M Fund NCSR Certified annual shareholder report (management investment company)

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

811-9082


M Fund, Inc.
(Exact name of registrant as specified in charter)

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

Robert Olson, President, M Fund, Inc. M Financial Plaza, 1125 NW Couch Street, Suite 900, Portland, Oregon 97209
(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:	(503) 232-6960
Date of fiscal year end:	12/31
Date of reporting period:	12/31/2023

Item 1. Reports to Stockholders.

(a)

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), for the period January 1, 2023 through December 31, 2023, is filed herewith.

M FUND, INC.

M International Equity Fund

M Large Cap Growth Fund

M Capital Appreciation Fund

M Large Cap Value Fund

Annual Report
December 31, 2023

M Fund, Inc.

PRESIDENT'S LETTER

Dear Contract Owners:

We are pleased to share the financial condition of M Fund, Inc. (the "Corporation") as presented in the following Annual Report dated December 31, 2023. Total assets under management at year-end were $838 million.

Sub-Advisers to the portfolios, under the direction of M Financial Investment Advisers, Inc., the investment adviser to the Corporation, have prepared the attached discussion of results for each portfolio of the Corporation for the year ended December 31, 2023.

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

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

Sincerely,

ROBERT OLSON

President
M Fund, Inc.

M INTERNATIONAL EQUITY FUND (Unaudited)

Performance

For the twelve months ended December 31, 2023, the M International Equity Fund had a return of 16.0% (net of management fees) versus a total return (including reinvestment of dividends) of 15.6% for its benchmark, the MSCI All Country World ex USA Index (net dividends)¹.

Market Environment/Conditions

In U.S. dollar terms, global ex U.S. equity markets returned +15.6%, as reflected by the MSCI All Country World ex USA IMI (net dividends), for the one-year period. In U.S. dollar terms, developed ex U.S. markets returned +17.2%, as measured by the MSCI World ex USA IMI (net dividends). During the year, major developed ex U.S. market currencies, such as the Swiss franc, appreciated relative to the U.S. dollar while others, such as the Japanese yen, depreciated. Overall, currency movements had a positive impact on the U.S. dollar-denominated returns of the developed ex U.S. market.

In U.S. dollar terms, emerging markets had positive performance for the one-year period but trailed both the U.S. and developed ex U.S. markets. In U.S. dollar terms, emerging markets returned +11.7%, as measured by the MSCI Emerging Markets IMI (net dividends). During the year, some emerging markets currencies, such as the Columbian peso, appreciated relative to the U.S. dollar while others, such as the Turkish lira, depreciated. Overall, currency movements had a positive impact on the U.S. dollar-denominated returns of emerging markets.

Theoretical and empirical research suggests that investors can systematically pursue higher expected returns by targeting the size, relative price, and profitability² dimensions in equity markets. Dimensional Fund Advisors LP integrates these dimensions to emphasize stocks with smaller market capitalizations, lower relative prices, and higher profitability.

Along the market capitalization dimension, small caps (MSCI All Country World ex USA Small Cap Index, net dividends) performed in line with large caps (MSCI All Country World ex USA Index, net dividends). Mid caps (MSCI All Country World ex USA Mid Cap Index, net dividends), a subset of the MSCI All Country World ex USA Index universe, outperformed small caps (MSCI All Country World ex USA Small Cap Value Index, net dividends) by 0.3% and large caps (MSCI All Country World ex USA Growth Index, net dividends) by 0.3%.

Along the relative price dimension, large cap value stocks (MSCI All Country World ex USA Value Index, net dividends) outperformed large cap growth stocks (MSCI All Country World ex USA Growth Index, net dividends) by 3.3%, and small cap value stocks (MSCI All Country World ex USA Small Cap Value Index, net dividends) outperformed small cap growth stocks (MSCI All Country World ex USA Small Cap Growth Index, net dividends) by 3.1%.

Along the profitability dimension, stocks with higher profitability outperformed stocks with lower profitability within large caps and performed in line within small caps.

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

Fund Review/Current Positioning

The M International Equity Fund outperformed the MSCI All Country World ex USA Index (net dividends) by 0.4% for the period. The Fund's emphasis on value stocks contributed positively to relative performance, as these stocks outperformed over the period. Additionally, the Fund's emphasis on high profitability stocks contributed positively to relative performance.

Dimensional Fund Advisors LP
Investment Sub-Adviser to the M International Equity Fund

Performance represented is net of fees. The foregoing reflects the thoughts and opinions of Dimensional Fund Advisors LP exclusively and is subject to change without notice. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Strategies discussed are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance. Portfolio characteristics are as of December 31, 2023. Please note that all indices are unmanaged and are not available for direct investment.

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

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

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

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

MSCI ALL COUNTRY WORLD ex USA INDEX

¹ The MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. Investors cannot invest directly in an Index.

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

M LARGE CAP GROWTH FUND (Unaudited)

Performance

For the twelve months ended December 31, 2023, the M Large Cap Growth Fund had a return of 32.0% (net of management fees) versus a total return (including reinvestment of dividends) of 42.7% for its benchmark, the Russell 1000^® Growth Index¹.

Market Environment/Conditions

DSM Capital Partners LLC ("DSM") outperformed during 2022 because the defensive growth stock positions purchased in both 2021 and 2022 defended well, while the higher P/E technology positions (many having been trimmed or sold during that time) underperformed. In 2023, this situation reversed itself as defensive growth stocks generally underperformed while the higher P/E, larger market cap technology stocks outperformed led by the "Magnificent Seven." The Magnificent Seven: Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla and Meta, contributed approximately 65% of the 2023 returns of the Russell 1000^® Growth Index. Apple and Tesla also contributed significantly to DSM's underperformance versus the benchmark. DSM continues to believe that Apple, with an estimated 10% earnings per share growth rate, is overvalued at nearly 29x earnings. Similarly, DSM believes Tesla, which faces ever-increasing competition in the EV market, is priced with considerable risk at 60x earnings, given that most global automakers sell for roughly 10x earnings.

Since October of last year, DSM has stated that global markets can work higher as investors become more confident that U.S. and EU inflation is on a sustained downward track, which would enable the U.S. Federal Reserve (the Fed) and European Central Bank (the ECB) to stop raising interest rates. At this time, it appears that both central banks will not need to hike rates further. Monetary policy in the U.S. and EU, as measured by M2, has been very tight on an historical basis. As DSM has previously stated, rapidly rising M2 will generate inflation, while shrinking M2 will lead to disinflation. As M2 has fallen, inflation in the western world, as measured by the CPI, PPI and PCE, has declined to more normal levels. Lower inflation generates lower interest rates which should support the economy as evidenced by the stabilization of housing prices in the U.S. as the 30-year mortgage rate has fallen from 8% to 7% since October 31, 2023. With inflation almost back to the central banks' 2% target, the Fed and ECB have room to cut rates, although when the cuts may commence is uncertain.

Fund Review/Current Positioning

DSM continues to believe that the demand for software, networking equipment, semiconductor production equipment, cloud infrastructure, IT services and advanced semiconductor chips will grow as nearly every company becomes increasingly focused on technology in order to improve its services and lower its costs within its respective industry. Beginning with purchases made during 2022, DSM remains focused on companies they believe should benefit from Artificial Intelligence (AI)/digital transformation themes. In DSM's view, AI has likely become the most transformative technological trend since the launch of the internet, cellular communication and networking in the 1990s.

At year-end, the M Large Cap Growth Fund was invested in the communication services, consumer discretionary, consumer staples, financials, health care, industrials, information technology and materials sectors. Over the reporting period, the Fund underperformed the benchmark as a result of stock selections in the information technology and financials sectors. The Fund's underweight of the consumer staples and energy sectors versus the benchmark benefitted performance. By security, the top five contributors to the Fund's performance for the year were Microsoft, NVIDIA, Amazon.com, Adobe and Alphabet. The five positions which contributed the least in the period were Charles Schwab, PayPal Holdings, SolarEdge Technologies, EPAM Systems and Paycom Software.

DSM continues to reiterate the view that as the economy grows and inflation falls, the probability of a significant recession declines. DSM believes a "muddle through" scenario in 2024 has become more probable as the likely "downside scenario," but this is certainly not assured. While the possibility of recession and general downside earnings risks exist in global markets, equities are priced on forward looking earnings. By the summer of 2024, equities will increasingly be priced on calendar year 2025 earnings. Given the economic resilience of the M Large Cap Growth Fund portfolio, along with its reasonable valuation for this year and next and a normalized mid-to-high teens earnings growth rate going forward, DSM believes this portfolio of premier quality growth businesses is well positioned for the intermediate and longer-term investor willing to look through potential near-term volatility. Historically, the market climbs a wall of worry and DSM continues to believe business fundamentals, valuation and economics are on the side of the forward-looking buyer.

DSM Capital Partners LLC
Investment Sub-Adviser to the M Large Cap Growth Fund

Performance represented is net of fees. The foregoing reflects the thoughts and opinions of DSM Capital Partners LLC exclusively and is subject to change without notice. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Strategies discussed are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance. Portfolio characteristics are as of December 31, 2023. Please note that all indices are unmanaged and are not available for direct investment.

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

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

RUSSELL 1000^® GROWTH INDEX

¹ The Russell 1000^® Growth Total Return Index includes dividends reinvested in the Russell 1000^® Growth Index as reported by FTSE Russell. The Russell 1000^® Growth Index is a capitalization weighted index containing over 400 widely held securities with growth characteristics. DSM uses the Russell 1000^® Growth Index as a benchmark because its average market capitalization is similar to that of the M Large Cap Growth Fund, and it is an industry standard. Characteristics of any benchmark may differ materially from accounts managed by DSM. Investors cannot invest directly in an Index.

M CAPITAL APPRECIATION FUND (Unaudited)

Performance

For the twelve months ended December 31, 2023, the M Capital Appreciation Fund had a return of 23.6% (net of management fees) versus a total return (including reinvestment of dividends) of 17.4% for its benchmark, the Russell 2500^® Index¹.

Market Environment/Conditions

Equities rallied in the last two months of the year resulting in the best quarter of 2023 concluding a volatile twelve months. The Russell 2500^® Index finished up 17.4%, with growth stocks outperforming value as the Russell 2500^® Growth Index increased 18.9%.

It seems only fitting that a period dominated by macroeconomic headlines should conclude with a strong rally driven by a sudden reversal in attitude toward inflation. As recently as late October, investors were panicking over the steep increase in 10-year rates and stubbornly high inflation. They had taken the Russell 2500^® Index down 17% from its July high, and down 5% year to date. However, two softer-than-expected monthly inflation readings spurred an impressive 22% gain from an October low. For even the most seasoned investor that would have been enough volatility, but as we had already endured a robust rally and subsequent collapse in the first half of the year, this market likely aged us all.

Fund Review/Current Positioning

On a net-of-fee basis, the Fund outperformed the Russell 2500^® Index on allocation and stock selection. Overweight allocations in Technology and Industrials and underweight positions in Utilities and Real Estate more than offset the underperformance in Energy and Basic Materials, where the Fund was also overweight. Stock selection from Industrials outweighed the impact from any other industry group in the Index, with those stocks representing 6 of the top 10 contributing stocks for the year. While investor expectations and equity markets proved volatile throughout the year, the underlying theme of slowing inflationary pressure combined with better-than-expected economic resiliency prevailed. Furthermore, as equity markets continued to reward fundamentally driven stocks over price momentum, the Fund benefited as a number of large holdings delivered on long-awaited earnings power potential and multiple expansion.

Builders FirstSource, Inc. and XPO, Inc. are two clear examples of these investments.

Despite a sharp increase in mortgage rates in the second half of the year, building materials stocks performed well as underlying construction volumes remained healthy. Builders FirstSource was the largest contributor for the year, increasing by over 150%. The company has been driving accelerated revenue growth, margin expansion and cash flow generation through industry consolidation and new product introductions. Management has aggressively repurchased shares bringing the diluted share count down by 20% on a trailing 12-month basis. Even though the demand environment has been flattish, forward earnings expectations have more than doubled since the beginning of 2023.

XPO, an operator of less-than-truckload (LTL) transportation and delivery, had a solid year as well, increasing over 160% as management executed their plan to improve operations toward industry peers. What is particularly striking about this performance is that it happened in tandem with a pronounced trucking recession. Following the spin-off of XPO as an independent LTL operator, new management has enacted a plan to improve operating performance through network optimization and disciplined capital deployment. Improved on-time delivery

performance has unlocked the potential to drive increased pricing, which flows almost entirely to the bottom-line profitability. Furthermore, the bankruptcy of Yellow, a perennially underperforming LTL operator, provided XPO with an opportunity for accelerated share gain as well as opportunistic acquisition of land and assets to further drive earnings power. We continue to believe that XPO is making great strides toward closing the profitability gap with its most successful peers and should see further appreciation in the coming years.

Finally, though the overall stock selection was quite strong for 2023, the Fund did not emerge unscathed from the March banking crisis. With the sudden increase in interest rates at the beginning of the year, many banks found themselves facing a liquidity crisis as investors rapidly shifted deposits into more rewarding areas of investment. A couple of high-profile bank failures, such as with Silicon Valley Bank, led to a cascade of potential bank runs as consumers and enterprises looked to protect their deposits. One of the Fund's holdings, Signature Bank, was caught in the crosshairs and ultimately needed to be rescued and recapitalized by the Federal Reserve after its deposits largely vanished over the course of a Friday afternoon. Prior to that fateful weekend, we had reduced our position by half to manage risk, even though we felt the bank's operating ratios offered a decent margin of safety. In addition, the Fund already was underweight regional banks due to concerns regarding compressing spreads and the possibility of an increase in delinquent loans. Heavier exposure to non-bank investments allowed the Fund to have positive stock selection in the Financials industry during the year despite the impact of Signature's collapse.

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

Performance represented is net of fees. The foregoing reflects the thoughts and opinions of Frontier Capital Management Co., LLC exclusively and is subject to change without notice. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Strategies discussed are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance. Portfolio characteristics are as of December 31, 2023. Please note that all indices are unmanaged and are not available for direct investment.

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

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

RUSSELL 2500^® INDEX

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

M LARGE CAP VALUE FUND (Unaudited)

Performance

For the twelve months ended December 31, 2023, the Fund had a return of 7.6% (net of management fees) versus a total return of 11.5% for its benchmark, the Russell 1000^® Value Index¹.

Market Environment/Conditions

Broad U.S. equity markets began the year climbing higher before a banking crisis rattled financial markets. The regulators succeeded at containing the crisis which resulted in the failure of only three smaller institutions. The leadership in the broad market was dominated by a narrow group of large-cap technology-oriented stocks which became referred to as the "Magnificent Seven" until the annual rebalance of the Russell style indices at the end of June. The outsized impact from such narrow group leadership was reminiscent of the "Tech Bubble" from the late 1990's as indexes were showing positive returns that belied the negative returns early in the year for many benchmark constituents. The stage was set early for a return to growth and the spread between value and growth widened throughout the year.

The economy churned along after the Federal Reserve (Fed) hiked its target rate aggressively in 2022 from 0.25% to 4.5%. Rate hikes continued in four of the first five meetings albeit at the much slower pace of 25 bps increments before keeping them steady through the end of the year. The yearly inflation rate dropped throughout the first half of the year then trended in a range while the unemployment rate remained flat throughout the year. Treasury bond yields fell sharply beginning in November after softer than expected inflation data which led to a dovish pivot by the Fed in December which fueled the "Santa rally" as equity markets surged pricing in future interest rate cuts and abating fears of the long-expected recession.

Growth factors performed well throughout the year while traditional value factors were out of favor particularly in large cap. Higher quality and the perceived safety of higher dividend yielding companies also lagged while share change appears on the surface to be additive within value however the results were clouded from the Magnificent Seven.

Fund Review/Current Positioning

The tone for the year was set early in large cap value with the extremely narrow leadership in the first half of the year. Communication Services was up over forty percent while Technology was up over thirty percent. These sectors had a huge turnaround year in 2023 after being the two worst performing sectors in the prior year. Not only did we begin the year with a substantial underweight in communication services, but we did not own the expensive and higher valuation companies in the benchmark which buoyed the sector and the markets overall. Google was up over 38% for the year, while Facebook parent Meta returned an astounding 140%. Both companies were removed from the value benchmark midway through the year during the annual rebalancing and accounted for nearly two thirds of the underperformance in our fund for the year. The portfolio outperformed by 125 bps in the second half of the year, however this was not nearly enough to offset the deficit from the start of the year.

The price of oil dropped last year, despite supply reductions from OPEC and Russia in the third quarter which caused a temporary spike but then just as sharply reversed course to end the year lower. This is another sector we were also on the wrong side of during this year. We began the year and maintained an overweight in the sector after such robust performance in 2022. The energy sector had also been a good hedge against inflation concerns. The energy sector had been one of the best performing sectors for the fund until the end of the year market rally when the inflation started to drop. The impact in the final quarter was so profound the energy sector went from being a top performer to the second worst in the fund.

Despite a sharp rise in interest rates and mortgage financing costs, homebuilders had a fantastic year from the persistence of inventory shortages. The fund's overweight in this industry helped offset some of the shortfall from Meta and produced the largest relative outperformance relative to the benchmark.

The fund also benefited from remaining underweight the safety of the higher yielding utility sector. As interest rates rose the demand for a riskier alternative for yield waned and traditionally defensive sectors lagged. Finally, the technology sector was positively impacted from the burgeoning effects of AI (artificial intelligence) and the tremendous demand for semiconductor equipment and materials. Applied Materials, Lam research and KLA Corp are holdings that outperformed and contributed to performance.

Fears of a recession abated quickly in the fourth quarter after a drop in inflation while the Fed held rates steady prompting many to predict potential cuts in 2024. Helping the economic picture was declining oil prices, interest rates and mortgage rates which fell sharply from their highs. The market surged late in the year anticipating the Fed to reverse course early and quickly in 2024 with rate cuts to keep fueling the party.

Although higher-quality and lower valuation investing was out of favor, we believe being wed to quality and higher ROE stocks will enable the portfolio to outperform, especially with the widespread between value and growth within larger capitalization companies.

Brandywine Global Investment Management, LLC
Investment Sub-Adviser to the M Large Cap Value Fund

Performance represented is net of fees. The foregoing reflects the thoughts and opinions of Brandywine Global Investment Management, LLC exclusively and is subject to change without notice. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Strategies discussed are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance. Portfolio characteristics are as of December 31, 2023. Please note that all indices are unmanaged and are not available for direct investment.

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

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

RUSSELL 1000^® VALUE INDEX

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

M International Equity Fund

SCHEDULE OF INVESTMENTS

December 31, 2023

Shares			Value (Note 1)
		COMMON STOCKS—70.0%
		Australia—4.9%
	4,611	29Metals Ltd.†,*	$	2,027
	13,414	Accent Group Ltd.†		17,733
	23,537	Adbri Ltd.*		48,118
	3,859	AGL Energy Ltd.		24,930
	4,977	ALS Ltd.		43,582
	1,335	Altium Ltd.		42,621
	36,996	Alumina Ltd.*		22,816
	45,536	AMP Ltd.†		28,858
	2,215	Ampol Ltd.		54,565
	2,326	Ansell Ltd.		39,912
	12,134	ANZ Group Holdings Ltd.		214,325
	8,093	APA Group†		47,098
	4,679	Appen Ltd.†,*		2,009
	1,187	ARB Corp. Ltd.†		29,087
	3,578	Arcadium Lithium PLC, CDI*		27,333
	3,817	Aristocrat Leisure Ltd.		106,177
	978	ASX Ltd.		42,027
	10,882	Atlas Arteria Ltd.		42,862
	477	AUB Group Ltd.		9,020
	31,634	Aurizon Holdings Ltd.		81,917
	5,745	Aussie Broadband Ltd.†,*		15,268
	9,677	Austal Ltd.†		13,387
	9,144	Australian Agricultural Co. Ltd.†,*		8,724
	2,559	Australian Ethical Investment Ltd.		9,434
	12,365	Bank of Queensland Ltd.†		51,231
	5,183	Bapcor Ltd.†		19,567
	39,961	Beach Energy Ltd.		43,570
	4,696	Bega Cheese Ltd.		11,328
	27,039	Bellevue Gold Ltd.†,*		30,863
	6,079	Bendigo & Adelaide Bank Ltd.		40,058
	19,147	BHP Group Ltd.		657,736
	7,612	BHP Group Ltd., ADR†		519,976
	12,902	BHP Group Ltd., Class DI		442,303
	6,410	BlueScope Steel Ltd.		102,213
	6,309	Boral Ltd.*		23,173
	13,838	Boss Energy Ltd.*		38,003
	12,498	Brambles Ltd.		115,828
	18,400	Bravura Solutions Ltd.†,*		10,721
	2,677	Breville Group Ltd.†		49,674
	1,779	Brickworks Ltd.		33,896
	3,952	Capricorn Metals Ltd.*		12,684
	1,476	CAR Group Ltd.		31,321
	8,204	Challenger Ltd.		36,283
	9,392	Champion Iron Ltd.†		53,697

Shares			Value (Note 1)
		Australia (Continued)
	5,238	City Chic Collective Ltd.†,*	$	1,910
	15,298	Cleanaway Waste Management Ltd.		28,043
	816	Clinuvel Pharmaceuticals Ltd.†		8,897
	16,116	Coast Entertainment Holdings Ltd.†,*		5,052
	361	Cochlear Ltd.		73,474
	6,045	Codan Ltd.		35,221
	9,946	Coles Group Ltd.		109,189
	5,271	Collins Foods Ltd.		42,528
	7,824	Commonwealth Bank of Australia		596,080
	3,080	Computershare Ltd.		51,191
	55,582	Cooper Energy Ltd.*		4,924
	38,608	Core Lithium Ltd.†,*		6,577
	16,210	Coronado Global Resources, Inc., CDI#		19,441
	1,547	Corporate Travel Management Ltd.†		20,620
	5,529	Costa Group Holdings Ltd.		11,755
	1,552	Credit Corp. Group Ltd.		17,144
	882	CSL Ltd.		172,288
	9,383	CSR Ltd.†		42,201
	2,536	Data#3 Ltd.		14,586
	20,724	De Grey Mining Ltd.*		17,724
	4,714	Deterra Royalties Ltd.		16,929
	1,480	Dicker Data Ltd.†		12,062
	4,479	Domain Holdings Australia Ltd.†		10,530
	768	Domino's Pizza Enterprises Ltd.		30,846
	18,120	Downer EDI Ltd.		54,331
	3,054	Eagers Automotive Ltd.†		30,135
	5,273	Elders Ltd.		27,057
	9,982	Emerald Resources NL†,*		20,475
	13,294	Endeavour Group Ltd.		47,198
	625	EQT Holdings Ltd.		10,861
	26,880	Evolution Mining Ltd.		72,537
	1,597	EVT Ltd.†		13,310
	13,551	FleetPartners Group Ltd.†,*		28,165
	1,393	Flight Centre Travel Group Ltd.†		19,327
	10,366	Fortescue Ltd.		204,995
	20,944	G8 Education Ltd.		16,841
	5,421	Genesis Minerals Ltd.*		6,613
	27,421	Gold Road Resources Ltd.		36,718
	7,355	GrainCorp Ltd., Class A		36,538
	18,983	Grange Resources Ltd.		6,015
	2,140	GUD Holdings Ltd.†		17,500
	9,346	GWA Group Ltd.		14,266
	2,555	Hansen Technologies Ltd.		8,862
	17,395	Harvey Norman Holdings Ltd.†		49,786

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Australia (Continued)
	20,259	Healius Ltd.*	$	22,572
	9,874	Helia Group Ltd.		29,270
	10,360	Humm Group Ltd.†		3,495
	2,262	IDP Education Ltd.†		30,875
	6,212	IGO Ltd.†		38,310
	7,978	Iluka Resources Ltd.		35,882
	13,872	Imdex Ltd.		17,819
	28,249	Incitec Pivot Ltd.		54,671
	11,778	Infomedia Ltd.†		11,558
	5,200	Inghams Group Ltd.		14,032
	16,350	Insignia Financial Ltd.†		26,072
	25,090	Insurance Australia Group Ltd.		96,772
	7,725	Integral Diagnostics Ltd.†		10,028
	2,877	IPH Ltd.		12,567
	3,090	IRESS Ltd.†		17,161
	3,001	James Hardie Industries PLC, CDI*		115,524
	1,702	JB Hi-Fi Ltd.†		61,506
	2,979	Johns Lyng Group Ltd.†		12,424
	34,101	Karoon Energy Ltd.*		47,173
	3,571	Kelsian Group Ltd.†		17,034
	7,715	Lendlease Corp. Ltd.		39,273
	2,224	Lifestyle Communities Ltd.†		27,659
	10,522	Link Administration Holdings Ltd.†		15,631
	14,208	Lottery Corp. Ltd.		46,861
	1,516	Lovisa Holdings Ltd.†		25,279
��	8,824	Lynas Rare Earths Ltd.†,*		43,054
	6,430	MA Financial Group Ltd.		24,187
	668	Macquarie Group Ltd.		83,590
	341	Macquarie Technology Group Ltd.*		15,929
	3,208	Magellan Financial Group Ltd.		20,287
	1,120	Mayne Pharma Group Ltd.		4,694
	1,182	McMillan Shakespeare Ltd.		12,855
	16,327	Medibank Pvt Ltd.		39,609
	17,899	Metcash Ltd.		42,568
	1,307	Mineral Resources Ltd.†		62,346
	17,383	MMA Offshore Ltd.*		22,151
	1,365	Monadelphous Group Ltd.		13,804
	39,713	Mount Gibson Iron Ltd.†,*		14,884
	17,488	Myer Holdings Ltd.†		7,150
	3,954	MyState Ltd.		8,461
	7,649	Nanosonics Ltd.†,*		22,935
	23,896	National Australia Bank Ltd.		499,917
	2,783	Netwealth Group Ltd.		29,206
	14,683	New Hope Corp. Ltd.		51,630
	2,984	NEXTDC Ltd.*		27,919

Shares			Value (Note 1)
		Australia (Continued)
	9,198	nib holdings Ltd.	$	46,320
	932	Nick Scali Ltd.†		7,825
	13,553	Nickel Industries Ltd.		6,419
	30,345	Nine Entertainment Co. Holdings Ltd.†		41,771
	5,875	Northern Star Resources Ltd.		54,648
	12,393	NRW Holdings Ltd.		25,167
	10,138	Nufarm Ltd.		36,063
	7,566	OFX Group Ltd.†,*		7,760
	5,115	Omni Bridgeway Ltd.†,*		4,723
	11,530	oOh!media Ltd.		13,004
	4,231	Orica Ltd.		45,958
	9,263	Origin Energy Ltd.		53,465
	23,252	Orora Ltd.		41,197
	42,639	Paladin Energy Ltd.*		28,620
	12,923	Perenti Ltd.*		9,159
	2,144	Perpetual Ltd.†		37,227
	31,929	Perseus Mining Ltd.		40,252
	2,443	PEXA Group Ltd.†,*		18,479
	28,614	Pilbara Minerals Ltd.†		77,021
	1,933	Pinnacle Investment Management Group Ltd.†		13,278
	16,745	Platinum Asset Management Ltd.†		15,176
	2,030	Premier Investments Ltd.		38,166
	573	Pro Medicus Ltd.		37,419
	1,615	PWR Holdings Ltd.†		10,741
	5,039	Qantas Airways Ltd.*		18,440
	7,535	QBE Insurance Group Ltd.		76,045
	19,799	Qube Holdings Ltd.��		43,714
	18,064	Ramelius Resources Ltd.		20,742
	1,228	Ramsay Health Care Ltd.		44,025
	355	REA Group Ltd.†		43,823
	48,904	Red 5 Ltd.†,*		10,331
	1,390	Reece Ltd.†		21,208
	19,727	Regis Resources Ltd.*		29,306
	13,366	Reliance Worldwide Corp. Ltd.		40,350
	53,656	Resolute Mining Ltd.*		16,271
	9,216	Ridley Corp. Ltd.		17,271
	3,221	Rio Tinto Ltd.		297,767
	12,006	Sandfire Resources Ltd.*		60,052
	40,802	Santos Ltd.		211,314
	2,534	SEEK Ltd.		46,157
	3,265	Select Harvests Ltd.†,*		6,452
	44,942	Service Stream Ltd.†		28,788
	1,946	Seven Group Holdings Ltd.		48,933

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Australia (Continued)
	62,916	Seven West Media Ltd.*	$	11,576
	6,363	Sierra Rutile Holdings Ltd.†,*		416
	34,950	Sigma Healthcare Ltd.		23,936
	30,638	Silver Lake Resources Ltd.*		24,845
	3,115	Sims Ltd.		33,029
	4,280	SmartGroup Corp. Ltd.†		25,433
	7,321	Solvar Ltd.†		6,585
	3,263	Sonic Healthcare Ltd.		71,332
	56,811	South32 Ltd.		128,917
	3,457	Southern Cross Media Group Ltd.†		2,344
	21,630	St. Barbara Ltd.†,*		3,095
	40,747	Star Entertainment Group Ltd.*		14,300
	8,695	Steadfast Group Ltd.		34,485
	62,507	Strike Energy Ltd.†,*		20,446
	8,934	Suncorp Group Ltd.		84,320
	4,830	Super Retail Group Ltd.		51,905
	24,332	Superloop Ltd.†,*		11,109
	17,571	Syrah Resources Ltd.†,*		7,723
	50,321	Tabcorp Holdings Ltd.		28,633
	3,536	Technology One Ltd.		37,036
	24,704	Telstra Group Ltd.		66,665
	32,463	Terracom Ltd.†		9,291
	2,964	TPG Telecom Ltd.		10,463
	12,558	Transurban Group		117,325
	6,104	Treasury Wine Estates Ltd.		44,840
	31,285	Tyro Payments Ltd.*		23,558
	8,992	Ventia Services Group Pty. Ltd.		19,241
	14,458	Viva Energy Group Ltd.#		34,385
	3,525	Webjet Ltd.†,*		17,631
	6,014	Wesfarmers Ltd.		233,764
	24,722	West African Resources Ltd.*		15,920
	11,815	Westgold Resources Ltd.*		17,552
	15,208	Westpac Banking Corp.		237,324
	14,291	Whitehaven Coal Ltd.		72,455
	679	WiseTech Global Ltd.†		34,874
	19,029	Woodside Energy Group Ltd.		402,765
	2,331	Woodside Energy Group Ltd.†		49,411
	1,661	Woodside Energy Group Ltd., ADR†		35,030
	7,001	Woolworths Group Ltd.		177,475
	2,076	Worley Ltd.		24,700
	487	Xero Ltd.*		37,269
	3,672	Yancoal Australia Ltd.†		12,386
				11,351,957

Shares			Value (Note 1)
		Austria—0.4%
	939	ANDRITZ AG	$	58,465
	829	AT&S Austria Technologie & Systemtechnik AG		24,069
	1,157	BAWAG Group AG#		61,284
	694	CA Immobilien Anlagen AG		24,861
	133	DO & Co. AG		19,733
	2,068	Erste Group Bank AG		83,854
	988	Eurotelesites AG*		3,959
	614	EVN AG		19,284
	1,377	FACC AG*		8,863
	482	Lenzing AG*		18,916
	232	Mayr Melnhof Karton AG		32,424
	463	Oesterreichische Post AG		16,714
	2,138	OMV AG		93,867
	552	Palfinger AG		15,356
	861	Porr AG		12,071
	3,082	Raiffeisen Bank International AG		63,522
	127	Schoeller-Bleckmann Oilfield Equipment AG		6,197
	263	Strabag SE, Bearer Shares		12,020
	3,952	Telekom Austria AG		33,376
	4,149	UNIQA Insurance Group AG		34,169
	470	Verbund AG		43,610
	884	Vienna Insurance Group AG Wiener Versicherung Gruppe		25,861
	2,381	voestalpine AG		75,070
	1,117	Wienerberger AG		37,265
				824,810
		Belgium—0.8%
	545	Ackermans & van Haaren NV		95,543
	3,300	Ageas SA		143,208
	5,568	AGFA-Gevaert NV*		9,036
	5,257	Anheuser-Busch InBev SA		339,039
	69	Argenx SE*		26,165
	1,399	Azelis Group NV		34,255
	863	Barco NV		15,767
	781	Bekaert SA		40,109
	2,798	bpost SA		14,406
	105	Cie d'Entreprises CFE		884
	899	Colruyt Group NV		40,492
	174	D'ieteren Group		33,980
	7,013	Deceuninck NV		17,613
	105	Deme Group NV		12,913
	6,282	Econocom Group SA		17,823

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Belgium (Continued)
	289	Elia Group SA	$	36,147
	1,410	Euronav NV		24,858
	2,078	Euronav NV†		36,552
	548	EVS Broadcast Equipment SA		17,453
	1,400	Fagron		25,671
	799	Galapagos NV†,*		32,627
	713	Gimv NV		34,869
	534	Ion Beam Applications†		6,803
	3,331	KBC Group NV		215,929
	242	Kinepolis Group NV†		11,942
	9	Lotus Bakeries NV		81,770
	216	Melexis NV		21,759
	2,034	Ontex Group NV†,*		17,077
	1,080	Orange Belgium SA*		16,096
	5,922	Proximus SADP		55,635
	1,437	Recticel SA†		16,816
	207	Shurgard Self Storage Ltd.		10,251
	214	Sipef NV		12,521
	1,351	Solvay SA†		41,358
	1,351	Syensqo SA*		140,583
	688	Tessenderlo Group SA†		21,456
	570	UCB SA		49,648
	2,988	Umicore SA		82,135
	281	VGP NV		32,572
				1,883,761
		Canada—7.4%
	553	ADENTRA, Inc.		13,342
	5,500	Advantage Energy Ltd.*		35,406
	1,679	Aecon Group, Inc.		16,561
	10,000	Africa Oil Corp.		18,792
	607	Ag Growth International, Inc.		23,143
	3,500	AGF Management Ltd., Class B		20,365
	3,501	Agnico Eagle Mines Ltd.		191,966
	5,042	Aimia, Inc.*		11,910
	1,100	Air Canada*		15,516
	5,250	Alamos Gold, Inc., Class A		70,669
	3,609	Algonquin Power & Utilities Corp.		22,770
	5,239	Algonquin Power & Utilities Corp.†		33,110
	4,791	Alimentation Couche-Tard, Inc.		282,134
	3,374	AltaGas Ltd.		70,839
	1,300	Altius Minerals Corp.		18,091
	785	Altus Group Ltd.		24,965
	600	Andlauer Healthcare Group, Inc.		18,556
	8,336	ARC Resources Ltd.		123,746

Shares			Value (Note 1)
		Canada (Continued)
	1,389	Aritzia, Inc.*	$	28,827
	1,300	Atco Ltd., Class I		37,939
	553	ATS Corp.*		23,834
	84	Aurora Cannabis, Inc.*		41
	29,414	B2Gold Corp.		92,973
	850	Badger Infrastructure Solutions Ltd.		26,115
	4,435	Ballard Power Systems, Inc.†,*		16,410
	5,070	Bank of Montreal		501,657
	10,149	Bank of Nova Scotia		494,037
	6,989	Barrick Gold Corp.		126,381
	1,119	Bausch & Lomb Corp.*		19,090
	5,083	Bausch Health Cos., Inc.*		40,772
	12,953	Baytex Energy Corp.		42,817
	708	BCE, Inc.		27,875
	8,300	Birchcliff Energy Ltd.		36,205
	1,900	Bird Construction, Inc.		20,648
	4,601	BlackBerry Ltd.*		16,320
	1,628	Bombardier, Inc., Class B*		65,376
	1,262	Boralex, Inc., Class A		32,077
	400	Boyd Group Services, Inc.		84,069
	1,680	Brookfield Corp.		67,388
	2,384	Brookfield Corp., Class A		95,646
	929	Brookfield Infrastructure Corp., Class A		32,772
	600	Brookfield Reinsurance Ltd.*		24,222
	385	BRP, Inc.		27,550
	1,722	CAE, Inc.*		37,178
	902	Cameco Corp.		38,890
	1,985	Canaccord Genuity Group, Inc.		11,385
	1,512	Canada Goose Holdings, Inc.*		17,929
	7,870	Canadian Imperial Bank of Commerce		378,920
	3,197	Canadian National Railway Co.		401,766
	10,892	Canadian Natural Resources Ltd.		713,584
	1,042	Canadian Pacific Kansas City Ltd.†		82,381
	828	Canadian Tire Corp. Ltd., Class A		87,933
	1,300	Canadian Utilities Ltd., Class A		31,287
	1,880	Canadian Western Bank		43,799
	1,876	Canfor Corp.*		25,272
	70	Canopy Growth Corp.*		358
	1,494	Capital Power Corp.		42,665
	4,800	Capstone Copper Corp.*		23,365
	3,000	Cardinal Energy Ltd.		14,218
	3,900	Cascades, Inc.		37,468
	1,124	CCL Industries, Inc., Class B		50,548
	2,966	Celestica, Inc.*		86,873

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Canada (Continued)
	10,047	Cenovus Energy, Inc.	$	167,372
	5,235	Centerra Gold, Inc.		31,251
	9,000	CES Energy Solutions Corp.		23,433
	1,321	CGI, Inc.*		141,516
	2,865	CI Financial Corp.		32,130
	900	Cineplex, Inc.*		5,685
	440	Cogeco Communications, Inc.		19,708
	300	Cogeco, Inc.†		12,944
	514	Colliers International Group, Inc.		65,020
	2,500	Computer Modelling Group Ltd.		19,113
	122	Constellation Software, Inc.		302,481
	4,700	Converge Technology Solutions Corp.		14,685
	5,812	Corus Entertainment, Inc., Class B		3,114
	3,354	Crescent Point Energy Corp.		23,262
	8,598	Crescent Point Energy Corp.†		59,584
	4,900	Crew Energy, Inc.*		16,789
	12,200	Cronos Group, Inc.*		25,504
	1,252	Definity Financial Corp.		35,470
	7,600	Denison Mines Corp.*		13,307
	511	Descartes Systems Group, Inc.*		42,955
	2,240	Dollarama, Inc.		161,426
	5,200	Doman Building Materials Group Ltd.		32,533
	1,821	Dorel Industries, Inc., Class B†,*		8,589
	1,100	DREAM Unlimited Corp., Class A		18,803
	6,100	Dundee Precious Metals, Inc.		39,039
	742	Dye & Durham Ltd.		8,041
	4,100	ECN Capital Corp.		9,283
	3,501	Eldorado Gold Corp.*		45,445
	5,962	Element Fleet Management Corp.		97,008
	1,863	Emera, Inc.		70,721
	2,538	Empire Co. Ltd., Class A		67,135
	7,917	Enbridge, Inc.		285,061
	1,665	Endeavour Mining PLC		37,408
	2,894	Endeavour Silver Corp.*		5,701
	2,494	Enerflex Ltd.		11,538
	3,834	Enerplus Corp.		58,767
	882	Enghouse Systems Ltd.		23,364
	7,100	Ensign Energy Services, Inc.*		11,628
	1,000	EQB, Inc.		65,832
	1,697	Equinox Gold Corp.*		8,298
	2,300	ERO Copper Corp.*		36,332
	700	Exchange Income Corp.		23,826
	4,400	Extendicare, Inc.		24,174

Shares			Value (Note 1)
		Canada (Continued)
	283	Fairfax Financial Holdings Ltd.	$	261,100
	2,600	Fiera Capital Corp.		11,950
	2,698	Finning International, Inc.		78,025
	2,505	First Majestic Silver Corp.		15,406
	400	First National Financial Corp.		11,586
	3,171	First Quantum Minerals Ltd.		25,965
	347	FirstService Corp.		56,212
	2,617	Fortis, Inc.		107,658
	10,041	Fortuna Silver Mines, Inc.*		38,647
	356	Franco-Nevada Corp.		39,440
	3,500	Freehold Royalties Ltd.		36,161
	2,000	Frontera Energy Corp.*		12,030
	645	George Weston Ltd.		80,074
	1,991	GFL Environmental, Inc.		68,709
	2,300	Gibson Energy, Inc.		34,941
	1,576	Gildan Activewear, Inc.		52,108
	300	goeasy Ltd.		35,786
	570	Gran Tierra Energy, Inc.*		3,200
	3,443	Great-West Lifeco, Inc.		113,966
	400	Guardian Capital Group Ltd., Class A		13,361
	2,343	Headwater Exploration, Inc.		11,051
	1,700	Heroux-Devtek, Inc.*		19,501
	7,321	Hudbay Minerals, Inc.		40,278
	2,098	Hydro One Ltd.#		62,858
	1,752	iA Financial Corp., Inc.		119,436
	3,400	IAMGOLD Corp.*		8,570
	1,311	IGM Financial, Inc.		34,639
	1,811	Imperial Oil Ltd.		103,338
	3,417	Innergex Renewable Energy, Inc.		23,699
	1,388	Intact Financial Corp.		213,545
	1,545	Interfor Corp.*		27,378
	3,868	Ivanhoe Mines Ltd., Class A*		37,511
	700	Jamieson Wellness, Inc.#		16,762
	500	K-Bro Linen, Inc.		12,452
	5,000	K92 Mining, Inc.*		24,565
	2,067	Karora Resources, Inc.*		7,597
	7,152	Kelt Exploration Ltd.*		30,874
	2,848	Keyera Corp.†		68,844
	18,607	Kinross Gold Corp.		112,602
	3,700	Knight Therapeutics, Inc.*		14,492
	600	Labrador Iron Ore Royalty Corp.		14,445
	200	Lassonde Industries, Inc., Class A		21,169
	800	Laurentian Bank of Canada		16,827
	1,700	Leon's Furniture Ltd.		23,299

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Canada (Continued)
	2,310	Lightspeed Commerce, Inc.†,*	$	48,487
	1,389	Linamar Corp.		67,110
	1,671	Loblaw Cos. Ltd.		161,772
	6,780	Logan Energy Corp.*		4,093
	8,900	Lucara Diamond Corp.†,*		2,586
	1,300	Lundin Gold, Inc.		16,227
	5,550	Lundin Mining Corp.		45,404
	725	MAG Silver Corp.*		7,547
	3,172	Magna International, Inc.		187,416
	4,800	Major Drilling Group International, Inc.*		33,363
	11,495	Manulife Financial Corp.		254,018
	1,530	Maple Leaf Foods, Inc.		29,144
	1,800	Martinrea International, Inc.		19,480
	1,199	MDA Ltd.*		10,424
	1,895	Medical Facilities Corp.		12,843
	4,652	MEG Energy Corp.*		83,101
	1,500	Methanex Corp.		70,984
	1,582	Metro, Inc.		81,891
	470	MTY Food Group, Inc.		20,044
	2,700	Mullen Group Ltd.		28,609
	3,640	National Bank of Canada		277,454
	14,800	New Gold, Inc.*		21,445
	1,740	NFI Group, Inc.*		17,977
	721	North American Construction Group Ltd.		15,045
	1,126	North West Co., Inc.		33,371
	4,990	Northland Power, Inc.		90,645
	6,151	Nutrien Ltd.		346,493
	385	Nuvei Corp.		10,110
	5,200	NuVista Energy Ltd.*		43,325
	1,300	Obsidian Energy Ltd.†,*		8,814
	18,600	OceanaGold Corp.		35,655
	1,093	Onex Corp.		76,326
	1,764	Open Text Corp.		74,134
	2,300	Orla Mining Ltd.†,*		7,475
	1,864	Osisko Gold Royalties Ltd.		26,601
	3,213	Osisko Mining, Inc.*		6,474
	2,072	Pan American Silver Corp.		33,823
	2,056	Paramount Resources Ltd., Class A		40,234
	2,849	Parex Resources, Inc.		53,645
	700	Park Lawn Corp.		10,428
	2,635	Parkland Corp.		84,933
	1,760	Pason Systems, Inc.		21,478
	3,149	Pembina Pipeline Corp.		108,417

Shares			Value (Note 1)
		Canada (Continued)
	4,630	Peyto Exploration & Development Corp.†	$	42,070
	2,800	PrairieSky Royalty Ltd.		49,025
	280	Precision Drilling Corp.*		15,206
	700	Premium Brands Holdings Corp.		49,674
	3,587	Primo Water Corp.		54,011
	1,764	Quebecor, Inc., Class B		41,962
	622	RB Global, Inc.		41,623
	1,200	Real Matters, Inc.*		5,705
	1,622	Restaurant Brands International, Inc.		126,731
	745	Richelieu Hardware Ltd.		26,976
	3,740	Rogers Communications, Inc., Class B		175,082
	500	Rogers Communications, Inc., Class B†		23,405
	5,300	Rogers Sugar, Inc.		21,519
	6,732	Royal Bank of Canada		680,795
	1,740	Russel Metals, Inc.		59,132
	2,004	Saputo, Inc.		40,578
	1,585	Savaria Corp.		18,146
	907	Seabridge Gold, Inc.*		10,994
	4,705	Secure Energy Services, Inc.		33,484
	1,968	Shawcor Ltd.*		22,516
	700	Shopify, Inc., Class A*		54,498
	1,794	Sienna Senior Living, Inc.		15,556
	4,400	SilverCrest Metals, Inc.†,*		28,820
	1,359	Sleep Country Canada Holdings, Inc.#		26,266
	1,248	SNC-Lavalin Group, Inc.		40,179
	3,390	Spartan Delta Corp.		7,624
	400	Spin Master Corp.#		10,523
	700	Sprott, Inc.		23,765
	4,381	SSR Mining, Inc.		47,015
	800	Stantec, Inc.		64,227
	700	Stelco Holdings, Inc.		26,514
	1,100	Stella-Jones, Inc.		64,022
	3,623	StorageVault Canada, Inc.		14,300
	122	Strathcona Resources Ltd.*		1,973
	3,367	Sun Life Financial, Inc.		174,619
	15,768	Suncor Energy, Inc.		505,179
	2,900	SunOpta, Inc.†,*		15,863
	3,579	Superior Plus Corp.		26,011
	1,699	Surge Energy, Inc.		8,309
	18,100	Tamarack Valley Energy Ltd.		41,936
	4,400	Taseko Mines Ltd.*		6,160

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Canada (Continued)
	7,344	TC Energy Corp.†	$	287,077
	2,442	TC Energy Corp.		95,391
	5,557	Teck Resources Ltd., Class B		234,895
	850	TELUS International CDA, Inc.*		7,300
	640	TFI International, Inc.		87,056
	251	Thomson Reuters Corp.†		36,701
	276	Thomson Reuters Corp.		40,353
	3,200	Timbercreek Financial Corp.		16,108
	1,930	TMX Group Ltd.		46,682
	1,500	Topaz Energy Corp.		21,939
	2,171	Torex Gold Resources, Inc.*		23,954
	656	Toromont Industries Ltd.		57,478
	7,806	Toronto-Dominion Bank		504,396
	596	Toronto-Dominion Bank†		38,514
	3,837	Tourmaline Oil Corp.		172,557
	3,838	TransAlta Corp.		31,919
	2,100	Transcontinental, Inc., Class A		21,712
	12,242	Trican Well Service Ltd.		38,064
	3,001	Tricon Residential, Inc.		27,314
	496	Trisura Group Ltd.*		12,727
	4,544	Vermilion Energy, Inc.		54,783
	1,800	Wajax Corp.		41,120
	787	Waste Connections, Inc.		117,490
	2,200	Wesdome Gold Mines Ltd.*		12,801
	570	West Fraser Timber Co. Ltd.		48,764
	12,500	Western Forest Products, Inc.		6,698
	1,100	Westshore Terminals Investment Corp.†		22,763
	946	Wheaton Precious Metals Corp.		46,670
	11,664	Whitecap Resources, Inc.		78,080
	1,081	Winpak Ltd.		33,367
	752	WSP Global, Inc.		105,412
				17,226,996
		Denmark—2.0%
	2,040	ALK-Abello AS*		30,573
	24,690	Alm Brand AS		43,620
	2,798	Ambu AS, Class B*		43,590
	15	AP Moller—Maersk AS, Class A		26,612
	30	AP Moller—Maersk AS, Class B		53,934
	2,721	Bang & Olufsen AS*		3,884
	1,376	Bavarian Nordic AS*		36,159
	889	Carlsberg AS, Class B		111,482
	408	Chemometec AS		23,443
	646	Chr Hansen Holding AS		54,166

Shares			Value (Note 1)
		Denmark (Continued)
	944	Coloplast AS, Class B	$	107,922
	426	D/S Norden AS		20,251
	4,232	Danske Bank AS		113,059
	1,139	Demant AS*		49,927
	778	Dfds AS		25,692
	1,163	DSV AS		204,176
	1,244	FLSmidth & Co. AS		52,909
	348	Genmab AS*		111,058
	2,467	GN Store Nord AS*		62,765
	8,387	H Lundbeck AS		40,689
	4,236	H Lundbeck AS, Class A		18,004
	818	H+H International AS, Class B*		10,757
	3,142	ISS AS		60,000
	958	Jyske Bank AS, Registered		68,665
	1,970	Matas AS		33,666
	826	Netcompany Group AS*,#		27,596
	266	Nilfisk Holding AS*		4,656
	927	NKT AS*		63,670
	362	NNIT AS*,#		4,508
	20,596	Novo Nordisk AS, Class B		2,129,232
	1,607	Novozymes AS, Class B		88,314
	218	NTG Nordic Transport Group AS*		9,491
	1,098	Orsted AS#		60,862
	1,564	Pandora AS		216,139
	376	Per Aarsleff Holding AS		17,957
	576	Ringkjoebing Landbobank AS		84,574
	128	Rockwool AS, Class A		37,342
	132	Rockwool AS, Class B		38,626
	980	Royal Unibrew AS		65,467
	1,644	Scandinavian Tobacco Group AS#		28,558
	336	Schouw & Co. AS		27,516
	105	Solar AS, Class B		7,230
	273	SP Group AS		8,834
	1,256	Spar Nord Bank AS		19,828
	1,121	Sydbank AS		48,740
	822	Topdanmark AS		39,245
	543	TORM PLC, Class A†		16,420
	2,761	Tryg AS		60,063
	1,988	Vestas Wind Systems AS*		63,090
	615	Zealand Pharma AS*		33,989
				4,608,950
		Finland—0.9%
	1,045	Aktia Bank OYJ		10,867
	844	Cargotec OYJ, Class B		49,102

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Finland (Continued)
	2,991	Citycon OYJ†	$	17,170
	1,612	Elisa OYJ		74,511
	628	Enento Group OYJ#		13,505
	364,444	Finnair OYJ*		16,013
	945	Fiskars OYJ Abp		18,632
	2,663	Fortum OYJ		38,394
	1,699	Huhtamaki OYJ		68,891
	2,519	Kemira OYJ		46,691
	1,396	Kesko OYJ, Class A		27,771
	4,735	Kesko OYJ, Class B		93,698
	2,038	Kojamo OYJ		26,773
	2,610	Kone OYJ, Class B		130,120
	1,119	Konecranes OYJ		50,376
	1,919	Lassila & Tikanoja OYJ†		20,761
	2,463	Mandatum OYJ*		11,066
	560	Marimekko OYJ		8,228
	3,137	Metsa Board OYJ, Class B†		24,900
	6,084	Metso OYJ		61,590
	705	Musti Group OYJ		20,329
	3,008	Neste OYJ		106,959
	14,164	Nokia OYJ		47,722
	21,352	Nokia OYJ, ADR†		73,024
	3,005	Nokian Renkaat OYJ		27,395
	21,592	Nordea Bank Abp		267,589
	281	Olvi OYJ, Class A		8,701
	7,100	Oriola OYJ, Class B		8,528
	727	Orion OYJ, Class A		31,461
	1,334	Orion OYJ, Class B		57,832
	11,023	Outokumpu OYJ†		54,565
	1,680	Puuilo OYJ		16,553
	280	QT Group OYJ*		19,937
	7,476	Raisio OYJ, Class V		16,308
	667	Revenio Group OYJ		19,999
	2,463	Sampo OYJ, Class A		107,701
	2,191	Sanoma OYJ		16,810
	5,416	Stora Enso OYJ, Class R		74,887
	1,519	Terveystalo OYJ†,#		12,979
	1,706	TietoEVRY OYJ		40,567
	1,633	Tokmanni Group Corp.†		26,356
	3,508	UPM-Kymmene OYJ		131,903
	559	Vaisala OYJ, Class A		24,499
	3,097	Valmet OYJ†		89,268
	4,259	Wartsila OYJ Abp		61,710
	6,293	YIT OYJ†		13,790
				2,186,431

Shares			Value (Note 1)
		France—5.9%
	1,445	Accor SA	$	55,194
	335	Aeroports de Paris SA		43,343
	971	Air France-KLM*		14,570
	1,581	Air Liquide SA		307,390
	1,795	Airbus SE		276,987
	4,246	ALD SA#		30,210
	3,239	Alstom SA†		43,552
	609	Alten SA		90,492
	514	Amundi SA#		34,954
	1,050	Arkema SA		119,392
	1,585	Atos SE†,*		12,336
	368	Aubay		16,920
	3,777	AXA SA		122,962
	1,320	Beneteau SACA		18,186
	295	BioMerieux		32,762
	4,454	BNP Paribas SA		307,755
	5,145	Bollore SE		32,119
	541	Bonduelle SCA†		6,534
	2,000	Bouygues SA		75,334
	3,720	Bureau Veritas SA		93,920
	1,036	Capgemini SE		215,872
	6,762	Carrefour SA		123,656
	20,011	CGG SA*		13,211
	492	Chargeurs SA†		6,344
	5,141	Cie de Saint-Gobain SA		378,323
	834	Cie des Alpes		13,000
	7,397	Cie Generale des Etablissements Michelin SCA		265,066
	1,245	Cie Plastic Omnium SE		16,493
	1,540	Clariane SE†		4,087
	2,606	Coface SA		34,062
	4,277	Credit Agricole SA		60,682
	1,317	Danone SA		85,315
	150	Dassault Aviation SA		29,674
	1,325	Dassault Systemes SE		64,704
	3,271	Derichebourg SA		18,344
	1,478	Edenred SE		88,337
	1,145	Eiffage SA		122,636
	1,532	Elior Group SA†,*,#		4,959
	5,226	Elis SA		108,981
	7,367	Engie SA		129,458
	132	Equasens		8,904
	228	Eramet SA		17,997
	77	ESI Group*		13,091
	545	EssilorLuxottica SA		109,260

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		France (Continued)
	4,202	Etablissements Maurel et Prom SA†	$	28,250
	974	Eurazeo SE		77,257
	216	Euroapi SA*		1,366
	1,271	Eurofins Scientific SE		82,756
	762	Euronext NV#		66,161
	5,262	Eutelsat Communications SACA†,*		24,688
	507	Exclusive Networks SA*		10,869
	562	Fnac Darty SA†		17,062
	4,424	Forvia SE*		99,729
	557	Gaztransport Et Technigaz SA		73,727
	2,993	Getlink SE		54,733
	146	Hermes International SCA		309,266
	77	ID Logistics Group SACA*		26,011
	743	Imerys SA		23,360
	264	Interparfums SA		14,689
	339	Ipsen SA		40,380
	810	IPSOS SA		50,746
	530	Jacquet Metals SACA		11,468
	1,625	JCDecaux SE*		32,649
	685	Kaufman & Broad SA		22,762
	708	Kering SA		311,857
	792	L'Oreal SA		394,016
	1,986	La Francaise des Jeux SAEM#		72,000
	454	Lectra†		15,662
	1,336	Legrand SA		138,786
	180	LISI SA		4,690
	1,980	LVMH Moet Hennessy Louis Vuitton SE		1,603,519
	971	Maisons du Monde SA†,#		6,078
	510	Mersen SA		19,818
	2,118	Metropole Television SA		30,256
	1,481	Neoen SA#		49,506
	469	Nexans SA		41,032
	1,338	Nexity SA†		24,889
	23,713	Orange SA		269,738
	728	Pernod Ricard SA		128,387
	1,656	Publicis Groupe SA		153,564
	993	Quadient SA		21,069
	2,374	Renault SA		96,720
	5,638	Rexel SA		154,170
	14	Robertet SA		12,828
	1,204	Rubis SCA		29,906
	1,409	Safran SA		248,035
	2,385	Sanofi SA		236,331
	124	Sartorius Stedim Biotech		32,785

Shares			Value (Note 1)
		France (Continued)
	200	Savencia SA	$	12,143
	1,649	Schneider Electric SE		330,915
	3,683	SCOR SE		107,582
	583	SEB SA		72,727
	95	Seche Environnement SACA		11,536
	7,893	SES SA		51,932
	2,971	SMCP SA*,#		11,217
	543	Societe BIC SA		37,675
	4,891	Societe Generale SA		129,721
	106	Societe LDC SADIR		16,383
	302	Societe pour l'Informatique Industrielle†		23,271
	579	Sodexo SA†		63,676
	361	SOITEC*		64,482
	344	Sopra Steria Group SACA		75,116
	2,556	SPIE SA		79,854
	130	Stef SA		16,389
	5,514	STMicroelectronics NV		275,792
	218	Sword Group		9,590
	2,982	Technip Energies NV		69,658
	868	Teleperformance SE		126,534
	2,268	Television Francaise 1 SA†		17,864
	750	Thales SA		110,906
	99	Thermador Groupe†		9,235
	491	Tikehau Capital SCA†		11,166
	31,242	TotalEnergies SE		2,124,560
	198	Trigano SA		32,416
	2,816	Ubisoft Entertainment SA*		71,843
	5,801	Valeo SE		89,112
	4,961	Vallourec SACA*		76,811
	4,532	Vantiva SA†,*		583
	4,227	Veolia Environnement SA		133,272
	1,229	Verallia SA#		47,296
	100	Vetoquinol SA		11,304
	436	Vicat SACA		15,811
	3,744	Vinci SA		469,944
	95	Virbac SACA		37,703
	6,270	Vivendi SE		66,975
	988	Voltalia SA, Registered†,*		11,365
	385	Wavestone		24,949
	2,202	Worldline SA*,#		38,092
	1,412	X-Fab Silicon Foundries SE*,#		15,868
				13,834,207

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Germany—4.8%
	696	1&1 AG	$	13,938
	2,605	7C Solarparken AG		10,425
	79	Adesso SE		9,367
	392	adidas AG		79,695
	536	Adtran Networks SE*		11,834
	787	Allianz SE, Registered		210,208
	157	Amadeus Fire AG		21,318
	10,081	Aroundtown SA*		27,544
	90	Atoss Software AG		20,765
	408	Aurubis AG		33,448
	1,862	Auto1 Group SE*,#		13,336
	7,442	BASF SE		400,757
	546	Basler AG		7,016
	10,754	Bayer AG, Registered		399,251
	3,464	Bayerische Motoren Werke AG		385,391
	474	BayWa AG		16,378
	1,396	Bechtle AG		69,951
	775	Befesa SA#		30,116
	170	Beiersdorf AG		25,467
	295	Bertrandt AG		16,739
	167	Bijou Brigitte AG		7,393
	661	Bilfinger SE		25,409
	1,628	Borussia Dortmund GmbH & Co. KGaA*		6,470
	2,075	Brenntag SE		190,632
	603	CANCOM SE		19,678
	161	Carl Zeiss Meditec AG, Bearer Shares		17,567
	3,791	Ceconomy AG*		10,362
	159	Cewe Stiftung & Co. KGAA		17,763
	6,184	Commerzbank AG		73,457
	502	CompuGroup Medical SE & Co. KgaA		21,004
	1,368	Continental AG		116,165
	1,617	Covestro AG*,#		94,038
	1,025	CropEnergies AG		13,013
	886	CTS Eventim AG & Co. KGaA		61,229
	5,223	Daimler Truck Holding AG		196,157
	633	Delivery Hero SE*,#		17,477
	182	Dermapharm Holding SE		8,507
	11,171	Deutsche Bank AG, Registered		152,476
	730	Deutsche Beteiligungs AG		23,653
	1,071	Deutsche Boerse AG		220,505
	395	Deutsche EuroShop AG		9,833
	9,773	Deutsche Lufthansa AG, Registered*		86,829

Shares			Value (Note 1)
		Germany (Continued)
	3,746	Deutsche Pfandbriefbank AG#	$	25,619
	9,269	Deutsche Post AG		458,979
	38,581	Deutsche Telekom AG, Registered		926,365
	667	Deutsche Wohnen SE		17,628
	889	Duerr AG		20,983
	1,022	DWS Group GmbH & Co. KGaA#		39,263
	3,585	E.ON SE		48,086
	465	Eckert & Ziegler Strahlen- und Medizintechnik AG		21,201
	185	Elmos Semiconductor SE		15,113
	1,440	Encavis AG*		24,783
	101	Energiekontor AG		9,221
	2,371	Evonik Industries AG		48,423
	595	Evotec SE*		13,978
	655	Fielmann Group AG		35,171
	2,658	flatexDEGIRO AG*		32,776
	796	Fraport AG Frankfurt Airport Services Worldwide*		48,120
	2,540	Freenet AG		71,054
	2,106	Fresenius Medical Care AG		88,254
	4,391	Fresenius SE & Co. KGaA		136,068
	496	FUCHS SE		17,768
	2,765	GEA Group AG		115,046
	522	Gerresheimer AG		54,370
	287	Gesco SE		5,893
	455	GFT Technologies SE		15,672
	1,489	Grand City Properties SA*		16,734
	640	Grenke AG		17,699
	738	Hamburger Hafen und Logistik AG*		13,638
	462	Hannover Rueck SE		110,318
	301	Hapag-Lloyd AG#		44,859
	1,620	Heidelberg Materials AG		144,753
	6,593	Heidelberger Druckmaschinen AG*		9,018
	385	Hella GmbH & Co. KGaA		35,064
	2,618	HelloFresh SE*		41,358
	473	Henkel AG & Co. KGaA		33,931
	760	Hensoldt AG		20,472
	224	HOCHTIEF AG		24,803
	322	Hornbach Holding AG & Co. KGaA		23,461
	1,048	Hugo Boss AG		78,047
	38	Hypoport SE*		7,417
	721	Indus Holding AG		17,789
	12,578	Infineon Technologies AG		524,871
	790	Instone Real Estate Group SE#		6,366
	788	Jenoptik AG		24,740

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Germany (Continued)
	268	JOST Werke SE#	$	13,077
	1,380	KION Group AG		58,912
	741	Knorr-Bremse AG		48,100
	434	Koenig & Bauer AG*		5,797
	959	Kontron AG		22,762
	326	Krones AG		40,235
	459	KWS Saat SE & Co. KGaA		27,210
	1,173	Lanxess AG		36,737
	930	LEG Immobilien SE*		81,436
	10,767	Mercedes-Benz Group AG		743,484
	392	Merck KGaA		62,359
	3,251	METRO AG*		22,646
	2,085	MLP SE		12,752
	142	MTU Aero Engines AG		30,608
	970	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered		401,669
	353	Mutares SE & Co. KGaA		13,795
	147	Nagarro SE*		14,191
	671	Nemetschek SE		58,134
	33	New Work SE		2,871
	188	Nexus AG		12,079
	1,033	Nordex SE*		11,860
	1,039	Norma Group SE		18,386
	390	OHB SE*		18,438
	471	Patrizia SE		4,264
	53	Pfeiffer Vacuum Technology AG		9,022
	2,884	ProSiebenSat.1 Media SE		17,619
	1,602	Puma SE		89,346
	458	PVA TePla AG*		10,314
	1,192	Qiagen NV*		51,847
	54	Rational AG		41,700
	420	Rheinmetall AG		133,070
	828	RTL Group SA		31,956
	3,773	RWE AG		171,523
	844	Salzgitter AG		26,089
	1,522	SAP SE		234,356
	323	Scout24 SE#		22,878
	25	Secunet Security Networks AG		4,029
	2,542	SGL Carbon SE*		18,269
	4,076	Siemens AG, Registered		764,589
	3,787	Siemens Energy AG*		50,168
	848	Siemens Healthineers AG#		49,241
	408	Siltronic AG		39,839
	337	Sixt SE		37,650

Shares			Value (Note 1)
		Germany (Continued)
	194	SMA Solar Technology AG*	$	12,968
	517	Stabilus SE		35,215
	286	STRATEC SE		14,381
	759	Stroeer SE & Co. KGaA		45,037
	2,282	Suedzucker AG		35,748
	447	SUESS MicroTec SE		13,669
	459	Symrise AG		50,489
	2,651	Synlab AG*		28,973
	2,135	TAG Immobilien AG*		31,100
	1,202	Takkt AG		17,914
	576	Talanx AG		41,109
	1,776	TeamViewer SE*,#		27,566
	420	Technotrans SE		10,108
	14,643	Telefonica Deutschland Holding AG		38,020
	8,985	thyssenkrupp AG		62,609
	2,367	United Internet AG, Registered		60,205
	426	Verbio Vereinigte Bioenergie AG		14,052
	622	Vitesco Technologies Group AG, Class A*		64,525
	418	Volkswagen AG		54,659
	4,135	Vonovia SE		130,280
	257	Vossloh AG		11,902
	212	Wacker Chemie AG		26,750
	904	Wacker Neuson SE		18,223
	209	Washtec AG		7,383
	959	Wuestenrot & Wuerttembergische AG		14,123
	1,374	Zalando SE*,#		32,536
	11	Zeal Network SE		404
				11,142,988
		Hong Kong—1.3%
	61,800	AIA Group Ltd.		538,579
	6,700	ASMPT Ltd.		63,924
	27,040	Bank of East Asia Ltd.		33,382
	28,000	BOC Hong Kong Holdings Ltd.		76,020
	9,600	Budweiser Brewing Co. APAC Ltd.#		17,974
	10,000	Cafe de Coral Holdings Ltd.		11,539
	26,181	Cathay Pacific Airways Ltd.*		27,360
	15,000	Chow Sang Sang Holdings International Ltd.		17,250
	20,400	Chow Tai Fook Jewellery Group Ltd.		30,358
	56,000	CITIC Telecom International Holdings Ltd.		23,523
	10,906	CK Asset Holdings Ltd.		54,750

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Hong Kong (Continued)
	11,500	CK Hutchison Holdings Ltd.	$	61,635
	6,000	CK Infrastructure Holdings Ltd.		33,195
	6,000	CLP Holdings Ltd.		49,523
	8,000	Cowell e Holdings, Inc.*		23,615
	6,000	Dah Sing Banking Group Ltd.		3,873
	4,800	Dah Sing Financial Holdings Ltd.		9,835
	16,000	EC Healthcare		3,565
	78,750	Esprit Holdings Ltd.*		4,085
	17,600	ESR Group Ltd.#		24,343
	62,947	Far East Consortium International Ltd.		11,205
	58,000	First Pacific Co. Ltd.		23,101
	41,000	FIT Hon Teng Ltd.*,#		6,196
	7,800	Fosun Tourism Group*,#		5,784
	5,000	Galaxy Entertainment Group Ltd.		28,014
	40,000	Giordano International Ltd.		13,524
	7,361	Great Eagle Holdings Ltd.		11,425
	142,000	Guotai Junan International Holdings Ltd.		10,911
	118,800	Haitong International Securities Group Ltd.*		22,973
	8,000	Hang Lung Group Ltd.		10,901
	23,000	Hang Lung Properties Ltd.		32,047
	3,800	Hang Seng Bank Ltd.		44,309
	8,500	Henderson Land Development Co. Ltd.		26,180
	24,500	HK Electric Investments & HK Electric Investments Ltd.		14,778
	35,000	HKBN Ltd.		15,643
	19,200	HKR International Ltd.		3,639
	56,000	HKT Trust & HKT Ltd.		66,840
	68,457	Hong Kong & China Gas Co. Ltd.		52,427
	6,606	Hong Kong Exchanges & Clearing Ltd.		226,728
	19,000	Hong Kong Technology Venture Co. Ltd.*		6,448
	14,179	Hongkong & Shanghai Hotels Ltd.*		10,605
	50,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		6,852
	9,000	Hysan Development Co. Ltd.		17,865
	41,000	IGG, Inc.*		17,012
	5,602	Johnson Electric Holdings Ltd.		8,896
	37,000	K Wah International Holdings Ltd.		9,240
	13,000	Kerry Logistics Network Ltd.		13,685
	13,500	Kerry Properties Ltd.		24,689

Shares			Value (Note 1)
		Hong Kong (Continued)
	9,000	Kowloon Development Co. Ltd.	$	6,812
	9,750	L'Occitane International SA		27,845
	11,000	Luk Fook Holdings International Ltd.		29,513
	26,800	Man Wah Holdings Ltd.		18,362
	8,000	Miramar Hotel & Investment		10,962
	6,185	MTR Corp. Ltd.		24,000
	28,188	NagaCorp Ltd.*		11,082
	14,000	New World Development Co. Ltd.		21,730
	44,000	NewOcean Energy Holdings Ltd.*,§		39
	38,000	NWS Holdings Ltd.		35,817
	22,000	Oriental Watch Holdings		11,833
	168,000	Pacific Basin Shipping Ltd.		55,294
	7,128	Pacific Century Premium Developments Ltd.*		223
	29,000	Pacific Textiles Holdings Ltd.		5,014
	59,789	PCCW Ltd.		31,853
	6,000	Power Assets Holdings Ltd.		34,770
	4,800	PRADA SpA		27,447
	23,700	Samsonite International SA*,#		78,155
	9,600	Sands China Ltd.*		28,093
	22,000	Shandong Hi-Speed Holdings Group Ltd.*		17,102
	26,000	Shangri-La Asia Ltd.*		17,847
	100,000	Shun Tak Holdings Ltd.*		12,935
	138,000	Singamas Container Holdings Ltd.		9,190
	36,629	Sino Land Co. Ltd.		39,826
	35,000	SITC International Holdings Co. Ltd.		60,421
	96,250	SJM Holdings Ltd.*		30,446
	13,500	SmarTone Telecommunications Holdings Ltd.		7,019
	11,500	Stella International Holdings Ltd.		13,564
	31,000	Sun Hung Kai & Co. Ltd.		9,687
	5,500	Sun Hung Kai Properties Ltd.		59,483
	27,000	SUNeVision Holdings Ltd.		10,685
	4,500	Swire Pacific Ltd., Class A		38,093
	15,000	Swire Pacific Ltd., Class B		19,632
	6,200	Swire Properties Ltd.		12,545
	10,000	Techtronic Industries Co. Ltd.		119,165
	12,000	Television Broadcasts Ltd.*		4,856
	18,500	Texhong International Group Ltd.*		10,377
	170,000	Theme International Holdings Ltd.*		10,450
	7,983	Transport International Holdings Ltd.		9,631

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Hong Kong (Continued)
	30,000	United Laboratories International Holdings Ltd.	$	26,932
	32,000	Value Partners Group Ltd.		8,770
	12,000	Vitasoy International Holdings Ltd.		11,956
	35,000	Vobile Group Ltd.*		10,802
	24,000	VSTECS Holdings Ltd.		13,524
	5,400	VTech Holdings Ltd.		32,607
	135,326	WH Group Ltd.#		87,346
	8,000	Wharf Real Estate Investment Co. Ltd.		27,047
	28,174	Xinyi Glass Holdings Ltd.		31,607
	14,500	Yue Yuen Industrial Holdings Ltd.		16,044
	29,000	Zensun Enterprises Ltd.*		773
				3,089,451
		Ireland—0.4%
	19,650	AIB Group PLC		84,167
	14,825	Bank of Ireland Group PLC		134,496
	10,801	Cairn Homes PLC		15,763
	4,637	Dalata Hotel Group PLC		23,650
	821	FBD Holdings PLC		10,287
	478	Flutter Entertainment PLC*		84,430
	4,749	Glanbia PLC		78,168
	7,929	Glenveagh Properties PLC*,#		10,679
	1,946	Irish Continental Group PLC		9,302
	1,222	Kerry Group PLC, Class A		106,115
	1,365	Kingspan Group PLC		118,140
	4,344	Permanent TSB Group Holdings PLC*		8,153
	3,992	Smurfit Kappa Group PLC		158,122
				841,472
		Israel—0.7%
	182	AFI Properties Ltd.*		8,038
	734	Airport City Ltd.*		12,549
	1,386	Alony Hetz Properties & Investments Ltd.		11,335
	160	Alrov Properties & Lodgings Ltd.		5,520
	2,317	Amot Investments Ltd.		12,466
	282	Ashdod Refinery Ltd.*		6,269
	471	Ashtrom Group Ltd.		7,312
	277	AudioCodes Ltd.		3,343
	2,639	Azorim-Investment Development & Construction Co. Ltd.*		10,715
	154	Azrieli Group Ltd.		9,962

Shares			Value (Note 1)
		Israel (Continued)
	12,866	Bank Hapoalim BM	$	115,528
	15,548	Bank Leumi Le-Israel BM		125,009
	22,557	Bezeq The Israeli Telecommunication Corp. Ltd.		30,690
	92	Big Shopping Centers Ltd.*		9,445
	124	Blue Square Real Estate Ltd.		8,223
	63	Brack Capital Properties NV*		4,225
	506	Camtek Ltd.*		35,554
	2,356	Cellcom Israel Ltd.*		9,631
	1,006	Clal Insurance Enterprises Holdings Ltd.*		16,024
	349	Danel Adir Yeoshua Ltd.		28,822
	764	Delek Automotive Systems Ltd.		4,908
	153	Delek Group Ltd.		19,777
	611	Delta Galil Ltd.		27,255
	96	Elbit Systems Ltd.		20,472
	30	Electra Ltd.		12,734
	986	Electra Real Estate Ltd.		11,147
	4,030	Energix-Renewable Energies Ltd.		14,793
	899	Enlight Renewable Energy Ltd.*		17,419
	567	Equital Ltd.*		17,373
	166	Fattal Holdings 1998 Ltd.*		18,294
	699	First International Bank Of Israel Ltd.		28,535
	153	Formula Systems 1985 Ltd.		9,808
	122	Formula Systems 1985 Ltd., ADR†		7,917
	294	Fox Wizel Ltd.		19,944
	1,517	Gav-Yam Lands Corp. Ltd.		12,352
	2,147	Harel Insurance Investments & Financial Services Ltd.		16,829
	313	Hilan Ltd.		16,452
	8,898	ICL Group Ltd.		44,999
	275	IDI Insurance Co. Ltd.		7,334
	135	IES Holdings Ltd.*		8,994
	2,482	Inrom Construction Industries Ltd.		7,267
	6,972	Isracard Ltd.		24,724
	2,814	Israel Canada T.R Ltd.		8,394
	12,086	Israel Discount Bank Ltd., Class A		60,421
	1,789	Israel Land Development Co. Ltd.		17,235
	50	Isras Investment Co. Ltd.		10,359
	302	Kenon Holdings Ltd.		7,294
	521	Lapidoth Capital Ltd.		8,040
	325	M Yochananof & Sons Ltd.		14,246
	1,881	Magic Software Enterprises Ltd.		18,227
	1,175	Matrix IT Ltd.		22,133

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Israel (Continued)
	1,507	Maytronics Ltd.	$	17,078
	4,151	Mediterranean Towers Ltd.		10,013
	252	Mega Or Holdings Ltd.		5,881
	298	Melisron Ltd.		23,046
	526	Menora Mivtachim Holdings Ltd.		13,511
	12,957	Migdal Insurance & Financial Holdings Ltd.		14,723
	8,220	Mivne Real Estate KD Ltd.		24,407
	1,572	Mizrahi Tefahot Bank Ltd.		60,786
	2,005	Naphtha Israel Petroleum Corp. Ltd.		10,239
	156	Nice Ltd.*		31,415
	12	Nice Ltd., ADR†,*		2,394
	305	Nova Ltd.*		42,068
	70,417	Oil Refineries Ltd.		23,767
	1,226	One Software Technologies Ltd.		15,648
	1,134	OPC Energy Ltd.*		7,361
	2,397	Partner Communications Co. Ltd.*		11,831
	282	Paz Oil Co. Ltd.		23,608
	499	Perion Network Ltd.*		15,698
	3,099	Phoenix Holdings Ltd.		31,371
	282	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		15,718
	313	Scope Metals Group Ltd.*		9,190
	1,415	Shapir Engineering & Industry Ltd.		9,071
	5,468	Shikun & Binui Ltd.*		15,434
	2,661	Shufersal Ltd.*		12,678
	700	Strauss Group Ltd.*		13,149
	1,314	Summit Real Estate Holdings Ltd.		19,732
	67	Tadiran Group Ltd.		4,963
	3,209	Tamar Petroleum Ltd.#		14,492
	2,274	Tel Aviv Stock Exchange Ltd.		12,097
	526	Tera Light Ltd.*		1,036
	2,579	Teva Pharmaceutical Industries Ltd., ADR*		26,925
	1,022	Tower Semiconductor Ltd.*		31,191
	171	YH Dimri Construction & Development Ltd.		12,223
				1,589,080
		Italy—2.0%
	32,247	A2A SpA		66,179
	1,164	ACEA SpA†		17,772
	2,108	Amplifon SpA		72,932
	6,692	Anima Holding SpA#		29,595
	1,954	Ariston Holding NV		13,514

Shares			Value (Note 1)
		Italy (Continued)
	2,328	Assicurazioni Generali SpA	$	49,100
	1,709	Azimut Holding SpA		44,600
	929	Banca Generali SpA†		34,500
	801	Banca IFIS SpA		13,883
	4,703	Banca Mediolanum SpA		44,307
	9,508	Banca Monte dei Paschi di Siena SpA*		31,972
	9,396	Banca Popolare di Sondrio SPA		60,784
	14,608	Banco BPM SpA		77,101
	2,260	BFF Bank SpA#		25,748
	26,017	BPER Banca		86,911
	2,680	Brembo SpA		32,840
	605	Brunello Cucinelli SpA		59,175
	1,230	Buzzi SpA		37,395
	3,016	Cairo Communication SpA		6,020
	1,462	Carel Industries SpA†,#		40,027
	2,669	Cementir Holding NV		28,109
	27,159	CIR SpA-Compagnie Industriali†,*		12,907
	3,914	Credito Emiliano SpA		34,740
	5,195	d'Amico International Shipping SA		32,403
	660	Danieli & C Officine Meccaniche SpA		21,385
	1,879	Davide Campari-Milano NV		21,189
	1,567	De' Longhi SpA†		52,796
	279	DiaSorin SpA		28,718
	1,488	doValue SpA†,#		5,626
	3,319	Enav SpA†,#		12,590
	77,219	Enel SpA		573,705
	22,670	Eni SpA		384,107
	766	ERG SpA		24,405
	1,308	Esprinet SpA†		7,935
	660	Ferrari NV		222,371
	18,781	Fincantieri SpA†,*		11,569
	4,430	FinecoBank Banca Fineco SpA		66,437
	725	Gruppo MutuiOnline SpA†		25,532
	9,751	Hera SpA		31,992
	1,991	Infrastrutture Wireless Italiane SpA#		25,167
	550	Interpump Group SpA		28,458
	32,221	Intesa Sanpaolo SpA		94,030
	9,018	Iren SpA		19,642
	7,345	Italgas SpA		42,002
	803	Italmobiliare SpA†		24,600
	3,666	Iveco Group NV*		32,968
	1,706	Leonardo SpA		28,128
	3,565	Maire Tecnimont SpA		19,324

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Italy (Continued)
	4,946	Mediobanca Banca di Credito Finanziario SpA†	$	61,181
	3,040	MFE-MediaForEurope NV, Class A†		7,913
	1,616	MFE-MediaForEurope NV, Class B†		5,828
	1,242	Moncler SpA		76,371
	3,909	Nexi SpA†,*,#		31,959
	9,750	OVS SpA#		24,433
	7,136	Piaggio & C SpA		23,460
	4,248	Pirelli & C SpA#		23,106
	4,004	Poste Italiane SpA#		45,418
	1,595	Prysmian SpA		72,492
	2,926	RAI Way SpA#		16,506
	570	Recordati Industria Chimica e Farmaceutica SpA		30,726
	272	Reply SpA		35,883
	14,895	Safilo Group SpA*		15,029
	514	Salvatore Ferragamo SpA†		6,928
	25,157	Saras SpA		44,880
	103	Sesa SpA†		13,986
	9,035	Snam SpA		46,430
	575	SOL SpA		17,647
	1,551	Spaxs SpA		9,340
	20,599	Stellantis NV		480,957
	2,781	Stellantis NV†		64,853
	3,313	Tamburi Investment Partners SpA†		34,014
	2,650	Technogym SpA#		26,519
	1,265	Technoprobe SpA†,*		12,073
	246,028	Telecom Italia SpA*		79,905
	1,807	Tenaris SA		31,409
	1,050	Tenaris SA, ADR		36,498
	8,734	Terna—Rete Elettrica Nazionale		72,835
	584	Tod's SpA†,*		22,010
	13,445	UniCredit SpA		364,609
	7,073	Unipol Gruppo SpA		40,306
	9,399	UnipolSai Assicurazioni SpA		23,450
	1,116	Zignago Vetro SpA		17,568
				4,673,712
		Japan—15.8%
	1,200	77 Bank Ltd.		29,617
	2,700	A&D HOLON Holdings Co. Ltd.		34,506
	1,800	ABC-Mart, Inc.		31,468
	4,900	Acom Co. Ltd.		12,243
	1,200	Adastria Co. Ltd.		29,574
	1,500	ADEKA Corp.		30,532

Shares			Value (Note 1)
		Japan (Continued)
	4,000	Advantest Corp.	$	136,085
	4,700	Aeon Co. Ltd.		105,033
	1,100	Aeon Delight Co. Ltd.		27,773
	2,900	AEON Financial Service Co. Ltd.		26,018
	2,100	Aeon Mall Co. Ltd.		26,391
	2,900	AGC, Inc.†		107,691
	1,300	Ai Holdings Corp.		21,565
	700	Aica Kogyo Co. Ltd.		16,939
	2,900	Aida Engineering Ltd.		16,968
	8,600	Aiful Corp.		23,177
	900	Ain Holdings, Inc.		28,557
	3,100	Air Water, Inc.		42,356
	2,900	Aisan Industry Co. Ltd.		24,208
	1,700	Aisin Corp.		59,476
	1,700	Ajinomoto Co., Inc.		65,589
	1,200	Alconix Corp.		11,319
	1,400	Alfresa Holdings Corp.		23,795
	4,300	Alps Alpine Co. Ltd.		37,465
	400	Altech Corp.		7,552
	2,700	Amada Co. Ltd.		28,149
	1,000	Amano Corp.		23,702
	1,100	Amvis Holdings, Inc.		23,443
	1,600	ANA Holdings, Inc.*		34,723
	4,300	Anicom Holdings, Inc.		16,560
	4,100	Anritsu Corp.		39,561
	1,100	AOKI Holdings, Inc.		8,901
	900	Aoyama Trading Co. Ltd.		9,466
	1,800	Aozora Bank Ltd.†		39,102
	1,000	Arata Corp.		22,057
	1,200	ARCLANDS Corp.		14,298
	1,000	Arcs Co. Ltd.		19,731
	2,000	ARE Holdings, Inc.		27,674
	400	Argo Graphics, Inc.		10,397
	1,400	Arisawa Manufacturing Co. Ltd.		10,426
	500	Artience Co. Ltd.†		9,323
	300	Aruhi Corp.		1,749
	500	As One Corp.		19,858
	1,800	Asahi Diamond Industrial Co. Ltd.†		10,762
	2,300	Asahi Group Holdings Ltd.		85,769
	1,600	Asahi Intecc Co. Ltd.		32,550
	15,000	Asahi Kasei Corp.		110,532
	700	Asahi Yukizai Corp.		18,840
	1,200	Asanuma Corp.		32,851
	1,100	Asics Corp.		34,467
	1,400	ASKUL Corp.		21,348

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Japan (Continued)
	2,100	Astellas Pharma, Inc.	$	25,111
	1,600	Autobacs Seven Co. Ltd.		17,702
	800	Avex, Inc.		7,762
	800	Awa Bank Ltd.		13,379
	400	Axial Retailing, Inc.		11,787
	1,000	AZ-COM MARUWA Holdings, Inc.		10,844
	1,100	Azbil Corp.		36,401
	3,500	Bandai Namco Holdings, Inc.		70,161
	1,100	Bando Chemical Industries Ltd.		12,100
	1,300	Bank of the Ryukyus Ltd.		10,197
	1,000	BayCurrent Consulting, Inc.		35,113
	300	Belc Co. Ltd.		13,298
	1,300	Bell System24 Holdings, Inc.		16,135
	1,300	Belluna Co. Ltd.		5,735
	1,000	Benefit One, Inc.†		15,053
	2,400	Benesse Holdings, Inc.		44,374
	1,500	Bic Camera, Inc.		14,298
	900	BIPROGY, Inc.		28,181
	500	BML, Inc.		10,638
	4,800	Bridgestone Corp.†		198,809
	2,300	Brother Industries Ltd.		36,710
	3,200	Bunka Shutter Co. Ltd.		31,818
	400	C Uyemura & Co. Ltd.		31,376
	1,700	Calbee, Inc.		34,163
	900	Canon Electronics, Inc.†		13,047
	1,200	Canon Marketing Japan, Inc.†		36,391
	3,000	Canon, Inc.†		77,021
	1,700	Capcom Co. Ltd.		54,930
	2,700	Casio Computer Co. Ltd.		23,429
	600	Central Glass Co. Ltd.		11,340
	2,500	Central Japan Railway Co.		63,546
	600	Change Holdings, Inc.		6,043
	3,700	Chiba Bank Ltd.		26,727
	7,600	Chiyoda Corp.†,*		18,380
	600	Chofu Seisakusho Co. Ltd.†		8,655
	600	Chori Co. Ltd.		12,021
	3,800	Chubu Electric Power Co., Inc.		49,090
	1,700	Chubu Steel Plate Co. Ltd.		28,032
	700	Chudenko Corp.		12,804
	3,600	Chugai Pharmaceutical Co. Ltd.		136,391
	3,500	Chugin Financial Group, Inc.		24,860
	3,900	Chugoku Electric Power Co., Inc.		27,839
	2,300	Chugoku Marine Paints Ltd.		27,045
	5,400	Citizen Watch Co. Ltd.		32,209
	1,300	CKD Corp.		23,418

Shares			Value (Note 1)
		Japan (Continued)
	2,600	Coca-Cola Bottlers Japan Holdings, Inc.	$	37,331
	600	Colowide Co. Ltd.		9,455
	1,700	Computer Engineering & Consulting Ltd.		18,893
	900	COMSYS Holdings Corp.		19,851
	1,300	Comture Corp.		17,048
	8,000	Concordia Financial Group Ltd.		36,573
	1,000	Cosmo Energy Holdings Co. Ltd.		40,184
	200	Cosmos Pharmaceutical Corp.		23,099
	1,500	Create Restaurants Holdings, Inc.		11,638
	600	Create SD Holdings Co. Ltd.		13,043
	1,900	Credit Saison Co. Ltd.		35,029
	600	CTI Engineering Co. Ltd.		22,383
	3,600	CyberAgent, Inc.		22,598
	1,700	Cybozu, Inc.†		26,284
	1,000	Dai Nippon Printing Co. Ltd.		29,596
	1,000	Dai-Dan Co. Ltd.		10,106
	2,600	Dai-ichi Life Holdings, Inc.		55,172
	4,700	Daicel Corp.		45,533
	3,700	Daido Metal Co. Ltd.		14,433
	3,000	Daido Steel Co. Ltd.		31,936
	1,500	Daifuku Co. Ltd.		30,346
	500	Daihen Corp.		22,872
	700	Daiho Corp.		18,443
	900	Daiichi Jitsugyo Co. Ltd.		12,543
	1,100	Daiichi Sankyo Co. Ltd.		30,207
	900	Daiichikosho Co. Ltd.		13,318
	1,900	Daiki Aluminium Industry Co. Ltd.		15,901
	1,300	Daikin Industries Ltd.		211,918
	1,400	Daikyonishikawa Corp.		6,791
	4,000	Daio Paper Corp.†		31,858
	1,280	Daiseki Co. Ltd.		35,540
	400	Daishi Hokuetsu Financial Group, Inc.		10,879
	660	Daito Pharmaceutical Co. Ltd.		8,917
	500	Daito Trust Construction Co. Ltd.		57,979
	5,300	Daiwa House Industry Co. Ltd.		160,579
	7,700	Daiwa Securities Group, Inc.		51,830
	1,400	Daiwabo Holdings Co. Ltd.		30,651
	2,200	DCM Holdings Co. Ltd.		20,174
	1,200	DeNA Co. Ltd.		11,719
	2,000	Denka Co. Ltd.		35,404
	5,000	Denso Corp.		75,426
	900	Dentsu Group, Inc.†		23,094

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares				Value (Note 1)
		��	Japan (Continued)
	400		Dentsu Soken, Inc.†	$	16,567
	1,000		Dexerials Corp.		29,262
	1,200		DIC Corp.†		23,587
	400		Digital Arts, Inc.		14,553
	700		Dip Corp.		15,936
	500		Disco Corp.		124,043
	1,800		DMG Mori Co. Ltd.†		34,474
	1,100		Doutor Nichires Holdings Co. Ltd.		16,999
	1,100		Dowa Holdings Co. Ltd.		40,193
	600		DTS Corp.		15,000
	1,000		Duskin Co. Ltd.		23,766
	400		DyDo Group Holdings, Inc.		16,596
	1,100		Eagle Industry Co. Ltd.		12,482
	1,100		East Japan Railway Co.		63,418
	1,100		Ebara Corp.		65,126
	2,100		EDION Corp.		23,413
	1,000		eGuarantee, Inc.		14,525
	1,400		Eiken Chemical Co. Ltd.		16,969
	600		Eisai Co. Ltd.		30,009
	300		Eizo Corp.		10,500
	600		Elecom Co. Ltd.		7,472
	1,700		Electric Power Development Co. Ltd.		27,592
	700		en Japan, Inc.		13,528
	16,600		ENEOS Holdings, Inc.		65,976
	1,500		eRex Co. Ltd.†		8,309
	2,400		ES-Con Japan Ltd.*		15,847
	1,000		Exedy Corp.		18,397
	1,900		EXEO Group, Inc.		42,245
	1,000		Ezaki Glico Co. Ltd.†		29,610
	900		Fancl Corp.		15,134
	1,300		FANUC Corp.		38,235
	1,000		Fast Retailing Co. Ltd.		248,156
	1,100		FCC Co. Ltd.		13,574
	2,300		Ferrotec Holdings Corp.		43,357
	900		Financial Partners Group Co. Ltd.		10,736
	2,200		Food & Life Cos. Ltd.		45,201
	900		Foster Electric Co. Ltd.		6,709
	800		FP Corp.		16,857
	1,100		Fudo Tetra Corp.		17,639
	900		Fuji Co. Ltd.		12,249
	1,600		Fuji Corp.		27,518
	1,000		Fuji Electric Co. Ltd.		43,043
	500		Fuji Kyuko Co. Ltd.		14,965
	1,600		Fuji Media Holdings, Inc.		17,799
	700		Fuji Oil Holdings, Inc.		12,051

Shares			Value (Note 1)
		Japan (Continued)
	700	Fuji Seal International, Inc.	$	8,509
	1,000	Fuji Soft, Inc.†		41,915
	400	Fujibo Holdings, Inc.		10,652
	700	Fujicco Co. Ltd.		9,631
	1,600	FUJIFILM Holdings Corp.		96,148
	3,400	Fujikura Ltd.		26,151
	900	Fujimi, Inc.		20,011
	500	Fujimori Kogyo Co. Ltd.		13,404
	900	Fujitsu Ltd.		135,798
	400	Fukuda Denshi Co. Ltd.		20,908
	800	Fukui Computer Holdings, Inc.		14,298
	1,200	Fukuoka Financial Group, Inc.		28,315
	500	Fukushima Galilei Co. Ltd.		17,305
	600	Fukuyama Transporting Co. Ltd.		17,255
	1,200	FULLCAST Holdings Co. Ltd.		15,600
	1,000	Funai Soken Holdings, Inc.†		18,184
	900	Furukawa Co. Ltd.		12,172
	1,200	Furukawa Electric Co. Ltd.		18,868
	1,200	Furuno Electric Co. Ltd.		15,779
	400	Furuya Metal Co. Ltd.		27,092
	400	Fuso Chemical Co. Ltd.		11,844
	800	Futaba Corp.		2,973
	4,700	Futaba Industrial Co. Ltd.		27,000
	2,000	Future Corp.		25,035
	500	Fuyo General Lease Co. Ltd.		43,422
	800	G-7 Holdings, Inc.		6,803
	2,200	G-Tekt Corp.		26,774
	3,500	Gakken Holdings Co. Ltd.		24,500
	800	Geo Holdings Corp.		12,040
	1,600	Giken Ltd.		20,539
	700	GLOBERIDE, Inc.		9,964
	1,000	Glory Ltd.		19,092
	900	GMO internet group, Inc.		16,360
	300	GMO Payment Gateway, Inc.		20,847
	700	Goldcrest Co. Ltd.		10,972
	400	Goldwin, Inc.		28,752
	1,000	GS Yuasa Corp.		14,078
	1,100	GungHo Online Entertainment, Inc.†		18,345
	4,900	Gunma Bank Ltd.		23,979
	600	Gunze Ltd.		21,277
	1,500	H.U. Group Holdings, Inc.		28,335
	1,700	H2O Retailing Corp.		18,411
	5,000	Hachijuni Bank Ltd.		27,862
	800	Hagiwara Electric Holdings Co. Ltd.		27,631
	5,200	Hakuhodo DY Holdings, Inc.		39,848

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Japan (Continued)
	600	Halows Co. Ltd.	$	18,255
	800	Hamakyorex Co. Ltd.		22,553
	900	Hamamatsu Photonics KK		37,021
	1,600	Hankyu Hanshin Holdings, Inc.		50,939
	800	Hanwa Co. Ltd.		28,340
	1,300	Happinet Corp.		25,511
	800	Harmonic Drive Systems, Inc.†		23,603
	3,500	Haseko Corp.		45,475
	3,500	Hazama Ando Corp.		27,702
	1,200	Heiwa Corp.		17,864
	600	Heiwa Real Estate Co. Ltd.		16,043
	900	Heiwado Co. Ltd.		13,615
	200	Hikari Tsushin, Inc.		33,163
	4,400	Hino Motors Ltd.*		14,461
	200	Hioki EE Corp.†		8,965
	400	Hirata Corp.		17,844
	3,100	Hirogin Holdings, Inc.		19,847
	200	Hirose Electric Co. Ltd.		22,645
	400	Hisamitsu Pharmaceutical Co., Inc.		12,230
	1,600	Hitachi Construction Machinery Co. Ltd.		42,292
	5,400	Hitachi Ltd.		389,489
	3,400	Hitachi Zosen Corp.		22,594
	400	Hogy Medical Co. Ltd.		10,255
	2,900	Hokkaido Electric Power Co., Inc.		12,846
	700	Hokkoku Financial Holdings, Inc.		22,936
	3,000	Hokuetsu Corp.†		30,149
	1,800	Hokuhoku Financial Group, Inc.		19,449
	2,300	Hokuriku Electric Power Co.*		11,967
	1,200	Hokuto Corp.		14,774
	30,900	Honda Motor Co. Ltd.		321,272
	939	Honda Motor Co. Ltd., ADR		29,024
	400	Horiba Ltd.		31,291
	600	Hoshizaki Corp.		21,962
	3,100	Hosiden Corp.		37,816
	500	Hosokawa Micron Corp.		13,989
	1,100	House Foods Group, Inc.		24,301
	2,000	Hoya Corp.		250,000
	4,100	Hulic Co. Ltd.†		42,934
	3,000	Hyakugo Bank Ltd.		11,362
	700	Ibiden Co. Ltd.		38,798
	600	Idec Corp.		12,217
	5,500	Idemitsu Kosan Co. Ltd.		29,938
	3,000	IDOM, Inc.		20,638
	2,100	IHI Corp.		41,121

Shares			Value (Note 1)
		Japan (Continued)
	1,100	Iida Group Holdings Co. Ltd.	$	16,473
	4,200	Iino Kaiun Kaisha Ltd.		35,357
	500	Inaba Denki Sangyo Co. Ltd.		12,057
	900	Inabata & Co. Ltd.		20,043
	1,300	Infocom Corp.		22,847
	2,412	INFRONEER Holdings, Inc.		24,009
	13,200	Inpex Corp.†		178,294
	1,400	Insource Co. Ltd.		8,777
	200	Intage Holdings, Inc.†		2,305
	400	Integrated Design & Engineering Holdings Co. Ltd.		9,603
	1,200	Internet Initiative Japan, Inc.		24,545
	300	IR Japan Holdings Ltd.†		3,230
	1,300	Iriso Electronics Co. Ltd.		34,113
	2,600	Isetan Mitsukoshi Holdings Ltd.		28,287
	1,600	Ishihara Sangyo Kaisha Ltd.		15,285
	7,800	Isuzu Motors Ltd.		100,460
	500	Ito En Ltd.		15,184
	6,800	ITOCHU Corp.†		278,125
	1,200	Itochu Enex Co. Ltd.		13,081
	680	Itoham Yonekyu Holdings, Inc.		18,591
	700	Iwatani Corp.		31,937
	4,100	Iyogin Holdings, Inc.		27,543
	1,000	Izumi Co. Ltd.		25,667
	2,300	J Trust Co. Ltd.†		7,487
	700	J-Oil Mills, Inc.		9,596
	3,500	J. Front Retailing Co. Ltd.		31,848
	3,200	JAC Recruitment Co. Ltd.		14,752
	1,000	Jaccs Co. Ltd.		36,809
	2,100	JAFCO Group Co. Ltd.		24,574
	1,400	Japan Airlines Co. Ltd.		27,553
	500	Japan Airport Terminal Co. Ltd.		22,025
	1,800	Japan Aviation Electronics Industry Ltd.		41,170
	1,100	Japan Elevator Service Holdings Co. Ltd.		18,240
	3,600	Japan Exchange Group, Inc.		76,162
	1,500	Japan Lifeline Co. Ltd.		13,436
	1,200	Japan Material Co. Ltd.		21,362
	1,100	Japan Petroleum Exploration Co. Ltd.		40,879
	2,100	Japan Post Bank Co. Ltd.		21,387
	7,800	Japan Post Holdings Co. Ltd.		69,674
	1,000	Japan Post Insurance Co. Ltd.		17,759
	600	Japan Pulp & Paper Co. Ltd.		21,191
	3,000	Japan Securities Finance Co. Ltd.		32,979

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Japan (Continued)
	1,000	Japan Steel Works Ltd.	$	17,376
	6,700	Japan Tobacco, Inc.†		173,202
	1,700	Japan Wool Textile Co. Ltd.†		16,180
	400	JCU Corp.		11,291
	500	Jeol Ltd.		21,950
	6,200	JFE Holdings, Inc.		96,188
	2,700	JGC Holdings Corp.		31,165
	400	JINS Holdings, Inc.		13,333
	600	Joshin Denki Co. Ltd.		10,332
	900	Joyful Honda Co. Ltd.		11,783
	900	JSR Corp.		25,660
	3,800	JTEKT Corp.		32,165
	800	Juroku Financial Group, Inc.		21,135
	800	Justsystems Corp.		18,582
	6,300	JVCKenwood Corp.		33,109
	3,200	K's Holdings Corp.		29,980
	800	Kadokawa Corp.		16,289
	700	Kaga Electronics Co. Ltd.		30,433
	800	Kagome Co. Ltd.		17,810
	2,200	Kajima Corp.		36,768
	2,900	Kakaku.com, Inc.		35,911
	500	Kaken Pharmaceutical Co. Ltd.		11,897
	600	Kameda Seika Co. Ltd.		17,468
	1,000	Kamigumi Co. Ltd.		23,872
	1,300	Kanamoto Co. Ltd.		26,977
	2,200	Kandenko Co. Ltd.		21,501
	1,100	Kaneka Corp.		27,945
	1,700	Kanematsu Corp.		24,897
	4,100	Kansai Electric Power Co., Inc.		54,434
	1,200	Kansai Paint Co. Ltd.		20,502
	1,500	Kanto Denka Kogyo Co. Ltd.		9,128
	1,700	Kao Corp.		69,929
	900	Katitas Co. Ltd.		13,972
	400	Kato Sangyo Co. Ltd.		13,035
	300	Kawada Technologies, Inc.		13,894
	1,800	Kawasaki Heavy Industries Ltd.		39,817
	1,100	Kawasaki Kisen Kaisha Ltd.		47,199
	14,200	KDDI Corp.		451,782
	600	KeePer Technical Laboratory Co. Ltd.		29,660
	1,200	Keihan Holdings Co. Ltd.		31,370
	3,100	Keikyu Corp.		28,329
	700	Keio Corp.		22,038
	600	Keisei Electric Railway Co. Ltd.		28,357
	2,500	Keiyo Bank Ltd.		12,074

Shares			Value (Note 1)
		Japan (Continued)
	900	Kewpie Corp.	$	15,859
	600	Keyence Corp.		264,340
	500	KFC Holdings Japan Ltd.		10,887
	1,100	KH Neochem Co. Ltd.†		17,701
	300	Ki-Star Real Estate Co. Ltd.		6,691
	300	Kikkoman Corp.		18,370
	1,200	Kinden Corp.		20,391
	1,000	Kintetsu Group Holdings Co. Ltd.		31,716
	1,800	Kirin Holdings Co. Ltd.†		26,374
	800	Kissei Pharmaceutical Co. Ltd.		17,532
	2,600	Kitz Corp.		22,238
	1,600	Kiyo Bank Ltd.		17,918
	1,500	Koa Corp.		16,468
	700	Kobayashi Pharmaceutical Co. Ltd.		33,709
	1,300	Kobe Bussan Co. Ltd.		38,410
	4,600	Kobe Steel Ltd.		59,523
	1,000	Koei Tecmo Holdings Co. Ltd.		11,408
	900	Kohnan Shoji Co. Ltd.		25,053
	1,600	Koito Manufacturing Co. Ltd.		24,936
	1,500	Kokuyo Co. Ltd.		24,404
	7,800	Komatsu Ltd.		204,017
	1,100	KOMEDA Holdings Co. Ltd.		21,415
	1,000	Komeri Co. Ltd.†		21,915
	1,400	Komori Corp.		11,329
	600	Konami Group Corp.		31,417
	6,900	Konica Minolta, Inc.*		20,201
	1,400	Konishi Co. Ltd.		13,434
	1,200	Konoike Transport Co. Ltd.		16,596
	500	Kose Corp.		37,500
	2,000	Koshidaka Holdings Co. Ltd.		15,433
	1,500	Kotobuki Spirits Co. Ltd.		22,989
	4,400	Kubota Corp.		66,234
	400	Kumagai Gumi Co. Ltd.		10,227
	1,500	Kumiai Chemical Industry Co. Ltd.†		8,585
	4,700	Kuraray Co. Ltd.†		47,517
	1,200	Kureha Corp.		24,511
	1,200	Kurita Water Industries Ltd.		46,979
	1,200	Kusuri No. Aoki Holdings Co. Ltd.		27,294
	1,000	KYB Corp.		34,787
	3,200	Kyocera Corp.		46,706
	1,500	Kyoei Steel Ltd.		21,266
	1,700	Kyokuto Kaihatsu Kogyo Co. Ltd.		23,691
	500	Kyokuyo Co. Ltd.		13,369
	500	Kyorin Pharmaceutical Co. Ltd.		6,312
	600	Kyoritsu Maintenance Co. Ltd.†		25,489

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Japan (Continued)
	2,400	Kyoto Financial Group, Inc.	$	37,387
	900	Kyowa Kirin Co. Ltd.		15,128
	600	Kyudenko Corp.		21,643
	5,300	Kyushu Electric Power Co., Inc.*		38,378
	5,000	Kyushu Financial Group, Inc.		28,894
	1,200	Kyushu Railway Co.		26,443
	400	Lasertec Corp.		105,447
	600	Lawson, Inc.		30,991
	10,100	Leopalace21 Corp.*		30,658
	900	Life Corp.		21,096
	1,900	LIFENET INSURANCE Co.†,*		15,833
	1,000	Lintec Corp.		19,504
	1,900	Lion Corp.†		17,632
	200	LITALICO, Inc.		2,925
	5,000	Lixil Corp.		62,429
	12,500	LY Corp.		44,300
	500	M&A Capital Partners Co. Ltd.		8,624
	2,100	M3, Inc.		34,747
	1,400	Mabuchi Motor Co. Ltd.†		23,224
	700	Macnica Holdings, Inc.		36,921
	900	Macromill, Inc.		5,017
	800	Maeda Kosen Co. Ltd.		17,220
	600	Makino Milling Machine Co. Ltd.		24,979
	900	Makita Corp.		24,830
	1,800	Mandom Corp.		16,302
	2,300	Mani, Inc.		34,810
	3,300	Marubeni Corp.		52,156
	800	Marudai Food Co. Ltd.		9,226
	700	Maruha Nichiro Corp.		13,782
	2,000	Marui Group Co. Ltd.		33,539
	1,300	Maruichi Steel Tube Ltd.		33,828
	2,200	Marusan Securities Co. Ltd.		13,138
	200	Maruwa Co. Ltd.		41,844
	500	Maruzen Showa Unyu Co. Ltd.		13,865
	1,300	Matsuda Sangyo Co. Ltd.		22,091
	4,100	Matsui Securities Co. Ltd.		21,285
	1,620	MatsukiyoCocokara & Co.		28,689
	1,700	Maxell Ltd.		18,809
	7,000	Mazda Motor Corp.		75,635
	500	McDonald's Holdings Co. Japan Ltd.†		21,667
	1,300	MCJ Co. Ltd.		10,114
	9,000	Mebuki Financial Group, Inc.		27,377
	1,600	Medipal Holdings Corp.		25,935
	400	Medley, Inc.*		12,482

Shares			Value (Note 1)
		Japan (Continued)
	600	Megachips Corp.	$	19,915
	1,000	Megmilk Snow Brand Co. Ltd.		14,993
	1,700	Meidensha Corp.		29,358
	1,600	MEIJI Holdings Co. Ltd.		38,003
	900	Meiko Electronics Co. Ltd.		26,617
	1,500	MEITEC Group Holdings, Inc.		30,074
	1,600	Menicon Co. Ltd.		26,655
	1,000	Mercari, Inc.*		18,528
	1,800	METAWATER Co. Ltd.		27,919
	500	Micronics Japan Co. Ltd.		13,014
	600	Milbon Co. Ltd.†		15,719
	1,200	Mimasu Semiconductor Industry Co. Ltd.		27,234
	3,200	MINEBEA MITSUMI, Inc.		65,782
	1,600	Mirait One Corp.		21,095
	2,600	MISUMI Group, Inc.		44,062
	600	Mitani Sekisan Co. Ltd.		20,340
	4,200	Mitsuba Corp.		29,191
	15,500	Mitsubishi Chemical Group Corp.		94,979
	6,600	Mitsubishi Corp.		105,483
	9,300	Mitsubishi Electric Corp.		131,849
	3,500	Mitsubishi Estate Co. Ltd.		48,230
	1,500	Mitsubishi Gas Chemical Co., Inc.		23,995
	9,500	Mitsubishi HC Capital, Inc.		63,791
	1,400	Mitsubishi Heavy Industries Ltd.		81,826
	900	Mitsubishi Logistics Corp.		27,121
	2,000	Mitsubishi Materials Corp.		34,716
	9,200	Mitsubishi Motors Corp.		29,296
	900	Mitsubishi Pencil Co. Ltd.		13,315
	1,000	Mitsubishi Shokuhin Co. Ltd.		34,113
	49,100	Mitsubishi UFJ Financial Group, Inc.		421,877
	600	Mitsuboshi Belting Ltd.		18,660
	2,200	Mitsui & Co. Ltd.		82,664
	2,500	Mitsui Chemicals, Inc.		74,149
	2,100	Mitsui E&S Co. Ltd.		10,515
	3,200	Mitsui Fudosan Co. Ltd.		78,479
	300	Mitsui High-Tec, Inc.		15,660
	1,000	Mitsui Matsushima Holdings Co. Ltd.†		18,688
	1,300	Mitsui Mining & Smelting Co. Ltd.		39,968
	2,100	Mitsui OSK Lines Ltd.		67,274
	800	Mitsui-Soko Holdings Co. Ltd.		26,695
	1,300	Mitsuuroko Group Holdings Co. Ltd.		14,632
	1,000	Miura Co. Ltd.		19,915
	1,000	MIXI, Inc.		16,745

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Japan (Continued)
	700	Miyazaki Bank Ltd.	$	13,002
	10,390	Mizuho Financial Group, Inc.		177,772
	1,000	Mizuho Leasing Co. Ltd.		34,326
	700	Mizuno Corp.		19,511
	1,200	Mochida Pharmaceutical Co. Ltd.		27,830
	400	Modec, Inc.*		6,576
	3,300	Monex Group, Inc.		16,828
	900	Monogatari Corp.†		28,021
	2,900	MonotaRO Co. Ltd.		31,663
	2,400	Morinaga & Co. Ltd.		43,549
	1,600	Morinaga Milk Industry Co. Ltd.		30,956
	2,100	Morita Holdings Corp.		23,145
	1,700	MS&AD Insurance Group Holdings, Inc.		66,867
	9,600	Murata Manufacturing Co. Ltd.		203,779
	2,000	Musashi Seimitsu Industry Co. Ltd.		21,418
	1,000	Musashino Bank Ltd.		18,908
	1,200	Nabtesco Corp.†		24,489
	600	Nachi-Fujikoshi Corp.		15,638
	1,500	Nagase & Co. Ltd.		24,043
	1,800	Nagoya Railroad Co. Ltd.		28,889
	1,100	Nakanishi, Inc.		18,497
	3,400	Nakayama Steel Works Ltd.		19,677
	1,200	Nankai Electric Railway Co. Ltd.		24,383
	800	Nanto Bank Ltd.		13,850
	1,100	NEC Corp.		65,142
	1,600	NEC Networks & System Integration Corp.		26,996
	1,700	NET One Systems Co. Ltd.		28,978
	1,000	Nexon Co. Ltd.†		18,223
	1,100	Nextage Co. Ltd.†		20,190
	3,900	NGK Insulators Ltd.		46,620
	1,000	NH Foods Ltd.		33,901
	2,400	NHK Spring Co. Ltd.		20,374
	1,200	Nichias Corp.		28,851
	1,400	Nichicon Corp.		12,888
	900	Nichiden Corp.		18,326
	700	Nichiha Corp.		14,720
	1,500	Nichirei Corp.		36,957
	1,500	Nichireki Co. Ltd.		25,702
	800	Nichirin Co. Ltd.		18,553
	1,300	NIDEC Corp.		52,507
	800	Nifco, Inc.		20,681
	2,600	Nihon Dempa Kogyo Co. Ltd.		23,179
	700	Nihon Kohden Corp.		22,157

Shares			Value (Note 1)
		Japan (Continued)
	4,000	Nihon M&A Center Holdings, Inc.	$	22,062
	1,800	Nihon Parkerizing Co. Ltd.		14,528
	1,700	Nikkiso Co. Ltd.		12,418
	1,300	Nikkon Holdings Co. Ltd.		28,397
	3,000	Nikon Corp.		29,702
	3,500	Nintendo Co. Ltd.		182,670
	900	Nippn Corp.		14,189
	600	Nippon Carbon Co. Ltd.†		18,660
	600	Nippon Chemi-Con Corp.*		5,591
	9,100	Nippon Denko Co. Ltd.†		17,813
	700	Nippon Densetsu Kogyo Co. Ltd.		9,884
	1,200	Nippon Electric Glass Co. Ltd.†		25,796
	1,100	NIPPON EXPRESS HOLDINGS, Inc.		62,521
	1,800	Nippon Gas Co. Ltd.		29,713
	2,500	Nippon Kayaku Co. Ltd.		23,856
	1,520	Nippon Light Metal Holdings Co. Ltd.		18,898
	2,700	Nippon Paint Holdings Co. Ltd.		21,830
	1,200	Nippon Paper Industries Co. Ltd.*		10,757
	10,200	Nippon Parking Development Co. Ltd.†		13,889
	1,100	Nippon Pillar Packing Co. Ltd.		34,755
	500	Nippon Road Co. Ltd.		7,266
	1,900	Nippon Sanso Holdings Corp.		50,882
	1,200	Nippon Seiki Co. Ltd.		9,762
	5,100	Nippon Sheet Glass Co. Ltd.*		20,762
	500	Nippon Shinyaku Co. Ltd.		17,716
	400	Nippon Shokubai Co. Ltd.		15,416
	2,600	Nippon Signal Company Ltd.		17,887
	900	Nippon Soda Co. Ltd.		34,660
	6,800	Nippon Steel Corp.		155,773
	122,500	Nippon Telegraph & Telephone Corp.		149,693
	530	Nippon Yakin Kogyo Co. Ltd.		15,844
	4,800	Nippon Yusen KK†		148,800
	5,000	Nipro Corp.		39,255
	2,000	Nishi-Nippon Financial Holdings, Inc.		23,135
	900	Nishi-Nippon Railroad Co. Ltd.		15,252
	1,000	Nishimatsu Construction Co. Ltd.		27,844
	1,600	Nishimatsuya Chain Co. Ltd.		23,501
	700	Nishio Holdings Co. Ltd.		20,355
	1,000	Nissan Chemical Corp.		39,050
	21,600	Nissan Motor Co. Ltd.		84,899

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Japan (Continued)
	3,200	Nissan Shatai Co. Ltd.	$	20,902
	600	Nissei ASB Machine Co. Ltd.		18,723
	1,100	Nissha Co. Ltd.†		11,491
	800	Nisshin Oillio Group Ltd.		24,340
	1,400	Nisshin Seifun Group, Inc.		18,850
	4,400	Nisshinbo Holdings, Inc.		35,746
	1,200	Nissin Foods Holdings Co. Ltd.		41,881
	5,400	Nissui Corp.		29,072
	2,000	Niterra Co. Ltd.		47,504
	400	Nitori Holdings Co. Ltd.		53,560
	900	Nitta Corp.†		23,457
	1,100	Nittetsu Mining Co. Ltd.		40,645
	600	Nitto Boseki Co. Ltd.†		19,553
	900	Nitto Denko Corp.		67,340
	700	Nitto Kogyo Corp.		17,872
	300	Noevir Holdings Co. Ltd.		10,936
	700	NOF Corp.		34,782
	900	Nohmi Bosai Ltd.		14,055
	2,200	Nojima Corp.		27,352
	1,500	NOK Corp.		20,016
	16,900	Nomura Holdings, Inc.		76,434
	1,500	Nomura Real Estate Holdings, Inc.		39,457
	2,200	Nomura Research Institute Ltd.		63,987
	300	Noritake Co. Ltd.		14,574
	700	Noritsu Koki Co. Ltd.†		14,884
	1,100	Noritz Corp.†		11,788
	7,800	North Pacific Bank Ltd.		19,638
	800	NS United Kaiun Kaisha Ltd.		27,206
	800	NSD Co. Ltd.		15,382
	2,900	NSK Ltd.		15,693
	10,800	NTN Corp.		19,915
	3,600	NTT Data Group Corp.		51,038
	600	Obara Group, Inc.		16,064
	3,100	Obayashi Corp.		26,823
	500	OBIC Business Consultants Co. Ltd.		22,872
	200	Obic Co. Ltd.		34,461
	2,100	Odakyu Electric Railway Co. Ltd.		32,036
	1,100	Ogaki Kyoritsu Bank Ltd.		14,713
	300	Ohsho Food Service Corp.		17,170
	800	Oisix ra daichi, Inc.†,*		7,728
	13,300	Oji Holdings Corp.		51,219
	1,000	Okamura Corp.		15,461
	4,600	Okasan Securities Group, Inc.		22,348
	1,800	Oki Electric Industry Co. Ltd.		11,630
	1,000	Okinawa Cellular Telephone Co.		24,007

Shares			Value (Note 1)
		Japan (Continued)
	1,155	Okinawa Electric Power Co., Inc.	$	9,134
	500	OKUMA Corp.		21,543
	700	Okumura Corp.		23,259
	4,700	Olympus Corp.		68,017
	600	Omron Corp.		28,013
	2,800	Ono Pharmaceutical Co. Ltd.		49,963
	3,700	Onward Holdings Co. Ltd.		12,622
	1,500	Open House Group Co. Ltd.		44,500
	1,200	Open Up Group, Inc.		19,991
	1,000	Optex Group Co. Ltd.		12,667
	700	Optorun Co. Ltd.		8,097
	500	Oracle Corp.		38,546
	800	Organo Corp.		33,135
	2,810	Orient Corp.		21,324
	3,300	Oriental Land Co. Ltd.		122,896
	9,300	ORIX Corp.		175,183
	2,100	Osaka Gas Co. Ltd.		43,862
	700	Osaka Organic Chemical Industry Ltd.†		13,474
	600	Osaka Soda Co. Ltd.†		41,191
	900	OSAKA Titanium Technologies Co. Ltd.†		17,311
	2,900	OSG Corp.		41,587
	700	Otsuka Corp.		28,859
	1,000	Otsuka Holdings Co. Ltd.		37,511
	1,900	Outsourcing, Inc.†,*		23,447
	800	Oyo Corp.		11,643
	1,600	Pacific Industrial Co. Ltd.		14,593
	900	Pacific Metals Co. Ltd.*		7,749
	1,600	PAL GROUP Holdings Co. Ltd.†		27,960
	300	PALTAC Corp.		9,498
	2,600	Pan Pacific International Holdings Corp.		62,031
	16,800	Panasonic Holdings Corp.		166,391
	700	Paramount Bed Holdings Co. Ltd.		13,757
	1,800	Park24 Co. Ltd.*		23,062
	700	Pasona Group, Inc.		13,116
	3,900	Penta-Ocean Construction Co. Ltd.		21,904
	1,900	PeptiDream, Inc.*		20,031
	26,000	Persol Holdings Co. Ltd.		44,643
	2,100	Pigeon Corp.†		24,187
	500	Pilot Corp.		14,897
	1,100	Piolax, Inc.†		18,177
	900	Pola Orbis Holdings, Inc.†		10,111
	900	Premium Group Co. Ltd.		11,636

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Japan (Continued)
	2,500	Press Kogyo Co. Ltd.	$	10,106
	600	Pressance Corp.†		6,787
	2,100	Prestige International, Inc.		8,936
	1,100	Prima Meat Packers Ltd.		18,318
	600	Procrea Holdings, Inc.		7,987
	1,000	Proto Corp.		9,589
	1,300	Qol Holdings Co. Ltd.		15,277
	900	Raito Kogyo Co. Ltd.		12,064
	2,400	Raksul, Inc.*		21,583
	1,700	Rakus Co. Ltd.		31,498
	7,900	Rakuten Group, Inc.†		35,186
	7,900	Recruit Holdings Co. Ltd.		334,097
	2,100	Relo Group, Inc.		25,312
	12,500	Renesas Electronics Corp.*		225,975
	4,600	Rengo Co. Ltd.		30,667
	500	RENOVA, Inc.†,*		4,216
	15,200	Resona Holdings, Inc.		77,240
	3,000	Resonac Holdings Corp.		59,787
	1,100	Resorttrust, Inc.		19,082
	1,000	Restar Holdings Corp.		20,000
	6,400	Ricoh Co. Ltd.		49,157
	400	Ricoh Leasing Co. Ltd.		13,773
	800	Riken Keiki Co. Ltd.		39,092
	900	Riken Vitamin Co. Ltd.		14,266
	1,200	Rinnai Corp.		27,813
	4,000	Riso Kyoiku Co. Ltd.		6,440
	2,800	Rohm Co. Ltd.		53,667
	1,500	Rohto Pharmaceutical Co. Ltd.		30,245
	300	Roland Corp.†		9,372
	400	Roland DG Corp.		10,340
	300	Rorze Corp.		32,043
	3,600	Round One Corp.		14,247
	600	Royal Holdings Co. Ltd.†		10,979
	1,000	RS Technologies Co. Ltd.†		21,199
	500	Ryobi Ltd.†		9,426
	2,000	Ryohin Keikaku Co. Ltd.		33,468
	200	Ryosan Co. Ltd.		6,674
	600	S Foods, Inc.		14,021
	1,600	S-Pool, Inc.		5,038
	500	Saizeriya Co. Ltd.		17,837
	1,400	Sakai Moving Service Co. Ltd.		27,007
	1,300	Sakata INX Corp.		12,521
	2,700	Sala Corp.		13,998
	1,800	SAMTY Co. Ltd.		31,085
	300	San-A Co. Ltd.		9,691

Shares			Value (Note 1)
		Japan (Continued)
	2,100	San-Ai Obbli Co. Ltd.	$	23,919
	3,000	San-In Godo Bank Ltd.		21,149
	1,200	Sangetsu Corp.		26,383
	700	Sanken Electric Co. Ltd.		38,599
	1,300	Sanki Engineering Co. Ltd.		16,135
	600	Sankyo Co. Ltd.		34,991
	800	Sankyu, Inc.		29,396
	700	Sanrio Co. Ltd.		29,187
	3,600	Santen Pharmaceutical Co. Ltd.		35,872
	2,300	Sanwa Holdings Corp.		34,883
	500	Sanyo Chemical Industries Ltd.		15,018
	300	Sanyo Denki Co. Ltd.		13,340
	900	Sanyo Special Steel Co. Ltd.		16,826
	600	Sapporo Holdings Ltd.†		26,460
	900	Sato Holdings Corp.		13,506
	600	Sawai Group Holdings Co. Ltd.		22,166
	1,700	SBI Holdings, Inc.		38,244
	500	SBS Holdings, Inc.†		8,716
	600	SCREEN Holdings Co. Ltd.		50,766
	1,600	SCSK Corp.		31,728
	700	Secom Co. Ltd.		50,415
	2,400	Sega Sammy Holdings, Inc.		33,566
	3,000	Seibu Holdings, Inc.		41,638
	1,000	Seikagaku Corp.		5,397
	3,100	Seiko Epson Corp.		46,401
	700	Seiko Group Corp.		13,374
	1,600	Seino Holdings Co. Ltd.		24,261
	800	Seiren Co. Ltd.		14,065
	4,300	Sekisui Chemical Co. Ltd.		61,984
	4,100	Sekisui House Ltd.		91,072
	900	Sekisui Jushi Corp.		15,868	��
	1,600	Senko Group Holdings Co. Ltd.		12,959
	8,500	Senshu Ikeda Holdings, Inc.		19,472
	1,100	Seria Co. Ltd.		20,510
	8,800	Seven & i Holdings Co. Ltd.		349,191
	7,000	Seven Bank Ltd.		14,879
	3,800	SG Holdings Co. Ltd.		54,548
	4,900	Sharp Corp.*		34,943
	500	Shibaura Electronics Co. Ltd.		19,752
	1,100	Shibaura Machine Co. Ltd.†		26,993
	600	Shibaura Mechatronics Corp.		25,277
	600	Shibuya Corp.		10,396
	100	SHIFT, Inc.*		25,404
	1,000	Shiga Bank Ltd.		24,752
	1,700	Shikoku Electric Power Co., Inc.		12,220

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Japan (Continued)
	900	Shikoku Kasei Holdings Corp.	$	11,457
	900	Shima Seiki Manufacturing Ltd.		9,734
	1,700	Shimadzu Corp.		47,528
	200	Shimamura Co. Ltd.		22,355
	500	Shimano, Inc.		77,429
	3,500	Shimizu Corp.		23,249
	1,000	Shin Nippon Biomedical Laboratories Ltd.†		12,043
	17,200	Shin-Etsu Chemical Co. Ltd.		721,790
	2,000	Shin-Etsu Polymer Co. Ltd.		23,787
	800	Shinko Electric Industries Co. Ltd.		31,115
	1,700	Shinmaywa Industries Ltd.		14,179
	1,000	Shionogi & Co. Ltd.		48,213
	1,200	Ship Healthcare Holdings, Inc.		20,489
	2,200	Shiseido Co. Ltd.		66,343
	4,800	Shizuoka Financial Group, Inc.		40,681
	2,800	Shizuoka Gas Co. Ltd.†		20,374
	300	SHO-BOND Holdings Co. Ltd.		13,334
	1,800	Shoei Co. Ltd.		23,489
	1,000	Siix Corp.†		10,376
	1,400	Simplex Holdings, Inc.		27,235
	1,100	Sinfonia Technology Co. Ltd.		16,250
	3,900	SKY Perfect JSAT Holdings, Inc.		19,306
	2,300	Skylark Holdings Co. Ltd.†		33,684
	100	SMC Corp.		53,730
	1,300	SMS Co. Ltd.		26,733
	2,700	Sodick Co. Ltd.		13,960
	16,100	SoftBank Corp.		200,907
	3,800	SoftBank Group Corp.		169,599
	5,500	Sohgo Security Services Co. Ltd.		31,643
	2,060	Sojitz Corp.		46,533
	900	Solasto Corp.		3,932
	700	Sompo Holdings, Inc.		34,235
	11,500	Sony Group Corp.		1,093,723
	1,500	Sotetsu Holdings, Inc.		29,128
	700	Square Enix Holdings Co. Ltd.		25,135
	2,300	Stanley Electric Co. Ltd.		43,276
	1,600	Star Micronics Co. Ltd.†		19,506
	800	Starts Corp., Inc.		16,630
	8,400	Subaru Corp.		154,060
	800	Sugi Holdings Co. Ltd.		36,777
	4,500	SUMCO Corp.†		67,484
	1,100	Sumida Corp.†		8,995
	700	Sumitomo Bakelite Co. Ltd.		36,752
	10,600	Sumitomo Chemical Co. Ltd.		25,861

Shares			Value (Note 1)
		Japan (Continued)
	4,300	Sumitomo Corp.	$	93,807
	900	Sumitomo Densetsu Co. Ltd.		17,502
	7,200	Sumitomo Electric Industries Ltd.		91,685
	1,600	Sumitomo Forestry Co. Ltd.†		47,694
	1,700	Sumitomo Heavy Industries Ltd.		42,862
	1,600	Sumitomo Metal Mining Co. Ltd.		48,182
	3,600	Sumitomo Mitsui Construction Co. Ltd.		10,136
	5,600	Sumitomo Mitsui Financial Group, Inc.		273,248
	3,800	Sumitomo Mitsui Trust Holdings, Inc.		72,928
	900	Sumitomo Osaka Cement Co. Ltd.		23,681
	3,500	Sumitomo Pharma Co. Ltd.		11,567
	1,200	Sumitomo Realty & Development Co. Ltd.		35,694
	3,700	Sumitomo Rubber Industries Ltd.		40,201
	400	Sumitomo Seika Chemicals Co. Ltd.		14,156
	900	Sumitomo Warehouse Co. Ltd.		15,645
	2,600	Sun Frontier Fudousan Co. Ltd.		30,112
	700	Sundrug Co. Ltd.		22,499
	800	Suntory Beverage & Food Ltd.		26,383
	6,300	Suruga Bank Ltd.		34,806
	1,000	Suzuken Co. Ltd.		33,113
	3,200	Suzuki Motor Corp.		136,919
	1,300	Sysmex Corp.		72,450
	6,800	Systena Corp.		14,757
	800	T Hasegawa Co. Ltd.		17,617
	1,500	T&D Holdings, Inc.		23,835
	700	Tachi-S Co. Ltd.		8,926
	2,200	Tadano Ltd.†		18,396
	1,800	Taiheiyo Cement Corp.		37,098
	600	Taisei Corp.		20,519
	600	Taisho Pharmaceutical Holdings Co. Ltd.		36,787
	600	Taiyo Holdings Co. Ltd.		13,255
	1,200	Taiyo Yuden Co. Ltd.		31,745
	2,000	Takara Bio, Inc.		17,759
	2,500	Takara Holdings, Inc.		21,968
	2,100	Takara Standard Co. Ltd.		24,306
	900	Takasago Thermal Engineering Co. Ltd.		20,553
	1,600	Takashimaya Co. Ltd.		21,804
	11,800	Takeda Pharmaceutical Co. Ltd.		339,271
	1,200	Takeuchi Manufacturing Co. Ltd.		36,468

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Japan (Continued)
	700	Takuma Co. Ltd.	$	8,882
	500	Tamron Co. Ltd.†		18,865
	2,100	Tamura Corp.		8,266
	1,200	TBS Holdings, Inc.		25,523
	2,100	TDK Corp.		100,040
	1,300	TechMatrix Corp.		16,153
	1,000	TechnoPro Holdings, Inc.		26,348
	3,300	Teijin Ltd.		31,280
	400	Tekken Corp.		5,694
	1,500	Terumo Corp.		49,170
	1,300	THK Co. Ltd.		25,488
	2,700	TIS, Inc.		59,496
	700	TKC Corp.		18,667
	3,100	Toagosei Co. Ltd.		30,165
	1,500	Tobu Railway Co. Ltd.		40,309
	2,200	Tocalo Co. Ltd.		23,311
	3,500	Toda Corp.		23,155
	200	Toei Animation Co. Ltd.†		26,851
	100	Toei Co. Ltd.		14,418
	600	Toho Co. Ltd.		20,294
	1,300	Toho Gas Co. Ltd.		27,152
	1,500	Toho Holdings Co. Ltd.		34,277
	1,400	Toho Titanium Co. Ltd.†		18,826
	1,500	Toho Zinc Co. Ltd.		11,989
	3,300	Tohoku Electric Power Co., Inc.		22,442
	5,800	Tokai Carbon Co. Ltd.†		42,184
	1,000	Tokai Corp.		14,823
	1,300	TOKAI Holdings Corp.		8,879
	1,300	Tokai Rika Co. Ltd.		20,053
	4,800	Tokai Tokyo Financial Holdings, Inc.		17,906
	200	Token Corp.		13,050
	10,100	Tokio Marine Holdings, Inc.		252,787
	1,100	Tokuyama Corp.		18,653
	2,800	Tokyo Century Corp.		30,323
	10,300	Tokyo Electric Power Co. Holdings, Inc.*		53,947
	2,700	Tokyo Electron Ltd.		483,606
	2,400	Tokyo Gas Co. Ltd.		55,115
	1,400	Tokyo Kiraboshi Financial Group, Inc.		39,468
	1,500	Tokyo Ohka Kogyo Co. Ltd.		33,106
	600	Tokyo Seimitsu Co. Ltd.		36,898
	2,000	Tokyo Steel Manufacturing Co. Ltd.		24,525
	2,700	Tokyo Tatemono Co. Ltd.		40,443
	400	Tokyotokeiba Co. Ltd.†		12,582

Shares			Value (Note 1)
		Japan (Continued)
	1,700	Tokyu Construction Co. Ltd.	$	9,609
	3,000	Tokyu Corp.		36,617
	9,700	Tokyu Fudosan Holdings Corp.		62,011
	5,300	TOMONY Holdings, Inc.		14,697
	1,900	Tomy Co. Ltd.		30,083
	1,500	Topcon Corp.		16,170
	1,500	TOPPAN Holdings, Inc.		41,862
	1,100	Topre Corp.		14,651
	500	Topy Industries Ltd.		9,060
	9,400	Toray Industries, Inc.		48,873
	1,100	Toridoll Holdings Corp.		31,619
	1,300	Tosei Corp.		18,412
	500	Toshiba TEC Corp.		10,358
	1,900	Tosoh Corp.		24,269
	1,000	Totetsu Kogyo Co. Ltd.		22,482
	1,600	TOTO Ltd.		42,133
	600	Towa Corp.		30,340
	900	Towa Pharmaceutical Co. Ltd.		15,013
	3,100	Toyo Construction Co. Ltd.		26,229
	200	Toyo Gosei Co. Ltd.†		11,830
	1,000	Toyo Seikan Group Holdings Ltd.		16,220
	500	Toyo Suisan Kaisha Ltd.		25,816
	400	Toyo Tanso Co. Ltd.		13,574
	2,500	Toyo Tire Corp.		41,844
	2,500	Toyobo Co. Ltd.		18,741
	1,600	Toyoda Gosei Co. Ltd.		30,020
	600	Toyota Boshoku Corp.		9,521
	1,100	Toyota Industries Corp.		89,716
	59,900	Toyota Motor Corp.		1,100,503
	1,800	Toyota Tsusho Corp.		106,060
	600	TPR Co. Ltd.		7,251
	300	Trancom Co. Ltd.		15,277
	500	Transcosmos, Inc.		10,691
	1,200	TRE Holdings Corp.		9,362
	900	Trend Micro, Inc.		48,179
	800	Tri Chemical Laboratories, Inc.†		20,482
	1,100	Trusco Nakayama Corp.		19,082
	1,600	TS Tech Co. Ltd.		19,359
	1,200	Tsubaki Nakashima Co. Ltd.†		6,230
	600	Tsubakimoto Chain Co.		17,213
	1,700	Tsuburaya Fields Holdings, Inc.†		15,336
	1,900	Tsugami Corp.		16,372
	1,600	Tsumura & Co.		30,145
	500	Tsuruha Holdings, Inc.		45,833
	700	TV Asahi Holdings Corp.		7,978

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Japan (Continued)
	700	Tv Tokyo Holdings Corp.	$	14,869
	1,000	UACJ Corp.		27,305
	2,000	UBE Corp.		32,482
	200	Uchida Yoko Co. Ltd.		9,759
	800	Ulvac, Inc.		38,230
	1,000	Unicharm Corp.		36,156
	800	Unipres Corp.		5,407
	1,100	United Super Markets Holdings, Inc.		7,934
	500	Universal Entertainment Corp.†		8,156
	800	Usen-Next Holdings Co. Ltd.		22,837
	2,000	Ushio, Inc.		28,731
	1,900	USS Co. Ltd.		38,216
	600	UT Group Co. Ltd.*		10,400
	400	V Technology Co. Ltd.		8,065
	1,200	Valor Holdings Co. Ltd.		20,774
	1,000	Valqua Ltd.		29,397
	1,400	Vision, Inc.*		12,213
	400	Visional, Inc.†,*		25,475
	1,400	Vital KSK Holdings, Inc.		10,366
	3,800	VT Holdings Co. Ltd.		13,933
	800	Wacoal Holdings Corp.		19,007
	3,000	Wacom Co. Ltd.		13,979
	1,800	Wakita & Co. Ltd.		20,426
	1,600	Warabeya Nichiyo Holdings Co. Ltd.		38,865
	2,000	Welcia Holdings Co. Ltd.		34,979
	500	West Holdings Corp.†		10,940
	1,200	West Japan Railway Co.		50,051
	300	Workman Co. Ltd.†		8,851
	1,000	Xebio Holdings Co. Ltd.		6,780
	1,200	YA-MAN Ltd.†		8,562
	1,100	Yakult Honsha Co. Ltd.		24,707
	9,500	Yamada Holdings Co. Ltd.		29,538
	2,100	Yamaguchi Financial Group, Inc.		18,818
	900	Yamaha Corp.		20,789
	11,400	Yamaha Motor Co. Ltd.†		101,832
	1,300	Yamaichi Electronics Co. Ltd.		17,850
	2,100	Yamato Holdings Co. Ltd.		38,805
	400	Yamato Kogyo Co. Ltd.		21,109
	1,500	Yamazaki Baking Co. Ltd.		34,213
	1,700	Yamazen Corp.		14,384
	400	Yaoko Co. Ltd.†		22,891
	1,200	Yaskawa Electric Corp.		50,128
	1,200	Yellow Hat Ltd.		15,021
	600	Yodogawa Steel Works Ltd.		16,234
	600	Yokogawa Bridge Holdings Corp.		10,796

Shares			Value (Note 1)
		Japan (Continued)
	2,000	Yokogawa Electric Corp.	$	38,142
	1,100	Yokohama Rubber Co. Ltd.†		25,222
	2,500	Yokorei Co. Ltd.		18,599
	1,500	Yokowo Co. Ltd.		15,160
	1,100	Yonex Co. Ltd.		10,438
	1,100	Yoshinoya Holdings Co. Ltd.		25,004
	500	Yuasa Trading Co. Ltd.		16,809
	700	Zenkoku Hosho Co. Ltd.		26,387
	900	Zensho Holdings Co. Ltd.		47,164
	2,300	Zeon Corp.		21,377
	800	ZERIA Pharmaceutical Co. Ltd.		11,444
	1,000	ZOZO, Inc.		22,518
				36,667,894
		Netherlands—2.3%
	2,261	Aalberts NV		97,994
	3,265	ABN AMRO Bank NV, CVA#		48,984
	576	Acomo NV		11,153
	101	Adyen NV*,#		130,075
	11,005	Aegon Ltd.		63,758
	4,173	Aegon Ltd., Registered†		24,037
	1,218	Akzo Nobel NV		100,604
	292	Alfen NV†,*,#		19,431
	3,191	Allfunds Group PLC		22,633
	580	AMG Critical Materials NV		14,611
	923	Aperam SA†		33,503
	1,347	Arcadis NV		72,626
	2,831	ArcelorMittal SA		80,242
	316	ASM International NV		163,941
	1,963	ASML Holding NV		1,477,281
	440	ASML Holding NV, Registered		333,045
	2,907	ASR Nederland NV		137,032
	1,729	Basic-Fit NV†,*,#		53,750
	506	BE Semiconductor Industries NV		76,221
	1,433	Coca-Cola Europacific Partners PLC		95,234
	988	Corbion NV		21,138
	954	CTP NV#		16,092
	691	Flow Traders Ltd.		13,700
	2,215	Fugro NV*		42,401
	1,467	Heineken NV		148,896
	541	IMCD NV		94,095
	16,312	ING Groep NV		243,571
	2,380	InPost SA*		32,882
	1,082	JDE Peet's NV		29,097

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Netherlands (Continued)
	9,384	Koninklijke Ahold Delhaize NV	$	269,502
	7,677	Koninklijke BAM Groep NV		20,493
	1,262	Koninklijke Heijmans NV, CVA		16,885
	26,433	Koninklijke KPN NV		90,985
	3,646	Koninklijke Philips NV		84,867
	1,756	Koninklijke Philips NV†,*		40,968
	1,604	Koninklijke Vopak NV		53,901
	198	Nedap NV		13,989
	2,998	NN Group NV		118,320
	2,076	OCI NV		60,137
	17,809	Pharming Group NV*		20,270
	14,292	PostNL NV†		22,294
	2,936	Prosus NV		87,464
	1,154	Randstad NV		72,259
	2,766	SBM Offshore NV		38,016
	2,800	Signify NV#		93,721
	839	Sligro Food Group NV		14,690
	799	TKH Group NV		34,841
	1,381	TomTom NV†,*		9,734
	4,775	Universal Music Group NV		136,054
	739	Van Lanschot Kempen NV		22,965
	2,463	Wolters Kluwer NV		349,939
				5,370,321
		New Zealand—0.3%
	5,589	a2 Milk Co. Ltd.†,*		16,252
	45,960	Air New Zealand Ltd.		18,449
	11,996	Arvida Group Ltd.		8,342
	6,449	Auckland International Airport Ltd.		35,875
	12,705	Channel Infrastructure NZ Ltd.		11,646
	7,155	Chorus Ltd.†		35,551
	5,950	Contact Energy Ltd.		30,128
	1,200	EBOS Group Ltd.†		26,929
	2,561	Fisher & Paykel Healthcare Corp. Ltd.		38,207
	9,814	Fletcher Building Ltd.		29,655
	3,784	Freightways Group Ltd.		20,332
	12,901	Genesis Energy Ltd.		20,429
	13,946	Heartland Group Holdings Ltd.†		13,048
	4,880	Infratil Ltd.		30,941
	21,719	KMD Brands Ltd.		10,297
	647	Mainfreight Ltd.†		28,344
	5,585	Mercury NZ Ltd.		23,302
	5,888	Meridian Energy Ltd.		20,620
	12,393	Oceania Healthcare Ltd.		5,954

Shares			Value (Note 1)
		New Zealand (Continued)
	1,991	Port of Tauranga Ltd.	$	7,048
	684	Restaurant Brands New Zealand Ltd.		1,721
	7,473	Ryman Healthcare Ltd.*		27,872
	2,832	Skellerup Holdings Ltd.†		9,023
	6,026	SKY Network Television Ltd.		10,514
	18,375	SKYCITY Entertainment Group Ltd.		21,141
	7,885	Spark New Zealand Ltd.		25,820
	4,225	Summerset Group Holdings Ltd.		27,376
	7,097	Vector Ltd.		16,734
	5,190	Warehouse Group Ltd.		5,282
				576,832
		Norway—0.8%
	21,108	ABG Sundal Collier Holding ASA		14,128
	2,559	Adevinta ASA*		28,310
	511	AF Gruppen ASA		6,247
	204	Aker ASA, Class A		13,373
	3,584	Aker BP ASA		104,240
	4,348	Aker Solutions ASA		17,983
	1,456	Atea ASA		18,515
	758	Atlantic Sapphire ASA*		120
	2,299	Austevoll Seafood ASA		16,779
	11,411	B2 Impact ASA		8,255
	438	Bakkafrost P/F		22,935
	621	Bluenord ASA*		30,409
	480	Bonheur ASA		11,433
	2,956	Borr Drilling Ltd.†,*		21,756
	1,580	Borregaard ASA		26,655
	1,681	Bouvet ASA		10,076
	1,469	BW Energy Ltd.*		3,904
	2,559	BW LPG Ltd.#		38,108
	5,362	BW Offshore Ltd.		11,832
	968	Crayon Group Holding ASA*,#		8,070
	5,372	DNB Bank ASA		114,209
	12,792	DNO ASA		12,679
	6,672	Elkem ASA#		13,896
	745	Entra ASA#		8,462
	8,062	Equinor ASA		255,630
	4,440	Europris ASA#		33,541
	1,012	FLEX LNG Ltd.		29,723
	1,736	Frontline PLC		34,669
	1,401	Gjensidige Forsikring ASA		25,855
	2,309	Golden Ocean Group Ltd.		22,368
	768	Grieg Seafood ASA		5,163
	3,883	Hafnia Ltd.		26,830

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Norway (Continued)
	2,715	Hexagon Composites ASA*	$	7,718
	931	Hexagon Purus ASA*		1,021
	2,783	Hoegh Autoliners ASA		25,269
	3,798	Kitron ASA		12,523
	391	Kongsberg Gruppen ASA		17,911
	7,739	Leroy Seafood Group ASA		31,870
	15,523	LINK Mobility Group Holding ASA*		27,746
	2,023	Mowi ASA		36,239
	6,935	MPC Container Ships ASA		9,095
	14,484	NEL ASA*		9,822
	864	Nordic Semiconductor ASA*		10,715
	11,734	Norsk Hydro ASA		78,997
	5,255	Norske Skog ASA#		21,413
	23,135	Norwegian Air Shuttle ASA*		24,410
	5,186	Odfjell Drilling Ltd.		20,111
	864	Odfjell Technology Ltd.		4,720
	6,202	OKEA ASA		16,238
	973	Okeanis Eco Tankers Corp.*,#		25,810
	4,229	Orkla ASA		32,817
	43,866	PGS ASA*		36,984
	1,686	Protector Forsikring ASA		29,870
	397	Salmar ASA		22,242
	4,491	Scatec ASA#		36,313
	614	Schibsted ASA, Class A		17,683
	840	Schibsted ASA, Class B		22,869
	6,053	Shelf Drilling Ltd.*,#		17,277
	1,208	Sparebank 1 Oestlandet		15,766
	1,083	SpareBank 1 Sorost-Norge		6,822
	1,199	SpareBank 1 SR-Bank ASA		15,212
	580	Stolt-Nielsen Ltd.		17,783
	4,328	Storebrand ASA		38,356
	2,103	Subsea 7 SA		30,676
	3,478	Telenor ASA		39,915
	2,114	TGS ASA		27,507
	1,776	TOMRA Systems ASA		21,580
	5,444	Var Energi ASA		17,232
	1,273	Veidekke ASA		12,805
	2,083	Wallenius Wilhelmsen ASA		18,247
	388	Wilh Wilhelmsen Holding ASA, Class A		13,920
	1,244	Yara International ASA		44,226
				1,913,883

Shares			Value (Note 1)
		Portugal—0.2%
	3,185	Altri SGPS SA†	$	16,174
	136,257	Banco Comercial Portugues SA, Class R*		41,275
	976	Corticeira Amorim SGPS SA†		9,848
	2,841	CTT-Correios de Portugal SA		10,946
	14,431	EDP—Energias de Portugal SA		72,566
	1,832	EDP Renovaveis SA		37,466
	5,216	Galp Energia SGPS SA†		76,814
	1,062	Greenvolt-Energias Renovaveis SA†,*		9,590
	2,370	Jeronimo Martins SGPS SA		60,281
	7,098	Mota-Engil SGPS SA		31,030
	5,953	Navigator Co. SA†		23,317
	8,146	NOS SGPS SA†		28,777
	10,709	REN—Redes Energeticas Nacionais SGPS SA†		27,487
	20,529	Sonae SGPS SA		20,499
				466,070
		Singapore—0.7%
	4,200	AEM Holdings Ltd.†		11,011
	26,296	Capitaland India Trust		22,714
	14,300	CapitaLand Investment Ltd.		34,240
	9,400	City Developments Ltd.		47,365
	23,400	ComfortDelGro Corp. Ltd.		24,823
	11,122	DBS Group Holdings Ltd.		281,558
	3,900	DFI Retail Group Holdings Ltd.		9,360
	18,300	First Resources Ltd.		19,829
	23,100	Frencken Group Ltd.		23,629
	35,400	Genting Singapore Ltd.		26,823
	132,400	Golden Agri-Resources Ltd.		26,084
	800	Great Eastern Holdings Ltd.		10,669
	11,200	GuocoLand Ltd.		12,560
	2,600	Haw Par Corp. Ltd.		19,208
	3,200	Hong Leong Finance Ltd.		6,062
	7,200	Hongkong Land Holdings Ltd.		25,056
	192,400	Hutchison Port Holdings Trust		28,475
	1,900	iFAST Corp. Ltd.		11,820
	1,700	Jardine Cycle & Carriage Ltd.		38,335
	7,500	Keppel Corp. Ltd.		40,178
	60,455	Keppel Infrastructure Trust		22,904
	1,500	Keppel REIT		1,057
	12,300	Nanofilm Technologies International Ltd.†		8,528
	46,800	Netlink NBN Trust		29,787

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Singapore (Continued)
	8,300	Olam Group Ltd.	$	6,541
	14,139	Oversea-Chinese Banking Corp. Ltd.		139,274
	25,200	Raffles Medical Group Ltd.		20,622
	2,823	SATS Ltd.*		5,882
	442,537	Seatrium Ltd.*		39,568
	10,100	Sembcorp Industries Ltd.		40,637
	19,200	Sheng Siong Group Ltd.		23,277
	7,299	Singapore Airlines Ltd.		36,281
	7,100	Singapore Exchange Ltd.		52,883
	32,900	Singapore Post Ltd.		11,841
	13,200	Singapore Technologies Engineering Ltd.		38,907
	17,800	Singapore Telecommunications Ltd.		33,314
	22,000	StarHub Ltd.		18,503
	5,192	Straits Trading Co. Ltd.		7,121
	9,500	UMS Holdings Ltd.		9,646
	10,200	United Overseas Bank Ltd.		219,883
	6,300	UOL Group Ltd.		29,978
	4,400	Venture Corp. Ltd.		45,375
	23,900	Wilmar International Ltd.		64,651
	15,000	Wing Tai Holdings Ltd.		14,662
	23,500	Yangzijiang Shipbuilding Holdings Ltd.		26,532
				1,667,453
		Spain—1.6%
	418	Acciona SA		61,511
	2,509	Acerinox SA		29,512
	2,496	ACS Actividades de Construccion y Servicios SA†		110,659
	462	Aena SME SA#		83,695
	1,188	Almirall SA		11,049
	3,505	Amadeus IT Group SA		251,043
	2,480	Applus Services SA		27,378
	5,985	Atresmedia Corp. de Medios de Comunicacion SA†		23,746
	48,215	Banco Bilbao Vizcaya Argentaria SA		437,845
	9,155	Banco Bilbao Vizcaya Argentaria SA, ADR		83,402
	65,963	Banco de Sabadell SA		81,049
	67,534	Banco Santander SA		281,778
	14,954	Bankinter SA†		95,683
	26,070	CaixaBank SA		107,234
	2,453	Cellnex Telecom SA#		96,567

Shares			Value (Note 1)
		Spain (Continued)
	796	Cia de Distribucion Integral Logista Holdings SA	$	21,512
	861	CIE Automotive SA		24,447
	318	Construcciones y Auxiliar de Ferrocarriles SA†		11,444
	1,292	Corp. ACCIONA Energias Renovables SA		40,051
	1,692	Ebro Foods SA†		28,990
	986	Elecnor SA		21,280
	3,876	Enagas SA†		65,318
	7,602	Ence Energia y Celulosa SA†		23,767
	3,205	Endesa SA†		65,314
	4,660	Ercros SA†		13,581
	10,352	Faes Farma SA		36,113
	823	Ferrovial SE		30,000
	1,842	Fluidra SA		38,331
	9,277	Gestamp Automocion SA#		35,927
	4,339	Global Dominion Access SA#		16,095
	1,891	Grifols SA*		32,263
	705	Grupo Catalana Occidente SA		24,049
	18,693	Iberdrola SA		244,951
	2,164	Indra Sistemas SA†		33,445
	6,499	Industria de Diseno Textil SA		282,893
	349	Laboratorios Farmaceuticos Rovi SA		23,194
	5,075	Linea Directa Aseguradora SA Cia de Seguros y Reaseguros†		4,768
	19,051	Mapfre SA†		40,864
	4,190	Melia Hotels International SA†,*		27,568
	1,262	Naturgy Energy Group SA		37,616
	1,960	Neinor Homes SA#		22,849
	145	Pharma Mar SA†		6,576
	2,459	Prosegur Compania de Seguridad SA		4,778
	2,599	Redeia Corp. SA		42,779
	16,433	Repsol SA		243,999
	11,322	Sacyr SA		39,072
	1,856	Solaria Energia y Medio Ambiente SA†,*		38,131
	58,157	Telefonica SA†		226,891
	5,440	Telefonica SA, ADR†		21,216
	3,839	Tubacex SA		14,833
	21,017	Unicaja Banco SA†,#		20,650
	474	Vidrala SA		49,083
	742	Viscofan SA†		43,905
				3,780,694

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Sweden—2.2%
	984	AAK AB	$	21,932
	1,552	AcadeMedia AB#		7,955
	3,422	AddLife AB, Class B		37,117
	3,120	AddNode Group AB†		26,387
	1,249	AddTech AB, Class B		27,417
	1,712	AFRY AB		23,713
	741	Alfa Laval AB		29,637
	1,866	Alimak Group AB#		15,189
	1,793	Alleima AB		13,621
	510	Alligo AB, Class B		6,270
	4,107	Ambea AB#		21,419
	556	Annehem Fastigheter AB, Class B*		935
	313	AQ Group AB		15,734
	3,735	Arjo AB, Class B		14,590
	3,136	Assa Abloy AB, Class B		90,261
	11,688	Atlas Copco AB, Class A		201,115
	7,880	Atlas Copco AB, Class B		116,723
	810	Atrium Ljungberg AB, Class B		18,567
	3,696	Attendo AB*,#		13,229
	1,217	Avanza Bank Holding AB†		28,175
	1,245	Axfood AB		33,699
	1,079	Beijer Alma AB		20,326
	1,530	Beijer Ref AB†		20,464
	808	Bergman & Beving AB		14,708
	2,259	Betsson AB, Class B		24,301
	791	Better Collective AS†,*		20,116
	1,218	Bilia AB, Class A		16,254
	3,167	Billerud Aktiebolag		32,153
	601	BioArctic AB†,*,#		15,957
	1,495	BioGaia AB, Class B		15,000
	981	Biotage AB		13,004
	3,089	Boliden AB		96,320
	1,253	Bonava AB, Class B†,*		1,631
	1,975	Boozt AB*,#		26,494
	2,967	Bravida Holding AB#		23,842
	670	Bufab AB		25,668
	1,399	Bure Equity AB		39,642
	3,952	Byggmax Group AB*		14,866
	381	Camurus AB*		20,323
	2,626	Castellum AB*		37,310
	447	Catena AB†		20,892
	660	Cellavision AB		13,873
	1,045	Cibus Nordic Real Estate AB publ†		13,873
	855	Clas Ohlson AB, Class B		13,394

Shares			Value (Note 1)
		Sweden (Continued)
	7,868	Cloetta AB, Class B	$	14,291
	1,066	Concentric AB		18,982
	1,370	Coor Service Management Holding AB#		5,925
	14,402	Corem Property Group AB, Class B†		15,164
	2,643	Dios Fastigheter AB		22,693
	3,369	Dometic Group AB#		30,102
	11,292	Dustin Group AB†,*,#		10,972
	736	Elanders AB, Class B		7,005
	1,713	Electrolux AB, Class B*		18,360
	3,376	Electrolux Professional AB, Class B		18,410
	4,884	Elekta AB, Class B		39,862
	8,427	Embracer Group AB†,*		22,855
	2,293	Engcon AB†		21,211
	1,864	Epiroc AB, Class A		37,369
	1,782	Epiroc AB, Class B		31,166
	689	Essity AB, Class A		16,976
	4,300	Essity AB, Class B		106,583
	1,051	Evolution AB#		125,273
	1,567	Fabege AB†		16,810
	2,158	Fagerhult Group AB		14,121
	6,378	Fastighets AB Balder, Class B†,*		45,226
	79	Fenix Outdoor International AG		6,062
	3,690	Fortnox AB		22,054
	703	GARO AB†		3,033
	1,600	Getinge AB, Class B		35,582
	1,494	Granges AB		17,183
	4,237	H & M Hennes & Mauritz AB, Class B		74,195
	888	Hemnet Group AB		21,253
	3,499	Hexagon AB, Class B		41,959
	4,181	Hexatronic Group AB†		11,325
	3,325	Hexpol AB		40,219
	366	HMS Networks AB		18,050
	3,175	Hoist Finance AB*,#		11,695
	833	Holmen AB, Class B		35,158
	690	Hufvudstaden AB, Class A		9,721
	2,602	Husqvarna AB, Class B†		21,407
	1,077	Indutrade AB		27,955
	1,465	Instalco AB		5,941
	2,972	International Petroleum Corp.*		35,772
	1,692	Intrum AB†		11,706
	649	INVISIO AB		12,586

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Sweden (Continued)
	2,675	Inwido AB	$	35,857
	1,080	JM AB†		19,006
	1,933	Karnov Group AB*		10,637
	2,288	Kindred Group PLC, SDR		21,160
	512	KNOW IT AB		7,950
	2,602	Lagercrantz Group AB, Class B		34,853
	1,864	Lifco AB, Class B		45,685
	374	Lime Technologies AB		10,995
	1,567	Lindab International AB		30,933
	981	Loomis AB		26,028
	641	Medcap AB*		21,449
	1,134	Medicover AB, Class B		16,876
	2,179	MEKO AB		23,635
	2,979	Millicom International Cellular SA, SDR*		53,238
	302	MIPS AB		10,914
	1,742	Modern Times Group MTG AB, Class B*		14,879
	510	Momentum Group AB		6,599
	1,828	Munters Group AB#		29,633
	1,021	Mycronic AB		29,093
	2,840	NCAB Group AB†		20,626
	1,536	NCC AB, Class B†		19,128
	1,296	New Wave Group AB, Class B†		13,091
	5,005	Nibe Industrier AB, Class B		35,133
	3,170	Nobia AB*		3,457
	3,940	Nolato AB, Class B		20,665
	1,234	Nordic Waterproofing Holding AB		20,114
	1,918	Nordnet AB publ		32,518
	3,057	Norion Bank AB*		13,139
	474	Note AB*		6,979
	1,681	Nyfosa AB†		15,975
	1,014	OEM International AB, Class B		10,596
	1,353	Orron Energy ab†,*		1,068
	1,559	OX2 AB*		8,478
	609	Pandox AB		9,081
	6,582	Peab AB, Class B		37,263
	1,578	Platzer Fastigheter Holding AB, Class B		13,173
	4,394	Ratos AB, Class B		15,718
	774	Rejlers AB		9,401
	5,625	Resurs Holding AB#		13,318
	528	Saab AB, Class B		31,808
	1,598	Sagax AB, Class B		43,950

Shares			Value (Note 1)
		Sweden (Continued)
	6,434	Samhallsbyggnadsbolaget i Norden AB†	$	3,230
	3,225	Sandvik AB		69,737
	2,495	Scandi Standard AB		14,224
	2,471	Scandic Hotels Group AB†,*,#		11,373
	609	Sdiptech AB, Class B*		16,291
	1,030	Sectra AB, Class B†		18,408
	2,362	Securitas AB, Class B		23,086
	10,448	Sinch AB†,*,#		38,856
	13,385	Skandinaviska Enskilda Banken AB, Class A		184,199
	2,462	Skanska AB, Class B		44,512
	426	SKF AB, Class A		8,574
	2,848	SKF AB, Class B		56,841
	1,180	SkiStar AB†		14,004
	562	Solid Forsakring AB		3,549
	4,349	SSAB AB, Class A		33,064
	7,406	SSAB AB, Class B		56,598
	9,462	Stillfront Group AB*		11,417
	3,118	Svenska Cellulosa AB SCA, Class B		46,711
	6,847	Svenska Handelsbanken AB, Class A		74,301
	1,170	Sweco AB, Class B		15,672
	3,365	Swedbank AB, Class A		67,827
	1,127	Swedish Orphan Biovitrum AB*		29,834
	2,312	Systemair AB		18,040
	6,025	Tele2 AB, Class B		51,696
	1,292	Telefonaktiebolaget LM Ericsson, Class A		8,173
	30,732	Telefonaktiebolaget LM Ericsson, Class B		192,295
	37,490	Telia Co. AB		95,639
	1,057	Thule Group AB#		28,767
	836	Trelleborg AB, Class B		27,983
	353	Troax Group AB		8,666
	6,750	Truecaller AB, Class B†,*		23,336
	700	Viaplay Group AB†,*		359
	471	Vitec Software Group AB, Class B		27,342
	2,100	Vitrolife AB		40,538
	2,398	Volvo AB, Class A		63,480
	16,251	Volvo AB, Class B		421,660
	7,017	Volvo Car AB, Class B*		22,652
	1,622	Wallenstam AB, Class B		8,797
	2,008	Wihlborgs Fastigheter AB		18,764
				5,150,902

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Switzerland—5.5%
	12,787	ABB Ltd., Registered	$	567,095
	1,684	Accelleron Industries AG		52,579
	3,006	Adecco Group AG, Registered		147,503
	3,117	Alcon, Inc.		243,282
	362	Allreal Holding AG, Registered		64,734
	137	ALSO Holding AG, Registered		40,886
	19,322	ams-OSRAM AG*		48,566
	47	APG SGA SA		10,226
	1,914	Arbonia AG†		21,915
	24,513	Aryzta AG*		45,234
	590	Ascom Holding AG, Registered†		5,766
	148	Autoneum Holding AG†,*		24,002
	2,191	Avolta AG*		86,176
	765	Baloise Holding AG, Registered		119,882
	58	Banque Cantonale de Geneve, Bearer Shares		15,516
	362	Banque Cantonale Vaudoise, Registered		46,700
	55	Barry Callebaut AG, Registered		92,795
	247	Basilea Pharmaceutica AG, Registered*		10,367
	131	Belimo Holding AG, Registered		72,240
	35	Bell Food Group AG, Registered		10,570
	276	Bellevue Group AG†		8,040
	76	Berner Kantonalbank AG, Registered†		21,326
	156	BKW AG		27,730
	127	Bossard Holding AG, Registered Class A		33,371
	147	Bucher Industries AG, Registered		61,733
	68	Burckhardt Compression Holding AG		40,992
	137	Burkhalter Holding AG		15,100
	40	Bystronic AG		22,662
	262	Calida Holding AG, Registered		9,159
	456	Cembra Money Bank AG		35,567
	1	Chocoladefabriken Lindt & Spruengli AG, Registered		121,277
	2,284	Cie Financiere Richemont SA, Registered Class A		314,337
	79	Cie Financiere Tradition SA, Bearer Shares		11,084
	5,039	Clariant AG, Registered		74,412
	205	Coltene Holding AG, Registered		17,452
	95	Comet Holding AG, Registered		29,955

Shares			Value (Note 1)
		Switzerland (Continued)
	148	COSMO Pharmaceuticals NV	$	8,957
	98	CPH Chemie & Papier Holding AG, Registered		9,904
	93	Daetwyler Holding AG, Bearer Shares†		21,584
	761	DKSH Holding AG		52,842
	66	dormakaba Holding AG		35,627
	967	DSM-Firmenich AG		98,212
	1,608	EFG International AG		20,648
	36	Emmi AG, Registered		38,994
	44	EMS-Chemie Holding AG, Registered		35,627
	338	Flughafen Zurich AG, Registered		70,570
	30	Forbo Holding AG, Registered		37,596
	647	Fundamenta Real Estate AG		12,924
	1,125	Galenica AG#		97,311
	3,121	GAM Holding AG*		1,453
	1,986	GAM Holding AG CHF.05*,§		924
	266	Geberit AG, Registered		170,470
	1,909	Georg Fischer AG, Registered		138,684
	34	Givaudan SA, Registered		140,843
	566	Helvetia Holding AG, Registered		77,997
	136	Hiag Immobilien Holding AG		12,904
	3,415	Holcim AG		268,068
	298	Huber & Suhner AG, Registered		24,094
	547	Implenia AG, Registered		19,836
	109	Ina Invest Holding AG*		2,261
	36	Inficon Holding AG, Registered		51,621
	12	Interroll Holding AG, Registered		38,095
	16	Intershop Holding AG		11,700
	110	Investis Holding SA†		12,765
	2,012	Julius Baer Group Ltd.		112,794
	80	Jungfraubahn Holding AG, Registered		15,219
	169	Kardex Holding AG, Registered		43,805
	90	Komax Holding AG, Registered		21,455
	440	Kuehne & Nagel International AG, Registered		151,610
	580	Landis+Gyr Group AG		52,411
	13	LEM Holding SA, Registered		32,073
	167	Liechtensteinische Landesbank AG†		13,125
	449	Logitech International SA, Registered†		42,682
	476	Logitech International SA, Registered		45,141

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares				Value (Note 1)
		Switzerland (Continued)
	355	Lonza Group AG, Registered		$	149,294
	367	Luzerner Kantonalbank AG, Registered†			31,418
	103	Medacta Group SA#			15,382
	636	Medmix AG#			14,368
	9	Metall Zug AG, Registered Class B			16,319
	1,480	Mobilezone Holding AG, Registered†			24,143
	165	Mobimo Holding AG, Registered			51,204
	12,820	Nestle SA, Registered			1,486,330
	309	Novartis AG, ADR			31,200
	9,049	Novartis AG, Registered			913,131
	4,832	OC Oerlikon Corp. AG, Registered			21,809
	136	Orior AG			11,659
	190	Partners Group Holding AG			274,026
	27	Phoenix Mecano AG, Registered*			13,933
	500	PSP Swiss Property AG, Registered			69,913
	78	Rieter Holding AG, Registered			8,356
	5,519	Roche Holding AG			1,604,418
	298	Roche Holding AG, Bearer Shares†			92,619
	200	Romande Energie Holding SA, Registered			13,079
	2,886	Sandoz Group AG*			92,854
	486	Sandoz Group AG, ADR†,*			15,557
	254	Schindler Holding AG, Registered			60,250
	25	Schweiter Technologies AG			15,427
	273	Sensirion Holding AG†,*,#			27,071
	423	SFS Group AG			52,407
	1,132	SGS SA, Registered	��		97,634
	117	Siegfried Holding AG, Registered			119,567
	2,478	SIG Group AG			57,011
	455	Sika AG, Registered			148,069
	194	SKAN Group AG			18,638
	2,142	Softwareone Holding AG			41,768
	440	Sonova Holding AG, Registered			143,554
	68	St. Galler Kantonalbank AG, Registered			39,738
	1,501	Stadler Rail AG			54,040
	554	Straumann Holding AG, Registered			89,320
	497	Sulzer AG, Registered			50,761
	232	Swatch Group AG, Bearer Shares			63,058
	534	Swatch Group AG, Registered			27,968
	208	Swiss Life Holding AG, Registered			144,429
	1,371	Swiss Prime Site AG, Registered			146,465

Shares			Value (Note 1)
		Switzerland (Continued)
	1,902	Swiss Re AG	$	213,844
	339	Swisscom AG, Registered		203,952
	247	Swissquote Group Holding SA, Registered		60,087
	853	Temenos AG, Registered		79,331
	174	TX Group AG		24,992
	276	u-blox Holding AG†		32,783
	13,387	UBS Group AG, Registered		415,434
	1,464	UBS Group AG, Registered†		45,238
	335	Valiant Holding AG, Registered		37,999
	310	VAT Group AG#		155,359
	23	Vaudoise Assurances Holding SA		12,033
	400	Vetropack Holding AG, Registered		18,596
	540	Vontobel Holding AG, Registered		34,992
	77	VP Bank AG, Class A		8,020
	219	VZ Holding AG†		25,570
	106	Walliser Kantonalbank, Registered		13,738
	6	Warteck Invest AG, Registered		13,198
	59	Ypsomed Holding AG, Registered		21,256
	104	Zehnder Group AG, Registered		6,616
	6	Zug Estates Holding AG, Class B		11,450
	2	Zuger Kantonalbank AG, Brearer Shares		17,977
	712	Zurich Insurance Group AG		372,148
				12,785,857
		United Kingdom—9.0%
	7,312	3i Group PLC		225,643
	533	4imprint Group PLC		31,048
	2,172	888 Holdings PLC*		2,645
	38,071	abrdn PLC		86,694
	2,939	Accesso Technology Group PLC†,*		21,653
	2,058	Admiral Group PLC		70,407
	3,336	Advanced Medical Solutions Group PLC		8,823
	1,488	AG Barr PLC		9,730
	13,183	Airtel Africa PLC#		21,878
	6,044	AJ Bell PLC		24,113
	12,432	Alliance Pharma PLC†		6,418
	5,090	Anglo American PLC		127,852
	2,371	Antofagasta PLC		50,758
	8,120	Ascential PLC*		30,367
	8,024	Ashmore Group PLC		22,788
	5,344	Ashtead Group PLC		372,057
	355	ASOS PLC†,*		1,926

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		United Kingdom (Continued)
	2,093	Associated British Foods PLC	$	63,148
	4,772	AstraZeneca PLC		644,759
	2,154	AstraZeneca PLC, ADR		145,072
	2,563	Atalaya Mining PLC		11,794
	1,309	Auction Technology Group PLC*		8,710
	10,185	Auto Trader Group PLC#		93,654
	13,571	Aviva PLC		75,196
	835	Avon Rubber PLC		9,047
	12,233	B&M European Value Retail SA		87,351
	10,618	Babcock International Group PLC		53,460
	9,839	BAE Systems PLC		139,271
	9,792	Balfour Beatty PLC		41,338
	897	Bank of Georgia Group PLC		45,449
	89,247	Barclays PLC		174,938
	3,662	Barclays PLC, ADR		28,857
	10,368	Barratt Developments PLC		74,351
	9,934	Beazley PLC		66,098
	2,110	Bellway PLC		69,067
	733	Berkeley Group Holdings PLC		43,801
	2,271	Bloomsbury Publishing PLC		13,605
	2,945	Bodycote PLC		22,317
	8,370	boohoo Group PLC†,*		4,375
	163,993	BP PLC		974,411
	3,943	BP PLC, ADR		139,582
	5,382	Breedon Group PLC		24,834
	5,028	Bridgepoint Group PLC#		17,894
	8,259	British American Tobacco PLC		241,655
	773	British American Tobacco PLC, ADR		22,641
	4,032	Britvic PLC		43,197
	414	Brooks Macdonald Group PLC		10,290
	97,861	BT Group PLC†		154,177
	1,635	Bunzl PLC		66,481
	4,608	Burberry Group PLC		83,170
	3,634	Burford Capital Ltd.		56,187
	5,366	Bytes Technology Group PLC		41,859
	11,474	C&C Group PLC		22,318
	40,000	Capita PLC*		11,217
	3,477	Capricorn Energy PLC		7,517
	7,460	Card Factory PLC*		10,251
	510	Carnival PLC*		8,535
	21,596	Centamin PLC		27,445
	6,675	Central Asia Metals PLC		15,383
	69,096	Centrica PLC		123,875
	3,018	Chemring Group PLC		13,483
	2,609	Chesnara PLC		8,696

Shares			Value (Note 1)
		United Kingdom (Continued)
	577	Clarkson PLC	$	23,278
	2,800	Close Brothers Group PLC		28,338
	3,114	CMC Markets PLC#		4,168
	33,791	Coats Group PLC		33,337
	1,369	Coca-Cola HBC AG		40,222
	5,327	Compass Group PLC		145,715
	1,286	Computacenter PLC		45,766
	16,230	ConvaTec Group PLC#		50,519
	1,008	Cranswick PLC		48,927
	4,845	Crest Nicholson Holdings PLC		13,414
	6,842	CRH PLC		472,421
	549	Croda International PLC		35,339
	21,706	Currys PLC*		13,972
	914	CVS Group PLC		19,607
	2,919	Darktrace PLC*		13,644
	1,019	DCC PLC		75,049
	2,945	De La Rue PLC*		3,240
	10,115	Deliveroo PLC*,#		16,452
	6,669	DFS Furniture PLC		10,354
	12,494	Diageo PLC		454,832
	335	Diploma PLC		15,295
	20,487	Direct Line Insurance Group PLC*		47,514
	1,383	DiscoverIE Group PLC		13,926
	1,714	Diversified Energy Co. PLC		24,360
	7,529	Domino's Pizza Group PLC		36,161
	8,792	dotdigital group PLC		11,083
	10,696	Dowlais Group PLC		14,568
	7,369	Dr Martens PLC		8,322
	8,912	Drax Group PLC		55,628
	24,266	DS Smith PLC		95,050
	2,804	Dunelm Group PLC		39,208
	2,569	easyJet PLC*		16,700
	5,917	Ecora Resources PLC†		7,572
	13,055	Elementis PLC*		21,233
	2,131	Energean PLC		28,358
	74,403	EnQuest PLC*		14,302
	3,847	Entain PLC		48,751
	7,801	Esken Ltd.*		120
	5,759	Essentra PLC		12,450
	3,432	Evraz PLC*		—
	5,204	Experian PLC		212,398
	1,729	FDM Group Holdings PLC		10,105
	5,122	Ferrexpo PLC*		5,892
	1,189	Fevertree Drinks PLC		15,898
	20,184	Firstgroup PLC†		45,023

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		United Kingdom (Continued)
	4,050	Forterra PLC#	$	9,127
	3,491	Frasers Group PLC*		40,515
	2,026	Fresnillo PLC		15,350
	1,255	Fuller Smith & Turner PLC, Class A		10,430
	1,310	Fund Technologies PLC*		19,203
	2,410	Future PLC		24,437
	2,798	Galliford Try Holdings PLC		8,025
	603	Games Workshop Group PLC		75,862
	1,706	Gamma Communications PLC		24,485
	5,050	GB Group PLC		17,637
	6,960	Genel Energy PLC†		6,804
	2,857	Genuit Group PLC		14,694
	882	Georgia Capital PLC*		11,490
	115,290	Glencore PLC		693,772
	3,132	Grafton Group PLC, CDI		36,373
	14,240	Grainger PLC		47,991
	27,394	Greencore Group PLC*		33,678
	1,534	Greggs PLC		50,877
	28,836	GSK PLC		533,033
	5,559	GSK PLC, ADR		206,017
	9,789	Gulf Keystone Petroleum Ltd.†		16,109
	4,549	Gym Group PLC*,#		6,158
	8,266	Haleon PLC		33,890
	6,271	Halfords Group PLC		15,931
	2,084	Halma PLC		60,672
	4,078	Harbour Energy PLC		16,041
	5,962	Hargreaves Lansdown PLC		55,780
	21,097	Hays PLC		29,365
	1,995	Headlam Group PLC		5,493
	3,050	Helical PLC		8,611
	7,460	Helios Towers PLC*		8,463
	3,074	Henry Boot PLC		8,150
	1,549	Hikma Pharmaceuticals PLC		35,323
	1,312	Hill & Smith PLC		31,908
	2,081	Hilton Food Group PLC		21,220
	5,520	Hiscox Ltd.		74,160
	5,513	Hochschild Mining PLC*		7,526
	3,986	Hollywood Bowl Group PLC		15,547
	9,916	Howden Joinery Group PLC		102,834
	74,868	HSBC Holdings PLC		606,461
	6,571	HSBC Holdings PLC, ADR†		266,388
	3,532	Hunting PLC		13,304
	4,879	Ibstock PLC#		9,422
	13,192	IDOX PLC		11,586
	7,234	IG Group Holdings PLC		70,585

Shares			Value (Note 1)
		United Kingdom (Continued)
	2,433	IMI PLC	$	52,225
	910	Impax Asset Management Group PLC†		6,380
	10,186	Imperial Brands PLC		234,548
	6,599	Inchcape PLC		60,184
	2,109	Indivior PLC*		31,856
	6,450	Informa PLC		64,226
	3,740	IntegraFin Holdings PLC		14,454
	917	InterContinental Hotels Group PLC		82,872
	1,597	Intermediate Capital Group PLC		34,209
	10,061	International Consolidated Airlines Group SA*		19,878
	10,685	International Distributions Services PLC*		37,059
	4,161	International Personal Finance PLC		6,312
	1,532	Intertek Group PLC		82,914
	6,648	Investec PLC		45,064
	3,042	iomart Group PLC		5,909
	35,770	IP Group PLC		26,490
	25,606	IQE PLC†,*		7,996
	76,787	ITV PLC		61,936
	9,541	IWG PLC*		23,022
	19,557	J. Sainsbury PLC		75,433
	2,074	J.D. Wetherspoon PLC*		21,427
	1,083	James Fisher & Sons PLC*		4,252
	3,618	James Halstead PLC†		9,408
	16,601	JD Sports Fashion PLC		35,116
	1,084	JET2 PLC		17,258
	10,403	John Wood Group PLC*		22,821
	2,977	Johnson Matthey PLC		64,414
	7,194	Johnson Service Group PLC		12,984
	8,912	Jupiter Fund Management PLC		10,610
	2,148	Just Eat Takeaway.com NV†,*,#		33,298
	30,973	Just Group PLC		33,913
	1,680	Kainos Group PLC		23,962
	1,556	Keller Group PLC		17,454
	552	Keywords Studios PLC†		11,694
	11,122	Kier Group PLC*		15,197
	16,947	Kingfisher PLC		52,556
	4,919	Lancashire Holdings Ltd.		39,125
	9,246	Learning Technologies Group PLC		9,546
	47,713	Legal & General Group PLC		152,712
	1,556	Liontrust Asset Management PLC		12,495
	399,205	Lloyds Banking Group PLC		242,771
	30,105	Lloyds Banking Group PLC, ADR		71,951

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		United Kingdom (Continued)
	761	London Stock Exchange Group PLC	$	89,959
	3,033	LSL Property Services PLC		9,974
	13,116	M&G PLC		37,182
	25,098	Man Group PLC		74,411
	32,319	Marks & Spencer Group PLC		112,216
	1,885	Marshalls PLC		6,713
	18,395	Marston's PLC*		7,925
	11,392	Me Group International PLC		18,151
	3,805	Mears Group PLC		15,035
	10,696	Melrose Industries PLC		77,357
	8,089	Mitchells & Butlers PLC*		26,581
	24,076	Mitie Group PLC		30,474
	150	MJ Gleeson PLC		927
	10,029	Mobico Group PLC		10,815
	5,425	Mondi PLC		106,318
	8,246	Moneysupermarket.com Group PLC		29,451
	7,506	Morgan Advanced Materials PLC		27,076
	1,378	Morgan Sindall Group PLC		38,906
	765	Mortgage Advice Bureau Holdings Ltd.		7,996
	1,086	MP Evans Group PLC†		10,244
	5,761	National Grid PLC		77,692
	1,709	National Grid PLC, ADR†		116,195
	25,535	NatWest Group PLC		71,411
	15,508	NatWest Group PLC, ADR†		87,310
	5,311	NCC Group PLC		8,719
	2,402	Next 15 Group PLC		25,473
	1,187	Next PLC		122,826
	5,427	Ninety One PLC		12,694
	537	NMC Health PLC§,*		—
	3,468	Ocado Group PLC*		33,525
	4,680	On the Beach Group PLC*,#		10,439
	8,824	OSB Group PLC		52,256
	1,080	Oxford Instruments PLC		31,593
	5,545	Pagegroup PLC		34,421
	40,396	Pan African Resources PLC		8,681
	5,714	Paragon Banking Group PLC		50,801
	1,213	PayPoint PLC		8,040
	4,475	Pearson PLC		54,999
	41,805	Pendragon PLC*		17,212
	3,518	Pennon Group PLC		33,699
	5,332	Persimmon PLC		94,402
	4,723	Petrofac Ltd.†,*		2,252
	10,688	Pets at Home Group PLC		43,350
	5,331	Phoenix Group Holdings PLC		36,368

Shares			Value (Note 1)
		United Kingdom (Continued)
	3,157	Playtech PLC*	$	18,052
	2,017	Plus500 Ltd.		42,755
	1,124	Polar Capital Holdings PLC		6,676
	14,328	Premier Foods PLC		24,765
	7,055	Prudential PLC		79,783
	782	Prudential PLC, ADR		17,556
	8,123	PureTech Health PLC*		20,107
	5,219	PZ Cussons PLC		10,191
	7,065	QinetiQ Group PLC		27,827
	19,168	Quilter PLC#		25,117
	956	Rathbones Group PLC		21,227
	12,130	Reach PLC		11,581
	3,623	Reckitt Benckiser Group PLC		250,299
	6,125	Redde Northgate PLC		28,379
	6,252	Redrow PLC		49,050
	10,683	RELX PLC		423,491
	610	RELX PLC, ADR†		24,193
	2,776	Renew Holdings PLC		30,395
	1,514	Renewi PLC*		12,332
	428	Renishaw PLC		19,520
	7,633	Rentokil Initial PLC		42,887
	1,162	Ricardo PLC		7,258
	10,136	Rightmove PLC		74,367
	3,804	Rio Tinto PLC		283,265
	1,675	Robert Walters PLC		9,501
	42,704	Rolls-Royce Holdings PLC*		163,135
	9,205	Rotork PLC		37,968
	7,682	RS Group PLC		80,254
	3,518	RWS Holdings PLC		11,246
	4,500	S4 Capital PLC*		3,063
	3,036	Sabre Insurance Group PLC#		5,859
	948	Saga PLC*		1,762
	3,736	Sage Group PLC		55,836
	2,515	Savills PLC		31,064
	5,215	Schroders PLC		28,577
	5,266	Senior PLC		11,921
	25,172	Serco Group PLC		52,011
	4,307	Serica Energy PLC		12,605
	11,630	Severfield PLC		9,428
	1,639	Severn Trent PLC		53,879
	41,803	Shell PLC		1,370,203
	9,675	Shell PLC, ADR		636,615
	9,302	SIG PLC†,*		3,960
	33,155	Sirius Real Estate Ltd.		39,852
	2,645	Smart Metering Systems PLC		31,692

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		United Kingdom (Continued)
	2,913	Smith & Nephew PLC	$	40,045
	1,470	Smiths Group PLC		33,043
	1,667	Softcat PLC		28,898
	797	Spectris PLC		38,391
	12,936	Speedy Hire PLC		5,425
	336	Spirax-Sarco Engineering PLC		44,991
	7,170	Spire Healthcare Group PLC#		20,700
	10,386	Spirent Communications PLC		16,323
	2,551	SSE PLC		60,350
	11,406	SSP Group PLC*		34,137
	4,597	St. James's Place PLC		40,056
	15,119	Standard Chartered PLC		128,463
	4,177	SThree PLC		22,255
	3,024	Synthomer PLC†,*		7,312
	5,495	Tate & Lyle PLC		46,158
	33,295	Taylor Wimpey PLC		62,407
	1,324	TBC Bank Group PLC		47,760
	2,011	Telecom Plus PLC		41,321
	48,227	Tesco PLC		178,578
	25,894	THG PLC*		28,108
	5,954	TI Fluid Systems PLC#		11,672
	16,738	TP ICAP Group PLC		41,667
	5,604	Travis Perkins PLC		59,188
	2,759	Tremor International Ltd.*		7,174
	2,958	TT Electronics PLC		5,889
	42,736	Tullow Oil PLC†,*		21,201
	4,191	Tyman PLC		16,801
	7,731	Unilever PLC		374,287
	4,797	United Utilities Group PLC		64,783
	6,783	Vanquis Banking Group PLC		11,171
	11,363	Vertu Motors PLC		10,284
	5,245	Vesuvius PLC		32,171
	863	Victrex PLC		16,742
	1,479	Videndum PLC		6,561

Shares			Value (Note 1)
		United Kingdom (Continued)
	20,342	Virgin Money U.K. PLC	$	42,640
	5,863	Vistry Group PLC		68,567
	244,935	Vodafone Group PLC		214,049
	3,200	Volex PLC		13,012
	6,400	Volution Group PLC		35,372
	3,542	Watches of Switzerland Group PLC*,#		31,987
	5,138	Watkin Jones PLC		3,818
	2,052	Weir Group PLC		49,343
	1,764	WH Smith PLC		29,995
	1,109	Whitbread PLC		51,681
	5,006	Wickes Group PLC		9,067
	3,672	Wincanton PLC		14,603
	1,347	Wise PLC, Class A*		15,006
	4,839	WPP PLC		46,445
	930	XPS Pensions Group PLC		2,762
	589	Young & Co's Brewery PLC, Class A†		8,183
				21,017,140
		United States—0.1%
	1,592	ADTRAN Holdings, Inc.		11,969
	770	Ferguson PLC		148,056
	2,586	Newmont Corp., CDI		107,038
	109	Noble Corp. PLC†		5,270
				272,333
		TOTAL COMMON STOCKS (Cost $144,395,015)		162,923,194
		AFFILIATED INVESTMENT COMPANY—28.6%
		United States—28.6%
	2,971,460	DFA Emerging Markets Core Equity Portfolio, Class I‡‡ (Cost $58,263,971)		66,590,420

Expiration
Date

WARRANTS—0.0%

Canada—0.0%

122

Constellation Software, Inc.§,*

03/31/2040

TOTAL WARRANTS (Cost $0)

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares						Value (Note 1)
		PREFERRED STOCKS—0.4%
		Germany—0.4%
	666	Bayerische Motoren Werke AG, 9.48%				$	66,134
	608	Dr Ing hc F Porsche AG, 1.26%#					53,629
	387	Draegerwerk AG & Co. KGaA, 0.37%					22,130
	120	Einhell ermany AG, 1.76%					21,858
	1,205	FUCHS SE, 2.66%					53,610
	668	Henkel AG & Co. KGaA, 2.54%					53,730
	949	Jungheinrich AG, 2.05%					34,803
	917	Porsche Automobil Holding SE, 5.54%					46,891
	213	Sartorius AG, 0.43%					78,349
	491	Sixt SE, 9.14%					36,371
	173	STO SE & Co. KGaA, 3.58%					26,699
	2,512	Volkswagen AG, 7.84%					310,035
							804,239
		Italy—0.0%
	1,392	Danieli & C Officine Meccaniche SpA, 1.52%					33,346
	29,205	Telecom Italia SpA, 0.0%*					9,766
							43,112
		TOTAL PREFERRED STOCK (Cost $1,038,626)					847,351
			7-Day Yield
		SHORT-TERM INVESTMENTS—1.4%
	3,223,110	State Street Navigator Securities Lending Government Money Market Portfolio (Cost $3,223,110)††		5.40	%		3,223,110
		TOTAL INVESTMENTS, AT VALUE—100.4% (Cost $206,920,722)					233,584,075
		Liabilities in Excess of Other Assets—(0.4)%					(874,138	)
		NET ASSETS—100.0%				$	232,709,937

Notes to the Schedule of Investments:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

† Denotes all or a portion of security on loan. As of December 31, 2023, the market value of the securities on loan was $8,295,112 (Note 1).

†† Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $5,559,288.

§ Fair valued security—Represents fair value as measured based on the Portfolio Valuation policies specified in Note 1. As of December 31, 2023, the total value of the fair valued securities was $963.

* 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 30, 2023, amounts to approximately $3,726,092, and represents 1.60% of net assets.

‡‡ Affiliated issuer. Assets with a total aggregate market value of $66,590,420, or 28.6% of net assets, were affiliated with the Fund as of December 31, 2023 (Note 2).

Percentages indicated are based on net assets.

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

At December 31, 2023, industry diversification of the M International Equity Fund's investments as a percentage of net assets was as follows:

Summary of Industry Classifications (Unaudited)	Percentage of Net Assets
Mutual Funds		28.6	%
Banks		6.2	%
Oil, Gas and Consumable Fuels		5.5	%
Pharmaceuticals		3.8	%
Metals and Mining		3.5	%
Insurance		2.9	%
Machinery		2.7	%
Chemicals		2.5	%
Semiconductors and Semiconductor Equipment		2.2	%
Automobiles		2.0	%
Capital Markets		1.9	%
Food Products		1.8	%
Textiles, Apparel and Luxury Goods		1.7	%
Consumer Staples Distribution & Retail		1.5	%
Diversified Telecommunication Services		1.4	%
Real Estate Management and Development		1.4	%
Professional Services		1.3	%
Trading Companies and Distributors		1.3	%
Construction and Engineering		1.2	%
Electronic Equipment, Instruments & Components		1.2	%
Hotels, Restaurants & Leisure		1.2	%
Household Durables		1.2	%
Automobile Components		1.1	%
Specialty Retail		1.1	%
Electric Utilities		1.0	%
Health Care Equipment and Supplies		1.0	%
Building Products		0.9	%
Electrical Equipment		0.9	%
IT Services		0.9	%
Software		0.9	%
Beverages		0.8	%
Commercial Services & Supplies		0.8	%
Aerospace & Defense		0.7	%
Ground Transportation		0.7	%
Industrial Conglomerates		0.7	%
Wireless Telecommunication Services		0.7	%
Broadline Retail		0.6	%
Construction Materials		0.6	%
Financial Services		0.6	%
Media		0.6	%
Air Freight and Logistics		0.5	%
Health Care Providers and Services		0.5	%

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

M International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Summary of Industry Classifications (Unaudited)	Percentage of Net Assets
Personal Care Products		0.5	%
Containers and Packaging		0.4	%
Entertainment		0.4	%
Independent Power and Renewable Electricity Producers		0.4	%
Marine Transportation		0.4	%
Multi-Utilities		0.4	%
Biotechnology		0.3	%
Energy Equipment and Services		0.3	%
Gas Utilities		0.3	%
Life Sciences Tools and Services		0.3	%
Paper and Forest Products		0.3	%
Tobacco		0.3	%
Transportation Infrastructure		0.3	%
Communications Equipment		0.2	%
Consumer Finance		0.2	%
Household Products		0.2	%
Interactive Media & Services		0.2	%
Leisure Equipment and Products		0.2	%
Passenger Airlines		0.2	%
Technology Hardware, Storage & Peripherals		0.2	%
Distributors		0.1	%
Diversified Consumer Services		0.1	%
Health Care Technology		0.1	%
Water Utilities		0.1	%
Short-Term Investments		1.4	%
Total		100.4	%

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

M Large Cap Growth Fund

SCHEDULE OF INVESTMENTS

December 31, 2023

Shares			Value (Note 1)
		COMMON STOCKS—99.4%
		Beverages—1.9%
	80,800	Monster Beverage Corp.*	$	4,654,888
		Biotechnology—2.6%
	47,200	Neurocrine Biosciences, Inc.*		6,219,072
		Broadline Retail—6.1%
	96,300	Amazon.com, Inc.*		14,631,822
		Capital Markets—2.6%
	91,600	Charles Schwab Corp.		6,302,080
		Chemicals—2.0%
	11,800	Linde PLC		4,846,378
		Communications Equipment—5.4%
	55,075	Arista Networks, Inc.*		12,970,713
		Financial Services—10.5%
	62,900	Fiserv, Inc.*		8,355,636
	16,300	Mastercard, Inc., Class A		6,952,113
	39,000	Visa, Inc., Class A		10,153,650
				25,461,399
		Health Care Equipment and Supplies—3.4%
	142,130	Boston Scientific Corp.*		8,216,535
		Hotels, Restaurants & Leisure—3.0%
	3,213	Chipotle Mexican Grill, Inc.*		7,348,002
		Interactive Media & Services—5.1%
	87,850	Alphabet, Inc., Class A*		12,271,766

Shares			Value (Note 1)
		IT Services—9.0%
	32,700	Accenture PLC, Class A	$	11,474,757
	34,900	EPAM Systems, Inc.*		10,377,166
				21,851,923
		Life Sciences Tools and Services—1.5%
	6,950	Thermo Fisher Scientific, Inc.		3,688,991
		Professional Services—3.8%
	26,050	Automatic Data Processing, Inc.		6,068,869
	15,225	Paycom Software, Inc.		3,147,312
				9,216,181
		Semiconductors and Semiconductor Equipment—12.9%
	12,600	ASML Holding NV, Registered		9,537,192
	36,000	Entegris, Inc.		4,313,520
	34,950	NVIDIA Corp.		17,307,939
				31,158,651
		Software—28.7%
	24,050	Adobe, Inc.*		14,348,230
	41,600	Autodesk, Inc.*		10,128,768
	22,700	Intuit, Inc.		14,188,181
	82,020	Microsoft Corp.		30,842,801
				69,507,980
		Specialty Retail—0.9%
	2,300	O'Reilly Automotive, Inc.*		2,185,184
		TOTAL COMMON STOCKS (Cost $151,378,139)		240,531,565

TOTAL INVESTMENTS, AT VALUE—99.4% (Cost $151,378,139)		240,531,565
Other Assets in Excess of Liabilities—0.6%		1,567,997
NET ASSETS—100.0%	$	242,099,562

Notes to the Schedule of Investments:

* Non-income producing security

Percentages indicated are based on net assets.

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

M Large Cap Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

At December 31, 2023, industry sector diversification of the M Large Cap Growth Fund's investments as a percentage of net assets was as follows:

Summary of Sector Classifications (Unaudited)	Percentage of Net Assets
Information Technology		56.0	%
Financials		13.1	%
Consumer Discretionary		10.0	%
Health Care		7.5	%
Communication Services		5.1	%
Industrials		3.8	%
Materials		2.0	%
Consumer Staples		1.9	%
Total		99.4	%

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS

December 31, 2023

Shares			Value (Note 1)
		COMMON STOCKS—98.7%
		Aerospace & Defense—1.3%
	10,151	BWX Technologies, Inc.	$	778,886
	3,378	Curtiss-Wright Corp.		752,585
	73,391	Kratos Defense & Security Solutions, Inc.*		1,489,103
				3,020,574
		Automobile Components—3.1%
	51,371	BorgWarner, Inc.		1,841,650
	76,590	Dana, Inc.		1,118,980
	29,825	Modine Manufacturing Co.*		1,780,552
	119,452	Stoneridge, Inc.*		2,337,676
				7,078,858
		Banks—4.0%
	54,419	Bancorp, Inc.*		2,098,397
	28,378	Citizens Financial Group, Inc.		940,447
	93,791	First BanCorp		1,542,862
	20,524	Pinnacle Financial Partners, Inc.		1,790,103
	17,534	Popular, Inc.		1,439,015
	14,059	Wintrust Financial Corp.		1,303,972
				9,114,796
		Biotechnology—3.9%
	35,116	ACADIA Pharmaceuticals, Inc.*		1,099,482
	14,297	BioMarin Pharmaceutical, Inc.*		1,378,517
	20,956	Exact Sciences Corp.*		1,550,325
	27,447	Halozyme Therapeutics, Inc.*		1,014,441
	10,519	Incyte Corp.*		660,488
	22,033	Natera, Inc.*		1,380,147
	3,244	Sarepta Therapeutics, Inc.*		312,819
	2,580	United Therapeutics Corp.*		567,316
	26,199	Vericel Corp.*		932,946
				8,896,481
		Building Products—3.7%
	25,715	AZEK Co., Inc.*		983,599
	21,086	Builders FirstSource, Inc.*		3,520,097
	11,367	Masonite International Corp.*		962,330
	37,341	Trex Co., Inc.*		3,091,461
				8,557,487
		Capital Markets—2.4%
	37,471	Carlyle Group, Inc.		1,524,695
	6,979	Evercore, Inc., Class A		1,193,758

Shares			Value (Note 1)
		Capital Markets (Continued)
	15,725	Raymond James Financial, Inc.	$	1,753,337
	21,445	TPG, Inc.		925,781
				5,397,571
		Chemicals—2.3%
	18,148	Albemarle Corp.		2,622,023
	70,401	Aspen Aerogels, Inc.*		1,110,928
	22,899	FMC Corp.		1,443,782
				5,176,733
		Commercial Services & Supplies—0.6%
	106,648	Interface, Inc.		1,345,898
		Construction and Engineering—4.2%
	14,057	AECOM		1,299,289
	54,187	Granite Construction, Inc.		2,755,951
	39,609	MasTec, Inc.*		2,999,193
	11,310	Quanta Services, Inc.		2,440,698
				9,495,131
		Construction Materials—2.7%
	16,606	Eagle Materials, Inc.		3,368,361
	73,453	Summit Materials, Inc., Class A*		2,825,002
				6,193,363
		Containers and Packaging—0.7%
	111,991	Pactiv Evergreen, Inc.		1,535,397
		Diversified Consumer Services—0.7%
	91,712	Perdoceo Education Corp.		1,610,463
		Diversified Telecommunication Services—0.6%
	17,261	Cogent Communications Holdings, Inc.		1,312,872
		Electrical Equipment—3.4%
	178,984	Array Technologies, Inc.*		3,006,931
	11,272	EnerSys		1,138,021
	2,096	Hubbell, Inc.		689,437
	78,051	Shoals Technologies Group, Inc., Class A*		1,212,913
	33,538	Vertiv Holdings Co.		1,610,830
				7,658,132

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Electronic Equipment, Instruments & Components—5.9%
	6,467	Belden, Inc.	$	499,576
	46,773	Coherent Corp.*		2,036,029
	9,322	Fabrinet*		1,774,256
	104,299	Flex Ltd.*		3,176,947
	34,424	Jabil, Inc.		4,385,618
	8,932	Rogers Corp.*		1,179,649
	9,176	Sanmina Corp.*		471,371
				13,523,446
		Financial Services—1.5%
	45,989	NMI Holdings, Inc., Class A*		1,364,954
	110,883	Paymentus Holdings, Inc., Class A*		1,981,479
				3,346,433
		Food Products—0.6%
	26,902	Darling Ingredients, Inc.*		1,340,796
		Ground Transportation—3.1%
	34,365	Knight-Swift Transportation Holdings, Inc.		1,981,142
	74,442	RXO, Inc.*		1,731,521
	38,346	XPO, Inc.*		3,358,726
				7,071,389
		Health Care Equipment and Supplies—4.8%
	4,017	Align Technology, Inc.*		1,100,658
	7,339	Cooper Cos., Inc.		2,777,371
	15,360	Hologic, Inc.*		1,097,472
	6,473	Inspire Medical Systems, Inc.*		1,316,802
	11,112	Insulet Corp.*		2,411,082
	32,955	Novocure Ltd.*		492,018
	22,558	Tandem Diabetes Care, Inc.*		667,266
	48,503	Varex Imaging Corp.*		994,311
				10,856,980
		Hotels, Restaurants & Leisure—3.4%
	26,184	Boyd Gaming Corp.		1,639,380
	63,147	Caesars Entertainment, Inc.*		2,960,331
	43,255	Planet Fitness, Inc., Class A*		3,157,615
				7,757,326

Shares			Value (Note 1)
		Industrial REITs—0.8%
	77,688	LXP Industrial Trust	$	770,665
	25,226	STAG Industrial, Inc.		990,373
				1,761,038
		Insurance—1.6%
	4,915	Everest Group Ltd.		1,737,846
	25,030	Trupanion, Inc.†,*		763,665
	16,476	WR Berkley Corp.		1,165,183
				3,666,694
		Interactive Media & Services—0.7%
	90,086	ZoomInfo Technologies, Inc.*		1,665,690
		IT Services—2.4%
	4,605	EPAM Systems, Inc.*		1,369,251
	102,391	Grid Dynamics Holdings, Inc.*		1,364,872
	3,023	MongoDB, Inc.*		1,235,954
	16,229	Okta, Inc.*		1,469,211
				5,439,288
		Leisure Products—0.9%
	109,494	Mattel, Inc.*		2,067,247
		Life Sciences Tools and Services—2.2%
	58,764	Avantor, Inc.*		1,341,582
	7,917	Charles River Laboratories International, Inc.*		1,871,579
	19,073	Qiagen NV*		828,341
	61,191	Sotera Health Co.*		1,031,068
				5,072,570
		Machinery—1.6%
	12,071	Stanley Black & Decker, Inc.		1,184,165
	90,690	Stratasys Ltd.*		1,295,053
	22,987	Symbotic, Inc.†,*		1,179,923
				3,659,141
		Marine Transportation—0.6%
	18,620	Kirby Corp.*		1,461,298
		Media—1.2%
	131,975	Integral Ad Science Holding Corp.*		1,899,120
	103,257	Magnite, Inc.*		964,421
				2,863,541

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Metals and Mining—3.8%
	88,447	ATI, Inc.*	$	4,021,685
	38,885	Carpenter Technology Corp.		2,753,058
	30,818	MP Materials Corp.*		611,738
	43,559	Sigma Lithium Corp.†,*		1,373,415
				8,759,896
		Oil, Gas and Consumable Fuels—3.5%
	27,931	Devon Energy Corp.		1,265,274
	91,988	Navigator Holdings Ltd.		1,338,425
	209,654	Permian Resources Corp.		2,851,295
	65,481	SM Energy Co.		2,535,424
				7,990,418
		Passenger Airlines—3.2%
	43,844	Alaska Air Group, Inc.*		1,712,985
	328,004	Azul SA, ADR*		3,178,359
	252,546	Controladora Vuela Cia de Aviacion SAB de CV, ADR*		2,368,881
				7,260,225
		Pharmaceuticals—2.0%
	19,688	Amphastar Pharmaceuticals, Inc.*		1,217,702
	29,559	Catalent, Inc.*		1,328,086
	5,200	Jazz Pharmaceuticals PLC*		639,600
	38,439	Pacira BioSciences, Inc.*		1,296,932
				4,482,320
		Professional Services—3.2%
	8,914	Equifax, Inc.		2,204,343
	41,049	KBR, Inc.		2,274,525
	206,608	Planet Labs PBC†,*		510,322
	17,728	TransUnion		1,218,091
	67,001	Upwork, Inc.*		996,305
				7,203,586
		Real Estate Management and Development—0.2%
	32,385	DigitalBridge Group, Inc.		568,033
		Residential REITs—0.3%
	39,762	Independence Realty Trust, Inc.		608,359
		Retail REITs—0.2%
	33,066	NETSTREIT Corp.		590,228

Shares			Value (Note 1)
		Semiconductors and Semiconductor Equipment—8.8%
	8,044	Ambarella, Inc.*	$	493,017
	95,006	indie Semiconductor, Inc., Class A†,*		770,499
	27,254	MACOM Technology Solutions Holdings, Inc.*		2,533,259
	11,282	MKS Instruments, Inc.		1,160,579
	3,734	Monolithic Power Systems, Inc.		2,355,332
	23,180	Qorvo, Inc.*		2,610,300
	46,861	Semtech Corp.*		1,026,724
	16,484	SiTime Corp.*		2,012,367
	6,098	SolarEdge Technologies, Inc.†,*		570,773
	42,362	Ultra Clean Holdings, Inc.*		1,446,239
	9,572	Universal Display Corp.		1,830,741
	75,104	Wolfspeed, Inc.†,*		3,267,775
				20,077,605
		Software—2.1%
	19,438	Envestnet, Inc.*		962,570
	13,141	Guidewire Software, Inc.*		1,432,894
	1,961	HubSpot, Inc.*		1,138,439
	1,042	Tyler Technologies, Inc.*		435,681
	85,095	Zuora, Inc., Class A*		799,893
				4,769,477
		Specialty Retail—0.7%
	29,906	Chewy, Inc., Class A*		706,679
	121,831	Leslie's, Inc.*		841,852
				1,548,531
		Technology Hardware, Storage & Peripherals—0.5%
	31,833	Pure Storage, Inc., Class A*		1,135,165
		Trading Companies and Distributors—5.3%
	44,589	Beacon Roofing Supply, Inc.*		3,880,135
	66,360	FTAI Aviation Ltd.		3,079,104
	15,914	GMS, Inc.*		1,311,791
	346,129	MRC Global, Inc.*		3,810,880
				12,081,910
		TOTAL COMMON STOCKS (Cost $165,774,089)		225,022,386

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			7-Day Yield			Value (Note 1)
		SHORT-TERM INVESTMENTS—1.0%
	2,132,506	State Street Navigator Securities Lending Government Money Market Portfolio (Cost $2,132,506)††		5.40	%	$	2,132,506
		TOTAL INVESTMENTS, AT VALUE—99.7% (Cost $167,906,595)					227,154,892
		Other Assets in Excess of Liabilities—0.3%					796,812
		NET ASSETS—100.0%				$	227,951,704

Notes to the Schedule of Investments:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

* Non-income producing security

† Denotes all or a portion of security on loan. As of December 31, 2023, the market value of the securities on loan was $6,817,273 (Note 1).

†† Represents collateral received from securities lending transactions. Non-cash collateral amounted to $5,078,709.

Percentages indicated are based on net assets.

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

M Capital Appreciation Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

At December 31, 2023, industry sector diversification of the M Capital Appreciation Fund's investments as a percentage of net assets was as follows:

Summary of Sector Classifications (Unaudited)	Percentage of Net Assets
Industrials		30.2	%
Information Technology		19.7	%
Health Care		12.9	%
Materials		9.5	%
Financials		9.4	%
Consumer Discretionary		8.8	%
Energy		3.5	%
Communication Services		2.6	%
Real Estate		1.5	%
Consumer Staples		0.6	%
Short-Term Investments		1.0	%
Total		99.7	%

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

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS

December 31, 2023

Shares			Value (Note 1)
		COMMON STOCKS—98.6%
		Aerospace & Defense—1.7%
	500	Huntington Ingalls Industries, Inc.	$	129,820
	1,600	L3Harris Technologies, Inc.		336,992
	3,300	Lockheed Martin Corp.		1,495,692
	3,800	Textron, Inc.		305,596
				2,268,100
		Air Freight and Logistics—0.6%
	3,500	FedEx Corp.		885,395
		Automobile Components—0.1%
	800	Lear Corp.		112,968
		Automobiles—1.1%
	66,100	Ford Motor Co.		805,759
	19,600	General Motors Co.		704,032
				1,509,791
		Banks—8.6%
	64,700	Bank of America Corp.		2,178,449
	24,900	Citigroup, Inc.		1,280,856
	3,800	Citizens Financial Group, Inc.		125,932
	500	Cullen/Frost Bankers, Inc.		54,245
	11,800	Huntington Bancshares, Inc.		150,096
	40,600	JPMorgan Chase & Co.		6,906,060
	7,700	KeyCorp.		110,880
	1,400	M&T Bank Corp.		191,912
	3,300	PNC Financial Services Group, Inc.		511,005
	1,500	Webster Financial Corp.		76,140
				11,585,575
		Beverages—0.2%
	100	Coca-Cola Consolidated, Inc.		92,840
	2,799	Molson Coors Beverage Co., Class B		171,327
				264,167
		Biotechnology—5.6%
	23,200	AbbVie, Inc.		3,595,304
	7,300	Amgen, Inc.		2,102,546
	1,900	Biogen, Inc.*		491,663
	17,300	Gilead Sciences, Inc.		1,401,473
				7,590,986
		Broadline Retail—0.2%
	6,900	eBay, Inc.		300,978

Shares			Value (Note 1)
		Building Products—1.4%
	1,100	Allegion PLC	$	139,359
	2,000	Builders FirstSource, Inc.*		333,880
	700	Carlisle Cos., Inc.		218,701
	1,800	Fortune Brands Innovations, Inc.		137,052
	8,800	Johnson Controls International PLC		507,232
	4,400	Masco Corp.		294,712
	1,800	Owens Corning		266,814
	500	UFP Industries, Inc.		62,775
				1,960,525
		Capital Markets—5.2%
	1,400	Ameriprise Financial, Inc.		531,762
	11,600	Bank of New York Mellon Corp.		603,780
	4,700	Carlyle Group, Inc.		191,243
	4,600	Goldman Sachs Group, Inc.		1,774,542
	3,700	Invesco Ltd.		66,008
	1,700	Jefferies Financial Group, Inc.		68,697
	1,000	LPL Financial Holdings, Inc.		227,620
	23,400	Morgan Stanley		2,182,050
	1,700	Northern Trust Corp.		143,446
	2,700	Raymond James Financial, Inc.		301,050
	5,700	Robinhood Markets, Inc., Class A*		72,618
	800	SEI Investments Co.		50,840
	4,800	State Street Corp.		371,808
	1,400	Stifel Financial Corp.		96,810
	3,000	T. Rowe Price Group, Inc.		323,070
				7,005,344
		Chemicals—1.0%
	1,600	CF Industries Holdings, Inc.		127,200
	9,300	Dow, Inc.		510,012
	1,600	Eastman Chemical Co.		143,712
	4,485	LyondellBasell Industries NV, Class A		426,434
	1,850	Olin Corp.		99,807
				1,307,165
		Communications Equipment—2.2%
	56,900	Cisco Systems, Inc.		2,874,588
	4,200	Juniper Networks, Inc.		123,816
				2,998,404
		Construction Materials—0.1%
	500	Eagle Materials, Inc.		101,420

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

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Consumer Finance—2.5%
	3,900	Ally Financial, Inc.	$	136,188
	10,200	American Express Co.		1,910,868
	4,900	Capital One Financial Corp.		642,488
	3,900	Discover Financial Services		438,360
	6,100	Synchrony Financial		232,959
				3,360,863
		Consumer Staples Distribution & Retail—0.6%
	1,000	BJ's Wholesale Club Holdings, Inc.*		66,660
	9,700	Kroger Co.		443,387
	4,100	Sysco Corp.		299,833
				809,880
		Containers and Packaging—0.7%
	1,600	Berry Global Group, Inc.		107,824
	2,300	Crown Holdings, Inc.		211,807
	4,200	Graphic Packaging Holding Co.		103,530
	4,500	International Paper Co.		162,675
	1,500	Packaging Corp. of America		244,365
	1,200	Sonoco Products Co.		67,044
				897,245
		Diversified Consumer Services—0.2%
	1,100	H&R Block, Inc.		53,207
	2,900	Service Corp. International		198,505
				251,712
		Diversified Telecommunication Services—2.2%
	54,800	AT&T, Inc.		919,544
	54,300	Verizon Communications, Inc.		2,047,110
				2,966,654
		Electric Utilities—1.5%
	3,300	Alliant Energy Corp.		169,290
	10,300	Duke Energy Corp.		999,512
	4,600	Edison International		328,854
	2,752	OGE Energy Corp.		96,127
	1,549	Pinnacle West Capital Corp.		111,280
	10,200	PPL Corp.		276,420
				1,981,483
		Electrical Equipment—0.1%
	500	Regal Rexnord Corp.		74,010

Shares			Value (Note 1)
		Electronic Equipment, Instruments & Components—0.7%
	1,200	Arrow Electronics, Inc.*	$	146,700
	11,600	Corning, Inc.		353,220
	2,500	Jabil, Inc.		318,500
	1,200	TD SYNNEX Corp.		129,132
				947,552
		Energy Equipment and Services—0.4%
	11,600	Halliburton Co.		419,340
	3,200	NOV, Inc.		64,896
				484,236
		Financial Services—1.1%
	5,800	Equitable Holdings, Inc.		193,140
	7,044	Fiserv, Inc.*		935,725
	3,400	Global Payments, Inc.		431,800
				1,560,665
		Food Products—1.1%
	9,300	Archer-Daniels-Midland Co.		671,646
	1,300	Bunge Global SA		131,235
	900	Ingredion, Inc.		97,677
	16,900	Kraft Heinz Co.		624,962
				1,525,520
		Ground Transportation—1.0%
	500	Avis Budget Group, Inc.		88,630
	25,900	CSX Corp.		897,953
	2,200	Knight-Swift Transportation Holdings, Inc.		126,830
	2,600	U-Haul Holding Co. NV		183,144
	200	U-Haul Holding Co.†,*		14,360
				1,310,917
		Health Care Equipment and Supplies—0.7%
	10,900	Medtronic PLC		897,942
		Health Care Providers and Services—7.2%
	3,662	Cardinal Health, Inc.		369,129
	3,400	Cencora, Inc.		698,292
	4,400	Centene Corp.*		326,524
	4,600	Cigna Group		1,377,470
	10,500	CVS Health Corp.		829,080
	1,200	DaVita, Inc.*		125,712

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

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Health Care Providers and Services (Continued)
	4,200	Elevance Health, Inc.	$	1,980,552
	5,600	HCA Healthcare, Inc.		1,515,808
	1,800	Henry Schein, Inc.*		136,278
	1,600	Laboratory Corp. of America Holdings		363,664
	2,700	McKesson Corp.		1,250,046
	500	Molina Healthcare, Inc.*		180,655
	2,300	Quest Diagnostics, Inc.		317,124
	1,100	Tenet Healthcare Corp.*		83,127
	1,200	Universal Health Services, Inc., Class B		182,928
				9,736,389
		Hotels, Restaurants & Leisure—0.1%
	1,349	Boyd Gaming Corp.		84,461
		Household Durables—1.8%
	6,200	DR Horton, Inc.		942,276
	4,600	Lennar Corp., Class A		685,584
	30	NVR, Inc.*		210,013
	4,500	PulteGroup, Inc.		464,490
	800	Toll Brothers, Inc.		82,232
	300	TopBuild Corp.*		112,278
				2,496,873
		Independent Power and Renewable Electricity Producers—0.2%
	5,800	Vistra Corp.		223,416
		Insurance—6.3%
	9,200	Aflac, Inc.		759,000
	1,000	American Financial Group, Inc.		118,890
	9,200	American International Group, Inc.		623,300
	5,300	Arch Capital Group Ltd.*		393,631
	700	Assurant, Inc.		117,943
	6,000	Chubb Ltd.		1,356,000
	2,200	Cincinnati Financial Corp.		227,612
	3,700	Fidelity National Financial, Inc.		188,774
	1,300	First American Financial Corp.		83,772
	1,200	Globe Life, Inc.		146,064
	4,600	Hartford Financial Services Group, Inc.		369,748
	3,500	Loews Corp.		243,565
	150	Markel Group, Inc.*		212,985
	11,800	MetLife, Inc.		780,334
	4,000	Old Republic International Corp.		117,600
	400	Primerica, Inc.		82,304
	3,600	Principal Financial Group, Inc.		283,212

Shares			Value (Note 1)
		Insurance (Continued)
	5,100	Prudential Financial, Inc.	$	528,921
	900	Reinsurance Group of America, Inc.		145,602
	6,000	Travelers Cos., Inc.		1,142,940
	2,700	Unum Group		122,094
	800	Willis Towers Watson PLC		192,960
	3,650	WR Berkley Corp.		258,128
				8,495,379
		IT Services—1.8%
	6,500	Cognizant Technology Solutions Corp., Class A		490,945
	11,000	International Business Machines Corp.		1,799,050
	1,500	Twilio, Inc., Class A*		113,805
				2,403,800
		Leisure Products—0.1%
	1,200	Brunswick Corp.		116,100
	2,700	Mattel, Inc.*		50,976
				167,076
		Machinery—4.8%
	950	AGCO Corp.		115,340
	6,600	Caterpillar, Inc.		1,951,422
	1,900	Cummins, Inc.		455,183
	3,800	Deere & Co.		1,519,506
	1,800	Dover Corp.		276,858
	700	Middleby Corp.*		103,019
	800	Oshkosh Corp.		86,728
	7,222	PACCAR, Inc.		705,228
	1,700	Parker-Hannifin Corp.		783,190
	2,200	Pentair PLC		159,962
	800	Snap-on, Inc.		231,072
	800	Timken Co.		64,120
				6,451,628
		Media—2.8%
	1,200	Charter Communications, Inc., Class A*		466,416
	60,600	Comcast Corp., Class A		2,657,310
	5,700	Fox Corp., Class A		169,119
	5,400	Interpublic Group of Cos., Inc.		176,256
	3,600	Omnicom Group, Inc.		311,436
				3,780,537
		Metals and Mining—1.4%
	6,600	Cleveland-Cliffs, Inc.*		134,772
	700	Commercial Metals Co.		35,028

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

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Metals and Mining (Continued)
	5,100	Nucor Corp.	$	887,604
	1,000	Reliance Steel & Aluminum Co.		279,680
	3,500	Steel Dynamics, Inc.		413,350
	3,100	U.S. Steel Corp.		150,815
				1,901,249
		Multi-Utilities—1.3%
	5,700	CenterPoint Energy, Inc.		162,849
	4,500	Consolidated Edison, Inc.		409,365
	8,700	Public Service Enterprise Group, Inc.		532,005
	8,600	Sempra		642,678
				1,746,897
		Oil, Gas and Consumable Fuels—12.9%
	2,200	Antero Resources Corp.*		49,896
	4,500	APA Corp.		161,460
	3,100	Cheniere Energy, Inc.		529,201
	24,169	Chevron Corp.		3,605,048
	300	Chord Energy Corp.		49,869
	17,100	ConocoPhillips		1,984,797
	9,800	Coterra Energy, Inc.		250,096
	9,700	EOG Resources, Inc.		1,173,215
	52,800	Exxon Mobil Corp.		5,278,945
	31,000	Kinder Morgan, Inc.		546,840
	9,535	Marathon Oil Corp.		230,366
	5,100	Marathon Petroleum Corp.		756,636
	1,100	Murphy Oil Corp.		46,926
	1,700	New Fortress Energy, Inc.†		64,141
	12,500	Occidental Petroleum Corp.		746,375
	5,800	Phillips 66		772,212
	3,100	Range Resources Corp.		94,364
	14,200	Southwestern Energy Co.*		93,010
	5,400	Valero Energy Corp.		702,000
	9,900	Williams Cos., Inc.		344,817
				17,480,214
		Passenger Airlines—0.1%
	5,300	Delta Air Lines, Inc.		213,219
		Pharmaceuticals—4.9%
	19,700	Johnson & Johnson		3,087,778
	30,400	Merck & Co., Inc.		3,314,208
	15,500	Viatris, Inc.		167,865
				6,569,851

Shares			Value (Note 1)
		Professional Services—0.3%
	200	CACI International, Inc., Class A*	$	64,772
	1,899	Leidos Holdings, Inc.		205,548
	1,400	Robert Half, Inc.		123,088
	300	Science Applications International Corp.		37,296
				430,704
		Real Estate Management and Development—0.1%
	400	Jones Lang LaSalle, Inc.*		75,548
		Semiconductors and Semiconductor Equipment—4.7%
	11,600	Applied Materials, Inc.		1,880,012
	4,400	Microchip Technology, Inc.		396,792
	15,000	Micron Technology, Inc.		1,280,100
	4,800	ON Semiconductor Corp.*		400,944
	15,400	QUALCOMM, Inc.		2,227,302
	2,200	Skyworks Solutions, Inc.		247,324
				6,432,474
		Software—0.1%
	5,200	Gen Digital, Inc.		118,664
		Specialty Retail—2.8%
	1,300	AutoNation, Inc.*		195,234
	3,100	Best Buy Co., Inc.		242,668
	500	Dick's Sporting Goods, Inc.		73,475
	400	Lithia Motors, Inc.		131,712
	12,400	Lowe's Cos., Inc.		2,759,620
	300	Murphy USA, Inc.		106,968
	1,000	Penske Automotive Group, Inc.		160,510
	900	Williams-Sonoma, Inc.		181,602
				3,851,789
		Technology Hardware, Storage & Peripherals—1.1%
	3,300	Dell Technologies, Inc., Class C		252,450
	21,900	Hewlett Packard Enterprise Co.		371,862
	21,700	HP, Inc.		652,953
	2,700	NetApp, Inc.		238,032
				1,515,297

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

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

Shares			Value (Note 1)
		Textiles, Apparel and Luxury Goods—0.2%
	1,200	Levi Strauss & Co., Class A	$	19,848
	649	Ralph Lauren Corp.		93,586
	1,800	Skechers USA, Inc., Class A*		112,212
				225,646
		Tobacco—2.1%
	24,300	Altria Group, Inc.		980,262
	20,500	Philip Morris International, Inc.		1,928,640
				2,908,902

Shares			Value (Note 1)
		Trading Companies and Distributors—0.7%
	2,600	Ferguson PLC	$	501,982
	900	United Rentals, Inc.		516,078
				1,018,060
		TOTAL COMMON STOCKS (Cost $106,268,060)		133,287,570
		EXCHANGE-TRADED FUND—0.8%
	6,200	iShares Russell 1000 Value ETF† (Cost $985,712)		1,024,550

		7-Day Yield
	SHORT-TERM INVESTMENTS—0.0%
57,378	State Street Navigator Securities Lending Government Money Market Portfolio (Cost $57,378)††		5.40	%		57,378
	TOTAL SHORT-TERM INVESTMENTS (Cost $57,378)					57,378
	TOTAL INVESTMENTS, AT VALUE—99.4% (Cost $107,311,150)					134,369,498
	Other Assets in Excess of Liabilities—0.6%					860,069
	NET ASSETS—100.0%				$	135,229,567

Notes to the Schedule of Investments:

* Non-income producing security

† Denotes all or a portion of security on loan. As of December 31, 2023, the market value of the securities on loan was $224,173 (Note 1).

†† Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $172,579.

Percentages indicated are based on net assets.

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

M Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

December 31, 2023

At December 31, 2023, industry sector diversification of the M Large Cap Value Fund's investments as a percentage of net assets was as follows:

Summary of Sector Classifications (Unaudited)	Percentage of Net Assets
Financials		24.4	%
Health Care		18.3	%
Energy		13.3	%
Industrials		10.8	%
Information Technology		10.7	%
Consumer Discretionary		6.7	%
Communication Services		5.0	%
Consumer Staples		4.1	%
Materials		3.1	%
Utilities		2.9	%
Real Estate		0.1	%
Short-Term Investments		0.0	%
Total		99.4	%

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

M Fund, Inc.

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023

	M International Equity Fund			M Large Cap Growth Fund		M Capital Appreciation Fund		M Large Cap Value Fund
Assets:
Investments, at value (Note 1)/*—see accompanying Schedule of Investments	$	166,993,655		$	240,531,565	$	227,154,892	$	134,369,498
Affiliated investment company, at value (Note 1)***—see accompanying Schedule of Investments		66,590,420			—		—		—
Cash (Note 1)		984,649			1,749,463		3,446,663		863,598
Cash denominated in foreign currencies****		813,964			—		—		—
Receivable from:
Securities sold		14,954			—		—		—
Capital stock subscriptions		9,588			35,812		39,292		17,660
Dividends and interest		205,718			44,121		118,324		177,358
Dividend tax reclaim receivable		454,160			—		—		—
Total assets		236,067,108			242,360,961		230,759,171		135,428,114
Liabilities:
Payable for:
Capital stock redemptions		6,663			53,645		24,178		24,024
Investment Adviser, net (Note 2)		3,235			116,307		149,907		48,634
Securities purchased		—			—		410,330		—
Payable upon return of securities loaned (Note 1)		3,223,110			—		2,132,506		57,378
Accrued expenses and other liabilities		124,163			91,447		90,546		68,511
Total liabilities		3,357,171			261,399		2,807,467		198,547
Net assets	$	232,709,937		$	242,099,562	$	227,951,704	$	135,229,567
Net assets consist of:
Paid-in capital	$	267,996,871		$	152,999,376	$	172,421,608	$	108,445,033
Accumulated earnings (losses)		(35,286,934	)		89,100,186		55,530,096		26,784,534
Net assets	$	232,709,937		$	242,099,562	$	227,951,704	$	135,229,567
Shares outstanding#		17,125,746			8,331,885		9,330,571		9,218,745
Net asset value, offering price and redemption price per share	$	13.59		$	29.06	$	24.43	$	14.67
* Cost of investments	$	148,656,751		$	151,378,139	$	167,906,595	$	107,311,150
** Includes securities on loan with market values of	$	8,295,112		$	—	$	6,817,273	$	224,173
*** Cost of affiliated investment	$	58,263,971		$	—	$	—	$	—
**** Cost of cash denominated in foreign currencies	$	800,499		$	—	$	—	$	—

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

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

M Fund, Inc.

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2023

	M International Equity Fund			M Large Cap Growth Fund			M Capital Appreciation Fund			M Large Cap Value Fund
Investment income:
Dividends-Unaffiliated*	$	5,071,451		$	1,126,538		$	1,450,730		$	3,754,078
Dividends-Affiliated		2,332,444			—			—			—
Securities lending income, net of rebates received or paid to borrowers		46,424			—			72,504			806
Total investment income		7,450,319			1,126,538			1,523,234			3,754,884
Expenses:
Investment advisory fee (Note 2)		692,788			1,280,388			1,700,930			564,917
Custody, fund accounting, transfer agent and administration fees		468,584			225,154			228,654			164,904
Professional fees		121,154			45,488			42,820			36,667
Directors' fees and expenses		49,435			48,998			45,865			29,701
Compliance expenses		27,547			27,746			25,097			15,470
Printing and shareholder reporting		15,037			14,317			13,741			10,278
Other		52,609			50,670			48,219			33,392
Total expenses		1,427,154			1,692,761			2,105,326			855,329
Less: Expenses waived/reimbursed by the Adviser (Note 2)		(184,781	)		—			—			—
Net expenses		1,242,373			1,692,761			2,105,326			855,329
Net investment income (loss)		6,207,946			(566,223	)		(582,092	)		2,899,555
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Unaffiliated investment transactions		4,981,676			10,556,179			11,059,020			285,816
Affiliated investment transactions		(783,454	)		—			—			—
Foreign currency transactions		(13,792	)		—			—			—
Net realized gain		4,184,430			10,556,179			11,059,020			285,816
Net change in unrealized appreciation on:
Unaffiliated investments		14,719,613			51,050,273			33,524,614			6,333,328
Affiliated investments		7,474,224			—			—			—
Foreign currency translation		40,507			—			—			—
Net change in unrealized appreciation		22,234,344			51,050,273			33,524,614			6,333,328
Net realized and unrealized gain		26,418,774			61,606,452			44,583,634			6,619,144
Net increase in net assets resulting from operations	$	32,626,720		$	61,040,229		$	44,001,542		$	9,518,699
* Net of foreign taxes withheld of:	$	538,335		$	11,983		$	9,811		$	—

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

M Fund, Inc.

STATEMENTS OF CHANGES IN NET ASSETS

	M International Equity Fund						M Large Cap Growth Fund
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (decrease) in net assets from:
Operations:
Net investment income (loss)	$	6,207,946		$	6,233,608		$	(566,223	)	$	(414,686	)
Net realized gain on investments and foreign currency transactions		4,184,430			3,317,214			10,556,179			11,718,001
Net change in unrealized appreciation (depreciation) on investments and foreign currency		22,234,344			(44,502,720	)		51,050,273			(80,020,780	)
Net increase (decrease) in net assets resulting from operations		32,626,720			(34,951,898	)		61,040,229			(68,717,465	)
Distributions to shareholders		(6,628,964	)		(5,758,465	)		(12,296,559	)		(16,765,613	)
Total distributions to shareholders		(6,628,964	)		(5,758,465	)		(12,296,559	)		(16,765,613	)
Fund share transactions (Note 4):
Proceeds from shares sold		29,900,567			24,752,434			16,116,308			17,265,274
Net asset value of shares issued on reinvestment of distributions		6,628,964			5,758,465			12,296,559			16,765,613
Cost of shares repurchased		(36,445,506	)		(26,893,171	)		(36,301,428	)		(20,388,782	)
Net increase (decrease) in net assets resulting from Fund share transactions		84,025			3,617,728			(7,888,561	)		13,642,105
Total change in net assets		26,081,781			(37,092,635	)		40,855,109			(71,840,973	)
Net assets:
Beginning of year		206,628,156			243,720,791			201,244,453			273,085,426
End of year	$	232,709,937		$	206,628,156		$	242,099,562		$	201,244,453

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

M Fund, Inc.

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	M Capital Appreciation Fund						M Large Cap Value Fund
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (decrease) in net assets from:
Operations:
Net investment income (loss)	$	(582,092	)	$	(674,004	)	$	2,899,555		$	2,701,500
Net realized gain on investments and foreign currency transactions		11,059,020			13,168,890			285,816			6,620,475
Net change in unrealized appreciation (depreciation) on investments and foreign currency		33,524,614			(54,691,157	)		6,333,328			(11,546,143	)
Net increase (decrease) in net assets resulting from operations		44,001,542			(42,196,271	)		9,518,699			(2,224,168	)
Distributions to shareholders		(14,905,571	)		(16,315,676	)		(4,895,369	)		(8,800,255	)
Total distributions to shareholders		(14,905,571	)		(16,315,676	)		(4,895,369	)		(8,800,255	)
Fund share transactions (Note 4):
Proceeds from shares sold		15,701,087			10,439,054			15,766,828			14,697,091
Net asset value of shares issued on reinvestment of distributions		14,905,571			16,315,676			4,895,369			8,800,255
Cost of shares repurchased		(19,781,009	)		(12,970,943	)		(22,012,021	)		(15,522,899	)
Net increase (decrease) in net assets resulting from Fund share transactions		10,825,649			13,783,787			(1,349,824	)		7,974,447
Total change in net assets		39,921,620			(44,728,160	)		3,273,506			(3,049,976	)
Net assets:
Beginning of year		188,030,084			232,758,244			131,956,061			135,006,037
End of year	$	227,951,704		$	188,030,084		$	135,229,567		$	131,956,061

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
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Net asset value, beginning of year	$	12.06		$	14.45		$	13.33		$	12.42		$	10.60
Income from investment operations:
Net investment income‡		0.37			0.37			0.32			0.20			0.27
Net realized and unrealized gain (loss) on investments		1.56			(2.41	)		1.15			0.90			1.88
Total from investment operations		1.93			(2.04	)		1.47			1.10			2.15
Less distributions to shareholders:
From net investment income		(0.40	)		(0.35	)		(0.35	)		(0.19	)		(0.30	)
From return of capital		—			—			(0.00	)*		—			(0.03	)
Total distributions		(0.40	)		(0.35	)		(0.35	)		(0.19	)		(0.33	)
Net asset value, end of year	$	13.59		$	12.06		$	14.45		$	13.33		$	12.42
Total Return⁺		16.00	%		(14.16	)%		11.05	%		8.90	%		20.32	%
Ratios/Supplemental Data:
Net assets, end of year (000's)	$	232,710		$	206,628		$	243,721		$	209,926		$	195,973
Net expenses to average daily net assets•		0.57	%		0.56	%		0.57	%		0.62	%		0.63	%
Net investment income to average daily net assets•		2.82	%		2.89	%		2.20	%		1.77	%		2.34	%
Without the waiver/reimbursement of expenses by the adviser, the ratios of net expenses and net investment income to average daily net assets would have been:
Expenses•		0.65	%		0.63	%		0.58	%		0.65	%		0.68	%
Net investment income•		2.74	%		2.82	%		2.19	%		1.74	%		2.30	%
Portfolio turnover rate		23	%		18	%		9	%		10	%		13	%

‡ Calculation based on average shares outstanding.

* Represents amounts less than $0.005 per share.

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

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

The 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
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Net asset value, beginning of year	$	23.19		$	33.87		$	33.48		$	29.33		$	22.85
Income from investment operations:
Net investment loss‡		(0.07	)		(0.05	)		(0.14	)		(0.12	)		(0.07	)
Net realized and unrealized gain (loss) on investments		7.48			(8.58	)		7.32			8.46			8.31
Total from investment operations		7.41			(8.63	)		7.18			8.34			8.24
Less distributions to shareholders:
From net realized capital gains		(1.54	)		(2.05	)		(6.79	)		(4.19	)		(1.76	)
Net asset value, end of year	$	29.06		$	23.19		$	33.87		$	33.48		$	29.33
Total Return⁺		32.04	%		(25.41	)%		21.49	%		28.89	%		36.09	%
Ratios/Supplemental Data:
Net assets, end of year (000's)	$	242,100		$	201,244		$	273,085		$	236,022		$	210,615
Net expenses to average daily net assets		0.77	%		0.76	%		0.75	%		0.78	%		0.77	%
Net investment loss to average daily net assets		(0.26	)%		(0.19	)%		(0.37	)%		(0.38	)%		(0.25	)%
Portfolio turnover rate		32	%		37	%		32	%		31	%		22	%

‡ Calculation based on average shares outstanding.

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
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Net asset value, beginning of year	$	21.14		$	28.30		$	28.77		$	25.05		$	21.14
Income from investment operations:
Net investment loss‡		(0.07	)		(0.08	)		(0.15	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss) on investments		5.06			(5.11	)		5.24			4.35			6.11
Total from investment operations		4.99			(5.19	)		5.09			4.31			6.07
Less distributions to shareholders:
From net investment income		(0.11	)		—			—			—			—
From net realized capital gains		(1.59	)		(1.97	)		(5.56	)		(0.59	)		(2.16	)
Total distributions		(1.70	)		(1.97	)		(5.56	)		(0.59	)		(2.16	)
Net asset value, end of year	$	24.43		$	21.14		$	28.30		$	28.77		$	25.05
Total Return⁺		23.56	%		(18.14	)%		17.74	%		17.73	%		28.85	%
Ratios/Supplemental Data:
Net assets, end of year (000's)	$	227,952		$	188,030		$	232,758		$	214,291		$	181,375
Net expenses to average daily net assets		1.02	%		1.05	%		1.04	%		1.10	%		1.10	%
Net investment loss to average daily net assets		(0.28	)%		(0.34	)%		(0.46	)%		(0.19	)%		(0.15	)%
Portfolio turnover rate		31	%		27	%		38	%		32	%		20	%

‡ Calculation based on average shares outstanding.

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
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Net asset value, beginning of year	$	14.15		$	15.39		$	12.02		$	12.80		$	11.06
Income from investment operations:
Net investment income‡		0.31			0.31			0.24			0.23			0.22
Net realized and unrealized gain (loss) on investments		0.75			(0.55	)		3.37			(0.66	)		2.16
Total from investment operations		1.06			(0.24	)		3.61			(0.43	)		2.38
Less distributions to shareholders:
From net investment income		(0.32	)		(0.31	)		(0.24	)		(0.22	)		(0.22	)
From net realized capital gains		(0.22	)		(0.69	)		—			(0.13	)		(0.42	)
Total distributions		(0.54	)		(1.00	)		(0.24	)		(0.35	)		(0.64	)
Net asset value, end of year	$	14.67		$	14.15		$	15.39		$	12.02		$	12.80
Total Return⁺		7.61	%		(1.45	)%		30.01	%		(3.16	)%		21.52	%
Ratios/Supplemental Data:
Net assets, end of year (000's)	$	135,230		$	131,956		$	135,006		$	97,885		$	99,890
Net expenses to average daily net assets		0.65	%		0.63	%		0.65	%		0.68	%		0.68	%
Net investment income to average daily net assets		2.21	%		2.08	%		1.67	%		2.09	%		1.73	%
Without the waiver/reimbursement of expenses by the adviser, the ratios of net expenses and net investment income to average daily net assets would have been:
Expenses		N/A			N/A			N/A			0.72	%		0.69	%
Net investment income		N/A			N/A			N/A			2.06	%		1.72	%
Portfolio turnover rate		48	%		48	%		61	%		157	%?		107	%

‡ Calculation based on average shares outstanding.

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

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

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS

M Fund, Inc. (the "Corporation") was incorporated in Maryland on August 11, 1995 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of December 31, 2023, the Corporation consisted of four separate diversified investment portfolios: M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund (each singularly a "Fund" or collectively the "Funds"), each of which is a separate mutual fund.

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

M International Equity Fund

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

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

The Fund's increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Fund's assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the Non-U.S. Universe. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, 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 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.

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

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 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. 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

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

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

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

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

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

In its stock valuation work, DSM focuses primarily on P/E ratios. P/E is the ratio of a company's share price to its per-share earnings. DSM will generally only buy a stock that it believes has a forward four-quarter P/E ratio that will rise over the next three years. To accomplish this, a target P/E ratio that DSM believes is reasonable and rational and is reflective of a fair valued stock three years from now is selected. DSM will typically buy when the company's stock clears two hurdles: 1. it must have attractive fundamental business characteristics that translate into a reasonably predictable and growing stream of earnings and 2. it must have a P/E on forward four quarters earnings that is normally 8% to 10% below the target P/E three years from the calculation point. In order to determine a target P/E, DSM takes into consideration a number of qualitative and quantitative factors. Among the qualitative factors are barriers to entry, number of competitors, economic cyclicality, customer loyalty, price competition, global reach, government involvement and management quality. Among the quantitative factors are historic revenue and EPS growth, projected revenue and EPS growth, margins, return on assets, return on equity, capital expenditures relative to net income and the historic range of P/E over the last five years. Once a target P/E has been agreed upon, it may occasionally be adjusted. Additionally, Environmental, Social, and Governance ("ESG") is an important part of DSM's investment process and is fully integrated into its stock selection, monitoring, and selling processes. DSM assigns a proprietary ESG score to every company that it researches. Scores range from 0 to 10 (with 10 being the best), and DSM utilizes MSCI's ESG Controversies as a starting point to make adjustments to ESG scores across five key categories: environment, customers, human rights / community, labor rights / supply chain, and governance. These categories are then broken down further into over 20 subcategories. Each Analyst/Portfolio Manager at DSM completes in-depth research on ESG issues impacting a company and assigns scores using a consistent in-house methodology. DSM stores all ESG communications and developments in centralized folders so that companies' ESG histories and DSM's ESG activities are available to all Analyst/Portfolio Managers. In addition to weekly updates from MSCI, DSM's investment team utilizes in-depth ongoing monitoring to identify ESG issues not fully captured by MSCI.

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

M Capital Appreciation Fund

M Capital Appreciation Fund principally invests in common stock of U.S. companies of all sizes, with emphasis on stocks of companies with capitalizations that are consistent with the capitalizations of those companies found in the Russell 2500^® Index. As of December 31, 2023, the market capitalization range of companies in the Russell 2500^® Index was between approximately $16.77 million and $22.31 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

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

attractive, new opportunity causes the sale of a current holding with less appreciation potential. Frontier does not sell stocks solely on changes to a company's market capitalization.

M Large Cap Value Fund

M Large Cap Value Fund normally invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, if any, in issuers domiciled, or having their principal activities, in the United States, at the time of investment or other instruments with similar economic characteristics. In addition, the Fund normally invests at 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^® Index. As of December 31, 2023, the market capitalization range of companies in the Index was between approximately $270.2 million to $3.0 trillion. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.

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

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

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

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

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

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

1. Significant Accounting Policies

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

Use of Estimates

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Portfolio Valuation

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

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

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

1. Significant Accounting Policies (Continued)

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

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

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

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

The valuation techniques used by the Funds to measure fair value during the year ended December 31, 2023 maximized the use of observable inputs and minimized the use of unobservable inputs.

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

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

As of December 31, 2023, the M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund, had (i) all long-term investments classified as Level 1, as represented on the Schedule of Investments; and (ii) all short-term investments classified as Level 2.

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

1. Significant Accounting Policies (Continued)

The following is a summary of the inputs used as of December 31, 2023 in valuing the M International Equity Fund investments:

Assets Valuation Input

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Australia	$	11,351,957	$	—	$	—	$	11,351,957
Austria		824,810		—		—		824,810
Belgium		1,883,761		—		—		1,883,761
Canada		17,226,996		—		—		17,226,996
Denmark		4,608,950		—		—		4,608,950
Finland		2,186,431		—		—		2,186,431
France		13,834,207		—		—		13,834,207
Germany		11,142,988		—		—		11,142,988
Hong Kong		3,089,412		—		39		3,089,451
Ireland		841,472		—		—		841,472
Israel		1,589,080		—		—		1,589,080
Italy		4,673,712		—		—		4,673,712
Japan		36,667,894		—		—		36,667,894
Netherlands		5,370,321		—		—		5,370,321
New Zealand		576,832		—		—		576,832
Norway		1,913,883		—		—		1,913,883
Portugal		466,070		—		—		466,070
Singapore		1,667,453		—		—		1,667,453
Spain		3,780,694		—		—		3,780,694
Sweden		5,150,902		—		—		5,150,902
Switzerland		12,784,933		924		—		12,785,857
United Kingdom		21,017,140		—		—		21,017,140
United States		272,333		—		—		272,333
Total Common Stocks		162,922,231		924		39		162,923,194
Affiliated Investment Company
United States		66,590,420		—		—		66,590,420
Warrants
Canada		—		—		—		—

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

1. Significant Accounting Policies (Continued)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Preferred Stocks
Germany	$	804,239	$	—	$	—	$	804,239
Italy		43,112		—		—		43,112
Total Preferred Stock		847,351		—		—		847,351
Short-Term Investments
Investments in Security Lending Collateral		—		3,223,110		—		3,223,110
Total Investments, at Value		230,360,002		3,224,034		39		233,584,075
Total	$	230,360,002	$	3,224,034	$	39	$	233,584,075

At December 31, 2023, Level 2 Common Stocks were priced based on a fair value determination by the Valuation Committee.

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

Investments in Securities	Balance as of December 31, 2022		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers in to Level 3*		Transfers out of Level 3		Balance as of December 31, 2023		Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 12/31/23 for the year ended 12/31/23
Common Stocks	$	—	$	—	$	(14,341	)	$	14,380	$	—	$	—	$	—	$	39	$	(14,341	)
Rights		—		—		—			—		—		—		—		—		—
Total	$	—	$	—	$	(14,341	)	$	14,380	$	—	$	—	$	—	$	39	$	(14,341	)

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

The M International Equity Fund did not have any significant transfers in and out of Level 1, Level 2 or Level 3 of the fair value hierarchy during the year ended December 31, 2023.

Securities Transactions, Investment Income and Expenses

Securities transactions are recorded as of the trade date. Realized gains or losses from securities sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis and consists of interest accrued and, if applicable, discount earned less premiums amortized. Dividend income is recorded on the ex-dividend date, except

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

1. Significant Accounting Policies (Continued)

that certain dividends from foreign securities are recorded as soon as the Fund is informed of the ex-dividend date. Investment income is recorded net of foreign taxes withheld where the recovery of such taxes is uncertain. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Expenses of the Corporation that can be directly attributed to a particular fund are charged to that Fund. Expenses that cannot be directly attributed are apportioned among Funds by the Corporation based on average net assets of each Fund.

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

Dividends and Distributions to Shareholders

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

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 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

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

1. Significant Accounting Policies (Continued)

the issuers of the loaned portfolio securities, during the time that the securities are on loan, are paid to the borrowers of those securities. Dividend or interest payments that are made to borrowers of the loaned securities are reimbursed by the borrowers to the Funds. Such reimbursement amounts do not comprise qualified dividend income under the Internal Revenue Code of 1986, as amended.

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

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2023.

	Gross		Gross Amounts Offset in the		Net Amounts of Assets Presented in the		Gross Amount Not Offset in the Statement of Assets and Liabilities
Fund	Amounts of Recognized Assets		Statement Assets and Liabilities		Statement Assets and Liabilities		Financial Instruments		Cash Collateral Received		Net Amount
M International Equity Fund	$	3,223,110	$	—	$	3,223,110	$	—	$	3,223,110	$	—
M Capital Appreciation Fund		2,132,506		—		2,132,506		—		2,132,506		—
M Large Cap Value Fund		57,378		—		57,378		—		57,378		—

The following table presents the remaining contractual maturity of the Securities Lending Agency Agreement as of December 31, 2023.

Fund	Security Type	Overnight and Continuous		Up to 30 days		30-90 days		Greater Than 90 days		Total
M International Equity Fund	Common Stocks	$	3,223,110	$	—	$	—	$	—	$	3,223,110
M Capital Appreciation Fund	Common Stocks		2,132,506		—		—		—		2,132,506
M Large Cap Value Fund	Common Stocks		57,378		—		—		—		57,378

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 Loaned with Cash Collateral		Value of Cash Collateral		Value of Securities Loaned with Non-Cash Collateral		Value of Non-Cash Collateral
M International Equity Fund	$	3,077,733	$	3,223,110	$	5,217,379	$	5,559,228
M Capital Appreciation Fund		2,040,730		2,132,506		4,776,543		5,078,709
M Large Cap Value Fund		55,166		57,378		169,007		172,579

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

1. Significant Accounting Policies (Continued)

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, 2023, 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, 2023, the Funds did not incur any such interest or penalties. The Funds' tax returns are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years, December 2020 through December 2022. No examination of any of the Funds' tax filings is currently in progress.

Significant Concentrations

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

2. Advisory Fee and Other Transactions with Affiliates

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

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

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

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

Fund				Total Advisory Fees
M Capital Appreciation Fund				For the period January 1, 2023 through
				April 30, 2023:
				0.90% on the first $125 million
				0.80% on the amounts thereafter
				For the period May 1, 2023 through
				December 31, 2023:
				0.85% on the first $125 million
				0.75% on the amounts thereafter
M Large Cap Value Fund				0.43%

Prior to May 1, 2023 and for the period May 1, 2023 to April 30, 2024, the Adviser has contractually agreed to reimburse each Fund for any expenses (other than advisory fees, brokerage or other portfolio transaction expenses or expenses for litigation, indemnification, taxes or other extraordinary expenses) to the extent that such expenses exceed 0.25% of a Fund's annualized average daily net assets. For the year ended December 31, 2023, the Adviser reimbursed $184,781 of other expenses for the M International Equity Fund.

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

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

Fund				Total Sub-Advisory Fees
M International Equity Fund				0.25% on the first $100 million
				0.20% on the amounts thereafter
				Sub-Adviser shall not receive any sub- advisory fee for its sub-advisory services to the M International Equity Fund with respect to assets of the M International Equity Fund invested in any other mutual fund advised by the Sub-Adviser, nor shall such assets count towards the application of the $100 million breakpoint.
M Large Cap Growth Fund				0.50% on the first $50 million
				0.45% on the next $50 million
				0.40% on the amounts thereafter

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

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

Fund				Total Sub-Advisory Fees
M Capital Appreciation Fund				For the period January 1, 2023 through
				April 30, 2023:
				0.75% on the first $125 million
				0.65% on the amounts thereafter.
				For the period May 1, 2023 through
				December 31, 2023:
				0.70% on the first $125 million
				0.60 % on the amounts thereafter.
M Large Cap Value Fund				0.28%

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

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

The Corporation pays no compensation to its officers or Interested Directors. Through December 31, 2023, the Corporation paid each Independent Director $1,500 per meeting of the Board that he or she attended. The Corporation paid each Independent Director an annual retainer of $25,000. Each member of the Audit Committee and each member of the Nominating and Corporate Governance Committee received $1,500 per meeting of the Audit Committee or Nominating and Corporate Governance Committee that he or she attended. The Chair of the Board and the Chair of the Audit Committee each received additional annual compensation of $10,000.

Effective January 1, 2024, the Corporation pays each Independent Director $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.

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities or is under common management. The Company which is an affiliate of the M International Equity Fund as of December 31, 2023, is noted in the Fund's Schedule of Investments. During the year ended December 31, 2023, purchases and sales transactions, income earned from investments and shares held of investment companies managed by Dimensional for the M International Equity Fund were as follows:

Affiliated Investment Company				Value, Beginning of Year				Purchases at Cost				Proceeds from Sales				Net Realized (Loss) on Sales				Change in Unrealized Appreciation				Value, End of Year				Dividend Income				Shares End of Year
DFA Emerging Markets Core Equity Portfolio				$	59,098,784			$	12,351,630			$	(11,550,764	)		$	(783,454	)		$	7,474,224			$	66,590,420			$	2,332,444				2,971,460

The DFA Emerging Markets Core Equity Portfolio is registered under the 1940 Act as an open-end management investment company. The M International Equity Fund may redeem its investment from the DFA Emerging Markets

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

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

Core Equity Portfolio at any time if the Adviser determines that it is in the best interest of the M International Equity Fund and its shareholders to do so.

The performance of the M International Equity Fund will be directly affected by the performance of the DFA Emerging Markets Core Equity Portfolio. The financial statements of the DFA Emerging Markets Core Equity Portfolio, including the portfolio of investments, can be found at the Securities and Exchange Commission's website www.sec.gov and should be read in conjunction with the M International Equity Fund's financial statements. As of December 31, 2023, the percentage of M International Equity Fund net assets invested in the DFA Emerging Markets Core Equity Portfolio was 28.6%.

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, 2023, were as follows:

	Non-U.S. Government Securities
	Purchases		Sales
M International Equity Fund	$	49,556,878	$	50,899,065
M Large Cap Growth Fund		69,667,514		87,942,857
M Capital Appreciation Fund		62,267,092		67,626,738
M Large Cap Value Fund		62,916,414		66,244,938

4. Paid-in Capital

Changes in the capital shares outstanding were as follows:

	M International Equity Fund						M Large Cap Growth Fund
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
Shares sold		2,302,249			1,944,037			607,433			643,755
Shares repurchased		(2,799,991	)		(2,148,100	)		(1,380,448	)		(743,895	)
Distributions reinvested		488,784			475,513			426,897			715,926
Net increase (decrease)		(8,958	)		271,450			(346,118	)		615,786
Fund Shares:
Beginning of year		17,134,704			16,863,254			8,678,003			8,062,217
End of year		17,125,746			17,134,704			8,331,885			8,678,003

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

4. Paid-in Capital (Continued)

	M Capital Appreciation Fund						M Large Cap Value Fund
	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
Shares sold		675,157			434,832			1,112,719			982,585
Shares repurchased		(843,264	)		(544,192	)		(1,558,922	)		(1,056,014	)
Distributions reinvested		603,727			778,667			340,187			627,003
Net increase		435,620			669,307			(106,016	)		553,574
Fund Shares:
Beginning of year		8,894,951			8,225,644			9,324,761			8,771,187
End of year		9,330,571			8,894,951			9,218,745			9,324,761

5. Financial Instruments

Foreign Investments and Foreign Currency

Each of the Funds may invest in securities of companies that are organized under the laws of a foreign country and (i) are unlisted or listed primarily on a non-U.S. exchange; or (ii) are listed on a U.S. exchange or over-the-counter as a sponsored or unsponsored American Depositary Receipt ("foreign issuers"). M International Equity Fund may also invest in non-U.S. dollar denominated securities and securities of foreign issuers represented by European Depositary Receipts ("EDRs"), International Depositary Receipts ("IDRs") and Global Depositary Receipts ("GDRs"). The value of all assets and liabilities expressed in foreign currencies are translated into U.S. dollars at the exchange rates captured as of twelve noon Eastern Time each business day other than market holidays or early closures. Purchases and sales of investment securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of such transactions. Net realized foreign currency gains and losses result from changes in exchange rates, including foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amount actually received.

The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial trade date and subsequent sale trade date is included in realized gains and losses on investment transactions. M International Equity Fund does not isolate that portion of the results for changes in foreign currency exchange rates from the fluctuations arising from changes in market prices of securities held at year end. Investments in non-U.S. dollar denominated securities or in the securities of foreign issuers may be affected by changes in currency rates, changes in foreign or U.S. laws or restrictions applicable to such investments and in exchange control regulations (e.g., currency blockage). Some foreign stock markets may have substantially less volume than, for example, the New York Stock Exchange, and securities of some foreign issuers may be less liquid than securities of comparable domestic issuers. Commissions and dealer mark-ups on transactions in foreign investments may be higher than for similar transactions in the United States. In addition, clearance and settlement procedures for such securities may be different in foreign countries and, in certain markets, on certain occasions such procedures have been unable to keep pace with the volume of securities transactions.

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

In February 2022, Russia commenced a military attack on Ukraine. In response, various countries, including the U.S., issued broad-ranging sanctions on Russia and certain Russian companies and individuals. Although the hostilities between the two countries may escalate and any existing or future sanctions could have a severe adverse effect on Russia's economy, currency, companies and region, these events may negatively impact other regional and global economic markets of the World (including Europe and the United States), companies in such countries and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the hostilities and sanctions may 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. The sanctions and compliance with these sanctions may impair the ability of a Fund to buy, sell, hold or deliver Russian securities and/or other assets, including those listed on U.S. or other exchanges. Russia may also take retaliatory actions or countermeasures, such as cyberattacks and espionage, which may negatively impact the countries and companies in which a Fund may invest. Accordingly, there may be a heightened risk of cyberattacks by Russia in response to the sanctions. 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

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

5. Financial Instruments (Continued)

of any diplomatic negotiations cannot be predicted. These and any related events could have a significant negative impact on a Fund's investments as well as a Fund's performance, and the value or liquidity of certain securities held by a Fund may decline significantly. In addition, rising tensions between China and Taiwan over a forced reunification have caused concerns in the region and globally. China sees self-ruled Taiwan as a breakaway province that will eventually be part of China again. Previous efforts by China's leadership sought to bring about reunification by non-military means. Beginning in 2021, concerns escalated when China began sending military aircraft into Taiwan's air defense zone, a self-declared area where foreign aircraft are identified, monitored and controlled in the interests of Taiwan's national security. These actions have caused Taiwan and other countries to fear further escalation in the region. Any escalation of hostility between China and/or Taiwan would likely have a significant adverse impact on the value of investments in both countries and on economies, markets and individual securities globally, which could negatively affect the value and liquidity of a Fund's investments.

Risks Related to COVID-19 Pandemic

The global outbreak of the novel coronavirus and related disease (COVID-19) created significant economic and social uncertainty throughout the world and has caused significant related market volatility. In particular, travel restrictions, disruption of healthcare systems, quarantines and supply chain disruptions had significant economic impacts on markets worldwide. It is not known how long such impacts, or any future impacts, will or would last. The COVID-19 pandemic, other pandemics or epidemics, and local, regional or global natural or environmental disasters, wars, acts of terrorism, or similar events could have a prolonged adverse impact on a Fund and its investments and could result in increased volatility of a Fund's net asset value.

6. Beneficial Interest

Shares of the Funds are owned by insurance companies through their separate accounts that are used primarily to fund variable annuity contracts and variable life insurance contracts. As of December 31, 2023, John Hancock Variable Life Insurance Co., Pacific Life Insurance Co., Pruco Life Insurance Co. of Arizona and Security Life of Denver (an indirect, wholly owned subsidiary of Voya Financial, Inc.) each owned 5% or more of the Funds' shares. John Hancock Variable Life Insurance Co. and Pacific Life Insurance Co. may each be deemed a control person of each Fund because their separate accounts hold more than 25% of the shares of each Fund.

As of December 31, 2023, the ownership of each Fund was as follows:

	Percentage of Ownership⁽¹⁾
	John Hancock Variable Life Insurance Co.			Pacific Life Insurance Co.			Pruco Life Insurance Co. Of Arizona			Voya-Security Life of Denver
M International Equity Fund		40.1	%		42.6	%		6.4	%		3.6	%
M Large Cap Growth Fund		49.3	%		35.1	%		5.1	%		1.4	%
M Capital Appreciation Fund		46.1	%		39.1	%		1.7	%		6.3	%
M Large Cap Value Fund		50.7	%		33.6	%		4.0	%		1.3	%

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

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

7. Tax Information

At December 31, 2023, aggregated gross unrealized appreciation for investment securities in which there is an excess of value over tax cost and aggregate gross unrealized depreciation for investment securities in which there is an excess of tax cost over value were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized Depreciation			Tax Basis Net Unrealized Appreciation/ Depreciation
M International Equity Fund	$	210,010,303	$	38,486,377	$	(14,912,605	)	$	23,573,772
M Large Cap Growth Fund		152,056,154		91,424,400		(2,948,989	)		88,475,411
M Capital Appreciation Fund		171,081,681		68,696,418		(12,623,207	)		56,073,211
M Large Cap Value Fund		107,664,123		27,630,387		(925,012	)		26,705,375

Temporary differences between book and tax basis appreciation (depreciation) on cost of investments is primarily attributed to tax deferral of losses on wash sales, passive foreign investment companies mark-to-market adjustments and return of capital adjustments.

The tax character of distributions paid during 2023 and 2022 was as follows:

	December 31, 2023 Amount		December 31, 2022 Amount
M International Equity Fund
Distributions paid from:
Ordinary Income	$	6,628,964	$	5,758,465
Total Distributions	$	6,628,964	$	5,758,465
M Large Cap Growth Fund
Distributions paid from:
Ordinary Income	$	—	$	805,532
Long-Term Capital Gain		12,296,559		15,960,081
Total Distributions	$	12,296,559	$	16,765,613
M Capital Appreciation Fund
Distributions paid from:
Ordinary Income	$	1,517,003	$	—
Long-Term Capital Gain		13,388,568		16,315,676
Total Distributions	$	14,905,571	$	16,315,676
M Large Cap Value Fund
Distributions paid from:
Ordinary Income	$	2,897,243	$	2,701,500
Long-Term Capital Gain		1,998,126		6,098,755
Total Distributions	$	4,895,369	$	8,800,255

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

7. Tax Information (Continued)

At December 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Capital Loss Carryforwards			Late Year Ordinary and Post October Loss Deferrals			Unrealized Appreciation/ Depreciation		Total Accumulated Earnings (Losses)
M International Equity Fund	$	591,648	$	—	$	(59,477,691	)	$	—		$	23,599,109	$	(35,286,934	)
M Large Cap Growth Fund		—		624,775		—			—			88,475,411		89,100,186
M Capital Appreciation Fund		—		—		—			(543,115	)		56,073,211		55,530,096
M Large Cap Value Fund		—		79,159		—			—			26,705,375		26,784,534

Net capital loss carryforwards may be applied against any net realized taxable gains in each succeeding year, or until their respective expiration dates, whichever occurs first. At December 31, 2023, M International Equity Fund had available, for federal tax purposes, unused short-term capital losses of $17,081,626 and unused long-term capital losses of $42,396,065 permitted to be carried for an unlimited period. In addition, at December 31, 2023, M International Equity Fund used capital loss carryforwards of $4,690,382.

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

During the year ended December 31, 2023, the Funds reclassified for book purposes, amounts arising from permanent book/tax difference primarily relating to net operating losses and prior year true-up adjustments.

Permanent differences incurred during the year ended December 31, 2023, 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 Accumulated Earnings		Paid-in Capital
M Large Cap Growth Fund	$	566,223	$	(566,223	)
M Capital Appreciation Fund		7,256		(7,256	)

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.

M Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

9. Change in Independent Registered Public Accounting Firm

On March 13, 2023, BBD LLP ("BBD") ceased to serve as the independent registered public accounting firm of the M International Equity Fund, the M Large Cap Growth Fund, the M Capital Appreciation Fund, and the M Large Cap Value Fund, each a series ("Fund") of M Fund, Inc. (the "Corporation" or "Registrant"). The Audit Committee of the Board of Directors of the Corporation approved the replacement of BBD as a result of Cohen & Company, Ltd.'s ("Cohen") acquisition of BBD's investment management group.

The report of BBD on the financial statements of the Funds as of and for the fiscal years ended December 31, 2021 and December 31, 2022 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainties, audit scope or accounting principles. During the fiscal years ended December 31, 2021 and December 31, 2022, and during the subsequent interim period through March 13, 2023: (i) there were no disagreements between the registrant and BBD on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of BBD, would have caused it to make reference to the subject matter of the disagreements in its report on the financial statements of the Funds for such years or interim period; and (ii) there were no "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

The Registrant requested that BBD furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating that it agrees with the above statements. A copy of such letter is filed as an exhibit to the N-CSR under Item 13(a)(4).

On March 17, 2023, the Audit Committee of the Board of Directors of the Corporation also recommended and approved the appointment of Cohen as the Funds' independent registered public accounting firm for the fiscal year ending December 31, 2023.

During the fiscal years ended December 31, 2021 and December 31, 2022, and during the subsequent interim period through March 13, 2023, neither the Registrant, nor anyone acting on its behalf, consulted with Cohen on behalf of the Funds regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Funds' financial statements, or any matter that was either: (i) the subject of a "disagreement," as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto; or (ii) "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K.

10. Subsequent Events

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

Report of Independent Registered Public Accounting Firm

To the 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 International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund (the "Funds"), each a series of M Fund, Inc., as of December 31, 2023, the related statements of operations and changes in net assets, and the financial highlights for the year 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, 2023, the results of their operations, the changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial statement and 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 the Funds' financial statement and 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 audits 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, 2023, by correspondence with the custodian, transfer agent and broker. 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.

COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
February 23, 2024

M Fund, Inc.

SUPPLEMENTAL INFORMATION (Unaudited)

Director's and Officer's Tables

Interested Directors:

Name, Address, and Age

Position(s)
Held with
Fund

Term of Office(1)
and Length of
Time Served

Principal Occupation(s)

Number of
Portfolios
in Fund Complex
Overseen by
Director

Other
Directorships
Held by
Director
for the Past 5
Years

Malcolm L. "Skip" Cowen II(2)
1125 NW Couch St.,
Suite 900
Portland, OR 97209
64

Director

Indefinite
Two Years

President, Cornerstone Advisors Asset Management, LLC and Cornerstone Institutional Investors, LLC, 2002 to present; President, Cornerstone Benefits, Inc., 2021 to present.

M Financial Investment Advisers, Inc, 1999 to present; and Gettysburg College Board of Trustees, 2012 to present.

James "Jim" Kaplan(2)
1125 NW Couch St.,
Suite 900
Portland, OR 97209
62

Director

Indefinite
Two Years

Chief Executive Officer, KB Financial Companies, LLC, 2016 to present; Principal, KB Financial Partners, LLC, 2009 to present.

M Financial Investment Advisers, Inc, 2021 to present; M Financial Holdings, Inc., 2019 to present; M Life Insurance Company, 2019 to present; and The Mariano Rivera Foundation, April 2021 to present.

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

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

• Mr. Cowen is a Director of the Adviser.

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

M Fund, Inc.

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

Director's and Officer's Tables (Continued)

Independent Directors:

Name, Address, and Age

Position(s)
Held with
Fund

Term of Office(1)
and Length of
Time Served

Principal Occupation(s)

Number of
Portfolios
in Fund Complex
Overseen by
Director

Other
Directorships
Held by
Director
for the Past 5
Years

Wayne Pierson
1125 NW Couch St.,
Suite 900
Portland, OR 97209
73

Director, Chair of the Board and Nominating and Corporate Governance Committee Chair

Indefinite
11 Years

Retired. President, Acorn Investors LLC (investment holding company), 2005 to October 2022; Principal, Clifford Capital Partners LLC (investment manager), 2010 to 2022.

Director, Oaktree Capital Group, (investment manager), 2007 to 2019.

Bruce W. Madding
1125 NW Couch St.,
Suite 900
Portland, OR 97209
72

Director and Audit Committee Chair

Indefinite
15 Years

Retired.Consultant, C.M. Capital Corp., 2022 to 2023; Chief Executive Officer, C.M. Capital Corp., 2010 to 2022.

Vice-Chair and Director, C.M. Capital Corp., 2021 to present.

Nancy Crouse
1125 NW Couch St.,
Suite 900
Portland, OR 97209
65

Director

Indefinite
Four Years

Retired. Senior Vice President and Portfolio Manager, Nuveen Investments (investment manager), 2005 to 2016.

Director, Women's Economic Ventures (non-profit), 2016 to present; and Treasurer, Women's Economic Ventures (non-profit), 2018 to 2023.

Mary Moran Zeven
1125 NW Couch St.,
Suite 900
Portland, OR 97209
62

Director

Indefinite
Four Years

Retired. Director, Graduate Program in Banking and Financial Law, Boston University School of Law, 2019 to 2022; Senior Vice President and Senior Managing Counsel, State Street Bank and Trust Company (custodial bank), 2000 to 2019.

Wisdom Tree Digital Trust (mutual fund), June 2022 to present.

M Fund, Inc.

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

Director's and Officer's Tables (Continued)

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

Name, Address and Age

Position(s)
Held with the
Fund

Term of Office
and Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Robert Olson
1125 NW Couch St.,
Suite 900
Portland, OR 97209
49

President

One Year
Since October 2023

Head of Advisory Services, M Financial Group, September 2023 to present; President, M Financial Investment Advisers, October 2023 to present; Director of Investment Product Management, Morningstar Investment Management, 2019 to September 2023; International Business Manager, Nuveen Investments, 2010 to 2019.

David Lees
1125 NW Couch St.,
Suite 900
Portland, OR 97209
58

Secretary and Treasurer

One Year
16 Years

Senior Accounting Director, M Financial Group, 1999 to 2023; Secretary and Treasurer, M Financial Investment Advisers, Inc., 2007 to present; Secretary and Treasurer, M Financial Asset Management, Inc., 2016 to present.

M Fund, Inc.

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

Schedules of Portfolio Holdings

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

Proxy Voting Policies and Procedures and Proxy Voting Record

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

Tax Disclosures

For corporate shareholders, a portion of the ordinary dividends paid during the Fund's year ended December 31, 2023 qualified for the dividends received deduction as follows.

Fund	Dividend Received Deduction
M International Equity Fund		0.02	%
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 $12,296,559, $13,388,568, and $1,998,126, respectively, which have been designated as capital gains distributions for the fiscal year ended December 31, 2023.

M International Equity Fund

In accordance with federal tax law, the Fund elects to provide each shareholder with their portion of the Fund's foreign taxes paid and the income sourced from foreign securities. Accordingly, the Fund made the following designations regarding its fiscal year ended December 31, 2023:

• the total amount of foreign taxes creditable was $389,449

• the total amount of income sourced from foreign countries was $4,386,851

M Fund, Inc.

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

ANNUAL REPORT OF LIQUIDITY RISK MANAGEMENT PROGRAM ADMINISTRATOR

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

At a meeting of the Board held on November 30, 2023 the LPA presented and the Board reviewed a written report covering the period October 1, 2022 through September 30, 2023 (the "Review Period"). The LPA conducted various liquidity risk assessments during the Review Period, including an annual Liquidity Needs Assessment ("LNA") of each Fund as of June 30, 2023 to assess the liquidity risk of each Fund and assist in the determination as to whether any material changes should be made to the components of the Program. The following factors were reviewed by the LPA in its assessment of each Fund's liquidity risk and evaluation on the adequacy of the Program: (i) investment strategy, portfolio concentration and the liquidity of portfolio investments; (ii) holdings of cash and cash equivalents; (iii) short-term and long-term cash flows; (iv) redemption volatility and stressed conditions; and (v) other funding sources.

Liquidity Risk Assessment

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

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

Each Fund's portfolio liquidity was monitored by the Funds' Chief Compliance Officer (the "CCO"). Liquidity classifications for each security holding were provided to the CCO by the Funds' administrator, State Street Bank and Trust Company ("State Street Bank"), using its TruView analytics system, on a monthly basis. Each Fund held at least 99.5% of its investments in Highly Liquid Investments during the Review Period. As a result, all Funds met the 15% limit on Illiquid Securities during the Review Period. No material liquidity risks were identified by the LPA during the Review Period relating to each Fund's investment strategy, portfolio concentration or portfolio liquidity. The LPA reasonably expects these trends to continue and believes that each Fund's investment strategy is appropriate and manageable for an open-end fund during both normal and stressed market conditions.

2.) Holdings of Cash and Cash Equivalents

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

100

M Fund, Inc.

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

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

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

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

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

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

4.) Other Funding Sources

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

Program Management

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

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

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

101

M Fund, Inc.

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

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

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

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

Highly Liquid Investment Minimum

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

Conclusion

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

102

M Fund, Inc.

HYPOTHETICAL EXPENSE EXAMPLE (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2023 to December 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

103

M Fund, Inc.

HYPOTHETICAL EXPENSE EXAMPLE (Unaudited) (Continued)

	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Annualized Expense Ratio			Expenses Paid During Period* (July 1, 2023 to December 31, 2023)
M International Equity Fund
Actual	$	1,000.00	$	1,064.30		0.57	%	$	2.97
Hypothetical (5% return before expenses)		1,000.00		1,022.30		0.57	%		2.91
M Large Cap Growth Fund
Actual	$	1,000.00	$	1,130.10		0.77	%	$	4.13
Hypothetical (5% return before expenses)		1,000.00		1,021.30		0.77	%		3.92
M Capital Appreciation Fund
Actual	$	1,000.00	$	1,044.70		1.02	%	$	5.26
Hypothetical (5% return before expenses)		1,000.00		1,020.10		1.02	%		5.19
M Large Cap Value Fund
Actual	$	1,000.00	$	1,067.80		0.65	%	$	3.39
Hypothetical (5% return before expenses)		1,000.00		1,021.90		0.65	%		3.31

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

104

(b)

Not applicable.

Item 2. Code of Ethics.

As of December 31, 2023, 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, 2023, there were no amendments to a provision of its code of ethics, nor were there any waivers (including implicit waivers) granted from a provision of the code of ethics. A copy of the registrant’s code of ethics is filed with this Form N-CSR under Item 13(a)(1).

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

BBD, LLP served as the principal accountant for the Registrant for the fiscal year ended December 31, 2022 and the period from January 1, 2023 through March 13, 2023. Cohen & Company Ltd. replaced BBD, LLP, after acquiring BBD, LLP’s Investment Management Group, and served as the principal accountant for the Registrant for the period from March 13, 2023 through December 31, 2023.

(a)            AUDIT FEES: The aggregate fees billed for professional services rendered by its principal accountant, BBD, LLP for the audit of the Registrant’s annual financial statements for the fiscal years ended December 31, 2022 and December 31, 2023 were $91,250 and $0, respectively. 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 year ended December 31, 2023 were $94,500.

(b)            AUDIT RELATED FEES: No such fees were billed to the Registrant by BBD, LLP for the fiscal years ended December 31, 2022 and December 31, 2023. No such fees were billed to the Registrant by Cohen & Company, Ltd. for the fiscal year ended December 31, 2023.

(c)            TAX FEES: The aggregate fees billed for professional services rendered by BBD, LLP for tax compliance, tax advice, and tax planning for the fiscal years ended December 31, 2022 and December 31, 2023 were $12,500 and $0, respectively. The aggregate fees billed for professional services rendered by Cohen & Company, Ltd. for tax compliance, tax advice, and tax planning for the fiscal year ended December 31, 2023 were $12,500. Such services included the review of the Fund’s tax and excise returns.

(d)            ALL OTHER FEES: No such fees were billed to the Registrant by BBD, LLP for the fiscal years ended December 31, 2022 and December 31, 2023. No such fees were billed to the Registrant by Cohen & Company, Ltd. for the fiscal year ended December 31, 2023.

(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

(d)            Not applicable

(f)            Not applicable.

(g)

The aggregate fees billed by the Registrant’s principal accountant, BBD, LLP, for non-audit services rendered to the Registrant, the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entities controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant for the fiscal years ended December 31, 2022 and December 31, 2023 were $12,500 and $0, respectively. 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 year ended December 31, 2023 were $12,500.

(h)            Not applicable.

(i)            Not applicable.

(j)            Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

A schedule of investments is contained in the Registrant’s annual report, which is attached to this report in response to Item 1.

(b)

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

(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.

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

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

Not applicable.

Item 13. Exhibits.

(a)(1)       Code of Ethics as described in Item 2 is attached hereto as Exhibit 13(a)(1).

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

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

(a)(4) (i) Change in Registrant's Independent Registered Public Accounting Firm

(ii) Letter from BBD LLP

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

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.

M Fund, Inc.

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

Date:   March 7, 2024

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:   March 7, 2024

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

Date:   March 7, 2024

M Fund N-CSRCertified annual shareholder report (management investment company)