# EDGAR Filing Document

**Accession Number:** 0000948258
**File Stem:** 0001104659-26-021388
**Filing Date:** 2026-2
**Character Count:** 307147
**Document Hash:** 7aa7eb2d88606ab80640f452b685781a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-021388.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001104659-26-021388

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09082
- **FILM NUMBER:** 26696186

**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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

<u>M Fund, Inc.</u>

(Exact name of registrant as specified in charter)

---

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

---

with a Copy to:

Cynthia Beyea

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006-1110

Registrant's telephone number, including area code: <u> (888) 736-2878</u>

Date of fiscal year end: <u> 12/31</u> <br>Date of reporting period: <u> 12/31/2025</u>

**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 December 31, 2025, are filed herewith.

**TABLE OF CONTENTS**

---

| |
|:---|
|  [M Capital Appreciation Fund](#classname281649eb-683f-4fa7-9229-14b3958659f2)<br> **[MFCPX](#classname281649eb-683f-4fa7-9229-14b3958659f2)**  |
|  [M International Equity Fund](#classname95d9f90e-984c-47a1-ab12-51683987820f)<br> **[MBEQX](#classname95d9f90e-984c-47a1-ab12-51683987820f)**  |
|  [M Large Cap Growth Fund](#classnameff9e5581-62e8-446e-a784-c1b6e55a330e)<br> **[MTCGX](#classnameff9e5581-62e8-446e-a784-c1b6e55a330e)**  |
|  [M Large Cap Value Fund](#classnamee77ed81a-6691-4c4c-9ff5-24cc01caa605)<br> **[MBOVX](#classnamee77ed81a-6691-4c4c-9ff5-24cc01caa605)**  |

---

# M Capital Appreciation Fund
![Image](tm261879d1_tsrimg007.jpg)

# MFCPX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about M Capital Appreciation Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?

#### (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 | $108 | 0.99% |

---

## How did the Fund perform last year and what affected its performance?
The Fund returned 18.06% (net of fees), outperforming the Russell 2500<sup>®</sup> Index's 11.91%, driven by strong stock selection in Industrials and Technology.

In Industrials, aerospace exposure was a key strength. ATI benefited from strong demand and pricing. FTAI Aviation delivered solid results as it advanced its shift to outsourced engine power solutions. Its move to a capital light model has accelerated growth and positioned it for further share gains as capital access improves. FTAI remains the Fund's largest position and has appreciated more than tenfold since our initial investment. We continue to manage position size to limit idiosyncratic risk.

AI "picks and shovels" exposure also contributed, led by Coherent, Vertiv, and MongoDB. We believe AI spending remains early as inference and reasoning expand. Companies are seeing clear returns as AI improves workflow, accuracy, and productivity. These trends support sustained growth, with GPU, memory, and power constraints tempering excesses. Investment in frontier LLMs continues, while lower cost models like DeepSeek broaden adoption. The Fund is well positioned, and we have been trimming into strength to manage risk.

Health Care was the main detractor, with Inspire Medical pressured by a challenging launch of its next generation sleep apnea device and concerns that broader GLP 1 use could limit long term demand. Telecommunications also detracted due to weakness in Cogent Communications, which suspended its dividend to prioritize deleveraging ahead of a refinancing. Despite near term pressure, our long term thesis remains supported by Cogent's low cost model and potential for improved growth and leverage.

## Fund Performance
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

![Growth of 10K Chart](tm261879d1_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **M Capital Appreciation Fund** | **S&P 500 Index** | **Russell 2500 Stock Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9117 | $9504 | $9203 |
| **2/29/2016** | $9475 | $9492 | $9268 |
| **3/31/2016** | $10183 | $10135 | $10040 |
| **4/30/2016** | $10155 | $10175 | $10188 |
| **5/31/2016** | $10350 | $10358 | $10403 |
| **6/30/2016** | $10247 | $10385 | $10399 |
| **7/31/2016** | $11133 | $10768 | $10941 |
| **8/31/2016** | $11464 | $10783 | $11029 |
| **9/30/2016** | $11616 | $10785 | $11082 |
| **10/31/2016** | $11137 | $10588 | $10632 |
| **11/30/2016** | $11935 | $10981 | $11536 |
| **12/31/2016** | $12106 | $11198 | $11760 |
| **1/31/2017** | $12495 | $11410 | $11924 |
| **2/28/2017** | $12755 | $11863 | $12211 |
| **3/31/2017** | $12854 | $11877 | $12202 |
| **4/30/2017** | $13003 | $12000 | $12296 |
| **5/31/2017** | $13016 | $12168 | $12159 |
| **6/30/2017** | $13218 | $12244 | $12463 |
| **7/31/2017** | $13433 | $12496 | $12592 |
| **8/31/2017** | $13315 | $12534 | $12487 |
| **9/30/2017** | $13879 | $12792 | $13054 |
| **10/31/2017** | $14177 | $13091 | $13255 |
| **11/30/2017** | $14404 | $13492 | $13691 |
| **12/31/2017** | $14408 | $13642 | $13737 |
| **1/31/2018** | $14865 | $14424 | $14156 |
| **2/28/2018** | $14238 | $13892 | $13574 |
| **3/31/2018** | $14026 | $13539 | $13704 |
| **4/30/2018** | $13823 | $13591 | $13738 |
| **5/31/2018** | $14657 | $13918 | $14383 |
| **6/30/2018** | $14630 | $14004 | $14487 |
| **7/31/2018** | $14882 | $14525 | $14766 |
| **8/31/2018** | $15711 | $14998 | $15400 |
| **9/30/2018** | $15420 | $15084 | $15166 |
| **10/31/2018** | $13649 | $14053 | $13626 |
| **11/30/2018** | $13954 | $14339 | $13885 |
| **12/31/2018** | $12370 | $13044 | $12363 |
| **1/31/2019** | $13891 | $14090 | $13786 |
| **2/28/2019** | $14628 | $14542 | $14437 |
| **3/31/2019** | $14248 | $14825 | $14318 |
| **4/30/2019** | $14816 | $15425 | $14820 |
| **5/31/2019** | $13429 | $14445 | $13766 |
| **6/30/2019** | $14585 | $15463 | $14741 |
| **7/31/2019** | $14762 | $15685 | $14895 |
| **8/31/2019** | $14096 | $15436 | $14298 |
| **9/30/2019** | $14503 | $15725 | $14551 |
| **10/31/2019** | $14715 | $16066 | $14830 |
| **11/30/2019** | $15493 | $16649 | $15467 |
| **12/31/2019** | $15939 | $17152 | $15794 |
| **1/31/2020** | $15328 | $17145 | $15473 |
| **2/29/2020** | $13864 | $15733 | $14176 |
| **3/31/2020** | $10225 | $13790 | $11100 |
| **4/30/2020** | $11956 | $15558 | $12715 |
| **5/31/2020** | $13075 | $16299 | $13654 |
| **6/30/2020** | $13533 | $16623 | $14049 |
| **7/31/2020** | $14386 | $17560 | $14609 |
| **8/31/2020** | $14896 | $18823 | $15271 |
| **9/30/2020** | $14418 | $18107 | $14876 |
| **10/31/2020** | $14735 | $17626 | $15146 |
| **11/30/2020** | $17190 | $19555 | $17614 |
| **12/31/2020** | $18764 | $20307 | $18954 |
| **1/31/2021** | $18836 | $20102 | $19419 |
| **2/28/2021** | $20440 | $20656 | $20686 |
| **3/31/2021** | $20616 | $21561 | $21026 |
| **4/30/2021** | $21386 | $22712 | $21868 |
| **5/31/2021** | $21497 | $22870 | $21914 |
| **6/30/2021** | $21442 | $23404 | $22173 |
| **7/31/2021** | $21297 | $23960 | $21784 |
| **8/31/2021** | $21573 | $24689 | $22278 |
| **9/30/2021** | $20888 | $23541 | $21577 |
| **10/31/2021** | $21751 | $25190 | $22635 |
| **11/30/2021** | $21198 | $25015 | $21691 |
| **12/31/2021** | $22092 | $26136 | $22403 |
| **1/31/2022** | $20547 | $24784 | $20538 |
| **2/28/2022** | $20867 | $24042 | $20769 |
| **3/31/2022** | $21085 | $24935 | $21099 |
| **4/30/2022** | $18970 | $22760 | $19301 |
| **5/31/2022** | $19259 | $22802 | $19366 |
| **6/30/2022** | $17088 | $20920 | $17516 |
| **7/31/2022** | $18931 | $22849 | $19328 |
| **8/31/2022** | $18311 | $21917 | $18815 |
| **9/30/2022** | $16291 | $19898 | $17022 |
| **10/31/2022** | $18045 | $21509 | $18656 |
| **11/30/2022** | $19325 | $22711 | $19443 |
| **12/31/2022** | $18085 | $21403 | $18287 |
| **1/31/2023** | $20557 | $22748 | $20115 |
| **2/28/2023** | $20001 | $22193 | $19642 |
| **3/31/2023** | $19445 | $23007 | $18905 |
| **4/30/2023** | $18975 | $23367 | $18659 |
| **5/31/2023** | $19129 | $23468 | $18333 |
| **6/30/2023** | $21389 | $25019 | $19894 |
| **7/31/2023** | $22200 | $25823 | $20883 |
| **8/31/2023** | $21510 | $25411 | $20063 |
| **9/30/2023** | $19922 | $24200 | $18943 |
| **10/31/2023** | $18283 | $23691 | $17792 |
| **11/30/2023** | $20181 | $25855 | $19394 |
| **12/31/2023** | $22346 | $27029 | $21472 |
| **1/31/2024** | $21431 | $27483 | $20911 |
| **2/29/2024** | $22849 | $28951 | $22048 |
| **3/31/2024** | $23882 | $29882 | $22958 |
| **4/30/2024** | $22446 | $28662 | $21420 |
| **5/31/2024** | $23416 | $30083 | $22311 |
| **6/30/2024** | $22968 | $31162 | $21976 |
| **7/31/2024** | $24587 | $31543 | $23609 |
| **8/31/2024** | $24312 | $32308 | $23548 |
| **9/30/2024** | $24834 | $32998 | $23899 |
| **10/31/2024** | $24349 | $32699 | $23676 |
| **11/30/2024** | $26535 | $34618 | $26006 |
| **12/31/2024** | $24568 | $33793 | $24045 |
| **1/31/2025** | $25767 | $34732 | $24896 |
| **2/28/2025** | $23788 | $34281 | $23729 |
| **3/31/2025** | $21659 | $32351 | $22241 |
| **4/30/2025** | $21369 | $32131 | $21783 |
| **5/31/2025** | $23228 | $34152 | $23088 |
| **6/30/2025** | $25077 | $35678 | $24152 |
| **7/31/2025** | $25627 | $36477 | $24618 |
| **8/31/2025** | $26696 | $37218 | $25910 |
| **9/30/2025** | $27096 | $38576 | $26325 |
| **10/31/2025** | $28386 | $39479 | $26501 |
| **11/30/2025** | $28805 | $39578 | $26886 |
| **12/31/2025** | $29004 | $39827 | $26921 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | *1 Year* | *5 Years* | *10 Years* |
| M Capital Appreciation Fund | 18.06% | 9.10% | 11.24% |
| S&P 500 Index | 17.88% | 14.43% | 14.82% |
| Russell 2500 Stock Index | 11.91% | 7.26% | 10.41% |

---

**Past Performance: performance data represent past performance, which does not guarantee future results.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $241659510 |
| # of Portfolio Holdings | 140 |
| Total Advisory Fees Paid | $1809860 |
| Portfolio Turnover Rate | 46% |

---

## 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 | 30.9% |
| Information Technology | 25.0% |
| Health Care | 16.1% |
| Financials | 8.9% |
| Consumer Discretionary | 5.3% |
| Energy | 3.3% |
| Materials | 3.0% |
| Consumer Staples | 2.2% |
| Real Estate | 1.3% |
| Communication Services | 0.9% |

---

#### Ten Largest Equity Portfolio Holdings (%)

---

| | |
|:---|:---|
| FTAI Aviation Ltd. | 3.8% |
| ATI, Inc. | 2.2% |
| Carpenter Technology Corp. | 2.0% |
| Coherent Corp. | 1.7% |
| Granite Construction, Inc. | 1.6% |
| XPO, Inc. | 1.5% |
| Jabil, Inc. | 1.4% |
| Eagle Materials, Inc. | 1.3% |
| Cooper Cos., Inc. | 1.3% |
| Builders FirstSource, Inc. | 1.2% |

---

## Additional Information
![QR Code](tm261879d1_tsrimg003.jpg)

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

![Image](tm261879d1_tsrimg005.jpg)

# M Capital Appreciation Fund

#### Annual Shareholder Report December 31, 2025

# MFCPX

# M International Equity Fund
![Image](tm261879d1_tsrimg007.jpg)

# MBEQX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about M International Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?

#### (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 | $63 | 0.54% |

---

## How did the Fund perform last year and what affected its performance?
The Fund returned 32.44%, net of fees, performing in line with the MSCI All Country World ex USA Index (net of dividends).

**PERFORMANCE HIGHLIGHTS**

Relative to the MSCI All Country World ex USA Index (net of dividends) (referred to as the benchmark herein), the Fund's emphasis on value stocks contributed positively to relative performance. The MSCI All Country World ex USA Value Index (net div.) outperformed the MSCI All Country World ex USA Growth Index (net div.) by more than 10%. Value stocks represented approximately 59% of the Fund compared to 50% for the benchmark. Conversely, the Fund's emphasis on stocks with smaller market capitalizations detracted from relative performance. The MSCI All Country World ex USA Index (net div.) outperformed the MSCI All Country World ex USA Small Cap Index (net div.) by more than 3%. Small cap stocks represented approximately 32% of the Fund compared to 3% for the benchmark. Additionally, the Fund's greater allocation to the Materials sector contributed positively to relative performance. This sector returned 47.2% compared to an overall benchmark return of 32.4%. Materials stocks represented 10% for the Fund compared to 6% for the benchmark. Lastly, at the country level, the Fund's greater allocation to India detracted from relative performance. Indian stocks represented 6% of the Fund compared to 5% for the benchmark.

## Fund Performance
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

![Growth of 10K Chart](tm261879d1_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **M International Equity Fund** | **MSCI ACWI ex USA Index** | **MSCI ACWI ex USA IMI Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9432 | $9308 | $9320 |
| **2/29/2016** | $9414 | $9220 | $9213 |
| **3/31/2016** | $10044 | $9977 | $9963 |
| **4/30/2016** | $10258 | $10242 | $10225 |
| **5/31/2016** | $10160 | $10083 | $10052 |
| **6/30/2016** | $9849 | $9909 | $9898 |
| **7/31/2016** | $10284 | $10408 | $10388 |
| **8/31/2016** | $10275 | $10461 | $10454 |
| **9/30/2016** | $10417 | $10608 | $10583 |
| **10/31/2016** | $10124 | $10437 | $10430 |
| **11/30/2016** | $9893 | $10186 | $10189 |
| **12/31/2016** | $9995 | $10441 | $10450 |
| **1/31/2017** | $10300 | $10815 | $10820 |
| **2/28/2017** | $10426 | $11003 | $10992 |
| **3/31/2017** | $10840 | $11275 | $11271 |
| **4/30/2017** | $11199 | $11529 | $11512 |
| **5/31/2017** | $11541 | $11895 | $11886 |
| **6/30/2017** | $11611 | $11934 | $11923 |
| **7/31/2017** | $11899 | $12371 | $12362 |
| **8/31/2017** | $11800 | $12446 | $12427 |
| **9/30/2017** | $12079 | $12682 | $12658 |
| **10/31/2017** | $12079 | $12920 | $12896 |
| **11/30/2017** | $12187 | $13038 | $13001 |
| **12/31/2017** | $12399 | $13345 | $13291 |
| **1/31/2018** | $13165 | $14075 | $14031 |
| **2/28/2018** | $12280 | $13427 | $13370 |
| **3/31/2018** | $12271 | $13203 | $13134 |
| **4/30/2018** | $12380 | $13405 | $13344 |
| **5/31/2018** | $12262 | $13121 | $13036 |
| **6/30/2018** | $12179 | $12858 | $12791 |
| **7/31/2018** | $12344 | $13135 | $13097 |
| **8/31/2018** | $11796 | $12880 | $12823 |
| **9/30/2018** | $11659 | $12908 | $12881 |
| **10/31/2018** | $10454 | $11830 | $11833 |
| **11/30/2018** | $10445 | $11930 | $11946 |
| **12/31/2018** | $9848 | $11375 | $11405 |
| **1/31/2019** | $10582 | $12239 | $12267 |
| **2/28/2019** | $10750 | $12481 | $12507 |
| **3/31/2019** | $10796 | $12548 | $12582 |
| **4/30/2019** | $11075 | $12872 | $12914 |
| **5/31/2019** | $10462 | $12184 | $12221 |
| **6/30/2019** | $11069 | $12892 | $12957 |
| **7/31/2019** | $10828 | $12745 | $12800 |
| **8/31/2019** | $10540 | $12355 | $12405 |
| **9/30/2019** | $10856 | $12670 | $12723 |
| **10/31/2019** | $11265 | $13122 | $13167 |
| **11/30/2019** | $11348 | $13252 | $13283 |
| **12/31/2019** | $11850 | $13836 | $13859 |
| **1/31/2020** | $11373 | $13456 | $13486 |
| **2/29/2020** | $10505 | $12369 | $12420 |
| **3/31/2020** | $8730 | $10500 | $10622 |
| **4/30/2020** | $9436 | $11356 | $11427 |
| **5/31/2020** | $9818 | $11769 | $11801 |
| **6/30/2020** | $10209 | $12281 | $12334 |
| **7/31/2020** | $10648 | $12837 | $12884 |
| **8/31/2020** | $11125 | $13425 | $13436 |
| **9/30/2020** | $10915 | $13116 | $13105 |
| **10/31/2020** | $10705 | $12825 | $12824 |
| **11/30/2020** | $12146 | $14557 | $14548 |
| **12/31/2020** | $12904 | $15374 | $15334 |
| **1/31/2021** | $12866 | $15400 | $15368 |
| **2/28/2021** | $13253 | $15739 | $15672 |
| **3/31/2021** | $13592 | $15954 | $15869 |
| **4/30/2021** | $14018 | $16460 | $16336 |
| **5/31/2021** | $14511 | $16956 | $16847 |
| **6/30/2021** | $14377 | $16847 | $16739 |
| **7/31/2021** | $14261 | $16629 | $16463 |
| **8/31/2021** | $14474 | $16955 | $16776 |
| **9/30/2021** | $14019 | $16416 | $16239 |
| **10/31/2021** | $14329 | $16788 | $16627 |
| **11/30/2021** | $13699 | $16021 | $15878 |
| **12/31/2021** | $14330 | $16685 | $16534 |
| **1/31/2022** | $14003 | $16008 | $15925 |
| **2/28/2022** | $13745 | $15707 | $15610 |
| **3/31/2022** | $13675 | $15751 | $15635 |
| **4/30/2022** | $12862 | $14758 | $14653 |
| **5/31/2022** | $13080 | $14830 | $14758 |
| **6/30/2022** | $11910 | $13502 | $13488 |
| **7/31/2022** | $12337 | $14009 | $13950 |
| **8/31/2022** | $11861 | $13570 | $13501 |
| **9/30/2022** | $10661 | $12193 | $12152 |
| **10/31/2022** | $11057 | $12562 | $12515 |
| **11/30/2022** | $12525 | $14005 | $13993 |
| **12/31/2022** | $12301 | $13918 | $13888 |
| **1/31/2023** | $13301 | $15029 | $15015 |
| **2/28/2023** | $12842 | $14522 | $14488 |
| **3/31/2023** | $13117 | $14832 | $14842 |
| **4/30/2023** | $13331 | $15084 | $15100 |
| **5/31/2023** | $12831 | $14553 | $14551 |
| **6/30/2023** | $13407 | $15185 | $15204 |
| **7/31/2023** | $13938 | $15824 | $15822 |
| **8/31/2023** | $13428 | $15147 | $15107 |
| **9/30/2023** | $13040 | $14656 | $14630 |
| **10/31/2023** | $12539 | $14021 | $14027 |
| **11/30/2023** | $13540 | $15296 | $15289 |
| **12/31/2023** | $14270 | $16093 | $16058 |
| **1/31/2024** | $13986 | $15917 | $15898 |
| **2/29/2024** | $14354 | $16286 | $16301 |
| **3/31/2024** | $14763 | $16789 | $16810 |
| **4/30/2024** | $14532 | $16496 | $16508 |
| **5/31/2024** | $15131 | $16982 | $16986 |
| **6/30/2024** | $14936 | $16943 | $16969 |
| **7/31/2024** | $15325 | $17371 | $17363 |
| **8/31/2024** | $15662 | $17841 | $17858 |
| **9/30/2024** | $15999 | $18329 | $18338 |
| **10/31/2024** | $15231 | $17421 | $17438 |
| **11/30/2024** | $15189 | $17275 | $17279 |
| **12/31/2024** | $14834 | $16935 | $16944 |
| **1/31/2025** | $15224 | $17553 | $17627 |
| **2/28/2025** | $15451 | $17737 | $17872 |
| **3/31/2025** | $15570 | $17712 | $17831 |
| **4/30/2025** | $15992 | $18378 | $18474 |
| **5/31/2025** | $16869 | $19268 | $19320 |
| **6/30/2025** | $17572 | $19961 | $19975 |
| **7/31/2025** | $17507 | $19918 | $19917 |
| **8/31/2025** | $18189 | $20631 | $20609 |
| **9/30/2025** | $18730 | $21330 | $21351 |
| **10/31/2025** | $18924 | $21707 | $21782 |
| **11/30/2025** | $19141 | $21725 | $21775 |
| **12/31/2025** | $19646 | $22340 | $22423 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | *1 Year* | *5 Years* | *10 Years* |
| M International Equity Fund | 32.44% | 8.77% | 6.99% |
| MSCI ACWI ex USA Index | 31.96% | 7.77% | 8.37% |
| MSCI ACWI ex USA IMI Index | 32.39% | 7.91% | 8.41% |

---

**Past Performance: performance data represent past performance, which does not guarantee future results.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $260584723 |
| # of Portfolio Holdings | 1785 |
| Total Advisory Fees Paid | $805022 |
| Portfolio Turnover Rate | 10% |

---

## 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> | 32.8% |
| Banks | 8.2% |
| Metals and Mining | 4.3% |
| Oil, Gas and Consumable Fuels | 3.9% |
| Pharmaceuticals | 3.7% |
| Insurance | 3.5% |
| Machinery | 2.9% |
| Chemicals | 2.2% |
| Semiconductors and Semiconductor Equipment | 1.9% |
| Capital Markets | 1.8% |

---

---

| | |
|:---|:---|
| 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> | 32.9% |
| Japan | 14.1% |
| Canada | 8.3% |
| United Kingdom | 8.1% |
| Switzerland | 5.6% |
| Germany | 5.4% |
| France | 5.2% |
| Australia | 4.0% |
| Netherlands | 2.3% |
| Italy | 2.2% |

---

---

| | |
|:---|:---|
| 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
![QR Code](tm261879d1_tsrimg003.jpg)

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

![Image](tm261879d1_tsrimg005.jpg)

# M International Equity Fund

#### Annual Shareholder Report December 31, 2025

# MBEQX

# M Large Cap Growth Fund
![Image](tm261879d1_tsrimg007.jpg)

# MTCGX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about M Large Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?

#### (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 | $70 | 0.64% |

---

## How did the Fund perform last year and what affected its performance?
The Fund returned 19.61% (net of fees) relative to 18.56% for the Russell 1000 Growth Index. Federated MDTA LLC ("Federated") replaced DSM Capital Partners LLC ("DSM") as the Sub-Adviser for the Fund effective May 1, 2025. The Fund's performance since May is more meaningful to the overall Fund performance for the year, and the items below represent the more significant performance contributors and detractors since Federated has managed the Fund.

**Performance Contributors**

* Strong stock selection among companies with depressed prices, improving earnings to price and no significant financing required.

* Favorable stock selection in the Consumer Discretionary, Consumer Staples and Communication Services sectors.

* Strong performers overweighted by the Fund: Teradyne, Inc., Five Below, Inc. and Arista Networks, Inc.

**Performance Detractors**

* Weak stock selection among companies with low structural earnings and positive analyst conviction.

* Unfavorable stock selection in the Information Technology sector.

* Weak performers overweighted by the Fund: Nutanix, Inc. Class A, Fortinet, Inc. and GoDaddy, Inc. Class A

**Industry Exposure**

The Fund ended in 2025 roughly sector-neutral to the benchmark, as intended by our multi-layered risk management. Within the sectors, there were overweight positions of the software & services industry and the financial services industry. There were underweight positions of the semiconductors & semiconductor equipment industry and the capital goods industry.

## Fund Performance
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

![Growth of 10K Chart](tm261879d1_tsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **M Large Cap Growth Fund** | **S&P 500 Index** | **Russell 1000 Growth Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9211 | $9504 | $9442 |
| **2/29/2016** | $8970 | $9492 | $9438 |
| **3/31/2016** | $9603 | $10135 | $10074 |
| **4/30/2016** | $9464 | $10175 | $9982 |
| **5/31/2016** | $9778 | $10358 | $10176 |
| **6/30/2016** | $9427 | $10385 | $10136 |
| **7/31/2016** | $9979 | $10768 | $10615 |
| **8/31/2016** | $9983 | $10783 | $10562 |
| **9/30/2016** | $10184 | $10785 | $10602 |
| **10/31/2016** | $9848 | $10588 | $10353 |
| **11/30/2016** | $9880 | $10981 | $10579 |
| **12/31/2016** | $9768 | $11198 | $10710 |
| **1/31/2017** | $10247 | $11410 | $11071 |
| **2/28/2017** | $10629 | $11863 | $11530 |
| **3/31/2017** | $10839 | $11877 | $11663 |
| **4/30/2017** | $11250 | $12000 | $11931 |
| **5/31/2017** | $11734 | $12168 | $12241 |
| **6/30/2017** | $11946 | $12244 | $12209 |
| **7/31/2017** | $12568 | $12496 | $12533 |
| **8/31/2017** | $12891 | $12534 | $12762 |
| **9/30/2017** | $12842 | $12792 | $12927 |
| **10/31/2017** | $13248 | $13091 | $13428 |
| **11/30/2017** | $13518 | $13492 | $13835 |
| **12/31/2017** | $13575 | $13642 | $13943 |
| **1/31/2018** | $14811 | $14424 | $14930 |
| **2/28/2018** | $14248 | $13892 | $14538 |
| **3/31/2018** | $13841 | $13539 | $14140 |
| **4/30/2018** | $13886 | $13591 | $14190 |
| **5/31/2018** | $14520 | $13918 | $14812 |
| **6/30/2018** | $14422 | $14004 | $14954 |
| **7/31/2018** | $14564 | $14525 | $15395 |
| **8/31/2018** | $14917 | $14998 | $16237 |
| **9/30/2018** | $14870 | $15084 | $16329 |
| **10/31/2018** | $13474 | $14053 | $14869 |
| **11/30/2018** | $14048 | $14339 | $15026 |
| **12/31/2018** | $12903 | $13044 | $13733 |
| **1/31/2019** | $14263 | $14090 | $14968 |
| **2/28/2019** | $14873 | $14542 | $15504 |
| **3/31/2019** | $15280 | $14825 | $15945 |
| **4/30/2019** | $15935 | $15425 | $16665 |
| **5/31/2019** | $14975 | $14445 | $15611 |
| **6/30/2019** | $15975 | $15463 | $16684 |
| **7/31/2019** | $16333 | $15685 | $17061 |
| **8/31/2019** | $16015 | $15436 | $16929 |
| **9/30/2019** | $15685 | $15725 | $16931 |
| **10/31/2019** | $16071 | $16066 | $17408 |
| **11/30/2019** | $16889 | $16649 | $18181 |
| **12/31/2019** | $17559 | $17152 | $18731 |
| **1/31/2020** | $17949 | $17145 | $19151 |
| **2/29/2020** | $16811 | $15733 | $17847 |
| **3/31/2020** | $15177 | $13790 | $16091 |
| **4/30/2020** | $17308 | $15558 | $18472 |
| **5/31/2020** | $18326 | $16299 | $19713 |
| **6/30/2020** | $19108 | $16623 | $20571 |
| **7/31/2020** | $20247 | $17560 | $22154 |
| **8/31/2020** | $22025 | $18823 | $24441 |
| **9/30/2020** | $21075 | $18107 | $23291 |
| **10/31/2020** | $20655 | $17626 | $22498 |
| **11/30/2020** | $21885 | $19555 | $24802 |
| **12/31/2020** | $22633 | $20307 | $25944 |
| **1/31/2021** | $22369 | $20102 | $25752 |
| **2/28/2021** | $23133 | $20656 | $25746 |
| **3/31/2021** | $23316 | $21561 | $26189 |
| **4/30/2021** | $25073 | $22712 | $27971 |
| **5/31/2021** | $24945 | $22870 | $27584 |
| **6/30/2021** | $26379 | $23404 | $29315 |
| **7/31/2021** | $26725 | $23960 | $30281 |
| **8/31/2021** | $27626 | $24689 | $31413 |
| **9/30/2021** | $25998 | $23541 | $29654 |
| **10/31/2021** | $27771 | $25190 | $32222 |
| **11/30/2021** | $26926 | $25015 | $32419 |
| **12/31/2021** | $27498 | $26136 | $33105 |
| **1/31/2022** | $25630 | $24784 | $30263 |
| **2/28/2022** | $24234 | $24042 | $28977 |
| **3/31/2022** | $24997 | $24935 | $30111 |
| **4/30/2022** | $22245 | $22760 | $26475 |
| **5/31/2022** | $22099 | $22802 | $25859 |
| **6/30/2022** | $20572 | $20920 | $23811 |
| **7/31/2022** | $22446 | $22849 | $26669 |
| **8/31/2022** | $21622 | $21917 | $25425 |
| **9/30/2022** | $19664 | $19898 | $22953 |
| **10/31/2022** | $20689 | $21509 | $24295 |
| **11/30/2022** | $21866 | $22711 | $25402 |
| **12/31/2022** | $20511 | $21403 | $23457 |
| **1/31/2023** | $21890 | $22748 | $25412 |
| **2/28/2023** | $21165 | $22193 | $25110 |
| **3/31/2023** | $22262 | $23007 | $26827 |
| **4/30/2023** | $22368 | $23367 | $27091 |
| **5/31/2023** | $23093 | $23468 | $28326 |
| **6/30/2023** | $23963 | $25019 | $30263 |
| **7/31/2023** | $24774 | $25823 | $31283 |
| **8/31/2023** | $25148 | $25411 | $31002 |
| **9/30/2023** | $23597 | $24200 | $29316 |
| **10/31/2023** | $23259 | $23691 | $28899 |
| **11/30/2023** | $25816 | $25855 | $32049 |
| **12/31/2023** | $27082 | $27029 | $33468 |
| **1/31/2024** | $28386 | $27483 | $34303 |
| **2/29/2024** | $30520 | $28951 | $36643 |
| **3/31/2024** | $31145 | $29882 | $37288 |
| **4/30/2024** | $29225 | $28662 | $35707 |
| **5/31/2024** | $30763 | $30083 | $37846 |
| **6/30/2024** | $33240 | $31162 | $40397 |
| **7/31/2024** | $32045 | $31543 | $39710 |
| **8/31/2024** | $32512 | $32308 | $40536 |
| **9/30/2024** | $33035 | $32998 | $41684 |
| **10/31/2024** | $32867 | $32699 | $41546 |
| **11/30/2024** | $34473 | $34618 | $44242 |
| **12/31/2024** | $33987 | $33793 | $44632 |
| **1/31/2025** | $35065 | $34732 | $45515 |
| **2/28/2025** | $33936 | $34281 | $43881 |
| **3/31/2025** | $30969 | $32351 | $40187 |
| **4/30/2025** | $31647 | $32131 | $40898 |
| **5/31/2025** | $34829 | $34152 | $44517 |
| **6/30/2025** | $37059 | $35678 | $47357 |
| **7/31/2025** | $38326 | $36477 | $49148 |
| **8/31/2025** | $38420 | $37218 | $49698 |
| **9/30/2025** | $40113 | $38576 | $52337 |
| **10/31/2025** | $41277 | $39479 | $54237 |
| **11/30/2025** | $40466 | $39578 | $53255 |
| **12/31/2025** | $40653 | $39827 | $52918 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | *1 Year<sup>Footnote Reference\*</sup>* | *5 Years* | *10 Years* |
| M Large Cap Growth Fund | 19.61% | 12.43% | 15.06% |
| S&P 500 Index | 17.88% | 14.43% | 14.82% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

**Past Performance: performance data represent past performance, which does not guarantee future results.**

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Effective May 1, 2025, Federated replaced DSM as the Sub-Adviser for the Fund. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $311790038 |
| # of Portfolio Holdings | 94 |
| Total Advisory Fees Paid | $1353583 |
| Portfolio Turnover Rate | 110%<sup>Footnote Reference\*</sup> |

---

---

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

---

## 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 | 51.0% |
| Communication Services | 12.8% |
| Consumer Discretionary | 12.1% |
| Health Care | 8.1% |
| Financials | 7.2% |
| Industrials | 5.8% |
| Consumer Staples | 1.5% |
| Materials | 0.4% |
| Energy | 0.2% |

---

#### Ten Largest Equity Portfolio Holdings (%)

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.7% |
| Microsoft Corp. | 11.3% |
| Apple, Inc. | 10.1% |
| Alphabet, Inc., Class A | 7.0% |
| Broadcom, Inc. | 4.8% |
| Amazon.com, Inc. | 3.9% |
| Meta Platforms, Inc., Class A | 3.5% |
| Tesla, Inc. | 2.7% |
| Palantir Technologies, Inc., Class A | 2.1% |
| Ameriprise Financial, Inc. | 1.9% |

---

## 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 below changes at www.mfin.com/m-funds or receive a copy upon request by contacting us at 1-888-736-2878.

On January 21, 2025, shareholders of the Fund approved a change Fund' sub-classification under the Investment Company Act of 1940 from "diversified" to "non-diversified," which permits the Fund to invest a greater percentage of its assets in the obligations or securities of a smaller number of issuers or any one issuer as compared to a diversified fund, as further described in the Fund's registration statement. Corresponding changes were made to the Fund's Fundamental Investment Restrictions.

Effective May 1, 2025, Federated replaced DSM 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
![QR Code](tm261879d1_tsrimg003.jpg)

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

![Image](tm261879d1_tsrimg005.jpg)

# M Large Cap Growth Fund

#### Annual Shareholder Report December 31, 2025

# MTCGX

# M Large Cap Value Fund
![Image](tm261879d1_tsrimg007.jpg)

# MBOVX

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about M Large Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?

#### (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 | $66 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
The Fund returned 17.31% (net of fees) relative to the Russell 1000 Value Index's 15.91%.

<u>Contributors</u> 

Large investment and diversified banks posted very strong returns this year. Normally a drop in the fed funds rate would be a near term headwind for banks as the spread contracts but they benefited from revenue and earnings growth from overall higher quality credit, strength in capital markets and trading revenues.

Johnson and Johnson posted strong top line growth and steady earnings growth that beat street expectations. This was driven from both the strength of the pharmaceutical pipeline as well as from growing clarity surrounding the ongoing talcum powder litigations. The increased clarity of the settlement structure helped reduce unanticipated outsized future risks. Removing much of the future cost uncertainty helped fuel multiple expansion as large uncertainties led to trading at a discount.

<u>Detractors</u>

Consumers continue to favor streaming choices over bundled services. Traditional cable tv is still highly lucrative as evidenced by the low single digit multiples, however future growth prospects remain bleak with the steady increase of cord cutting. Comcast drove communication services lower in the portfolio and was the weakest sector.

United Healthcare had a series of missteps ultimately exposed as medicare fraud. The company was our largest holding at the time and after rallying over 18% at the beginning of year lost over half of its value after the company fired the CEO and withdrew all forward earnings guidance stating challenges within the Medicare division and unexpected rise in medical costs. Days later reports surfaced of a DOJ investigation into Medicare billing practices.

## Fund Performance
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

![Growth of 10K Chart](tm261879d1_tsrimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **M Large Cap Value Fund** | **Russell 1000 Index** | **Russell 1000 Value Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9089 | $9462 | $9483 |
| **2/29/2016** | $9056 | $9459 | $9481 |
| **3/31/2016** | $9708 | $10118 | $10164 |
| **4/30/2016** | $9749 | $10173 | $10378 |
| **5/31/2016** | $9733 | $10351 | $10539 |
| **6/30/2016** | $9607 | $10375 | $10630 |
| **7/31/2016** | $9916 | $10770 | $10939 |
| **8/31/2016** | $10008 | $10784 | $11023 |
| **9/30/2016** | $10075 | $10793 | $11001 |
| **10/31/2016** | $9950 | $10582 | $10830 |
| **11/30/2016** | $10610 | $10999 | $11449 |
| **12/31/2016** | $10964 | $11206 | $11736 |
| **1/31/2017** | $11006 | $11431 | $11820 |
| **2/28/2017** | $11364 | $11874 | $12244 |
| **3/31/2017** | $11185 | $11881 | $12120 |
| **4/30/2017** | $11151 | $12007 | $12096 |
| **5/31/2017** | $11134 | $12160 | $12085 |
| **6/30/2017** | $11304 | $12245 | $12281 |
| **7/31/2017** | $11551 | $12488 | $12444 |
| **8/31/2017** | $11466 | $12527 | $12299 |
| **9/30/2017** | $11789 | $12794 | $12663 |
| **10/31/2017** | $12061 | $13087 | $12756 |
| **11/30/2017** | $12512 | $13486 | $13147 |
| **12/31/2017** | $12608 | $13636 | $13339 |
| **1/31/2018** | $13042 | $14385 | $13854 |
| **2/28/2018** | $12318 | $13857 | $13193 |
| **3/31/2018** | $12237 | $13542 | $12960 |
| **4/30/2018** | $12318 | $13588 | $13004 |
| **5/31/2018** | $12481 | $13935 | $13081 |
| **6/30/2018** | $12420 | $14025 | $13114 |
| **7/31/2018** | $12866 | $14509 | $13633 |
| **8/31/2018** | $13130 | $15009 | $13834 |
| **9/30/2018** | $12994 | $15066 | $13862 |
| **10/31/2018** | $12037 | $14000 | $13143 |
| **11/30/2018** | $12292 | $14285 | $13535 |
| **12/31/2018** | $11086 | $12984 | $12235 |
| **1/31/2019** | $12018 | $14072 | $13188 |
| **2/28/2019** | $12309 | $14549 | $13610 |
| **3/31/2019** | $12249 | $14802 | $13697 |
| **4/30/2019** | $12690 | $15400 | $14182 |
| **5/31/2019** | $11828 | $14418 | $13270 |
| **6/30/2019** | $12706 | $15431 | $14222 |
| **7/31/2019** | $12726 | $15670 | $14340 |
| **8/31/2019** | $12255 | $15383 | $13918 |
| **9/30/2019** | $12656 | $15650 | $14415 |
| **10/31/2019** | $12776 | $15982 | $14617 |
| **11/30/2019** | $13198 | $16586 | $15069 |
| **12/31/2019** | $13472 | $17064 | $15483 |
| **1/31/2020** | $13156 | $17083 | $15150 |
| **2/29/2020** | $11704 | $15687 | $13682 |
| **3/31/2020** | $9599 | $13614 | $11344 |
| **4/30/2020** | $10746 | $15413 | $12620 |
| **5/31/2020** | $11051 | $16226 | $13052 |
| **6/30/2020** | $10976 | $16585 | $12965 |
| **7/31/2020** | $11295 | $17556 | $13478 |
| **8/31/2020** | $11690 | $18845 | $14035 |
| **9/30/2020** | $11434 | $18156 | $13690 |
| **10/31/2020** | $11168 | $17718 | $13511 |
| **11/30/2020** | $12553 | $19805 | $15329 |
| **12/31/2020** | $13046 | $20642 | $15916 |
| **1/31/2021** | $13057 | $20472 | $15771 |
| **2/28/2021** | $13892 | $21065 | $16724 |
| **3/31/2021** | $15021 | $21861 | $17708 |
| **4/30/2021** | $15661 | $23038 | $18417 |
| **5/31/2021** | $16172 | $23147 | $18847 |
| **6/30/2021** | $15901 | $23727 | $18631 |
| **7/31/2021** | $15955 | $24220 | $18780 |
| **8/31/2021** | $16324 | $24921 | $19152 |
| **9/30/2021** | $15847 | $23777 | $18486 |
| **10/31/2021** | $16650 | $25426 | $19425 |
| **11/30/2021** | $15966 | $25085 | $18740 |
| **12/31/2021** | $16960 | $26101 | $19922 |
| **1/31/2022** | $16850 | $24630 | $19458 |
| **2/28/2022** | $16718 | $23954 | $19232 |
| **3/31/2022** | $17060 | $24762 | $19775 |
| **4/30/2022** | $16266 | $22555 | $18659 |
| **5/31/2022** | $16707 | $22521 | $19022 |
| **6/30/2022** | $15260 | $20635 | $17360 |
| **7/31/2022** | $16030 | $22556 | $18512 |
| **8/31/2022** | $15717 | $21690 | $17960 |
| **9/30/2022** | $14401 | $19683 | $16385 |
| **10/31/2022** | $16398 | $21262 | $18065 |
| **11/30/2022** | $17446 | $22412 | $19194 |
| **12/31/2022** | $16714 | $21109 | $18421 |
| **1/31/2023** | $17470 | $22524 | $19375 |
| **2/28/2023** | $16868 | $21988 | $18692 |
| **3/31/2023** | $16502 | $22684 | $18606 |
| **4/30/2023** | $16608 | $22965 | $18887 |
| **5/31/2023** | $15793 | $23072 | $18158 |
| **6/30/2023** | $16844 | $24630 | $19364 |
| **7/31/2023** | $17516 | $25477 | $20045 |
| **8/31/2023** | $17132 | $25032 | $19504 |
| **9/30/2023** | $16676 | $23855 | $18752 |
| **10/31/2023** | $16040 | $23279 | $18090 |
| **11/30/2023** | $17024 | $25453 | $19454 |
| **12/31/2023** | $17985 | $26709 | $20532 |
| **1/31/2024** | $18304 | $27082 | $20553 |
| **2/29/2024** | $18880 | $28544 | $21311 |
| **3/31/2024** | $20131 | $29459 | $22376 |
| **4/30/2024** | $19273 | $28206 | $21421 |
| **5/31/2024** | $19874 | $29534 | $22100 |
| **6/30/2024** | $19661 | $30511 | $21892 |
| **7/31/2024** | $20814 | $30957 | $23011 |
| **8/31/2024** | $21304 | $31691 | $23628 |
| **9/30/2024** | $21451 | $32368 | $23956 |
| **10/31/2024** | $21488 | $32142 | $23693 |
| **11/30/2024** | $22935 | $34211 | $25206 |
| **12/31/2024** | $21336 | $33258 | $23482 |
| **1/31/2025** | $22479 | $34315 | $24570 |
| **2/28/2025** | $22615 | $33715 | $24670 |
| **3/31/2025** | $22098 | $31763 | $23984 |
| **4/30/2025** | $21145 | $31572 | $23253 |
| **5/31/2025** | $21730 | $33586 | $24069 |
| **6/30/2025** | $22564 | $35286 | $24892 |
| **7/31/2025** | $22742 | $36069 | $25034 |
| **8/31/2025** | $23728 | $36827 | $25833 |
| **9/30/2025** | $24097 | $38105 | $26218 |
| **10/31/2025** | $23878 | $38928 | $26333 |
| **11/30/2025** | $24782 | $39021 | $27034 |
| **12/31/2025** | $25029 | $39036 | $27215 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | *1 Year* | *5 Years* | *10 Years* |
| M Large Cap Value Fund | 17.31% | 13.92% | 9.61% |
| Russell 1000 Index | 17.37% | 13.59% | 14.59% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

**Past Performance: performance data represent past performance, which does not guarantee future results.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $184159792 |
| # of Portfolio Holdings | 234 |
| Total Advisory Fees Paid | $700584 |
| Portfolio Turnover Rate | 58% |

---

## 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 | 33.6% |
| Health Care | 17.4% |
| Energy | 8.6% |
| Industrials | 8.3% |
| Consumer Discretionary | 6.9% |
| Consumer Staples | 6.3% |
| Communication Services | 6.2% |
| Information Technology | 5.2% |
| Materials | 3.9% |
| Utilities | 2.9% |

---

#### Ten Largest Equity Portfolio Holdings (%)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 5.3% |
| Johnson & Johnson | 4.4% |
| Exxon Mobil Corp. | 3.7% |
| Bank of America Corp. | 2.9% |
| iShares Russell 1000 Value ETF | 2.9% |
| Morgan Stanley | 2.4% |
| Wells Fargo & Co. | 2.3% |
| Goldman Sachs Group, Inc. | 2.2% |
| Walt Disney Co. | 2.1% |
| PepsiCo, Inc. | 2.1% |

---

## Additional Information
![QR Code](tm261879d1_tsrimg003.jpg)

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

![Image](tm261879d1_tsrimg005.jpg)

# M Large Cap Value Fund

#### Annual Shareholder Report December 31, 2025

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

**Item 2. Code of Ethics.**

As of December 31, 2025, the Registrant has adopted a code of ethics that applies to the Registrant's President/Principal Executive Officer and Treasurer/Principal Financial and Accounting Officer. For the year ended December 31, 2025, other than a change in the individual serving as the Treasurer/Principal Financial and Accounting Officer in July 2025, there were no amendments to a provision of its code of ethics, nor were there any waivers (including implicit waivers) granted from a provision of the code of ethics. A copy of the registrant's code of ethics is filed with this Form N-CSR under Item 19(a)(1).

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

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

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

Cohen & Company Ltd. served as the principal accountant for the Registrant for the fiscal years ended December 31, 2024 and December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(a) AUDIT FEES: The aggregate fees billed for professional services rendered by its principal accountant,
Cohen & Company Ltd. for the audit of the Registrant's annual financial statements for the fiscal years ended December
31, 2024 and December 31, 2025 were $96,500 and $96,500, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) AUDIT RELATED FEES: No such fees were billed to the Registrant by Cohen & Company Ltd. for the
fiscal years ended December 31, 2024 and December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) TAX FEES: The aggregate fees billed for professional services rendered by Cohen & Company Ltd.
for tax compliance, tax advice, and tax planning for the fiscal years ended December 31, 2024 and December 31, 2025 were $12,500 and $12,500, respectively. Such services included the review of the Fund's tax and excise returns.

&nbsp;&nbsp;&nbsp;&nbsp;(d) ALL OTHER FEES: No such fees were billed to the Registrant by Cohen & Company, Ltd. for the fiscal
years ended December 31, 2024 and December 31, 2025.

---

| | |
|:---|:---|
| (e) | (1) The Registrant's audit committee pre-approves all audit and non-audit services to be performed by the Registrant's accountant before the accountant is engaged by the Registrant to perform such services. |
|  | (2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
|  | (b) Not applicable |
|  | (c) 100% |
|  | (d) Not applicable |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate fees billed by the Registrant's principal accountant, Cohen & Company, Ltd., for
non-audit services rendered to the Registrant, the Registrant's investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entities controlling, controlled
by, or under common control with the Registrant's investment adviser that provides ongoing services to the Registrant for the fiscal
years ended December 31, 2024 and December 31, 2025 were $12,500 and $12,500, respectively.

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

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

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

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

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) A Schedule of Investments is contained in the Financial Statements filed under Item 7(a) of this report.

&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

Annual Financial Statements and Additional Information

December 31, 2025

![](j2618792_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](#SCHEDULEOFINVESTMENTS-2) | 1 |
| [M International Equity Fund](#MInternationalEquityFund-2) | 1 |
| [M Large Cap Growth Fund](#MLargeCapGrowthFund-2) | 24 |
| [M Capital Appreciation Fund](#MCapitalAppreciationFund-2) | 27 |
| [M Large Cap Value Fund](#MLargeCapValueFund-2) | 31 |
| [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 |
| [Report of Independent Registered Public Accounting Firm](#RIATxt-2) | 64 |
| [Supplemental Information](#SUPPLEMENTALINFORMATION-2) | 65 |
| [Other Information](#OTHERINFORMATION-2) | 66 |
| [**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**](#Item8-2) | 66 |
| [**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**](#Item9-2) | 66 |
| [**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**](#Item10-2) | 66 |
| [**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**](#Item11-2) | 66 |

---

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **COMMON STOCKS—66.1%** | **COMMON STOCKS—66.1%** |
| | **Australia—4.0%** | **Australia—4.0%** |
| 7658 | AGL Energy Ltd.§ | $47479 |
| 3644 | ALS Ltd.§ | 53397 |
| 82245 | AMP Ltd.§ | 99039 |
| 1049 | Ampol Ltd.§ | 22286 |
| 3899 | Ansell Ltd.†,§ | 91027 |
| 9438 | ANZ Group Holdings Ltd.§ | 228375 |
| 5371 | APA Group§ | 32128 |
| 2134 | ARB Corp. Ltd.†,§ | 44712 |
| 1231 | Aristocrat Leisure Ltd.§ | 47738 |
| 492 | ASX Ltd.§ | 16880 |
| 3906 | Atlas Arteria Ltd.§ | 12721 |
| 3580 | AUB Group Ltd.§ | 73542 |
| 51152 | Aurizon Holdings Ltd.§ | 124199 |
| 9559 | Austal Ltd.\*,§ | 42446 |
| 15336 | Bank of Queensland Ltd.§ | 66843 |
| 57818 | Beach Energy Ltd.†,§ | 45285 |
| 3408 | Bendigo & Adelaide Bank Ltd.§ | 23875 |
| 11589 | BHP Group Ltd.§ | 349710 |
| 7612 | BHP Group Ltd., ADR† | 459536 |
| 12902 | BHP Group Ltd., Class DI†,§ | 390354 |
| 3458 | BlueScope Steel Ltd.§ | 55312 |
| 8200 | Brambles Ltd.§ | 125692 |
| 2683 | Breville Group Ltd.†,§ | 52655 |
| 9319 | Capricorn Metals Ltd.§,\* | 88851 |
| 541 | CAR Group Ltd.§ | 11070 |
| 8997 | Challenger Ltd.§ | 56298 |
| 11591 | Champion Iron Ltd.†,§ | 46668 |
| 27247 | Cleanaway Waste Management Ltd.§ | 46973 |
| 253 | Cochlear Ltd.§ | 43847 |
| 1724 | Codan Ltd.§ | 32569 |
| 8429 | Coles Group Ltd.§ | 120603 |
| 4042 | Commonwealth Bank of Australia†,§ | 432147 |
| 3756 | Computershare Ltd.§ | 85301 |
| 2821 | Corporate Travel Management <br>Ltd.†,§ | 22685 |
| 1322 | CSL Ltd.§ | 152311 |
| 3553 | Dalrymple Bay Infrastructure Ltd.§ | 11862 |
| 1480 | Dicker Data Ltd.§ | 10143 |
| 25989 | Downer EDI Ltd.§ | 137505 |
| 50120 | Dyno Nobel Ltd.§ | 107040 |
| 4448 | Eagers Automotive Ltd.†,§ | 72882 |
| 11897 | Emerald Resources NL†,\*,§ | 49951 |
| 16177 | Endeavour Group Ltd.†,§ | 39431 |
| 10354 | Evolution Mining Ltd.§ | 87108 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Australia (Continued)** | **Australia (Continued)** |
| 3089 | EVT Ltd.§ | $25815 |
| 3366 | Flight Centre Travel Group Ltd.†,§ | 33652 |
| 11737 | Fortescue Ltd.†,§ | 171615 |
| 5777 | Genesis Minerals Ltd.†,\*,§ | 27771 |
| 7079 | Harvey Norman Holdings Ltd.†,§ | 32757 |
| 413 | HUB24 Ltd.§ | 26292 |
| 2262 | IDP Education Ltd.†,§ | 8703 |
| 6212 | IGO Ltd.\*,§ | 34004 |
| 12565 | Iluka Resources Ltd.†,§ | 48934 |
| 18310 | Insignia Financial Ltd.§,\* | 55720 |
| 21084 | Insurance Australia Group Ltd.§ | 112093 |
| 2093 | James Hardie Industries <br>PLC, CDI§,\* | 42976 |
| 896 | JB Hi-Fi Ltd.§ | 57398 |
| 15197 | Lendlease Corp. Ltd.§ | 52582 |
| 14208 | Lottery Corp. Ltd.§ | 48846 |
| 2708 | Lovisa Holdings Ltd.†,§ | 52706 |
| 1607 | Lynas Rare Earths Ltd.†,\*,§ | 13256 |
| 602 | Macquarie Group Ltd.§ | 81019 |
| 9423 | Medibank Pvt Ltd.§ | 30063 |
| 2585 | Megaport Ltd.†,\*,§ | 20772 |
| 38904 | Metcash Ltd.†,§ | 85642 |
| 1054 | Mineral Resources Ltd.\*,§ | 38262 |
| 1548 | Monadelphous Group Ltd.§ | 27243 |
| 24451 | Myer Holdings Ltd.†,§ | 7751 |
| 11533 | National Australia Bank Ltd.†,§ | 324783 |
| 1533 | Netwealth Group Ltd.§ | 26087 |
| 27710 | New Hope Corp. Ltd.†,§ | 74287 |
| 1909 | NEXTDC Ltd.†,\*,§ | 15886 |
| 16970 | nib holdings Ltd.§ | 77481 |
| 76777 | Nickel Industries Ltd.§ | 42685 |
| 51876 | Nine Entertainment Co. <br>Holdings Ltd.§ | 38431 |
| 7979 | Northern Star Resources Ltd.§ | 141535 |
| 8521 | NRW Holdings Ltd.§ | 29290 |
| 4275 | Orica Ltd.§ | 69051 |
| 7726 | Origin Energy Ltd.§ | 59178 |
| 36425 | Orora Ltd.†,§ | 53720 |
| 34173 | Perenti Ltd.§ | 63374 |
| 1919 | Perpetual Ltd.†,§ | 23778 |
| 55296 | Perseus Mining Ltd.§ | 208224 |
| 3475 | PEXA Group Ltd.†,\*,§ | 31083 |
| 13508 | PLS Group Ltd.†,\*,§ | 38055 |
| 1867 | Premier Investments Ltd.†,§ | 17145 |
| 319 | Pro Medicus Ltd.†,§ | 46711 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Australia (Continued)** | **Australia (Continued)** |
| 1804 | Qantas Airways Ltd.§ | $12446 |
| 13764 | QBE Insurance Group Ltd.§ | 182343 |
| 9918 | Qube Holdings Ltd.§ | 31490 |
| 61709 | Ramelius Resources Ltd.§ | 170340 |
| 1823 | Ramsay Health Care Ltd.§ | 41750 |
| 355 | REA Group Ltd.†,§ | 43453 |
| 2536 | Reece Ltd.†,§ | 22613 |
| 32230 | Regis Resources Ltd.§ | 161408 |
| 21598 | Reliance Worldwide Corp. Ltd.§ | 55444 |
| 90233 | Resolute Mining Ltd.\*,§ | 73388 |
| 2719 | Rio Tinto Ltd.†,§ | 266456 |
| 9237 | Sandfire Resources Ltd.\*,§ | 110495 |
| 35535 | Santos Ltd.§ | 145749 |
| 1678 | SEEK Ltd.§ | 25787 |
| 907 | SGH Ltd.†,§ | 27952 |
| 57922 | Sigma Healthcare Ltd.†,§ | 113616 |
| 5449 | Sims Ltd.§ | 65187 |
| 3263 | Sonic Healthcare Ltd.§ | 49204 |
| 21157 | South32 Ltd.§ | 50228 |
| 13307 | Stanmore Resources Ltd.§ | 20605 |
| 8695 | Steadfast Group Ltd.§ | 30598 |
| 7603 | Suncorp Group Ltd.§ | 89308 |
| 5725 | Super Retail Group Ltd.§ | 61141 |
| 69176 | Tabcorp Holdings Ltd.§ | 45548 |
| 1750 | Technology One Ltd.§ | 32441 |
| 24644 | Telstra Group Ltd.§ | 79944 |
| 2964 | TPG Telecom Ltd.§ | 7482 |
| 10369 | Transurban Group§ | 98062 |
| 3558 | Treasury Wine Estates Ltd.§ | 12443 |
| 3895 | Tuas Ltd.§,\* | 18318 |
| 23709 | Vault Minerals Ltd.§,\* | 85948 |
| 24287 | Ventia Services Group Pty. Ltd.§ | 96160 |
| 37802 | Viva Energy Group Ltd.#,§ | 51655 |
| 2801 | Washington H Soul Pattinson & <br>Co. Ltd.§ | 69267 |
| 5033 | Wesfarmers Ltd.§ | 271294 |
| 42238 | West African Resources Ltd.\* | 84563 |
| 8296 | Westgold Resources Ltd.§ | 35416 |
| 15208 | Westpac Banking Corp.†,§ | 390518 |
| 17855 | Whitehaven Coal Ltd.§ | 92275 |
| 679 | WiseTech Global Ltd.†,§ | 30774 |
| 15141 | Woodside Energy Group Ltd.†,§ | 237087 |
| 1661 | Woodside Energy Group Ltd., ADR† | 25895 |
| 5982 | Woolworths Group Ltd.§ | 117158 |
| 3162 | Worley Ltd.§ | 26496 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Australia (Continued)** | **Australia (Continued)** | **Australia (Continued)** |
| 838 | Xero Ltd.§,\* | $| 63363 |
| 6051 | Yancoal Australia Ltd.†,§ |  | 19978 |
|  |  |  | 10520218 |
|  | **Austria—0.5%** | **Austria—0.5%** | **Austria—0.5%** |
| 1865 | ANDRITZ AG§ |  | 145519 |
| 2002 | BAWAG Group AG§,# |  | 300932 |
| 1666 | Erste Group Bank AG§ |  | 200436 |
| 799 | EVN AG§ |  | 25441 |
| 1665 | OMV AG§ |  | 92617 |
| 3082 | Raiffeisen Bank International AG§ |  | 137821 |
| 527 | Strabag SE, Bearer Shares§ |  | 50173 |
| 3952 | Telekom Austria AG§ |  | 41781 |
| 2837 | UNIQA Insurance Group AG§ |  | 51356 |
| 308 | Verbund AG§ |  | 22484 |
| 1119 | Vienna Insurance Group AG Wiener <br>Versicherung Gruppe§ |  | 88026 |
| 3281 | voestalpine AG§ |  | 144677 |
|  |  |  | 1301263 |
|  | **Belgium—0.6%** | **Belgium—0.6%** | **Belgium—0.6%** |
| 831 | Ackermans & van Haaren NV§ |  | 225379 |
| 1905 | Ageas SA§ |  | 133546 |
| 6082 | Anheuser-Busch InBev SA§ |  | 390224 |
| 43 | Argenx SE\*,§ |  | 36191 |
| 1680 | Azelis Group NV§ |  | 18470 |
| 2193 | CMB Tech NV |  | 21364 |
| 1027 | Colruyt Group NV†,§ |  | 38111 |
| 285 | D'ieteren Group§ |  | 51339 |
| 224 | Deme Group NV§ |  | 36567 |
| 275 | Elia Group SA§ |  | 35457 |
| 1781 | KBC Group NV§ |  | 231500 |
| 9 | Lotus Bakeries NV†,§ |  | 83030 |
| 2468 | Syensqo SA†,§ |  | 198210 |
| 517 | UCB SA§ |  | 144200 |
| 3740 | Umicore SA§ |  | 78056 |
|  |  |  | 1721644 |
|  | **Canada—8.3%** | **Canada—8.3%** | **Canada—8.3%** |
| 2479 | Agnico Eagle Mines Ltd. |  | 420322 |
| 4662 | Air Canada\* |  | 65520 |
| 3808 | Alamos Gold, Inc., Class A |  | 146991 |
| 7091 | Algonquin Power & Utilities Corp.† |  | 43610 |
| 3609 | Algonquin Power & Utilities Corp. |  | 22192 |
| 5591 | Alimentation Couche-Tard, Inc. |  | 305345 |
| 3374 | AltaGas Ltd. |  | 102876 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Canada (Continued)** | **Canada (Continued)** |
| 8136 | ARC Resources Ltd. | $152637 |
| 2408 | Aritzia, Inc.\* | 205879 |
| 1500 | Atco Ltd., Class I | 61615 |
| 1848 | AtkinsRealis Group, Inc. | 119291 |
| 553 | ATS Corp.\* | 15234 |
| 509 | ATS Corp.†,\* | 14018 |
| 44637 | B2Gold Corp. | 201220 |
| 4474 | Bank of Montreal | 581028 |
| 7207 | Bank of Nova Scotia | 531540 |
| 6365 | Barrick Mining Corp. | 277196 |
| 1119 | Bausch & Lomb Corp.\* | 19112 |
| 2683 | Bausch Health Cos., Inc.\* | 18629 |
| 17989 | Baytex Energy Corp. | 58192 |
| 753 | BCE, Inc. | 17962 |
| 550 | Bombardier, Inc., Class B\* | 93567 |
| 467 | Boyd Group, Inc. | 74387 |
| 2076 | Brookfield Corp. | 95293 |
| 1054 | Brookfield Infrastructure Corp., <br>Class A† | 47852 |
| 700 | Brookfield Infrastructure Corp., <br>Class A | 31778 |
| 940 | BRP, Inc. | 66494 |
| 5492 | CAE, Inc.†,\* | 167067 |
| 520 | Cameco Corp. | 47615 |
| 442 | Canada Packers, Inc. | 5181 |
| 6281 | Canadian Imperial Bank of <br>Commerce | 569411 |
| 2000 | Canadian National Railway Co. | 197807 |
| 655 | Canadian National Railway Co.† | 64747 |
| 17284 | Canadian Natural Resources Ltd. | 585431 |
| 2806 | Canadian Pacific Kansas City Ltd. | 206603 |
| 2478 | Canadian Tire Corp. Ltd., Class A | 314031 |
| 1711 | Canadian Utilities Ltd., Class A | 53267 |
| 3694 | Capital Power Corp. | 157578 |
| 10798 | Capstone Copper Corp.\* | 108409 |
| 1524 | CCL Industries, Inc., Class B | 96267 |
| 889 | Celestica, Inc.\* | 262869 |
| 16868 | Cenovus Energy, Inc. | 285390 |
| 1250 | CGI, Inc. | 115418 |
| 325 | Colliers International Group, Inc. | 47769 |
| 389 | Colliers International Group, Inc.† | 57187 |
| 122 | Constellation Software, Inc. | 293447 |
| 3054 | Definity Financial Corp. | 168948 |
| 511 | Descartes Systems Group, Inc.\* | 44794 |
| 1940 | Dollarama, Inc. | 289950 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Canada (Continued)** | **Canada (Continued)** |
| 9286 | DPM Metals, Inc. | $286993 |
| 3700 | E-L Financial Corp. Ltd. | 43859 |
| 9101 | Eldorado Gold Corp.\* | 326979 |
| 4175 | Element Fleet Management Corp. | 109656 |
| 2063 | Emera, Inc. | 101666 |
| 4105 | Empire Co. Ltd., Class A | 142720 |
| 7933 | Enbridge, Inc. | 379551 |
| 2946 | Endeavour Mining PLC | 151705 |
| 9049 | Equinox Gold Corp.\* | 127048 |
| 600 | Exchange Income Corp. | 35828 |
| 112 | Fairfax Financial Holdings Ltd. | 213456 |
| 4241 | Finning International, Inc. | 229794 |
| 9374 | First Majestic Silver Corp. | 156171 |
| 3171 | First Quantum Minerals Ltd.\* | 85019 |
| 457 | FirstService Corp. | 71071 |
| 2327 | Fortis, Inc. | 120983 |
| 537 | Franco-Nevada Corp. | 111309 |
| 935 | George Weston Ltd. | 64504 |
| 614 | GFL Environmental, Inc. | 26371 |
| 2386 | Gildan Activewear, Inc. | 149055 |
| 543 | Great-West Lifeco, Inc. | 26779 |
| 21743 | Hudbay Minerals, Inc. | 431620 |
| 1698 | Hydro One Ltd.# | 67596 |
| 1315 | iA Financial Corp., Inc. | 170374 |
| 28442 | IAMGOLD Corp.\* | 469050 |
| 1580 | Imperial Oil Ltd. | 136456 |
| 1088 | Intact Financial Corp. | 226494 |
| 1068 | Ivanhoe Mines Ltd., Class A\* | 12146 |
| 6100 | K92 Mining, Inc.\* | 100841 |
| 4859 | Keyera Corp. | 155766 |
| 11507 | Kinross Gold Corp. | 324066 |
| 1589 | Linamar Corp. | 96043 |
| 2612 | Loblaw Cos. Ltd. | 118083 |
| 700 | Lundin Gold, Inc. | 58150 |
| 3887 | Lundin Mining Corp. | 83543 |
| 3172 | Magna International, Inc. | 169098 |
| 3404 | Manulife Financial Corp. | 123606 |
| 2212 | Maple Leaf Foods, Inc. | 40177 |
| 1000 | Methanex Corp. | 39663 |
| 1582 | Metro, Inc. | 113865 |
| 1522 | National Bank of Canada | 191405 |
| 24483 | New Gold, Inc.\* | 213289 |
| 9492 | Northland Power, Inc. | 123443 |
| 4242 | Nutrien Ltd. | 261816 |
| 12082 | OceanaGold Corp. | 342421 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Canada (Continued)** | **Canada (Continued)** |
| 5918 | Open Text Corp. | $192793 |
| 1875 | OR Royalties, Inc. | 66418 |
| 3941 | Pan American Silver Corp. | 204256 |
| 900 | Pembina Pipeline Corp.† | 34254 |
| 2049 | Pembina Pipeline Corp. | 78061 |
| 7100 | Peyto Exploration & <br>Development Corp. | 117475 |
| 800 | Premium Brands Holdings Corp. | 59282 |
| 3512 | Quebecor, Inc., Class B | 132287 |
| 1095 | RB Global, Inc. | 112695 |
| 422 | Restaurant Brands <br>International, Inc.† | 28793 |
| 1200 | Restaurant Brands <br>International, Inc. | 81886 |
| 3924 | Rogers Communications, <br>Inc., Class B | 148120 |
| 9360 | Royal Bank of Canada | 1595677 |
| 1704 | Saputo, Inc. | 51286 |
| 500 | Shopify, Inc., Class A\* | 80507 |
| 6303 | South Bow Corp.† | 173143 |
| 488 | South Bow Corp. | 13422 |
| 987 | Spin Master Corp.# | 13699 |
| 4155 | SSR Mining, Inc.\* | 91089 |
| 704 | Stantec, Inc. | 66432 |
| 1500 | Stella-Jones, Inc. | 93035 |
| 122 | Strathcona Resources Ltd. | 2518 |
| 468 | Sun Life Financial, Inc.† | 29203 |
| 3765 | Sun Life Financial, Inc. | 235026 |
| 14868 | Suncor Energy, Inc. | 659714 |
| 2409 | TC Energy Corp.† | 132519 |
| 2272 | Teck Resources Ltd., Class B | 108771 |
| 640 | TFI International, Inc. | 66152 |
| 51 | Thomson Reuters Corp.† | 6726 |
| 276 | Thomson Reuters Corp. | 36423 |
| 1130 | TMX Group Ltd. | 43000 |
| 3700 | Torex Gold Resources, Inc. | 176677 |
| 1513 | Toromont Industries Ltd. | 183041 |
| 6706 | Toronto-Dominion Bank | 632027 |
| 2837 | Tourmaline Oil Corp. | 127262 |
| 7825 | TransAlta Corp. | 98965 |
| 838 | Triple Flag Precious Metals Corp. | 27838 |
| 2344 | Vermilion Energy, Inc. | 19503 |
| 176 | Victoria Gold Corp./Vancouver§,\* | 12 |
| 787 | Waste Connections, Inc. | 138014 |
| 1230 | West Fraser Timber Co. Ltd. | 75204 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|**Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** | **Canada (Continued)** |
| 346 | Wheaton Precious Metals Corp. | $| 40676 |
| 22928 | Whitecap Resources, Inc. |  | 192104 |
| 12871 | Whitecap Resources, Inc.† |  | 107859 |
| 822 | WSP Global, Inc. |  | 148835 |
|  |  |  | 21681173 |
|  | **Denmark—1.4%** | **Denmark—1.4%** | **Denmark—1.4%** |
| 2025 | AL Sydbank§ |  | 180566 |
| 3596 | ALK-Abello AS§,\* |  | 129005 |
| 13309 | Alm Brand AS§ |  | 39553 |
| 15 | AP Moller—Maersk AS, Class A§ |  | 34545 |
| 30 | AP Moller—Maersk AS, Class B§ |  | 69148 |
| 799 | Carlsberg AS, Class B§ |  | 104742 |
| 610 | Coloplast AS, Class B§ |  | 52360 |
| 4232 | Danske Bank AS§ |  | 211114 |
| 3204 | Demant AS\*,§ |  | 108155 |
| 275 | DSV AS§ |  | 69203 |
| 348 | Genmab AS§,\* |  | 107537 |
| 8387 | H Lundbeck AS§ |  | 56929 |
| 4236 | H Lundbeck AS, Class A§ |  | 24112 |
| 5190 | ISS AS§ |  | 177275 |
| 1595 | Jyske Bank AS, Registered§ |  | 218124 |
| 2216<br> NK | AS§,\* |  | 277028 |
| 15655 | Novo Nordisk AS, Class B§ |  | 797979 |
| 1873 | Novonesis Novozymes B, Class B§ |  | 119947 |
| 3322 | Orsted AS\*,#,§ |  | 63748 |
| 728 | Pandora AS§ |  | 80522 |
| 859 | Ringkjoebing Landbobank AS§ |  | 206653 |
| 2239 | Rockwool AS, Class A§ |  | 78903 |
| 2710 | Rockwool AS, Class B§ |  | 95388 |
| 1163 | Royal Unibrew AS§ |  | 105114 |
| 2761 | Tryg AS§ |  | 72263 |
| 4343 | Vestas Wind Systems AS§ |  | 117255 |
|  |  |  | 3597168 |
|  | **Finland—1.1%** | **Finland—1.1%** | **Finland—1.1%** |
| 4024 | Elisa OYJ§ |  | 178586 |
| 3644 | Finnair OYJ†,§ |  | 13453 |
| 3055 | Fortum OYJ§ |  | 65014 |
| 2590 | Huhtamaki OYJ§ |  | 90263 |
| 844 | Kalmar OYJ , Class B§ |  | 39932 |
| 2475 | Kesko OYJ, Class A†,§ |  | 56076 |
| 8405 | Kesko OYJ, Class B†,§ |  | 190133 |
| 2284 | Kone OYJ, Class B§ |  | 162000 |
| 1954 | Konecranes OYJ§ |  | 214383 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Finland (Continued)** | **Finland (Continued)** | **Finland (Continued)** |
| 8843 | Mandatum OYJ§ | $| 71160 |
| 6379 | Metso OYJ§ |  | 111294 |
| 1635 | Neste OYJ†,§ |  | 36999 |
| 14164 | Nokia OYJ§ |  | 91740 |
| 4523 | Nokia OYJ, ADR |  | 29264 |
| 17546 | Nordea Bank Abp§ |  | 330748 |
| 727 | Orion OYJ, Class A§ |  | 53932 |
| 2852 | Orion OYJ, Class B§ |  | 212969 |
| 17450 | Sampo OYJ, Class A§ |  | 211437 |
| 16255 | Stora Enso OYJ, Class R†,§ |  | 203525 |
| 2814 | UPM-Kymmene OYJ§ |  | 81547 |
| 4926 | Valmet OYJ†,§ |  | 163099 |
| 3965 | Wartsila OYJ Abp§ |  | 140281 |
|  |  |  | 2747835 |
|  | **France—5.2%** | **France—5.2%** | **France—5.2%** |
| 1160 | Accor SA§ |  | 65727 |
| 376 | Aeroports de Paris SA†,§ |  | 49124 |
| 971 | Air France-KLM†,\*,§ |  | 13142 |
| 1619 | Air Liquide SA§ |  | 304671 |
| 1466 | Airbus SE§ |  | 340044 |
| 10994 | Alstom SA§,\* |  | 325453 |
| 514 | Amundi SA#,§ |  | 42510 |
| 2048 | Arkema SA§ |  | 125287 |
| 4899 | AXA SA§ |  | 235616 |
| 6942 | Ayvens SA§,# |  | 92936 |
| 393 | BioMerieux§ |  | 50883 |
| 3310 | BNP Paribas SA§ |  | 313211 |
| 2694 | Bouygues SA§ |  | 139656 |
| 2824 | Bureau Veritas SA§ |  | 89932 |
| 899 | Capgemini SE§ |  | 148886 |
| 20987 | Carrefour SA§ |  | 350072 |
| 3251 | Cie de Saint-Gobain SA§ |  | 330019 |
| 5369 | Cie Generale des Etablissements <br>Michelin SCA§ |  | 178057 |
| 3850 | Clariane SE\*,§ |  | 17744 |
| 4277 | Credit Agricole SA§ |  | 87795 |
| 964 | Danone SA§ |  | 86981 |
| 24 | Dassault Aviation SA§ |  | 7691 |
| 1320 | Dassault Systemes SE§ |  | 36868 |
| 2327 | Edenred SE§ |  | 51696 |
| 1299 | Eiffage SA§ |  | 186312 |
| 8202 | Elis SA§ |  | 233141 |
| 14139 | Engie SA§ |  | 371765 |
| 388 | EssilorLuxottica SA§ |  | 122676 |
| 1472 | Eurofins Scientific SE§ |  | 107656 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **France (Continued)** | **France (Continued)** |
| 557 | Euronext NV#,§ | $83602 |
| 2974 | FDJ UNITED†,§ | 82454 |
| 1038 | Gaztransport Et Technigaz SA§ | 190434 |
| 3075 | Getlink SE§ | 56841 |
| 155 | Hermes International SCA§ | 382958 |
| 585 | Imerys SA§ | 16460 |
| 319 | Interparfums SA§ | 9421 |
| 1199 | Ipsen SA§ | 167459 |
| 2579 | JCDecaux SE§ | 46776 |
| 390 | Kering SA§ | 137616 |
| 600 | L'Oreal SA§ | 257720 |
| 1237 | Legrand SA§ | 183826 |
| 1598 | LVMH Moet Hennessy Louis <br>Vuitton SE§ | 1204732 |
| 1449 | Nexans SA§ | 213083 |
| 22837 | Orange SA§ | 381039 |
| 659 | Pernod Ricard SA§ | 56416 |
| 579 | Pluxee NV†,§ | 9071 |
| 1449 | Publicis Groupe SA§ | 150321 |
| 3983 | Renault SA§ | 164892 |
| 6407 | Rexel SA§ | 251839 |
| 1264 | Rubis SCA§ | 47661 |
| 1661 | Safran SA§ | 577996 |
| 2397 | Sanofi SA§ | 232552 |
| 19 | Sartorius Stedim Biotech§ | 4675 |
| 1406 | Schneider Electric SE§ | 385387 |
| 6876 | SCOR SE§ | 231177 |
| 4891 | Societe Generale SA§ | 394057 |
| 2165 | Sodexo SA§ | 110913 |
| 272 | Sopra Steria Group§ | 49194 |
| 4473 | SPIE SA§ | 257477 |
| 3434 | STMicroelectronics NV§ | 88995 |
| 1577 | STMicroelectronics NV, Registered | 40907 |
| 6187 | Technip Energies NV§ | 235003 |
| 2518 | Teleperformance SE§ | 181429 |
| 428 | Thales SA§ | 115603 |
| 17627 | TotalEnergies SE§ | 1148890 |
| 191 | Trigano SA§ | 39366 |
| 6427 | Vallourec SACA†,§ | 118218 |
| 2909 | Veolia Environnement SA§ | 101355 |
| 3910 | Vinci SA§ | 549071 |
| 12678 | Vivendi SE§ | 35182 |
| 90 | VusionGroup§ | 21466 |
| 2202 | Worldline SA†,#,\*,§ | 4013 |
|  |  | 13523098 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Germany—5.1%** | **Germany—5.1%** |
| 952 | adidas AG§ | $187400 |
| 575 | Allianz SE, Registered§ | 263734 |
| 878 | Aumovio SE\*,§ | 44244 |
| 1264 | Aurubis AG§ | 184479 |
| 8301 | BASF SE§ | 433666 |
| 10754 | Bayer AG, Registered§ | 463897 |
| 1815 | Bayerische Motoren Werke AG§ | 198446 |
| 2780 | Bechtle AG§ | 142727 |
| 325 | Beiersdorf AG§ | 35765 |
| 876 | Bilfinger SE§ | 110559 |
| 4639 | Brenntag SE§ | 270189 |
| 925 | Carl Zeiss Meditec AG, <br>Bearer Shares§ | 43430 |
| 3830 | Commerzbank AG§ | 162147 |
| 1756 | Continental AG§ | 140182 |
| 1501 | CTS Eventim AG & Co. KGaA§ | 137780 |
| 4527 | Daimler Truck Holding AG§ | 198507 |
| 1140 | Delivery Hero SE\*,#,§ | 30437 |
| 800 | Deutsche Bank AG, Registered | 30848 |
| 11171 | Deutsche Bank AG, Registered§ | 434492 |
| 1149 | Deutsche Boerse AG§ | 301798 |
| 9773 | Deutsche Lufthansa AG, Registered§ | 96639 |
| 8585 | Deutsche Post AG§ | 470220 |
| 32469 | Deutsche Telekom AG, Registered§ | 1053208 |
| 943 | Deutsche Wohnen SE§ | 22934 |
| 390 | DWS Group GmbH & <br>Co. KGaA§,# | 25833 |
| 15308 | E.ON SE§ | 290192 |
| 7742 | Evonik Industries AG§ | 121501 |
| 655 | Fielmann Group AG§ | 33510 |
| 1979 | flatexDEGIRO AG§ | 84809 |
| 1460 | Fraport AG Frankfurt Airport <br>Services Worldwide§,\* | 119440 |
| 5080 | Freenet AG§ | 175073 |
| 2203 | Fresenius Medical Care AG§ | 105546 |
| 2089 | Fresenius SE & Co. KGaA§ | 120233 |
| 939 | FUCHS SE§ | 33092 |
| 3525 | GEA Group AG§ | 239324 |
| 330 | Hannover Rueck SE§ | 103106 |
| 188 | Hapag-Lloyd AG§,# | 25981 |
| 1186 | Heidelberg Materials AG§ | 310577 |
| 844 | Henkel AG & Co. KGaA§ | 64479 |
| 1340 | Hensoldt AG§ | 115799 |
| 135 | HOCHTIEF AG§ | 53433 |
| 7904 | Infineon Technologies AG§ | 350217 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Germany (Continued)** | **Germany (Continued)** | **Germany (Continued)** |
| 3794 | KION Group AG§ | $| 303360 |
| 919 | Knorr-Bremse AG§ |  | 102769 |
| 593 | Krones AG§ |  | 94619 |
| 1874 | LEG Immobilien SE§ |  | 136860 |
| 2405 | Mercedes-Benz Group AG§ |  | 169718 |
| 593 | Merck KGaA§ |  | 85120 |
| 441 | MTU Aero Engines AG§ |  | 183949 |
| 846 | Muenchener Rueckversicherungs-<br>Gesellschaft AG in Muenchen, <br>Registered§ |  | 558680 |
| 663 | Nemetschek SE§ |  | 72293 |
| 3080 | Nordex SE§,\* |  | 105370 |
| 4631 | Puma SE§ |  | 120162 |
| 2143 | Qiagen NV§ |  | 97812 |
| 5548 | Qiagen NV† |  | 249494 |
| 97 | Rational AG§ |  | 75082 |
| 1363 | RENK Group AG§ |  | 85345 |
| 199 | Rheinmetall AG§ |  | 364907 |
| 1496 | RTL Group SA§ |  | 60432 |
| 3022 | RWE AG§ |  | 160803 |
| 1493 | SAP SE§ |  | 365305 |
| 7857 | Schaeffler AG§ |  | 77150 |
| 1449 | Scout24 SE#,§ |  | 146053 |
| 1021 | Siemens AG, Registered§ |  | 286734 |
| 1755 | Siemens Energy AG§,\* |  | 248030 |
| 1389 | Siemens Healthineers AG§,# |  | 72891 |
| 668 | Sixt SE§ |  | 55538 |
| 871 | Symrise AG§ |  | 70482 |
| 764 | Talanx AG§ |  | 101983 |
| 16458 | thyssenkrupp AG§ |  | 177930 |
| 822 | Tkms AG& Co. KGaA\*,§ |  | 63636 |
| 13698 | TUI AG§,\* |  | 144556 |
| 4525 | United Internet AG, Registered§ |  | 146083 |
| 418 | Volkswagen AG§ |  | 51608 |
| 3419 | Vonovia SE§ |  | 98577 |
| 615 | Wacker Chemie AG§ |  | 50106 |
| 7176 | Zalando SE§,\*,# |  | 213063 |
|  |  |  | 13226373 |
|  | **Hong Kong—1.2%** | **Hong Kong—1.2%** | **Hong Kong—1.2%** |
| 49400 | AIA Group Ltd.§ |  | 507412 |
| 7800 | ASMPT Ltd.§ |  | 77622 |
| 41411 | Bank of East Asia Ltd.§ |  | 70799 |
| 17000 | BOC Hong Kong Holdings Ltd.§ |  | 85955 |
| 20000 | Bright Smart Securities & <br>Commodities Group Ltd.\*,§ |  | 20641 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Hong Kong (Continued)** | **Hong Kong (Continued)** |
| 9600 | Budweiser Brewing Co. <br>APAC Ltd.§,# | $9338 |
| 10181 | Cathay Pacific Airways Ltd.§ | 16237 |
| 10906 | CK Asset Holdings Ltd.§ | 54935 |
| 13000 | CK Hutchison Holdings Ltd.§ | 88569 |
| 2500 | CK Infrastructure Holdings Ltd.§ | 18502 |
| 6500 | CLP Holdings Ltd.§ | 58077 |
| 8000 | Cowell e Holdings, Inc.§,\* | 28262 |
| 41341 | CTF Services Ltd.§ | 39653 |
| 98000 | First Pacific Co. Ltd.§ | 74939 |
| 78000 | FIT Hon Teng Ltd.§,\*,# | 49101 |
| 10000 | Galaxy Entertainment Group Ltd.§ | 49047 |
| 66000 | Guotai Junan International <br>Holdings Ltd.§ | 21501 |
| 20000 | Hang Lung Group Ltd.§ | 39140 |
| 75087 | Hang Lung Properties Ltd.§ | 82921 |
| 3800 | Hang Seng Bank Ltd.§ | 74948 |
| 8500 | Henderson Land Development <br>Co. Ltd.§ | 30666 |
| 24500 | HK Electric Investments & HK <br>Electric Investments Ltd.§ | 19832 |
| 48000 | HKT Trust & HKT Ltd.§ | 70938 |
| 44457 | Hong Kong & China Gas Co. Ltd.§ | 40004 |
| 5406 | Hong Kong Exchanges & <br>Clearing Ltd.§ | 282463 |
| 10000 | Hysan Development Co. Ltd.§ | 24234 |
| 11500 | Johnson Electric Holdings Ltd.§ | 43573 |
| 26500 | Kerry Properties Ltd.§ | 68853 |
| 9991 | Kowloon Development Co. Ltd.§ | 5507 |
| 36400 | Man Wah Holdings Ltd.§ | 21346 |
| 16000 | MGM China Holdings Ltd.§ | 26856 |
| 6185 | MTR Corp. Ltd.§ | 23651 |
| 28188 | NagaCorp Ltd.§ | 16832 |
| 44000 | NewOcean Energy Holdings Ltd.§,\* |  |
| 52789 | PCCW Ltd.§ | 36576 |
| 6000 | Power Assets Holdings Ltd.§ | 42497 |
| 4800 | PRADA SpA§ | 27679 |
| 49200 | Samsonite Group SA§,# | 125631 |
| 9600 | Sands China Ltd.§ | 24194 |
| 12000 | Shandong Hi-Speed Holdings <br>Group Ltd.§,\* | 2097 |
| 22000 | Shangri-La Asia Ltd.§ | 13427 |
| 18000 | SITC International Holdings <br>Co. Ltd.§ | 64309 |
| 96250 | SJM Holdings Ltd.§,\* | 29722 |
| 3500 | Sun Hung Kai Properties Ltd.§ | 42460 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Hong Kong (Continued)** | **Hong Kong (Continued)** | **Hong Kong (Continued)** |
| 23000 | SUNeVision Holdings Ltd.§ | $| 13565 |
| 2000 | Swire Pacific Ltd., Class A§ |  | 16085 |
| 15000 | Swire Pacific Ltd., Class B§ |  | 22360 |
| 6200 | Swire Properties Ltd.§ |  | 16695 |
| 8000 | Techtronic Industries Co. Ltd.§ |  | 91910 |
| 42000 | United Laboratories International <br>Holdings Ltd.§ |  | 62383 |
| 60826 | WH Group Ltd.§,# |  | 67719 |
| 12000 | Wharf Real Estate Investment <br>Co. Ltd.§ |  | 37812 |
| 27200 | Wynn Macau Ltd.§ |  | 20683 |
| 62062 | Xinyi Glass Holdings Ltd.§ |  | 65782 |
| 35500 | Yue Yuen Industrial Holdings Ltd.§ |  | 72782 |
|  |  |  | 3038722 |
|  | **Ireland—0.2%** | **Ireland—0.2%** | **Ireland—0.2%** |
| 23256 | AIB Group PLC§ |  | 249902 |
| 8063 | Bank of Ireland Group PLC§ |  | 154256 |
| 2376 | Glanbia PLC§ |  | 40738 |
| 602 | Kerry Group PLC, Class A§ |  | 55183 |
| 1085 | Kingspan Group PLC§ |  | 93755 |
|  |  |  | 593834 |
|  | **Israel—0.9%** | **Israel—0.9%** | **Israel—0.9%** |
| 182 | AFI Properties Ltd.§,\* |  | 13362 |
| 162 | Africa Israel Residences Ltd.§ |  | 14055 |
| 734 | Airport City Ltd.§,\* |  | 14361 |
| 160 | Alrov Properties & Lodgings Ltd.§ |  | 12363 |
| 2317 | Amot Investments Ltd.§ |  | 18188 |
| 471 | Ashtrom Group Ltd.§ |  | 10356 |
| 154 | Azrieli Group Ltd.§ |  | 17432 |
| 8351 | Bank Hapoalim BM§ |  | 188933 |
| 11303 | Bank Leumi Le-Israel BM§ |  | 249153 |
| 133 | Bet Shemesh Engines Holdings <br>1997 Ltd.§,\* |  | 31324 |
| 17522 | Bezeq The Israeli Telecommunication <br>Corp. Ltd.§ |  | 39059 |
| 92 | Big Shopping Centers Ltd.§ |  | 22082 |
| 124 | Blue Square Real Estate Ltd.§ |  | 15413 |
| 2419 | Carasso Motors Ltd.§,\* |  | 26950 |
| 3153 | Cellcom Israel Ltd.§ |  | 37156 |
| 614 | Clal Insurance Enterprises <br>Holdings Ltd.§ |  | 39559 |
| 142 | Danel Adir Yeoshua Ltd.§ |  | 21014 |
| 523 | Danya Cebus Ltd.§ |  | 23322 |
| 260 | Delek Automotive Systems Ltd.§ |  | 1985 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Israel (Continued)** | **Israel (Continued)** |
| 70 | Delek Group Ltd.§ | $18704 |
| 208 | Delta Galil Ltd.§ | 11351 |
| 5933 | El Al Israel Airlines§,\* | 30433 |
| 37 | Elbit Systems Ltd. | 21375 |
| 600 | Electra Ltd.§ | 20508 |
| 111 | Enlight Renewable Energy Ltd.§,\* | 5047 |
| 50 | Equital Ltd.§,\* | 2531 |
| 1 | Fattal Holdings 1998 Ltd.§,\* | 205 |
| 395 | First International Bank of <br>Israel Ltd.§ | 31069 |
| 122 | Formula Systems 1985 Ltd., ADR† | 21413 |
| 81 | Fox Wizel Ltd.§ | 7956 |
| 1072 | Harel Insurance Investments & <br>Financial Services Ltd.§ | 41723 |
| 313 | Hilan Ltd.§ | 25919 |
| 1012 | ICL Group Ltd.§ | 5804 |
| 3574 | Inrom Construction Industries Ltd.§ | 24689 |
| 1 | Isracard Ltd.§ | 3 |
| 7087 | Israel Discount Bank Ltd., Class A§ | 75261 |
| 50 | Isras Investment Co. Ltd.§ | 15448 |
| 302 | Kenon Holdings Ltd.§ | 19895 |
| 955 | Kvutzat Acro Ltd.§ | 13806 |
| 521 | Lapidoth Capital Ltd.§ | 15792 |
| 325 | M Yochananof & Sons Ltd.§ | 34526 |
| 267 | Matrix IT Ltd.§ | 11704 |
| 3109 | Max Stock Ltd.§ | 24949 |
| 252 | Mega Or Holdings Ltd.§ | 21366 |
| 587 | Meitav Investment House Ltd.§ | 21307 |
| 526 | Menora Mivtachim Holdings Ltd.§ | 65667 |
| 5819 | Mivne Real Estate KD Ltd.§ | 28486 |
| 1235 | Mizrahi Tefahot Bank Ltd.§ | 86245 |
| 515 | Next Vision Stabilized <br>Systems Ltd.§ | 33946 |
| 156 | Nice Ltd.§,\* | 17701 |
| 12 | Nice Ltd., ADR†,\* | 1356 |
| 58 | Nova Ltd.§,\* | 19330 |
| 71300 | Oil Refineries Ltd.§ | 22188 |
| 831 | One Software Technologies Ltd.§ | 22966 |
| 564 | OY Nofar Energy Ltd.§,\* | 19853 |
| 2855 | Partner Communications Co. Ltd.§ | 34506 |
| 109 | Paz Retail & Energy Ltd.§ | 24464 |
| 1791 | Phoenix Financial Ltd.§ | 74117 |
| 394 | Prashkovsky Investments & <br>Construction Ltd.\*,§ | 19370 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Israel (Continued)** | **Israel (Continued)** | **Israel (Continued)** |
| 282 | Rami Levy Chain Stores Hashikma <br>Marketing 2006 Ltd.§ | $| 31133 |
| 1204 | Retailors Ltd.§ |  | 16064 |
| 1415 | Shapir Engineering & Industry Ltd.§ |  | 13903 |
| 5468 | Shikun & Binui Ltd.§,\* |  | 31591 |
| 2661 | Shufersal Ltd.§ |  | 33218 |
| 595 | Strauss Group Ltd.§ |  | 20721 |
| 1975 | Tamar Petroleum Ltd.§,# |  | 23486 |
| 1120 | Tel Aviv Stock Exchange Ltd.§ |  | 33317 |
| 473 | Teva Pharmaceutical Industries <br>Ltd.§,\* |  | 14855 |
| 6714 | Teva Pharmaceutical Industries <br>Ltd., ADR\* |  | 209544 |
| 160 | Tower Semiconductor Ltd.\* |  | 18787 |
| 2836 | Veridis Environment Ltd.§,\* |  | 32000 |
| 1594 | YD More Investments Ltd.§ |  | 28279 |
|  |  |  | 2295944 |
|  | **Italy—2.1%** | **Italy—2.1%** | **Italy—2.1%** |
| 54886 | A2A SpA§ |  | 148836 |
| 1699 | ACEA SpA§ |  | 44124 |
| 2261 | Amplifon SpA§ |  | 36435 |
| 3420 | Azimut Holding SpA§ |  | 142882 |
| 1582 | Banca Generali SpA§ |  | 105962 |
| 1670 | Banca Mediolanum SpA§ |  | 38026 |
| 4690 | Banca Monte dei Paschi di <br>Siena SpA§ |  | 49928 |
| 8540 | Banco BPM SpA†,§ |  | 129720 |
| 9455 | BPER Banca SpA§ |  | 127855 |
| 920 | Brunello Cucinelli SpA†,§ |  | 105867 |
| 2416 | Buzzi SpA§ |  | 146855 |
| 2916 | Credito Emiliano SpA§ |  | 52128 |
| 416 | Danieli & C Officine <br>Meccaniche SpA§ |  | 24461 |
| 5293 | Davide Campari-Milano NV†,§ |  | 34366 |
| 1614 | De' Longhi SpA†,§ |  | 68880 |
| 52438 | Enel SpA§ |  | 546358 |
| 12764 | Eni SpA§ |  | 242109 |
| 562 | Ferrari NV§ |  | 209252 |
| 5782 | FinecoBank Banca Fineco SpA§ |  | 150154 |
| 1236 | Generali§ |  | 51882 |
| 30199 | Hera SpA§ |  | 142484 |
| 4304 | Infrastrutture Wireless Italiane <br>SpA†,#,§ |  | 39884 |
| 868 | Interpump Group SpA†,§ |  | 47532 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Italy (Continued)** | **Italy (Continued)** | **Italy (Continued)** |
| 37367 | Intesa Sanpaolo SpA§ | $| 258800 |
| 17564 | Iren SpA§ |  | 52662 |
| 16195 | Italgas SpA§ |  | 181082 |
| 7657 | Iveco Group NV§ |  | 168901 |
| 931 | Leonardo SpA§ |  | 53333 |
| 1168 | Lottomatica Group SpA§ |  | 30651 |
| 2387 | Maire SpA§ |  | 36333 |
| 1371 | Moncler SpA§ |  | 88116 |
| 20578 | Nexi SpA†,#,§ |  | 101525 |
| 15698 | Pirelli & C SpA§,# |  | 107944 |
| 2463 | Poste Italiane SpA#,§ |  | 61963 |
| 1227 | Prysmian SpA§ |  | 122347 |
| 1690 | Recordati Industria Chimica e <br>Farmaceutica SpA§ |  | 96264 |
| 624 | Reply SpA§ |  | 83907 |
| 55163 | Saipem SpA†,§ |  | 157277 |
| 10138 | Snam SpA§ |  | 67353 |
| 756 | SOL SpA†,§ |  | 43473 |
| 10907 | Stellantis NV§ |  | 120414 |
| 2766 | Technogym SpA#,§ |  | 52217 |
| 399582 | Telecom Italia SpA§,\* |  | 239700 |
| 1807 | Tenaris SA§ |  | 34857 |
| 582 | Tenaris SA, ADR† |  | 22378 |
| 8182 | Terna—Rete Elettrica Nazionale†,§ |  | 87002 |
| 5312 | UniCredit SpA§ |  | 440980 |
| 3067 | Unipol Assicurazioni SpA§ |  | 73775 |
| 12239 | Webuild SpA†,§ |  | 49022 |
|  |  |  | 5518256 |
|  | **Japan—14.1%** | **Japan—14.1%** | **Japan—14.1%** |
| 900 | 77 Bank Ltd.§ |  | 43368 |
| 800 | ABC-Mart, Inc.§ |  | 13613 |
| 3100 | ADEKA Corp.§ |  | 76757 |
| 3600 | Advantest Corp.§ |  | 454478 |
| 5585 | Aeon Co. Ltd.§ |  | 88275 |
| 1900 | AGC, Inc.§ |  | 63037 |
| 1300 | Ai Holdings Corp.§ |  | 23429 |
| 2500 | Aica Kogyo Co. Ltd.§ |  | 56111 |
| 900 | Ain Holdings, Inc.§ |  | 38316 |
| 3100 | Air Water, Inc.§ |  | 44592 |
| 5100 | Aisin Corp.§ |  | 95379 |
| 2200 | Ajinomoto Co., Inc.§ |  | 46532 |
| 2500 | Alfresa Holdings Corp.§ |  | 38826 |
| 8800 | Alps Alpine Co. Ltd.§ |  | 112135 |
| 2600 | ALSOK Co. Ltd.§ |  | 20410 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 2700 | Amada Co. Ltd.§ | $31966 |
| 1900 | Amano Corp.§ | 51113 |
| 500 | ANA Holdings, Inc.§ | 9497 |
| 400 | Anycolor, Inc.§ | 12345 |
| 1800 | Aozora Bank Ltd.†,§ | 28774 |
| 900 | Arcs Co. Ltd.§ | 19415 |
| 1000 | Artience Co. Ltd.†,§ | 21977 |
| 2200 | As One Corp.§ | 33810 |
| 7500 | Asahi Group Holdings Ltd.§ | 78455 |
| 1600 | Asahi Intecc Co. Ltd.§ | 29974 |
| 12100 | Asahi Kasei Corp.§ | 107385 |
| 4400 | Asics Corp.§ | 105999 |
| 1400 | ASKUL Corp.§ | 12506 |
| 10200 | Astellas Pharma, Inc.§ | 136282 |
| 1800 | AZ-COM MARUWA <br>Holdings, Inc.§ | 11342 |
| 4400 | Azbil Corp.§ | 39995 |
| 2900 | Bandai Namco Holdings, Inc.§ | 77295 |
| 1000 | BayCurrent, Inc.§ | 41402 |
| 3800 | Bic Camera, Inc.§ | 40766 |
| 900 | BIPROGY, Inc.§ | 31088 |
| 400 | Blue Zones Holdings Co. Ltd.§ | 21686 |
| 4600 | Bridgestone Corp.†,§ | 103472 |
| 2300 | Brother Industries Ltd.§ | 45887 |
| 400 | C Uyemura & Co. Ltd.§ | 37306 |
| 2200 | Calbee, Inc.§ | 42070 |
| 500 | Canon Marketing Japan, Inc.†,§ | 21949 |
| 3700 | Canon, Inc.†,§ | 109529 |
| 2100 | Capcom Co. Ltd.§ | 48858 |
| 2700 | Casio Computer Co. Ltd.§ | 21897 |
| 2500 | Central Japan Railway Co.§ | 69305 |
| 3700 | Chiba Bank Ltd.§ | 41135 |
| 3800 | Chubu Electric Power Co., Inc.§ | 58495 |
| 3100 | Chugai Pharmaceutical Co. Ltd.§ | 162961 |
| 5900 | Chugin Financial Group, Inc.§ | 92845 |
| 6100 | Chugoku Electric Power Co., Inc.§ | 38693 |
| 700 | Chugoku Marine Paints Ltd.§ | 19764 |
| 5500 | Citizen Watch Co. Ltd.§ | 44832 |
| 2000 | CKD Corp.§ | 39128 |
| 1200 | Coca-Cola Bottlers Japan <br>Holdings, Inc.§ | 24272 |
| 2500 | Colowide Co. Ltd.†,§ | 28043 |
| 900 | COMSYS Holdings Corp.§ | 26172 |
| 1000 | Cosmo Energy Holdings Co. Ltd.§ | 26646 |
| 400 | Cosmos Pharmaceutical Corp.§ | 20337 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 9600 | Create Restaurants Holdings, Inc.†,§ | $47527 |
| 1100 | Create SD Holdings Co. Ltd.§ | 23438 |
| 1800 | CyberAgent, Inc.§ | 15385 |
| 1300 | Cybozu, Inc.†,§ | 23366 |
| 1500 | Dai Nippon Printing Co. Ltd.§ | 25819 |
| 3000 | Dai-Dan Co. Ltd.§ | 47489 |
| 18600 | Dai-ichi Life Holdings, Inc.§ | 154421 |
| 7800 | Daicel Corp.†,§ | 69517 |
| 5600 | Daido Steel Co. Ltd.§ | 57252 |
| 1100 | Daifuku Co. Ltd.§ | 34675 |
| 200 | Daihen Corp.§ | 12782 |
| 4300 | Daiichi Sankyo Co. Ltd.§ | 91580 |
| 2000 | Daiichikosho Co. Ltd.§ | 21527 |
| 1300 | Daikin Industries Ltd.§ | 166885 |
| 8400 | Daishi Hokuetsu Financial <br>Group, Inc.§ | 87072 |
| 3000 | Daito Trust Construction Co. Ltd.§ | 57215 |
| 3900 | Daiwa House Industry Co. Ltd.§ | 129517 |
| 4700 | Daiwa Securities Group, Inc.§ | 41171 |
| 3300 | Daiwabo Holdings Co. Ltd.§ | 64973 |
| 5300 | DCM Holdings Co. Ltd.§ | 54912 |
| 2200 | Denka Co. Ltd.§ | 38574 |
| 9800 | Denso Corp.§ | 135185 |
| 900 | Dentsu Group, Inc.§ | 19106 |
| 1200 | Dentsu Soken, Inc.§ | 20984 |
| 3000 | Dexerials Corp.§ | 50443 |
| 3600 | DIC Corp.†,§ | 83914 |
| 400 | Disco Corp.§ | 123356 |
| 3100 | DMG Mori Co. Ltd.†,§ | 51767 |
| 1900 | Dowa Holdings Co. Ltd.§ | 90259 |
| 3700 | DTS Corp.§ | 29011 |
| 3300 | East Japan Railway Co.§ | 87334 |
| 1700 | Ebara Corp.§ | 40097 |
| 2100 | EDION Corp.§ | 28418 |
| 1400 | Eisai Co. Ltd.§ | 41535 |
| 1200 | Elecom Co. Ltd.§ | 13202 |
| 1800 | Electric Power Development <br>Co. Ltd.§ | 36375 |
| 16000 | ENEOS Holdings, Inc.§ | 113067 |
| 1000 | Exedy Corp.§ | 35870 |
| 7200 | EXEO Group, Inc.§ | 119529 |
| 1900 | Ezaki Glico Co. Ltd.†,§ | 65716 |
| 1300 | FANUC Corp.§ | 50596 |
| 900 | Fast Retailing Co. Ltd.§ | 326387 |
| 1200 | Food & Life Cos. Ltd.§ | 60831 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1400 | FP Corp.§ | $23531 |
| 900 | Fuji Co. Ltd.†,§ | 12277 |
| 3300 | Fuji Corp.§ | 76824 |
| 1400 | Fuji Electric Co. Ltd.§ | 106131 |
| 500 | Fuji Kyuko Co. Ltd.§ | 6620 |
| 700 | Fuji Oil Co. Ltd.§ | 16322 |
| 1900 | Fuji Seal International, Inc.§ | 38041 |
| 2800 | FUJIFILM Holdings Corp.§ | 59825 |
| 1200 | Fujikura Ltd.§ | 134022 |
| 900 | Fujimi, Inc.§ | 13645 |
| 5900 | Fujitsu Ltd.§ | 161764 |
| 400 | Fukuda Denshi Co. Ltd.§ | 19272 |
| 1200 | Fukuoka Financial Group, Inc.§ | 38733 |
| 600 | Fukuyama Transporting Co. Ltd.§ | 16930 |
| 1000 | Furukawa Electric Co. Ltd.§ | 64075 |
| 900 | Fuso Chemical Co. Ltd.†,§ | 36657 |
| 2000 | Future Corp.§ | 25265 |
| 2400 | Glory Ltd.§ | 60731 |
| 300 | GMO Payment Gateway, Inc.§ | 18634 |
| 1200 | Goldwin, Inc.§ | 19235 |
| 3400 | GS Yuasa Corp.§ | 81515 |
| 2900 | Gunma Bank Ltd.§ | 31895 |
| 2100 | H.U. Group Holdings, Inc.§ | 45362 |
| 3400 | H2O Retailing Corp.§ | 44772 |
| 2800 | Hachijuni Bank Ltd.§ | 30239 |
| 7300 | Hakuhodo DY Holdings, Inc.†,§ | 54535 |
| 1800 | Hamamatsu Photonics KK§ | 19131 |
| 1900 | Hankyu Hanshin Holdings, Inc.§ | 47785 |
| 1500 | Hanwa Co. Ltd.§ | 68725 |
| 1000 | Happinet Corp.§ | 18849 |
| 3500 | Haseko Corp.§ | 69309 |
| 6300 | Hazama Ando Corp.§ | 76112 |
| 700 | Heiwado Co. Ltd.§ | 12909 |
| 12900 | Hino Motors Ltd.§,\* | 31818 |
| 8400 | Hirogin Holdings, Inc.§ | 84573 |
| 200 | Hirose Electric Co. Ltd.§ | 22114 |
| 1000 | HIS Co. Ltd.§ | 8442 |
| 900 | Hitachi Construction Machinery <br>Co. Ltd.§ | 26640 |
| 20000 | Hitachi Ltd.§ | 620473 |
| 6200 | Hokkaido Electric Power Co., Inc.§ | 41442 |
| 3000 | Hokuetsu Corp.†,§ | 17117 |
| 2800 | Hokuhoku Financial Group, Inc.§ | 81713 |
| 2300 | Hokuriku Electric Power Co.§ | 14289 |
| 13900 | Honda Motor Co. Ltd.§ | 136065 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 300 | Horiba Ltd.§ | $30613 |
| 600 | Hoshizaki Corp.§ | 20040 |
| 2500 | House Foods Group, Inc.§ | 46035 |
| 2000 | Hoya Corp.§ | 302938 |
| 4400 | Hulic Co. Ltd.†,§ | 48101 |
| 8400 | Hyakugo Bank Ltd.§ | 61288 |
| 1400 | Ibiden Co. Ltd.§ | 59576 |
| 3300 | Ichibanya Co. Ltd.†,§ | 19207 |
| 8800 | Ichigo, Inc.§ | 24615 |
| 4400 | Idemitsu Kosan Co. Ltd.§ | 33190 |
| 3500 | IHI Corp.§ | 61712 |
| 1100 | Iida Group Holdings Co. Ltd.§ | 17695 |
| 3800 | Inaba Denki Sangyo Co. Ltd.§ | 61887 |
| 1500 | Inabata & Co. Ltd.§ | 35877 |
| 7512 | INFRONEER Holdings, Inc.§ | 102593 |
| 8400 | Inpex Corp.§ | 166232 |
| 1200 | Internet Initiative Japan, Inc.§ | 21196 |
| 1500 | Isetan Mitsukoshi Holdings Ltd.§ | 21847 |
| 6000 | Isuzu Motors Ltd.§ | 93536 |
| 1900 | Ito En Ltd.§ | 37294 |
| 14500 | ITOCHU Corp.§ | 183028 |
| 2700 | Itochu Enex Co. Ltd.§ | 32669 |
| 680 | Itoham Yonekyu Holdings, Inc.§ | 24331 |
| 7200 | Iwatani Corp.§ | 75762 |
| 1900 | Iyogin Holdings, Inc.†,§ | 30869 |
| 1900 | Izumi Co. Ltd.§ | 36411 |
| 3500 | J. Front Retailing Co. Ltd.§ | 49208 |
| 1200 | JAC Recruitment Co. Ltd.§ | 8144 |
| 1400 | Japan Airlines Co. Ltd.§ | 26059 |
| 1900 | Japan Airport Terminal Co. Ltd.§ | 53246 |
| 1800 | Japan Aviation Electronics <br>Industry Ltd.§ | 28949 |
| 4400 | Japan Elevator Service Holdings <br>Co. Ltd.§ | 48861 |
| 7200 | Japan Exchange Group, Inc.§ | 76848 |
| 1200 | Japan Material Co. Ltd.§ | 11877 |
| 5400 | Japan Post Holdings Co. Ltd.§ | 56785 |
| 1000 | Japan Post Insurance Co. Ltd.§ | 30006 |
| 3000 | Japan Securities Finance Co. Ltd.§ | 38738 |
| 400 | Japan Steel Works Ltd.§ | 19658 |
| 3000 | Japan Tobacco, Inc.§ | 107961 |
| 1600 | Jeol Ltd.§ | 51459 |
| 2500 | JFE Holdings, Inc.§ | 31812 |
| 2000 | JTEKT Corp.§ | 22182 |
| 1300 | Juroku Financial Group, Inc.§ | 59553 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1000 | Justsystems Corp.§ | $32245 |
| 7700 | JVCKenwood Corp.§ | 59068 |
| 5000 | K's Holdings Corp.§ | 51739 |
| 1500 | Kaga Electronics Co. Ltd.§ | 37149 |
| 2900 | Kagome Co. Ltd.†,§ | 49868 |
| 700 | Kajima Corp.§ | 26103 |
| 2900 | Kakaku.com, Inc.§ | 42916 |
| 400 | Kamigumi Co. Ltd.§ | 12923 |
| 7000 | Kanadevia Corp.§ | 42530 |
| 500 | Kanamoto Co. Ltd.§ | 12503 |
| 800 | Kandenko Co. Ltd.§ | 25709 |
| 2000 | Kaneka Corp.§ | 56096 |
| 8200 | Kanematsu Corp.§ | 94275 |
| 4100 | Kansai Electric Power Co., Inc.§ | 64333 |
| 4700 | Kansai Paint Co. Ltd.§ | 74161 |
| 1500 | Kao Corp.§ | 60024 |
| 1800 | Katitas Co. Ltd.§ | 36602 |
| 800 | Kato Sangyo Co. Ltd.§ | 32792 |
| 900 | Kawasaki Heavy Industries Ltd.§ | 59534 |
| 28400 | KDDI Corp.§ | 491274 |
| 1800 | Keihan Holdings Co. Ltd.§ | 38904 |
| 2300 | Keikyu Corp.†,§ | 22518 |
| 700 | Keio Corp.§ | 18099 |
| 1800 | Keisei Electric Railway Co. Ltd.§ | 14796 |
| 900 | Kewpie Corp.†,§ | 24926 |
| 400 | Keyence Corp.§ | 144922 |
| 3300 | Kikkoman Corp.†,§ | 29925 |
| 1500 | Kintetsu Group Holdings Co. Ltd.§ | 29411 |
| 5200 | Kirin Holdings Co. Ltd.§ | 78212 |
| 1700 | Kiyo Bank Ltd.§ | 35327 |
| 1300 | Kobe Bussan Co. Ltd.§ | 31435 |
| 4600 | Kobe Steel Ltd.§ | 60672 |
| 1800 | Koito Manufacturing Co. Ltd.§ | 26619 |
| 1100 | Kokusai Electric Corp.§ | 38396 |
| 7700 | Kokuyo Co. Ltd.†,§ | 43011 |
| 6500 | Komatsu Ltd.§ | 207785 |
| 900 | KOMEDA Holdings Co. Ltd.§ | 17425 |
| 900 | Komeri Co. Ltd.§ | 19627 |
| 400 | Konami Group Corp.§ | 54521 |
| 21400 | Konica Minolta, Inc.§ | 93090 |
| 1200 | Konoike Transport Co. Ltd.§ | 25138 |
| 500 | Kose Corp.§ | 16759 |
| 3800 | Kotobuki Spirits Co. Ltd.§ | 44502 |
| 600 | Kraftia Corp.§ | 29512 |
| 4400 | Kubota Corp.§ | 62132 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 3600 | Kumagai Gumi Co. Ltd.§ | $35548 |
| 500 | Kura Sushi, Inc.†,§ | 10371 |
| 11000 | Kuraray Co. Ltd.†,§ | 111260 |
| 1200 | Kureha Corp.§ | 31316 |
| 800 | Kurita Water Industries Ltd.§ | 32457 |
| 1700 | Kusuri No. Aoki Holdings <br>Co. Ltd.†,§ | 50778 |
| 1300 | KYB Corp.§ | 37088 |
| 2500 | Kyoritsu Maintenance Co. Ltd.§ | 44758 |
| 1300 | Kyoto Financial Group, Inc.§ | 28348 |
| 1800 | Kyowa Kirin Co. Ltd.†,§ | 28977 |
| 3100 | Kyushu Electric Power Co., Inc.§ | 33257 |
| 9600 | Kyushu Financial Group, Inc.§ | 62221 |
| 1200 | Kyushu Railway Co.§ | 31264 |
| 600 | Lasertec Corp.†,§ | 113871 |
| 5600 | Leopalace21 Corp.§ | 23534 |
| 2100 | Life Corp.§ | 34232 |
| 1800 | Lintec Corp.§ | 50850 |
| 5300 | Lion Corp.†,§ | 55946 |
| 3000 | Lixil Corp.§ | 36247 |
| 8500 | LY Corp.§ | 22632 |
| 2200 | M3, Inc.§ | 29793 |
| 6200 | Mabuchi Motor Co. Ltd.§ | 56978 |
| 4900 | Macnica Holdings, Inc.†,§ | 74955 |
| 600 | Makino Milling Machine Co. Ltd.§ | 42280 |
| 900 | Makita Corp.§ | 27186 |
| 2300 | Mani, Inc.§ | 21324 |
| 2200 | Marubeni Corp.§ | 61219 |
| 6000 | Maruha Nichiro Corp.§ | 49186 |
| 2000 | Marui Group Co. Ltd.§ | 41043 |
| 100 | Maruwa Co. Ltd.§ | 27042 |
| 4100 | Matsui Securities Co. Ltd.§ | 22359 |
| 1820 | MatsukiyoCocokara & Co.§ | 31596 |
| 200 | Matsuyafoods Holdings Co. Ltd.§ | 8284 |
| 1000 | Max Co. Ltd.§ | 44140 |
| 5700 | Mazda Motor Corp.§ | 44516 |
| 500 | McDonald's Holdings Co. <br>Japan Ltd.§ | 20413 |
| 5400 | Mebuki Financial Group, Inc.§ | 35688 |
| 1600 | Medipal Holdings Corp.§ | 28325 |
| 900 | Medley, Inc.†,\*,§ | 13550 |
| 1800 | Megmilk Snow Brand Co. Ltd.§ | 37141 |
| 1700 | Meidensha Corp.§ | 60565 |
| 2100 | MEIJI Holdings Co. Ltd.§ | 46834 |
| 500 | Meiko Electronics Co. Ltd.§ | 34278 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 2600 | MEITEC Group Holdings, Inc.§ | $58870 |
| 2200 | Mercari, Inc.§,\* | 44261 |
| 1000 | Micronics Japan Co. Ltd.†,§ | 44803 |
| 3500 | Minebea Mitsumi, Inc.§ | 70293 |
| 3400 | Mirait One Corp.§ | 76139 |
| 2100 | MISUMI Group, Inc.§ | 32850 |
| 15500 | Mitsubishi Chemical Group Corp.§ | 90530 |
| 4600 | Mitsubishi Corp.§ | 105406 |
| 6900 | Mitsubishi Electric Corp.§ | 202422 |
| 1200 | Mitsubishi Estate Co. Ltd.§ | 29226 |
| 1500 | Mitsubishi Gas Chemical Co., Inc.§ | 27216 |
| 7100 | Mitsubishi Heavy Industries Ltd.§ | 173893 |
| 800 | Mitsubishi Logisnext Co. Ltd.§ | 7856 |
| 4100 | Mitsubishi Logistics Corp.§ | 31307 |
| 3900 | Mitsubishi Materials Corp.§ | 91432 |
| 8100 | Mitsubishi Motors Corp.§ | 19217 |
| 38500 | Mitsubishi UFJ Financial <br>Group, Inc.§ | 611392 |
| 3400 | Mitsui Chemicals, Inc.§ | 43487 |
| 800 | Mitsui E&S Co. Ltd.§ | 28425 |
| 6700 | Mitsui Fudosan Co. Ltd.§ | 76229 |
| 1200 | Mitsui Kinzoku Co. Ltd.§ | 135559 |
| 1500 | Mitsui-Soko Holdings Co. Ltd.§ | 35654 |
| 2500 | Miura Co. Ltd.§ | 48549 |
| 8290 | Mizuho Financial Group, Inc.§ | 301024 |
| 2100 | Mizuno Corp.§ | 41529 |
| 300 | Modec, Inc.§ | 22835 |
| 800 | Monogatari Corp.§ | 22480 |
| 2900 | MonotaRO Co. Ltd.§ | 46576 |
| 2600 | Morinaga & Co. Ltd.§ | 44122 |
| 3100 | Morinaga Milk Industry Co. Ltd.§ | 73722 |
| 7500 | MS&AD Insurance Group <br>Holdings, Inc.§ | 176604 |
| 5900 | Murata Manufacturing Co. Ltd.§ | 122482 |
| 1500 | Musashi Seimitsu Industry Co. Ltd.§ | 24505 |
| 700 | Nabtesco Corp.§ | 16773 |
| 2700 | Nagase & Co. Ltd.§ | 65631 |
| 4900 | Nagoya Railroad Co. Ltd.†,§ | 52576 |
| 2500 | Nakanishi, Inc.§ | 31638 |
| 1800 | Namura Shipbuilding Co. Ltd.§ | 40792 |
| 2700 | Nankai Electric Railway Co. Ltd.†,§ | 51347 |
| 3200 | NEC Corp.§ | 107901 |
| 1300 | Nexon Co. Ltd.§ | 31891 |
| 3900 | NGK Insulators Ltd.§ | 83532 |
| 1000 | NH Foods Ltd.§ | 41845 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 2100 | NHK Spring Co. Ltd.§ | $33812 |
| 1500 | Nichias Corp.§ | 64937 |
| 6000 | Nichirei Corp.§ | 71528 |
| 4300 | NIDEC Corp.§ | 58231 |
| 1900 | Nifco, Inc.†,§ | 58798 |
| 2800 | Nihon Kohden Corp.§ | 30122 |
| 10300 | Nihon M&A Center Holdings, Inc.§ | 47435 |
| 1200 | Nikkon Holdings Co. Ltd.†,§ | 26095 |
| 2700 | Nikon Corp.†,§ | 30096 |
| 400 | Nintendo Co. Ltd.§ | 27020 |
| 1900 | Nippn Corp.§ | 28912 |
| 3300 | Nippon Electric Glass Co. Ltd.§ | 129826 |
| 2600 | Nippon Express Holdings, Inc.§ | 55644 |
| 3500 | Nippon Gas Co. Ltd.§ | 66276 |
| 5700 | Nippon Kayaku Co. Ltd.§ | 61061 |
| 6200 | Nippon Paint Holdings Co. Ltd.†,§ | 41414 |
| 1300 | Nippon Sanso Holdings Corp.§ | 38819 |
| 2600 | Nippon Shinyaku Co. Ltd.§ | 93678 |
| 4500 | Nippon Shokubai Co. Ltd.§ | 57619 |
| 1800 | Nippon Soda Co. Ltd.§ | 41624 |
| 16700 | Nippon Steel Corp.§ | 68297 |
| 7400 | Nipro Corp.§ | 69803 |
| 4800 | Nishi-Nippon Financial <br>Holdings, Inc.§ | 98302 |
| 2400 | Nishi-Nippon Railroad Co. Ltd.§ | 42788 |
| 1000 | Nishimatsu Construction Co. Ltd.§ | 36424 |
| 800 | Nishimatsuya Chain Co. Ltd.§ | 10462 |
| 1800 | Nissan Chemical Corp.§ | 61684 |
| 12700 | Nissan Motor Co. Ltd.\*,§ | 31544 |
| 800 | Nisshin Oillio Group Ltd.§ | 26789 |
| 1400 | Nisshin Seifun Group, Inc.§ | 17173 |
| 5000 | Nisshinbo Holdings, Inc.§ | 41902 |
| 1800 | Nissin Foods Holdings Co. Ltd.§ | 33544 |
| 12900 | Nissui Corp.§ | 94064 |
| 2000 | Niterra Co. Ltd.§ | 88085 |
| 2000 | Nitori Holdings Co. Ltd.§ | 35010 |
| 400 | Nitto Boseki Co. Ltd.§ | 25750 |
| 4100 | Nitto Denko Corp.§ | 97420 |
| 700 | Nitto Kogyo Corp.§ | 18403 |
| 300 | Noevir Holdings Co. Ltd.§ | 8769 |
| 2100 | NOF Corp.§ | 40436 |
| 11100 | Nojima Corp.§ | 84360 |
| 16900 | Nomura Holdings, Inc.§ | 140581 |
| 7500 | Nomura Real Estate Holdings, Inc.§ | 46211 |
| 2200 | Nomura Research Institute Ltd.§ | 84693 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 10000 | North Pacific Bank Ltd.§ | $53903 |
| 2000 | NSD Co. Ltd.§ | 44244 |
| 9700 | NSK Ltd.§ | 60318 |
| 10100 | NTN Corp.†,§ | 23669 |
| 104100 | NTT, Inc.§ | 105026 |
| 3100 | Obayashi Corp.§ | 64755 |
| 1000 | Obic Co. Ltd.§ | 31424 |
| 2100 | Odakyu Electric Railway Co. Ltd.§ | 22879 |
| 900 | Ohsho Food Service Corp.§ | 18491 |
| 7400 | Oji Holdings Corp.§ | 40651 |
| 2700 | Okamura Corp.§ | 39541 |
| 4600 | Okasan Securities Group, Inc.§ | 22061 |
| 1300 | Okinawa Cellular Telephone Co.§ | 23478 |
| 1600 | OKUMA Corp.§ | 36994 |
| 1400 | Okumura Corp.§ | 55358 |
| 6000 | Olympus Corp.§ | 76429 |
| 1200 | Omron Corp.§ | 30407 |
| 1800 | Ono Pharmaceutical Co. Ltd.†,§ | 24949 |
| 900 | Open House Group Co. Ltd.§ | 52772 |
| 300 | Oracle Corp.§ | 25284 |
| 400 | Organo Corp.§ | 33149 |
| 3300 | Oriental Land Co. Ltd.§ | 61042 |
| 2100 | Osaka Gas Co. Ltd.§ | 72890 |
| 2900 | OSG Corp.§ | 42353 |
| 1400 | Otsuka Corp.§ | 28821 |
| 2100 | Otsuka Holdings Co. Ltd.§ | 118639 |
| 1600 | PAL GROUP Holdings Co. Ltd.§ | 20852 |
| 1200 | PALTAC Corp.§ | 36964 |
| 12500 | Pan Pacific International <br>Holdings Corp.§ | 74490 |
| 16800 | Panasonic Holdings Corp.§ | 219778 |
| 4400 | Park24 Co. Ltd.§ | 58730 |
| 8000 | Penta-Ocean Construction Co. Ltd.§ | 80583 |
| 26000 | Persol Holdings Co. Ltd.§ | 48181 |
| 1100 | PHC Holdings Corp.§ | 7816 |
| 4400 | Pigeon Corp.†,§ | 45169 |
| 1200 | Pilot Corp.†,§ | 37354 |
| 700 | Raito Kogyo Co. Ltd.§ | 15096 |
| 2600 | Rakus Co. Ltd.§ | 17279 |
| 300 | Rakuten Bank Ltd.§,\* | 13128 |
| 4200 | Rakuten Group, Inc.§,\* | 26948 |
| 6400 | Recruit Holdings Co. Ltd.§ | 365101 |
| 2100 | Relo Group, Inc.§ | 22950 |
| 6900 | Renesas Electronics Corp.§,\* | 94497 |
| 8900 | Rengo Co. Ltd.§ | 68970 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 7900 | Resona Holdings, Inc.§ | $74905 |
| 1600 | Resonac Holdings Corp.§ | 66823 |
| 5200 | Resorttrust, Inc.§ | 65197 |
| 6400 | Ricoh Co. Ltd.§ | 56187 |
| 1200 | Rinnai Corp.§ | 30387 |
| 1500 | Rohto Pharmaceutical Co. Ltd.§ | 25173 |
| 3000 | Rorze Corp.§ | 43167 |
| 5900 | Round One Corp.†,§ | 42062 |
| 2000 | Royal Holdings Co. Ltd.†,§ | 16843 |
| 3000 | Ryohin Keikaku Co. Ltd.§ | 53301 |
| 1164 | Ryoyo Ryosan Holdings, Inc.§ | 23090 |
| 1100 | Saizeriya Co. Ltd.§ | 38556 |
| 1100 | Sakata Seed Corp.§ | 29965 |
| 600 | San-A Co. Ltd.§ | 11341 |
| 5700 | San-In Godo Bank Ltd.§ | 54041 |
| 1800 | Sangetsu Corp.§ | 35711 |
| 1200 | Sanken Electric Co. Ltd.†,\*,§ | 44345 |
| 900 | Sanki Engineering Co. Ltd.§ | 33020 |
| 3000 | Sankyo Co. Ltd.§ | 48696 |
| 1300 | Sankyu, Inc.§ | 70085 |
| 1300 | Sanrio Co. Ltd.§ | 40785 |
| 2000 | Sansan, Inc.\*,§ | 22162 |
| 3600 | Santen Pharmaceutical Co. Ltd.§ | 37317 |
| 1600 | Sanwa Holdings Corp.§ | 41617 |
| 3000 | Sapporo Holdings Ltd.†,§ | 32341 |
| 4800 | Sawai Group Holdings Co. Ltd.§ | 72078 |
| 3400 | SBI Holdings, Inc.§ | 73377 |
| 600 | SCREEN Holdings Co. Ltd.†,§ | 58172 |
| 2200 | Secom Co. Ltd.§ | 78186 |
| 300 | Sega Sammy Holdings, Inc.§ | 4690 |
| 1900 | Seibu Holdings, Inc.§ | 52238 |
| 2400 | Seiko Epson Corp.§ | 30416 |
| 900 | Seiko Group Corp.§ | 42001 |
| 1200 | Seino Holdings Co. Ltd.§ | 18036 |
| 1700 | Seiren Co. Ltd.§ | 33170 |
| 2700 | Sekisui Chemical Co. Ltd.§ | 45298 |
| 3200 | Sekisui House Ltd.§ | 71428 |
| 4800 | Senko Group Holdings Co. Ltd.†,§ | 59905 |
| 1700 | Seria Co. Ltd.§ | 37757 |
| 23200 | Seven & i Holdings Co. Ltd.§ | 333173 |
| 22100 | Seven Bank Ltd.§ | 43006 |
| 3200 | SG Holdings Co. Ltd.†,§ | 29339 |
| 1200 | Sharp Corp.†,\*,§ | 5902 |
| 5100 | SHIFT, Inc.†,\*,§ | 32005 |
| 1300 | Shiga Bank Ltd.†,§ | 59461 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 4500 | Shikoku Electric Power Co., Inc.§ | $44452 |
| 1700 | Shimadzu Corp.§ | 45274 |
| 200 | Shimano, Inc.§ | 21116 |
| 1800 | Shimizu Corp.§ | 30693 |
| 7500 | Shin-Etsu Chemical Co. Ltd.§ | 233236 |
| 1700 | Shionogi & Co. Ltd.§ | 30760 |
| 3700 | Ship Healthcare Holdings, Inc.§ | 61916 |
| 1200 | Shiseido Co. Ltd.†,§ | 17516 |
| 2500 | Shizuoka Financial Group, Inc.§ | 38695 |
| 5200 | SHO-BOND Holdings Co. Ltd.†,§ | 43904 |
| 5600 | Simplex Holdings, Inc.§ | 37606 |
| 400 | Sinfonia Technology Co. Ltd.§ | 23221 |
| 1900 | SKY Perfect JSAT Holdings, Inc.§ | 24234 |
| 2300 | Skylark Holdings Co. Ltd.†,§ | 49426 |
| 100 | SMC Corp.§ | 34820 |
| 2800 | Socionext, Inc.§ | 39060 |
| 151000 | SoftBank Corp.§ | 207302 |
| 1160 | Sojitz Corp.§ | 36075 |
| 2700 | Sompo Holdings, Inc.§ | 91921 |
| 34900 | Sony Financial Group, Inc.§,\* | 36930 |
| 52700 | Sony Group Corp.§ | 1347020 |
| 3000 | Sotetsu Holdings, Inc.§ | 53908 |
| 300 | Square Enix Holdings Co. Ltd.§ | 5484 |
| 1500 | Starts Corp., Inc.§ | 45830 |
| 6400 | Subaru Corp.§ | 137453 |
| 1200 | Sugi Holdings Co. Ltd.§ | 28294 |
| 4700 | SUMCO Corp.§ | 42869 |
| 1000 | Sumitomo Bakelite Co. Ltd.§ | 33009 |
| 10600 | Sumitomo Chemical Co. Ltd.§ | 30173 |
| 4300 | Sumitomo Corp.§ | 148715 |
| 7200 | Sumitomo Electric Industries Ltd.§ | 291521 |
| 4800 | Sumitomo Forestry Co. Ltd.†,§ | 49014 |
| 3600 | Sumitomo Heavy Industries Ltd.§ | 95061 |
| 12300 | Sumitomo Mitsui Financial <br>Group, Inc.§ | 395855 |
| 3000 | Sumitomo Mitsui Trust Group, Inc.§ | 91158 |
| 800 | Sumitomo Osaka Cement Co. Ltd.§ | 19436 |
| 3200 | Sumitomo Realty & Development <br>Co. Ltd.§ | 80195 |
| 2800 | Sumitomo Rubber Industries Ltd.§ | 43189 |
| 700 | Sundrug Co. Ltd.§ | 19278 |
| 800 | Suntory Beverage & Food Ltd.†,§ | 24175 |
| 4100 | Suruga Bank Ltd.§ | 44600 |
| 1600 | Suzuken Co. Ltd.§ | 62623 |
| 11200 | Suzuki Motor Corp.§ | 166342 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 1200 | SWCC Corp.§ | $79404 |
| 3900 | Sysmex Corp.§ | 38441 |
| 6800 | Systena Corp.§ | 22330 |
| 3400 | T&D Holdings, Inc.§ | 78349 |
| 1800 | Taiheiyo Cement Corp.§ | 44709 |
| 800 | Taikisha Ltd.§ | 16842 |
| 600 | Taisei Corp.§ | 56880 |
| 3400 | Taiyo Holdings Co. Ltd.§ | 103438 |
| 3900 | Taiyo Yuden Co. Ltd.†,§ | 88364 |
| 4000 | Takara Holdings, Inc.†,§ | 40991 |
| 600 | Takasago Thermal Engineering <br>Co. Ltd.§ | 17009 |
| 3400 | Takashimaya Co. Ltd.†,§ | 35726 |
| 11800 | Takeda Pharmaceutical Co. Ltd.§ | 366590 |
| 1500 | Takeuchi Manufacturing Co. Ltd.§ | 64432 |
| 4000 | Tamron Co. Ltd.§ | 26436 |
| 13000 | TDK Corp.§ | 183932 |
| 5900 | Teijin Ltd.§ | 51052 |
| 2500 | Terumo Corp.§ | 36423 |
| 800 | THK Co. Ltd.§ | 20453 |
| 1200 | TIS, Inc.§ | 40168 |
| 700 | TKC Corp.§ | 19260 |
| 3100 | Toagosei Co. Ltd.§ | 32504 |
| 1500 | Tobu Railway Co. Ltd.§ | 25267 |
| 6600 | Toda Corp.§ | 53281 |
| 1300 | Toei Animation Co. Ltd.§ | 22627 |
| 1900 | Toenec Corp.§ | 23550 |
| 400 | Toho Co. Ltd.§ | 20397 |
| 1500 | Toho Gas Co. Ltd.†,§ | 44573 |
| 1200 | Toho Holdings Co. Ltd.†,§ | 35734 |
| 3300 | Tohoku Electric Power Co., Inc.§ | 24232 |
| 9700 | Tokai Carbon Co. Ltd.§ | 60061 |
| 1600 | TOKAI Holdings Corp.†,§ | 11043 |
| 3000 | Tokai Rika Co. Ltd.§ | 59717 |
| 13700 | Tokio Marine Holdings, Inc.§ | 508624 |
| 3100 | Tokuyama Corp.§ | 81393 |
| 6100 | Tokyo Electric Power Co. <br>Holdings, Inc.\*,§ | 25502 |
| 2700 | Tokyo Electron Ltd.§ | 592967 |
| 1400 | Tokyo Gas Co. Ltd.§ | 55357 |
| 1400 | Tokyo Kiraboshi Financial <br>Group, Inc.§ | 77553 |
| 700 | Tokyo Ohka Kogyo Co. Ltd.†,§ | 25998 |
| 1300 | Tokyo Seimitsu Co. Ltd.§ | 91924 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** |
| 2000 | Tokyo Steel Manufacturing <br>Co. Ltd.§ | $18849 |
| 1500 | Tokyo Tatemono Co. Ltd.§ | 33871 |
| 3000 | Tokyu Corp.§ | 35104 |
| 9700 | Tokyu Fudosan Holdings Corp.§ | 88224 |
| 2700 | Tomy Co. Ltd.†,§ | 47482 |
| 5800 | Toray Industries, Inc.§ | 37800 |
| 500 | Toridoll Holdings Corp.†,§ | 13523 |
| 1300 | Toshiba TEC Corp.§ | 22760 |
| 3600 | Tosoh Corp.§ | 53944 |
| 400 | Totetsu Kogyo Co. Ltd.§ | 11612 |
| 1000 | TOTO Ltd.§ | 27611 |
| 700 | Towa Pharmaceutical Co. Ltd.†,§ | 16269 |
| 1000 | Toyo Seikan Group Holdings Ltd.§ | 24383 |
| 500 | Toyo Suisan Kaisha Ltd.§ | 34236 |
| 1700 | Toyo Tire Corp.§ | 47107 |
| 3700 | Toyoda Gosei Co. Ltd.§ | 93271 |
| 2400 | Toyota Boshoku Corp.§ | 38535 |
| 37600 | Toyota Motor Corp.§ | 804333 |
| 5400 | Toyota Tsusho Corp.§ | 182105 |
| 500 | Transcosmos, Inc.§ | 12396 |
| 900 | Trend Micro, Inc.§ | 37266 |
| 3900 | Tsubakimoto Chain Co.§ | 57449 |
| 2000 | Tsumura & Co.§ | 52007 |
| 2925 | Tsuruha Holdings, Inc.†,§ | 53693 |
| 2400 | U-Next Holdings Co. Ltd.§ | 30682 |
| 6800 | UACJ Corp.§ | 91853 |
| 4000 | UBE Corp.§ | 65502 |
| 1600 | Ulvac, Inc.§ | 72461 |
| 5800 | Unicharm Corp.§ | 33243 |
| 2300 | Ushio, Inc.§ | 36828 |
| 3800 | USS Co. Ltd.§ | 41687 |
| 1000 | Valor Holdings Co. Ltd.§ | 21494 |
| 400 | Visional, Inc.§,\* | 25582 |
| 1600 | Wacoal Holdings Corp.§ | 45067 |
| 2400 | West Japan Railway Co.§ | 47992 |
| 400 | Workman Co. Ltd.§ | 16794 |
| 1100 | Yakult Honsha Co. Ltd.§ | 17252 |
| 16700 | Yamada Holdings Co. Ltd.§ | 55391 |
| 2200 | Yamaguchi Financial Group, Inc.§ | 29742 |
| 2700 | Yamaha Corp.§ | 18780 |
| 8400 | Yamaha Motor Co. Ltd.†,§ | 62041 |
| 2000 | Yamato Holdings Co. Ltd.§ | 28155 |
| 1500 | Yamazaki Baking Co. Ltd.†,§ | 31590 |
| 1600 | Yamazen Corp.§ | 15176 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Japan (Continued)** | **Japan (Continued)** | **Japan (Continued)** |
| 1200 | Yaskawa Electric Corp.§ | $| 36125 |
| 1300 | Yokogawa Electric Corp.§ |  | 41693 |
| 5000 | Yokohama Financial Group, Inc.§ |  | 41211 |
| 1600 | Yokohama Rubber Co. Ltd.§ |  | 61547 |
| 1100 | Yonex Co. Ltd.§ |  | 23329 |
| 1700 | Yoshinoya Holdings Co. Ltd.†,§ |  | 33327 |
| 1300 | Yurtec Corp.§ |  | 22870 |
| 500 | Zensho Holdings Co. Ltd.§ |  | 28657 |
| 6200 | Zeon Corp.§ |  | 70514 |
| 3000 | ZOZO, Inc.§ |  | 24812 |
|  |  |  | 36729958 |
|  | **Netherlands—2.3%** | **Netherlands—2.3%** | **Netherlands—2.3%** |
| 660 | Aalberts NV§ |  | 21686 |
| 2626 | ABN AMRO Bank NV, CVA#,§ |  | 91661 |
| 52 | Adyen NV\*,#,§ |  | 83433 |
| 8208 | Aegon Ltd.§ |  | 63346 |
| 5954 | Aegon Ltd., Registered |  | 45905 |
| 4532 | Akzo Nobel NV§ |  | 314765 |
| 13946 | Allfunds Group PLC§ |  | 131196 |
| 1768 | Arcadis NV§ |  | 73507 |
| 2262 | ArcelorMittal SA§ |  | 103017 |
| 261 | ASM International NV§ |  | 157336 |
| 1963 | ASML Holding NV§ |  | 2098282 |
| 118 | ASML Holding NV, Registered |  | 126243 |
| 2450 | ASR Nederland NV§ |  | 173918 |
| 460 | BE Semiconductor Industries NV§ |  | 71533 |
| 1188 | Coca-Cola Europacific <br>Partners PLC§ |  | 108311 |
| 2931 | CTP NV§,# |  | 61396 |
| 98 | HAL Trust§ |  | 16286 |
| 1514 | Heineken NV§ |  | 123847 |
| 1715 | IMCD NV†,§ |  | 156023 |
| 12917 | ING Groep NV§ |  | 363112 |
| 5180 | InPost SA†,\*,§ |  | 63449 |
| 1082 | JDE Peet's NV§ |  | 40512 |
| 5942 | Koninklijke Ahold Delhaize NV§ |  | 243698 |
| 50841 | Koninklijke KPN NV§ |  | 237842 |
| 3061 | Koninklijke Philips NV§ |  | 82846 |
| 1815 | Koninklijke Philips NV, Registered† |  | 49150 |
| 2715 | Koninklijke Vopak NV§ |  | 120664 |
| 1459 | Magnum Ice Cream Co. NV\* |  | 23346 |
| 304 | Magnum Ice Cream Co. NV†,\* |  | 4818 |
| 3146 | NN Group NV§ |  | 242190 |
| 3308 | Randstad NV†,§ |  | 125762 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Netherlands (Continued)** | **Netherlands (Continued)** | **Netherlands (Continued)** |
| 4508 | SBM Offshore NV§ | $| 129319 |
| 5242 | Universal Music Group NV§ |  | 136950 |
| 1559 | Wolters Kluwer NV§ |  | 161865 |
|  |  |  | 6047214 |
|  | **New Zealand—0.2%** | **New Zealand—0.2%** | **New Zealand—0.2%** |
| 2003 | a2 Milk Co. Ltd.†,§ |  | 12447 |
| 103494 | Air New Zealand Ltd.§ |  | 34562 |
| 7420 | Auckland International <br>Airport Ltd.§ |  | 35573 |
| 7155 | Chorus Ltd.§ |  | 38739 |
| 3858 | Contact Energy Ltd.§ |  | 20547 |
| 1306 | EBOS Group Ltd.§ |  | 20765 |
| 1534 | Fisher & Paykel Healthcare <br>Corp. Ltd.§ |  | 33284 |
| 14716 | Fletcher Building Ltd.\*,§ |  | 31098 |
| 5325 | Freightways Group Ltd.§ |  | 44286 |
| 25386 | Genesis Energy Ltd.§ |  | 35103 |
| 2231 | Infratil Ltd.§ |  | 14229 |
| 647 | Mainfreight Ltd.†,§ |  | 25560 |
| 6099 | Mercury NZ Ltd.§ |  | 22727 |
| 6314 | Meridian Energy Ltd.§ |  | 20338 |
| 1991 | Port of Tauranga Ltd.§ |  | 8846 |
| 17407 | Ryman Healthcare Ltd.\*,§ |  | 29075 |
| 18846 | Spark New Zealand Ltd.§ |  | 24734 |
| 6946 | Summerset Group Holdings Ltd.§ |  | 49141 |
|  |  |  | 501054 |
|  | **Norway—0.5%** | **Norway—0.5%** | **Norway—0.5%** |
| 1014 | AF Gruppen ASA§ |  | 18896 |
| 204 | Aker ASA, Class A§ |  | 15536 |
| 3166 | Aker BP ASA§ |  | 80561 |
| 11626 | Aker Solutions ASA§ |  | 35634 |
| 1456 | Atea ASA§ |  | 22784 |
| 69 | Austevoll Seafood ASA§ |  | 667 |
| 28 | Bakkafrost P/F§ |  | 1432 |
| 687 | Bluenord ASA§ |  | 30388 |
| 480 | Bonheur ASA§ |  | 11956 |
| 1580 | Borregaard ASA§ |  | 31251 |
| 2868 | BW Energy Ltd.\*,§ |  | 13278 |
| 1420 | BW LPG Ltd.§,# |  | 18555 |
| 540 | Cadeler AS, ADR\* |  | 10039 |
| 2662 | DNB Bank ASA§ |  | 74134 |
| 12792 | DNO ASA§ |  | 20114 |
| 1188 | DOF Group ASA§ |  | 11211 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Norway (Continued)** | **Norway (Continued)** | **Norway (Continued)** |
| 6672 | Elkem ASA§,# | $| 20161 |
| 5641 | Elopak ASA§ |  | 30968 |
| 745 | Entra ASA§,# |  | 8544 |
| 6961 | Equinor ASA§ |  | 164569 |
| 4440 | Europris ASA§,# |  | 42187 |
| 357 | FLEX LNG Ltd.\* |  | 8907 |
| 672 | Frontline PLC§ |  | 14839 |
| 170 | Gjensidige Forsikring ASA§ |  | 5093 |
| 3883 | Hafnia Ltd.§ |  | 20921 |
| 6371 | Hexagon Composites ASA§,\* |  | 4888 |
| 2783 | Hoegh Autoliners ASA§ |  | 26917 |
| 1830 | Kitron ASA§ |  | 13186 |
| 1263 | Kongsberg Gruppen ASA§ |  | 32379 |
| 1019 | Mowi ASA§ |  | 24604 |
| 1107 | Norbit ASA§ |  | 20525 |
| 864 | Nordic Semiconductor ASA§,\* |  | 11330 |
| 6429 | Norsk Hydro ASA§ |  | 49675 |
| 23135 | Norwegian Air Shuttle ASA§ |  | 40035 |
| 2969 | Odfjell Drilling Ltd.§ |  | 25680 |
| 1567 | Odfjell SE, Class A§ |  | 19662 |
| 264 | Orkla ASA§ |  | 2947 |
| 468 | Protector Forsikring ASA§ |  | 24262 |
| 4491 | Scatec ASA§,\*,# |  | 47287 |
| 638 | Sparebank 1 Oestlandet§ |  | 13026 |
| 813 | SpareBank 1 Sor-Norge ASA§ |  | 16001 |
| 4328 | Storebrand ASA§ |  | 74118 |
| 2103 | Subsea 7 SA§ |  | 42494 |
| 2020 | Telenor ASA§ |  | 29403 |
| 6835 | TGS ASA§ |  | 62033 |
| 373 | TOMRA Systems ASA§ |  | 4970 |
| 5444 | Var Energi ASA§ |  | 17788 |
| 2043 | Veidekke ASA§ |  | 36119 |
| 160 | Vend Marketplaces ASA, Class B§ |  | 4427 |
| 2083 | Wallenius Wilhelmsen ASA§ |  | 20861 |
| 642 | Yara International ASA§ |  | 26305 |
|  |  |  | 1403547 |
|  | **Portugal—0.1%** | **Portugal—0.1%** | **Portugal—0.1%** |
| 60886 | Banco Comercial Portugues <br>SA, Class R§ |  | 63802 |
| 1880 | EDP Renovaveis SA†,§ |  | 26519 |
| 14431 | EDP SA§ |  | 66331 |
| 5363 | Galp Energia SGPS SA§ |  | 91362 |
| 1457 | Jeronimo Martins SGPS SA§ |  | 34707 |
|  |  |  | 282721 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Singapore—0.7%** | **Singapore—0.7%** |
| 6300 | City Developments Ltd.§ | $39131 |
| 10374 | DBS Group Holdings Ltd.§ | 454011 |
| 15900 | DFI Retail Group Holdings Ltd.§ | 62739 |
| 56500 | Genting Singapore Ltd.§ | 31812 |
| 118900 | Golden Agri-Resources Ltd.§ | 26363 |
| 7200 | Hongkong Land Holdings Ltd.§ | 49971 |
| 4600 | Keppel Ltd.§ | 36924 |
| 57200 | Netlink NBN Trust§ | 42933 |
| 36200 | Olam Group Ltd.§ | 27036 |
| 13039 | Oversea-Chinese Banking <br>Corp. Ltd.§ | 200292 |
| 28523 | SATS Ltd.§ | 84378 |
| 58226 | Seatrium Ltd.†,§ | 97491 |
| 10100 | Sembcorp Industries Ltd.†,§ | 47150 |
| 14199 | Singapore Airlines Ltd.†,§ | 70628 |
| 5400 | Singapore Exchange Ltd.§ | 70956 |
| 9800 | Singapore Technologies <br>Engineering Ltd.§ | 63939 |
| 12600 | Singapore <br>Telecommunications Ltd.§ | 44642 |
| 8600 | United Overseas Bank Ltd.§ | 234208 |
| 7000 | UOL Group Ltd.§ | 47539 |
| 6900 | Venture Corp. Ltd.§ | 81130 |
| 15300 | Wilmar International Ltd.§ | 36577 |
| 23500 | Yangzijiang Shipbuilding <br>Holdings Ltd.§ | 63625 |
|  |  | 1913475 |
|  | **Spain—1.9%** | **Spain—1.9%** |
| 708 | Acciona SA†,§ | 153847 |
| 949 | ACS Actividades de Construccion y <br>Servicios SA§ | 94121 |
| 3445 | Aena SME SA§,# | 96439 |
| 2431 | Amadeus IT Group SA§ | 178311 |
| 36165 | Banco Bilbao Vizcaya <br>Argentaria SA§ | 845904 |
| 9155 | Banco Bilbao Vizcaya <br>Argentaria SA, ADR | 213403 |
| 65963 | Banco de Sabadell SA§ | 258668 |
| 66404 | Banco Santander SA§ | 779241 |
| 5213 | Bankinter SA§ | 86317 |
| 23188 | CaixaBank SA§ | 283177 |
| 1311 | Cellnex Telecom SA#,§ | 42170 |
| 765 | CIE Automotive SA§ | 26691 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Spain (Continued)** | **Spain (Continued)** | **Spain (Continued)** |
| 1292 | Corp. ACCIONA Energias <br>Renovables SA†,§ | $| 33881 |
| 5378 | Enagas SA§ |  | 82949 |
| 1898 | Endesa SA§ |  | 68322 |
| 4660 | Ercros SA§,\* |  | 18739 |
| 1374 | Ferrovial SE§ |  | 88863 |
| 2889 | Fluidra SA§ |  | 78642 |
| 7914 | Grifols SA†,§ |  | 99030 |
| 11839 | Iberdrola SA§ |  | 256257 |
| 2830 | Indra Sistemas SA†,§ |  | 160472 |
| 4522 | Industria de Diseno Textil SA§ |  | 297866 |
| 1890 | Logista Integral SA§ |  | 66902 |
| 14645 | Mapfre SA§ |  | 73703 |
| 1120 | Naturgy Energy Group SA§ |  | 34103 |
| 6510 | Redeia Corp. SA§ |  | 116059 |
| 5700 | Repsol SA§ |  | 106758 |
| 31911 | Telefonica SA†,§ |  | 130995 |
| 42183 | Unicaja Banco SA§,# |  | 136997 |
|  |  |  | 4908827 |
|  | **Sweden—1.9%** | **Sweden—1.9%** | **Sweden—1.9%** |
| 984 | AAK AB†,§ |  | 28186 |
| 1763 | AddLife AB, Class B§ |  | 30449 |
| 3120 | AddNode Group AB§ |  | 32748 |
| 1249 | AddTech AB, Class B†,§ |  | 44385 |
| 3560 | AFRY AB§ |  | 57815 |
| 1239 | Alfa Laval AB§ |  | 62607 |
| 1255 | Alimak Group AB§,# |  | 19774 |
| 6385 | Alleima AB†,§ |  | 56420 |
| 1172 | AQ Group AB§ |  | 24998 |
| 1404 | Asmodee Group AB, Class B§,\* |  | 16084 |
| 2561 | Assa Abloy AB, Class B§ |  | 99289 |
| 11716 | Atlas Copco AB, Class A§ |  | 209901 |
| 6364 | Atlas Copco AB, Class B§ |  | 102062 |
| 4050 | Atrium Ljungberg AB, Class B†,§ |  | 14610 |
| 3214 | Attendo AB#,§ |  | 28548 |
| 939 | Avanza Bank Holding AB§ |  | 35961 |
| 294 | Axfood AB§ |  | 9276 |
| 818 | Beijer Alma AB§ |  | 26409 |
| 1530 | Beijer Ref AB†,§ |  | 24614 |
| 4838 | Betsson AB, Class B§ |  | 77413 |
| 4166 | Billerud Aktiebolag§ |  | 42369 |
| 1495 | BioGaia AB, Class B§ |  | 17239 |
| 1975 | Boliden AB§,\* |  | 109297 |
| 852 | BoneSupport Holding AB†,#,\*,§ |  | 17299 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Sweden (Continued)** | **Sweden (Continued)** |
| 8308 | Bravida Holding AB†,#,§ | $80972 |
| 3350 | Bufab AB§ | 36572 |
| 680 | Castellum AB†,§ | 7842 |
| 447 | Catena AB§ | 21888 |
| 1100 | Clas Ohlson AB, Class B§ | 36214 |
| 1404 | Coffee Stain Group AB, Class B†,\* | 3530 |
| 11207 | Dometic Group AB†,#,§ | 56991 |
| 1963 | Dynavox Group AB†,\*,§ | 21695 |
| 4459 | Electrolux AB, Class B†,\*,§ | 30724 |
| 4995 | Electrolux Professional AB, <br>Class B†,§ | 35105 |
| 9901 | Elekta AB, Class B§ | 60853 |
| 1404 | Embracer Group AB†,\*,§ | 9191 |
| 2048 | Epiroc AB, Class A§ | 46340 |
| 1782 | Epiroc AB, Class B§ | 35959 |
| 3217 | Essity AB, Class B§ | 92674 |
| 641 | Evolution AB#,§ | 43624 |
| 1567 | Fabege AB†,§ | 14052 |
| 4532 | Fastighets AB Balder, Class B§,\* | 33491 |
| 1712 | FastPartner AB, Class A§ | 8822 |
| 1600 | Getinge AB, Class B§ | 38100 |
| 4010 | Granges AB§ | 63216 |
| 3509 | H & M Hennes & Mauritz AB, <br>Class B†,§ | 70584 |
| 888 | Hemnet Group AB†,§ | 16671 |
| 3499 | Hexagon AB, Class B§ | 41386 |
| 3325 | Hexpol AB§ | 31737 |
| 557 | Holmen AB, Class B§ | 21407 |
| 298 | Hufvudstaden AB, Class A§ | 4007 |
| 5315 | Husqvarna AB, Class B§ | 26826 |
| 1077 | Indutrade AB§ | 27914 |
| 2474 | International Petroleum Corp.§,\* | 45449 |
| 884 | INVISIO AB†,§ | 25165 |
| 1748 | Lagercrantz Group AB, Class B†,§ | 40067 |
| 977 | Lifco AB, Class B§ | 36923 |
| 2222 | Lindab International AB§ | 50242 |
| 1250 | Loomis AB§ | 52980 |
| 1134 | Medicover AB, Class B†,§ | 27035 |
| 2586 | Modern Times Group <br>MTG AB, Class B†,\*,§ | 32242 |
| 208 | Munters Group AB§,# | 3815 |
| 1084 | Mycronic AB§ | 26076 |
| 3890 | NCC AB, Class B§ | 92727 |
| 3693 | New Wave Group AB, Class B†,§ | 45951 |
| 5005 | Nibe Industrier AB, Class B§ | 19202 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Sweden (Continued)** | **Sweden (Continued)** |
| 7632 | Nolato AB, Class B§ | $51208 |
| 931 | Nordnet AB publ§ | 27185 |
| 590 | NP3 Fastigheter AB†,§ | 16598 |
| 2738 | Nyfosa AB§ | 22093 |
| 1014 | OEM International AB, Class B§ | 16012 |
| 4892 | Peab AB, Class B†,§ | 45332 |
| 5424 | Ratos AB, Class B§ | 22403 |
| 686 | RaySearch Laboratories AB†,§ | 16974 |
| 457 | Saab AB, Class B§ | 26582 |
| 642 | Sagax AB, Class B§ | 13772 |
| 3797 | Sandvik AB§ | 122986 |
| 5045 | Scandic Hotels Group AB†,#,§ | 53047 |
| 1030 | Sectra AB, Class B§ | 27939 |
| 2362 | Securitas AB, Class B§ | 37636 |
| 10286 | Sinch AB†,#,\*,§ | 34890 |
| 4629 | Skandinaviska Enskilda <br>Banken AB, Class A§ | 97721 |
| 1674 | Skanska AB, Class B§ | 45683 |
| 426 | SKF AB, Class A§ | 11356 |
| 2466 | SKF AB, Class B§ | 65540 |
| 1490 | SkiStar AB†,§ | 26785 |
| 4349 | SSAB AB, Class A§ | 33028 |
| 3835 | SSAB AB, Class B§ | 28788 |
| 43452 | Storskogen Group AB, Class B§ | 55247 |
| 3118 | Svenska Cellulosa AB <br>SCA, Class B§ | 41416 |
| 5186 | Svenska Handelsbanken <br>AB, Class A§ | 75630 |
| 1660 | Sweco AB, Class B§ | 27178 |
| 4536 | Swedbank AB, Class A§ | 157804 |
| 339 | Swedish Orphan Biovitrum AB§,\* | 12189 |
| 3908 | Systemair AB§ | 36737 |
| 4655 | Tele2 AB, Class B§ | 78110 |
| 1292 | Telefonaktiebolaget LM <br>Ericsson, Class A§ | 12716 |
| 13050 | Telefonaktiebolaget LM <br>Ericsson, Class B§ | 127396 |
| 19797 | Telia Co. AB§ | 84580 |
| 1057 | Thule Group AB§,# | 27505 |
| 836 | Trelleborg AB, Class B§ | 35377 |
| 6750 | Truecaller AB, Class B†,§ | 14138 |
| 1264 | Vitec Software Group <br>AB, Class B†,§ | 42319 |
| 2608 | Vitrolife AB†,§ | 38799 |
| 1910 | Volvo AB, Class A§ | 60906 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Sweden (Continued)** | **Sweden (Continued)** | **Sweden (Continued)** |
| 14602 | Volvo AB, Class B§ | $| 468051 |
| 7017 | Volvo Car AB, Class B†,\*,§ |  | 23380 |
| 1622 | Wallenstam AB, Class B†,§ |  | 7280 |
| 2008 | Wihlborgs Fastigheter AB§ |  | 19862 |
|  |  |  | 4994192 |
|  | **Switzerland—5.6%** | **Switzerland—5.6%** | **Switzerland—5.6%** |
| 3732 | ABB Ltd., Registered§ |  | 275874 |
| 2701 | Accelleron Industries AG§ |  | 209581 |
| 4541 | Adecco Group AG, Registered§ |  | 131926 |
| 2622 | Alcon AG§ |  | 208275 |
| 511 | Allreal Holding AG, Registered§ |  | 131621 |
| 275 | ALSO Holding AG, Registered§ |  | 74546 |
| 3040 | Amrize Ltd.\*,§ |  | 165604 |
| 4373 | Avolta AG§ |  | 259352 |
| 930 | Banque Cantonale Vaudoise, <br>Registered§ |  | 117640 |
| 53 | Barry Callebaut AG, Registered†,§ |  | 87103 |
| 174 | Belimo Holding AG, Registered§ |  | 169426 |
| 409 | BKW AG§ |  | 86795 |
| 214 | Bucher Industries AG, Registered§ |  | 99211 |
| 549 | Cembra Money Bank AG§ |  | 68784 |
| 1 | Chocoladefabriken Lindt & <br>Spruengli AG, Registered§ |  | 146489 |
| 1969 | Cie Financiere Richemont SA, <br>Registered Class A§ |  | 424942 |
| 2131 | Clariant AG, Registered†,§ |  | 19219 |
| 1324 | DKSH Holding AG§ |  | 95669 |
| 545 | dormakaba Holding AG§ |  | 44069 |
| 743 | DSM-Firmenich AG§ |  | 60042 |
| 3335 | EFG International AG§ |  | 79734 |
| 73 | Emmi AG, Registered§ |  | 67720 |
| 44 | EMS-Chemie Holding AG, <br>Registered§ |  | 30445 |
| 782 | Flughafen Zurich AG, Registered§ |  | 247769 |
| 398 | Galderma Group AG§ |  | 80787 |
| 1759 | Galenica AG§,# |  | 216749 |
| 276 | Geberit AG, Registered§ |  | 214996 |
| 2324 | Georg Fischer AG, Registered§ |  | 156324 |
| 24 | Givaudan SA, Registered§ |  | 95415 |
| 2116 | Helvetia Baloise Holding AG§ |  | 557841 |
| 3040 | Holcim AG§ |  | 298021 |
| 1418 | Julius Baer Group Ltd.§ |  | 110857 |
| 194 | Kuehne & Nagel International AG, <br>Registered§ |  | 41789 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Switzerland (Continued)** | **Switzerland (Continued)** |
| 205 | Logitech International SA, <br>Registered† | $20545 |
| 476 | Logitech International SA, <br>Registered§ | 48477 |
| 249 | Lonza Group AG, Registered§ | 168463 |
| 547 | Luzerner Kantonalbank AG, <br>Registered†,§ | 63868 |
| 219 | Medacta Group SA§,# | 43092 |
| 15318 | Nestle SA, Registered§ | 1522508 |
| 4061 | Novartis AG, ADR† | 559890 |
| 7044 | Novartis AG, Registered§ | 973046 |
| 130 | Partners Group Holding AG§ | 159693 |
| 990 | PSP Swiss Property AG, Registered§ | 179353 |
| 3907 | Roche Holding AG§ | 1614638 |
| 186 | Roche Holding AG, Bearer Shares§ | 78536 |
| 2752 | Sandoz Group AG§ | 200570 |
| 486 | Sandoz Group AG, ADR | 35369 |
| 107 | Schindler Holding AG, Registered§ | 37926 |
| 666 | SFS Group AG§ | 91059 |
| 1229 | SGS SA, Registered§ | 140898 |
| 1260 | Siegfried Holding AG, Registered§ | 117938 |
| 11472 | SIG Group AG†,§ | 163982 |
| 586 | Sika AG, Registered§ | 120104 |
| 796 | Softwareone Holding AG | 9154 |
| 297 | Sonova Holding AG, Registered§ | 76631 |
| 90 | St. Galler Kantonalbank AG, <br>Registered†,§ | 64764 |
| 6 | Stadler Rail AG§ | 153 |
| 280 | Straumann Holding AG, Registered§ | 32788 |
| 710 | Sulzer AG, Registered§ | 131652 |
| 1157 | Sunrise Communications <br>AG, Class A§ | 61917 |
| 777 | Swatch Group AG, Bearer Shares†,§ | 164906 |
| 854 | Swatch Group AG, Registered†,§ | 36875 |
| 148 | Swiss Life Holding AG, Registered§ | 170985 |
| 2347 | Swiss Prime Site AG, Registered§ | 364702 |
| 1548 | Swiss Re AG§ | 258135 |
| 273 | Swisscom AG, Registered§ | 198387 |
| 311 | Swissquote Group Holding SA, <br>Registered§ | 188795 |
| 1526 | Temenos AG, Registered§ | 152456 |
| 10042 | UBS Group AG, Registered§ | 464212 |
| 410 | VAT Group AG†,#,§ | 196880 |
| 1108 | Vontobel Holding AG, Registered§ | 89577 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Switzerland (Continued)** | **Switzerland (Continued)** | **Switzerland (Continued)** |
| 106 | Ypsomed Holding AG, <br>Registered†,§ | $| 43715 |
| 3 | Zuger Kantonalbank, <br>Bearer Shares§ |  | 33455 |
| 540 | Zurich Insurance Group AG§ |  | 409869 |
|  |  |  | 14564578 |
|  | **United Kingdom—8.1%** | **United Kingdom—8.1%** | **United Kingdom—8.1%** |
| 2058 | Admiral Group PLC§ |  | 88104 |
| 13056 | Airtel Africa PLC§,# |  | 61901 |
| 9670 | AJ Bell PLC§ |  | 57502 |
| 2958 | Anglo American PLC§ |  | 121897 |
| 1452 | Antofagasta PLC†,§ |  | 63729 |
| 4064 | Ashtead Group PLC§ |  | 277267 |
| 1588 | Associated British Foods PLC†,§ |  | 45537 |
| 4998 | AstraZeneca PLC§ |  | 920591 |
| 2628 | AstraZeneca PLC, ADR |  | 241592 |
| 10951 | Auto Trader Group PLC#,§ |  | 86358 |
| 26130 | Aviva PLC§ |  | 239235 |
| 7366 | Babcock International Group PLC§ |  | 122609 |
| 9767 | BAE Systems PLC§ |  | 224534 |
| 13907 | Balfour Beatty PLC§ |  | 132649 |
| 46980 | Barclays PLC§ |  | 298232 |
| 30800 | Barratt Redrow PLC§ |  | 157804 |
| 14807 | Beazley PLC§ |  | 165412 |
| 3399 | Bellway PLC§ |  | 124770 |
| 2696 | Berkeley Group Holdings PLC§ |  | 141615 |
| 126772 | BP PLC§ |  | 735909 |
| 7485 | British American Tobacco PLC§ |  | 424232 |
| 71970 | BT Group PLC§ |  | 177966 |
| 1635 | Bunzl PLC§ |  | 45628 |
| 8926 | Burberry Group PLC§,\* |  | 152128 |
| 6270 | Canal & SA§ |  | 22534 |
| 510 | Carnival PLC\*,§ |  | 15525 |
| 30738 | Centrica PLC§ |  | 69989 |
| 1369 | Coca-Cola HBC AG§ |  | 70896 |
| 10000 | Compass Group PLC§ |  | 318150 |
| 2293 | Computacenter PLC§ |  | 90508 |
| 34171 | Convatec Group PLC#,§ |  | 111652 |
| 1507 | Cranswick PLC§ |  | 100230 |
| 549 | Croda International PLC§ |  | 19896 |
| 2430 | DCC PLC§ |  | 151026 |
| 7164 | Diageo PLC§ |  | 154318 |
| 575 | Diploma PLC§ |  | 41037 |
| 18365 | Drax Group PLC§ |  | 207460 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| 4344 | Dunelm Group PLC§ | $65818 |
| 2569 | easyJet PLC§ | 17608 |
| 3961 | Experian PLC§ | 179142 |
| 3491 | Frasers Group PLC†,\*,§ | 31907 |
| 934 | Fresnillo PLC§ | 41589 |
| 794 | Games Workshop Group PLC§ | 201523 |
| 36855 | Glencore PLC§,\* | 200481 |
| 18456 | GSK PLC§ | 453566 |
| 6435 | GSK PLC, ADR | 315572 |
| 17519 | Haleon PLC§ | 88649 |
| 1069 | Halma PLC§ | 50660 |
| 18488 | Harbour Energy PLC§ | 48764 |
| 3046 | Helical PLC§ | 7773 |
| 4068 | Hikma Pharmaceuticals PLC§ | 84993 |
| 9579 | Hiscox Ltd.§ | 182633 |
| 13082 | Howden Joinery Group PLC§ | 145670 |
| 71796 | HSBC Holdings PLC§ | 1125603 |
| 8114 | IG Group Holdings PLC§ | 143830 |
| 5093 | IMI PLC§ | 169795 |
| 7171 | Imperial Brands PLC§ | 301482 |
| 6754 | Inchcape PLC§ | 70013 |
| 4742 | Informa PLC§ | 56249 |
| 1721 | IntegraFin Holdings PLC§ | 8315 |
| 586 | InterContinental Hotels <br>Group PLC§ | 82085 |
| 10061 | International Consolidated Airlines <br>Group SA§ | 55708 |
| 16212 | International Workplace <br>Group PLC§ | 50207 |
| 1532 | Intertek Group PLC§ | 95011 |
| 16126 | Investec PLC§ | 119217 |
| 9592 | Ithaca Energy PLC§ | 21286 |
| 116703 | ITV PLC§ | 129314 |
| 19557 | J. Sainsbury PLC§ | 86189 |
| 64820 | JD Sports Fashion PLC§ | 73600 |
| 1084 | JET2 PLC§ | 20466 |
| 5610 | Johnson Matthey PLC§ | 160538 |
| 218 | Just Group PLC§ | 635 |
| 42747 | Kingfisher PLC§ | 179243 |
| 33532 | Legal & General Group PLC§ | 117743 |
| 1671 | Lion Finance Group PLC§ | 207496 |
| 284388 | Lloyds Banking Group PLC§ | 374778 |
| 608 | London Stock Exchange <br>Group PLC§ | 73212 |
| 15967 | Man Group PLC§ | 49000 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| 23081 | Marks & Spencer Group PLC§ | $102672 |
| 5417 | Melrose Industries PLC§ | 42619 |
| 3657 | Mondi PLC§ | 44617 |
| 695 | Morgan Sindall Group PLC§ | 43571 |
| 8076 | National Grid PLC§ | 124460 |
| 1411 | National Grid PLC, ADR† | 109141 |
| 32773 | NatWest Group PLC§ | 285845 |
| 749 | Next PLC§ | 137805 |
| 537 | NMC Health PLC§,\* |  |
| 2579 | Ocado Group PLC†,\*,§ | 8186 |
| 7228 | OSB Group PLC§ | 61720 |
| 2772 | Pearson PLC§ | 39121 |
| 10353 | Pennon Group PLC§ | 73434 |
| 8502 | Persimmon PLC§ | 155431 |
| 2924 | Phoenix Group Holdings PLC§ | 28824 |
| 7042 | Playtech PLC§ | 26819 |
| 2921 | Plus500 Ltd.§ | 142571 |
| 7110 | Prudential PLC§ | 109702 |
| 3089 | Prudential PLC, ADR† | 96130 |
| 14053 | QinetiQ Group PLC§ | 83194 |
| 4394 | Reckitt Benckiser Group PLC§ | 355743 |
| 7711 | RELX PLC§ | 311897 |
| 310 | RELX PLC, ADR | 12530 |
| 8093 | Rentokil Initial PLC§ | 48338 |
| 18568 | Rightmove PLC§ | 129811 |
| 3804 | Rio Tinto PLC§ | 303502 |
| 757 | Rio Tinto PLC, SP ADR | 60583 |
| 35988 | Rolls-Royce Holdings PLC§ | 559367 |
| 20899 | Rotork PLC§ | 91354 |
| 12872 | RS Group PLC§ | 107522 |
| 5394 | Sage Group PLC§ | 78546 |
| 5215 | Schroders PLC§ | 28423 |
| 36018 | Serco Group PLC§ | 134468 |
| 1639 | Severn Trent PLC§ | 61614 |
| 53100 | Shell PLC§ | 1950589 |
| 1712 | Shell PLC, ADR† | 125798 |
| 2999 | Smith & Nephew PLC§ | 49926 |
| 1470 | Smiths Group PLC§ | 46321 |
| 3811 | Softcat PLC§ | 72454 |
| 984 | Spirax Group PLC§ | 89989 |
| 7043 | SSE PLC§ | 206517 |
| 7491 | St. James's Place PLC§ | 138632 |
| 13981 | Standard Chartered PLC§ | 341430 |
| 90900 | Taylor Wimpey PLC§ | 131616 |
| 1692 | TBC Bank Group PLC§ | 91730 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>Shares** | | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **United Kingdom (Continued)** | **United Kingdom (Continued)** | **United Kingdom (Continued)** | **United Kingdom (Continued)** |
| 37804 | Tesco PLC§ |  | $| 225080 |
| 32660 | TP ICAP Group PLC§ |  |  | 114382 |
| 6485 | Unilever PLC§ |  |  | 425070 |
| 1353 | Unilever PLC, ADR† |  |  | 88486 |
| 4797 | United Utilities Group PLC§ |  |  | 77169 |
| 94790 | Vodafone Group PLC§ |  |  | 125949 |
| 1491 | Weir Group PLC§ |  |  | 56906 |
| 4680 | Whitbread PLC§ |  |  | 159765 |
| 1347 | Wise PLC, Class A§,\* |  |  | 16179 |
| 4839 | WPP PLC§ |  |  | 21856 |
| 3457 | WPP PLC, ADR† |  |  | 77644 |
|  |  |  |  | 21000833 |
|  | **United States—0.1%** | **United States—0.1%** | **United States—0.1%** | **United States—0.1%** |
| 2625 | International Paper Co.§ |  |  | 99655 |
| 660 | Royal Gold, Inc. |  |  | 146711 |
| 1926 | Sunococorp LLC\* |  |  | 94914 |
|  |  |  |  | 341280 |
|  | **TOTAL COMMON STOCKS** (Cost $123,236,210) |  |  | 172453207 |
|  | **AFFILIATED INVESTMENT COMPANY—32.8%** | **AFFILIATED INVESTMENT COMPANY—32.8%** | **AFFILIATED INVESTMENT COMPANY—32.8%** | **AFFILIATED INVESTMENT COMPANY—32.8%** |
|  | **United States—32.8%** | **United States—32.8%** | **United States—32.8%** | **United States—32.8%** |
| 2934736 | DFA Emerging Markets Core Equity 2 <br>Portfolio, Class I‡‡ <br>(Cost $61,867,528) |  |  | 85342110 |
|  |  | **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—0.4%** | **PREFERRED STOCKS—0.4%** | **PREFERRED STOCKS—0.4%** | **PREFERRED STOCKS—0.4%** |
|  | **Germany—0.3%** | **Germany—0.3%** | **Germany—0.3%** | **Germany—0.3%** |
| 439 | Bayerische Motoren Werke AG, 4.71%§ |  |  | 47181 |
| 1013 | Dr. Ing hc F Porsche AG, 5.03%§,# |  |  | 54280 |
| 2620 | FUCHS SE, 3.07%§ |  |  | 117354 |
| 1168 | Henkel AG & Co. KGaA, 2.92%§ |  |  | 95460 |
| 917 | Porsche Automobil Holding SE, 4.80%§ |  |  | 43002 |
| 126 | Sartorius AG, 0.30%§ |  |  | 36429 |
| 872 | Sixt SE, 5.13%§ |  |  | 54210 |
| 2512 | Volkswagen AG, 6.11%§ |  |  | 305518 |
|  |  |  |  | 753434 |

---

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

------

**M International Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | | | **Value<br>(Note 1)** |
| | **Italy—0.1%** | **Italy—0.1%** | **Italy—0.1%** |
| 578 | Danieli & C Officine Meccaniche SpA, 0.90%§ |  | $24941 |
| 189816 | Telecom Italia SpA, 0.0%§,\* |  | 138004 |
|  |  |  | 162945 |
|  | **TOTAL PREFERRED STOCK** (Cost $1,176,877) |  | 916379 |
|  |  | **7-Day<br>Yield** |  |
|  | **SHORT-TERM INVESTMENTS—0.7%** | **SHORT-TERM INVESTMENTS—0.7%** | **SHORT-TERM INVESTMENTS—0.7%** |
| 1915344 | State Street Navigator Securities Lending Government Money Market Portfolio <br>(Cost $1,915,344)†† | 3.84% | 1915344 |
|  | **TOTAL INVESTMENTS, AT VALUE—100.0%**<br> (Cost $188,195,959) |  | 260627040 |
|  | **Liabilities in Excess of Other Assets—(0.0)%** |  | (42317) |
|  | **NET ASSETS—100.0%** |  | $260584723 |

---

**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 December 31, 2025, the market value of the securities on loan was $11,313,012 (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 December 31, 2025, the total value of the fair valued securities was $147,972,301 which represents 56.8% of net assets. Of this amount, $147,949,604 represented non-U.S. securities valued by an approved independent pricing vendor, and $22,697 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 December 31, 2025, amounts to approximately $3,659,964, and represents 1.4% of net assets.

‡‡ Affiliated issuer. Assets with a total aggregate market value of $85,342,110, or 32.8% of net assets, were affiliated with the Fund as of December 31, 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**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **COMMON STOCKS—99.1%** | **COMMON STOCKS—99.1%** |
| | **Aerospace & Defense—0.1%** | **Aerospace & Defense—0.1%** |
| 575 | General Electric Co. | $177117 |
|  | **Automobiles—2.7%** | **Automobiles—2.7%** |
| 18874 | Tesla, Inc.\* | 8488015 |
|  | **Biotechnology—4.5%** | **Biotechnology—4.5%** |
| 23172 | AbbVie, Inc. | 5294570 |
| 1233 | Alnylam Pharmaceuticals, Inc.\* | 490302 |
| 7022 | Amgen, Inc. | 2298371 |
| 16348 | Incyte Corp.\* | 1614692 |
| 4587 | Regeneron Pharmaceuticals, Inc. | 3540568 |
| 4418 | Sarepta Therapeutics, Inc.\* | 95075 |
| 1566 | Vertex Pharmaceuticals, Inc.\* | 709962 |
|  |  | 14043540 |
|  | **Broadline Retail—4.1%** | **Broadline Retail—4.1%** |
| 52837 | Amazon.com, Inc.\* | 12195836 |
| 7590 | eBay, Inc. | 661089 |
|  |  | 12856925 |
|  | **Building Products—0.2%** | **Building Products—0.2%** |
| 1985 | Trane Technologies PLC | 772562 |
|  | **Capital Markets—3.0%** | **Capital Markets—3.0%** |
| 12273 | Ameriprise Financial, Inc. | 6017943 |
| 2581 | Bank of New York Mellon Corp. | 299628 |
| 1338 | Goldman Sachs Group, Inc. | 1176102 |
| 8988 | Morgan Stanley | 1595640 |
| 248 | MSCI, Inc. | 142285 |
|  |  | 9231598 |
|  | **Chemicals—0.4%** | **Chemicals—0.4%** |
| 26934 | Celanese Corp. | 1138770 |
|  | **Commercial Services & <br>Supplies—1.4%** | **Commercial Services & <br>Supplies—1.4%** |
| 44552 | Veralto Corp. | 4445399 |
|  | **Communications <br>Equipment—0.8%** | **Communications <br>Equipment—0.8%** |
| 18343 | Arista Networks, Inc.\* | 2403483 |
|  | **Consumer Staples Distribution & <br>Retail—1.5%** | **Consumer Staples Distribution & <br>Retail—1.5%** |
| 4162 | Costco Wholesale Corp. | 3589059 |
| 20776 | Maplebear, Inc.\* | 934505 |
|  |  | 4523564 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Electrical Equipment—1.8%** | **Electrical Equipment—1.8%** |
| 2367 | Acuity, Inc. | $852215 |
| 7460 | GE Vernova, Inc. | 4875632 |
|  |  | 5727847 |
|  | **Energy Equipment and <br>Services—0.2%** | **Energy Equipment and <br>Services—0.2%** |
| 7025 | Weatherford International PLC | 549777 |
|  | **Entertainment—1.5%** | **Entertainment—1.5%** |
| 1542 | Live Nation Entertainment, Inc.†,\* | 219735 |
| 27822 | Netflix, Inc.\* | 2608590 |
| 9894 | ROBLOX Corp., Class A\* | 801711 |
| 1683 | Spotify Technology SA\* | 977335 |
|  |  | 4607371 |
|  | **Financial Services—4.2%** | **Financial Services—4.2%** |
| 77778 | Fiserv, Inc.\* | 5224348 |
| 6426 | Mastercard, Inc., Class A | 3668475 |
| 73223 | StoneCo Ltd., Class A\* | 1082968 |
| 7360 | Visa, Inc., Class A | 2581226 |
| 49606 | Western Union Co.† | 461832 |
|  |  | 13018849 |
|  | **Food Products—0.0%** | **Food Products—0.0%** |
| 9218 | Flowers Foods, Inc. | 100292 |
|  | **Ground Transportation—1.2%** | **Ground Transportation—1.2%** |
| 44892 | Uber Technologies, Inc.\* | 3668125 |
|  | **Health Care Equipment and <br>Supplies—0.1%** | **Health Care Equipment and <br>Supplies—0.1%** |
| 1129 | Align Technology, Inc.\* | 176293 |
|  | **Health Care Providers and <br>Services—1.2%** | **Health Care Providers and <br>Services—1.2%** |
| 6467 | Cardinal Health, Inc. | 1328969 |
| 6775 | Cencora, Inc. | 2288256 |
|  |  | 3617225 |
|  | **Health Care Technology—0.2%** | **Health Care Technology—0.2%** |
| 2724 | Veeva Systems, Inc., Class A\* | 608079 |
|  | **Hotels, Restaurants & <br>Leisure—2.5%** | **Hotels, Restaurants & <br>Leisure—2.5%** |
| 3981 | Airbnb, Inc., Class A\* | 540301 |
| 302 | Booking Holdings, Inc. | 1617310 |
| 352 | Domino's Pizza, Inc. | 146721 |
| 2683 | Royal Caribbean Cruises Ltd. | 748342 |

---

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

------

**M Large Cap Growth Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Hotels, Restaurants & <br>Leisure (Continued)** | **Hotels, Restaurants & <br>Leisure (Continued)** |
| 65390 | Viking Holdings Ltd.\* | 4669500 |
| 595 | Yum! Brands, Inc. | 90011 |
|  |  | 7812185 |
|  | **Household Durables—0.4%** | **Household Durables—0.4%** |
| 12266 | SharkNinja, Inc.\* | 1372565 |
|  | **Insurance—0.1%** | **Insurance—0.1%** |
| 1618 | Arch Capital Group Ltd.\* | 155199 |
|  | **Interactive Media & <br>Services—10.9%** | **Interactive Media & <br>Services—10.9%** |
| 69510 | Alphabet, Inc., Class A | 21756630 |
| 16305 | Meta Platforms, Inc., Class A | 10762768 |
| 5140 | Reddit, Inc., Class A\* | 1181532 |
| 37585 | ZoomInfo Technologies, Inc.\* | 382239 |
|  |  | 34083169 |
|  | **IT Services—1.1%** | **IT Services—1.1%** |
| 4888 | EPAM Systems, Inc.\* | 1001454 |
| 12938 | GoDaddy, Inc., Class A\* | 1605347 |
| 2012 | MongoDB, Inc.\* | 844416 |
| 358 | Snowflake, Inc.\* | 78531 |
|  |  | 3529748 |
|  | **Life Sciences Tools and <br>Services—0.4%** | **Life Sciences Tools and <br>Services—0.4%** |
| 8690 | Illumina, Inc.\* | 1139780 |
|  | **Machinery—0.6%** | **Machinery—0.6%** |
| 18268 | Allison Transmission Holdings, Inc. | 1788437 |
|  | **Media—0.4%** | **Media—0.4%** |
| 29741 | Trade Desk, Inc., Class A\* | 1128968 |
|  | **Pharmaceuticals—1.8%** | **Pharmaceuticals—1.8%** |
| 5260 | Eli Lilly & Co. | 5652817 |
|  | **Professional Services—0.5%** | **Professional Services—0.5%** |
| 10050 | Paycom Software, Inc. | 1601568 |
|  | **Semiconductors and Semiconductor Equipment—18.2%** | **Semiconductors and Semiconductor Equipment—18.2%** |
| 42992 | Broadcom, Inc. | 14879531 |
| 5559 | Enphase Energy, Inc.\* | 178166 |
| 476 | KLA Corp. | 578378 |
| 195690 | NVIDIA Corp. | 36496185 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 9300 | QUALCOMM, Inc. | $| 1590765 |
| 16057 | Teradyne, Inc. |  | 3107993 |
|  |  |  | 56831018 |
|  | **Software—19.5%** | **Software—19.5%** | **Software—19.5%** |
| 14909 | Adobe, Inc.\* |  | 5218001 |
| 3445 | AppLovin Corp., Class A\* |  | 2321310 |
| 1333 | Autodesk, Inc.\* |  | 394581 |
| 1794 | Crowdstrike Holdings, Inc., <br>Class A\* |  | 840955 |
| 1596 | Datadog, Inc., Class A\* |  | 217040 |
| 210 | HubSpot, Inc.\* |  | 84273 |
| 771 | Intuit, Inc. |  | 510726 |
| 72895 | Microsoft Corp. |  | 35253480 |
| 33351 | Nutanix, Inc., Class A\* |  | 1723913 |
| 4196 | Oracle Corp. |  | 817842 |
| 36310 | Palantir Technologies, Inc., <br>Class A\* |  | 6454103 |
| 10528 | Palo Alto Networks, Inc.\* |  | 1939258 |
| 1742 | Rubrik, Inc., Class A\* |  | 133228 |
| 8832 | Salesforce, Inc. |  | 2339685 |
| 3945 | ServiceNow, Inc.\* |  | 604335 |
| 9171 | Zscaler, Inc.\* |  | 2062741 |
|  |  |  | 60915471 |
|  | **Specialty Retail—2.0%** | **Specialty Retail—2.0%** | **Specialty Retail—2.0%** |
| 91 | AutoZone, Inc.\* |  | 308627 |
| 21763 | Five Below, Inc.\* |  | 4099279 |
| 1394 | Murphy USA, Inc. |  | 562507 |
| 699 | TJX Cos., Inc. |  | 107373 |
| 2043 | Ulta Beauty, Inc.\* |  | 1236035 |
|  |  |  | 6313821 |
|  | **Technology Hardware, Storage & Peripherals—11.3%** | **Technology Hardware, Storage & Peripherals—11.3%** | **Technology Hardware, Storage & Peripherals—11.3%** |
| 116094 | Apple, Inc. |  | 31561315 |
| 13198 | Dell Technologies, Inc., Class C |  | 1661364 |
| 11500 | NetApp, Inc. |  | 1231535 |
| 12540 | Pure Storage, Inc., Class A\* |  | 840305 |
|  |  |  | 35294519 |
|  | **Textiles, Apparel and Luxury <br>Goods—0.3%** | **Textiles, Apparel and Luxury <br>Goods—0.3%** | **Textiles, Apparel and Luxury <br>Goods—0.3%** |
| 9573 | Deckers Outdoor Corp.\* |  | 992433 |
|  | **TOTAL COMMON STOCKS** <br> (Cost $214,614,250) |  | 308766529 |

---

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

------

**M Large Cap Growth Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **7-Day<br>Yield** | **Value<br>(Note 1)** |
| | **SHORT-TERM INVESTMENTS—0.1%** | **SHORT-TERM INVESTMENTS—0.1%** | **SHORT-TERM INVESTMENTS—0.1%** |
| 400568 | State Street Navigator Securities Lending Government Money Market Portfolio <br>(Cost $400,568)†† | 3.84% | $400568 |
|  | **TOTAL INVESTMENTS, AT VALUE—99.2%**<br> (Cost $215,014,818) |  | 309167097 |
|  | **Other Assets in Excess of Liabilities—0.8%** |  | 2622941 |
|  | **NET ASSETS—100.0%** |  | $311790038 |

---

**Notes to the Schedule of Investments:**

\* Non-income producing security

† Denotes all or a portion of security on loan. As of December 31, 2025, the market value of the securities on loan was $581,314 (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 Capital Appreciation Fund**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **COMMON STOCKS—96.9%** | **COMMON STOCKS—96.9%** |
| | **Aerospace & Defense—8.5%** | **Aerospace & Defense—8.5%** |
| 10065 | AAR Corp.\* | $833281 |
| 6653 | AeroVironment, Inc.\* | 1609294 |
| 45610 | ATI, Inc.\* | 5234204 |
| 5741 | BWX Technologies, Inc. | 992274 |
| 15147 | Carpenter Technology Corp. | 4768881 |
| 3336 | Curtiss-Wright Corp. | 1839037 |
| 31775 | Hexcel Corp. | 2348173 |
| 12717 | Kratos Defense & Security <br>Solutions, Inc.\* | 965347 |
| 16610 | Rocket Lab Corp.\* | 1158714 |
| 27301 | Voyager Technologies, Inc., <br>Class A\* | 713648 |
|  |  | 20462853 |
|  | **Automobile Components—0.9%** | **Automobile Components—0.9%** |
| 16193 | Gentherm, Inc.\* | 588939 |
| 12722 | LCI Industries | 1543688 |
|  |  | 2132627 |
|  | **Banks—5.0%** | **Banks—5.0%** |
| 35017 | Citizens Financial Group, Inc. | 2045343 |
| 68395 | Eastern Bankshares, Inc. | 1260520 |
| 87439 | First BanCorp | 1812610 |
| 49681 | Hope Bancorp, Inc. | 544504 |
| 16974 | Popular, Inc. | 2113603 |
| 41274 | Seacoast Banking Corp. of Florida | 1296829 |
| 14234 | Triumph Financial, Inc.\* | 891475 |
| 15562 | Wintrust Financial Corp. | 2175879 |
|  |  | 12140763 |
|  | **Biotechnology—5.4%** | **Biotechnology—5.4%** |
| 23543 | Bridgebio Pharma, Inc.\* | 1800804 |
| 14735 | Insmed, Inc.\* | 2564479 |
| 10850 | Natera, Inc.\* | 2485627 |
| 16866 | Revolution Medicines, Inc.\* | 1343377 |
| 12911 | Soleno Therapeutics, Inc.\* | 597779 |
| 37437 | Ultragenyx Pharmaceutical, Inc.\* | 861051 |
| 3228 | United Therapeutics Corp.\* | 1572843 |
| 28466 | UroGen Pharma Ltd.\* | 666674 |
| 33131 | Vericel Corp.\* | 1193047 |
|  |  | 13085681 |
|  | **Building Products—2.0%** | **Building Products—2.0%** |
| 28949 | Builders FirstSource, Inc.\* | 2978562 |
| 13166 | Modine Manufacturing Co.\* | 1757793 |
|  |  | 4736355 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Capital Markets—0.8%** | **Capital Markets—0.8%** |
| 24441 | Carlyle Group, Inc. | $1444708 |
| 23874 | Perella Weinberg Partners | 413020 |
|  |  | 1857728 |
|  | **Chemicals—0.7%** | **Chemicals—0.7%** |
| 11653 | Albemarle Corp. | 1648200 |
|  | **Commercial Services & <br>Supplies—0.4%** | **Commercial Services & <br>Supplies—0.4%** |
| 132908 | ACV Auctions, Inc., Class A\* | 1065922 |
|  | **Construction and <br>Engineering—1.9%** | **Construction and <br>Engineering—1.9%** |
| 8850 | AECOM | 843670 |
| 33260 | Granite Construction, Inc. | 3836541 |
|  |  | 4680211 |
|  | **Construction Materials—1.9%** | **Construction Materials—1.9%** |
| 15591 | Eagle Materials, Inc. | 3222348 |
| 70854 | James Hardie Industries PLC\* | 1470220 |
|  |  | 4692568 |
|  | **Consumer Staples Distribution & <br>Retail—0.7%** | **Consumer Staples Distribution & <br>Retail—0.7%** |
| 17820 | BJ's Wholesale Club Holdings, <br>Inc.\* | 1604335 |
|  | **Diversified Consumer <br>Services—0.8%** | **Diversified Consumer <br>Services—0.8%** |
| 144199 | KinderCare Learning Cos., Inc.\* | 622940 |
| 43047 | Perdoceo Education Corp. | 1262568 |
|  |  | 1885508 |
|  | **Diversified Telecommunication <br>Services—0.4%** | **Diversified Telecommunication <br>Services—0.4%** |
| 47869 | Cogent Communications <br>Holdings, Inc. | 1032056 |
|  | **Electrical Equipment—1.9%** | **Electrical Equipment—1.9%** |
| 3601 | Hubbell, Inc. | 1599240 |
| 15775 | Nextpower, Inc., Class A\* | 1374160 |
| 12154 | Regal Rexnord Corp. | 1705450 |
|  |  | 4678850 |
|  | **Electronic Equipment, <br>Instruments & Components—6.5%** | **Electronic Equipment, <br>Instruments & Components—6.5%** |
| 11402 | Belden, Inc. | 1328903 |
| 40165 | Cognex Corp. | 1445137 |

---

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

------

**M Capital Appreciation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 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)** |
| 22398 | Coherent Corp.\* | $| 4133999 |
| 49052 | Flex Ltd.\* |  | 2963722 |
| 14468 | Jabil, Inc. |  | 3298993 |
| 10014 | Rogers Corp.\* |  | 916982 |
| 11516 | Sanmina Corp.\* |  | 1728206 |
|  |  |  | 15815942 |
|  | **Energy Equipment and <br>Services—1.7%** | **Energy Equipment and <br>Services—1.7%** | **Energy Equipment and <br>Services—1.7%** |
| 25038 | Liberty Energy, Inc. |  | 462202 |
| 129692 | TETRA Technologies, Inc.\* |  | 1215214 |
| 31001 | Weatherford International PLC |  | 2426138 |
|  |  |  | 4103554 |
|  | **Financial Services—0.2%** | **Financial Services—0.2%** | **Financial Services—0.2%** |
| 17615 | Better Home & Finance Holding <br>Co.\*,† |  | 573897 |
|  | **Food Products—1.5%** | **Food Products—1.5%** | **Food Products—1.5%** |
| 70616 | Darling Ingredients, Inc.\* |  | 2542176 |
| 25580 | Lamb Weston Holdings, Inc. |  | 1071546 |
|  |  |  | 3613722 |
|  | **Ground Transportation—4.2%** | **Ground Transportation—4.2%** | **Ground Transportation—4.2%** |
| 252036 | FTAI Infrastructure, Inc.† |  | 1161886 |
| 49159 | Knight-Swift Transportation <br>Holdings, Inc. |  | 2570032 |
| 79803 | RXO, Inc.\* |  | 1008710 |
| 5360 | Saia, Inc.\* |  | 1750147 |
| 26946 | XPO, Inc.\* |  | 3662231 |
|  |  |  | 10153006 |
|  | **Health Care Equipment and <br>Supplies—5.9%** | **Health Care Equipment and <br>Supplies—5.9%** | **Health Care Equipment and <br>Supplies—5.9%** |
| 8005 | Align Technology, Inc.\* |  | 1249981 |
| 38843 | Cooper Cos., Inc.\* |  | 3183572 |
| 19650 | Inspire Medical Systems, Inc.\* |  | 1812320 |
| 8950 | Insulet Corp.\* |  | 2543948 |
| 9829 | iRhythm Technologies, Inc.\* |  | 1744058 |
| 3899 | STERIS PLC |  | 988474 |
| 57057 | Tandem Diabetes Care, Inc.\* |  | 1254113 |
| 12263 | TransMedics Group, Inc.\*,† |  | 1491794 |
|  |  |  | 14268260 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Health Care Providers and <br>Services—0.7%** | **Health Care Providers and <br>Services—0.7%** |
| 17665 | HealthEquity, Inc.\* | $1618291 |
|  | **Health Care REITs—0.4%** | **Health Care REITs—0.4%** |
| 37508 | Sila Realty Trust, Inc. | 874311 |
|  | **Hotels, Restaurants & <br>Leisure—2.6%** | **Hotels, Restaurants & <br>Leisure—2.6%** |
| 72412 | Caesars Entertainment, Inc.\* | 1693717 |
| 42057 | DraftKings, Inc., Class A\* | 1449284 |
| 57140 | Genius Sports Ltd.\* | 629683 |
| 22655 | Planet Fitness, Inc., Class A\* | 2457388 |
|  |  | 6230072 |
|  | **Household Durables—1.1%** | **Household Durables—1.1%** |
| 12741 | Champion Homes, Inc.\* | 1076614 |
| 12065 | M/I Homes, Inc.\* | 1543717 |
|  |  | 2620331 |
|  | **Industrial REITs—0.6%** | **Industrial REITs—0.6%** |
| 36331 | STAG Industrial, Inc. | 1335528 |
|  | **Insurance—2.9%** | **Insurance—2.9%** |
| 5127 | Everest Group Ltd. | 1739847 |
| 16209 | First American Financial Corp. | 995881 |
| 737 | Markel Group, Inc.\* | 1584292 |
| 13808 | Selective Insurance Group, Inc. | 1155315 |
| 20080 | W.R. Berkley Corp. | 1408010 |
|  |  | 6883345 |
|  | **IT Services—3.5%** | **IT Services—3.5%** |
| 8295 | Akamai Technologies, Inc.\* | 723739 |
| 11611 | EPAM Systems, Inc.\* | 2378862 |
| 162142 | Grid Dynamics Holdings, Inc.\* | 1464142 |
| 6861 | MongoDB, Inc.\* | 2879493 |
| 13015 | Okta, Inc.\* | 1125407 |
|  |  | 8571643 |
|  | **Life Sciences Tools and <br>Services—2.8%** | **Life Sciences Tools and <br>Services—2.8%** |
| 161713 | Avantor, Inc.\* | 1853231 |
| 6904 | Charles River Laboratories <br>International, Inc.\* | 1377210 |
| 9844 | ICON PLC\* | 1793774 |
| 17807 | Revvity, Inc. | 1722827 |
|  |  | 6747042 |

---

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

------

**M Capital Appreciation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Machinery—0.8%** | **Machinery—0.8%** |
| 11030 | AGCO Corp. | $1150649 |
| 6942 | Mueller Industries, Inc. | 796942 |
|  |  | 1947591 |
|  | **Marine Transportation—0.8%** | **Marine Transportation—0.8%** |
| 18388 | Kirby Corp.\* | 2025990 |
|  | **Media—0.4%** | **Media—0.4%** |
| 66022 | Magnite, Inc.\* | 1071537 |
|  | **Metals and Mining—0.4%** | **Metals and Mining—0.4%** |
| 18312 | MP Materials Corp.\*,† | 925122 |
|  | **Oil, Gas and Consumable <br>Fuels—1.6%** | **Oil, Gas and Consumable <br>Fuels—1.6%** |
| 38646 | Devon Energy Corp. | 1415603 |
| 172931 | Permian Resources Corp. | 2426222 |
|  |  | 3841825 |
|  | **Passenger Airlines—2.2%** | **Passenger Airlines—2.2%** |
| 57287 | Alaska Air Group, Inc.\* | 2881536 |
| 13535 | Allegiant Travel Co.\* | 1154130 |
| 83857 | Sun Country Airlines Holdings, <br>Inc.\* | 1206702 |
|  |  | 5242368 |
|  | **Pharmaceuticals—1.4%** | **Pharmaceuticals—1.4%** |
| 87552 | Elanco Animal Health, Inc.\* | 1981302 |
| 7868 | Jazz Pharmaceuticals PLC\* | 1337560 |
|  |  | 3318862 |
|  | **Professional Services—4.3%** | **Professional Services—4.3%** |
| 57757 | Amentum Holdings, Inc.\* | 1674953 |
| 2386 | CACI International, Inc., Class A\* | 1271285 |
| 7613 | Equifax, Inc. | 1651869 |
| 35589 | KBR, Inc. | 1430678 |
| 11332 | Parsons Corp.\* | 700317 |
| 9527 | Paycom Software, Inc. | 1518223 |
| 38328 | Planet Labs PBC\* | 755828 |
| 16758 | TransUnion | 1436998 |
|  |  | 10440151 |
|  | **Residential REITs—0.4%** | **Residential REITs—0.4%** |
| 51340 | Independence Realty Trust, Inc. | 897423 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Semiconductors and Semiconductor Equipment—10.0%** | **Semiconductors and Semiconductor Equipment—10.0%** |
| 6622 | Astera Labs, Inc.\* | $1101636 |
| 19119 | Entegris, Inc. | 1610776 |
| 628113 | indie Semiconductor, Inc., Class A\* | 2217239 |
| 35395 | Lattice Semiconductor Corp.\* | 2604364 |
| 11161 | MACOM Technology Solutions <br>Holdings, Inc.\* | 1911656 |
| 113369 | MaxLinear, Inc.\* | 1976022 |
| 10151 | MKS, Inc. | 1622130 |
| 2760 | Monolithic Power Systems, Inc. | 2501553 |
| 20557 | Qorvo, Inc.\* | 1737272 |
| 3468 | SiTime Corp.\* | 1224863 |
| 12574 | Teradyne, Inc. | 2433823 |
| 69684 | Ultra Clean Holdings, Inc.\* | 1765096 |
| 13210 | Universal Display Corp. | 1542664 |
|  |  | 24249094 |
|  | **Software—3.7%** | **Software—3.7%** |
| 21370 | Bill Holdings, Inc.\* | 1165520 |
| 11040 | Circle Internet Group, Inc.\* | 875472 |
| 15013 | Dolby Laboratories, Inc., Class A | 964135 |
| 9268 | Guidewire Software, Inc.\* | 1862960 |
| 23705 | Procore Technologies, Inc.\* | 1724302 |
| 2867 | Tyler Technologies, Inc.\* | 1301474 |
| 26228 | Unity Software, Inc.\* | 1158491 |
|  |  | 9052354 |
|  | **Technology Hardware, Storage & Peripherals—1.2%** | **Technology Hardware, Storage & Peripherals—1.2%** |
| 9710 | IonQ, Inc.\*,† | 435688 |
| 34899 | Pure Storage, Inc., Class A\* | 2338582 |
|  |  | 2774270 |
|  | **Trading Companies and <br>Distributors—3.8%** | **Trading Companies and <br>Distributors—3.8%** |
| 46954 | FTAI Aviation Ltd. | 9242895 |
|  | **TOTAL COMMON STOCKS** <br> (Cost $175,052,051) | 234142083 |

---

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

------

**M Capital Appreciation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | | **7-Day<br>Yield** | **Value<br>(Note 1)** |
| | **SHORT-TERM INVESTMENTS—0.1%** | **SHORT-TERM INVESTMENTS—0.1%** | **SHORT-TERM INVESTMENTS—0.1%** |
| 275096 | State Street Navigator Securities Lending Government Money Market Portfolio <br>(Cost $275,096)†† | 3.84% | $275096 |
|  | **TOTAL INVESTMENTS, AT VALUE—97.0%**<br> (Cost $175,327,147) |  | 234417179 |
|  | **Other Assets in Excess of Liabilities—3.0%** |  | 7242331 |
|  | **NET ASSETS—100.0%** |  | $241659510 |

---

**Notes to the Schedule of Investments:**

REIT—Real Estate Investment Trust

\* Non-income producing security

† Denotes all or a portion of security on loan. As of December 31, 2025, the market value of the securities on loan was $2,883,527 (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**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **COMMON STOCKS—96.4%** | **COMMON STOCKS—96.4%** |
| | **Aerospace & Defense—1.1%** | **Aerospace & Defense—1.1%** |
| 4500 | General Dynamics Corp. | $1514970 |
| 700 | Huntington Ingalls Industries, Inc. | 238049 |
| 3800 | Textron, Inc. | 331246 |
|  |  | 2084265 |
|  | **Air Freight and Logistics—0.7%** | **Air Freight and Logistics—0.7%** |
| 4600 | FedEx Corp. | 1328756 |
|  | **Automobile Components—0.1%** | **Automobile Components—0.1%** |
| 4200 | BorgWarner, Inc. | 189252 |
|  | **Automobiles—1.4%** | **Automobiles—1.4%** |
| 76400 | Ford Motor Co. | 1002368 |
| 18400 | General Motors Co. | 1496288 |
|  |  | 2498656 |
|  | **Banks—15.0%** | **Banks—15.0%** |
| 98400 | Bank of America Corp. | 5412000 |
| 23300 | Citigroup, Inc. | 2718877 |
| 5900 | Citizens Financial Group, Inc. | 344619 |
| 1300 | Comerica, Inc. | 113009 |
| 1874 | Commerce Bancshares, Inc. | 98085 |
| 700 | Cullen/Frost Bankers, Inc. | 88641 |
| 1800 | East West Bancorp, Inc. | 202301 |
| 7600 | Fifth Third Bancorp | 355756 |
| 195 | First Citizens BancShares, Inc., <br>Class A | 418505 |
| 5100 | First Horizon Corp. | 121890 |
| 30200 | JPMorgan Chase & Co. | 9731044 |
| 1800 | M&T Bank Corp. | 362664 |
| 5400 | PNC Financial Services Group, Inc. | 1127142 |
| 400 | Popular, Inc. | 49808 |
| 12200 | Regions Financial Corp. | 330620 |
| 13000 | Truist Financial Corp. | 639730 |
| 15500 | U.S. Bancorp | 827080 |
| 2300 | Webster Financial Corp. | 144762 |
| 46200 | Wells Fargo & Co. | 4305840 |
| 1000 | Western Alliance Bancorp | 84070 |
| 1200 | Zions Bancorp NA | 70248 |
|  |  | 27546691 |
|  | **Beverages—2.6%** | **Beverages—2.6%** |
| 1500 | Coca-Cola Consolidated, Inc. | 229950 |
| 26100 | Keurig Dr. Pepper, Inc. | 731061 |
| 26400 | PepsiCo, Inc. | 3788928 |
|  |  | 4749939 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Biotechnology—4.2%** | **Biotechnology—4.2%** |
| 10500 | Amgen, Inc. | $3436755 |
| 5300 | Exelixis, Inc.\* | 232299 |
| 24000 | Gilead Sciences, Inc. | 2945760 |
| 2200 | Halozyme Therapeutics, Inc.\* | 148060 |
| 700 | Regeneron Pharmaceuticals, Inc. | 540309 |
| 800 | United Therapeutics Corp.\* | 389800 |
|  |  | 7692983 |
|  | **Broadline Retail—0.5%** | **Broadline Retail—0.5%** |
| 200 | Dillard's, Inc., Class A† | 121268 |
| 8800 | eBay, Inc. | 766480 |
|  |  | 887748 |
|  | **Building Products—0.5%** | **Building Products—0.5%** |
| 2200 | A.O. Smith Corp. | 147136 |
| 1500 | Allegion PLC | 238830 |
| 800 | Carlisle Cos., Inc. | 255888 |
| 4200 | Masco Corp. | 266532 |
|  |  | 908386 |
|  | **Capital Markets—7.0%** | **Capital Markets—7.0%** |
| 1570 | Ameriprise Financial, Inc. | 769834 |
| 10800 | Bank of New York Mellon Corp. | 1253772 |
| 4700 | Goldman Sachs Group, Inc. | 4131300 |
| 4300 | Invesco Ltd. | 112961 |
| 24400 | Morgan Stanley | 4331732 |
| 3200 | Northern Trust Corp. | 437088 |
| 3400 | Raymond James Financial, Inc. | 546006 |
| 2000 | SEI Investments Co. | 164040 |
| 4700 | State Street Corp. | 606347 |
| 1400 | Stifel Financial Corp. | 175308 |
| 3100 | T. Rowe Price Group, Inc. | 317378 |
|  |  | 12845766 |
|  | **Chemicals—1.1%** | **Chemicals—1.1%** |
| 2200 | Albemarle Corp. | 311168 |
| 3200 | CF Industries Holdings, Inc. | 247488 |
| 13100 | Corteva, Inc. | 878093 |
| 5700 | Mosaic Co. | 137313 |
| 4100 | PPG Industries, Inc. | 420086 |
| 1100 | RPM International, Inc. | 114400 |
|  |  | 2108548 |
|  | **Communications Equipment—0.9%** | **Communications Equipment—0.9%** |
| 21100 | Cisco Systems, Inc. | 1625333 |
| 400 | F5, Inc.\* | 102104 |
|  |  | 1727437 |

---

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

------

**M Large Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Construction and <br>Engineering—0.0%** | **Construction and <br>Engineering—0.0%** |
| 800 | AECOM | $76264 |
|  | **Consumer Finance—0.4%** | **Consumer Finance—0.4%** |
| 3400 | Ally Financial, Inc. | 153986 |
| 6300 | Synchrony Financial | 525609 |
|  |  | 679595 |
|  | **Consumer Staples Distribution & <br>Retail—1.5%** | **Consumer Staples Distribution & <br>Retail—1.5%** |
| 10800 | Albertsons Cos., Inc., Class A | 185436 |
| 1200 | BJ's Wholesale Club Holdings, <br>Inc.\* | 108036 |
| 4300 | Dollar General Corp. | 570911 |
| 4000 | Dollar Tree, Inc.\* | 492040 |
| 12800 | Kroger Co. | 799744 |
| 9400 | Sysco Corp. | 692686 |
|  |  | 2848853 |
|  | **Containers and Packaging—0.6%** | **Containers and Packaging—0.6%** |
| 1500 | Avery Dennison Corp. | 272820 |
| 5300 | Ball Corp. | 280741 |
| 2300 | Crown Holdings, Inc. | 236831 |
| 1700 | Packaging Corp. of America | 350591 |
|  |  | 1140983 |
|  | **Distributors—0.2%** | **Distributors—0.2%** |
| 2700 | Genuine Parts Co. | 331992 |
|  | **Diversified Telecommunication <br>Services—3.7%** | **Diversified Telecommunication <br>Services—3.7%** |
| 139200 | AT&T, Inc. | 3457728 |
| 82300 | Verizon Communications, Inc. | 3352079 |
|  |  | 6809807 |
|  | **Electric Utilities—1.9%** | **Electric Utilities—1.9%** |
| 1600 | Alliant Energy Corp. | 104016 |
| 11900 | Duke Energy Corp. | 1394799 |
| 4500 | Evergy, Inc. | 326205 |
| 11200 | FirstEnergy Corp. | 501424 |
| 14300 | PPL Corp. | 500786 |
| 7800 | Southern Co. | 680160 |
|  |  | 3507390 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Electrical Equipment—0.2%** | **Electrical Equipment—0.2%** |
| 600 | Acuity, Inc. | $216024 |
| 1200 | Regal Rexnord Corp. | 168384 |
|  |  | 384408 |
|  | **Electronic Equipment, <br>Instruments & Components—0.2%** | **Electronic Equipment, <br>Instruments & Components—0.2%** |
| 1400 | CDW Corp. | 190680 |
| 1600 | TD SYNNEX Corp. | 240368 |
|  |  | 431048 |
|  | **Energy Equipment and <br>Services—0.9%** | **Energy Equipment and <br>Services—0.9%** |
| 17800 | Baker Hughes Co. | 810612 |
| 16300 | Halliburton Co. | 460638 |
| 6900 | TechnipFMC PLC | 307464 |
|  |  | 1578714 |
|  | **Entertainment—2.1%** | **Entertainment—2.1%** |
| 34600 | Walt Disney Co. | 3936442 |
|  | **Financial Services—0.5%** | **Financial Services—0.5%** |
| 5300 | Block, Inc.\* | 344977 |
| 9000 | Corebridge Financial, Inc. | 271530 |
| 5500 | Equitable Holdings, Inc. | 262075 |
| 700 | Voya Financial, Inc. | 52143 |
|  |  | 930725 |
|  | **Food Products—1.2%** | **Food Products—1.2%** |
| 1900 | Hormel Foods Corp. | 45030 |
| 1200 | Ingredion, Inc. | 132312 |
| 400 | J.M. Smucker Co. | 39124 |
| 19300 | Kraft Heinz Co. | 468025 |
| 21600 | Mondelez International, Inc., <br>Class A | 1162728 |
| 5500 | Tyson Foods, Inc., Class A | 322410 |
|  |  | 2169629 |
|  | **Gas Utilities—0.1%** | **Gas Utilities—0.1%** |
| 1600 | National Fuel Gas Co. | 128096 |
| 1400 | UGI Corp. | 52402 |
|  |  | 180498 |
|  | **Ground Transportation—0.7%** | **Ground Transportation—0.7%** |
| 33700 | CSX Corp. | 1221625 |

---

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

------

**M Large Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Health Care Equipment and <br>Supplies—1.7%** | **Health Care Equipment and <br>Supplies—1.7%** |
| 1200 | Cooper Cos., Inc.\* | $98352 |
| 4900 | GE HealthCare Technologies, Inc. | 401898 |
| 24600 | Medtronic PLC | 2363076 |
| 3900 | Zimmer Biomet Holdings, Inc. | 350688 |
|  |  | 3214014 |
|  | **Health Care Providers and <br>Services—4.9%** | **Health Care Providers and <br>Services—4.9%** |
| 3800 | Cencora, Inc. | 1283450 |
| 5200 | Cigna Group | 1431196 |
| 20400 | CVS Health Corp. | 1618944 |
| 600 | Encompass Health Corp. | 63684 |
| 5300 | HCA Healthcare, Inc. | 2474358 |
| 2300 | Henry Schein, Inc.\* | 173834 |
| 2300 | Humana, Inc. | 589099 |
| 1600 | Labcorp Holdings, Inc. | 401408 |
| 2300 | Quest Diagnostics, Inc. | 399119 |
| 1800 | Tenet Healthcare Corp.\* | 357696 |
| 1200 | Universal Health Services, Inc., <br>Class B | 261624 |
|  |  | 9054412 |
|  | **Hotels, Restaurants & <br>Leisure—0.6%** | **Hotels, Restaurants & <br>Leisure—0.6%** |
| 2200 | Darden Restaurants, Inc. | 404844 |
| 2300 | Expedia Group, Inc. | 651613 |
|  |  | 1056457 |
|  | **Household Durables—1.2%** | **Household Durables—1.2%** |
| 5700 | DR Horton, Inc. | 820971 |
| 2400 | Lennar Corp., Class A | 246720 |
| 200 | Mohawk Industries, Inc.\* | 21860 |
| 30 | NVR, Inc.\* | 218783 |
| 4400 | PulteGroup, Inc. | 515944 |
| 1800 | Toll Brothers, Inc. | 243396 |
| 500 | TopBuild Corp.\* | 208595 |
|  |  | 2276269 |
|  | **Independent Power and Renewable <br>Electricity Producers—0.1%** | **Independent Power and Renewable <br>Electricity Producers—0.1%** |
| 13800 | AES Corp. | 197892 |
|  | **Industrial Conglomerates—0.9%** | **Industrial Conglomerates—0.9%** |
| 10300 | 3M Co. | 1649030 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Insurance—7.8%** | **Insurance—7.8%** |
| 8800 | Aflac, Inc. | $970376 |
| 2500 | Allstate Corp. | 520375 |
| 1000 | American Financial Group, Inc. | 136680 |
| 9600 | American International Group, Inc. | 821280 |
| 4700 | Arch Capital Group Ltd.\* | 450824 |
| 800 | Assurant, Inc. | 192680 |
| 1300 | Axis Capital Holdings Ltd. | 139217 |
| 6400 | Chubb Ltd. | 1997568 |
| 2500 | Cincinnati Financial Corp. | 408300 |
| 700 | Everest Group Ltd. | 237545 |
| 216 | F&G Annuities & Life, Inc. | 6664 |
| 3600 | Fidelity National Financial, Inc. | 196524 |
| 800 | Globe Life, Inc. | 111888 |
| 4700 | Hartford Insurance Group, Inc. | 647660 |
| 3500 | Loews Corp. | 368585 |
| 150 | Markel Group, Inc.\* | 322447 |
| 11100 | MetLife, Inc. | 876234 |
| 4100 | Old Republic International Corp. | 187124 |
| 500 | Primerica, Inc. | 129180 |
| 3700 | Principal Financial Group, Inc. | 326377 |
| 7000 | Progressive Corp. | 1594040 |
| 4900 | Prudential Financial, Inc. | 553112 |
| 900 | Reinsurance Group of America, Inc. | 183114 |
| 800 | RenaissanceRe Holdings Ltd. | 224928 |
| 5700 | Travelers Cos., Inc. | 1653342 |
| 2700 | Unum Group | 209250 |
| 6075 | W.R. Berkley Corp. | 425979 |
| 1400 | Willis Towers Watson PLC | 460040 |
|  |  | 14351333 |
|  | **Interactive Media & <br>Services—0.1%** | **Interactive Media & <br>Services—0.1%** |
| 4700 | Match Group, Inc. | 151763 |
|  | **IT Services—0.6%** | **IT Services—0.6%** |
| 9500 | Cognizant Technology Solutions <br>Corp., Class A | 788500 |
| 1600 | Twilio, Inc., Class A\* | 227584 |
|  |  | 1016084 |
|  | **Leisure Products—0.1%** | **Leisure Products—0.1%** |
| 2200 | Hasbro, Inc. | 180400 |
|  | **Life Sciences Tools and <br>Services—0.1%** | **Life Sciences Tools and <br>Services—0.1%** |
| 400 | Bio-Rad Laboratories, Inc., Class A\* | 121196 |

---

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

------

**M Large Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** |
| | **Machinery—1.9%** | **Machinery—1.9%** |
| 1400 | AGCO Corp. | $146048 |
| 500 | Allison Transmission Holdings, Inc. | 48950 |
| 2200 | Cummins, Inc. | 1122990 |
| 1800 | Dover Corp. | 351432 |
| 2100 | Mueller Industries, Inc. | 241080 |
| 1200 | Oshkosh Corp. | 150756 |
| 10222 | PACCAR, Inc. | 1119411 |
| 1000 | Snap-on, Inc. | 344600 |
| 400 | Toro Co. | 31488 |
|  |  | 3556755 |
|  | **Media—0.3%** | **Media—0.3%** |
| 5100 | Fox Corp., Class A | 372657 |
| 7200 | News Corp., Class A | 188064 |
|  |  | 560721 |
|  | **Metals and Mining—2.1%** | **Metals and Mining—2.1%** |
| 5000 | Alcoa Corp. | 265700 |
| 19900 | Newmont Corp. | 1987015 |
| 4500 | Nucor Corp. | 733995 |
| 1000 | Reliance, Inc. | 288870 |
| 3400 | Steel Dynamics, Inc. | 576130 |
|  |  | 3851710 |
|  | **Multi-Utilities—0.8%** | **Multi-Utilities—0.8%** |
| 3800 | DTE Energy Co. | 490124 |
| 9700 | Public Service Enterprise <br>Group, Inc. | 778910 |
| 2100 | WEC Energy Group, Inc. | 221466 |
|  |  | 1490500 |
|  | **Oil, Gas and Consumable <br>Fuels—7.8%** | **Oil, Gas and Consumable <br>Fuels—7.8%** |
| 9300 | Antero Midstream Corp. | 165447 |
| 6000 | Antero Resources Corp.\* | 206760 |
| 6900 | APA Corp. | 168774 |
| 4200 | Cheniere Energy, Inc. | 816438 |
| 12100 | Devon Energy Corp. | 443223 |
| 5600 | Diamondback Energy, Inc. | 841848 |
| 10500 | EOG Resources, Inc. | 1102605 |
| 56700 | Exxon Mobil Corp. | 6823278 |
| 3700 | HF Sinclair Corp. | 170496 |
| 43200 | Kinder Morgan, Inc. | 1187568 |
| 5000 | Ovintiv, Inc. | 195950 |
| 7800 | Phillips 66 | 1006512 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| | **Oil, Gas and Consumable <br>Fuels (Continued)** | **Oil, Gas and Consumable <br>Fuels (Continued)** | **Oil, Gas and Consumable <br>Fuels (Continued)** |
| 4600 | Range Resources Corp. | $| 162196 |
| 6000 | Valero Energy Corp. |  | 976740 |
|  |  |  | 14267835 |
|  | **Passenger Airlines—1.0%** | **Passenger Airlines—1.0%** | **Passenger Airlines—1.0%** |
| 9900 | Delta Air Lines, Inc. |  | 687060 |
| 10300 | Southwest Airlines Co. |  | 425699 |
| 6300 | United Airlines Holdings, Inc.\* |  | 704466 |
|  |  |  | 1817225 |
|  | **Pharmaceuticals—6.5%** | **Pharmaceuticals—6.5%** | **Pharmaceuticals—6.5%** |
| 1000 | Jazz Pharmaceuticals PLC\* |  | 170000 |
| 38900 | Johnson & Johnson |  | 8050355 |
| 22600 | Merck & Co., Inc. |  | 2378876 |
| 35800 | Pfizer, Inc. |  | 891420 |
| 4700 | Royalty Pharma PLC, Class A |  | 181608 |
| 22300 | Viatris, Inc. |  | 277635 |
|  |  |  | 11949894 |
|  | **Professional Services—0.4%** | **Professional Services—0.4%** | **Professional Services—0.4%** |
| 400 | CACI International, Inc., Class A\* |  | 213124 |
| 3400 | Genpact Ltd. |  | 159052 |
| 2399 | Leidos Holdings, Inc. |  | 432780 |
|  |  |  | 804956 |
|  | **Real Estate Management and <br>Development—0.1%** | **Real Estate Management and <br>Development—0.1%** | **Real Estate Management and <br>Development—0.1%** |
| 800 | Jones Lang LaSalle, Inc.\* |  | 269176 |
|  | **Semiconductors and Semiconductor Equipment—2.5%** | **Semiconductors and Semiconductor Equipment—2.5%** | **Semiconductors and Semiconductor Equipment—2.5%** |
| 2000 | First Solar, Inc.\* |  | 522460 |
| 7800 | ON Semiconductor Corp.\* |  | 422370 |
| 21100 | QUALCOMM, Inc. |  | 3609155 |
| 600 | Skyworks Solutions, Inc. |  | 38046 |
|  |  |  | 4592031 |
|  | **Software—0.2%** | **Software—0.2%** | **Software—0.2%** |
| 4000 | Dropbox, Inc., Class A\* |  | 111200 |
| 11900 | Gen Digital, Inc. |  | 323561 |
|  |  |  | 434761 |
|  | **Specialty Retail—2.6%** | **Specialty Retail—2.6%** | **Specialty Retail—2.6%** |
| 1300 | AutoNation, Inc.\* |  | 268424 |
| 1900 | Best Buy Co., Inc. |  | 127167 |

---

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

------

**M Large Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | | | **Value<br>(Note 1)** |
| | **Specialty Retail (Continued)** | **Specialty Retail (Continued)** | **Specialty Retail (Continued)** |
| 7200 | Gap, Inc. |  | $184320 |
| 500 | Lithia Motors, Inc. |  | 166165 |
| 11600 | Lowe's Cos., Inc. |  | 2797456 |
| 1300 | Penske Automotive Group, Inc. |  | 205777 |
| 900 | Ulta Beauty, Inc.\* |  | 544509 |
| 2300 | Williams-Sonoma, Inc. |  | 410757 |
|  |  |  | 4704575 |
|  | **Technology Hardware, Storage & Peripherals—0.8%** | **Technology Hardware, Storage & Peripherals—0.8%** | **Technology Hardware, Storage & Peripherals—0.8%** |
| 6600 | Dell Technologies, Inc., Class C |  | 830808 |
| 8400 | HP, Inc. |  | 187152 |
| 3900 | NetApp, Inc. |  | 417651 |
|  |  |  | 1435611 |
|  | **Textiles, Apparel and Luxury Goods—0.3%** | **Textiles, Apparel and Luxury Goods—0.3%** | **Textiles, Apparel and Luxury Goods—0.3%** |
| 4000 | Tapestry, Inc. |  | 511080 |
|  | **Tobacco—1.0%** | **Tobacco—1.0%** | **Tobacco—1.0%** |
| 32500 | Altria Group, Inc. |  | 1873950 |
|  | **Trading Companies and Distributors—0.7%** | **Trading Companies and Distributors—0.7%** | **Trading Companies and Distributors—0.7%** |
| 3700 | Core & Main, Inc., Class A\* |  | 192289 |
| 1180 | United Rentals, Inc. |  | 954998 |
| 900 | WESCO International, Inc. |  | 220176 |
|  |  |  | 1367463 |
|  | **TOTAL COMMON STOCKS** <br> (Cost $130,431,486) |  | 177553493 |
|  | **EXCHANGE-TRADED FUND—2.9%** | **EXCHANGE-TRADED FUND—2.9%** | **EXCHANGE-TRADED FUND—2.9%** |
| 25600 | iShares Russell 1000 Value ETF (Cost $5,305,579)† |  | 5384704 |
|  |  | **7-Day<br>Yield** |  |
|  | **SHORT-TERM INVESTMENTS—1.7%** | **SHORT-TERM INVESTMENTS—1.7%** | **SHORT-TERM INVESTMENTS—1.7%** |
| 3084898 | State Street Navigator Securities Lending Government Money Market Portfolio <br>(Cost $3,084,898)†† | 3.84% | 3084898 |
|  | **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost $3,084,898) |  | 3084898 |
|  | **TOTAL INVESTMENTS, AT VALUE—101.0%**<br> (Cost $138,821,963) |  | 186023095 |
|  | **Liabilities in Excess of Other Assets—(1.0)%** |  | (1863303) |
|  | **NET ASSETS—100.0%** |  | $184159792 |

---

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

------

**M Large Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

**Notes to the Schedule of Investments:**

\* Non-income producing security

† Denotes all or a portion of security on loan. As of December 31, 2025, the market value of the securities on loan was $3,062,351 (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**

**December 31, 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 | $175284930 | $309167097 | $234417179 | $186023095 |
| Affiliated investment company, at value (Note 1)\*\*\*—see <br>accompanying Schedule of Investments | 85342110 |  |  |  |
| Cash | 1336663 | 4028805 | 7901924 | 1007973 |
| Cash denominated in foreign currencies\*\*\*\* | 107579 |  |  |  |
| Receivable from: | Receivable from: | Receivable from: | Receivable from: | Receivable from: |
| Securities sold |  | 401109 |  | 84408 |
| Capital stock subscriptions |  | 11412 | 8749 | 28528 |
| Dividends and interest | 184903 | 38014 | 83689 | 252281 |
| Dividend tax reclaim receivable | 515496 |  |  |  |
| Prepaid expenses | 1117 | 715 | 988 | 700 |
| Total assets | 262772798 | 313647152 | 242412529 | 187396985 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: | Payable for: | Payable for: | Payable for: |
| Capital stock redemptions | 72684 | 34239 | 219223 | 13090 |
| Investment Adviser, net (Note 2) | 66240 | 109121 | 166134 | 66586 |
| Securities purchased |  | 1210635 |  |  |
| Payable upon return of securities loaned (Note 1) | 1915344 | 400568 | 275096 | 3084898 |
| Accrued expenses and other liabilities | 133807 | 102551 | 92566 | 72619 |
| Total liabilities | 2188075 | 1857114 | 753019 | 3237193 |
| **Net assets** | $260584723 | $311790038 | $241659510 | $184159792 |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Paid-in capital | $227664406 | $213892936 | $184497533 | $135088249 |
| Accumulated earnings | 32920317 | 97897102 | 57161977 | 49071543 |
| **Net assets** | $260584723 | $311790038 | $241659510 | $184159792 |
| **Shares outstanding#** | 14741939 | 10459005 | 9851245 | 10805433 |
| Net asset value, offering price and redemption price per share | $17.68 | $29.81 | $24.53 | $17.04 |
| \* Cost of investments | $126328431 | $215014818 | $175327147 | $138821963 |
| \*\* Includes securities on loan with market values of | $11313012 | $581314 | $2883527 | $3062351 |
| \*\*\* Cost of affiliated investment | $61867528 | $— | $— | $— |
| \*\*\*\* Cost of cash denominated in foreign currencies | $106578 | $— | $— | $— |

---

&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**

**For the Year Ended December 31, 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\* | $5532451 | $1463692 | $1500217 | $3989547 |
| Dividends-Affiliated | 2616573 |  |  |  |
| Securities lending income, net of rebates received or <br>paid to borrowers | 33554 | 622 | 27499 | 592 |
| Total investment income | 8182578 | 1464314 | 1527716 | 3990139 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory fee (Note 2) | 805022 | 1353583 | 1809860 | 700584 |
| Custody fees | 164017 | 39035 | 49693 | 19944 |
| Fund accounting fees | 134241 | 93268 | 75151 | 57200 |
| Administration fees | 96965 | 103805 | 84089 | 64237 |
| Professional fees | 55298 | 59465 | 49152 | 43057 |
| Directors' fees and expenses | 51812 | 57050 | 44319 | 31819 |
| Compliance expenses | 27262 | 32121 | 24427 | 17951 |
| Transfer agent fees | 19406 | 19158 | 21482 | 17670 |
| Printing and shareholder reporting | 16876 | 35043 | 14665 | 11707 |
| Other | 50624 | 51854 | 42077 | 28560 |
| Total expenses | 1421523 | 1844382 | 2214915 | 992729 |
| **Net investment income (loss)** | 6761055 | (380068) | (687199) | 2997410 |
| **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 | 15903158 | 79170420 | 44786366 | 11742541 |
| Affiliated investment transactions | 5688576 |  |  |  |
| Foreign currency transactions | 137383 |  |  |  |
| Net realized gain | 21729117 | 79170420 | 44786366 | 11742541 |
| 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 | 31501242 | (25955097) | (4830159) | 11600958 |
| Affiliated investments | 13061016 |  |  |  |
| Foreign currency translation | 69395 |  |  |  |
| Net change in unrealized appreciation (depreciation) | 44631653 | (25955097) | (4830159) | 11600958 |
| **Net realized and unrealized gain** | 66360770 | 53215323 | 39956207 | 23343499 |
| **Net increase in net assets resulting from operations** | $73121825 | $52835255 | $39269008 | $26340909 |
| \* Net of foreign taxes withheld of: | $628332 | $18192 | $17865 | $45 |

---

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

------

**M Fund, Inc.**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **M International<br>Equity Fund** | **M International<br>Equity Fund** | **M Large Cap <br>Growth Fund** | **M Large Cap <br>Growth Fund** |
| | **Year Ended<br>December 31,<br>2025** | **Year Ended <br>December 31,<br>2024** | **Year Ended<br>December 31,<br>2025** | **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) | $6761055 | $6453951 | $(380068) | $(1114123) |
| Net realized gain on investments and foreign currency <br>transactions | 21729117 | 1679297 | 79170420 | 30578056 |
| Net change in unrealized appreciation (depreciation) on <br>investments and foreign currency | 44631653 | 1147585 | (25955097) | 30953950 |
| Net increase in net assets resulting from operations | 73121825 | 9280833 | 52835255 | 60417883 |
| **Distributions to shareholders** | (6863809) | (7353403) | (78176274) | (26279948) |
| Total distributions to shareholders | (6863809) | (7353403) | (78176274) | (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 | 26633224 | 31729514 | 19077960 | 18833709 |
| Value of shares issued on reinvestment of <br>distributions | 6863809 | 7353403 | 78176274 | 26279948 |
| Value of shares redeemed | (88503195) | (24387415) | (42207952) | (39266379) |
| Net increase (decrease) in net assets resulting from <br>Fund share transactions | (55006162) | 14695502 | 55046282 | 5847278 |
| **Total change in net assets** | 11251854 | 16622932 | 29705263 | 39985213 |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 249332869 | 232709937 | 282084775 | 242099562 |
| End of year | $260584723 | $249332869 | $311790038 | $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** |
| | **Year Ended <br>December 31, <br>2025** | **Year Ended <br>December 31, <br>2024** | **Year Ended <br>December 31, <br>2025** | **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) | $(687199) | $(681464) | $2997410 | $2866560 |
| Net realized gain on investments and foreign currency <br>transactions | 44786366 | 16937294 | 11742541 | 13261845 |
| Net change in unrealized appreciation (depreciation) on <br>investments and foreign currency | (4830159) | 4671894 | 11600958 | 8541826 |
| Net increase in net assets resulting from operations | 39269008 | 20927724 | 26340909 | 24670231 |
| **Distributions to shareholders** | (37816799) | (20748052) | (13529524) | (15194607) |
| Total distributions to shareholders | (37816799) | (20748052) | (13529524) | (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 | 20463464 | 30755583 | 19896534 | 11624277 |
| Value of shares issued on reinvestment of <br>distributions | 37816799 | 20748052 | 13529524 | 15194607 |
| Value of shares redeemed | (50070531) | (47637442) | (16370229) | (17231497) |
| Net increase in net assets resulting from <br>Fund share transactions | 8209732 | 3866193 | 17055829 | 9587387 |
| **Total change in net assets** | 9661941 | 4045865 | 29867214 | 19063011 |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 231997569 | 227951704 | 154292578 | 135229567 |
| End of year | $241659510 | $231997569 | $184159792 | $154292578 |

---

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

------

**M Fund, Inc.**

**FINANCIAL HIGHLIGHTS**

(FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** |
| | **Year Ended <br>December 31,<br>2025** | **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** |
| **Net asset value, beginning of year** | $13.71 | $13.59 | $12.06 | $14.45 | $13.33 |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment income‡ | 0.41 | 0.37 | 0.37 | 0.37 | 0.32 |
| Net realized and unrealized gain (loss) on <br>investments | 4.04 | 0.17 | 1.56 | (2.41) | 1.15 |
| Total from investment operations | 4.45 | 0.54 | 1.93 | (2.04) | 1.47 |
| **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 | (0.48) | (0.42) | (0.40) | (0.35) | (0.35 |
| From return of capital |  |  |  |  | (0.00 |
| Total distributions | (0.48) | (0.42) | (0.40) | (0.35) | (0.35 |
| **Net asset value, end of year** | $17.68 | $13.71 | $13.59 | $12.06 | $14.45 |
| **Total Return<sup>+</sup>** | 32.44% | 3.96% | 16.00% | (14.16)% | 11.05 |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (000's) | $260585 | $249333 | $232710 | $206628 | $243721 |
| Net expenses to average daily net assets• | 0.54% | 0.59% | 0.57% | 0.56% | 0.57 |
| Net investment income to average daily net assets• | 2.56% | 2.62% | 2.82% | 2.89% | 2.20 |
| Gross expenses, before any expense waiver/<br>reimbursement, to average daily net assets• | N/A | 0.61% | 0.65% | 0.63% | 0.58 |
| Portfolio turnover rate | 10% | 21% | 23% | 18% | 9 |

---

‡ Calculation based on average shares outstanding.

† Represents amounts less than $0.005 per share.

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

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

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

------

**M Fund, Inc.**

**FINANCIAL HIGHLIGHTS**

(FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **M Large Cap Growth Fund** | **M Large Cap Growth Fund** | **M Large Cap Growth Fund** | **M Large Cap Growth Fund** | **M Large Cap Growth Fund** |
| | **Year Ended <br>December 31, <br>2025** | **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** |
| **Net asset value, beginning of year** | $33.11 | $29.06 | $23.19 | $33.87 | $33.48 |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment loss‡ | (0.05 | (0.14) | (0.07) | (0.05) | (0.14) |
| Net realized and unrealized gain (loss) on <br>investments | 6.55 | 7.58 | 7.48 | (8.58) | 7.32 |
| Total from investment operations | 6.50 | 7.44 | 7.41 | (8.63) | 7.18 |
| **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 | (9.80 | (3.39) | (1.54) | (2.05) | (6.79) |
| **Net asset value, end of year** | $29.81 | $33.11 | $29.06 | $23.19 | $33.87 |
| **Total Return<sup>+</sup>** | 19.61 | 25.50% | 32.04% | (25.41)% | 21.49% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (000's) | $311790 | $282085 | $242100 | $201244 | $273085 |
| Net expenses to average daily net assets• | 0.64 | 0.74% | 0.77% | 0.76% | 0.75% |
| Net investment loss to average daily net assets• | (0.13 | (0.40)% | (0.26)% | (0.19)% | (0.37)% |
| Portfolio turnover rate | 110 | 41% | 32% | 37% | 32% |

---

‡ Calculation based on average shares outstanding.

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

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

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

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

------

**M Fund, Inc.**

**FINANCIAL HIGHLIGHTS**

(FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** |
| | **Year Ended <br>December 31,<br>2025** | **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** |
| **Net asset value, beginning of year** | $24.58 | $24.43 | $21.14 | $28.30 | $28.77 |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment loss‡ | (0.08) | (0.07) | (0.07) | (0.08) | (0.15) |
| Net realized and unrealized gain (loss) on <br>investments | 4.56 | 2.49 | 5.06 | (5.11) | 5.24 |
| Total from investment operations | 4.48 | 2.42 | 4.99 | (5.19) | 5.09 |
| **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 | (0.26) | (0.53) | (0.11) |  |  |
| From net realized capital gains | (4.27) | (1.74) | (1.59) | (1.97) | (5.56) |
| Total distributions | (4.53) | (2.27) | (1.70) | (1.97) | (5.56) |
| **Net asset value, end of year** | $24.53 | $24.58 | $24.43 | $21.14 | $28.30 |
| **Total Return<sup>+</sup>** | 18.06% | 9.94% | 23.56% | (18.14)% | 17.74% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (000's) | $241660 | $231998 | $227952 | $188030 | $232758 |
| Net expenses to average daily net assets• | 0.99% | 0.98% | 1.02% | 1.05% | 1.04% |
| Net investment loss to average daily net assets• | (0.31)% | (0.29)% | (0.28)% | (0.34)% | (0.46)% |
| Portfolio turnover rate | 46% | 36% | 31% | 27% | 38% |

---

‡ Calculation based on average shares outstanding.

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

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

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

------

**M Fund, Inc.**

**FINANCIAL HIGHLIGHTS**

(FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **M Large Cap Value Fund** | **M Large Cap Value Fund** | **M Large Cap Value Fund** | **M Large Cap Value Fund** | **M Large Cap Value Fund** |
| | **Year Ended <br>December 31, <br>2025** | **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** |
| **Net asset value, beginning of year** | $15.68 | $14.67 | $14.15 | $15.39 | $12.02 |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment income‡ | 0.31 | 0.32 | 0.31 | 0.31 | 0.24 |
| Net realized and unrealized gain (loss) on <br>investments | 2.40 | 2.40 | 0.75 | (0.55) | 3.37 |
| Total from investment operations | 2.71 | 2.72 | 1.06 | (0.24) | 3.61 |
| **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 | (0.30) | (0.32) | (0.32) | (0.31) | (0.24) |
| From net realized capital gains | (1.05) | (1.39) | (0.22) | (0.69) |  |
| Total distributions | (1.35) | (1.71) | (0.54) | (1.00) | (0.24) |
| **Net asset value, end of year** | $17.04 | $15.68 | $14.67 | $14.15 | $15.39 |
| **Total Return<sup>+</sup>** | 17.31% | 18.63% | 7.61% | (1.45)% | 30.01% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (000's) | $184160 | $154293 | $135230 | $131956 | $135006 |
| Net expenses to average daily net assets• | 0.61% | 0.63% | 0.65% | 0.63% | 0.65% |
| Net investment income to average daily net assets• | 1.84% | 1.94% | 2.21% | 2.08% | 1.67% |
| Portfolio turnover rate | 58% | 48% | 48% | 48% | 61% |

---

‡ Calculation based on average shares outstanding.

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

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

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

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS**

M Fund, Inc. (the "Corporation") was incorporated in Maryland on August 11, 1995 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of December 31, 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"), as the Fund's sub-adviser, 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 2 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 has high

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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**

The Fund's investment objective is to seek long-term capital appreciation. 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.

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 December 31, 2025, companies in the Russell 1000<sup>®</sup> Growth Index ranged in market capitalization from $1.0 billion to $4.5 trillion.

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

Since January 21, 2025, 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 December 31, 2025, the market capitalization range of companies in the Russell 2500<sup>®</sup> Index was between approximately $1.3 billion and $37.0 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 December 31, 2025, the market capitalization range of companies in the Russell 1000<sup>®</sup> Index was between approximately $1.0 billion to $4.5 trillion. This strategy is not

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (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.

***Operating Segments***

FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07") requires certain disclosures about an entity's operating segments. 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.

***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

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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

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.

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—Unadjusted 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.

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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

As of December 31, 2025, the M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund investments were all classified as Level 1, and no investments were transferred in or out of Level 3 during the year ended December 31, 2025.

The following is a summary of the valuation inputs used as of December 31, 2025 in valuing the M International Equity Fund investments:

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| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $569994 | $9927539 | $22685 | $10520218 |
| Austria |  | 1301263 |  | 1301263 |
| Belgium | 21364 | 1700280 |  | 1721644 |
| Canada | 21681161 |  | 12 | 21681173 |
| Denmark |  | 3597168 |  | 3597168 |
| Finland | 29264 | 2718571 |  | 2747835 |
| France | 40907 | 13482191 |  | 13523098 |
| Germany | 280342 | 12946031 |  | 13226373 |
| Hong Kong |  | 3038722 |  | 3038722 |
| Ireland |  | 593834 |  | 593834 |
| Israel | 272475 | 2023469 |  | 2295944 |
| Italy | 22378 | 5495878 |  | 5518256 |
| Japan |  | 36729958 |  | 36729958 |
| Netherlands | 249462 | 5797752 |  | 6047214 |
| New Zealand |  | 501054 |  | 501054 |
| Norway | 18946 | 1384601 |  | 1403547 |
| Portugal |  | 282721 |  | 282721 |
| Singapore |  | 1913475 |  | 1913475 |
| Spain | 213403 | 4695424 |  | 4908827 |
| Sweden | 3530 | 4990662 |  | 4994192 |
| Switzerland | 624958 | 13939620 |  | 14564578 |
| United Kingdom | 1127476 | 19873357 |  | 21000833 |
| United States | 241625 | 99655 |  | 341280 |
| Total Common Stocks | 25397285 | 147033225 | 22697 | 172453207 |
| Affiliated Investment Company | Affiliated Investment Company | Affiliated Investment Company | Affiliated Investment Company | Affiliated Investment Company |
| United States | 85342110 |  |  | 85342110 |

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Warrants | Warrants | Warrants | Warrants | Warrants |
| Canada | $— | $— | $— | $— |
| Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| Germany |  | 753434 |  | 753434 |
| Italy |  | 162945 |  | 162945 |
| Total Preferred Stock |  | 916379 |  | 916379 |
| Short-Term Investments | 1915344 |  |  | 1915344 |
| Total Investments, at Value | $112654739 | $147949604 | $22697 | $260627040 |

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The value of Level 3 securities is not material to the Fund and, therefore, the reconciliation of Level 3 securities, value of transfers to and from Level 3 securities during the year, and related Level 3 valuation techniques used are not disclosed.

***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.

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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

***Securities Lending***

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

The 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 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 the 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 December 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $1915344 | $— | $— | $— | $1915344 |
| M Large Cap Growth Fund | Money Market Fund | 400568 |  |  |  | 400568 |
| M Capital Appreciation Fund | Money Market Fund | 275096 |  |  |  | 275096 |
| M Large Cap Value Fund | Money Market Fund | 3084898 |  |  |  | 3084898 |

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**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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

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 | $1832367 | $1915344 | $9480645 | $10029743 |
| M Large Cap Growth Fund | 392556 | 400568 | 188758 | 193308 |
| M Capital Appreciation Fund | 265560 | 275096 | 2617967 | 2677591 |
| M Large Cap Value Fund | 3000480 | 3084898 | 61871 | 63138 |

---

***Federal Income Taxes***

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

The Funds evaluate the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Funds did not have any unrecognized tax benefits as of December 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the year ended December 31, 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 2022 through December 2025. 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.

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**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% |

---

\* 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.

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 |
|  | *The sub-adviser does not receive any sub-<br>advisory fee for its sub-advisory services to <br>the M International Equity Fund with respect <br>to assets of the M International Equity Fund <br>invested in any other mutual fund advised by <br>the sub-adviser, and such assets do not count <br>towards the application of the $100 million<br>breakpoint.* |
| M Large Cap Growth Fund\* | 0.30% on the first $100 million |
|  | 0.25% on the amounts thereafter |

---

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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

---

| | |
|:---|:---|
| **Fund** | **Total Sub-Advisory Fees** |
| 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. For the year ended December 31, 2025, the aggregate Independent Directors' compensation paid by the Corporation was $180,000. The amount of total compensation and reimbursement of out-of-pocket expenses paid by each Fund is reflected as "Directors' fees and expenses" on the Statements of Operations.

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 December 31, 2025, and is included in the Fund's Schedule of Investments. During the year ended December 31, 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 Year** | **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>Year** |
| DFA Emerging<br>Markets Core <br>Equity 2 <br>Portfolio | $79741628 | $7227424 | $(20376534) | $5688576 | $13061016 | $85342110 | $2616573 | 2934736 |

---

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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

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 December 31, 2025, the percentage of M International Equity Fund net assets invested in the DFA Portfolio was 32.8%.

**3. Purchases and Sales of Securities**

Cost of purchases and proceeds from sales of investment securities, excluding short-term investments, for the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | **Non-U.S. <br>Government Securities** | **Non-U.S. <br>Government Securities** |
| | **Purchases** | **Sales** |
| M International Equity Fund | $25048043 | $79642481 |
| M Large Cap Growth Fund | 317294509 | 343113545 |
| M Capital Appreciation Fund | 102835430 | 149577675 |
| M Large Cap Value Fund | 101142957 | 94416931 |

---

**4. Paid-in Capital**

Changes in the capital shares outstanding were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **M International Equity Fund** | **M International Equity Fund** | **M Large Cap Growth Fund** | **M Large Cap Growth Fund** |
| | **Year Ended <br>December 31, <br>2025** | **Year Ended <br>December 31, <br>2024** | **Year Ended <br>December 31, <br>2025** | **Year Ended <br>December 31, <br>2024** |
| Shares sold | 1686688 | 2258651 | 539084 | 551512 |
| Distributions reinvested | 387567 | 535589 | 2590268 | 785929 |
| Shares redeemed | (5520058) | (1732244) | (1188725) | (1150948) |
| Net increase (decrease) | (3445803) | 1061996 | 1940627 | 186493 |
| Fund Shares: | Fund Shares: | Fund Shares: | Fund Shares: | Fund Shares: |
| Beginning of year | 18187742 | 17125746 | 8518378 | 8331885 |
| End of year | 14741939 | 18187742 | 10459005 | 8518378 |

---

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**4. Paid-in Capital (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Large Cap Value Fund** | **M Large Cap Value Fund** |
| | **Year Ended <br>December 31, <br>2025** | **Year Ended <br>December 31, <br>2024** | **Year Ended <br>December 31, <br>2025** | **Year Ended <br>December 31, <br>2024** |
| Shares sold | 824687 | 1152884 | 1166967 | 718366 |
| Distributions reinvested | 1527334 | 846859 | 792714 | 970856 |
| Shares redeemed | (1939994) | (1891096) | (991877) | (1070338) |
| Net increase | 412027 | 108647 | 967804 | 618884 |
| Fund Shares: | Fund Shares: | Fund Shares: | Fund Shares: | Fund Shares: |
| Beginning of year | 9439218 | 9330571 | 9837629 | 9218745 |
| End of year | 9851245 | 9439218 | 10805433 | 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 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.

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**5. Financial Instruments (Continued)**

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.

***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

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**5. Financial Instruments (Continued)**

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 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.

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**6. Beneficial Interest**

Shares of the Funds are owned by insurance companies through their separate accounts that are used primarily to fund variable annuity contracts and variable life insurance contracts. As of December 31, 2025 John Hancock Variable Life Insurance Co. and Pacific Life Insurance Co. each owned 5% or more of the Funds' shares, and they may each be deemed a control person of each Fund because their separate accounts hold more than 25% of the shares of each Fund.

As of December 31, 2025, the 5% ownership of each Fund was as follows:

---

| | | |
|:---|:---|:---|
| | **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 | 39.76% | 46.13% |
| M Large Cap Growth Fund | 47.02% | 38.50% |
| M Capital Appreciation Fund | 49.29% | 37.85% |
| M Large Cap Value Fund | 47.85% | 39.17% |

---

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

**7. Tax Information**

As of December 31, 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** |
| M International Equity Fund | $190315387 | $77265791 | $(6954138) | $70311653 |
| M Large Cap Growth Fund | 215312083 | 98719393 | (4864379) | 93855014 |
| M Capital Appreciation Fund | 180586290 | 70165800 | (16334911) | 53830889 |
| M Large Cap Value Fund | 138985016 | 48696498 | (1658419) | 47038079 |

---

The differences between book cost and tax cost of investments and unrealized appreciation/depreciation are primarily attributed to the tax deferral of losses on wash sales, passive foreign investment companies (PFICs), return of capital distributions received from underlying investments.

The tax character of distributions paid during the years ended 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2025** | **December 31, <br>2024** |
| **M International Equity Fund** | **M International Equity Fund** | **M International Equity Fund** |
| Distributions paid from: | Distributions paid from: | Distributions paid from: |
| Ordinary Income | $6863809 | $7353403 |
| Total Distributions | $6863809 | $7353403 |

---

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**7. Tax Information (Continued)**

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2025** | **December 31, <br>2024** |
| **M Large Cap Growth Fund** | **M Large Cap Growth Fund** | **M Large Cap Growth Fund** |
| Distributions paid from: | Distributions paid from: | Distributions paid from: |
| Ordinary Income | $13059710 | $408611 |
| Long-Term Capital Gain | 65116564 | 25871337 |
| Total Distributions | $78176274 | $26279948 |
| **M Capital Appreciation Fund** | **M Capital Appreciation Fund** | **M Capital Appreciation Fund** |
| Distributions paid from: | Distributions paid from: | Distributions paid from: |
| Ordinary Income | $1337991 | $5219556 |
| Long-Term Capital Gain | 36478808 | 15528496 |
| Total Distributions | $37816799 | $20748052 |
| **M Large Cap Value Fund** | **M Large Cap Value Fund** | **M Large Cap Value Fund** |
| Distributions paid from: | Distributions paid from: | Distributions paid from: |
| Ordinary Income | $2988737 | $2864890 |
| Long-Term Capital Gain | 10540787 | 12329717 |
| Total Distributions | $13529524 | $15194607 |

---

At December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br>Ordinary <br>Income** | **Undistributed <br>Long-Term <br>Gain** | **Capital Loss <br>Carryforwards** | **Late Year <br>Ordinary and <br>Post October <br>Loss <br>Deferrals** | **Unrealized <br>Appreciation** | **Total <br>Accumulated <br>Earnings** |
| M International Equity <br>Fund | $— | $— | $(37427702) | $(481) | $70348500 | $32920317 |
| M Large Cap Growth <br>Fund | 1305440 | 2736648 |  |  | 93855014 | 97897102 |
| M Capital Appreciation <br>Fund |  | 3331088 |  |  | 53830889 | 57161977 |
| M Large Cap Value <br>Fund | 8673 | 2024791 |  |  | 47038079 | 49071543 |

---

Net capital loss carryforwards may be applied against any net realized taxable gains in each succeeding year and are not subject to expiration. At December 31, 2025, M International Equity Fund had available, for federal tax purposes, unused short-term capital losses of $15,930,709 and unused long-term capital losses of $21,496,993 permitted to be carried for an unlimited period. In addition at December 31, 2025, M International Equity Fund used capital loss carryforwards of $21,571,751.

Dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are

------

**M Fund, Inc.**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**7. Tax Information (Continued)**

reclassified within the capital accounts based on their federal tax-basis treatment. Temporary differences do not require reclassification.

During the year ended December 31, 2025, the Funds reclassified for book purposes, amounts arising from permanent book/tax difference primarily relating to distributions in excess.

Permanent differences incurred during the year ended December 31, 2025, resulting from differences in book and tax accounting, have been reclassified at year-end between accumulated earnings (losses) and paid-in capital as follows, with no impact to the net asset value per share:

---

| | | |
|:---|:---|:---|
| | **Total<br>Accumulated<br>Earnings** | **Paid-in Capital** |
| M International Equity Fund | $15643 | $(15643) |

---

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)—Improvements to Income Taxes Disclosures, which enhances the transparency of certain income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of income taxes paid disaggregated by jurisdiction when material to the Funds' financial statements. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.

The Funds paid no federal or state income taxes during the year ended December 31, 2025. With respect to foreign jurisdictions, the value of the total foreign income withholding taxes paid during the year for each Fund was not material and, therefore, further details of the foreign income withholding taxes paid by each foreign jurisdiction is not disclosed.

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

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

**9. Subsequent Events**

On December 16, 2025 the Board approved an Agreement and Plan of Reorganization regarding each Fund of the Corporation to reorganize into newly created series of Northern Lights Fund Trust II (each a "Reorganization" and together, the "Reorganizations"). Each proposed Reorganization is subject to shareholder approval, and shareholders of each Fund will separately receive additional information on the proposed Reorganizations for further consideration.

Other than what has been disclosed, there are no other significant subsequent events that would require adjustment or additional disclosure in these financial statements.

------

**Report of Independent Registered Public Accounting Firm**

![](j2618792_ea002.jpg)

To the Shareholders of

M International Equity Fund,

M Large Cap Growth Fund,

M Capital Appreciation Fund and

M Large Cap Value Fund and

Board of Directors of M Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of M Funds, Inc. comprising M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund, and M Large Cap Value Fund (the "Funds") as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended December 31, 2022, and prior, were audited by other auditors whose report dated February 21, 2023, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers, and transfer agent; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![](j2618792_ea003.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 25, 2026

------

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 |

---

***Tax Disclosures***

For corporate shareholders, a portion of the ordinary dividends paid during the Fund's year ended December 31, 2025 qualified for the dividends received deduction as follows.

---

| | |
|:---|:---|
| **Fund** | **Dividend Received <br>Deduction** |
| M International Equity Fund | 0.08% |
| M Large Cap Growth Fund | 12.97% |
| M Capital Appreciation Fund | 74.53% |
| M Large Cap Value Fund | 100.00% |

---

Pursuant to Internal Revenue Section 852(b), M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund paid $65,116,564, $36,479,442 and $10,540,787, respectively, which have been designated as capital gains distributions for the fiscal year ended December 31, 2025.

***M International Equity Fund***

In accordance with federal tax law, the Fund elects to provide each shareholder with their portion of the Fund's foreign taxes paid and the income sourced from foreign securities. Accordingly, the Fund made the following designations during the fiscal year ended December 31, 2025:

• The total amount of foreign taxes creditable was $491,911.

• The total amount of income sourced from foreign countries was $8,767,771.

------

**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.**

Not applicable.

------

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

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

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

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

**Item 10. R** **emuneration 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. Sta** **tement 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)](tm261879d1_ex99-codeeth.htm) [Code of Ethics as described in Item 2 is attached hereto as Exhibit 19(a)(1).](tm261879d1_ex99-codeeth.htm)

(a)(2) Not applicable.

[(a)(3)](tm261879d1_ex99-cert.htm) [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).](tm261879d1_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;[(b)](tm261879d1_ex99-906cert.htm) [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).](tm261879d1_ex99-906cert.htm)

**SIGNATURES**

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

M Fund, Inc.

---

| | |
|:---|:---|
| By: | /s/ Robert Olson |
|  | Robert Olson |
|  | President/Principal Executive Officer |

---

Date: February 27, 2026

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

---

| | |
|:---|:---|
| By: | /s/ Robert Olson |
|  | Robert Olson |
|  | President/Principal Executive Officer |

---

Date: February 27, 2026

---

| | |
|:---|:---|
| By: | /s/ Troy Sheets |
|  | Troy Sheets |
|  | Treasurer/Principal Financial |
|  | and Accounting Officer |

---

Date: February 27, 2026

## Ex-99.Codeeth

**M FUND, INC.**

**CODE OF ETHICS FOR SENIOR OFFICERS**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

In addition, each Covered Officer must:

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

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

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

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

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

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

materially false or misleading information or omits to disclose necessary information, he shall promptly report it to Legal Counsel for a determination as to what, if any, corrective action is necessary or appropriate.

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

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

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

Each Covered Officer must:

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

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

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

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

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

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

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

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

**Compliance**

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

**Reporting**

Each Covered Officer shall:

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

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

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

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

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

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

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

**EXHIBIT A**

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

Robert Olson, President

Troy Sheets, Treasurer

Current as of: July 11, 2025

**INITIAL ACKNOWLEDGEMENT**

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

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

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

**Covered Officer Name and Title:**

*(please print)*

Signature Date

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

**ANNUAL ACKNOWLEDGEMENT**

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

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

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

**Covered Officer Name and Title:**

*(please print)*

Signature Date

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

## Ex-99.Cert

**Exhibit 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: | February 27, 2026 | &nbsp;&nbsp;/s/ Robert Olson |
|  |  | &nbsp;&nbsp;Robert Olson |
|  |  | &nbsp;&nbsp;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: | February 27, 2026 | &nbsp;&nbsp;/s/ Troy Sheets |
|  |  | &nbsp;&nbsp;Troy Sheets |
|  |  | &nbsp;&nbsp;Treasurer/Principal Financial and |
|  |  | &nbsp;&nbsp;Accounting Officer |

---

## Exhibit 99.906

**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 December 31, 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.

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| | | |
|:---|:---|:---|
| Date: | &nbsp;&nbsp;February 27, 2026 | &nbsp;&nbsp;/s/ Robert Olson |
|  |  | &nbsp;&nbsp;Robert Olson |
|  |  | &nbsp;&nbsp;President/Principal Executive Officer |

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| | | |
|:---|:---|:---|
| Date: | &nbsp;&nbsp;February 27, 2026 | &nbsp;&nbsp;/s/ Troy Sheets |
|  |  | &nbsp;&nbsp;Troy Sheets |
|  |  | &nbsp;&nbsp;Treasurer/Principal Financial and<br> Accounting Officer |

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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.