2262 | IDP Education Ltd.†,§ | 5450 |
| 6212 | IGO Ltd.†,§ | 17065 |
| 18310 | Insignia Financial Ltd.§,\* | 43749 |
| 21084 | Insurance Australia Group Ltd.§ | 125315 |
| 1024 | IRESS Ltd.§ | 5392 |
| 3201 | James Hardie Industries PLC, <br>CDI§,\* | 88362 |
| 1186 | JB Hi-Fi Ltd.§ | 86144 |
| 23335 | Judo Capital Holdings Ltd.§,\* | 24039 |
| 21267 | Lendlease Corp. Ltd.§ | 75353 |
| 14208 | Lottery Corp. Ltd.§,† | 49843 |
| 2708 | Lovisa Holdings Ltd.†,§ | 56470 |
| 4957 | Lynas Rare Earths Ltd.†,\*,§ | 28186 |
| 753 | Macquarie Group Ltd.§ | 113375 |
| 361 | Macquarie Technology Group <br>Ltd.§,\* | 15811 |
| 16327 | Medibank Pvt Ltd.§ | 54349 |
| 2379 | Megaport Ltd.\*,§ | 22613 |
| 38904 | Metcash Ltd.†,§ | 100119 |
| 1895 | Mineral Resources Ltd.†,\*,§ | 26895 |
| 24451 | Myer Holdings Ltd.§ | 9737 |
| 17079 | National Australia Bank Ltd.†,§ | 442473 |
| 1533 | Netwealth Group Ltd.§ | 34029 |
| 27710 | New Hope Corp. Ltd.†,§ | 67449 |
| 1909 | NEXTDC Ltd.†,\*,§ | 18221 |
| 16970 | nib holdings Ltd.†,§ | 79080 |
| 76777 | Nickel Industries Ltd.§ | 35125 |
| 51876 | Nine Entertainment Co. Holdings <br>Ltd.§ | 55487 |
| 7979 | Northern Star Resources Ltd.§ | 98690 |
| 6210 | Orica Ltd.§ | 79665 |
| 10325 | Origin Energy Ltd.§ | 73330 |
| 52226 | Orora Ltd.§ | 64969 |
| 2144 | Perpetual Ltd.†,§ | 25487 |
| 55296 | Perseus Mining Ltd.§ | 126007 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Australia (Continued)** | **Australia (Continued)** |
| 4897 | PEXA Group Ltd.†,\*,§ | $43836 |
| 13508 | Pilbara Minerals Ltd.†,\*,§ | 11871 |
| 3395 | Premier Investments Ltd.†,§ | 45234 |
| 573 | Pro Medicus Ltd.†,§ | 107531 |
| 5039 | Qantas Airways Ltd.§ | 35624 |
| 13764 | QBE Insurance Group Ltd.§ | 211915 |
| 9918 | Qube Holdings Ltd.§ | 27941 |
| 60869 | Ramelius Resources Ltd.†,§ | 102572 |
| 1823 | Ramsay Health Care Ltd.†,§ | 44024 |
| 355 | REA Group Ltd.†,§ | 56195 |
| 2536 | Reece Ltd.†,§ | 23954 |
| 5440 | Regis Healthcare Ltd.§ | 28072 |
| 24674 | Regis Resources Ltd.\*,§ | 72477 |
| 29575 | Reliance Worldwide Corp. Ltd.§ | 79816 |
| 3221 | Rio Tinto Ltd.†,§ | 227129 |
| 11418 | Sandfire Resources Ltd.\*,§ | 84820 |
| 40802 | Santos Ltd.§ | 205279 |
| 1678 | SEEK Ltd.†,§ | 26564 |
| 1582 | SGH Ltd.§ | 56306 |
| 57922 | Sigma Healthcare Ltd.†,§ | 113847 |
| 3115 | Sims Ltd.†,§ | 31453 |
| 3263 | Sonic Healthcare Ltd.§ | 57536 |
| 31643 | South32 Ltd.§ | 60658 |
| 13307 | Stanmore Resources Ltd.§ | 16380 |
| 8695 | Steadfast Group Ltd.§ | 34396 |
| 7603 | Suncorp Group Ltd.§ | 108143 |
| 9441 | Super Retail Group Ltd.§ | 88488 |
| 3536 | Technology One Ltd.§ | 95453 |
| 24644 | Telstra Group Ltd.§ | 78504 |
| 2964 | TPG Telecom Ltd.†,§ | 10398 |
| 12697 | Transurban Group§ | 116910 |
| 3558 | Treasury Wine Estates Ltd.†,§ | 18297 |
| 3389 | Tuas Ltd.§,\* | 13242 |
| 154114 | Vault Minerals Ltd.§,\* | 43270 |
| 30432 | Ventia Services Group Pty. Ltd.§ | 103757 |
| 37802 | Viva Energy Group Ltd.§,# | 53746 |
| 6549 | Wesfarmers Ltd.§ | 365320 |
| 29236 | West African Resources Ltd.\*,§ | 44689 |
| 15208 | Westpac Banking Corp.§ | 338945 |
| 26898 | Whitehaven Coal Ltd.†,§ | 96140 |
| 679 | WiseTech Global Ltd.§ | 48733 |
| 20617 | Woodside Energy Group Ltd.†,§ | 317741 |
| 1661 | Woodside Energy Group Ltd., ADR† | 25629 |
| 5982 | Woolworths Group Ltd.†,§ | 122491 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Australia (Continued)** | **Australia (Continued)** | **Australia (Continued)** |
| 3162 | Worley Ltd.§ | $| 27225 |
| 784 | Xero Ltd.§,\* |  | 92788 |
| 6051 | Yancoal Australia Ltd.†,§ |  | 22987 |
|  |  |  | 11340766 |
|  | **Austria—0.5%** | **Austria—0.5%** | **Austria—0.5%** |
| 1865 | ANDRITZ AG§ |  | 138487 |
| 2872 | BAWAG Group AG§,# |  | 366075 |
| 1666 | Erste Group Bank AG§ |  | 141602 |
| 799 | EVN AG§ |  | 22011 |
| 2065 | OMV AG§ |  | 112258 |
| 3082 | Raiffeisen Bank International AG§ |  | 93768 |
| 527 | Strabag SE, Bearer Shares§ |  | 50223 |
| 3952 | Telekom Austria AG§ |  | 44940 |
| 1754 | UNIQA Insurance Group AG§ |  | 23737 |
| 470 | Verbund AG§ |  | 36096 |
| 1541 | Vienna Insurance Group AG Wiener <br>Versicherung Gruppe§ |  | 79256 |
| 3281 | voestalpine AG§ |  | 92212 |
| 4209 | Wienerberger AG§ |  | 156425 |
|  |  |  | 1357090 |
|  | **Belgium—0.7%** | **Belgium—0.7%** | **Belgium—0.7%** |
| 831 | Ackermans & van Haaren NV§ |  | 212282 |
| 2788 | Ageas SA§ |  | 188255 |
| 6082 | Anheuser-Busch InBev SA§ |  | 418160 |
| 69 | Argenx SE\*,§ |  | 38040 |
| 4303 | Azelis Group NV†,§ |  | 68538 |
| 1523 | Colruyt Group NV§ |  | 65878 |
| 174 | D'ieteren Group§ |  | 37361 |
| 224 | Deme Group NV§ |  | 34055 |
| 683 | Elia Group SA†,§ |  | 78615 |
| 3096 | KBC Group NV§ |  | 318448 |
| 9 | Lotus Bakeries NV§ |  | 86706 |
| 1271 | Solvay SA§ |  | 43907 |
| 1351 | Syensqo SA§ |  | 104521 |
| 517 | UCB SA§ |  | 101570 |
|  |  |  | 1796336 |
|  | **Canada—7.7%** | **Canada—7.7%** | **Canada—7.7%** |
| 3570 | Agnico Eagle Mines Ltd. |  | 424872 |
| 9562 | Air Canada\* |  | 147950 |
| 3804 | Alamos Gold, Inc., Class A |  | 101121 |
| 8848 | Algonquin Power & Utilities Corp. |  | 50665 |
| 5591 | Alimentation Couche-Tard, Inc. |  | 277918 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Canada (Continued)** | **Canada (Continued)** |
| 3374 | AltaGas Ltd. | $97943 |
| 785 | Altus Group Ltd. | 30374 |
| 549 | Andlauer Healthcare Group, Inc. | 21210 |
| 8136 | ARC Resources Ltd. | 171533 |
| 3008 | Aritzia, Inc.\* | 155839 |
| 2100 | Atco Ltd., Class I | 78310 |
| 1848 | AtkinsRealis Group, Inc. | 129614 |
| 553 | ATS Corp.\* | 17637 |
| 909 | ATS Corp.†,\* | 28979 |
| 39337 | B2Gold Corp. | 142044 |
| 4474 | Bank of Montreal | 495811 |
| 7207 | Bank of Nova Scotia | 398522 |
| 12490 | Barrick Mining Corp. | 260042 |
| 1119 | Bausch & Lomb Corp.†,\* | 14558 |
| 3858 | Bausch Health Cos., Inc.†,\* | 25694 |
| 2683 | Bausch Health Cos., Inc.\* | 17890 |
| 34353 | Baytex Energy Corp. | 61554 |
| 753 | BCE, Inc. | 16700 |
| 1150 | Bombardier, Inc., Class B\* | 100192 |
| 667 | Boyd Group Services, Inc. | 104771 |
| 704 | Brookfield Corp.† | 43542 |
| 1680 | Brookfield Corp. | 103977 |
| 1054 | Brookfield Infrastructure Corp., <br>Class A† | 43846 |
| 700 | Brookfield Infrastructure Corp., <br>Class A | 29126 |
| 385 | BRP, Inc. | 18688 |
| 555 | BRP, Inc.† | 26901 |
| 2527 | CAE, Inc.†,\* | 73965 |
| 520 | Cameco Corp. | 38618 |
| 6281 | Canadian Imperial Bank of <br>Commerce | 445839 |
| 2655 | Canadian National Railway Co. | 276540 |
| 17284 | Canadian Natural Resources Ltd. | 543239 |
| 261 | Canadian Pacific Kansas City Ltd. | 20734 |
| 2545 | Canadian Pacific Kansas City Ltd.† | 201742 |
| 2578 | Canadian Tire Corp. Ltd., Class A | 350971 |
| 1300 | Canadian Utilities Ltd., Class A | 35971 |
| 3694 | Capital Power Corp. | 148655 |
| 10798 | Capstone Copper Corp.\* | 66291 |
| 1524 | CCL Industries, Inc., Class B | 88872 |
| 523 | Celestica, Inc.†,\* | 81646 |
| 2866 | Celestica, Inc.\* | 447784 |
| 16868 | Cenovus Energy, Inc. | 229455 |
| 100 | CES Energy Solutions Corp. | 487 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Canada (Continued)** | **Canada (Continued)** |
| 1850 | CGI, Inc. | $194168 |
| 4510 | CI Financial Corp. | 104955 |
| 325 | Colliers International Group, Inc. | 42523 |
| 389 | Colliers International Group, Inc.† | 50780 |
| 122 | Constellation Software, Inc. | 447344 |
| 3054 | Definity Financial Corp. | 178003 |
| 7600 | Denison Mines Corp.\* | 13897 |
| 511 | Descartes Systems Group, Inc.†,\* | 51941 |
| 2540 | Dollarama, Inc. | 357885 |
| 9286 | Dundee Precious Metals, Inc. | 149203 |
| 2100 | E-L Financial Corp. Ltd. | 24905 |
| 9101 | Eldorado Gold Corp.\* | 185171 |
| 2063 | Emera, Inc. | 94503 |
| 2538 | Empire Co. Ltd., Class A | 105322 |
| 3107 | Enbridge, Inc.† | 140809 |
| 5120 | Enbridge, Inc. | 232172 |
| 3046 | Endeavour Mining PLC | 93924 |
| 9049 | Equinox Gold Corp.\* | 52032 |
| 112 | Fairfax Financial Holdings Ltd. | 202163 |
| 6541 | Finning International, Inc. | 279653 |
| 9374 | First Majestic Silver Corp. | 77523 |
| 4271 | First Quantum Minerals Ltd.\* | 75870 |
| 347 | FirstService Corp. | 60553 |
| 2782 | Fortis, Inc. | 132833 |
| 743 | Franco-Nevada Corp. | 121846 |
| 445 | George Weston Ltd. | 89248 |
| 614 | GFL Environmental, Inc. | 30982 |
| 6200 | Gibson Energy, Inc. | 108816 |
| 1815 | Gildan Activewear, Inc.† | 89371 |
| 571 | Gildan Activewear, Inc. | 28136 |
| 543 | Great-West Lifeco, Inc. | 20651 |
| 23043 | Hudbay Minerals, Inc. | 244496 |
| 1698 | Hydro One Ltd.# | 61187 |
| 1315 | iA Financial Corp., Inc. | 144165 |
| 34100 | IAMGOLD Corp.\* | 250688 |
| 1311 | IGM Financial, Inc. | 41417 |
| 777 | Imperial Oil Ltd.† | 61756 |
| 1034 | Imperial Oil Ltd. | 82143 |
| 788 | Intact Financial Corp. | 183235 |
| 1068 | Ivanhoe Mines Ltd., Class A\* | 8023 |
| 5648 | K92 Mining, Inc.\* | 63707 |
| 4859 | Keyera Corp. | 158928 |
| 18607 | Kinross Gold Corp. | 290792 |
| 1789 | Linamar Corp. | 85131 |
| 953 | Loblaw Cos. Ltd. | 157638 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Canada (Continued)** | **Canada (Continued)** |
| 4000 | Lundin Gold, Inc. | $211199 |
| 7550 | Lundin Mining Corp. | 79395 |
| 3172 | Magna International, Inc. | 122617 |
| 3404 | Manulife Financial Corp. | 108838 |
| 2212 | Maple Leaf Foods, Inc. | 46084 |
| 1500 | MDA Space Ltd.\* | 38674 |
| 15052 | MEG Energy Corp. | 284405 |
| 1000 | Methanex Corp. | 33112 |
| 1582 | Metro, Inc. | 124271 |
| 3586 | National Bank of Canada | 370042 |
| 33488 | New Gold, Inc.\* | 166085 |
| 500 | North West Co., Inc. | 17724 |
| 9492 | Northland Power, Inc. | 148958 |
| 852 | Nutrien Ltd. | 49647 |
| 4647 | Nutrien Ltd.† | 270641 |
| 13467 | OceanaGold Corp. | 190071 |
| 1253 | Open Text Corp. | 36612 |
| 5045 | Open Text Corp.† | 147314 |
| 1875 | OR Royalties, Inc. | 48192 |
| 2072 | Pan American Silver Corp. | 58793 |
| 2884 | Paramount Resources Ltd., Class A | 45894 |
| 7127 | Parkland Corp. | 201602 |
| 2049 | Pembina Pipeline Corp. | 76934 |
| 900 | Pembina Pipeline Corp.† | 33759 |
| 11030 | Peyto Exploration & Development <br>Corp. | 157542 |
| 1500 | Premium Brands Holdings Corp. | 89466 |
| 3512 | Quebecor, Inc., Class B | 106901 |
| 1095 | RB Global, Inc. | 116308 |
| 1622 | Restaurant Brands International, Inc. | 107574 |
| 3924 | Rogers Communications, Inc., <br>Class B | 116387 |
| 9360 | Royal Bank of Canada | 1233589 |
| 10574 | Sandstorm Gold Ltd. | 99396 |
| 2504 | Saputo, Inc. | 51248 |
| 700 | Shopify, Inc., Class A\* | 80736 |
| 6303 | South Bow Corp.† | 163311 |
| 488 | South Bow Corp. | 12668 |
| 987 | Spin Master Corp.# | 16750 |
| 900 | Stantec, Inc. | 97889 |
| 1800 | Stella-Jones, Inc. | 103750 |
| 122 | Strathcona Resources Ltd. | 2692 |
| 468 | Sun Life Financial, Inc.† | 31099 |
| 3765 | Sun Life Financial, Inc. | 250521 |
| 15768 | Suncor Energy, Inc. | 590583 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| 4123 | TC Energy Corp.† | $| 201161 |
| 5557 | Teck Resources Ltd., Class B |  | 224571 |
| 640 | TFI International, Inc. |  | 57451 |
| 527 | Thomson Reuters Corp. |  | 105986 |
| 1730 | TMX Group Ltd. |  | 73329 |
| 5500 | Torex Gold Resources, Inc.\* |  | 179409 |
| 656 | Toromont Industries Ltd. |  | 58959 |
| 8394 | Toronto-Dominion Bank |  | 617339 |
| 2837 | Tourmaline Oil Corp. |  | 136876 |
| 7046 | TransAlta Corp. |  | 76009 |
| 779 | TransAlta Corp.† |  | 8405 |
| 1600 | Triple Flag Precious Metals Corp. |  | 37904 |
| 2344 | Vermilion Energy, Inc. |  | 17110 |
| 176 | Victoria Gold Corp./Vancouver§,\* |  | 23 |
| 787 | Waste Connections, Inc. |  | 146972 |
| 570 | West Fraser Timber Co. Ltd. |  | 41799 |
| 160 | West Fraser Timber Co. Ltd.† |  | 11728 |
| 346 | Wheaton Precious Metals Corp. |  | 31115 |
| 33764 | Whitecap Resources, Inc. |  | 226870 |
| 24398 | Whitecap Resources, Inc.† |  | 163955 |
| 822 | WSP Global, Inc. |  | 167672 |
|  |  |  | 21283036 |
|  | **Denmark—1.6%** | **Denmark—1.6%** | **Denmark—1.6%** |
| 5110 | ALK-Abello AS§,\* |  | 151079 |
| 26358 | Alm Brand AS§ |  | 70404 |
| 8077 | Ambu AS, Class B§ |  | 126736 |
| 15 | AP Moller—Maersk AS, Class A§ |  | 27701 |
| 30 | AP Moller—Maersk AS, Class B§ |  | 55925 |
| 799 | Carlsberg AS, Class B§ |  | 113337 |
| 610 | Coloplast AS, Class B§ |  | 58055 |
| 4232 | Danske Bank AS§ |  | 172541 |
| 3204 | Demant AS\*,§ |  | 133800 |
| 1164 | DSV AS§ |  | 279615 |
| 348 | Genmab AS§,\* |  | 72009 |
| 8387 | H Lundbeck AS§ |  | 48138 |
| 4236 | H Lundbeck AS, Class A§ |  | 20428 |
| 5888 | ISS AS§ |  | 164504 |
| 1781 | Jyske Bank AS, Registered§ |  | 180203 |
| 2216 | NKT AS§,\* |  | 179267 |
| 19567 | Novo Nordisk AS, Class B§ |  | 1365346 |
| 2597 | Novonesis Novozymes B, Class B§ |  | 186480 |
| 723 | Orsted AS\*,§,# |  | 31043 |
| 1052 | Pandora AS§ |  | 184648 |
| 1113 | Ringkjoebing Landbobank AS§ |  | 243849 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Denmark (Continued)** | **Denmark (Continued)** | **Denmark (Continued)** |
| 1580 | Rockwool AS, Class A§ | $| 73570 |
| 2710 | Rockwool AS, Class B§ |  | 126786 |
| 1860 | Royal Unibrew AS§ |  | 151808 |
| 2761 | Tryg AS§ |  | 71395 |
| 4343 | Vestas Wind Systems AS§ |  | 65259 |
|  |  |  | 4353926 |
|  | **Finland—1.0%** | **Finland—1.0%** | **Finland—1.0%** |
| 4024 | Elisa OYJ§ |  | 224146 |
| 3644 | Finnair OYJ†,§ |  | 11527 |
| 6074 | Fortum OYJ§ |  | 113848 |
| 2640 | Huhtamaki OYJ§ |  | 94238 |
| 844 | Kalmar OYJ , Class B§ |  | 35889 |
| 2475 | Kesko OYJ, Class A§ |  | 59518 |
| 8405 | Kesko OYJ, Class B§ |  | 207479 |
| 2610 | Kone OYJ, Class B§ |  | 171892 |
| 2574 | Konecranes OYJ§ |  | 204472 |
| 10101 | Metso OYJ†,§ |  | 130821 |
| 2807 | Neste OYJ§ |  | 37878 |
| 14164 | Nokia OYJ§ |  | 73244 |
| 16750 | Nokia OYJ, ADR† |  | 86765 |
| 24517 | Nordea Bank Abp§ |  | 364562 |
| 727 | Orion OYJ, Class A§ |  | 54250 |
| 3470 | Orion OYJ, Class B§ |  | 261192 |
| 17450 | Sampo OYJ, Class A§ |  | 187195 |
| 14366 | Stora Enso OYJ, Class R†,§ |  | 155758 |
| 2814 | UPM-Kymmene OYJ§ |  | 76829 |
| 4926 | Valmet OYJ†,§ |  | 152598 |
| 5357 | Wartsila OYJ Abp§ |  | 126602 |
|  |  |  | 2830703 |
|  | **France—5.5%** | **France—5.5%** | **France—5.5%** |
| 1828 | Accor SA§ |  | 95632 |
| 181 | Aeroports de Paris SA†,§ |  | 22718 |
| 971 | Air France-KLM\*,§ |  | 10606 |
| 1619 | Air Liquide SA§ |  | 334398 |
| 1951 | Airbus SE§ |  | 408235 |
| 5363 | Alstom SA§,\* |  | 125383 |
| 514 | Amundi SA§,# |  | 41666 |
| 2048 | Arkema SA§ |  | 151187 |
| 5382 | AXA SA§ |  | 264532 |
| 4908 | Ayvens SA#,§ |  | 54708 |
| 393 | BioMerieux§ |  | 54386 |
| 4454 | BNP Paribas SA§ |  | 401169 |
| 3266 | Bollore SE§ |  | 20522 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **France (Continued)** | **France (Continued)** |
| 3160 | Bouygues SA§ | $143046 |
| 4210 | Bureau Veritas SA†,§ | 145239 |
| 6270 | Canal & SA§ | 19630 |
| 899 | Capgemini SE§ | 153872 |
| 8303 | Carrefour SA§ | 117051 |
| 3251 | Cie de Saint-Gobain SA§ | 382442 |
| 7397 | Cie Generale des Etablissements <br>Michelin SCA§ | 275238 |
| 3850 | Clariane SE\*,§ | 23625 |
| 4277 | Credit Agricole SA§ | 81026 |
| 964 | Danone SA§ | 78762 |
| 85 | Dassault Aviation SA§ | 30120 |
| 1320 | Dassault Systemes SE§ | 47847 |
| 1478 | Edenred SE§ | 45841 |
| 1771 | Eiffage SA§ | 249065 |
| 11335 | Elis SA†,§ | 325623 |
| 14139 | Engie SA§ | 332952 |
| 565 | EssilorLuxottica SA§ | 155211 |
| 1472 | Eurofins Scientific SE§,† | 104895 |
| 557 | Euronext NV§,# | 95312 |
| 2974 | FDJ UNITED§,# | 116714 |
| 1133 | Gaztransport Et Technigaz SA§ | 224898 |
| 3075 | Getlink SE§ | 59429 |
| 155 | Hermes International SCA§ | 420517 |
| 585 | Imerys SA§ | 19284 |
| 319 | Interparfums SA§ | 12428 |
| 1021 | Ipsen SA§ | 121728 |
| 3076 | JCDecaux SE§ | 56252 |
| 570 | Kering SA§ | 124341 |
| 702 | L'Oreal SA§ | 300583 |
| 1669 | Legrand SA§ | 222935 |
| 2242 | LVMH Moet Hennessy Louis <br>Vuitton SE§ | 1175821 |
| 1307 | Nexans SA§ | 171069 |
| 25581 | Orange SA§ | 390507 |
| 659 | Pernod Ricard SA§ | 65828 |
| 579 | Pluxee NV†,§ | 12626 |
| 1449 | Publicis Groupe SA†,§ | 163578 |
| 1544 | Renault SA§ | 71255 |
| 10305 | Rexel SA§ | 318007 |
| 1748 | Safran SA§ | 569296 |
| 2397 | Sanofi SA§ | 231928 |
| 124 | Sartorius Stedim Biotech§ | 29676 |
| 1652 | Schneider Electric SE§ | 440519 |
| 6876 | SCOR SE§ | 227365 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **France (Continued)** | **France (Continued)** | **France (Continued)** |
| 1311 | SEB SA§ | $| 123978 |
| 4891 | Societe Generale SA§ |  | 280256 |
| 3115 | Sodexo SA§ |  | 191702 |
| 505 | Sopra Steria Group§ |  | 123324 |
| 5730 | SPIE SA§ |  | 322372 |
| 3434 | STMicroelectronics NV§ |  | 104495 |
| 1577 | STMicroelectronics NV, Registered |  | 47957 |
| 6187 | Technip Energies NV§ |  | 260776 |
| 2518 | Teleperformance SE§ |  | 244494 |
| 505 | Thales SA§ |  | 148775 |
| 29680 | TotalEnergies SE§ |  | 1825538 |
| 9802 | Vallourec SACA§ |  | 181464 |
| 3558 | Veolia Environnement SA§ |  | 126924 |
| 2551 | Verallia SA§,# |  | 84744 |
| 3910 | Vinci SA§ |  | 577163 |
| 65 | Virbac SACA§ |  | 24487 |
| 6270 | Vivendi SE§,\* |  | 21656 |
| 2202 | Worldline SA†,\*,#,§ |  | 9314 |
|  |  |  | 15037942 |
|  | **Germany—5.2%** | **Germany—5.2%** | **Germany—5.2%** |
| 952 | adidas AG§ |  | 221911 |
| 787 | Allianz SE, Registered§ |  | 318869 |
| 1264 | Aurubis AG§ |  | 131473 |
| 8301 | BASF SE§ |  | 409443 |
| 10754 | Bayer AG, Registered§ |  | 323374 |
| 3115 | Bayerische Motoren Werke AG§ |  | 276738 |
| 2301 | Bechtle AG§ |  | 107929 |
| 325 | Beiersdorf AG§ |  | 40824 |
| 4639 | Brenntag SE§ |  | 307248 |
| 559 | Carl Zeiss Meditec AG, Bearer <br>Shares§ |  | 37523 |
| 6184 | Commerzbank AG§ |  | 195118 |
| 1756 | Continental AG§ |  | 153233 |
| 1507 | Covestro AG§,\* |  | 107225 |
| 1318 | CTS Eventim AG & Co. KGaA§ |  | 164133 |
| 6165 | Daimler Truck Holding AG§ |  | 291790 |
| 1140 | Delivery Hero SE\*,#,§ |  | 30866 |
| 11171 | Deutsche Bank AG, Registered§ |  | 331430 |
| 800 | Deutsche Bank AG, Registered |  | 23424 |
| 1457 | Deutsche Boerse AG§ |  | 475423 |
| 9773 | Deutsche Lufthansa AG, Registered§ |  | 82632 |
| 10100 | Deutsche Post AG§ |  | 466878 |
| 37807 | Deutsche Telekom AG, Registered§ |  | 1384198 |
| 943 | Deutsche Wohnen SE§ |  | 26768 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Germany (Continued)** | **Germany (Continued)** |
| 816 | DWS Group GmbH & Co. KGaA§,# | $48280 |
| 13790 | E.ON SE§ | 253915 |
| 4656 | Evonik Industries AG§ | 95980 |
| 655 | Fielmann Group AG§ | 43744 |
| 1717 | Fraport AG Frankfurt Airport Services <br>Worldwide§,\* | 129341 |
| 5080 | Freenet AG§ | 165821 |
| 2203 | Fresenius Medical Care AG§ | 126312 |
| 3220 | Fresenius SE & Co. KGaA§ | 161942 |
| 1536 | FUCHS SE§ | 63723 |
| 3208 | GEA Group AG§ | 224420 |
| 330 | Hannover Rueck SE§ | 103843 |
| 188 | Hapag-Lloyd AG§,# | 28135 |
| 1620 | Heidelberg Materials AG§ | 380609 |
| 844 | Henkel AG & Co. KGaA§ | 61141 |
| 1340 | Hensoldt AG§ | 153878 |
| 204 | HOCHTIEF AG§ | 40191 |
| 10112 | Infineon Technologies AG§ | 430273 |
| 3794 | KION Group AG§ | 211235 |
| 919 | Knorr-Bremse AG§ | 88825 |
| 593 | Krones AG§ | 97792 |
| 2150 | LEG Immobilien SE§ | 190749 |
| 6218 | Mercedes-Benz Group AG§ | 363815 |
| 593 | Merck KGaA§ | 76794 |
| 142 | MTU Aero Engines AG§ | 63147 |
| 878 | Muenchener Rueckversicherungs-<br>Gesellschaft AG in Muenchen, <br>Registered§ | 569415 |
| 671 | Nemetschek SE§ | 97253 |
| 3080 | Nordex SE§,\* | 61039 |
| 4631 | Puma SE§ | 126443 |
| 2143 | Qiagen NV§,\* | 103181 |
| 2972 | Qiagen NV†,\* | 142834 |
| 125 | Rational AG§ | 104835 |
| 410 | Rheinmetall AG§ | 867444 |
| 1496 | RTL Group SA§ | 65443 |
| 3022 | RWE AG§ | 126287 |
| 2092 | SAP SE§ | 636361 |
| 5691 | Schaeffler AG§ | 30512 |
| 2187 | Siemens AG, Registered§ | 560911 |
| 1155 | Siemens Energy AG§,\* | 133475 |
| 1389 | Siemens Healthineers AG§,# | 77052 |
| 834 | Sixt SE§ | 81282 |
| 1101 | Symrise AG§ | 115608 |
| 1019 | Talanx AG§ | 131953 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Germany (Continued)** | **Germany (Continued)** | **Germany (Continued)** |
| 14915 | thyssenkrupp AG§ | $| 160165 |
| 18848 | TUI AG§,\* |  | 164713 |
| 4980 | United Internet AG, Registered§ |  | 139061 |
| 418 | Volkswagen AG§ |  | 45167 |
| 4135 | Vonovia SE§ |  | 145652 |
| 615 | Wacker Chemie AG§ |  | 44946 |
| 5112 | Zalando SE§,\*,# |  | 168308 |
|  |  |  | 14411695 |
|  | **Hong Kong—1.1%** | **Hong Kong—1.1%** | **Hong Kong—1.1%** |
| 61800 | AIA Group Ltd.§ |  | 555753 |
| 7800 | ASMPT Ltd.§ |  | 57215 |
| 47611 | Bank of East Asia Ltd.§ |  | 73513 |
| 17000 | BOC Hong Kong Holdings Ltd.§ |  | 73949 |
| 9600 | Budweiser Brewing Co. APAC <br>Ltd.§,# |  | 9520 |
| 26181 | Cathay Pacific Airways Ltd.§ |  | 35733 |
| 10906 | CK Asset Holdings Ltd.§ |  | 48142 |
| 13000 | CK Hutchison Holdings Ltd.§ |  | 80252 |
| 2500 | CK Infrastructure Holdings Ltd.§ |  | 16555 |
| 6500 | CLP Holdings Ltd.§ |  | 54754 |
| 8000 | Cowell e Holdings, Inc.§,\* |  | 27799 |
| 36000 | CTF Services Ltd.§ |  | 34184 |
| 17600 | ESR Group Ltd.§,\*,# |  | 29147 |
| 98000 | First Pacific Co. Ltd.§ |  | 69429 |
| 78000 | FIT Hon Teng Ltd.§,\*,# |  | 23375 |
| 10000 | Galaxy Entertainment Group Ltd.§ |  | 44497 |
| 20000 | Hang Lung Group Ltd.§ |  | 34863 |
| 73983 | Hang Lung Properties Ltd.§ |  | 70603 |
| 3800 | Hang Seng Bank Ltd.§ |  | 57013 |
| 8500 | Henderson Land Development Co. <br>Ltd.§ |  | 29773 |
| 24500 | HK Electric Investments & HK <br>Electric Investments Ltd.§ |  | 17887 |
| 48000 | HKT Trust & HKT Ltd.§ |  | 71682 |
| 44457 | Hong Kong & China Gas Co. Ltd.§ |  | 37354 |
| 6606 | Hong Kong Exchanges & Clearing <br>Ltd.§ |  | 353457 |
| 10000 | Hysan Development Co. Ltd.§ |  | 17984 |
| 11500 | Johnson Electric Holdings Ltd.§ |  | 31665 |
| 26500 | Kerry Properties Ltd.§ |  | 68464 |
| 22500 | KLN Logistics Group Ltd.§ |  | 21805 |
| 9991 | Kowloon Development Co. Ltd.§ |  | 3781 |
| 64000 | Man Wah Holdings Ltd.§ |  | 35226 |
| 16000 | MGM China Holdings Ltd.§ |  | 26205 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Hong Kong (Continued)** | **Hong Kong (Continued)** | **Hong Kong (Continued)** |
| 6185 | MTR Corp. Ltd.§ | $| 22239 |
| 28188 | NagaCorp Ltd.§,\* |  | 12790 |
| 44000 | NewOcean Energy Holdings Ltd.§,\* |  |  |
| 52789 | PCCW Ltd.§ |  | 35871 |
| 6000 | Power Assets Holdings Ltd.§ |  | 38564 |
| 4800 | PRADA SpA§ |  | 29704 |
| 37800 | Samsonite Group SA§,# |  | 69989 |
| 9600 | Sands China Ltd.§ |  | 20032 |
| 22000 | Shandong Hi-Speed Holdings Group <br>Ltd.§,\* |  | 44415 |
| 44000 | Shangri-La Asia Ltd.§ |  | 23937 |
| 21000 | SITC International Holdings Co. <br>Ltd.§ |  | 67409 |
| 96250 | SJM Holdings Ltd.§,\* |  | 31030 |
| 5500 | Sun Hung Kai Properties Ltd.§ |  | 63154 |
| 23000 | SUNeVision Holdings Ltd.§ |  | 22194 |
| 2000 | Swire Pacific Ltd., Class A§ |  | 17154 |
| 6200 | Swire Properties Ltd.§ |  | 15501 |
| 6000 | Techtronic Industries Co. Ltd.§ |  | 66093 |
| 52000 | United Laboratories International <br>Holdings Ltd.§ |  | 99633 |
| 60826 | WH Group Ltd.§,# |  | 58581 |
| 12000 | Wharf Real Estate Investment Co. <br>Ltd.§ |  | 33983 |
| 27200 | Wynn Macau Ltd.§ |  | 18820 |
| 60310 | Xinyi Glass Holdings Ltd.§ |  | 58042 |
| 35500 | Yue Yuen Industrial Holdings Ltd.§ |  | 54393 |
| 29000 | Zensun Enterprises Ltd.\* |  | 281 |
|  |  |  | 3015388 |
|  | **Ireland—0.2%** | **Ireland—0.2%** | **Ireland—0.2%** |
| 23256 | AIB Group PLC§ |  | 191325 |
| 13687 | Bank of Ireland Group PLC§ |  | 195315 |
| 602 | Kerry Group PLC, Class A§ |  | 66481 |
| 1085 | Kingspan Group PLC§ |  | 92268 |
|  |  |  | 545389 |
|  | **Israel—0.9%** | **Israel—0.9%** | **Israel—0.9%** |
| 182 | AFI Properties Ltd.§,\* |  | 10438 |
| 162 | Africa Israel Residences Ltd.§ |  | 14482 |
| 734 | Airport City Ltd.§,\* |  | 13469 |
| 160 | Alrov Properties & Lodgings Ltd.§ |  | 10634 |
| 2317 | Amot Investments Ltd.§ |  | 15682 |
| 653 | Argo Properties NV\*,§ |  | 23759 |
| 471 | Ashtrom Group Ltd.§ |  | 10731 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Israel (Continued)** | **Israel (Continued)** |
| 2639 | Azorim-Investment Development & <br>Construction Co. Ltd.§ | $18549 |
| 154 | Azrieli Group Ltd.§ | 14189 |
| 10509 | Bank Hapoalim BM§ | 201825 |
| 16904 | Bank Leumi Le-Israel BM§ | 314553 |
| 353 | Bet Shemesh Engines Holdings 1997 <br>Ltd.§,\* | 58797 |
| 22557 | Bezeq The Israeli Telecommunication <br>Corp. Ltd.§ | 38515 |
| 92 | Big Shopping Centers Ltd.§,\* | 17609 |
| 124 | Blue Square Real Estate Ltd.§ | 14313 |
| 238 | Camtek Ltd.§,\* | 20585 |
| 2419 | Carasso Motors Ltd.§ | 23799 |
| 5502 | Cellcom Israel Ltd.§,\* | 44682 |
| 1006 | Clal Insurance Enterprises Holdings <br>Ltd.§ | 44501 |
| 142 | Danel Adir Yeoshua Ltd.§ | 20295 |
| 260 | Delek Automotive Systems Ltd.§ | 2193 |
| 153 | Delek Group Ltd.§ | 31627 |
| 208 | Delta Galil Ltd.§ | 11050 |
| 4033 | Doral Group Renewable Energy <br>Resources Ltd.\*,§ | 18355 |
| 5933 | El Al Israel Airlines§,\* | 23283 |
| 37 | Elbit Systems Ltd. | 16631 |
| 30 | Electra Ltd.§ | 19238 |
| 4030 | Energix-Renewable Energies Ltd.§ | 14892 |
| 899 | Enlight Renewable Energy Ltd.§,\* | 20407 |
| 567 | Equital Ltd.§,\* | 26170 |
| 1 | Fattal Holdings 1998 Ltd.§,\* | 174 |
| 699 | First International Bank of Israel <br>Ltd.§ | 50606 |
| 153 | Formula Systems 1985 Ltd.§ | 19486 |
| 122 | Formula Systems 1985 Ltd., ADR† | 15616 |
| 294 | Fox Wizel Ltd.§ | 29428 |
|  | Gav-Yam Lands Corp. Ltd.§ |  |
| 2147 | Harel Insurance Investments & <br>Financial Services Ltd.§ | 60189 |
| 313 | Hilan Ltd.§ | 26595 |
| 1012 | ICL Group Ltd.§ | 6933 |
| 1 | Isracard Ltd.§ | 3 |
| 2814 | Israel Canada T.R Ltd.§ | 12666 |
| 11469 | Israel Discount Bank Ltd., Class A§ | 114364 |
| 50 | Isras Investment Co. Ltd.§ | 14224 |
| 302 | Kenon Holdings Ltd.§ | 12503 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Israel (Continued)** | **Israel (Continued)** | **Israel (Continued)** |
| 955 | Kvutzat Acro Ltd.§ | $| 15578 |
| 521 | Lapidoth Capital Ltd.§ |  | 12517 |
| 325 | M Yochananof & Sons Ltd.§ |  | 29762 |
| 267 | Matrix IT Ltd.§ |  | 9298 |
| 252 | Mega Or Holdings Ltd.§ |  | 11788 |
| 2116 | Meitav Investment House Ltd.§ |  | 46514 |
| 526 | Menora Mivtachim Holdings Ltd.§ |  | 41482 |
| 8220 | Mivne Real Estate KD Ltd.§ |  | 30788 |
| 1572 | Mizrahi Tefahot Bank Ltd.§ |  | 102493 |
| 747 | Next Vision Stabilized Systems Ltd.§ |  | 27894 |
| 156 | Nice Ltd.§,\* |  | 26436 |
| 12 | Nice Ltd., ADR\* |  | 2027 |
| 130 | Nova Ltd.§,\* |  | 36861 |
| 130510 | Oil Refineries Ltd.§ |  | 35196 |
| 1226 | One Software Technologies Ltd.§ |  | 31609 |
| 1134 | OPC Energy Ltd.§,\* |  | 13800 |
| 564 | OY Nofar Energy Ltd.§,\* |  | 15673 |
| 2855 | Partner Communications Co. Ltd.§ |  | 21667 |
| 109 | Paz Retail & Energy Ltd.§ |  | 19934 |
| 3099 | Phoenix Financial Ltd.§ |  | 89760 |
| 282 | Rami Levy Chain Stores Hashikma <br>Marketing 2006 Ltd.§ |  | 27223 |
| 1204 | Retailors Ltd.§ |  | 23287 |
| 1415 | Shapir Engineering & Industry Ltd.§ |  | 12608 |
| 5468 | Shikun & Binui Ltd.§,\* |  | 27450 |
| 11929 | Shikun & Binui Soltec Renewable <br>Energy§,\* |  | 10805 |
| 2661 | Shufersal Ltd.§ |  | 30561 |
| 1975 | Tamar Petroleum Ltd.#,§ |  | 24282 |
| 1120 | Tel Aviv Stock Exchange Ltd.§ |  | 21660 |
| 473 | Teva Pharmaceutical Industries <br>Ltd.§,\* |  | 7964 |
| 6714 | Teva Pharmaceutical Industries Ltd., <br>ADR\* |  | 112527 |
| 534 | Tower Semiconductor Ltd.\* |  | 23149 |
| 2836 | Veridis Environment Ltd.\*,§ |  | 22398 |
| 171 | YH Dimri Construction & <br>Development Ltd.§ |  | 18668 |
|  |  |  | 2461699 |
|  | **Italy—2.4%** | **Italy—2.4%** | **Italy—2.4%** |
| 62353 | A2A SpA§ |  | 167866 |
| 2124 | ACEA SpA§ |  | 51398 |
| 2261 | Amplifon SpA†,§ |  | 53146 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Italy (Continued)** | **Italy (Continued)** |
| 4544 | Azimut Holding SpA§ | $145550 |
| 1967 | Banca Generali SpA§ | 109357 |
| 2764 | Banca Mediolanum SpA§ | 47621 |
| 31942 | Banca Monte dei Paschi di Siena <br>SpA§ | 271864 |
| 14817 | Banca Popolare di Sondrio SpA§ | 206044 |
| 14608 | Banco BPM SpA†,§ | 170633 |
| 22573 | BPER Banca SpA§ | 205258 |
| 1134 | Brunello Cucinelli SpA§ | 137833 |
| 1815 | Buzzi SpA§ | 100660 |
| 3914 | Credito Emiliano SpA§ | 57835 |
| 1103 | De' Longhi SpA§ | 37041 |
| 80669 | Enel SpA§ | 765643 |
| 21244 | Eni SpA§ | 344085 |
| 607 | Ferrari NV§ | 297609 |
| 5782 | FinecoBank Banca Fineco SpA§ | 128338 |
| 1796 | Generali§ | 63929 |
| 30199 | Hera SpA†,§ | 145944 |
| 1311 | Interpump Group SpA†,§ | 54598 |
| 37367 | Intesa Sanpaolo SpA§ | 215395 |
| 17564 | Iren SpA§ | 54214 |
| 16195 | Italgas SpA†,§ | 137678 |
| 7657 | Iveco Group NV§ | 150690 |
| 931 | Leonardo SpA†,§ | 52501 |
| 737 | Lottomatica Group SpA§ | 20458 |
| 3294 | Mediobanca Banca di Credito <br>Finanziario SpA†,§ | 76608 |
| 1371 | Moncler SpA§ | 78278 |
| 20578 | Nexi SpA†,#,§ | 123043 |
| 15698 | Pirelli & C SpA§,# | 108277 |
| 2463 | Poste Italiane SpA§,# | 52931 |
| 1227 | Prysmian SpA§ | 86527 |
| 570 | Recordati Industria Chimica e <br>Farmaceutica SpA§ | 35862 |
| 624 | Reply SpA§ | 107788 |
| 55163 | Saipem SpA†,§ | 151133 |
| 13537 | Snam SpA§ | 82221 |
| 756 | SOL SpA§ | 42841 |
| 15357 | Stellantis NV†,§ | 153997 |
| 3568 | Stellantis NV† | 35787 |
| 380258 | Telecom Italia SpA§,\* | 187562 |
| 1807 | Tenaris SA§ | 33752 |
| 582 | Tenaris SA, ADR | 21767 |
| 5987 | Terna—Rete Elettrica Nazionale†,§ | 61582 |
| 9946 | UniCredit SpA§ | 667079 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Italy (Continued)** | **Italy (Continued)** | **Italy (Continued)** |
| 12855 | Unipol Assicurazioni SpA§ | $| 254875 |
| 12239 | Webuild SpA†,§ |  | 51865 |
|  |  |  | 6606963 |
|  | **Japan—14.3%** | **Japan—14.3%** | **Japan—14.3%** |
| 2500 | 77 Bank Ltd.§ |  | 84966 |
| 800 | ABC-Mart, Inc.§ |  | 16444 |
| 3100 | ADEKA Corp.§ |  | 59131 |
| 4000 | Advantest Corp.§ |  | 296303 |
| 4000 | Aeon Co. Ltd.†,§ |  | 122682 |
| 300 | Aeon Mall Co. Ltd.§,\* |  | 6006 |
| 2600 | AGC, Inc.†,§ |  | 76075 |
| 1300 | Ai Holdings Corp.§ |  | 21152 |
| 2500 | Aica Kogyo Co. Ltd.§ |  | 62397 |
| 900 | Ain Holdings, Inc.§ |  | 33967 |
| 3100 | Air Water, Inc.§ |  | 46218 |
| 5100 | Aisin Corp.§ |  | 65060 |
| 4600 | Ajinomoto Co., Inc.§ |  | 122769 |
| 1400 | Alfresa Holdings Corp.§ |  | 19121 |
| 8800 | Alps Alpine Co. Ltd.§ |  | 94441 |
| 2700 | Amada Co. Ltd.§ |  | 29420 |
| 1900 | Amano Corp.§ |  | 58986 |
| 1100 | Amvis Holdings, Inc.§ |  | 3686 |
| 1600 | ANA Holdings, Inc.§ |  | 31356 |
| 1800 | Aozora Bank Ltd.†,§ |  | 26941 |
| 1900 | Arcs Co. Ltd.§ |  | 39403 |
| 2000 | ARE Holdings, Inc.§ |  | 24978 |
| 1600 | Artience Co. Ltd.†,§ |  | 33368 |
| 2200 | As One Corp.§ |  | 38052 |
| 7500 | Asahi Group Holdings Ltd.§ |  | 100377 |
| 1600 | Asahi Intecc Co. Ltd.§ |  | 25296 |
| 15000 | Asahi Kasei Corp.§ |  | 106551 |
| 4400 | Asics Corp.§ |  | 112401 |
| 1400 | ASKUL Corp.§ |  | 14938 |
| 10200 | Astellas Pharma, Inc.§ |  | 100016 |
| 1800 | AZ-COM MARUWA Holdings, <br>Inc.§ |  | 12760 |
| 4400 | Azbil Corp.§ |  | 41747 |
| 2900 | Bandai Namco Holdings, Inc.§ |  | 103815 |
| 1000 | BayCurrent, Inc.§ |  | 51517 |
| 600 | Belc Co. Ltd.§ |  | 30863 |
| 3800 | Bic Camera, Inc.§ |  | 43640 |
| 900 | BIPROGY, Inc.§ |  | 37564 |
| 4300 | Bridgestone Corp.†,§ |  | 175595 |
| 2300 | Brother Industries Ltd.§ |  | 39597 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1800 | Bunka Shutter Co. Ltd.§ | $29519 |
| 400 | C Uyemura & Co. Ltd.§ | 25633 |
| 500 | Calbee, Inc.§ | 9520 |
| 500 | Canon Marketing Japan, Inc.†,§ | 18327 |
| 3700 | Canon, Inc.†,§ | 107168 |
| 2100 | Capcom Co. Ltd.§ | 71694 |
| 2700 | Casio Computer Co. Ltd.§ | 20621 |
| 2500 | Central Japan Railway Co.§ | 55993 |
| 3700 | Chiba Bank Ltd.§ | 34094 |
| 3800 | Chubu Electric Power Co., Inc.§ | 46991 |
| 3600 | Chugai Pharmaceutical Co. Ltd.§ | 188185 |
| 5900 | Chugin Financial Group, Inc.§ | 71217 |
| 6100 | Chugoku Electric Power Co., Inc.†,§ | 30129 |
| 700 | Chugoku Marine Paints Ltd.§ | 13160 |
| 8700 | Citizen Watch Co. Ltd.§ | 51451 |
| 3000 | CKD Corp.§ | 54582 |
| 1200 | Coca-Cola Bottlers Japan Holdings, <br>Inc.§ | 19377 |
| 2500 | Colowide Co. Ltd.§ | 32922 |
| 900 | COMSYS Holdings Corp.§ | 20814 |
| 8000 | Concordia Financial Group Ltd.§ | 51734 |
| 1000 | Cosmo Energy Holdings Co. Ltd.§ | 42699 |
| 400 | Cosmos Pharmaceutical Corp.§ | 25398 |
| 4800 | Create Restaurants Holdings, Inc.§ | 47428 |
| 1700 | Create SD Holdings Co. Ltd.§ | 37780 |
| 3600 | CyberAgent, Inc.§ | 41240 |
| 1300 | Cybozu, Inc.§ | 33641 |
| 1500 | Dai Nippon Printing Co. Ltd.§ | 22736 |
| 1000 | Dai-Dan Co. Ltd.§ | 30859 |
| 24000 | Dai-ichi Life Holdings, Inc.§ | 181417 |
| 7800 | Daicel Corp.§ | 65225 |
| 5600 | Daido Steel Co. Ltd.§ | 38550 |
| 1800 | Daifuku Co. Ltd.§ | 46531 |
| 700 | Daihen Corp.§ | 30894 |
| 1900 | Daiichi Sankyo Co. Ltd.§ | 44243 |
| 4200 | Daiichikosho Co. Ltd.§ | 47346 |
| 1300 | Daikin Industries Ltd.§ | 153580 |
| 300 | Daikokutenbussan Co. Ltd.†,§ | 14612 |
| 4000 | Daio Paper Corp.§ | 22146 |
| 2280 | Daiseki Co. Ltd.†,§ | 55015 |
| 2800 | Daishi Hokuetsu Financial Group, <br>Inc.§ | 64495 |
| 600 | Daito Trust Construction Co. Ltd.§ | 65400 |
| 5900 | Daiwa House Industry Co. Ltd.§ | 203262 |
| 4700 | Daiwa Securities Group, Inc.§ | 33428 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 4300 | Daiwabo Holdings Co. Ltd.§ | $77427 |
| 5300 | DCM Holdings Co. Ltd.§ | 48982 |
| 3700 | Denka Co. Ltd.†,§ | 50674 |
| 11300 | Denso Corp.§ | 152398 |
| 900 | Dentsu Group, Inc.†,§ | 19970 |
| 400 | Dentsu Soken, Inc.§ | 18621 |
| 3000 | Dexerials Corp.§ | 46186 |
| 3600 | DIC Corp.§ | 72185 |
| 500 | Disco Corp.§ | 147944 |
| 4100 | DMG Mori Co. Ltd.†,§ | 93816 |
| 2500 | Dowa Holdings Co. Ltd.§ | 80788 |
| 1500 | DTS Corp.§ | 53675 |
| 3300 | East Japan Railway Co.§ | 71218 |
| 5500 | Ebara Corp.†,§ | 105446 |
| 2100 | EDION Corp.§ | 30734 |
| 1400 | Eisai Co. Ltd.§ | 40216 |
| 2900 | Elecom Co. Ltd.§ | 36359 |
| 3100 | Electric Power Development Co. <br>Ltd.§ | 52824 |
| 37400 | ENEOS Holdings, Inc.§ | 184593 |
| 1000 | Exedy Corp.§ | 28593 |
| 8600 | EXEO Group, Inc.§ | 109395 |
| 2300 | Ezaki Glico Co. Ltd.§ | 73596 |
| 1300 | FANUC Corp.§ | 35363 |
| 1000 | Fast Retailing Co. Ltd.§ | 342674 |
| 1600 | Food & Life Cos. Ltd.§ | 77932 |
| 1400 | FP Corp.§ | 25797 |
| 900 | Fuji Co. Ltd.†,§ | 12425 |
| 3300 | Fuji Corp.†,§ | 61381 |
| 1400 | Fuji Electric Co. Ltd.§ | 64277 |
| 500 | Fuji Kyuko Co. Ltd.§ | 7218 |
| 700 | Fuji Oil Co. Ltd.§ | 13731 |
| 1900 | Fuji Seal International, Inc.§ | 36706 |
| 2800 | FUJIFILM Holdings Corp.§ | 60843 |
| 2300 | Fujikura Ltd.§ | 120859 |
| 900 | Fujimi, Inc.§ | 12729 |
| 7700 | Fujitsu Ltd.§ | 187080 |
| 400 | Fukuda Denshi Co. Ltd.§ | 19419 |
| 1200 | Fukuoka Financial Group, Inc.§ | 31958 |
| 600 | Fukuyama Transporting Co. Ltd.†,§ | 14009 |
| 1800 | Furukawa Electric Co. Ltd.§ | 87282 |
| 2000 | Future Corp.§ | 29732 |
| 1000 | Galilei Co. Ltd.§ | 21120 |
| 3000 | Glory Ltd.§ | 69801 |
| 700 | GMO Payment Gateway, Inc.§ | 45273 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 400 | Goldwin, Inc.§ | $22485 |
| 3800 | GS Yuasa Corp.§ | 70786 |
| 4900 | Gunma Bank Ltd.§ | 40973 |
| 3000 | H.U. Group Holdings, Inc.§ | 66476 |
| 3400 | H2O Retailing Corp.§ | 44532 |
| 5000 | Hachijuni Bank Ltd.§ | 40459 |
| 2800 | Hakuhodo DY Holdings, Inc.§ | 23242 |
| 1800 | Hamamatsu Photonics KK§ | 21825 |
| 1900 | Hankyu Hanshin Holdings, Inc.§ | 51642 |
| 1500 | Hanwa Co. Ltd.§ | 56452 |
| 3500 | Haseko Corp.§ | 52484 |
| 6300 | Hazama Ando Corp.§ | 63333 |
| 2300 | Heiwa Corp.§ | 33514 |
| 700 | Heiwado Co. Ltd.§ | 13743 |
| 12900 | Hino Motors Ltd.§,\* | 32028 |
| 10000 | Hirogin Holdings, Inc.§ | 83409 |
| 200 | Hirose Electric Co. Ltd.§ | 24159 |
| 1000 | HIS Co. Ltd.†,§ | 9408 |
| 1600 | Hitachi Construction Machinery Co. <br>Ltd.§ | 47540 |
| 23600 | Hitachi Ltd.§ | 683665 |
| 6200 | Hokkaido Electric Power Co., <br>Inc.†,§ | 32222 |
| 3000 | Hokuetsu Corp.†,§ | 21835 |
| 2800 | Hokuhoku Financial Group, Inc.§ | 53190 |
| 2300 | Hokuriku Electric Power Co.†,§ | 11464 |
| 30900 | Honda Motor Co. Ltd.§ | 297961 |
| 939 | Honda Motor Co. Ltd., ADR† | 27071 |
| 600 | Horiba Ltd.§ | 46665 |
| 600 | Hoshizaki Corp.§ | 20735 |
| 2500 | House Foods Group, Inc.§ | 48608 |
| 2000 | Hoya Corp.§ | 237430 |
| 4400 | Hulic Co. Ltd.†,§ | 44301 |
| 8400 | Hyakugo Bank Ltd.†,§ | 40096 |
| 700 | Ibiden Co. Ltd.§ | 30612 |
| 3300 | Ichibanya Co. Ltd.†,§ | 21131 |
| 6100 | Ichigo, Inc.§ | 17110 |
| 7600 | Idemitsu Kosan Co. Ltd.§ | 45990 |
| 500 | IHI Corp.§ | 54287 |
| 1100 | Iida Group Holdings Co. Ltd.§ | 15483 |
| 1900 | Inaba Denki Sangyo Co. Ltd.§ | 52112 |
| 1500 | Inabata & Co. Ltd.§ | 33409 |
| 11712 | INFRONEER Holdings, Inc.§ | 98257 |
| 13200 | Inpex Corp.†,§ | 185214 |
| 1200 | Internet Initiative Japan, Inc.§ | 23688 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1500 | Isetan Mitsukoshi Holdings Ltd.§ | $22899 |
| 7800 | Isuzu Motors Ltd.§ | 98753 |
| 1900 | Ito En Ltd.§ | 43087 |
| 4500 | ITOCHU Corp.§ | 236497 |
| 2700 | Itochu Enex Co. Ltd.§ | 32258 |
| 680 | Itoham Yonekyu Holdings, Inc.†,§ | 23136 |
| 9300 | Iwatani Corp.§ | 98485 |
| 1900 | Iyogin Holdings, Inc.§ | 20873 |
| 1900 | Izumi Co. Ltd.§ | 43919 |
| 3500 | J. Front Retailing Co. Ltd.§ | 47574 |
| 4100 | JAC Recruitment Co. Ltd.§ | 28838 |
| 1400 | Japan Airlines Co. Ltd.§ | 28519 |
| 1900 | Japan Airport Terminal Co. Ltd.§ | 60570 |
| 1800 | Japan Aviation Electronics Industry <br>Ltd.§ | 31967 |
| 2200 | Japan Elevator Service Holdings Co. <br>Ltd.§ | 63470 |
| 7200 | Japan Exchange Group, Inc.§ | 73008 |
| 1200 | Japan Material Co. Ltd.§ | 12275 |
| 7800 | Japan Post Holdings Co. Ltd.§ | 71996 |
| 1000 | Japan Post Insurance Co. Ltd.§ | 22553 |
| 3000 | Japan Securities Finance Co. Ltd.§ | 36432 |
| 400 | Japan Steel Works Ltd.§ | 22966 |
| 5800 | Japan Tobacco, Inc.†,§ | 170766 |
| 1600 | Jeol Ltd.§ | 48685 |
| 6200 | JFE Holdings, Inc.§ | 71970 |
| 4100 | JTEKT Corp.§ | 33658 |
| 1300 | Juroku Financial Group, Inc.§ | 43540 |
| 1000 | Justsystems Corp.§ | 25655 |
| 10400 | JVCKenwood Corp.§ | 82836 |
| 6900 | K's Holdings Corp.§ | 70100 |
| 800 | Kadokawa Corp.§ | 22226 |
| 2000 | Kaga Electronics Co. Ltd.§ | 37900 |
| 2900 | Kagome Co. Ltd.§ | 57770 |
| 2200 | Kajima Corp.§ | 57322 |
| 1500 | Kakaku.com, Inc.§ | 27831 |
| 1100 | Kamigumi Co. Ltd.§ | 30548 |
| 7000 | Kanadevia Corp.§ | 47190 |
| 500 | Kanamoto Co. Ltd.§ | 11235 |
| 1500 | Kandenko Co. Ltd.§ | 34713 |
| 2000 | Kaneka Corp.§ | 55074 |
| 4100 | Kanematsu Corp.§ | 77827 |
| 4100 | Kansai Electric Power Co., Inc.§ | 48521 |
| 1800 | Kansai Paint Co. Ltd.§ | 24715 |
| 1500 | Kao Corp.†,§ | 67138 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 3000 | Katitas Co. Ltd.§ | $51996 |
| 800 | Kato Sangyo Co. Ltd.§ | 30501 |
| 900 | Kawasaki Heavy Industries Ltd.§ | 68096 |
| 28400 | KDDI Corp.§ | 487922 |
| 1800 | Keihan Holdings Co. Ltd.§ | 38169 |
| 2300 | Keikyu Corp.§ | 24012 |
| 700 | Keio Corp.§ | 17041 |
| 1800 | Keisei Electric Railway Co. Ltd.§ | 16891 |
| 900 | Kewpie Corp.§ | 21045 |
| 400 | Keyence Corp.§ | 160615 |
| 3300 | Kikkoman Corp.§ | 30581 |
| 1500 | Kintetsu Group Holdings Co. Ltd.§ | 28433 |
| 5200 | Kirin Holdings Co. Ltd.§ | 72820 |
| 1700 | Kiyo Bank Ltd.§ | 29334 |
| 700 | Kobayashi Pharmaceutical Co. Ltd.§ | 26195 |
| 1300 | Kobe Bussan Co. Ltd.§ | 40436 |
| 4600 | Kobe Steel Ltd.†,§ | 50268 |
| 3200 | Koito Manufacturing Co. Ltd.§ | 38167 |
| 11600 | Kokuyo Co. Ltd.†,§ | 66591 |
| 8600 | Komatsu Ltd.§ | 281498 |
| 900 | KOMEDA Holdings Co. Ltd.§ | 18546 |
| 1900 | Komeri Co. Ltd.§ | 38802 |
| 600 | Konami Group Corp.§ | 94748 |
| 21400 | Konica Minolta, Inc.§,\* | 69249 |
| 1200 | Konoike Transport Co. Ltd.§ | 24442 |
| 500 | Kose Corp.†,§ | 19644 |
| 2000 | Kotobuki Spirits Co. Ltd.§ | 28496 |
| 8700 | Kubota Corp.†,§ | 97543 |
| 900 | Kumagai Gumi Co. Ltd.§ | 26103 |
| 500 | Kura Sushi, Inc.†,§ | 12290 |
| 4700 | Kuraray Co. Ltd.†,§ | 59627 |
| 1200 | Kureha Corp.§ | 26121 |
| 800 | Kurita Water Industries Ltd.§ | 31518 |
| 2500 | Kusuri No. Aoki Holdings Co. Ltd.§ | 62949 |
| 600 | KYB Corp.§ | 12395 |
| 2500 | Kyoritsu Maintenance Co. Ltd.†,§ | 61169 |
| 2400 | Kyoto Financial Group, Inc.§ | 43021 |
| 1800 | Kyowa Kirin Co. Ltd.†,§ | 30860 |
| 1100 | Kyudenko Corp.§ | 45603 |
| 3100 | Kyushu Electric Power Co., Inc.§ | 27711 |
| 9600 | Kyushu Financial Group, Inc.§ | 48339 |
| 1200 | Kyushu Railway Co.§ | 31046 |
| 600 | Lasertec Corp.†,§ | 80843 |
| 10100 | Leopalace21 Corp.§ | 43617 |
| 2100 | Life Corp.§ | 32219 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 2200 | Lintec Corp.§ | $45165 |
| 2000 | Lion Corp.§ | 20692 |
| 3000 | Lixil Corp.§ | 34744 |
| 8500 | LY Corp.§ | 31301 |
| 2200 | M3, Inc.§ | 30217 |
| 3100 | Mabuchi Motor Co. Ltd.†,§ | 45726 |
| 7000 | Macnica Holdings, Inc.§ | 93964 |
| 1800 | Maeda Kosen Co. Ltd.§ | 23693 |
| 600 | Makino Milling Machine Co. Ltd.§ | 47943 |
| 900 | Makita Corp.§ | 27675 |
| 2300 | Mani, Inc.§ | 19719 |
| 2200 | Marubeni Corp.§ | 44271 |
| 2000 | Maruha Nichiro Corp.§ | 42301 |
| 2000 | Marui Group Co. Ltd.§ | 42578 |
| 100 | Maruwa Co. Ltd.§ | 28473 |
| 4100 | Matsui Securities Co. Ltd.§ | 19813 |
| 3020 | MatsukiyoCocokara & Co.§ | 62229 |
| 200 | Matsuyafoods Holdings Co. Ltd.§ | 8222 |
| 1000 | Max Co. Ltd.§ | 32240 |
| 8600 | Mazda Motor Corp.§ | 51660 |
| 500 | McDonald's Holdings Co. Japan <br>Ltd.§ | 20693 |
| 9000 | Mebuki Financial Group, Inc.§ | 46759 |
| 1600 | Medipal Holdings Corp.§ | 25910 |
| 900 | Medley, Inc.†,\*,§ | 19822 |
| 2400 | Megmilk Snow Brand Co. Ltd.§ | 45495 |
| 1700 | Meidensha Corp.§ | 63829 |
| 1600 | MEIJI Holdings Co. Ltd.§ | 35403 |
| 900 | Meiko Electronics Co. Ltd.§ | 42185 |
| 2600 | MEITEC Group Holdings, Inc.§ | 57337 |
| 2200 | Mercari, Inc.§,\* | 40841 |
| 1000 | Micronics Japan Co. Ltd.†,§ | 37304 |
| 3500 | Minebea Mitsumi, Inc.§ | 51176 |
| 3400 | Mirait One Corp.§ | 59912 |
| 2100 | MISUMI Group, Inc.§ | 28023 |
| 1000 | Mitani Corp.§ | 14887 |
| 15500 | Mitsubishi Chemical Group Corp.§ | 81258 |
| 8300 | Mitsubishi Corp.§ | 165749 |
| 7800 | Mitsubishi Electric Corp.§ | 168457 |
| 3300 | Mitsubishi Estate Co. Ltd.§ | 61743 |
| 1500 | Mitsubishi Gas Chemical Co., Inc.§ | 22993 |
| 7100 | Mitsubishi Heavy Industries Ltd.§ | 177923 |
| 800 | Mitsubishi Logisnext Co. Ltd.†,§ | 10885 |
| 1400 | Mitsubishi Logistics Corp.†,§ | 11494 |
| 3900 | Mitsubishi Materials Corp.§ | 61485 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 16900 | Mitsubishi Motors Corp.§ | $47713 |
| 1000 | Mitsubishi Shokuhin Co. Ltd.§ | 43951 |
| 38500 | Mitsubishi UFJ Financial Group, <br>Inc.§ | 527128 |
| 1700 | Mitsui Chemicals, Inc.§ | 39187 |
| 4400 | Mitsui E&S Co. Ltd.†,§ | 86579 |
| 6700 | Mitsui Fudosan Co. Ltd.§ | 64725 |
| 4500 | Mitsui High-Tec, Inc.†,§ | 22117 |
| 2600 | Mitsui Mining & Smelting Co. Ltd.§ | 90493 |
| 3000 | Mitsui-Soko Holdings Co. Ltd.†,§ | 81831 |
| 1000 | Miura Co. Ltd.§ | 20085 |
| 10390 | Mizuho Financial Group, Inc.§ | 286028 |
| 2100 | Mizuno Corp.§ | 38722 |
| 500 | Mochida Pharmaceutical Co. Ltd.§ | 10286 |
| 300 | Modec, Inc.†,§ | 12820 |
| 900 | Monogatari Corp.†,§ | 24396 |
| 2900 | MonotaRO Co. Ltd.§ | 57243 |
| 2600 | Morinaga & Co. Ltd.§ | 42877 |
| 3100 | Morinaga Milk Industry Co. Ltd.§ | 69644 |
| 6500 | MS&AD Insurance Group Holdings, <br>Inc.§ | 144991 |
| 7200 | Murata Manufacturing Co. Ltd.§ | 106502 |
| 1500 | Musashi Seimitsu Industry Co. Ltd.§ | 31763 |
| 2800 | Nabtesco Corp.†,§ | 49996 |
| 3400 | Nagase & Co. Ltd.§ | 65395 |
| 4900 | Nagoya Railroad Co. Ltd.§ | 55409 |
| 2500 | Nakanishi, Inc.§ | 32910 |
| 1800 | Namura Shipbuilding Co. Ltd.§ | 39055 |
| 2700 | Nankai Electric Railway Co. Ltd.§ | 40787 |
| 4400 | NEC Corp.§ | 128870 |
| 1300 | Nexon Co. Ltd.§ | 26163 |
| 3900 | NGK Insulators Ltd.§ | 48889 |
| 1000 | NH Foods Ltd.§ | 34662 |
| 2400 | NHK Spring Co. Ltd.§ | 26106 |
| 1500 | Nichias Corp.§ | 57392 |
| 3000 | Nichirei Corp.§ | 39267 |
| 4300 | NIDEC Corp.§ | 83235 |
| 1900 | Nifco, Inc.§ | 44945 |
| 10300 | Nihon M&A Center Holdings, Inc.§ | 52147 |
| 1200 | Nikkon Holdings Co. Ltd.§ | 26712 |
| 3000 | Nikon Corp.§ | 30716 |
| 700 | Nintendo Co. Ltd.§ | 67142 |
| 1900 | Nippn Corp.§ | 28080 |
| 3300 | Nippon Electric Glass Co. Ltd.†,§ | 78271 |
| 4800 | Nippon Express Holdings, Inc.†,§ | 96153 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 3500 | Nippon Gas Co. Ltd.§ | $64558 |
| 5700 | Nippon Kayaku Co. Ltd.§ | 51395 |
| 6200 | Nippon Paint Holdings Co. Ltd.§ | 49784 |
| 2700 | Nippon Paper Industries Co. Ltd.§ | 19412 |
| 1900 | Nippon Sanso Holdings Corp.§ | 71845 |
| 2600 | Nippon Shinyaku Co. Ltd.§ | 56680 |
| 4500 | Nippon Shokubai Co. Ltd.§ | 51225 |
| 1800 | Nippon Soda Co. Ltd.§ | 37826 |
| 8800 | Nippon Steel Corp.§ | 166983 |
| 104100 | Nippon Telegraph & Telephone <br>Corp.§ | 111171 |
| 8500 | Nipro Corp.†,§ | 75224 |
| 4800 | Nishi-Nippon Financial Holdings, <br>Inc.§ | 71815 |
| 2400 | Nishi-Nippon Railroad Co. Ltd.§ | 33854 |
| 1000 | Nishimatsu Construction Co. Ltd.§ | 33260 |
| 800 | Nishimatsuya Chain Co. Ltd.§ | 11618 |
| 1800 | Nissan Chemical Corp.§ | 54834 |
| 21600 | Nissan Motor Co. Ltd.\*,§ | 52466 |
| 800 | Nisshin Oillio Group Ltd.§ | 27096 |
| 1400 | Nisshin Seifun Group, Inc.§ | 16728 |
| 7800 | Nisshinbo Holdings, Inc.§ | 49835 |
| 1200 | Nissin Foods Holdings Co. Ltd.§ | 24960 |
| 16100 | Nissui Corp.§ | 97893 |
| 2000 | Niterra Co. Ltd.§ | 66647 |
| 400 | Nitori Holdings Co. Ltd.§ | 38684 |
| 400 | Nitto Boseki Co. Ltd.§ | 16881 |
| 6900 | Nitto Denko Corp.§ | 133075 |
| 700 | Nitto Kogyo Corp.§ | 15098 |
| 300 | Noevir Holdings Co. Ltd.§ | 9020 |
| 2100 | NOF Corp.§ | 40187 |
| 4500 | Nojima Corp.§ | 98426 |
| 16900 | Nomura Holdings, Inc.§ | 110986 |
| 7500 | Nomura Real Estate Holdings, Inc.§ | 43850 |
| 2200 | Nomura Research Institute Ltd.§ | 88404 |
| 14600 | North Pacific Bank Ltd.†,§ | 58234 |
| 2000 | NSD Co. Ltd.§ | 49496 |
| 9700 | NSK Ltd.§ | 45544 |
| 3100 | Obayashi Corp.§ | 46912 |
| 1500 | Obic Co. Ltd.§ | 58449 |
| 2100 | Odakyu Electric Railway Co. Ltd.§ | 24584 |
| 900 | Ohsho Food Service Corp.§ | 23778 |
| 7400 | Oji Holdings Corp.§ | 37293 |
| 2700 | Okamura Corp.§ | 41507 |
| 4600 | Okasan Securities Group, Inc.†,§ | 21359 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1000 | Okinawa Cellular Telephone Co.§ | $35504 |
| 2200 | OKUMA Corp.§ | 55762 |
| 1400 | Okumura Corp.§ | 41761 |
| 4700 | Olympus Corp.§ | 55768 |
| 1200 | Omron Corp.§ | 32439 |
| 1800 | Ono Pharmaceutical Co. Ltd.†,§ | 19511 |
| 900 | Open House Group Co. Ltd.§ | 40725 |
| 3300 | Open Up Group, Inc.†,§ | 39154 |
| 300 | Oracle Corp.§ | 35797 |
| 400 | Organo Corp.§ | 24988 |
| 3300 | Oriental Land Co. Ltd.§ | 76061 |
| 2100 | Osaka Gas Co. Ltd.§ | 53743 |
| 2900 | OSG Corp.§ | 34190 |
| 1400 | Otsuka Corp.§ | 28508 |
| 2100 | Otsuka Holdings Co. Ltd.§ | 103972 |
| 800 | PAL GROUP Holdings Co. Ltd.†,§ | 20009 |
| 1200 | PALTAC Corp.§ | 33644 |
| 2500 | Pan Pacific International Holdings <br>Corp.§ | 85926 |
| 16800 | Panasonic Holdings Corp.§ | 180477 |
| 700 | Paramount Bed Holdings Co. Ltd.§ | 12433 |
| 4400 | Park24 Co. Ltd.§ | 56517 |
| 15700 | Penta-Ocean Construction Co. Ltd.§ | 98275 |
| 2400 | PeptiDream, Inc.§,\* | 27409 |
| 26000 | Persol Holdings Co. Ltd.§ | 50686 |
| 1100 | PHC Holdings Corp.§ | 6952 |
| 4400 | Pigeon Corp.†,§ | 53526 |
| 1200 | Pilot Corp.§ | 33948 |
| 700 | Raito Kogyo Co. Ltd.§ | 13915 |
| 2000 | Rakus Co. Ltd.§ | 32203 |
| 700 | Rakuten Bank Ltd.§,\* | 31954 |
| 4200 | Rakuten Group, Inc.§,\* | 23117 |
| 7900 | Recruit Holdings Co. Ltd.§ | 465146 |
| 4200 | Relo Group, Inc.§ | 49821 |
| 12500 | Renesas Electronics Corp.§ | 153828 |
| 10700 | Rengo Co. Ltd.§ | 57900 |
| 10000 | Resona Holdings, Inc.§ | 91784 |
| 2800 | Resonac Holdings Corp.§ | 64772 |
| 5200 | Resorttrust, Inc.§ | 63582 |
| 6400 | Ricoh Co. Ltd.§ | 60424 |
| 1200 | Rinnai Corp.§ | 29747 |
| 2800 | Rohm Co. Ltd.†,§ | 35707 |
| 1500 | Rohto Pharmaceutical Co. Ltd.§ | 21300 |
| 3000 | Rorze Corp.†,§ | 42749 |
| 2600 | Round One Corp.§ | 26427 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1000 | Royal Holdings Co. Ltd.†,§ | $18275 |
| 2600 | Ryohin Keikaku Co. Ltd.§ | 124702 |
| 1164 | Ryoyo Ryosan Holdings, Inc.§ | 21393 |
| 1100 | Saizeriya Co. Ltd.§ | 38167 |
| 1100 | Sakata Seed Corp.§ | 26722 |
| 600 | San-A Co. Ltd.§ | 12279 |
| 5700 | San-In Godo Bank Ltd.§ | 46918 |
| 1800 | Sangetsu Corp.§ | 36871 |
| 1300 | Sanken Electric Co. Ltd.\*,§ | 72524 |
| 900 | Sanki Engineering Co. Ltd.§ | 25306 |
| 3000 | Sankyo Co. Ltd.§ | 55469 |
| 2700 | Sankyu, Inc.§ | 144536 |
| 1300 | Sanrio Co. Ltd.§ | 62883 |
| 3600 | Santen Pharmaceutical Co. Ltd.§ | 41292 |
| 1600 | Sanwa Holdings Corp.§ | 53044 |
| 600 | Sapporo Holdings Ltd.§ | 30882 |
| 4800 | Sawai Group Holdings Co. Ltd.§ | 61107 |
| 1700 | SBI Holdings, Inc.§ | 59062 |
| 200 | SBI Sumishin Net Bank Ltd.§ | 6782 |
| 600 | SCREEN Holdings Co. Ltd.§ | 48723 |
| 1600 | SCSK Corp.§ | 48182 |
| 2200 | Secom Co. Ltd.§ | 79175 |
| 1400 | Sega Sammy Holdings, Inc.§ | 33584 |
| 1900 | Seibu Holdings, Inc.§ | 68015 |
| 2400 | Seiko Epson Corp.§ | 31872 |
| 1400 | Seiko Group Corp.§ | 42400 |
| 200 | Seino Holdings Co. Ltd.§ | 3073 |
| 1700 | Seiren Co. Ltd.§ | 27384 |
| 2700 | Sekisui Chemical Co. Ltd.§ | 48811 |
| 3200 | Sekisui House Ltd.§ | 70565 |
| 6200 | Senko Group Holdings Co. Ltd.§ | 84388 |
| 1700 | Seria Co. Ltd.§ | 31727 |
| 23200 | Seven & i Holdings Co. Ltd.§ | 374178 |
| 22100 | Seven Bank Ltd.§ | 40313 |
| 3200 | SG Holdings Co. Ltd.§ | 35696 |
| 1200 | Sharp Corp.†,\*,§ | 5829 |
| 2900 | SHIFT, Inc.§,\* | 35192 |
| 1900 | Shiga Bank Ltd.†,§ | 76372 |
| 4500 | Shikoku Electric Power Co., Inc.†,§ | 37627 |
| 1700 | Shimadzu Corp.§ | 42162 |
| 200 | Shimano, Inc.§ | 29030 |
| 3500 | Shimizu Corp.§ | 39042 |
| 9900 | Shin-Etsu Chemical Co. Ltd.§ | 326233 |
| 1700 | Shionogi & Co. Ltd.§ | 30675 |
| 3700 | Ship Healthcare Holdings, Inc.§ | 49816 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1200 | Shiseido Co. Ltd.†,§ | $21360 |
| 2500 | Shizuoka Financial Group, Inc.§ | 28985 |
| 1300 | SHO-BOND Holdings Co. Ltd.†,§ | 42450 |
| 1400 | Simplex Holdings, Inc.§ | 37958 |
| 400 | Sinfonia Technology Co. Ltd.§ | 27099 |
| 7900 | SKY Perfect JSAT Holdings, Inc.§ | 79042 |
| 2300 | Skylark Holdings Co. Ltd.†,§ | 48164 |
| 100 | SMC Corp.§ | 36012 |
| 4000 | Socionext, Inc.†,§ | 76565 |
| 151000 | SoftBank Corp.§ | 233350 |
| 2600 | Sohgo Security Services Co. Ltd.§ | 18207 |
| 1160 | Sojitz Corp.§ | 28442 |
| 7000 | Sompo Holdings, Inc.§ | 209713 |
| 57500 | Sony Group Corp.§ | 1498997 |
| 3000 | Sotetsu Holdings, Inc.§ | 47211 |
| 100 | Square Enix Holdings Co. Ltd.§ | 7495 |
| 1900 | Starts Corp., Inc.§ | 59936 |
| 8400 | Subaru Corp.§ | 145943 |
| 1200 | Sugi Holdings Co. Ltd.†,§ | 27447 |
| 10500 | SUMCO Corp.†,§ | 82236 |
| 2000 | Sumitomo Bakelite Co. Ltd.§ | 57671 |
| 10600 | Sumitomo Chemical Co. Ltd.§ | 25536 |
| 4300 | Sumitomo Corp.§ | 110810 |
| 7200 | Sumitomo Electric Industries Ltd.§ | 153500 |
| 4800 | Sumitomo Forestry Co. Ltd.†,§ | 48605 |
| 3600 | Sumitomo Heavy Industries Ltd.§ | 73784 |
| 16800 | Sumitomo Mitsui Financial Group, <br>Inc.§ | 421176 |
| 3800 | Sumitomo Mitsui Trust Group, Inc.§ | 100732 |
| 800 | Sumitomo Osaka Cement Co. Ltd.§ | 20960 |
| 2100 | Sumitomo Realty & Development <br>Co. Ltd.§ | 80964 |
| 2400 | Sumitomo Riko Co. Ltd.§ | 27743 |
| 3700 | Sumitomo Rubber Industries Ltd.†,§ | 41925 |
| 700 | Sundrug Co. Ltd.§ | 21908 |
| 800 | Suntory Beverage & Food Ltd.§,† | 25608 |
| 6300 | Suruga Bank Ltd.†,§ | 58523 |
| 1300 | Suzuken Co. Ltd.§ | 47008 |
| 12700 | Suzuki Motor Corp.§ | 152999 |
| 1200 | SWCC Corp.§ | 62807 |
| 3900 | Sysmex Corp.§ | 67865 |
| 6800 | Systena Corp.§ | 19262 |
| 3400 | T&D Holdings, Inc.§ | 74370 |
| 3200 | Tadano Ltd.§ | 21263 |
| 1800 | Taiheiyo Cement Corp.§ | 44615 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 800 | Taikisha Ltd.§ | $14298 |
| 600 | Taisei Corp.§ | 34919 |
| 1700 | Taiyo Holdings Co. Ltd.§ | 83085 |
| 5500 | Taiyo Yuden Co. Ltd.†,§ | 96160 |
| 6200 | Takara Holdings, Inc.§ | 51575 |
| 300 | Takasago Thermal Engineering Co. <br>Ltd.§ | 14731 |
| 7200 | Takashimaya Co. Ltd.§ | 56279 |
| 11800 | Takeda Pharmaceutical Co. Ltd.§ | 364250 |
| 1500 | Takeuchi Manufacturing Co. Ltd.§ | 48542 |
| 700 | Takuma Co. Ltd.§ | 9954 |
| 4000 | Tamron Co. Ltd.†,§ | 24204 |
| 13000 | TDK Corp.§ | 152051 |
| 2200 | TechnoPro Holdings, Inc.†,§ | 64209 |
| 8400 | Teijin Ltd.§ | 67864 |
| 2500 | Terumo Corp.§ | 45888 |
| 800 | THK Co. Ltd.†,§ | 21307 |
| 1200 | TIS, Inc.§ | 40245 |
| 700 | TKC Corp.§ | 20475 |
| 3100 | Toagosei Co. Ltd.†,§ | 30003 |
| 1500 | Tobu Railway Co. Ltd.§ | 25901 |
| 9400 | Toda Corp.§ | 59600 |
| 600 | Toho Co. Ltd.§ | 35453 |
| 800 | Toho Gas Co. Ltd.§ | 22277 |
| 1200 | Toho Holdings Co. Ltd.§ | 38828 |
| 3300 | Tohoku Electric Power Co., Inc.§ | 24069 |
| 9700 | Tokai Carbon Co. Ltd.†,§ | 68349 |
| 1600 | TOKAI Holdings Corp.†,§ | 11025 |
| 3000 | Tokai Rika Co. Ltd.§ | 46117 |
| 13700 | Tokio Marine Holdings, Inc.§ | 577929 |
| 3100 | Tokuyama Corp.§ | 64654 |
| 6100 | Tokyo Electric Power Co. Holdings, <br>Inc.\*,§ | 20272 |
| 600 | Tokyo Electron Device Ltd.†,§ | 11800 |
| 2700 | Tokyo Electron Ltd.§ | 515483 |
| 1400 | Tokyo Gas Co. Ltd.§ | 46543 |
| 1400 | Tokyo Kiraboshi Financial Group, <br>Inc.§ | 58811 |
| 700 | Tokyo Ohka Kogyo Co. Ltd.§ | 20309 |
| 1300 | Tokyo Seimitsu Co. Ltd.§ | 86206 |
| 2000 | Tokyo Steel Manufacturing Co. <br>Ltd.§ | 20977 |
| 2700 | Tokyo Tatemono Co. Ltd.†,§ | 47987 |
| 700 | Tokyotokeiba Co. Ltd.§ | 23165 |
| 3000 | Tokyu Corp.§ | 35652 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 9700 | Tokyu Fudosan Holdings Corp.§ | $69494 |
| 1500 | Tomy Co. Ltd.§ | 33896 |
| 4200 | Topcon Corp.§ | 95233 |
| 9400 | Toray Industries, Inc.§ | 64205 |
| 500 | Toridoll Holdings Corp.§ | 14478 |
| 1300 | Toshiba TEC Corp.§ | 26396 |
| 3600 | Tosoh Corp.§ | 52567 |
| 1000 | TOTO Ltd.§ | 25173 |
| 1800 | Towa Corp.§ | 25174 |
| 700 | Towa Pharmaceutical Co. Ltd.§ | 14563 |
| 3100 | Toyo Construction Co. Ltd.§ | 30778 |
| 1000 | Toyo Seikan Group Holdings Ltd.§ | 19560 |
| 500 | Toyo Suisan Kaisha Ltd.§ | 33196 |
| 2500 | Toyo Tire Corp.†,§ | 52780 |
| 3700 | Toyoda Gosei Co. Ltd.§ | 72700 |
| 2400 | Toyota Boshoku Corp.§ | 32661 |
| 77000 | Toyota Motor Corp.§ | 1322641 |
| 5400 | Toyota Tsusho Corp.§ | 121969 |
| 500 | Transcosmos, Inc.§ | 12151 |
| 900 | Trend Micro, Inc.§ | 62171 |
| 3900 | Tsubakimoto Chain Co.§ | 48499 |
| 1100 | Tsumura & Co.§ | 26550 |
| 500 | Tsuruha Holdings, Inc.†,§ | 39053 |
| 2400 | U-Next Holdings Co. Ltd.§ | 38221 |
| 1700 | UACJ Corp.§ | 62127 |
| 4000 | UBE Corp.§ | 62580 |
| 1600 | Ulvac, Inc.†,§ | 58644 |
| 5800 | Unicharm Corp.§ | 42009 |
| 3700 | Ushio, Inc.§ | 45878 |
| 3800 | USS Co. Ltd.§ | 41913 |
| 1000 | Valor Holdings Co. Ltd.§ | 17479 |
| 700 | Visional, Inc.§,\* | 53999 |
| 1600 | Wacoal Holdings Corp.†,§ | 55202 |
| 1500 | Welcia Holdings Co. Ltd.§ | 26442 |
| 2400 | West Japan Railway Co.§ | 55026 |
| 400 | Workman Co. Ltd.§ | 17513 |
| 1100 | Yakult Honsha Co. Ltd.†,§ | 20693 |
| 9500 | Yamada Holdings Co. Ltd.§ | 29869 |
| 2200 | Yamaguchi Financial Group, Inc.§ | 23598 |
| 2700 | Yamaha Corp.§ | 19458 |
| 11400 | Yamaha Motor Co. Ltd.†,§ | 85021 |
| 600 | Yamato Holdings Co. Ltd.§ | 8040 |
| 1500 | Yamazaki Baking Co. Ltd.§ | 33625 |
| 1600 | Yamazen Corp.§ | 13882 |
| 400 | Yaoko Co. Ltd.§ | 26398 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** | **Japan (Continued)** |
| 1200 | Yaskawa Electric Corp.§ | $| 27040 |
| 2100 | Yokogawa Electric Corp.§ |  | 55958 |
| 2200 | Yokohama Rubber Co. Ltd.†,§ |  | 60356 |
| 2900 | Yonex Co. Ltd.§ |  | 58305 |
| 1700 | Yoshinoya Holdings Co. Ltd.§ |  | 36960 |
| 900 | Zensho Holdings Co. Ltd.§ |  | 54513 |
| 6200 | Zeon Corp.§ |  | 62850 |
| 3000 | ZOZO, Inc.§ |  | 32385 |
|  |  |  | 39364088 |
|  | **Netherlands—2.3%** | **Netherlands—2.3%** | **Netherlands—2.3%** |
| 4092 | Aalberts NV§ |  | 148623 |
| 3361 | ABN AMRO Bank NV, CVA§,# |  | 92025 |
| 52 | Adyen NV\*,§,# |  | 95478 |
| 11005 | Aegon Ltd.§ |  | 79715 |
| 5954 | Aegon Ltd., Registered† |  | 43107 |
| 3900 | Akzo Nobel NV§ |  | 272933 |
| 13946 | Allfunds Group PLC§ |  | 107041 |
| 3118 | Arcadis NV§ |  | 151340 |
| 2831 | ArcelorMittal SA§ |  | 89482 |
| 294 | ASM International NV§ |  | 188238 |
| 1963 | ASML Holding NV§ |  | 1571671 |
| 118 | ASML Holding NV, Registered§ |  | 94564 |
| 2907 | ASR Nederland NV§ |  | 193084 |
| 976 | BE Semiconductor Industries NV§ |  | 146104 |
| 1433 | Coca-Cola Europacific Partners <br>PLC§ |  | 132154 |
| 2885 | CTP NV§,# |  | 60720 |
| 98 | HAL Trust§ |  | 13992 |
| 6270 | Havas NV§ |  | 10792 |
| 1514 | Heineken NV§ |  | 132561 |
| 1302 | IMCD NV§ |  | 175224 |
| 13780 | ING Groep NV§ |  | 302400 |
| 6865 | InPost SA§,\* |  | 114042 |
| 1082 | JDE Peet's NV†,§ |  | 30917 |
| 4524 | Just Eat Takeaway.com NV§,\*,# |  | 103531 |
| 8062 | Koninklijke Ahold Delhaize NV§ |  | 337053 |
| 50841 | Koninklijke KPN NV§ |  | 248151 |
| 3061 | Koninklijke Philips NV§ |  | 73491 |
| 1815 | Koninklijke Philips NV, Registered† |  | 43524 |
| 2715 | Koninklijke Vopak NV§ |  | 135034 |
| 3146 | NN Group NV§ |  | 209106 |
| 2899 | Prosus NV§ |  | 162393 |
| 3308 | Randstad NV†,§ |  | 152780 |
| 6164 | SBM Offshore NV§ |  | 163390 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Netherlands (Continued)** | **Netherlands (Continued)** | **Netherlands (Continued)** |
| 5242 | Universal Music Group NV§ | $| 170109 |
| 2172 | Wolters Kluwer NV§ |  | 363209 |
|  |  |  | 6407978 |
|  | **New Zealand—0.2%** | **New Zealand—0.2%** | **New Zealand—0.2%** |
| 5589 | a2 Milk Co. Ltd.†,§ |  | 29405 |
| 103494 | Air New Zealand Ltd.§ |  | 36948 |
| 7342 | Auckland International Airport Ltd.§ |  | 34724 |
| 7155 | Chorus Ltd.§ |  | 36854 |
| 3751 | Contact Energy Ltd.§ |  | 20579 |
| 1278 | EBOS Group Ltd.§ |  | 29930 |
| 2584 | Fisher & Paykel Healthcare Corp. <br>Ltd.§ |  | 56796 |
| 20146 | Fletcher Building Ltd.\*,§ |  | 35420 |
| 3686 | Freightways Group Ltd.§ |  | 24940 |
| 24486 | Genesis Energy Ltd.§ |  | 33987 |
| 2212 | Infratil Ltd.†,§ |  | 14295 |
| 647 | Mainfreight Ltd.†,§ |  | 26516 |
| 5949 | Mercury NZ Ltd.§ |  | 21795 |
| 6134 | Meridian Energy Ltd. § |  | 22062 |
| 1991 | Port of Tauranga Ltd.†,§ |  | 8314 |
| 17407 | Ryman Healthcare Ltd.†,\*,§ |  | 23740 |
| 18846 | Spark New Zealand Ltd.§ |  | 27918 |
| 6874 | Summerset Group Holdings Ltd.§ |  | 47099 |
| 54 | Xero Ltd.\*,§ |  | 6391 |
|  |  |  | 537713 |
|  | **Norway—0.6%** | **Norway—0.6%** | **Norway—0.6%** |
| 1014 | AF Gruppen ASA§ |  | 15380 |
| 204 | Aker ASA, Class A§ |  | 13268 |
| 4007 | Aker BP ASA§ |  | 102232 |
| 4348 | Aker Solutions ASA§ |  | 14978 |
| 1456 | Atea ASA§ |  | 23003 |
| 2299 | Austevoll Seafood ASA§ |  | 22121 |
| 28 | Bakkafrost P/F§ |  | 1261 |
| 225 | Bluenord ASA§ |  | 10994 |
| 480 | Bonheur ASA§ |  | 10912 |
| 1580 | Borregaard ASA§ |  | 31115 |
| 2829 | BW LPG Ltd.§,# |  | 33300 |
| 1212 | Cadeler AS, ADR\* |  | 24082 |
| 968 | Crayon Group Holding ASA§,\*,# |  | 13855 |
| 3512 | DNB Bank ASA§ |  | 97178 |
| 12792 | DNO ASA§ |  | 16270 |
| 3397 | DOF Group ASA§ |  | 29879 |
| 6672 | Elkem ASA§,# |  | 15692 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Norway (Continued)** | **Norway (Continued)** | **Norway (Continued)** |
| 5641 | Elopak ASA§ | $| 26323 |
| 745 | Entra ASA§,\*,# |  | 9871 |
| 9681 | Equinor ASA§ |  | 244438 |
| 4440 | Europris ASA§,# |  | 37620 |
| 1012 | FLEX LNG Ltd.§ |  | 22562 |
| 1736 | Frontline PLC§ |  | 28713 |
| 170 | Gjensidige Forsikring ASA§ |  | 4310 |
| 2309 | Golden Ocean Group Ltd.§ |  | 17166 |
| 3883 | Hafnia Ltd.§ |  | 19486 |
| 6371 | Hexagon Composites ASA§,\* |  | 11481 |
| 2783 | Hoegh Autoliners ASA§ |  | 24653 |
| 4683 | Kitron ASA§ |  | 29113 |
| 1955 | Kongsberg Gruppen ASA§ |  | 75831 |
| 2023 | Mowi ASA§ |  | 39088 |
| 1107 | Norbit ASA§ |  | 23689 |
| 864 | Nordic Semiconductor ASA§,\* |  | 11656 |
| 3224 | Norsk Hydro ASA§ |  | 18374 |
| 23135 | Norwegian Air Shuttle ASA§ |  | 33515 |
| 5186 | Odfjell Drilling Ltd.§ |  | 34361 |
| 1567 | Odfjell SE, Class A§ |  | 16813 |
| 973 | Okeanis Eco Tankers Corp.§,# |  | 20913 |
| 1963 | Orkla ASA§ |  | 21336 |
| 468 | Protector Forsikring ASA§ |  | 19926 |
| 4491 | Scatec ASA§,\*,# |  | 41470 |
| 1208 | Sparebank 1 Oestlandet§ |  | 23332 |
| 2008 | SpareBank 1 Sor-Norge ASA§ |  | 36947 |
| 580 | Stolt-Nielsen Ltd.§ |  | 14735 |
| 4328 | Storebrand ASA§ |  | 61385 |
| 2103 | Subsea 7 SA§ |  | 39554 |
| 3478 | Telenor ASA§ |  | 54324 |
| 6835 | TGS ASA§ |  | 58380 |
| 1776 | TOMRA Systems ASA§ |  | 27675 |
| 5444 | Var Energi ASA§ |  | 17453 |
| 667 | Veidekke ASA§ |  | 10722 |
| 160 | Vend Marketplaces ASA, Class B§ |  | 5397 |
| 2083 | Wallenius Wilhelmsen ASA§ |  | 17143 |
| 1244 | Yara International ASA§ |  | 45953 |
|  |  |  | 1721228 |
|  | **Portugal—0.2%** | **Portugal—0.2%** | **Portugal—0.2%** |
| 410612 | Banco Comercial Portugues SA, <br>Class R§ |  | 319944 |
| 1880 | EDP Renovaveis SA§ |  | 21001 |
| 14431 | EDP SA§ |  | 62654 |
| 6461 | Galp Energia SGPS SA§ |  | 118615 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Portugal (Continued)** | **Portugal (Continued)** | **Portugal (Continued)** |
| 1457 | Jeronimo Martins SGPS SA§ | $| 36895 |
| 2806 | Navigator Co. SA†,§ |  | 10536 |
|  |  |  | 569645 |
|  | **Singapore—0.7%** | **Singapore—0.7%** | **Singapore—0.7%** |
| 6300 | City Developments Ltd.§ |  | 25734 |
| 24900 | ComfortDelGro Corp. Ltd.§ |  | 28008 |
| 11574 | DBS Group Holdings Ltd.§ |  | 409249 |
| 15900 | DFI Retail Group Holdings Ltd.§ |  | 43865 |
| 56500 | Genting Singapore Ltd.§ |  | 31790 |
| 242400 | Golden Agri-Resources Ltd.§ |  | 47674 |
| 7200 | Hongkong Land Holdings Ltd.§ |  | 41574 |
| 1900 | iFAST Corp. Ltd.§ |  | 9872 |
| 69155 | Keppel Infrastructure Trust§ |  | 21800 |
| 7500 | Keppel Ltd.§ |  | 43816 |
| 71400 | Netlink NBN Trust§ |  | 49418 |
| 36200 | Olam Group Ltd.§ |  | 27056 |
| 16439 | Oversea-Chinese Banking Corp. <br>Ltd.§ |  | 211058 |
| 23423 | SATS Ltd.§ |  | 56063 |
| 58226 | Seatrium Ltd.§ |  | 92146 |
| 10100 | Sembcorp Industries Ltd.§ |  | 54432 |
| 7100 | SIA Engineering Co. Ltd.§ |  | 17583 |
| 14199 | Singapore Airlines Ltd.†,§ |  | 77889 |
| 7100 | Singapore Exchange Ltd.§ |  | 83050 |
| 13200 | Singapore Technologies Engineering <br>Ltd.§ |  | 80892 |
| 9300 | Singapore Telecommunications <br>Ltd.§ |  | 27947 |
| 10200 | United Overseas Bank Ltd.§ |  | 288984 |
| 4600 | UOL Group Ltd.§ |  | 22368 |
| 6900 | Venture Corp. Ltd.§ |  | 61936 |
| 15300 | Wilmar International Ltd.§ |  | 34522 |
| 23500 | Yangzijiang Shipbuilding Holdings <br>Ltd.§ |  | 41071 |
|  |  |  | 1929797 |
|  | **South Africa—0.0%** | **South Africa—0.0%** | **South Africa—0.0%** |
| 1789 | Anglogold Ashanti PLC§ |  | 81525 |
| 675 | Valterra Platinum Ltd.\* |  | 29649 |
|  |  |  | 111174 |
|  | **Spain—1.8%** | **Spain—1.8%** | **Spain—1.8%** |
| 999 | Acciona SA§ |  | 179828 |
| 2192 | ACS Actividades de Construccion y <br>Servicios SA†,§ |  | 152227 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Spain (Continued)** | **Spain (Continued)** | **Spain (Continued)** |
| 4620 | Aena SME SA#,§ | $| 123325 |
| 3838 | Amadeus IT Group SA§ |  | 324688 |
| 36165 | Banco Bilbao Vizcaya Argentaria <br>SA§ |  | 556221 |
| 9155 | Banco Bilbao Vizcaya Argentaria <br>SA, ADR† |  | 140712 |
| 65963 | Banco de Sabadell SA§ |  | 210053 |
| 71052 | Banco Santander SA§ |  | 588209 |
| 23256 | Bankinter SA†,§ |  | 303564 |
| 29572 | CaixaBank SA§ |  | 256205 |
| 1311 | Cellnex Telecom SA\*,#,§ |  | 51056 |
| 1292 | Corp. ACCIONA Energias <br>Renovables SA†,§ |  | 29832 |
| 3950 | Enagas SA†,§ |  | 66492 |
| 3205 | Endesa SA†,§ |  | 101524 |
| 4660 | Ercros SA§ |  | 16303 |
| 1363 | Ferrovial SE§ |  | 72673 |
| 2889 | Fluidra SA†,§ |  | 72153 |
| 7914 | Grifols SA\*,§ |  | 96494 |
| 1450 | Grupo Catalana Occidente SA§ |  | 84120 |
| 11544 | Iberdrola SA§ |  | 221916 |
| 2830 | Indra Sistemas SA§ |  | 123250 |
| 5320 | Industria de Diseno Textil SA§ |  | 277222 |
| 1890 | Logista Integral SA§ |  | 61895 |
| 14645 | Mapfre SA§ |  | 59867 |
| 1119 | Naturgy Energy Group SA§ |  | 35591 |
| 6510 | Redeia Corp. SA†,§ |  | 139409 |
| 5700 | Repsol SA†,§ |  | 83498 |
| 48773 | Telefonica SA†,§ |  | 257295 |
| 42183 | Unicaja Banco SA§,# |  | 99688 |
| 814 | Vidrala SA§ |  | 94537 |
| 721 | Viscofan SA†,§ |  | 51299 |
|  |  |  | 4931146 |
|  | **Sweden—2.0%** | **Sweden—2.0%** | **Sweden—2.0%** |
| 984 | AAK AB§ |  | 25845 |
| 4267 | AddLife AB, Class B§ |  | 85169 |
| 3120 | AddNode Group AB†,§ |  | 36628 |
| 1249 | AddTech AB, Class B§ |  | 42546 |
| 3560 | AFRY AB†,§ |  | 59605 |
| 1239 | Alfa Laval AB§ |  | 52189 |
| 1255 | Alimak Group AB§,# |  | 19331 |
| 6385 | Alleima AB§ |  | 50490 |
| 1172 | AQ Group AB§ |  | 22420 |
| 1404 | Asmodee Group AB, Class B\*,§ |  | 18564 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Sweden (Continued)** | **Sweden (Continued)** |
| 3136 | Assa Abloy AB, Class B§ | $98062 |
| 13066 | Atlas Copco AB, Class A§ | 211662 |
| 7880 | Atlas Copco AB, Class B§ | 112275 |
| 4050 | Atrium Ljungberg AB, Class B†,§ | 14485 |
| 1217 | Avanza Bank Holding AB†,§ | 41288 |
| 294 | Axfood AB§ | 8694 |
| 1530 | Beijer Ref AB†,§ | 24173 |
| 4838 | Betsson AB, Class B§ | 102273 |
| 3031 | Bilia AB, Class A§ | 40942 |
| 1736 | Billerud Aktiebolag§ | 18020 |
| 1495 | BioGaia AB, Class B§ | 16794 |
| 1975 | Boliden AB§,\* | 61779 |
| 852 | BoneSupport Holding AB\*,#,§ | 25236 |
| 8308 | Bravida Holding AB#,§ | 83607 |
| 3350 | Bufab AB§ | 31118 |
| 2626 | Castellum AB†,§ | 34683 |
| 447 | Catena AB§ | 22824 |
| 1100 | Clas Ohlson AB, Class B§ | 37605 |
| 2643 | Dios Fastigheter AB§ | 19354 |
| 11207 | Dometic Group AB†,#,§ | 46944 |
| 1963 | Dynavox Group AB\*,§ | 23211 |
| 4459 | Electrolux AB, Class B†,\*,§ | 31746 |
| 4995 | Electrolux Professional AB, <br>Class B§ | 35409 |
| 9901 | Elekta AB, Class B†,§ | 51199 |
| 1404 | Embracer Group AB†,\*,§ | 16036 |
| 2293 | Engcon AB†,§ | 21879 |
| 3115 | Epiroc AB, Class A§ | 67788 |
| 1782 | Epiroc AB, Class B§ | 34166 |
| 3217 | Essity AB, Class B§ | 89090 |
| 641 | Evolution AB§,# | 50980 |
| 1567 | Fabege AB†,§ | 14112 |
| 2158 | Fagerhult Group AB§ | 9655 |
| 4532 | Fastighets AB Balder, Class B§,\* | 33878 |
| 1712 | FastPartner AB, Class A§ | 10483 |
| 1600 | Getinge AB, Class B§ | 32110 |
| 4010 | Granges AB§ | 51523 |
| 3509 | H & M Hennes & Mauritz AB, <br>Class B†,§ | 49371 |
| 888 | Hemnet Group AB§ | 25973 |
| 3499 | Hexagon AB, Class B§ | 35161 |
| 3325 | Hexpol AB§ | 32252 |
| 366 | HMS Networks AB†,\*,§ | 16073 |
| 833 | Holmen AB, Class B§ | 33049 |
| 2705 | Hufvudstaden AB, Class A§ | 35346 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Sweden (Continued)** | **Sweden (Continued)** |
| 5315 | Husqvarna AB, Class B§ | $28036 |
| 1077 | Indutrade AB§ | 29416 |
| 4675 | International Petroleum Corp.\*,§ | 76053 |
| 884 | INVISIO AB§ | 33429 |
| 2602 | Lagercrantz Group AB, Class B§ | 62757 |
| 977 | Lifco AB, Class B§ | 39560 |
| 2222 | Lindab International AB†,§ | 46095 |
| 1250 | Loomis AB§ | 52564 |
| 1134 | Medicover AB, Class B§ | 30219 |
| 518 | MIPS AB§ | 24330 |
| 2586 | Modern Times Group MTG AB, <br>Class B§,\* | 32817 |
| 1828 | Munters Group AB#,§ | 26768 |
| 2042 | Mycronic AB§ | 43598 |
| 4415 | NCAB Group AB\*,§ | 22101 |
| 4443 | NCC AB, Class B§ | 82897 |
| 3693 | New Wave Group AB, Class B§ | 48558 |
| 5005 | Nibe Industrier AB, Class B§,† | 21404 |
| 7632 | Nolato AB, Class B§ | 46748 |
| 931 | Nordnet AB publ§ | 25344 |
| 590 | NP3 Fastigheter AB†,§ | 16845 |
| 4865 | Nyfosa AB§ | 48499 |
| 1014 | OEM International AB, Class B§ | 14952 |
| 4892 | Peab AB, Class B§ | 40073 |
| 5424 | Ratos AB, Class B§ | 23024 |
| 686 | RaySearch Laboratories AB†,§ | 24305 |
| 863 | Saab AB, Class B§ | 48201 |
| 1598 | Sagax AB, Class B†,§ | 36530 |
| 33857 | Samhallsbyggnadsbolaget i <br>Norden AB\*,§ | 20303 |
| 5237 | Sandvik AB§ | 120179 |
| 6187 | Scandic Hotels Group AB#,§ | 53970 |
| 1030 | Sectra AB, Class B§ | 38175 |
| 2362 | Securitas AB, Class B§ | 35344 |
| 20665 | Sinch AB§,\*,# | 60051 |
| 6901 | Skandinaviska Enskilda Banken AB, <br>Class A§ | 120526 |
| 2462 | Skanska AB, Class B§ | 57346 |
| 426 | SKF AB, Class A§ | 9826 |
| 2466 | SKF AB, Class B§ | 56641 |
| 2200 | SkiStar AB†,§ | 35989 |
| 4349 | SSAB AB, Class A§ | 26150 |
| 3835 | SSAB AB, Class B†,§ | 22670 |
| 43452 | Storskogen Group AB, Class B§ | 51890 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Sweden (Continued)** | **Sweden (Continued)** | **Sweden (Continued)** |
| 3118 | Svenska Cellulosa AB SCA, <br>Class B§ | $| 40553 |
| 6847 | Svenska Handelsbanken AB, <br>Class A§ |  | 91569 |
| 1660 | Sweco AB, Class B§ |  | 28796 |
| 4536 | Swedbank AB, Class A§ |  | 120180 |
| 339 | Swedish Orphan Biovitrum AB§,\* |  | 10344 |
| 3908 | Systemair AB†,§ |  | 36337 |
| 6025 | Tele2 AB, Class B§ |  | 88066 |
| 1292 | Telefonaktiebolaget LM Ericsson, <br>Class A§ |  | 11070 |
| 23805 | Telefonaktiebolaget LM Ericsson, <br>Class B§ |  | 204018 |
| 19797 | Telia Co. AB§ |  | 71489 |
| 1057 | Thule Group AB#,§ |  | 30420 |
| 836 | Trelleborg AB, Class B§ |  | 31201 |
| 6750 | Truecaller AB, Class B§ |  | 47911 |
| 696 | Vitec Software Group AB, <br>Class B†,§ |  | 35158 |
| 2608 | Vitrolife AB§ |  | 38647 |
| 2412 | Volvo AB, Class A§ |  | 67824 |
| 14602 | Volvo AB, Class B§ |  | 409975 |
| 7017 | Volvo Car AB, Class B†,\*,§ |  | 12917 |
| 1622 | Wallenstam AB, Class B†,§ |  | 8276 |
| 2008 | Wihlborgs Fastigheter AB§ |  | 21843 |
|  |  |  | 5405872 |
|  | **Switzerland—5.7%** | **Switzerland—5.7%** | **Switzerland—5.7%** |
| 6470 | ABB Ltd., Registered§ |  | 386787 |
| 3239 | Accelleron Industries AG§ |  | 228484 |
| 4541 | Adecco Group AG, Registered†,§ |  | 134989 |
| 2917 | Alcon AG§ |  | 258986 |
| 483 | Alcon AG§,† |  | 42639 |
| 583 | Allreal Holding AG, Registered§ |  | 136944 |
| 275 | ALSO Holding AG, Registered§ |  | 93369 |
| 3040 | Amrize Ltd.\* |  | 151646 |
| 4373 | Avolta AG§ |  | 237981 |
| 1195 | Baloise Holding AG, Registered§ |  | 282821 |
| 930 | Banque Cantonale Vaudoise, <br>Registered§ |  | 107408 |
| 36 | Barry Callebaut AG, Registered†,§ |  | 39139 |
| 149 | Belimo Holding AG, Registered§ |  | 152325 |
| 310 | BKW AG§ |  | 67859 |
| 262 | Bucher Industries AG, Registered§ |  | 130548 |
| 822 | Cembra Money Bank AG§ |  | 103516 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Switzerland (Continued)** | **Switzerland (Continued)** |
| 1 | Chocoladefabriken Lindt & Spruengli <br>AG, Registered§ | $166617 |
| 2187 | Cie Financiere Richemont SA, <br>Registered Class A,§ | 413608 |
| 8240 | Clariant AG, Registered§ | 87805 |
| 1324 | DKSH Holding AG§ | 103173 |
| 117 | dormakaba Holding AG§ | 107180 |
| 967 | DSM-Firmenich AG§ | 102822 |
| 3335 | EFG International AG§ | 62031 |
| 73 | Emmi AG, Registered§ | 73090 |
| 44 | EMS-Chemie Holding AG, <br>Registered§ | 33280 |
| 782 | Flughafen Zurich AG, Registered§ | 223123 |
| 1950 | Galenica AG§,# | 213703 |
| 276 | Geberit AG, Registered§ | 217537 |
| 2324 | Georg Fischer AG, Registered†,§ | 190692 |
| 29 | Givaudan SA, Registered§ | 140662 |
| 1222 | Helvetia Holding AG, Registered§ | 287498 |
| 3040 | Holcim AG§ | 226596 |
| 1418 | Julius Baer Group Ltd.§ | 95683 |
| 299 | Kuehne & Nagel International AG, <br>Registered§ | 64927 |
| 233 | Liechtensteinische Landesbank AG§ | 24035 |
| 599 | Logitech International SA, <br>Registered | 53988 |
| 476 | Logitech International SA, <br>Registered§ | 43013 |
| 311 | Lonza Group AG, Registered§ | 222211 |
| 547 | Luzerner Kantonalbank AG, <br>Registered§ | 49358 |
| 103 | Medacta Group SA§,# | 17487 |
| 15318 | Nestle SA, Registered | 1521412 |
| 8864 | Novartis AG, ADR | 1072633 |
| 9049 | Novartis AG, Registered§ | 1094703 |
| 161 | Partners Group Holding AG§ | 211095 |
| 1116 | PSP Swiss Property AG, Registered§ | 206094 |
| 4149 | Roche Holding AG§ | 1356351 |
| 217 | Roche Holding AG, Bearer Shares§ | 75502 |
| 3418 | Sandoz Group AG§ | 187803 |
| 486 | Sandoz Group AG, ADR | 26567 |
| 107 | Schindler Holding AG, Registered§ | 38845 |
| 666 | SFS Group AG§ | 91484 |
| 1229 | SGS SA, Registered§ | 124994 |
| 1260 | Siegfried Holding AG, Registered§ | 142236 |
| 11472 | SIG Group AG§ | 212466 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Switzerland (Continued)** | **Switzerland (Continued)** | **Switzerland (Continued)** |
| 586 | Sika AG, Registered§ | $| 159021 |
| 297 | Sonova Holding AG, Registered§ |  | 88719 |
| 90 | St. Galler Kantonalbank AG, <br>Registered§ |  | 54751 |
| 829 | Stadler Rail AG†,§ |  | 20467 |
| 280 | Straumann Holding AG, Registered§ |  | 36680 |
| 844 | Sulzer AG, Registered§ |  | 152954 |
| 232 | Swatch Group AG, Bearer Shares§ |  | 37864 |
| 534 | Swatch Group AG, Registered†,§ |  | 17997 |
| 208 | Swiss Life Holding AG, Registered§ |  | 211091 |
| 2347 | Swiss Prime Site AG, Registered§ |  | 352605 |
| 2431 | Swiss Re AG§ |  | 421869 |
| 339 | Swisscom AG, Registered§ |  | 240695 |
| 478 | Swissquote Group Holding SA, <br>Registered§ |  | 271501 |
| 1526 | Temenos AG, Registered§ |  | 109336 |
| 13387 | UBS Group AG, Registered§ |  | 454865 |
| 1464 | UBS Group AG, Registered†,\* |  | 49512 |
| 172 | VAT Group AG§,# |  | 72829 |
| 1108 | Vontobel Holding AG, Registered§ |  | 89736 |
| 49 | Ypsomed Holding AG, <br>Registered†,§ |  | 26164 |
| 4 | Zuger Kantonalbank, Bearer Shares§ |  | 43485 |
| 791 | Zurich Insurance Group AG§ |  | 554683 |
|  |  |  | 15604569 |
|  | **United Kingdom—8.2%** | **United Kingdom—8.2%** | **United Kingdom—8.2%** |
| 2058 | Admiral Group PLC§ |  | 92383 |
| 22122 | Airtel Africa PLC§,# |  | 54788 |
| 9670 | AJ Bell PLC§ |  | 67804 |
| 5812 | Anglo American PLC§ |  | 171578 |
| 1452 | Antofagasta PLC§ |  | 36076 |
| 4716 | Ashtead Group PLC§ |  | 302312 |
| 2275 | Associated British Foods PLC§ |  | 64275 |
| 5866 | AstraZeneca PLC§ |  | 818059 |
| 2628 | AstraZeneca PLC, ADR |  | 183645 |
| 7793 | Auto Trader Group PLC#,§ |  | 88254 |
| 13256 | Aviva PLC§ |  | 112698 |
| 20385 | B&M European Value Retail SA§ |  | 76014 |
| 9780 | Babcock International Group PLC§ |  | 154018 |
| 9767 | BAE Systems PLC§ |  | 252860 |
| 13907 | Balfour Beatty PLC§ |  | 99761 |
| 67760 | Barclays PLC§ |  | 313843 |
| 17133 | Barratt Redrow PLC§ |  | 107329 |
| 10256 | Beazley PLC§ |  | 131659 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| 4795 | Bellway PLC§ | $189863 |
| 2696 | Berkeley Group Holdings PLC§ | 142927 |
| 126772 | BP PLC§ | 632397 |
| 5028 | Bridgepoint Group PLC§,# | 21509 |
| 10689 | British American Tobacco PLC§ | 505828 |
| 97861 | BT Group PLC†,§ | 260300 |
| 1635 | Bunzl PLC§ | 52075 |
| 6264 | Burberry Group PLC§,\* | 101912 |
| 510 | Carnival PLC§,\* | 12842 |
| 48119 | Centrica PLC§ | 106723 |
| 1369 | Coca-Cola HBC AG§ | 71074 |
| 10000 | Compass Group PLC§ | 338702 |
| 2752 | Computacenter PLC§ | 90683 |
| 22280 | ConvaTec Group PLC§,# | 88217 |
| 1693 | Cranswick PLC§ | 124427 |
| 549 | Croda International PLC§ | 22068 |
| 2081 | DCC PLC§ | 135087 |
| 7164 | Diageo PLC§ | 180200 |
| 745 | Diploma PLC§ | 49997 |
| 44907 | Direct Line Insurance Group PLC§ | 189023 |
| 21785 | Drax Group PLC§ | 207259 |
| 4344 | Dunelm Group PLC§ | 70667 |
| 2569 | easyJet PLC§ | 18771 |
| 6924 | Entain PLC§ | 85821 |
| 3432 | Evraz PLC§,\* |  |
| 6215 | Experian PLC§ | 320175 |
| 3491 | Frasers Group PLC†,\*,§ | 32654 |
| 3163 | Fresnillo PLC§ | 62523 |
| 794 | Games Workshop Group PLC§ | 176821 |
| 59740 | Glencore PLC§,\* | 232620 |
| 6845 | Grafton Group PLC, CDI§ | 96045 |
| 2360 | Greggs PLC§ | 62178 |
| 21221 | GSK PLC§ | 404531 |
| 6435 | GSK PLC, ADR† | 247104 |
| 12169 | Haleon PLC§ | 62610 |
| 1069 | Halma PLC§ | 46968 |
| 18488 | Harbour Energy PLC§ | 49729 |
| 3046 | Helical PLC§ | 9614 |
| 4068 | Hikma Pharmaceuticals PLC§ | 111030 |
| 11961 | Hiscox Ltd.§ | 206106 |
| 13082 | Howden Joinery Group PLC§ | 153889 |
| 88413 | HSBC Holdings PLC§ | 1070422 |
| 8114 | IG Group Holdings PLC§ | 118590 |
| 5093 | IMI PLC§ | 146430 |
| 9231 | Imperial Brands PLC§ | 364419 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| 16522 | Inchcape PLC§ | $164674 |
| 6450 | Informa PLC§ | 71363 |
| 2184 | IntegraFin Holdings PLC§ | 9776 |
| 917 | InterContinental Hotels Group PLC§ | 104703 |
| 10061 | International Consolidated Airlines <br>Group SA§ | 47136 |
| 16212 | International Workplace Group <br>PLC§ | 46483 |
| 1532 | Intertek Group PLC§ | 99705 |
| 6648 | Investec PLC§ | 49745 |
| 131729 | ITV PLC§ | 149356 |
| 19557 | J. Sainsbury PLC§ | 77799 |
| 99918 | JD Sports Fashion PLC§ | 121613 |
| 1084 | JET2 PLC§ | 27458 |
| 5610 | Johnson Matthey PLC§ | 133705 |
| 218 | Just Group PLC§ | 396 |
| 18789 | Kingfisher PLC§ | 75076 |
| 40503 | Legal & General Group PLC§ | 141582 |
| 1935 | Lion Finance Group PLC§ | 188103 |
| 358260 | Lloyds Banking Group PLC§ | 377282 |
| 608 | London Stock Exchange Group <br>PLC§ | 88840 |
| 41345 | Man Group PLC§ | 95993 |
| 27806 | Marks & Spencer Group PLC§ | 135269 |
| 5417 | Melrose Industries PLC§ | 39484 |
| 29810 | Mitie Group PLC§ | 57851 |
| 3657 | Mondi PLC§ | 59721 |
| 186 | Morgan Sindall Group PLC§ | 11678 |
| 7845 | National Grid PLC§ | 114705 |
| 1372 | National Grid PLC, ADR† | 102091 |
| 31073 | NatWest Group PLC§ | 218179 |
| 7339 | NatWest Group PLC, ADR | 103847 |
| 979 | Next PLC§ | 167253 |
| 537 | NMC Health PLC§,\* |  |
| 2579 | Ocado Group PLC†,\*,§ | 8047 |
| 1080 | Oxford Instruments PLC§ | 28137 |
| 2048 | Pearson PLC§ | 30143 |
| 10353 | Pennon Group PLC§ | 71283 |
| 8502 | Persimmon PLC§ | 151399 |
| 2924 | Phoenix Group Holdings PLC§ | 26435 |
| 7042 | Playtech PLC§ | 36352 |
| 3692 | Plus500 Ltd.§ | 172127 |
| 7110 | Prudential PLC§ | 89262 |
| 1341 | Prudential PLC, ADR† | 33552 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| 14053 | QinetiQ Group PLC§ | $99551 |
| 5252 | Reckitt Benckiser Group PLC§ | 357278 |
| 9691 | RELX PLC§ | 525687 |
| 310 | RELX PLC, ADR | 16845 |
| 208 | Renishaw PLC§ | 8168 |
| 8093 | Rentokil Initial PLC§ | 39169 |
| 824 | RHI Magnesita NV§ | 33541 |
| 17544 | Rightmove PLC§ | 190085 |
| 3804 | Rio Tinto PLC§ | 221669 |
| 2452 | Rio Tinto PLC, SP ADR | 143025 |
| 51408 | Rolls-Royce Holdings PLC§ | 683021 |
| 23365 | Rotork PLC§ | 103037 |
| 12872 | RS Group PLC§ | 101532 |
| 5394 | Sage Group PLC§ | 92703 |
| 5215 | Schroders PLC§ | 25876 |
| 39363 | Serco Group PLC§ | 109165 |
| 1639 | Severn Trent PLC§ | 61645 |
| 53100 | Shell PLC§ | 1860772 |
| 7021 | Shell PLC, ADR† | 494349 |
| 2999 | Smith & Nephew PLC§ | 45826 |
| 1470 | Smiths Group PLC§ | 45331 |
| 3811 | Softcat PLC§ | 89839 |
| 1908 | Spectris PLC§ | 100539 |
| 375 | Spirax Group PLC§ | 30660 |
| 6456 | SSE PLC§ | 162286 |
| 13228 | St. James's Place PLC§ | 215056 |
| 15119 | Standard Chartered PLC§ | 250560 |
| 15180 | Tate & Lyle PLC§ | 107644 |
| 90900 | Taylor Wimpey PLC§ | 148328 |
| 2231 | TBC Bank Group PLC§ | 142142 |
| 55931 | Tesco PLC§ | 308103 |
| 32660 | TP ICAP Group PLC§ | 122197 |
| 7296 | Unilever PLC§ | 444854 |
| 1523 | Unilever PLC, ADR | 93162 |
| 4797 | United Utilities Group PLC§ | 75322 |
| 10649 | Vistry Group PLC§,\* | 93293 |
| 149732 | Vodafone Group PLC§ | 159901 |
| 2052 | Weir Group PLC§ | 70154 |
| 3210 | Whitbread PLC§ | 124564 |
| 1347 | Wise PLC, Class A§,\* | 19234 |
| 4839 | WPP PLC§ | 33825 |
| 3457 | WPP PLC, ADR† | 121030 |
|  |  | 22698757 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>Shares** | | | | **Value<br>(Note 1)** |
| | **United States—0.1%** | **United States—0.1%** | **United States—0.1%** | **United States—0.1%** |
| 75 | Flutter Entertainment PLC§,\* |  |  | $21298 |
| 2625 | International Paper Co.§ |  |  | 122931 |
|  |  |  |  | 144229 |
|  | **TOTAL COMMON STOCKS** (Cost $140,082,906) |  |  | 184467129 |
|  | **AFFILIATED INVESTMENT COMPANY—31.9%** | **AFFILIATED INVESTMENT COMPANY—31.9%** | **AFFILIATED INVESTMENT COMPANY—31.9%** | **AFFILIATED INVESTMENT COMPANY—31.9%** |
|  | **United States—31.9%** | **United States—31.9%** | **United States—31.9%** | **United States—31.9%** |
| 3344235 | DFA Emerging Markets Core Equity <br>Portfolio, Class I‡‡ <br>(Cost $68,668,688) |  |  | 87853040 |
|  |  |  | **Expiration<br>Date** |  |
|  | **WARRANTS—0.0%** | **WARRANTS—0.0%** | **WARRANTS—0.0%** | **WARRANTS—0.0%** |
|  | **Canada—0.0%** | **Canada—0.0%** | **Canada—0.0%** | **Canada—0.0%** |
| 122 | Constellation Software, Inc.\*,§ |  | 03/31/2040 |  |
|  | **TOTAL WARRANTS** (Cost $—) |  |  |  |
|  | **PREFERRED STOCKS—0.3%** | **PREFERRED STOCKS—0.3%** | **PREFERRED STOCKS—0.3%** | **PREFERRED STOCKS—0.3%** |
|  | **Germany—0.3%** | **Germany—0.3%** | **Germany—0.3%** | **Germany—0.3%** |
| 666 | Bayerische Motoren Werke AG, 6.17%§ |  |  | 55187 |
| 1013 | Dr. Ing hc F Porsche AG, 5.49%§,# |  |  | 50052 |
| 3205 | FUCHS SE, 2.49%§ |  |  | 176624 |
| 1168 | Henkel AG & Co. KGaA, 3.06%§ |  |  | 91713 |
| 949 | Jungheinrich AG, 2.00%§ |  |  | 44655 |
| 917 | Porsche Automobil Holding SE, 5.68%§ |  |  | 36361 |
| 126 | Sartorius AG, 0.34%§ |  |  | 32069 |
| 872 | Sixt SE, 4.56%§ |  |  | 61239 |
| 2512 | Volkswagen AG, 7.09%§ |  |  | 265255 |
|  |  |  |  | 813155 |
|  | **Italy—0.0%** | **Italy—0.0%** | **Italy—0.0%** | **Italy—0.0%** |
| 143915 | Telecom Italia SpA, 0.0%§,\* |  |  | 78579 |
|  | **TOTAL PREFERRED STOCK** (Cost $1,176,577) |  |  | 891734 |
|  |  | **7-Day <br>Yield** |  |  |
|  | **SHORT-TERM INVESTMENTS—1.7%** | **SHORT-TERM INVESTMENTS—1.7%** | **SHORT-TERM INVESTMENTS—1.7%** | **SHORT-TERM INVESTMENTS—1.7%** |
| 4723995 | State Street Navigator Securities Lending Government Money Market Portfolio <br>(Cost $4,723,995)†† | 4.37% |  | 4723995 |
|  | **TOTAL INVESTMENTS, AT VALUE—100.9%**<br> (Cost $214,652,166) |  |  | 277935898 |
|  | **Liabilities in Excess of Other Assets—(0.9)%** |  |  | (2466739) |
|  | **NET ASSETS—100.0%** |  |  | $275469159 |

---

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

------

**M International Equity Fund**

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

**June 30, 2025**

**Notes to the Schedule of Investments:**

ADR—American Depositary Receipt

SP ADR—Sponsored American Depositary Receipt

† Denotes all or a portion of security on loan. As of June 30, 2025, the market value of the securities on loan was $13,563,346 (Note 1).

†† Represents invested cash collateral received from securities lending transactions.

§ Fair valued security—Represents fair value as measured based on the Portfolio Valuation policies specified in Note 1. As of June 30, 2025, the total value of the fair valued securities was $159,817,051 which represents 58.0% of net assets. Of this amount, $159,706,357 represented non-U.S. securities valued by an approved independent pricing vendor, and $110,694 represented securities valued by the Adviser.

\* 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 June 30, 2025, amounts to approximately $3,585,735, and represents 1.3% of net assets.

‡‡ Affiliated issuer. Assets with a total aggregate market value of $87,853,040, or 31.9% of net assets, were affiliated with the Fund as of June 30, 2025 (Note 2).

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 (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **COMMON STOCKS—98.7%** | **COMMON STOCKS—98.7%** |
| | **Aerospace & Defense—0.1%** | **Aerospace & Defense—0.1%** |
| 575 | General Electric Co. | $147999 |
| 598 | Lockheed Martin Corp. | 276958 |
|  |  | 424957 |
|  | **Automobiles—1.1%** | **Automobiles—1.1%** |
| 10556 | Tesla, Inc.\* | 3353219 |
|  | **Biotechnology—3.6%** | **Biotechnology—3.6%** |
| 14254 | AbbVie, Inc. | 2645827 |
| 12103 | Amgen, Inc. | 3379279 |
| 16348 | Incyte Corp.\* | 1113299 |
| 4904 | Regeneron Pharmaceuticals, Inc. | 2574600 |
| 4418 | Sarepta Therapeutics, Inc.\* | 75548 |
| 1788 | Vertex Pharmaceuticals, Inc.\* | 796017 |
|  |  | 10584570 |
|  | **Broadline Retail—7.0%** | **Broadline Retail—7.0%** |
| 91168 | Amazon.com, Inc.\* | 20001348 |
| 7590 | eBay, Inc. | 565151 |
|  |  | 20566499 |
|  | **Building Products—0.3%** | **Building Products—0.3%** |
| 2202 | Trane Technologies PLC | 963177 |
|  | **Capital Markets—3.4%** | **Capital Markets—3.4%** |
| 12273 | Ameriprise Financial, Inc. | 6550468 |
| 1463 | Goldman Sachs Group, Inc. | 1035438 |
| 13386 | Morgan Stanley | 1885552 |
| 760 | MSCI, Inc. | 438323 |
|  |  | 9909781 |
|  | **Chemicals—1.1%** | **Chemicals—1.1%** |
| 56627 | Celanese Corp. | 3133172 |
|  | **Commercial Services & <br>Supplies—1.6%** | **Commercial Services & <br>Supplies—1.6%** |
| 1167 | Cintas Corp. | 260089 |
| 44552 | Veralto Corp. | 4497525 |
|  |  | 4757614 |
|  | **Communications Equipment—0.6%** | **Communications Equipment—0.6%** |
| 18343 | Arista Networks, Inc.\* | 1876672 |
|  | **Consumer Staples Distribution & <br>Retail—2.7%** | **Consumer Staples Distribution & <br>Retail—2.7%** |
| 6957 | Costco Wholesale Corp. | 6887013 |
| 20776 | Maplebear, Inc.\* | 939906 |
|  |  | 7826919 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Diversified Consumer <br>Services—0.1%** | **Diversified Consumer <br>Services—0.1%** |
| 658 | Duolingo, Inc.\* | $269793 |
|  | **Electrical Equipment—0.2%** | **Electrical Equipment—0.2%** |
| 2367 | Acuity, Inc. | 706171 |
|  | **Energy Equipment and <br>Services—0.1%** | **Energy Equipment and <br>Services—0.1%** |
| 7025 | Weatherford International PLC | 353428 |
|  | **Entertainment—4.4%** | **Entertainment—4.4%** |
| 2934 | Live Nation Entertainment, Inc.\* | 443856 |
| 2750 | Netflix, Inc.\* | 3682607 |
| 23901 | ROBLOX Corp., Class A\* | 2514385 |
| 8177 | Spotify Technology SA\* | 6274539 |
|  |  | 12915387 |
|  | **Financial Services—1.5%** | **Financial Services—1.5%** |
| 1444 | Mastercard, Inc., Class A | 811441 |
| 73223 | StoneCo Ltd., Class A\*† | 1174497 |
| 5952 | Visa, Inc., Class A | 2113258 |
| 49606 | Western Union Co. | 417682 |
|  |  | 4516878 |
|  | **Food Products—0.1%** | **Food Products—0.1%** |
| 9218 | Flowers Foods, Inc. | 147304 |
|  | **Ground Transportation—0.3%** | **Ground Transportation—0.3%** |
| 10574 | Uber Technologies, Inc.\* | 986554 |
|  | **Health Care Equipment and <br>Supplies—1.9%** | **Health Care Equipment and <br>Supplies—1.9%** |
| 10723 | Align Technology, Inc.\* | 2030186 |
| 39195 | Dexcom, Inc.\* | 3421331 |
|  |  | 5451517 |
|  | **Health Care Providers and <br>Services—1.1%** | **Health Care Providers and <br>Services—1.1%** |
| 6467 | Cardinal Health, Inc. | 1086456 |
| 7273 | Cencora, Inc. | 2180809 |
|  |  | 3267265 |
|  | **Hotels, Restaurants & <br>Leisure—1.9%** | **Hotels, Restaurants & <br>Leisure—1.9%** |
| 2979 | Cava Group, Inc.\* | 250921 |
| 352 | Domino's Pizza, Inc. | 158611 |
| 17201 | DoorDash, Inc., Class A\* | 4240219 |
| 355 | McDonald's Corp. | 103720 |
| 2683 | Royal Caribbean Cruises Ltd. | 840155 |
| 595 | Yum! Brands, Inc. | 88167 |
|  |  | 5681793 |

---

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

------

**M Large Cap Growth Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Household Durables—0.5%** | **Household Durables—0.5%** |
| 15115 | SharkNinja, Inc.\* | $1496234 |
|  | **Household Products—0.2%** | **Household Products—0.2%** |
| 2098 | Clorox Co. | 251907 |
| 1821 | Kimberly-Clark Corp. | 234763 |
|  |  | 486670 |
|  | **Independent Power and Renewable <br>Electricity Producers—0.2%** | **Independent Power and Renewable <br>Electricity Producers—0.2%** |
| 3515 | Vistra Corp. | 681242 |
|  | **Insurance—1.0%** | **Insurance—1.0%** |
| 1618 | Arch Capital Group Ltd. | 147319 |
| 8024 | Progressive Corp. | 2141285 |
| 9940 | Ryan Specialty Holdings, Inc. | 675820 |
|  |  | 2964424 |
|  | **Interactive Media & Services—9.7%** | **Interactive Media & Services—9.7%** |
| 95502 | Alphabet, Inc., Class A | 16830317 |
| 15500 | Meta Platforms, Inc., Class A | 11440395 |
| 6615 | TripAdvisor, Inc.\*† | 86326 |
| 37585 | ZoomInfo Technologies, Inc.\* | 380360 |
|  |  | 28737398 |
|  | **IT Services—1.5%** | **IT Services—1.5%** |
| 4888 | EPAM Systems, Inc.\* | 864296 |
| 19808 | GoDaddy, Inc., Class A\* | 3566629 |
|  |  | 4430925 |
|  | **Life Sciences Tools and <br>Services—0.3%** | **Life Sciences Tools and <br>Services—0.3%** |
| 8690 | Illumina, Inc.\* | 829113 |
|  | **Machinery—0.8%** | **Machinery—0.8%** |
| 25420 | Allison Transmission Holdings, Inc. | 2414646 |
|  | **Personal Care Products—1.0%** | **Personal Care Products—1.0%** |
| 35572 | Estee Lauder Cos., Inc., Class A | 2874218 |
|  | **Pharmaceuticals—0.7%** | **Pharmaceuticals—0.7%** |
| 1769 | Eli Lilly & Co. | 1378989 |
| 7678 | Merck & Co., Inc. | 607790 |
|  |  | 1986779 |
|  | **Professional Services—0.8%** | **Professional Services—0.8%** |
| 10050 | Paycom Software, Inc. | 2325570 |
|  | **Semiconductors and Semiconductor <br>Equipment—17.0%** | **Semiconductors and Semiconductor <br>Equipment—17.0%** |
| 45880 | Broadcom, Inc. | 12646822 |
| 14770 | Enphase Energy, Inc.\* | 585630 |
| 476 | KLA Corp. | 426372 |
| 14894 | Marvell Technology, Inc. | 1152796 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Semiconductors and Semiconductor <br>Equipment (Continued)** | **Semiconductors and Semiconductor <br>Equipment (Continued)** | **Semiconductors and Semiconductor <br>Equipment (Continued)** |
| 166195 | NVIDIA Corp. | $| 26257148 |
| 2245 | Onto Innovation, Inc.\* |  | 226588 |
| 27426 | QUALCOMM, Inc. |  | 4367865 |
| 49562 | Teradyne, Inc. |  | 4456615 |
|  |  |  | 50119836 |
|  | **Software—20.6%** | **Software—20.6%** | **Software—20.6%** |
| 10639 | Adobe, Inc.\* |  | 4116016 |
| 3445 | AppLovin Corp., Class A\* |  | 1206026 |
| 1384 | Atlassian Corp., Class A\* |  | 281077 |
| 1333 | Autodesk, Inc.\* |  | 412657 |
| 53213 | Fortinet, Inc.\* |  | 5625678 |
| 4633 | Gitlab, Inc., Class A\*† |  | 208995 |
| 210 | HubSpot, Inc.\* |  | 116892 |
| 771 | Intuit, Inc. |  | 607263 |
| 62584 | Microsoft Corp. |  | 31129907 |
| 63202 | Nutanix, Inc., Class A\* |  | 4831161 |
| 4215 | Oracle Corp. |  | 921525 |
| 14426 | Palantir Technologies, Inc., Class A\* |  | 1966552 |
| 17652 | Palo Alto Networks, Inc.\* |  | 3612305 |
| 7717 | Salesforce, Inc. |  | 2104349 |
| 789 | ServiceNow, Inc.\* |  | 811155 |
| 9171 | Zscaler, Inc.\* |  | 2879144 |
|  |  |  | 60830702 |
|  | **Specialty Retail—1.9%** | **Specialty Retail—1.9%** | **Specialty Retail—1.9%** |
| 143 | AutoZone, Inc.\* |  | 530849 |
| 21763 | Five Below, Inc.\* |  | 2854870 |
| 1394 | Murphy USA, Inc. |  | 567079 |
| 2865 | O'Reilly Automotive, Inc.\* |  | 258223 |
| 2508 | TJX Cos., Inc. |  | 309713 |
| 2043 | Ulta Beauty, Inc.\* |  | 955756 |
|  |  |  | 5476490 |
|  | **Technology Hardware, Storage & <br>Peripherals—8.5%** | **Technology Hardware, Storage & <br>Peripherals—8.5%** | **Technology Hardware, Storage & <br>Peripherals—8.5%** |
| 104906 | Apple, Inc. |  | 21523564 |
| 13198 | Dell Technologies, Inc., Class C |  | 1618075 |
| 11500 | NetApp, Inc. |  | 1225325 |
| 12540 | Pure Storage, Inc., Class A\* |  | 722053 |
|  |  |  | 25089017 |
|  | **Textiles, Apparel and Luxury <br>Goods—0.9%** | **Textiles, Apparel and Luxury <br>Goods—0.9%** | **Textiles, Apparel and Luxury <br>Goods—0.9%** |
| 17975 | Deckers Outdoor Corp.\* |  | 1852683 |
| 2772 | Lululemon Athletica, Inc.\* |  | 658572 |
|  |  |  | 2511255 |
|  | **TOTAL COMMON STOCKS** <br> (Cost $202,489,182) |  | 290947189 |

---

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

------

**M Large Cap Growth Fund**

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

**June 30, 2025**

---

| | |
|:---|:---|
| | **Value<br>(Note 1)** |
| **TOTAL INVESTMENTS, AT VALUE—98.7%**<br> (Cost $202,489,182) | $290947189 |
| **Other Assets in Excess of Liabilities—1.3%** | 3825788 |
| **NET ASSETS—100.0%** | $294772977 |

---

**Notes to the Schedule of Investments:**

\* Non-income producing security

† Denotes all or a portion of security on loan. As of June 30, 2025, the market value of the securities on loan was $1,207,176 (Note 1).

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 (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **COMMON STOCKS—99.5%** | **COMMON STOCKS—99.5%** |
| | **Aerospace & Defense—5.8%** | **Aerospace & Defense—5.8%** |
| 4573 | AeroVironment, Inc.\* | $1303076 |
| 67001 | ATI, Inc.\* | 5784866 |
| 8871 | BWX Technologies, Inc. | 1277956 |
| 3591 | Curtiss-Wright Corp. | 1754383 |
| 25797 | Hexcel Corp. | 1457273 |
| 28763 | Kratos Defense & Security <br>Solutions, Inc.\* | 1336042 |
|  |  | 12913596 |
|  | **Automobile Components—1.2%** | **Automobile Components—1.2%** |
| 7047 | LCI Industries | 642616 |
| 20075 | Modine Manufacturing Co.\* | 1977387 |
|  |  | 2620003 |
|  | **Banks—4.7%** | **Banks—4.7%** |
| 33631 | Citizens Financial Group, Inc. | 1504987 |
| 53790 | Eastern Bankshares, Inc. | 821373 |
| 81956 | First BanCorp | 1707143 |
| 53296 | Hope Bancorp, Inc. | 571866 |
| 20787 | Pinnacle Financial Partners, Inc. | 2295093 |
| 16593 | Popular, Inc. | 1828715 |
| 14314 | Wintrust Financial Corp. | 1774650 |
|  |  | 10503827 |
|  | **Biotechnology—4.9%** | **Biotechnology—4.9%** |
| 25245 | Bridgebio Pharma, Inc.\* | 1090079 |
| 31493 | Exact Sciences Corp.\* | 1673538 |
| 19297 | Insmed, Inc.\* | 1942050 |
| 11653 | Natera, Inc.\* | 1968658 |
| 18107 | Revolution Medicines, Inc.\* | 666157 |
| 11636 | Ultragenyx Pharmaceutical, Inc.\* | 423085 |
| 4638 | United Therapeutics Corp.\* | 1332729 |
| 29204 | Vericel Corp.\* | 1242630 |
| 22013 | Viking Therapeutics, Inc.\*,† | 583345 |
|  |  | 10922271 |
|  | **Building Products—2.3%** | **Building Products—2.3%** |
| 27673 | Builders FirstSource, Inc.\* | 3229162 |
| 35346 | Trex Co., Inc.\* | 1922116 |
|  |  | 5151278 |
|  | **Capital Markets—1.6%** | **Capital Markets—1.6%** |
| 40101 | Carlyle Group, Inc. | 2061191 |
| 66545 | DigitalBridge Group, Inc. | 688741 |
| 14503 | TPG, Inc. | 760682 |
|  |  | 3510614 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Chemicals—1.1%** | **Chemicals—1.1%** |
| 12539 | Albemarle Corp. | $785819 |
| 73269 | Aspen Aerogels, Inc.\* | 433753 |
| 28351 | FMC Corp. | 1183654 |
|  |  | 2403226 |
|  | **Commercial Services & <br>Supplies—0.8%** | **Commercial Services & <br>Supplies—0.8%** |
| 105912 | ACV Auctions, Inc., Class A\* | 1717893 |
|  | **Construction and <br>Engineering—3.3%** | **Construction and <br>Engineering—3.3%** |
| 9430 | AECOM | 1064270 |
| 35713 | Granite Construction, Inc. | 3339523 |
| 11980 | MasTec, Inc.\* | 2041751 |
| 2700 | Quanta Services, Inc. | 1020816 |
|  |  | 7466360 |
|  | **Construction Materials—1.4%** | **Construction Materials—1.4%** |
| 15990 | Eagle Materials, Inc. | 3231739 |
|  | **Diversified Consumer <br>Services—1.0%** | **Diversified Consumer <br>Services—1.0%** |
| 77665 | KinderCare Learning Cos., Inc.\* | 784416 |
| 46443 | Perdoceo Education Corp. | 1518222 |
|  |  | 2302638 |
|  | **Diversified Telecommunication <br>Services—0.5%** | **Diversified Telecommunication <br>Services—0.5%** |
| 23744 | Cogent Communications <br>Holdings, Inc. | 1144698 |
|  | **Electrical Equipment—3.6%** | **Electrical Equipment—3.6%** |
| 2905 | Hubbell, Inc. | 1186431 |
| 20136 | NEXTracker, Inc., Class A\* | 1094794 |
| 13098 | Regal Rexnord Corp. | 1898686 |
| 209813 | Shoals Technologies Group, Inc., <br>Class A\* | 891705 |
| 23089 | Vertiv Holdings Co., Class A | 2964859 |
|  |  | 8036475 |
|  | **Electronic Equipment, <br>Instruments & Components—6.9%** | **Electronic Equipment, <br>Instruments & Components—6.9%** |
| 7255 | Belden, Inc. | 840129 |
| 22081 | Cognex Corp. | 700410 |
| 25758 | Coherent Corp.\* | 2297871 |
| 3912 | Fabrinet\* | 1152788 |
| 69909 | Flex Ltd.\* | 3489857 |

---

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

------

**M Capital Appreciation Fund**

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

**June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Electronic Equipment, <br>Instruments & Components <br>(Continued)** | **Electronic Equipment, <br>Instruments & Components <br>(Continued)** | **Electronic Equipment, <br>Instruments & Components <br>(Continued)** |
| 19166 | Jabil, Inc. | $| 4180105 |
| 10783 | Rogers Corp.\* |  | 738420 |
| 21040 | Sanmina Corp.\* |  | 2058343 |
|  |  |  | 15457923 |
|  | **Energy Equipment and <br>Services—1.0%** | **Energy Equipment and <br>Services—1.0%** | **Energy Equipment and <br>Services—1.0%** |
| 185216 | TETRA Technologies, Inc.\* |  | 622326 |
| 33396 | Weatherford International PLC |  | 1680153 |
|  |  |  | 2302479 |
|  | **Financial Services—0.5%** | **Financial Services—0.5%** | **Financial Services—0.5%** |
| 10036 | Euronet Worldwide, Inc.\* |  | 1017450 |
|  | **Food Products—1.4%** | **Food Products—1.4%** | **Food Products—1.4%** |
| 59603 | Darling Ingredients, Inc.\* |  | 2261338 |
| 17823 | Lamb Weston Holdings, Inc. |  | 924122 |
|  |  |  | 3185460 |
|  | **Ground Transportation—3.2%** | **Ground Transportation—3.2%** | **Ground Transportation—3.2%** |
| 143839 | FTAI Infrastructure, Inc. |  | 887486 |
| 35248 | Knight-Swift Transportation <br>Holdings, Inc. |  | 1559019 |
| 86347 | RXO, Inc.\* |  | 1357375 |
| 26693 | XPO, Inc.\* |  | 3371059 |
|  |  |  | 7174939 |
|  | **Health Care Equipment and <br>Supplies—6.6%** | **Health Care Equipment and <br>Supplies—6.6%** | **Health Care Equipment and <br>Supplies—6.6%** |
| 7146 | Align Technology, Inc.\* |  | 1352952 |
| 28632 | Cooper Cos., Inc.\* |  | 2037453 |
| 12542 | Inspire Medical Systems, Inc.\* |  | 1627575 |
| 9708 | Insulet Corp.\* |  | 3050059 |
| 13162 | iRhythm Technologies, Inc.\* |  | 2026422 |
| 18841 | Lantheus Holdings, Inc.\* |  | 1542324 |
| 28797 | Novocure Ltd.\* |  | 512587 |
| 2977 | STERIS PLC |  | 715135 |
| 52207 | Tandem Diabetes Care, Inc.\* |  | 973138 |
| 7551 | TransMedics Group, Inc.\*,† |  | 1011910 |
|  |  |  | 14849555 |
|  | **Health Care Providers and <br>Services—1.0%** | **Health Care Providers and <br>Services—1.0%** | **Health Care Providers and <br>Services—1.0%** |
| 22384 | Acadia Healthcare Co., Inc.\* |  | 507893 |
| 16130 | HealthEquity, Inc.\* |  | 1689779 |
|  |  |  | 2197672 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Health Care REITs—0.3%** | **Health Care REITs—0.3%** |
| 26762 | Sila Realty Trust, Inc. | $633457 |
|  | **Hotels, Restaurants & <br>Leisure—2.6%** | **Hotels, Restaurants & <br>Leisure—2.6%** |
| 77871 | Caesars Entertainment, Inc.\* | 2210758 |
| 23011 | DraftKings, Inc., Class A\* | 986942 |
| 24321 | Planet Fitness, Inc., Class A\* | 2652205 |
|  |  | 5849905 |
|  | **Household Durables—0.3%** | **Household Durables—0.3%** |
| 14535 | LGI Homes, Inc.\* | 748843 |
|  | **Industrial REITs—0.8%** | **Industrial REITs—0.8%** |
| 82858 | LXP Industrial Trust | 684407 |
| 32808 | STAG Industrial, Inc. | 1190274 |
|  |  | 1874681 |
|  | **Insurance—2.6%** | **Insurance—2.6%** |
| 5550 | Everest Group Ltd. | 1886168 |
| 10898 | First American Financial Corp. | 669028 |
| 794 | Markel Group, Inc.\* | 1585904 |
| 21596 | W.R. Berkley Corp. | 1586658 |
|  |  | 5727758 |
|  | **Interactive Media & Services—0.5%** | **Interactive Media & Services—0.5%** |
| 115697 | ZoomInfo Technologies, Inc.\* | 1170854 |
|  | **IT Services—2.6%** | **IT Services—2.6%** |
| 10010 | EPAM Systems, Inc.\* | 1769968 |
| 103524 | Grid Dynamics Holdings, Inc.\* | 1195702 |
| 8213 | MongoDB, Inc.\* | 1724648 |
| 10966 | Okta, Inc.\* | 1096271 |
|  |  | 5786589 |
|  | **Leisure Products—0.4%** | **Leisure Products—0.4%** |
| 45524 | Mattel, Inc.\* | 897733 |
|  | **Life Sciences Tools and <br>Services—2.1%** | **Life Sciences Tools and <br>Services—2.1%** |
| 94041 | Avantor, Inc.\* | 1265792 |
| 7440 | Charles River Laboratories <br>International, Inc.\* | 1128871 |
| 10023 | ICON PLC\* | 1457845 |
| 9233 | Revvity, Inc. | 893016 |
|  |  | 4745524 |

---

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

------

**M Capital Appreciation Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Machinery—1.9%** | **Machinery—1.9%** |
| 10561 | Chart Industries, Inc.\* | $1738869 |
| 67938 | Symbotic, Inc.\*,† | 2639391 |
|  |  | 4378260 |
|  | **Marine Transportation—0.8%** | **Marine Transportation—0.8%** |
| 16272 | Kirby Corp.\* | 1845408 |
|  | **Media—1.4%** | **Media—1.4%** |
| 118047 | Integral Ad Science Holding Corp.\* | 980971 |
| 85885 | Magnite, Inc.\* | 2071546 |
|  |  | 3052517 |
|  | **Metals and Mining—3.6%** | **Metals and Mining—3.6%** |
| 21820 | Carpenter Technology Corp. | 6030612 |
| 59187 | MP Materials Corp.\*,† | 1969151 |
|  |  | 7999763 |
|  | **Oil, Gas and Consumable <br>Fuels—1.7%** | **Oil, Gas and Consumable <br>Fuels—1.7%** |
| 41635 | Devon Energy Corp. | 1324409 |
| 186305 | Permian Resources Corp. | 2537474 |
|  |  | 3861883 |
|  | **Passenger Airlines—1.3%** | **Passenger Airlines—1.3%** |
| 41465 | Alaska Air Group, Inc.\* | 2051688 |
| 80664 | Sun Country Airlines Holdings, Inc.\* | 947802 |
|  |  | 2999490 |
|  | **Pharmaceuticals—0.7%** | **Pharmaceuticals—0.7%** |
| 64495 | Elanco Animal Health, Inc.\* | 920989 |
| 5687 | Jazz Pharmaceuticals PLC\* | 603504 |
|  |  | 1524493 |
|  | **Professional Services—4.8%** | **Professional Services—4.8%** |
| 62222 | Amentum Holdings, Inc.\* | 1469062 |
| 2563 | CACI International, Inc., Class A\* | 1221782 |
| 7790 | Equifax, Inc. | 2020492 |
| 29139 | KBR, Inc. | 1396924 |
| 8948 | Paycom Software, Inc. | 2070567 |
| 215332 | Planet Labs PBC\* | 1313525 |
| 15491 | TransUnion | 1363208 |
|  |  | 10855560 |
|  | **Residential REITs—0.3%** | **Residential REITs—0.3%** |
| 41653 | Independence Realty Trust, Inc. | 736842 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Semiconductors and <br>Semiconductor Equipment—7.9%** | **Semiconductors and <br>Semiconductor Equipment—7.9%** |
| 423114 | indie Semiconductor, Inc., <br>Class A\*,† | $1506286 |
| 36526 | Lattice Semiconductor Corp.\* | 1789409 |
| 14320 | MACOM Technology Solutions <br>Holdings, Inc.\* | 2051913 |
| 122770 | MaxLinear, Inc.\* | 1744561 |
| 10908 | MKS, Inc. | 1083819 |
| 2971 | Monolithic Power Systems, Inc. | 2172930 |
| 22156 | Qorvo, Inc.\* | 1881266 |
| 12187 | Silicon Motion Technology <br>Corp., ADR | 916097 |
| 5185 | SiTime Corp.\* | 1104820 |
| 8722 | Teradyne, Inc. | 784282 |
| 55277 | Ultra Clean Holdings, Inc.\* | 1247602 |
| 9360 | Universal Display Corp. | 1445745 |
|  |  | 17728730 |
|  | **Software—3.8%** | **Software—3.8%** |
| 20771 | Appian Corp., Class A\* | 620222 |
| 23122 | Bill Holdings, Inc.\* | 1069624 |
| 11560 | Dolby Laboratories, Inc., Class A | 858446 |
| 10632 | Elastic NV\* | 896596 |
| 6774 | Guidewire Software, Inc.\* | 1594938 |
| 1482 | HubSpot, Inc.\* | 824926 |
| 12533 | Procore Technologies, Inc.\* | 857508 |
| 1830 | Tyler Technologies, Inc.\* | 1084897 |
| 28169 | Unity Software, Inc.\* | 681690 |
|  |  | 8488847 |
|  | **Technology Hardware, Storage & <br>Peripherals—0.8%** | **Technology Hardware, Storage & <br>Peripherals—0.8%** |
| 32256 | Pure Storage, Inc., Class A\* | 1857300 |
|  | **Trading Companies and <br>Distributors—5.5%** | **Trading Companies and <br>Distributors—5.5%** |
| 52425 | FTAI Aviation Ltd. | 6030972 |
| 20810 | GMS, Inc.\* | 2263087 |
| 293949 | MRC Global, Inc.\* | 4030041 |
|  |  | 12324100 |
|  | **TOTAL COMMON STOCKS** <br>(Cost $170,352,588) | 223198633 |

---

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

------

**M Capital Appreciation Fund**

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

**June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | | **7-Day<br>Yield** | **Value<br>(Note 1)** |
| | **SHORT-TERM INVESTMENTS—1.0%** | **SHORT-TERM INVESTMENTS—1.0%** | **SHORT-TERM INVESTMENTS—1.0%** |
| 2298005 | State Street Navigator Securities Lending Government Money Market Portfolio <br>(Cost $2,298,005)†† | 4.37% | $2298005 |
|  | **TOTAL INVESTMENTS, AT VALUE—100.5%**<br> (Cost $172,650,593) |  | 225496638 |
|  | **Liabilities in Excess of Other Assets—(0.5)%** |  | (1088155) |
|  | **NET ASSETS—100.0%** |  | $224408483 |

---

**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 June 30, 2025, the market value of the securities on loan was $4,670,209 (Note 1).

†† Represents invested cash collateral received from securities lending transactions.

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 (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **COMMON STOCKS—98.4%** | **COMMON STOCKS—98.4%** |
| | **Aerospace & Defense—2.6%** | **Aerospace & Defense—2.6%** |
| 4400 | General Dynamics Corp. | $1283304 |
| 700 | Huntington Ingalls Industries, Inc. | 169022 |
| 3000 | L3Harris Technologies, Inc. | 752520 |
| 3720 | Lockheed Martin Corp. | 1722881 |
| 3700 | Textron, Inc. | 297073 |
|  |  | 4224800 |
|  | **Air Freight and Logistics—0.2%** | **Air Freight and Logistics—0.2%** |
| 2400 | Expeditors International of <br>Washington, Inc. | 274200 |
|  | **Automobile Components—0.1%** | **Automobile Components—0.1%** |
| 3600 | BorgWarner, Inc. | 120528 |
|  | **Automobiles—1.0%** | **Automobiles—1.0%** |
| 68900 | Ford Motor Co. | 747565 |
| 18100 | General Motors Co. | 890701 |
|  |  | 1638266 |
|  | **Banks—14.9%** | **Banks—14.9%** |
| 96100 | Bank of America Corp. | 4547452 |
| 22900 | Citigroup, Inc. | 1949248 |
| 5800 | Citizens Financial Group, Inc. | 259550 |
| 1300 | Comerica, Inc. | 77545 |
| 1785 | Commerce Bancshares, Inc. | 110973 |
| 700 | Cullen/Frost Bankers, Inc. | 89978 |
| 1800 | East West Bancorp, Inc. | 181764 |
| 7500 | Fifth Third Bancorp | 308475 |
| 195 | First Citizens BancShares, Inc., <br>Class A | 381512 |
| 5000 | First Horizon Corp. | 106000 |
| 18900 | Huntington Bancshares, Inc. | 316764 |
| 30200 | JPMorgan Chase & Co. | 8755282 |
| 1800 | M&T Bank Corp. | 349182 |
| 5300 | PNC Financial Services Group, Inc. | 988026 |
| 12000 | Regions Financial Corp. | 282240 |
| 12800 | Truist Financial Corp. | 550272 |
| 15200 | U.S. Bancorp | 687800 |
| 2300 | Webster Financial Corp. | 125580 |
| 45300 | Wells Fargo & Co. | 3629436 |
| 1200 | Zions Bancorp NA | 62328 |
|  |  | 23759407 |
|  | **Beverages—1.3%** | **Beverages—1.3%** |
| 1300 | Coca-Cola Consolidated, Inc. | 145145 |
| 24000 | Keurig Dr. Pepper, Inc. | 793440 |
| 3300 | Molson Coors Beverage Co., Class B | 158697 |
| 7400 | PepsiCo, Inc. | 977096 |
|  |  | 2074378 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Biotechnology—4.7%** | **Biotechnology—4.7%** |
| 13300 | AbbVie, Inc. | $2468746 |
| 8200 | Amgen, Inc. | 2289522 |
| 3700 | Exelixis, Inc.\* | 163078 |
| 18600 | Gilead Sciences, Inc. | 2062182 |
| 2000 | Halozyme Therapeutics, Inc.\* | 104040 |
| 12000 | Roivant Sciences Ltd.\* | 135240 |
| 700 | United Therapeutics Corp.\* | 201145 |
|  |  | 7423953 |
|  | **Broadline Retail—0.4%** | **Broadline Retail—0.4%** |
| 8100 | eBay, Inc. | 603126 |
|  | **Building Products—0.5%** | **Building Products—0.5%** |
| 1500 | Allegion PLC | 216180 |
| 4100 | Masco Corp. | 263876 |
| 1800 | Owens Corning | 247536 |
| 1000 | UFP Industries, Inc. | 99360 |
|  |  | 826952 |
|  | **Capital Markets—6.9%** | **Capital Markets—6.9%** |
| 1570 | Ameriprise Financial, Inc. | 837956 |
| 10600 | Bank of New York Mellon Corp. | 965766 |
| 5700 | Carlyle Group, Inc. | 292980 |
| 4600 | Goldman Sachs Group, Inc. | 3255650 |
| 3500 | Invesco Ltd. | 55195 |
| 3300 | Jefferies Financial Group, Inc. | 180477 |
| 24000 | Morgan Stanley | 3380640 |
| 3100 | Northern Trust Corp. | 393049 |
| 3300 | Raymond James Financial, Inc. | 506121 |
| 2000 | SEI Investments Co. | 179720 |
| 4600 | State Street Corp. | 489164 |
| 1400 | Stifel Financial Corp. | 145292 |
| 3000 | T. Rowe Price Group, Inc. | 289500 |
|  |  | 10971510 |
|  | **Chemicals—1.2%** | **Chemicals—1.2%** |
| 3500 | Axalta Coating Systems Ltd.\* | 103915 |
| 2900 | CF Industries Holdings, Inc. | 266800 |
| 11100 | Corteva, Inc. | 827283 |
| 5600 | Mosaic Co. | 204288 |
| 4000 | PPG Industries, Inc. | 455000 |
|  |  | 1857286 |
|  | **Communications Equipment—2.5%** | **Communications Equipment—2.5%** |
| 58400 | Cisco Systems, Inc. | 4051792 |
|  | **Construction and <br>Engineering—0.2%** | **Construction and <br>Engineering—0.2%** |
| 700 | EMCOR Group, Inc. | 374423 |

---

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

------

**M Large Cap Value Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Construction Materials—0.7%** | **Construction Materials—0.7%** |
| 11900 | CRH PLC | $1092420 |
|  | **Consumer Finance—0.3%** | **Consumer Finance—0.3%** |
| 3300 | Ally Financial, Inc. | 128535 |
| 6200 | Synchrony Financial | 413788 |
|  |  | 542323 |
|  | **Consumer Staples Distribution & <br>Retail—1.3%** | **Consumer Staples Distribution & <br>Retail—1.3%** |
| 9900 | Albertsons Cos., Inc., Class A | 212949 |
| 3400 | Dollar Tree, Inc.\* | 336736 |
| 11700 | Kroger Co. | 839241 |
| 8600 | Sysco Corp. | 651364 |
|  |  | 2040290 |
|  | **Containers and Packaging—0.3%** | **Containers and Packaging—0.3%** |
| 2300 | Crown Holdings, Inc. | 236854 |
| 1600 | Packaging Corp. of America | 301520 |
|  |  | 538374 |
|  | **Distributors—0.3%** | **Distributors—0.3%** |
| 2300 | Genuine Parts Co. | 279013 |
| 4600 | LKQ Corp. | 170246 |
|  |  | 449259 |
|  | **Diversified Consumer <br>Services—0.1%** | **Diversified Consumer <br>Services—0.1%** |
| 11400 | ADT, Inc. | 96558 |
| 2200 | H&R Block, Inc. | 120758 |
|  |  | 217316 |
|  | **Diversified Telecommunication <br>Services—4.0%** | **Diversified Telecommunication <br>Services—4.0%** |
| 108900 | AT&T, Inc. | 3151566 |
| 74400 | Verizon Communications, Inc. | 3219288 |
|  |  | 6370854 |
|  | **Electric Utilities—2.4%** | **Electric Utilities—2.4%** |
| 11700 | Duke Energy Corp. | 1380600 |
| 4100 | Evergy, Inc. | 282613 |
| 9400 | FirstEnergy Corp. | 378444 |
| 3300 | NRG Energy, Inc. | 529914 |
| 3152 | OGE Energy Corp. | 139886 |
| 13000 | PPL Corp. | 440570 |
| 7700 | Southern Co. | 707091 |
|  |  | 3859118 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Electrical Equipment—0.2%** | **Electrical Equipment—0.2%** |
| 400 | Acuity, Inc. | $119336 |
| 1200 | Regal Rexnord Corp. | 173952 |
|  |  | 293288 |
|  | **Electronic Equipment, <br>Instruments & Components—0.1%** | **Electronic Equipment, <br>Instruments & Components—0.1%** |
| 1400 | TD SYNNEX Corp. | 189980 |
|  | **Energy Equipment and <br>Services—0.6%** | **Energy Equipment and <br>Services—0.6%** |
| 17500 | Baker Hughes Co. | 670950 |
| 6800 | TechnipFMC PLC | 234192 |
|  |  | 905142 |
|  | **Entertainment—2.3%** | **Entertainment—2.3%** |
| 29400 | Walt Disney Co. | 3645894 |
|  | **Financial Services—2.0%** | **Financial Services—2.0%** |
| 7200 | Apollo Global Management, Inc. | 1021464 |
| 8800 | Corebridge Financial, Inc. | 312400 |
| 900 | Corpay, Inc.\* | 298638 |
| 5400 | Equitable Holdings, Inc. | 302940 |
| 15700 | PayPal Holdings, Inc.\* | 1166824 |
| 700 | Voya Financial, Inc. | 49700 |
|  |  | 3151966 |
|  | **Food Products—1.6%** | **Food Products—1.6%** |
| 1900 | Hormel Foods Corp. | 57475 |
| 1100 | Ingredion, Inc. | 149182 |
| 19000 | Kraft Heinz Co. | 490580 |
| 2300 | Lamb Weston Holdings, Inc. | 119255 |
| 21200 | Mondelez International, Inc., Class A | 1429728 |
| 5000 | Tyson Foods, Inc., Class A | 279700 |
|  |  | 2525920 |
|  | **Gas Utilities—0.1%** | **Gas Utilities—0.1%** |
| 1600 | National Fuel Gas Co. | 135536 |
|  | **Ground Transportation—1.4%** | **Ground Transportation—1.4%** |
| 33100 | CSX Corp. | 1080053 |
| 3700 | Norfolk Southern Corp. | 947089 |
| 200 | U-Haul Holding Co.\*,† | 12112 |
| 3100 | U-Haul Holding Co. NV | 168547 |
|  |  | 2207801 |
|  | **Health Care Equipment and <br>Supplies—1.4%** | **Health Care Equipment and <br>Supplies—1.4%** |
| 22600 | Medtronic PLC | 1970042 |
| 3500 | Zimmer Biomet Holdings, Inc. | 319235 |
|  |  | 2289277 |

---

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

------

**M Large Cap Value Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Health Care Providers and <br>Services—5.3%** | **Health Care Providers and <br>Services—5.3%** |
| 3862 | Cardinal Health, Inc. | $648816 |
| 3100 | Cencora, Inc. | 929535 |
| 4700 | Cigna Group | 1553726 |
| 20100 | CVS Health Corp. | 1386498 |
| 1300 | DaVita, Inc.\* | 185185 |
| 5200 | HCA Healthcare, Inc. | 1992120 |
| 2100 | Henry Schein, Inc.\* | 153405 |
| 1500 | Labcorp Holdings, Inc. | 393765 |
| 900 | Molina Healthcare, Inc.\* | 268110 |
| 2300 | Quest Diagnostics, Inc. | 413149 |
| 1600 | Tenet Healthcare Corp.\* | 281600 |
| 1200 | Universal Health Services, Inc., <br>Class B | 217380 |
|  |  | 8423289 |
|  | **Hotels, Restaurants & <br>Leisure—0.4%** | **Hotels, Restaurants & <br>Leisure—0.4%** |
| 2100 | Expedia Group, Inc. | 354228 |
| 4800 | MGM Resorts International\* | 165072 |
| 1800 | Wynn Resorts Ltd. | 168606 |
|  |  | 687906 |
|  | **Household Durables—0.5%** | **Household Durables—0.5%** |
| 30 | NVR, Inc.\* | 221570 |
| 4300 | PulteGroup, Inc. | 453478 |
| 1600 | Toll Brothers, Inc. | 182608 |
|  |  | 857656 |
|  | **Household Products—0.5%** | **Household Products—0.5%** |
| 5900 | Kimberly-Clark Corp. | 760628 |
|  | **Industrial Conglomerates—0.8%** | **Industrial Conglomerates—0.8%** |
| 8500 | 3M Co. | 1294040 |
|  | **Insurance—8.2%** | **Insurance—8.2%** |
| 8700 | Aflac, Inc. | 917502 |
| 1000 | American Financial Group, Inc. | 126210 |
| 9400 | American International Group, Inc. | 804546 |
| 4600 | Arch Capital Group Ltd. | 418830 |
| 800 | Assurant, Inc. | 157992 |
| 1300 | Axis Capital Holdings Ltd. | 134966 |
| 6300 | Chubb Ltd. | 1825236 |
| 2500 | Cincinnati Financial Corp. | 372300 |
| 700 | Everest Group Ltd. | 237895 |
| 3500 | Fidelity National Financial, Inc. | 196210 |
| 4600 | Hartford Insurance Group, Inc. | 583602 |
| 3400 | Loews Corp. | 311644 |
| 150 | Markel Group, Inc.\* | 299604 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
| 10900 | MetLife, Inc. | $| 876578 |
| 4000 | Old Republic International Corp. |  | 153760 |
| 500 | Primerica, Inc. |  | 136835 |
| 3600 | Principal Financial Group, Inc. |  | 285948 |
| 6900 | Progressive Corp. |  | 1841334 |
| 4800 | Prudential Financial, Inc. |  | 515712 |
| 900 | Reinsurance Group of America, Inc. |  | 178524 |
| 800 | RenaissanceRe Holdings Ltd. |  | 194320 |
| 5600 | Travelers Cos., Inc. |  | 1498224 |
| 2700 | Unum Group |  | 218052 |
| 5975 | W.R. Berkley Corp. |  | 438983 |
| 1400 | Willis Towers Watson PLC |  | 429100 |
|  |  |  | 13153907 |
|  | **Interactive Media & Services—0.1%** | **Interactive Media & Services—0.1%** | **Interactive Media & Services—0.1%** |
| 4000 | Match Group, Inc. |  | 123560 |
|  | **IT Services—0.4%** | **IT Services—0.4%** | **IT Services—0.4%** |
| 8700 | Cognizant Technology Solutions <br>Corp., Class A |  | 678861 |
|  | **Leisure Products—0.1%** | **Leisure Products—0.1%** | **Leisure Products—0.1%** |
| 2200 | Hasbro, Inc. |  | 162404 |
|  | **Machinery—4.1%** | **Machinery—4.1%** | **Machinery—4.1%** |
| 1300 | AGCO Corp. |  | 134108 |
| 1400 | Allison Transmission Holdings, Inc. |  | 132986 |
| 8300 | Caterpillar, Inc. |  | 3222143 |
| 22000 | CNH Industrial NV |  | 285120 |
| 2200 | Cummins, Inc. |  | 720500 |
| 2100 | Donaldson Co., Inc. |  | 145635 |
| 1800 | Dover Corp. |  | 329814 |
| 900 | Middleby Corp.\* |  | 129600 |
| 2000 | Mueller Industries, Inc. |  | 158940 |
| 1000 | Oshkosh Corp. |  | 113540 |
| 9222 | PACCAR, Inc. |  | 876643 |
| 900 | Snap-on, Inc. |  | 280062 |
|  |  |  | 6529091 |
|  | **Media—2.2%** | **Media—2.2%** | **Media—2.2%** |
| 2300 | Charter Communications, Inc., <br>Class A\* |  | 940263 |
| 55800 | Comcast Corp., Class A |  | 1991502 |
| 5000 | Fox Corp., Class A |  | 280200 |
| 5600 | Interpublic Group of Cos., Inc. |  | 137088 |
| 6700 | News Corp., Class A |  | 199124 |
|  |  |  | 3548177 |

---

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

------

**M Large Cap Value Fund**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Metals and Mining—1.5%** | **Metals and Mining—1.5%** |
| 19600 | Newmont Corp. | $1141896 |
| 4100 | Nucor Corp. | 531114 |
| 1000 | Reliance, Inc. | 313900 |
| 3300 | Steel Dynamics, Inc. | 422433 |
|  |  | 2409343 |
|  | **Multi-Utilities—0.9%** | **Multi-Utilities—0.9%** |
| 3700 | DTE Energy Co. | 490102 |
| 8000 | Public Service Enterprise <br>Group, Inc. | 673440 |
| 2100 | WEC Energy Group, Inc. | 218820 |
|  |  | 1382362 |
|  | **Oil, Gas and Consumable <br>Fuels—4.8%** | **Oil, Gas and Consumable <br>Fuels—4.8%** |
| 8500 | Antero Midstream Corp. | 161075 |
| 22169 | Chevron Corp. | 3174379 |
| 9600 | EOG Resources, Inc. | 1148256 |
| 3300 | HF Sinclair Corp. | 135564 |
| 36300 | Kinder Morgan, Inc. | 1067220 |
| 4600 | Ovintiv, Inc. | 175030 |
| 7200 | Phillips 66 | 858960 |
| 4200 | Range Resources Corp. | 170814 |
| 5500 | Valero Energy Corp. | 739310 |
|  |  | 7630608 |
|  | **Passenger Airlines—0.8%** | **Passenger Airlines—0.8%** |
| 9700 | Delta Air Lines, Inc. | 477046 |
| 10100 | Southwest Airlines Co.† | 327644 |
| 5800 | United Airlines Holdings, Inc.\* | 461854 |
|  |  | 1266544 |
|  | **Personal Care Products—0.3%** | **Personal Care Products—0.3%** |
| 24600 | Kenvue, Inc. | 514878 |
|  | **Pharmaceuticals—3.7%** | **Pharmaceuticals—3.7%** |
| 1000 | Jazz Pharmaceuticals PLC\* | 106120 |
| 38200 | Johnson & Johnson | 5835050 |
|  |  | 5941170 |
|  | **Professional Services—0.4%** | **Professional Services—0.4%** |
| 400 | CACI International, Inc., Class A\* | 190680 |
| 2900 | Genpact Ltd. | 127629 |
| 2299 | Leidos Holdings, Inc. | 362690 |
|  |  | 680999 |
|  | **Real Estate Management and <br>Development—0.1%** | **Real Estate Management and <br>Development—0.1%** |
| 800 | Jones Lang LaSalle, Inc.\* | 204624 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Semiconductors and Semiconductor <br>Equipment—1.9%** | **Semiconductors and Semiconductor <br>Equipment—1.9%** |
| 19400 | QUALCOMM, Inc. | $3089644 |
|  | **Software—0.3%** | **Software—0.3%** |
| 3600 | Dropbox, Inc., Class A\* | 102960 |
| 10900 | Gen Digital, Inc. | 320460 |
|  |  | 423420 |
|  | **Specialty Retail—2.8%** | **Specialty Retail—2.8%** |
| 1300 | AutoNation, Inc.\* | 258245 |
| 2700 | CarMax, Inc.\* | 181467 |
| 900 | Dick's Sporting Goods, Inc. | 178029 |
| 6600 | Gap, Inc. | 143946 |
| 500 | Lithia Motors, Inc. | 168910 |
| 11400 | Lowe's Cos., Inc. | 2529318 |
| 290 | Murphy USA, Inc. | 117972 |
| 1200 | Penske Automotive Group, Inc. | 206172 |
| 800 | Ulta Beauty, Inc.\* | 374256 |
| 2200 | Williams-Sonoma, Inc. | 359414 |
|  |  | 4517729 |
|  | **Technology Hardware, Storage & <br>Peripherals—0.7%** | **Technology Hardware, Storage & <br>Peripherals—0.7%** |
| 6000 | Dell Technologies, Inc., Class C | 735600 |
| 3500 | NetApp, Inc. | 372925 |
|  |  | 1108525 |
|  | **Textiles, Apparel and Luxury <br>Goods—0.2%** | **Textiles, Apparel and Luxury <br>Goods—0.2%** |
| 1300 | Lululemon Athletica, Inc.\* | 308854 |
|  | **Tobacco—1.1%** | **Tobacco—1.1%** |
| 29700 | Altria Group, Inc. | 1741311 |
|  | **Trading Companies and <br>Distributors—0.7%** | **Trading Companies and <br>Distributors—0.7%** |
| 1180 | United Rentals, Inc. | 889012 |
| 900 | WESCO International, Inc. | 166680 |
|  |  | 1055692 |
|  | **TOTAL COMMON STOCKS** <br> (Cost $121,519,788) | 157150601 |
|  | **EXCHANGE-TRADED <br>FUND—1.0%** | **EXCHANGE-TRADED <br>FUND—1.0%** |
| 8200 | iShares Russell 1000 Value ETF <br>(Cost $1,557,674)† | 1592686 |

---

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

------

**M Large Cap Value Fund**

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

**June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | | **7-Day<br>Yield** | **Value<br>(Note 1)** |
| | **SHORT-TERM INVESTMENTS—0.7%** | **SHORT-TERM INVESTMENTS—0.7%** | **SHORT-TERM INVESTMENTS—0.7%** |
| 1072774 | State Street Navigator Securities Lending Government Money Market Portfolio <br>(Cost $1,072,774)†† | 4.37% | $1072774 |
|  | **TOTAL INVESTMENTS, AT VALUE—100.1%**<br> (Cost $124,150,236) |  | 159816061 |
|  | **Liabilities in Excess of Other Assets—(0.1)%** |  | (135404) |
|  | **NET ASSETS—100.0%** |  | $159680657 |

---

**Notes to the Schedule of Investments:**

\* Non-income producing security

† Denotes all or a portion of security on loan. As of June 30, 2025, the market value of the securities on loan was $1,438,873 (Note 1).

†† Represents invested cash collateral received from securities lending transactions.

Percentages indicated are based on net assets.

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

------

**M Fund, Inc.**

**STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 | $190082858 | $290947189 | $225496638 | $159816061 |
| Affiliated investment company, at value (Note 1)\*\*\*—see <br>accompanying Schedule of Investments | 87853040 |  |  |  |
| Cash (Note 1) | 768931 | 2891884 | 1898258 | 814780 |
| Cash denominated in foreign currencies\*\*\*\* | 1366787 |  |  |  |
| Receivable from: | Receivable from: | Receivable from: | Receivable from: | Receivable from: |
| Securities sold | 39971 |  | 133193 | 38769 |
| Capital stock subscriptions | 1092673 | 1249684 | 61639 | 85022 |
| Dividends and interest | 998861 | 45731 | 113495 | 139618 |
| Dividend tax reclaim receivable | 520988 |  |  |  |
| Prepaid expenses | 19145 | 22711 | 17789 | 12072 |
| Total assets | 282743254 | 295157199 | 227721012 | 160906322 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: | Payable for: | Payable for: | Payable for: |
| Capital stock redemptions | 1652471 | 199931 | 101600 | 36021 |
| Securities purchased | 682266 |  | 666288 |  |
| Investment Adviser, net (Note 2) | 67524 | 97405 | 146441 | 54929 |
| Payable upon return of securities loaned (Note 1) | 4723995 |  | 2298005 | 1072774 |
| Accrued expenses and other liabilities | 147839 | 86886 | 100195 | 61941 |
| Total liabilities | 7274095 | 384222 | 3312529 | 1225665 |
| **Net assets** | $275469159 | $294772977 | $224408483 | $159680657 |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Paid-in capital | $265960443 | $150228995 | $163615301 | $115683201 |
| Accumulated earnings (losses) | 9508716 | 144543982 | 60793182 | 43997456 |
| **Net assets** | $275469159 | $294772977 | $224408483 | $159680657 |
| **Shares outstanding#** | 16961122 | 8263941 | 8945203 | 9689306 |
| Net asset value, offering price and redemption price per share | $16.24 | $35.67 | $25.09 | $16.48 |
| \* Cost of investments | $145983478 | $202489182 | $172650593 | $124150236 |
| \*\* Includes securities on loan with market values of | $13563346 | $1207176 | $4670209 | $1438873 |
| \*\*\* Cost of affiliated investment | $68668688 | $— | $— | $— |
| \*\*\*\* Cost of cash denominated in foreign currencies | $1355581 | $— | $— | $— |
| \*\*\*\* Spot Contracts App/Dep | $169 | $— | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;# The number of authorized shares with a par value of $0.001 per share for each Fund is 100,000,000.

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

------

**M Fund, Inc.**

**STATEMENTS OF OPERATIONS (Unaudited)**

**For the Six Months Ended June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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\* | $4358492 | $739918 | $722945 | $1938128 |
| Dividends-Affiliated | 148649 |  |  |  |
| Securities lending income, net of rebates received or <br>paid to borrowers | 19588 | 17 | 18081 | 59 |
| Total investment income | 4526729 | 739935 | 741026 | 1938187 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory fee (Note 2) | 391266 | 711037 | 857704 | 330902 |
| Custody fees | 78145 | 19478 | 26928 | 11635 |
| Fund accounting fees | 67105 | 46891 | 41541 | 28734 |
| Administration fees | 47279 | 52765 | 46031 | 32217 |
| Professional fees | 27819 | 27882 | 25945 | 21685 |
| Directors' fees and expenses | 25119 | 29488 | 23479 | 13891 |
| Compliance expenses | 13429 | 15394 | 11974 | 7083 |
| Transfer agent fees | 10062 | 9669 | 11436 | 8765 |
| Printing and shareholder reporting | 5911 | 10732 | 5387 | 3727 |
| Other | 22475 | 25229 | 21191 | 13535 |
| Total expenses | 688610 | 948565 | 1071616 | 472174 |
| **Net investment income (loss)** | 3838119 | (208630) | (330590) | 1466013 |
| **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 on: | Net realized gain on: | Net realized gain on: | Net realized gain on: | Net realized gain on: |
| Unaffiliated investment transactions | 2667851 | 56530985 | 16488150 | 7156842 |
| Affiliated investment transactions | 722214 |  |  |  |
| Foreign currency transactions | 134631 |  |  |  |
| Net realized gain | 3524696 | 56530985 | 16488150 | 7156842 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| Unaffiliated investments | 26644123 | (31649369) | (11074146) | 65651 |
| Affiliated investments | 8770786 |  |  |  |
| Foreign currency translation | 84334 |  |  |  |
| Net change in unrealized appreciation (depreciation) | 35499243 | (31649369) | (11074146) | 65651 |
| **Net realized and unrealized gain** | 39023939 | 24881616 | 5414004 | 7222493 |
| **Net increase in net assets resulting from operations** | $42862058 | $24672986 | $5083414 | $8688506 |
| \* Net of foreign taxes withheld of: | $467837 | $18192 | $11082 | $— |

---

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** |
| | **Six Months<br>Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** | **Six Months <br>Ended<br>June 30, 2025 <br>(Unaudited)** | **Year Ended <br>December 31, <br>2024** |
| **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) | $3838119 | $6453951 | $(208630) | $(1114123) |
| Net realized gain on investments and foreign currency <br>transactions | 3524696 | 1679297 | 56530985 | 30578056 |
| Net change in unrealized appreciation (depreciation) on <br>investments and foreign currency | 35499243 | 1147585 | (31649369) | 30953950 |
| Net increase in net assets resulting from operations | 42862058 | 9280833 | 24672986 | 60417883 |
| **Distributions to shareholders** |  | (7353403) | (3367125) | (26279948) |
| Total distributions to shareholders |  | (7353403) | (3367125) | (26279948) |
| **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 | 14494250 | 31729514 | 9016957 | 18833709 |
| Value of shares issued on reinvestment of distributions |  | 7353403 | 3367125 | 26279948 |
| Value of shares redeemed | (31220018) | (24387415) | (21001741) | (39266379) |
| Net increase (decrease) in net assets resulting from <br>Fund share transactions | (16725768) | 14695502 | (8617659) | 5847278 |
| **Total change in net assets** | 26136290 | 16622932 | 12688202 | 39985213 |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 249332869 | 232709937 | 282084775 | 242099562 |
| End of period | $275469159 | $249332869 | $294772977 | $282084775 |

---

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** |
| | **Six Months<br>Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** | **Six Months <br>Ended<br>June 30, 2025 <br>(Unaudited)** | **Year Ended <br>December 31, <br>2024** |
| **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) | $(330590) | $(681464) | $1466013 | $2866560 |
| Net realized gain on investments and foreign currency <br>transactions | 16488150 | 16937294 | 7156842 | 13261845 |
| Net change in unrealized appreciation (depreciation) on <br>investments and foreign currency | (11074146) | 4671894 | 65651 | 8541826 |
| Net increase in net assets resulting from operations | 5083414 | 20927724 | 8688506 | 24670231 |
| **Distributions to shareholders** |  | (20748052) | (951208) | (15194607) |
| Total distributions to shareholders |  | (20748052) | (951208) | (15194607) |
| **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 | 8403937 | 30755583 | 6479496 | 11624277 |
| Value of shares issued on reinvestment of distributions |  | 20748052 | 951208 | 15194607 |
| Value of shares redeemed | (21076437) | (47637442) | (9779923) | (17231497) |
| Net increase (decrease) in net assets resulting from <br>Fund share transactions | (12672500) | 3866193 | (2349219) | 9587387 |
| **Total change in net assets** | (7589086) | 4045865 | 5388079 | 19063011 |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 231997569 | 227951704 | 154292578 | 135229567 |
| End of period | $224408483 | $231997569 | $159680657 | $154292578 |

---

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

------

**M Fund, Inc.**

**FINANCIAL HIGHLIGHTS**

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** |
| | **Six Months<br>Ended<br>June 30, 2025<br>(Unaudited)** | **Six Months<br>Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** | **Year Ended<br>December 31,<br>2023** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** |
| **Net asset value, beginning of period** | $13.71 |  | $13.59 | $12.06 | $14.45 | $13.33 | $12.42 |
| **Income from investment operations:** | **Income from investment operations:** | **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‡ | 0.22 |  | 0.37 | 0.37 | 0.37 | 0.32 | 0.20 |
| Net realized and unrealized gain (loss) <br>on investments | 2.31 |  | 0.17 | 1.56 | (2.41) | 1.15 | 0.90 |
| Total from investment operations | 2.53 |  | 0.54 | 1.93 | (2.04) | 1.47 | 1.10 |
| **Less distributions to shareholders:** | **Less distributions to shareholders:** | **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 |  |  | (0.42) | (0.40) | (0.35) | (0.35 | (0.19) |
| From return of capital |  |  |  |  |  | (0.00 |  |
| Total distributions |  |  | (0.42) | (0.40) | (0.35) | (0.35 | (0.19) |
| **Net asset value, end of period** | $16.24 |  | $13.71 | $13.59 | $12.06 | $14.45 | $13.33 |
| **Total Return<sup>+</sup>** | 18.45 | %\* | 3.96% | 16.00% | (14.16)% | 11.05 | 8.90% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of period (000's) | $275469 |  | $249333 | $232710 | $206628 | $243721 | $209926 |
| Net expenses to average daily net assets• | 0.54 | %\*\* | 0.59% | 0.57% | 0.56% | 0.57 | 0.62% |
| Net investment income to average daily <br>net assets• | 3.01 | %\*\* | 2.62% | 2.82% | 2.89% | 2.20 | 1.77% |
| Gross expenses, before any expense <br>waiver/reimbursement, to average <br>daily net assets• | N/A |  | 0.61% | 0.65% | 0.63% | 0.58 | 0.65% |
| Portfolio turnover rate | 5 | %\* | 21% | 23% | 18% | 9 | 10% |

---

‡ Calculation based on average shares outstanding.

† Represents amounts less than $0.005 per share.

\* Not annualized.

\*\* Annualized for periods less than one year.

+ 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 funds in which it invests. Such indirect expenses are not included in the above ratios.

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

------

**M Fund, Inc.**

**FINANCIAL HIGHLIGHTS**

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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** | **M Large Cap Growth Fund** |
| | **Six Months<br>Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** | **Year Ended<br>December 31,<br>2023** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** |
| **Net asset value, beginning of period** | $33.11 | $29.06 | $23.19 | $33.87 | $33.48 | $29.33 |
| **Income from investment operations:** | **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‡ | (0.02 | (0.14) | (0.07) | (0.05) | (0.14) | (0.12) |
| Net realized and unrealized gain (loss) <br>on investments | 2.99 | 7.58 | 7.48 | (8.58) | 7.32 | 8.46 |
| Total from investment operations | 2.97 | 7.44 | 7.41 | (8.63) | 7.18 | 8.34 |
| **Less distributions to shareholders:** | **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 | (0.41 | (3.39) | (1.54) | (2.05) | (6.79) | (4.19) |
| **Net asset value, end of period** | $35.67 | $33.11 | $29.06 | $23.19 | $33.87 | $33.48 |
| **Total Return<sup>+</sup>** | 9.04 | 25.50% | 32.04% | (25.41)% | 21.49% | 28.89% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of period (000's) | $294773 | $282085 | $242100 | $201244 | $273085 | $236022 |
| Net expenses to average daily net assets | 0.70 | 0.74% | 0.77% | 0.76% | 0.75% | 0.78% |
| Net investment loss to average daily <br>net assets | (0.15 | (0.40)% | (0.26)% | (0.19)% | (0.37)% | (0.38)% |
| Portfolio turnover rate | 84 | 41% | 32% | 37% | 32% | 31% |

---

‡ Calculation based on average shares outstanding.

\* Not annualized.

\*\* Annualized for periods less than one year.

+ 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.**

**FINANCIAL HIGHLIGHTS**

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** |
| | **Six Months<br>Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** | **Year Ended<br>December 31,<br>2023** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** |
| **Net asset value, beginning of period** | $24.58 | $24.43 | $21.14 | $28.30 | $28.77 | $25.05 |
| **Income from investment operations:** | **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‡ | (0.04 | (0.07) | (0.07) | (0.08) | (0.15) | (0.04) |
| Net realized and unrealized gain (loss) <br>on investments | 0.55 | 2.49 | 5.06 | (5.11) | 5.24 | 4.35 |
| Total from investment operations | 0.51 | 2.42 | 4.99 | (5.19) | 5.09 | 4.31 |
| **Less distributions to shareholders:** | **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 |  | (0.53) | (0.11) |  |  |  |
| From net realized capital gains |  | (1.74) | (1.59) | (1.97) | (5.56) | (0.59) |
| Total distributions |  | (2.27) | (1.70) | (1.97) | (5.56) | (0.59) |
| **Net asset value, end of period** | $25.09 | $24.58 | $24.43 | $21.14 | $28.30 | $28.77 |
| **Total Return<sup>+</sup>** | 2.07 | 9.94% | 23.56% | (18.14)% | 17.74% | 17.73% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of period (000's) | $224408 | $231998 | $227952 | $188030 | $232758 | $214291 |
| Net expenses to average daily net assets• | 1.01 | 0.98% | 1.02% | 1.05% | 1.04% | 1.10% |
| Net investment loss to average daily <br>net assets• | (0.31 | (0.29)% | (0.28)% | (0.34)% | (0.46)% | (0.19)% |
| Portfolio turnover rate | 18 | 36% | 31% | 27% | 38% | 32% |

---

‡ Calculation based on average shares outstanding.

\* Not annualized.

\*\* Annualized for periods less than one year.

+ 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 funds in which it invests. Such indirect expenses are not included in the above ratios.

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

------

**M Fund, Inc.**

**FINANCIAL HIGHLIGHTS**

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **M Large Cap Value Fund** |
| | **Six Months<br>Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended <br>December 31, <br>2024** | **Year Ended <br>December 31, <br>2023** | **Year Ended <br>December 31, <br>2022** | **Year Ended <br>December 31, <br>2021** | **Year Ended <br>December 31, <br>2020** |
| **Net asset value, beginning of period** | $15.68 | $14.67 | $14.15 | $15.39 | $12.02 | $12.80 |
| **Income from investment operations:** | **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‡ | 0.15 | 0.32 | 0.31 | 0.31 | 0.24 | 0.23 |
| Net realized and unrealized gain (loss) <br>on investments | 0.75 | 2.40 | 0.75 | (0.55) | 3.37 | (0.66 |
| Total from investment operations | 0.90 | 2.72 | 1.06 | (0.24) | 3.61 | (0.43 |
| **Less distributions to shareholders:** | **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 |  | (0.32) | (0.32) | (0.31) | (0.24) | (0.22 |
| From net realized capital gains | (0.10 | (1.39) | (0.22) | (0.69) |  | (0.13 |
| Total distributions | (0.10 | (1.71) | (0.54) | (1.00) | (0.24) | (0.35 |
| **Net asset value, end of period** | $16.48 | $15.68 | $14.67 | $14.15 | $15.39 | $12.02 |
| **Total Return<sup>+</sup>** | 5.76 | 18.63% | 7.61% | (1.45)% | 30.01% | (3.16 |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of period (000's) | $159681 | $154293 | $135230 | $131956 | $135006 | $97885 |
| Net expenses to average daily net assets• | 0.61 | 0.63% | 0.65% | 0.63% | 0.65% | 0.68 |
| Net investment income to average daily <br>net assets• | 1.91 | 1.94% | 2.21% | 2.08% | 1.67% | 2.09 |
| Gross expenses, before any expense <br>waiver/reimbursement, to average <br>daily net assets• | N/A | N/A | N/A | N/A | N/A | 0.72 |
| Portfolio turnover rate | 36 | 48% | 48% | 48% | 61% | 157 |

---

‡ Calculation based on average shares outstanding.

\* Not annualized.

\*\* Annualized for periods less than one year.

+ 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 funds in which it invests. Such indirect expenses are not included in the above 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.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

M Fund, Inc. (the "Corporation") was incorporated in Maryland on August 11, 1995 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of June 30, 2025, the Corporation consisted of three separate diversified investment portfolios: M International Equity Fund, M Capital Appreciation Fund and M Large Cap Value Fund; and one non-diversified investment portfolio: M Large Cap Growth 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**

The Fund's investment objective is to seek long-term capital appreciation. To achieve the Fund's investment objective, Dimensional Fund Advisors LP ("Dimensional") implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Fund's design emphasizes long-term drivers of expected returns identified by Dimensional's research, while balancing risk through broad diversification across companies and sectors. Dimensional's portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.

The Fund is designed to purchase a broad and diverse group of equity 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 International Universe. For purposes of the Fund, Dimensional defines the International Universe as a market capitalization weighted set (e.g., the larger the company, the greater the proportion of the International Universe it represents) of non-U.S. companies in developed and emerging markets that have been authorized for investment as approved markets by Dimensional's Investment Committee. The Fund may pursue its investment objective by investing its assets directly and/or indirectly in the DFA Emerging Markets Core Equity Portfolio of DFA Investment Dimensions Group Inc. (the "Underlying Fund"or the "DFA Portfolio"). The Underlying Fund is designed to purchase a broad and diverse group of equity 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 semi- 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 International 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, Dimensional may consider additional factors such as price-to-cash flow or price-to-earnings ratios. An equity issuer is considered to have high profitability because it

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

has high earnings or profits from operations in relation to its book value or assets. The criteria Dimensional uses for assessing relative price and profitability are subject to change from time to time.

Dimensional may also increase or reduce the Fund's exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company's price momentum, short-run reversals, and investment characteristics. In assessing a company's investment characteristics, Dimensional considers ratios such as recent changes in assets divided by total assets. The criteria Dimensional uses for assessing a company's investment characteristics are subject to change from time to time. In addition, Dimensional seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.

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. This exposure is achieved through the Fund's investment in the DFA Portfolio. 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 also purchase or sell futures contracts and options on futures contracts for foreign or U.S. equity securities and indices to increase or decrease equity 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**

As of May 1, 2025, Federated MDTA LLC ("Federated") replaced DSM Capital Partners LLC ("DSM") as the Sub-Adviser for the M Large Cap Growth Fund. Information prior to May 1, 2025, relates to when DSM was the Sub-Adviser for the Fund.

Effective May 1, 2025, the Fund's investment objective is to seek long-term capital appreciation. M Large Cap Growth Fund will normally invest at least 80% of its total assets in domestic equity securities of U.S.large capitalization ("large-cap") securities. The Fund seeks to achieve its objective by investing primarily in the common stock of large-sized U.S. companies. The investment strategy of Federated, the Fund's sub-adviser, utilizes a large-cap growth approach by selecting most of its investments from companies listed in the Russell 1000<sup>®</sup> Growth Index, an index that measures the performance of those companies with higher price-to-book ratios and higher forecasted growth values within the large-cap segment of the U.S. equity universe, which includes the 1,000 largest U.S. companies by market capitalization. Federated considers a company to be large-cap if it falls within the market capitalization range of the Russell 1000<sup>®</sup> Growth Index. As the Fund's sector exposure approximates the Russell 1000<sup>®</sup> Growth Index, the Fund may, from time to time, have large allocations to certain broad market sectors, such as technology, consumer discretionary and healthcare. As of June 30, 2025, companies in the Russell 1000<sup>®</sup> Growth Index ranged in market capitalization from $1.6 billion to $3.9 trillion.

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

The Fund is classified as a non-diversified mutual fund, which means that the Fund may invest a larger percentage of its assets in the securities of a small number of issuers than a diversified fund.

Federated implements its strategy using a quantitative model driven by fundamental and technical stock selection variables. This process seeks to impose strict discipline over stock selection, unimpeded by market or manager psychology. It seeks to maximize compound annual return while controlling risk. The process also takes into account trading costs in an effort to ensure that trades are generated only to the extent they are expected to be profitable on an after-trading-cost basis. Additionally, risk is controlled through diversification constraints which limit exposure to individual companies as well as groups of correlated companies.

This strategy to invest at least 80% of its total assets in domestic equity securities of U.S. large-cap 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.

The Fund actively trades its portfolio securities in an attempt to achieve its investment objective.

**M Capital Appreciation Fund**

The Fund's investment objective is to seek long-term capital appreciation. 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 June 30, 2025, the market capitalization range of companies in the Russell 2500<sup>®</sup> Index was between approximately $70.7 million and $23.9 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**

The Fund's investment objective is to seek long-term capital appreciation. 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 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. As of June 30, 2025, the market capitalization range of companies

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

in the Russell 1000<sup>®</sup> Index was between approximately $831 million to $3.9 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. 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.

***Use of Estimates***

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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

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***

Security prices are generally provided by an independent pricing service approved by the Board of Directors (the "Board") each business day on which the share price of the Funds are calculated.

Equity securities and other similar investments traded on a recognized securities exchange are valued at the last sale price or closing price, as applicable, on the exchange on which the securities are traded. If no sale occurs, equity securities and other similar investments are valued at the most recent bid price. Investments in other open-end registered investment companies, including money market funds, are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt and other fixed income securities, if any, are generally valued at an evaluated price provided by an independent pricing service approved by the Board. To value debt securities, pricing services may use various pricing techniques, which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

The Board has designated M Financial Investment Advisers, Inc. ("MFIA" or the "Adviser"), the investment adviser to the Funds, as the Funds' valuation designee with responsibility for establishing fair value in accordance with the Corporation's valuation policy when the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service did not provide a price, a furnished price was in error, certain stale prices, or an event occurred that materially affected the furnished price). In addition, fair value pricing may be used if events materially affecting the value of non-U.S. securities occur between the time when the exchange on which they are traded closes and the time when a Fund's net asset value is calculated. The Funds identify possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Funds generally use a systematic valuation model provided by an approved independent pricing service to fair value their international equity securities.

In the fair value situations noted above, while the Corporation's valuation policy is intended to result in a calculation of each Fund's net asset value that fairly reflects security values as of the time of pricing, the Corporation cannot ensure that fair values determined pursuant to these guidelines would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold, and these differences could be material to the financial statements. Depending on the source and relative significance of the valuation inputs in these instances, the instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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

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 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 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.

As of June 30, 2025, the M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund investments were all classified as Level 1.

The following is a summary of the valuation inputs used as of June 30, 2025 in valuing the M International Equity Fund investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $391690 | $10949076 | $— | $11340766 |
| Austria |  | 1357090 |  | 1357090 |
| Belgium |  | 1796336 |  | 1796336 |
| Canada | 21283013 |  | 23 | 21283036 |
| Denmark |  | 4353926 |  | 4353926 |

---

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (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** |
| Finland | $86765 | $2743938 | $— | $2830703 |
| France | 47957 | 14989985 |  | 15037942 |
| Germany | 166258 | 14245437 |  | 14411695 |
| Hong Kong | 281 | 3015107 |  | 3015388 |
| Ireland |  | 545389 |  | 545389 |
| Israel | 169950 | 2291749 |  | 2461699 |
| Italy | 57554 | 6549409 |  | 6606963 |
| Japan | 27071 | 39337017 |  | 39364088 |
| Netherlands | 181195 | 6226783 |  | 6407978 |
| New Zealand |  | 537713 |  | 537713 |
| Norway | 24082 | 1697146 |  | 1721228 |
| Portugal |  | 569645 |  | 569645 |
| Singapore |  | 1929797 |  | 1929797 |
| South Africa | 29649 | 81525 |  | 111174 |
| Spain | 140712 | 4790434 |  | 4931146 |
| Sweden |  | 5405872 |  | 5405872 |
| Switzerland | 1396985 | 14207584 |  | 15604569 |
| United Kingdom | 1538650 | 21160107 |  | 22698757 |
| United States |  | 144229 |  | 144229 |
| Total Common Stocks | 25541812 | 158925294 | 23 | 184467129 |
| Affiliated Investment Company | Affiliated Investment Company | Affiliated Investment Company | Affiliated Investment Company | Affiliated Investment Company |
| United States | 87853040 |  |  | 87853040 |
| Warrants | Warrants | Warrants | Warrants | Warrants |
| Canada |  |  |  |  |
| Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| Germany |  | 813155 |  | 813155 |
| Italy |  | 78579 |  | 78579 |
| Total Preferred Stock |  | 891734 |  | 891734 |
| Short-Term Investments | 4723995 |  |  | 4723995 |
| Total Investments, at Value | 118118847 | 159817028 | 23 | 277935898 |
| Total | $118118847 | $159817028 | $23 | $277935898 |

---

The M International Equity Fund did not have any transfers in or out of Level 3 of the fair value hierarchy during the period ended June 30, 2025. The value of Level 3 securities is not material to the Fund and, therefore, the reconciliation of Level 3 securities and related valuation techniques are not disclosed.

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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

***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, 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. Dividend income is recorded net of foreign taxes withheld. 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 Fund are charged to that Fund. Expenses that cannot be directly attributed are apportioned among Funds by the Corporation are based on average net assets of each Fund or another reasonable basis.

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.

***Securities Lending***

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

The cash collateral received is recorded on a lending Fund's Statement of Assets and Liabilities, along with the related obligation to return the cash 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

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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

that the insufficiency is not due to investment losses), the securities lending agent has agreed, at its option, to pay the amount of any shortfall in collateral to the Funds; or to replace the securities. Any dividends or interest payable by the issuers of the loaned portfolio securities, during the time that the securities are on loan, are paid to the borrowers of those securities. Dividend or interest payments that are made to borrowers of the loaned securities are reimbursed by the borrowers to the Funds. Such reimbursement amounts do not comprise qualified dividend income under the Internal Revenue Code of 1986, as amended.

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

The following table presents the gross amount of recognized liabilities for securities lending transactions and the remaining contractual maturity of the invested cash collateral received for securities on loan as of June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | Money Market Fund | $4723995 | $— | $— | $— | $4723995 |
| M Capital Appreciation Fund | Money Market Fund | 2298005 |  |  |  | 2298005 |
| M Large Cap Value Fund | Money Market Fund | 1072774 |  |  |  | 1072774 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Value of Securities <br>Loaned with<br>Cash Collateral** | **Value of Cash <br>Collateral** | **Value of Securities <br>Loaned with<br>Non-Cash Collateral** | **Value of Non-Cash <br>Collateral** |
| M International Equity Fund | $4532338 | $4723995 | $9031009 | $9672586 |
| M Large Cap Growth Fund |  |  | 1207176 | 1232634 |
| M Capital Appreciation Fund | 2268700 | 2298005 | 2401509 | 2460891 |
| M Large Cap Value Fund | 1056224 | 1072774 | 382649 | 395395 |

---

***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 June 30, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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

recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the six-month period ended June 30, 2025, 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 tax returns of the prior years ended December 2021 through December 2024. 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 Funds are 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.

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

The Corporation has entered into an investment advisory agreement (the "Advisory Agreement") with 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\* | 0.45% on the first $100 million |
|  | 0.40% on the amounts thereafter |
| M Capital Appreciation Fund | 0.85% on the first $125 million |
|  | 0.75% on the amounts thereafter |
| M Large Cap Value Fund | 0.43% |

---

\* As of May 1, 2025, Federated replaced DSM as the Sub-Adviser for the Fund. Prior to May 1, 2025, the advisory fee of the Fund was 0.65% on the first $50 million, 0.60% on the next $50 million, and 0.55% on the amounts thereafter.

The Adviser has engaged Dimensional, Federated, Frontier, and Brandywine 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. Federated replaced DSM as the sub-adviser for the M Large Cap Growth Fund effective May 1, 2025.

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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

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-advisory fee for its sub-advisory services to the M International Equity Fund with respect to assets of the M International Equity Fund invested in any other mutual fund advised by the Sub-Adviser, nor shall such assets count towards the application of the $100 million breakpoint.* |
| M Large Cap Growth Fund\* | 0.30% on the first $100 million |
|  | 0.25% on the amounts thereafter |
| M Capital Appreciation Fund | 0.70% on the first $125 million |
|  | 0.60% on the amounts thereafter |
| M Large Cap Value Fund | 0.28% |

---

\* As of May 1, 2025, Federated replaced DSM as the Sub-Adviser for the M Large Cap Growth Fund. Prior to May 1, 2025, the fee payable to the Sub-Adviser for the Fund was 0.50% on the first $50 million, 0.45% on the next $50 million, and 0.40% on the amounts thereafter.

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.

Foreside Fund Officer Services, LLC, an affiliate of ACA Group, provides chief compliance officer and anti-money laundering officer services to the Funds pursuant to a written agreement with the Corporation on behalf of the Funds. The Funds have agreed to pay ACA Group an annual base fee and annual per fund fees. In addition, ACA Group is reimbursed for certain expenses incurred in performing these services on behalf of the Funds. Total fees and expenses paid by the Funds to ACA Group pursuant to this agreement is recorded as "Compliance expenses" in the Funds' Statements of Operations.

The Corporation pays no compensation directly to its officers or Interested Directors. The Corporation pays each Director who is not an "interested person" within the meaning of the Investment Company Act of 1940 (the "Independent Directors"), $2,000 per meeting of the Board that he or she attends. The Corporation pays each Independent Director an annual retainer of $26,500. Each member of the Audit Committee and each member of the Nominating and Corporate Governance Committee receives $2,000 per meeting of the Audit Committee or Nominating and Corporate Governance Committee that he or she attends. The Chair of the Board and the Chair of the Audit Committee each receive additional annual compensation of $10,000.

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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

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 DFA Portfolio is an affiliate of the M International Equity Fund as of June 30, 2025, and is included in the Fund's Schedule of Investments. During the six months ended June 30, 2025, purchases and sales transactions, income earned from investments and shares held of the DFA Portfolio in the M International Equity Fund were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investment <br>Company** | **Value, <br>Beginning<br>of Period** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net Realized<br>Gain<br>on Sales** | **Change in <br>Unrealized<br>Appreciation** | **Value,<br>End of<br>Year** | **Dividend<br>Income** | **Shares,<br>End of<br>Period** |
| DFA Emerging<br>Markets Core <br>Equity Portfolio | $79741628 | $4218412 | $(5600000) | $722214 | $8770786 | $87853040 | $148649 | 3344235 |

---

The DFA 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 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 Portfolio. The financial statements of the DFA Portfolio, including its 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 June 30, 2025, the percentage of M International Equity Fund net assets invested in the DFA Portfolio was 31.9%.

**3. Purchases and Sales of Securities**

Cost of purchases and proceeds from sales of investment securities, excluding short-term investments, for the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | **Non-U.S.<br>Government Securities** | **Non-U.S.<br>Government Securities** |
| | **Purchases** | **Sales** |
| M International Equity Fund | $13399163 | $26097944 |
| M Large Cap Growth Fund | 230617003 | 245961699 |
| M Capital Appreciation Fund | 39461033 | 62670861 |
| M Large Cap Value Fund | 56084466 | 57434928 |

---

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**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** |
| | **Six Months <br>Ended <br>June 30, <br>2025** | **Year Ended <br>December 31, <br>2024** | **Six Months <br>Ended <br>June 30, <br>2025** | **Year Ended <br>December 31, <br>2024** |
| Shares sold | 984259 | 2258651 | 274532 | 551512 |
| Distributions reinvested |  | 535589 | 99121 | 785929 |
| Shares redeemed | (2210879) | (1732244) | (628090) | (1150948) |
| Net increase (decrease) | (1226620) | 1061996 | (254437) | 186493 |
| Fund Shares: | Fund Shares: | Fund Shares: | Fund Shares: | Fund Shares: |
| Beginning of period | 18187742 | 17125746 | 8518378 | 8331885 |
| End of period | 16961122 | 18187742 | 8263941 | 8518378 |
|  | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Large Cap Value Fund** | **M Large Cap Value Fund** |
|  | **Six Months <br>Ended <br>June 30, <br>2025** | **Year Ended <br>December 31, <br>2024** | **Six Months <br>Ended <br>June 30, <br>2025** | **Year Ended <br>December 31, <br>2024** |
| Shares sold | 374777 | 1152884 | 403940 | 718366 |
| Distributions reinvested |  | 846859 | 59712 | 970856 |
| Shares redeemed | (868792) | (1891096) | (611975) | (1070338) |
| Net increase (decrease) | (494015) | 108647 | (148323) | 618884 |
| Fund Shares: | Fund Shares: | Fund Shares: | Fund Shares: | Fund Shares: |
| Beginning of period | 9439218 | 9330571 | 9837629 | 9218745 |
| End of period | 8945203 | 9439218 | 9689306 | 9837629 |

---

**5. Financial Instruments**

***Foreign Investments and Foreign Currency***

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 current exchange rates each business day. 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

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**5. Financial Instruments (Continued)**

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. The Funds do 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.

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.

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**5. Financial Instruments (Continued)**

***Additional Market Disruption Risk***

Financial and securities markets are volatile and may be affected by political, regulatory, social, economic and other global developments and disruptions, including those arising out of geopolitical events, armed conflict, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), natural disasters, terrorism and governmental or quasi-governmental actions. Such changes may be rapid and unpredictable. These events may negatively affect issuers, industries and markets worldwide and adversely affect the value and liquidity of the Funds and their investments. Different sectors of the market, issuers, and security types may react differently to such developments.

The current political climate has intensified concerns about trade tariffs and a potential trade war between the U.S. and certain foreign countries, including China, Mexico and Canada, among others. These consequences may trigger a significant reduction in international trade, shortages or oversupply of certain manufactured goods, substantial price increases or decreases of goods, inflationary pressures, and possible failure of individual companies and/or large segments of the foreign export industry with a potentially negative impact to the Funds.

In late February 2022, Russia launched a large-scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the West, including the U.S. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia. Such sanctions included, among other things, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications ("SWIFT"), the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. Additional sanctions may be imposed in the future. Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors; result in a decline in the value and liquidity of Russian securities; result in boycotts, tariffs, and purchasing and financing restrictions on Russia's government, companies and certain individuals; weaken the value of the ruble; downgrade the country's credit rating; freeze Russian securities and/or funds invested in prohibited assets and impair the ability to trade in Russian securities and/or other assets; and have other adverse consequences on the Russian government, economy, companies and region. Further, several large corporations and U.S. states have divested interests or otherwise curtailed business dealings with certain Russian businesses. Countermeasures or retaliatory actions by Russia may further impair the value and liquidity of Russian securities. The ramifications of the hostilities and sanctions, however, may not be limited to Russia and Russian companies but may spill over to and negatively impact other regional and global economic markets of the World (including Europe and the United States), companies in other countries (particularly those that have done business with Russia) and on various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility, cause severe negative effects on regional and global economic markets, industries, and companies and have a negative effect on a Fund's investments and performance beyond any direct or indirect exposure a Fund may have to Russian issuers or those of adjoining geographic regions. In addition, Russia may take retaliatory

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**5. Financial Instruments (Continued)**

actions and other countermeasures, including cyberattacks and espionage against other countries and companies in the World, which may negatively impact such countries and the companies in which the Fund invests. Accordingly, there may be heightened risk of cyberattacks which may result in, among other things, disruptions in the functioning and operations of industries or companies around the World, including in the United States and Europe.

The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and any future sanctions, market disruptions and volatility, the potential for wider conflict, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant negative impact on Fund performance and the value and liquidity of an investment in the Fund, particularly with respect to Russian exposure.

Beginning in October 2023, the Israel-Hamas war has resulted in significant loss of life and increased volatility in the Middle East. The conflict between Israel and Hamas and the involvement of the U.S. and other countries could present material uncertainty and risk with respect to a Fund's performance and ability to achieve its investment objective. The extent of any market disruptions are impossible to predict, but could be substantial.

**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 June 30, 2025 John Hancock Variable Life Insurance Co. and Pacific Life Insurance Co. each owned 5% or more of the Funds' shares, and they may be deemed to be a control person of each Fund because their separate accounts hold more than 25% of the shares of each Fund.

As of June 30, 2025, the 5% ownership of each Fund was as follows:

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| | | |
|:---|:---|:---|
| | **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.** |
| M International Equity Fund | 35.29% | 50.95% |
| M Large Cap Growth Fund | 47.79% | 38.44% |
| M Capital Appreciation Fund | 48.32% | 37.24% |
| M Large Cap Value Fund | 49.67% | 36.79% |

---

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

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**7. Tax Information**

As of June 30, 2025, cost, gross unrealized appreciation, and gross unrealized depreciation for investments on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Cost** | **Unrealized <br>Appreciation** | **Unrealized <br>Depreciation** | **Net Unrealized <br>Appreciation/ <br>Depreciation** |
| M International Equity Fund | $216791313 | $70123598 | $(8979013) | $61144585 |
| M Large Cap Growth Fund | 202602290 | 90566074 | (2221175) | 88344899 |
| M Capital Appreciation Fund | 179864167 | 69186777 | (23554306) | 45632471 |
| M Large Cap Value Fund | 124503738 | 37027202 | (1714879) | 35312323 |

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**8. New Accounting Pronouncements**

***Operating Segments***

In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Corporation's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Corporation's Adviser acts as the Corporation's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund's long-term strategic asset allocation which is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Corporation's financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets", and significant segment expenses are listed on the accompanying Statements of Operations.

***Enhanced Income Tax Disclosures***

In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in ASU 2023-09 require that entities disclose on an annual basis taxes paid disaggregated by: federal, state, foreign,

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**8. New Accounting Pronouncements (Continued)**

and individual jurisdictions (when income taxes paid in individual jurisdictions are equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning in annual periods beginning after December 15, 2024. At this time, management is assessing the impact it will have on the Funds' December 31, 2025 annual financial statements

**9. 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.

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**M Fund, Inc.**

**SUPPLEMENTAL INFORMATION (Unaudited)**

**Shareholder Meeting Results**

A Special Meeting of Shareholders of the Corporation (the "Shareholder Meeting") was held on January 21, 2025. The purpose of the Shareholder Meeting was to ask shareholders to approve a change in the M Large Cap Growth Fund's classification from a "diversified" fund to a "non-diversified" fund and remove the Fund's fundamental policy to operate as a diversified fund. The results of the votes of the Shareholder Meeting are as set forth below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Votes Cast<br>"For"** | **Votes Cast<br>"For"** | **Votes Cast<br>"Against"** | **Votes Cast<br>"Against"** | **Votes Cast<br>"Abstain"** | **Votes Cast<br>"Abstain"** |
|  | 7040254 |  | 0 |  | 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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**M Fund, Inc.**

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

**BOARD OF DIRECTORS REPORT CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS**

**APPROVAL OF AN AMENDMENT TO THE INVESTMENT ADVISORY AGREEMENT IN CONNECTION WITH THE CHANGE IN SUB-ADVISER OF THE M LARGE CAP GROWTH FUND**

The Board of Corporation including the Independent Directors, unanimously approved an amendment to the Investment Advisory Agreement (the "Amendment") between MFIA and the Corporation in connection with the change in sub-adviser of the M Large Cap Growth Fund at its meeting held on March 28, 2025. The terms of the Investment Advisory Agreement following the Amendment were substantially similar to those under the previous Investment Advisory Agreement, except that: (i) the advisory fee for the M Large Cap Growth Fund decreased due to the change in sub-adviser; and (ii) the date of the Amendment is different. The Amendment provides that the M Large Cap Growth Fund shall compensate the Adviser at the annual rate of 0.45% on the first $100 million and 0.40% on the amounts thereafter. The Board considered information provided by the Adviser earlier in the meeting. In considering whether to approve the Amendment, the Board, including the Independent Directors, noted that the factors for the approval of the Amendment were discussed in detail in connection with the approval of the continuation of the Investment Advisory Agreement. The Board noted that the considerations in connection with the approval of the Amendment were the same.

Based upon such information as it considered necessary to the exercise of its reasonable business judgment, and after deliberation and consideration of the information provided, the Board concluded that it was fair and reasonable and in the best interests of the M Large Cap Growth Fund's shareholders to approve the Amendment. The Board also determined that the terms of the Amendment were fair and reasonable with respect to the M Large Cap Growth Fund.

**APPROVAL OF A NEW INVESTMENT SUB-ADVISORY AGREEMENT IN CONNECTION WITH THE CHANGE IN SUB-ADVISER OF THE M LARGE CAP GROWTH FUND**

The Board approved a new Sub-Advisory Agreement with Federated MDTA LLC ("Federated"), on behalf of the M Large Cap Growth Fund at its meeting held on March 28, 2025 (the "New Sub-Advisory Agreement"). The Board considered the New Sub-Advisory Agreement in connection with a change in the sub-adviser for the M Large Cap Growth Fund from DSM Capital Partners LLC ("DSM") to Federated. In considering whether to approve the New Sub-Advisory Agreement, the Board noted that the Adviser was recommending the change of sub-adviser and the approval of the New Sub-Advisory Agreement as in the best interests of the M Large Cap Growth Fund and its shareholders. The Board also considered information provided by the Adviser and by Federated. In considering whether to approve the New Sub-Advisory Agreement, the Board, including the Independent Directors, did not identify any single factor as determinative. Matters considered by the Board, including the Independent Directors, in connection with their approval of the New Sub-Advisory Agreement included the following:

*Capability, Nature and Quality of Services.* The Board reviewed in detail the capability, nature, extent and quality of the services to be provided by Federated under the terms of the New Sub-Advisory Agreement. The Board considered the experience of Federated as an investment manager. The Board also reviewed the personnel at Federated that would be responsible for providing sub-advisory services to the M Large Cap Growth Fund. The Board concluded that Federated had significant operational experience and the capability, resources and personnel

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**M Fund, Inc.**

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

necessary to manage the M Large Cap Growth Fund and that the information provided supported the approval of the New Sub-Advisory Agreement.

*Compliance History.* The Board considered the regulatory compliance history of Federated. It was noted that Federated maintains written policies and procedures that are designed to prevent violations of the federal securities laws. Federated certified that it has not had any material violations of its policies and procedures or its Code of Ethics for the two-year period ended December 31, 2024 and there are no pending inquiries by the SEC or any other regulatory agency. Based upon information provided to it, including insights from the meeting of the Corporation's Chief Compliance Officer and the Corporation's Administration Manager with Federated's compliance team, the Board concluded that it was satisfied with the adequacy of Federated's compliance program and that the information provided supported the approval of the New Sub-Advisory Agreement.

*Investment Performance.* The Board considered the information about the performance of Federated's MDT Large Cap Growth Strategy, including information that compared the performance of the strategy to the performance of the relevant benchmark, the Russell 1000 Growth Index. The strategy exceeded its benchmark for the one-, three-, and five-year time periods through December 31, 2024. The Board concluded that, relying on Federated's investment performance managing its equity strategy, Federated's previous investment performance has been satisfactory.

*Advisory Fees.* The Board considered the sub-advisory fees that would be payable to Federated and the total advisory fee payable by the Fund. The Board compared the level of the proposed advisory fee for the M Large Cap Growth Fund to those of other funds with similar strategies. The Board noted that the proposed total advisory fee for the M Large Cap Growth Fund includes 0.15% payable to MFIA as an Advisory fee; plus 0.30% payable to Federated on the first $100 million of assets under management; plus 0.25% payable to Federated on amounts exceeding $100 million. The Board considered that MFIA is unaware of any "fall-out" or collateral benefits to Federated, MFIA, or the Corporation that could result from the new sub-advisory relationship. The Board noted that Federated will engage in soft dollar transactions on behalf of the Fund. The Board further noted that the soft dollar credits generated by the Fund may potentially benefit it and/or other Federated accounts and vice versa. The Board concluded that the proposed sub-advisory fees payable to Federated were fair and reasonable and supported the approval of the New Sub-Advisory Agreement.

*Economies of Scale.* The Board considered the benefit to investors of economies of scale. The Board considered that Federated's fee decreases at certain breakpoints and, as M Large Cap Growth Fund assets increase, fixed operating costs are spread over a larger asset base, resulting in lower per share allocation. The Board concluded that these economies of scale benefit stockholders of the M Large Cap Growth Fund.

*Brokerage Transactions.* The Board considered Federated's intended brokerage selection process on behalf of the M Large Cap Growth Fund. The Board noted that Federated selects brokers based on a number of stated criteria and that all brokerage firms used by Federated must be approved in accordance with their policies and procedures.

Federated's internal policy requires it to conduct business with only those brokers and trading counterparties that have satisfied a robust credit approval process and have been deemed creditworthy to a sufficient standard. The Board noted that Federated intends to engage in soft dollar transactions on behalf of the M Large Cap Growth Fund. The Board noted that the M Large Cap Growth Fund's Chief Compliance Officer had reviewed Federated's written policies and procedures for fair trading and best execution. The Board concluded that it was satisfied with Federated's policies and procedures for brokerage selection and execution.

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**M Fund, Inc.**

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

Based upon such information as it considered necessary to the exercise of its reasonable business judgment, and after deliberation and consideration of the information provided, including the factors summarized above, the Board concluded that it was fair and reasonable and in the best interests of the M Large Cap Growth Fund's shareholders to approve the New Sub-Advisory Agreement.

**CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS**

The Board meets on a quarterly basis to review the ongoing operations of the Corporation and the Funds (as defined below), and at each meeting, considers matters bearing on (1) the Investment Advisory Agreement (the "Advisory Agreement") between the Corporation and the Adviser, and (2) the Investment Sub-Advisory Agreements (each, a "Sub-Advisory Agreement" and collectively, the "Sub-Advisory Agreements") between the Adviser, on behalf of the M International Equity Fund, M Capital Appreciation Fund, M Large Cap Value Fund, and M Large Cap Growth Fund (each, a "Fund" and collectively, the "Funds"), and Dimensional Fund Advisors ("Dimensional"), Frontier Capital Management Company, LLC ("Frontier"), Brandywine Global Investment Management ("Brandywine"), and beginning on May 1, 2025, Federated, respectively (each, a "Sub-Adviser" and collectively, the "Sub-Advisers"). The Independent Directors meet with the entire Board and hold separate executive sessions to the extent that the Independent Directors believe that such sessions are necessary.

At each quarterly meeting, the Board specifically reviews the investment performance of each Fund (reflecting the advisory services provided by the applicable Sub-Adviser), in both absolute terms and relative to each Fund's relevant benchmark index. The Board considers this performance in light of general economic conditions. Finally, the Board receives quarterly performance reports and Sub-Adviser evaluations from Strategic Capital Investment Advisors, Inc. ("Strategic Capital"), as summarized below.

In addition to investment performance, the quarterly reviews specifically address and consider other matters that bear upon and are part of the annual evaluation and approval, such as compliance (including code of ethics violations) matters.

These quarterly on-going reviews and monitoring form an important basis for the annual review and approval discussed below.

The Board utilizes the services of Strategic Capital to help choose and evaluate each of the Corporation's Sub-Advisers. Strategic Capital is an independent, third-party vendor that provides consulting services to institutional investors. The Adviser engages Strategic Capital primarily to evaluate existing Sub-Adviser performance and assist in searches for new sub-advisers, when necessary.

Strategic Capital provides the Board with Fund performance information quarterly. Strategic Capital also provides the Board with Sub-Adviser evaluations based upon on-going qualitative assessments and quantitative analysis. This evaluation provides the Board with an in-depth understanding of each Sub-Adviser's investment philosophy, process, capabilities and resources.

**ANNUAL REVIEW AND APPROVAL OF THE INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS**

At a meeting held on March 28, 2025, the Board, including the Independent Directors, unanimously approved the continuance of the Advisory Agreement and the Sub-Advisory Agreements with Dimensional, Frontier, and

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**M Fund, Inc.**

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

Brandywine. At this meeting, the Board evaluated, among other things, written information provided by the Adviser and each Sub-Adviser, as well as answers to questions posed by the Board to representatives of the Adviser (including answers provided at other Board meetings).

The Adviser and Sub-Advisers furnished information concerning a variety of aspects of the operation of the Funds including, (1) the capability of the Adviser and each Sub-Adviser to provide advisory services (including number and experience of personnel, administrative systems, and financial strength); (2) the nature, extent, and quality of services to be provided by the Adviser and each Sub-Adviser; (3) the Adviser's and each Sub-Adviser's regulatory compliance history and legal proceedings; (4) the investment performance of each Fund, the Adviser, and each Sub-Adviser; (5) advisory fees, considering the services provided; the costs and expenses of the Adviser or each Sub-Adviser; fees throughout the industry; the level of profit realized by the Adviser or each Sub-Adviser under the Advisory or Sub-Advisory Agreements; and any collateral or "fall-out" benefits to the Adviser, each Sub-Adviser, or a Fund; (6) the extent to which economies of scale would be realized as the Corporation and the Funds grow and whether shareholders benefit from these economies of scale; and (7) each Sub-Adviser's choice of brokers and dealers for portfolio transactions and the cost for such transactions.

Below is a discussion of the information considered by the Board, as well as the Board's conclusions with respect to the Advisory Agreement and Sub-Advisory Agreements presented to the Board for its approval at its March 28, 2025 Board meeting.

Applicable rules of the U.S. Securities and Exchange Commission ("SEC") and relevant case law instruct mutual fund directors to consider a number of specific factors in approving and re-approving Advisory and Sub-Advisory Agreements. Those rules are designed for the typical situation where the adviser or sub-adviser is the sponsor (or an affiliate of the sponsor) of the fund and therefore the relationship is not an "arms-length" one (that is, since the advisor may have a strong or undue influence over the fund, the two parties are not in equal bargaining positions). Here, however, the Corporation and the Sub-Advisers are independent of each other, and there is no other material business arrangement between them, so that there is truly an "arms-length" bargaining position. In these circumstances, the SEC permits a fund's board to view certain otherwise applicable factors as not relevant or less material with respect to such "non-sponsor advisers" (see SEC Release No. 33-8433, June 23, 2004). Here, in accordance with such SEC guidance, factors that may be irrelevant (or less material than others) include the Sub-Advisers' costs and profits. In addition, there may be few, or fewer and less significant, collateral or "fall-out" benefits for the Sub-Advisers.

The following discussion is not intended to be all-inclusive. The Board was presented with and considered a significant amount of information and a variety of factors in connection with its review of the Advisory Agreement and the Sub-Advisory Agreements. The Board did not find it practicable to, and did not, quantify or otherwise assign relative weights to the specific factors considered in reaching their conclusions and determinations to approve the continuance of the Advisory Agreement and the Sub-Advisory Agreements. Nor did the Board identify any particular item of information or factor that was controlling. The approval determinations were made on the basis of each director's business judgment after consideration of all of the factors taken as a whole, although individual directors may have given different weights to certain factors and assigned various degrees of materiality to conclusions made.

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**M Fund, Inc.**

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

**1. THE CAPABILITY OF THE ADVISER AND EACH SUB-ADVISER TO PROVIDE ADVISORY SERVICES AND THE NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED**

The Board reviewed in detail the capability of the Adviser and each Sub-Adviser to provide advisory services to the Funds under the terms of the Advisory Agreement and Sub-Advisory Agreements. The Board reviewed the personnel at the Adviser and each Sub-Adviser responsible for providing advisory and sub-advisory services to the Funds.

The Board reviewed in detail the nature and extent of the services provided by the Adviser and Sub-Advisers under the terms of the Advisory Agreement and Sub-Advisory Agreements, and the quality of those services over the past year (and longer). The Board considered the experience of the Adviser and each Sub-Adviser as an investment manager. Regarding the Adviser, the Board noted that the Adviser has been registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act") since 1995. As of December 31, 2024, the Adviser had approximately $930 million in assets under management, all of which were assets of the Corporation. The Adviser currently delegates the day-to-day management of the Funds to the Sub-Advisers. The Adviser monitors the general business activity of the Sub-Advisers through a variety of quarterly and annual questionnaires, reporting significant changes and developments to the Board at least quarterly and conducts on-site due diligence meetings. The Board noted that a complete description of the services provided by the Adviser and the experience of its officers was contained in its Form ADV, which was included in the Board Materials. It was noted that the Adviser's organizational chart is also included in the Board Materials. The Board concluded that the Adviser has the operational experience, capability, resources, and personnel necessary to continue to manage the Funds.

***M International Equity Fund***

The Board noted that Dimensional was founded in 1981 and has managed the M International Equity Fund since December 2018. As of December 31, 2024, Dimensional had approximately $777 billion of assets under management. The Board noted that Dimensional uses a team approach in all business aspects. In accordance with the team approach, Dimensional investment professionals make investment decisions based on guidelines, policies and procedures established by its investment committee. The Board concluded that Dimensional's investment team has significant operational experience and the capability, resources, and personnel necessary to continue to manage the Fund.

***M Capital Appreciation Fund***

The Board noted that Frontier has been registered as an investment adviser under the Advisers Act since 1981 and has managed the M Capital Appreciation Fund since its inception in January 1996. Frontier had $10.7 billion in assets under management as of December 31, 2024. The Board noted that Frontier has significant investment operations and support staff, which include a dedicated back office, compliance and marketing professionals, analysts, and portfolio managers, and continues to provide high quality responsive service to MFIA's requests. A complete description of the services provided by Frontier and the experience of its professionals was contained in the firm's Form ADV, which was included in the Board Materials. The Board concluded that Frontier has significant operational experience and the capability, resources, and personnel necessary to continue to manage the Fund.

***M Large Cap Value Fund***

The Board noted that Brandywine was founded in 1986 and has managed the M Large Cap Value Fund since May 2020. Brandywine sub-advises 24 other mutual funds, 18 within a different investment strategy from the

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**M Fund, Inc.**

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

M Large Cap Value Fund; the first beginning in 1998 and the most recent in 2024, and as of December 31, 2024, Brandywine had approximately $63.3 billion in assets under management. The Board noted that Brandywine uses a quantitative deselection process to eliminate companies based on certain metrics (valuation, price momentum, changes in outstanding shares) followed by a fundamental deselection process (litigation, risk, etc.) that results in a list of remaining stocks that are then weighted based on market cap and controlling overall portfolio risk. The Board concluded that Brandywine's investment team has significant operational experience and the capability, resources and personnel necessary to continue to manage the Fund.

**2. REGULATORY COMPLIANCE HISTORY OF ADVISER AND SUB-ADVISERS**

The Board considered the regulatory compliance history of the Adviser and each Sub-Adviser, which is reviewed quarterly by the Adviser and any material violations are brought to the attention of the Corporation's Chief Compliance Officer and the Board. Neither the Adviser, nor any of the Sub-Advisers had any material violations of any of their respective policies and procedures or their Codes of Ethics during the year ended December 31, 2024. Based upon information provided to it, the Board concluded that it was satisfied with the adequacy of the Adviser's and Sub-Advisers' compliance programs.

**3. THE INVESTMENT PERFORMANCE OF EACH FUND, THE ADVISER AND EACH SUB-ADVISER**

The Board noted that investment performance for each Fund is primarily determined by the investment decisions of each Sub-Adviser. The Board also noted that the Adviser has the responsibility to manage each Sub-Advisory relationship and make decisions about when to recommend a change in Sub-Adviser. The Board noted by example that Dimensional replaced Northern Cross as a sub-adviser to the International Equity Fund on December 12, 2018, Brandywine replaced AJO as a sub-adviser to the Large Cap Value Fund on May 1, 2020, and that Federated will replace DSM as a sub-adviser to the Large Cap Growth Fund on May 1, 2025. The Board further noted MFIA's active approach to evaluating each sub-advisory relationship including meeting annually with each Sub-Adviser. The Board concluded that MFIA was appropriately managing each sub-advisory relationship.

The Board reviewed the investment performance of each Fund for the one-, three-, four-, five- and 10-year periods ended December 31, 2024 and for the period from the inception of each Fund through December 31, 2024.

***M International Equity Fund***

The Board considered the investment performance of M International Equity Fund while it has been managed by Dimensional. The Fund exceeded its benchmark, the MSCI AC World ex USA Index, for the three-, four-, and five-year periods ended December 31, 2024. The Fund lagged its benchmark for the one-, two-, and 10-year time periods ended December 31, 2024. For the first four years of the 10-year period, the Fund was managed by another sub-adviser. The Board concluded that it was satisfied with Dimensional's investment performance.

***M Capital Appreciation Fund***

The Board considered the investment performance of M Capital Appreciation Fund. The Fund exceeded its benchmark, the Russell 2500 Index, for the two-, three-, four-, and five-year periods ended December 31, 2024. The Fund lagged its benchmark for the one- and 10-year periods ended December 31, 2024. The Board concluded that it was satisfied with Frontier's investment performance.

------

**M Fund, Inc.**

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

***M Large Cap Value Fund***

The Board considered the investment performance of M Large Cap Value Fund while it has been managed by Brandywine. The Fund exceeded its benchmark, the Russell 1000 Index, for the one-, two-, three-, four-, and five-year periods ended December 31, 2024, but lagged the benchmark for the 10-year period ended December 31, 2024. It was noted that for a portion of the five- and 10-year periods, the Fund was managed by another sub-adviser. The Board concluded that it is satisfied with Brandywine's investment performance.

**4. ADVISORY FEES PAYABLE TO THE ADVISER AND SUB-ADVISERS**

The Board considered the advisory fees payable to the Adviser and Sub-Advisers. The Board noted that each Fund pays a management fee to the Adviser and the Adviser retains 0.15% of the management fee and pays the balance of the management fee to the applicable Sub-Adviser. The Board reviewed information comparing the advisory fee of each Fund to the advisory fee charged to similar funds. The Board considered the profitability of the Adviser and noted that no "fall-out" or collateral benefits to Adviser or the Corporation were reported except the differentiation in the marketplace allowed by the relationship because M Member Firms were able to offer the Funds to their clients, while the majority of their competitors were not. The Board concluded that the management fees and the portion of the management fees retained by the Adviser were fair and reasonable.

The Board reviewed a comparison of each Fund's advisory fees to those of other funds with similar strategies.

***M International Equity Fund***

The Board reviewed a comparison of the Fund's advisory fees and expenses to those of other mutual funds in peer group reports presented in the Broadridge 15(c) Report. It was noted that the Fund's advisory fee and expenses both ranked in the 1st quintile of its peer group. It was also noted that the Fund's effective advisory fee in 2024 was 0.31% of average daily net assets with 0.15% retained by MFIA and 0.16% paid to Dimensional as the Sub-Adviser. It was noted that Dimensional's sub-advisory fees are 0.25% on the first $100 million of assets and 0.20% on amounts over $100 million, excluding assets invested in other Dimensional managed mutual funds. The Board reviewed Dimensional's financial statements. The Board noted that no "fall-out" or collateral benefits to Dimensional, MFIA or the Corporation resulting from the sub-advisory relationship were reported. It was further noted that Dimensional does not engage in soft dollar transactions on behalf of the Fund. The Board concluded that Dimensional's fees were fair and reasonable.

***M Capital Appreciation Fund***

The Board considered the advisory fees payable to Frontier as well as the profitability to Frontier in managing the Fund. The Board reviewed a comparison of the Fund's advisory fees and expenses to those of other mutual funds in peer group reports presented in the Broadridge 15(c) Report. It was noted that the Fund's effective advisory fee in 2024 was 0.80% of average daily net assets with 0.15% retained by MFIA and 0.65% paid to Frontier as the Sub-Adviser. It was noted that Frontier's sub-advisory fees are 0.70% on the first $125 million of assets and 0.60% thereafter. It was further noted that the Fund's advisory fee and expenses ranked in the 3rd and 4th quintiles of its peer group, respectively, but still falls within a reasonable range of its peers. Frontier manages approximately 10 separate accounts in, including the Fund, within the capital appreciation strategy, and the fee paid by the Fund is lower than the standard fee charged by Frontier. The Board reviewed Frontier's financial statements. The Board noted that no "fall-out" or collateral benefits to Frontier, MFIA or the Corporation resulting from the sub-advisory

------

**M Fund, Inc.**

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

relationship were reported, however, Frontier does engage in soft dollar transactions on behalf of the Fund and its other accounts. The Board concluded that Frontier's fees were fair and reasonable.

***M Large Cap Value Fund***

The Board considered the advisory fees payable to Brandywine. The Board reviewed a comparison of the Fund's advisory fees and expenses to those of other mutual funds in peer group reports presented in the Broadridge 15(c) Report. The Board noted that the Fund's effective advisory fee in 2024 was 0.43% of average daily net assets, with 0.15% retained by MFIA and 0.28% paid to Brandywine as the Sub-Adviser. It was noted that the Fund's advisory fee and expenses ranked in the 1st and 2nd quintiles of its peer group, respectively. The Board reviewed the consolidated balance sheets of Brandywine's parent company, Franklin Templeton. The Board noted that no "fall-out" or collateral benefits to Brandywine, MFIA or the Corporation resulting from the sub-advisory relationship were reported; however, Brandywine does engage in soft dollar transactions on behalf of the Fund and other accounts. The Board concluded that Brandywine's fees were fair and reasonable.

**5. THE EXTENT TO WHICH ECONOMIES OF SCALE WOULD BE REALIZED AS EACH FUND GROWS AND WHETHER SHAREHOLDERS BENEFIT FROM THESE ECONOMIES OF SCALE**

The Board considered the benefit to investors of economies of scale. The Board noted that the portion of the management fee retained by the Adviser does not decrease at breakpoints, but instead remains fixed at 0.15% of the average daily net assets of each Fund. The Board noted that the sub-advisory fees payable for the M International Equity Fund and M Capital Appreciation Fund to Dimensional and Frontier, respectively, decrease at breakpoints while the sub-advisory fees payable for the M Large Cap Value Fund to Brandywine do not decrease at breakpoints. The Board noted that as assets in each of the Funds increase, fixed operating costs are spread over a larger asset base resulting in a lower per share allocation of such costs. The Board concluded that, to the extent that these economies of scale are experienced, they would benefit shareholders.

**6. THE OPERATING EXPENSES OF THE FUNDS**

The Board considered the operating expenses of each Fund. The Board noted that in addition to the advisory fee, each Fund is also responsible for payment of a portion of the Corporation's operating expenses. The Board reviewed information from the Broadridge 15(c) Report comparing the total annual operating expenses of each Fund to the total annual operating expenses of similar funds. Based on the information provided by MFIA, the Board considered the types of expenses that were borne by the Funds. The Board concluded that the Corporation's operating expenses were fair and reasonable.

**7. THE SUB-ADVISERS' PROCESS FOR SELECTION OF BROKERS AND DEALERS FOR PORTFOLIO TRANSACTIONS AND THE COST FOR SUCH TRANSACTIONS.**

The Board considered the brokerage transactions on behalf of the Funds. The Board noted that the trading and execution for the Funds is handled at the Sub-Adviser level. The Board noted that the Corporation's Chief Compliance Officer reviews each Sub-Adviser's written policies and procedures for fair-trading and best execution at least annually. The Board also noted that it is presented with quarterly reports of each Sub-Adviser's soft-dollar commission information. The Board concluded that it was satisfied with the Sub-Advisers' policies and procedures for broker selection and best execution.

------

**M Fund, Inc.**

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

The Board considered each Sub-Adviser's process for choosing brokers for each Fund.

***M International Equity Fund***

The Board noted that Dimensional selects brokers based on a number of stated criteria and that all brokers used by Dimensional must be approved in accordance with Dimensional's policies and procedures. Brokers are reviewed and approved by Dimensional at least annually by its investment committee. The Board noted that Dimensional does not engage in soft dollar transactions on behalf of the Fund. The Board concluded that it was satisfied with Dimensional's policies and procedures for broker selection and best execution.

***M Capital Appreciation Fund***

The Board considered brokerage arrangements by Frontier on behalf of the Fund. It was noted that additional detailed information regarding Frontier's broker selection practices was set forth in Part 2A of the firm's Form ADV, which was included in the Board Materials. It was further noted that more information regarding Frontier's 2024 soft dollar commissions was also included in the Board Materials. The Board concluded that it was satisfied with Frontier's policies and procedures for broker selection and best execution.

***M Large Cap Value Fund***

The Board noted that Brandywine selects brokers based on a number of stated criteria and that all brokers used by Brandywine must be approved in accordance with Brandywine's policies and procedures. Brokers are reviewed and approved by Brandywine at least annually by its investment committee. It was noted that Brandywine maintains an approved list of brokers and Senior Investment Personnel may decide to suspend trading with a broker or remove a broker from the approved list for any reason. It was further noted that more detailed information regarding Brandywine's broker selection practices was set forth in Part 2A of the firm's Form ADV, which was included in the Board Materials. It was further noted that more information regarding Brandywine's 2024 soft dollar commissions was also included in the Board Materials. The Board concluded that it was satisfied with Brandywine's policies and procedures for broker selection and best execution.

**CONCLUSIONS**

The Board noted that no single factor was cited as determinative to the decision of the Board. Rather, after weighing all of the considerations and conclusions discussed above, and based upon such information as it considered necessary to the exercise of its reasonable business judgment, the Board concluded that it was fair and reasonable and in the best interests of the Funds to continue the investment advisory agreement with MFIA and the sub-advisory agreements with Dimensional, Frontier, and Brandywine.

------

**M Fund, Inc.**

**OTHER INFORMATION (Unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Proxy Disclosures for Open-end Management Investment Companies is included as part of the Financial Statements in Item 7 under the heading "Supplemental Information."

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements in Item 7 under the heading "NOTES TO FINANCIAL STATEMENTS, 2. Advisory Fee and Other Transactions with Affiliates and Related Parties."

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

The Statement regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements in Item 7 under the heading "Supplemental Information."

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

See disclosure under the heading "OTHER INFORMATION" under Item 7(a).

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

See disclosure under the heading "OTHER INFORMATION" under Item 7(a).

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

See disclosure under the heading "OTHER INFORMATION" under Item 7(a).

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

See disclosure under the heading "OTHER INFORMATION" under Item 7(a).

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

Not applicable.

**Item 16. 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 have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable for semi-annual reports.

(a)(2) Not applicable.

[(a)(3) 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)) are attached hereto as Exhibit 19(a)(3).](tm2514010d1_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) 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 19(b).](tm2514010d1_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.

<u>&nbsp;&nbsp;&nbsp;&nbsp;By: /s/ Robert Olson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Robert Olson

President/Principal Executive Officer

Date: August 22, 2025

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.

<u>&nbsp;&nbsp;&nbsp;&nbsp;By: /s/ Robert Olson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Robert Olson

President/Principal Executive Officer

Date: August 22, 2025

<u>&nbsp;&nbsp;&nbsp;&nbsp;By: /s/ Troy Sheets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Troy Sheets

Treasurer/Principal Financial

and Accounting Officer

Date: August 22, 2025

## Ex-99.Cert

**Exhibit 99.CERT**

**Exhibit 19(a)(3)**

I, Robert Olson, 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;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;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: | August 22, 2025 | &nbsp;&nbsp;/s/ Robert Olson |
| | | &nbsp;&nbsp;Robert Olson<br> President/Principal Executive Officer |

---

**Exhibit 19(a)(3)**

I, Troy Sheets, 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;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;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;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;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;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;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: | August 22, 2025 | &nbsp;&nbsp;/s/ Troy Sheets |
| | | &nbsp;&nbsp;Troy Sheets <br> Treasurer/Principal Financial and<br> Accounting Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Exhibit 19(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 June 30, 2025, 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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Date: | &nbsp;&nbsp;August 22, 2025 | &nbsp;&nbsp;/s/ Robert Olson |
| | | &nbsp;&nbsp;Robert Olson <br> President/Principal Executive Officer |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Date: | &nbsp;&nbsp;August 22, 2025 | &nbsp;&nbsp;/s/ Troy Sheets |
|  |  | &nbsp;&nbsp;Troy Sheets<br> Treasurer/Principal Financial and<br> Accounting Officer |

---

<br> 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.<br>