M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| COMMON STOCKS—68.4% |
|
|
|
|
|
| Australia—4.3% |
|
|
|
| 5,596 |
| Adbri, Ltd. |
| $ | 14,792 |
| 271 |
| Afterpay, Ltd.* |
|
| 20,893 |
| 3,702 |
| AGL Energy, Ltd.† |
|
| 27,134 |
| 5,415 |
| ALS, Ltd. |
|
| 39,813 |
| 1,335 |
| Altium, Ltd. |
|
| 26,841 |
| 6,817 |
| Alumina, Ltd. |
|
| 9,009 |
| 24,812 |
| AMP, Ltd. |
|
| 23,840 |
| 1,732 |
| Ampol, Ltd. |
|
| 32,297 |
| 1,231 |
| Ansell, Ltd. |
|
| 36,690 |
| 5,640 |
| APA Group |
|
| 42,924 |
| 1,712 |
| ARB Corp., Ltd.† |
|
| 44,797 |
| 16,116 |
| Ardent Leisure Group, Ltd.*, † |
|
| 11,323 |
| 3,236 |
| Aristocrat Leisure, Ltd. |
|
| 84,429 |
| 785 |
| ASX, Ltd. |
|
| 42,363 |
| 5,956 |
| Atlas Arteria, Ltd. |
|
| 26,917 |
| 27,196 |
| Aurizon Holdings, Ltd. |
|
| 80,561 |
| 15,771 |
| AusNet Services |
|
| 21,981 |
| 9,677 |
| Austal, Ltd. |
|
| 16,464 |
| 16,565 |
| Australia & New Zealand Banking Group, Ltd. |
|
| 354,559 |
| 23,353 |
| Australian Pharmaceutical Industries, Ltd. |
|
| 22,704 |
| 10,095 |
| Bank of Queensland, Ltd.† |
|
| 66,325 |
| 5,183 |
| Bapcor, Ltd. |
|
| 29,486 |
| 19,836 |
| Beach Energy, Ltd.† |
|
| 25,839 |
| 4,696 |
| Bega Cheese, Ltd. |
|
| 22,649 |
| 5,914 |
| Bendigo & Adelaide Bank, Ltd.† |
|
| 45,189 |
| 19,147 |
| BHP Group, Ltd. |
|
| 658,803 |
| 5,632 |
| Bingo Industries, Ltd.† |
|
| 12,919 |
| 177 |
| Blackmores, Ltd.† |
|
| 10,723 |
| 7,397 |
| BlueScope Steel, Ltd. |
|
| 108,716 |
| 8,931 |
| Boral, Ltd.* |
|
| 37,242 |
| 9,097 |
| Brambles, Ltd. |
|
| 73,104 |
| 849 |
| Breville Group, Ltd. |
|
| 17,411 |
| 1,779 |
| Brickworks, Ltd. |
|
| 28,160 |
| 2,491 |
| carsales.com, Ltd. |
|
| 33,697 |
| 6,463 |
| Challenger, Ltd. |
|
| 31,417 |
| 2,711 |
| Champion Iron, Ltd.* |
|
| 11,284 |
| 16,096 |
| Cleanaway Waste Management, Ltd. |
|
| 26,897 |
| 6,210 |
| Coca-Cola Amatil, Ltd. |
|
| 63,347 |
| 444 |
| Cochlear, Ltd. |
|
| 71,148 |
| 8,123 |
| Coles Group, Ltd. |
|
| 98,779 |
| 11,972 |
| Commonwealth Bank of Australia |
|
| 782,936 |
| 5,336 |
| Computershare, Ltd. |
|
| 60,956 |
| 606 |
| Computershare, Ltd.§ |
|
| 6,923 |
| 34,520 |
| Cooper Energy, Ltd.*, † |
|
| 7,079 |
| 1,227 |
| Corporate Travel Management, Ltd.*, † |
|
| 18,276 |
| 4,775 |
| Costa Group Holdings, Ltd. |
|
| 17,155 |
| 496 |
| Credit Corp. Group, Ltd. |
|
| 12,312 |
| 2,419 |
| Crown Resorts, Ltd.* |
|
| 21,607 |
| 2,552 |
| CSL, Ltd. |
|
| 512,990 |
| 9,383 |
| CSR, Ltd.† |
|
| 41,193 |
| 857 |
| Domino’s Pizza Enterprises, Ltd. |
|
| 62,652 |
| 8,535 |
| Downer EDI, Ltd. |
|
| 33,257 |
| 4,688 |
| Eagers Automotive, Ltd.† |
|
| 49,780 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| Australia (Continued) |
|
|
|
| 2,597 |
| Elders, Ltd. |
| $ | 24,519 |
| 7,109 |
| Estia Health, Ltd.†, * |
|
| 11,609 |
| 1,597 |
| EVENT Hospitality and Entertainment, Ltd.†, * |
|
| 13,925 |
| 13,141 |
| Evolution Mining, Ltd. |
|
| 40,723 |
| 1,312 |
| Flight Centre Travel Group, Ltd.*,† |
|
| 17,928 |
| 12,282 |
| Fortescue Metals Group, Ltd. |
|
| 186,483 |
| 20,944 |
| G8 Education, Ltd.*,† |
|
| 16,465 |
| 9,874 |
| Genworth Mortgage Insurance Australia, Ltd.* |
|
| 19,199 |
| 3,873 |
| GrainCorp, Ltd., Class A |
|
| 15,444 |
| 9,317 |
| GWA Group, Ltd. |
|
| 20,239 |
| 7,543 |
| Harvey Norman Holdings, Ltd.† |
|
| 32,829 |
| 15,902 |
| Healius, Ltd. |
|
| 49,280 |
| 10,246 |
| Humm Group, Ltd.* |
|
| 7,471 |
| 9,401 |
| IGO, Ltd. |
|
| 44,843 |
| 4,268 |
| Iluka Resources, Ltd. |
|
| 23,373 |
| 21,765 |
| Incitec Pivot, Ltd.* |
|
| 48,107 |
| 5,200 |
| Inghams Group, Ltd.† |
|
| 13,192 |
| 10,589 |
| Insurance Australia Group Ltd. |
|
| 37,641 |
| 1,626 |
| InvoCare, Ltd.† |
|
| 13,845 |
| 15,570 |
| IOOF Holdings, Ltd.† |
|
| 41,628 |
| 2,813 |
| IPH, Ltd. |
|
| 14,144 |
| 3,090 |
| IRESS, Ltd. |
|
| 21,546 |
| 1,653 |
| James Hardie Industries Plc |
|
| 50,021 |
| 2,408 |
| JB Hi-Fi, Ltd.† |
|
| 94,705 |
| 5,029 |
| LendLease Crop., Ltd. |
|
| 49,352 |
| 10,428 |
| Link Administration Holdings, Ltd. |
|
| 40,633 |
| 2,446 |
| Macquarie Group, Ltd. |
|
| 283,937 |
| 1,204 |
| Magellan Financial Group, Ltd. |
|
| 41,308 |
| 22,423 |
| Mayne Pharma Group, Ltd.*, † |
|
| 5,961 |
| 1,182 |
| McMillan Shakespeare, Ltd. |
|
| 9,777 |
| 23,997 |
| Medibank Pvt, Ltd. |
|
| 51,035 |
| 13,978 |
| Metcash, Ltd.† |
|
| 39,071 |
| 1,851 |
| Mineral Resources, Ltd. |
|
| 53,453 |
| 1,365 |
| Monadelphous Group, Ltd. |
|
| 10,783 |
| 21,227 |
| National Australia Bank, Ltd. |
|
| 419,197 |
| 10,216 |
| New Hope Corp., Ltd.† |
|
| 11,019 |
| 2,024 |
| Newcrest Mining, Ltd. |
|
| 37,542 |
| 2,652 |
| NEXTDC, Ltd.* |
|
| 20,989 |
| 5,984 |
| Nib Holdings, Ltd. |
|
| 23,771 |
| 33,934 |
| Nine Entertainment Co. Holdings, Ltd. |
|
| 71,396 |
| 13,163 |
| Northern Star Resources, Ltd. |
|
| 94,781 |
| 12,393 |
| NRW Holdings, Ltd.† |
|
| 18,497 |
| 6,389 |
| Nufarm, Ltd.* |
|
| 25,768 |
| 11,874 |
| Oil Search, Ltd. |
|
| 36,977 |
| 11,530 |
| oOh!media, Ltd.* |
|
| 15,238 |
| 1,802 |
| Orica, Ltd. |
|
| 19,093 |
| 10,538 |
| Origin Energy, Ltd. |
|
| 37,539 |
| 7,294 |
| Orora, Ltd. |
|
| 16,842 |
| 6,797 |
| OZ Minerals, Ltd. |
|
| 117,915 |
| 3,547 |
| Pendal Group, Ltd. |
|
| 17,512 |
| 12,923 |
| Perenti Global, Ltd. |
|
| 9,963 |
| 1,594 |
| Perpetual, Ltd. |
|
| 39,942 |
| 43,898 |
| Perseus Mining, Ltd.* |
|
| 35,677 |
| 2,030 |
| Premier Investments, Ltd.† |
|
| 40,135 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| Australia (Continued) |
|
|
|
| 1,044 |
| Pro Medicus, Ltd.† |
| $ | 32,773 |
| 13,316 |
| Qantas Airways, Ltd.* |
|
| 51,481 |
| 8,115 |
| QBE Insurance Group, Ltd. |
|
| 59,295 |
| 10,482 |
| Qube Holdings, Ltd. |
|
| 23,805 |
| 17,985 |
| Ramelius Resources, Ltd. |
|
| 20,149 |
| 1,186 |
| Ramsay Health Care, Ltd. |
|
| 60,355 |
| 185 |
| REA Group, Ltd. |
|
| 19,917 |
| 6,881 |
| Regis Resources, Ltd. |
|
| 15,157 |
| 6,796 |
| Reliance Worldwide Corp., Ltd. |
|
| 23,177 |
| 26,531 |
| Resolute Mining, Ltd.* |
|
| 8,867 |
| 2,618 |
| Rio Tinto, Ltd. |
|
| 220,227 |
| 4,596 |
| Sandfire Resources, Ltd. |
|
| 18,641 |
| 14,507 |
| Santos, Ltd. |
|
| 78,233 |
| 2,007 |
| SEEK, Ltd.* |
|
| 43,461 |
| 3,220 |
| Select Harvests, Ltd.† |
|
| 15,286 |
| 5,998 |
| Senex Energy, Ltd.† |
|
| 13,212 |
| 1,111 |
| Seven Group Holdings, Ltd.† |
|
| 19,029 |
| 62,916 |
| Seven West Media, Ltd.* |
|
| 22,460 |
| 4,361 |
| Sims, Ltd.† |
|
| 49,156 |
| 2,121 |
| Sonic Healthcare, Ltd. |
|
| 56,530 |
| 21,815 |
| South32, Ltd. |
|
| 46,561 |
| 3,457 |
| Southern Cross Media Group, Ltd.* |
|
| 5,435 |
| 13,215 |
| Spark Infrastructure Group |
|
| 21,781 |
| 9,141 |
| SpeedCast International, Ltd.*, †, § |
|
| — |
| 9,385 |
| St. Barbara, Ltd. |
|
| 14,007 |
| 13,525 |
| Star Entertainment Grp, Ltd. (The)* |
|
| 38,934 |
| 4,593 |
| Steadfast Group, Ltd. |
|
| 13,292 |
| 7,077 |
| Suncorp Group, Ltd. |
|
| 53,216 |
| 4,830 |
| Super Retail Group, Ltd.† |
|
| 43,180 |
| 9,346 |
| Sydney Airport* |
|
| 43,941 |
| 14,863 |
| Tabcorp Holdings, Ltd. |
|
| 52,833 |
| 6,444 |
| Tassal Group, Ltd.† |
|
| 16,348 |
| 4,562 |
| Technology One, Ltd.† |
|
| 32,364 |
| 32,411 |
| Telstra Corp., Ltd. |
|
| 83,700 |
| 2,964 |
| TPG Telecom, Ltd. |
|
| 14,251 |
| 10,879 |
| Transurban Group |
|
| 110,065 |
| 4,162 |
| Treasury Wine Estates, Ltd. |
|
| 32,719 |
| 4,434 |
| United Malt Grp, Ltd. |
|
| 13,707 |
| 12,616 |
| Vocus Group, Ltd.* |
|
| 52,225 |
| 3,525 |
| Webjet, Ltd.†, * |
|
| 14,940 |
| 5,107 |
| Wesfarmers, Ltd. |
|
| 204,308 |
| 7,396 |
| Western Areas, Ltd.† |
|
| 11,516 |
| 22,518 |
| Westpac Banking Corp. |
|
| 417,498 |
| 19,506 |
| Whitehaven Coal, Ltd.* |
|
| 26,150 |
| 6,285 |
| Woodside Petroleum, Ltd. |
|
| 114,571 |
| 8,249 |
| Woolworths Group, Ltd. |
|
| 256,072 |
| 4,639 |
| Worley, Ltd. |
|
| 36,962 |
| 443 |
| Xero, Ltd.* |
|
| 42,575 |
|
|
|
|
|
| 9,299,206 |
|
|
| Austria—0.3% |
|
|
|
| 984 |
| ANDRITZ AG† |
|
| 44,242 |
| 1,218 |
| AT&S Austria Technologie & Systemtechnik AG |
|
| 43,708 |
| 658 |
| CA Immobilien Anlagen AG |
|
| 27,856 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
| Shares |
|
| Value | ||
|
|
| Austria (Continued) |
|
|
|
| 133 |
| DO & Co. AG†, * |
| $ | 10,731 |
| 2,245 |
| Erste Group Bank AG* |
|
| 76,138 |
| 614 |
| EVN AG |
|
| 13,220 |
| 1,377 |
| FACC AG*,† |
|
| 14,662 |
| 1,233 |
| IMMOFINANZ AG*,† |
|
| 25,174 |
| 332 |
| Lenzing AG* |
|
| 42,593 |
| 1,311 |
| OMV AG |
|
| 66,508 |
| 3,082 |
| Raiffeisen Bank International AG* |
|
| 67,695 |
| 1,417 |
| S IMMO AG |
|
| 35,644 |
| 127 |
| Schoeller-Bleckmann Oilfield Equipment AG |
|
| 5,697 |
| 1,874 |
| Telekom Austria AG |
|
| 14,768 |
| 4,149 |
| UNIQA Insurance Group AG |
|
| 31,139 |
| 884 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe |
|
| 22,910 |
| 1,881 |
| voestalpine AG |
|
| 77,933 |
|
|
|
|
|
| 620,618 |
|
|
| Belgium—0.7% |
|
|
|
| 366 |
| Ackermans & van Haaren NV |
|
| 58,201 |
| 2,424 |
| Ageas SA/NV |
|
| 146,566 |
| 5,568 |
| AGFA-Gevaert NV* |
|
| 25,857 |
| 5,947 |
| Anheuser-Busch InBev SA/NV |
|
| 374,855 |
| 127 |
| Argenx SE*, † |
|
| 34,910 |
| 840 |
| Barco NV |
|
| 19,711 |
| 1,086 |
| Bekaert SA |
|
| 45,440 |
| 991 |
| bpost SA* |
|
| 9,471 |
| 105 |
| Cie d’Entreprises CFE* |
|
| 10,553 |
| 333 |
| D’ieteren SA/NV |
|
| 32,607 |
| 196 |
| Elia Group SA/NV† |
|
| 21,583 |
| 609 |
| Etablissements Franz Colruyt NV |
|
| 36,323 |
| 1,410 |
| Euronav NV |
|
| 12,906 |
| 2,756 |
| Euronav SA*, † |
|
| 25,217 |
| 548 |
| EVS Broadcast Equipment SA* |
|
| 11,567 |
| 1,400 |
| Fagron |
|
| 31,079 |
| 401 |
| Gimv NV |
|
| 23,983 |
| 1,847 |
| KBC Group NV* |
|
| 134,291 |
| 9 |
| Lotus Bakeries NV |
|
| 47,600 |
| 216 |
| Melexis NV |
|
| 22,861 |
| 2,034 |
| Ontex Group NV*, † |
|
| 21,420 |
| 1,080 |
| Orange Belgium SA |
|
| 29,003 |
| 1,637 |
| Proximus SADP |
|
| 35,630 |
| 214 |
| Sipef NV* |
|
| 11,531 |
| 547 |
| Solvay SA† |
|
| 68,124 |
| 449 |
| Telenet Group Holding NV |
|
| 18,208 |
| 688 |
| Tessenderlo Group SA* |
|
| 30,215 |
| 852 |
| UCB SA |
|
| 81,050 |
| 1,277 |
| Umicore SA |
|
| 67,734 |
|
|
|
|
|
| 1,488,496 |
|
|
| Canada—7.2% |
|
|
|
| 1,800 |
| Absolute Software Corp. |
|
| 24,994 |
| 6,700 |
| Advantage Oil & Gas, Ltd.*, † |
|
| 12,635 |
| 1,679 |
| Aecon Group, Inc.† |
|
| 25,959 |
| 607 |
| Ag Growth International, Inc.† |
|
| 21,436 |
| 1,649 |
| Agnico Eagle Mines, Ltd. |
|
| 95,329 |
The accompanying notes are an integral part of these Schedules of Investments.
i
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| Canada (Continued) |
|
|
|
| 5,042 |
| Aimia, Inc.* |
| $ | 20,743 |
| 1,100 |
| Air Canada* |
|
| 22,889 |
| 7,282 |
| Alamos Gold, Inc., Class A |
|
| 56,902 |
| 900 |
| Alaris Equity Partners Income |
|
| 11,387 |
| 881 |
| Algonquin Power & Utilities Corp. |
|
| 13,958 |
| 5,308 |
| Alimentation Couche-Tard, Inc., Class B |
|
| 171,147 |
| 1,600 |
| AltaGas, Ltd. |
|
| 26,660 |
| 1,185 |
| Altus Group, Ltd.† |
|
| 56,992 |
| 7,137 |
| ARC Resources, Ltd.† |
|
| 43,843 |
| 989 |
| Aritzia, Inc.* |
|
| 22,980 |
| 700 |
| Atco, Ltd., Class I |
|
| 23,239 |
| 84 |
| Aurora Cannabis, Inc.*, † |
|
| 781 |
| 16,677 |
| B2Gold Corp. |
|
| 71,793 |
| 850 |
| Badger Daylighting, Ltd.† |
|
| 28,996 |
| 5,455 |
| Bank of Montreal |
|
| 486,249 |
| 8,200 |
| Bank of Nova Scotia (The) |
|
| 512,998 |
| 3,661 |
| Barrick Gold Corp. |
|
| 72,571 |
| 3,183 |
| Bausch Health Cos., Inc.* |
|
| 100,984 |
| 1,208 |
| BCE, Inc. |
|
| 54,532 |
| 9,500 |
| Birchcliff Energy, Ltd.† |
|
| 19,730 |
| 4,601 |
| BlackBerry, Ltd.*, † |
|
| 38,589 |
| 862 |
| Boralex, Inc., Class A |
|
| 27,108 |
| 2,216 |
| Brookfield Asset Management, Inc., Class A |
|
| 98,581 |
| 785 |
| BRP, Inc. |
|
| 68,068 |
| 2,078 |
| CAE, Inc.* |
|
| 59,213 |
| 4,802 |
| Cameco Corp. |
|
| 79,632 |
| 1,985 |
| Canaccord Genuity Group, Inc. |
|
| 18,165 |
| 400 |
| Canada Goose Holdings, Inc.*, † |
|
| 15,701 |
| 3,035 |
| Canadian Imperial Bank of Commerce† |
|
| 297,173 |
| 4,408 |
| Canadian National Railway Co. |
|
| 511,548 |
| 14,634 |
| Canadian Natural Resources, Ltd. |
|
| 452,400 |
| 863 |
| Canadian Pacific Railway, Ltd. |
|
| 329,625 |
| 532 |
| Canadian Tire Corp., Ltd., Class A† |
|
| 75,493 |
| 500 |
| Canadian Utilities, Ltd., Class A† |
|
| 13,424 |
| 1,880 |
| Canadian Western Bank |
|
| 47,856 |
| 1,876 |
| Canfor Corp.* |
|
| 38,858 |
| 700 |
| Canopy Growth Corp.*, † |
|
| 22,421 |
| 2,194 |
| Capital Power Corp.† |
|
| 63,549 |
| 6,100 |
| Cardinal Energy, Ltd.* |
|
| 12,717 |
| 6,100 |
| Cascades, Inc. |
|
| 76,353 |
| 1,637 |
| CCL Industries, Inc., Class B |
|
| 90,558 |
| 6,166 |
| Celestica, Inc.* |
|
| 51,518 |
| 6,617 |
| Cenovus Energy, Inc. |
|
| 49,705 |
| 5,235 |
| Centerra Gold, Inc. |
|
| 46,322 |
| 9,000 |
| CES Energy Solutions Corp.* |
|
| 11,530 |
| 1,621 |
| CGI, Inc.* |
|
| 135,025 |
| 2,739 |
| CI Financial Corp. |
|
| 39,558 |
| 1,372 |
| Cineplex, Inc.*, † |
|
| 13,003 |
| 190 |
| Cogeco Communications, Inc. |
|
| 17,840 |
| 300 |
| Cogeco, Inc. |
|
| 23,144 |
| 825 |
| Colliers International Group, Inc.† |
|
| 81,062 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares | Value | |||||
Canada (Continued) | ||||||
122 | Constellation Software, Inc. | $ | 170,379 | |||
5,812 | Corus Entertainment, Inc., Class B | 26,454 | ||||
3,354 | Crescent Point Energy Corp. | 13,985 | ||||
3,330 | CRH Medical Corp.* | 13,169 | ||||
1,600 | Dollarama, Inc. | 70,687 | ||||
1,821 | Dorel Industries, Inc., Class B* | 18,388 | ||||
1,100 | DREAM Unlimited Corp., Class A | 19,791 | ||||
6,100 | Dundee Precious Metals, Inc. | 37,230 | ||||
4,100 | ECN Capital Corp. | 25,545 | ||||
3,501 | Eldorado Gold Corp.* | 37,832 | ||||
9,925 | Element Fleet Management Corp.† | 108,593 | ||||
663 | Emera, Inc. | 29,507 | ||||
8,407 | Enbridge, Inc. | 306,162 | ||||
3,515 | Endeavour Mining Corp. | 70,848 | ||||
2,494 | Enerflex, Ltd. | 16,095 | ||||
7,134 | Enerplus Corp.† | 35,820 | ||||
882 | Enghouse Systems, Ltd. | 40,910 | ||||
7,100 | Ensign Energy Services, Inc.* | 6,328 | ||||
700 | ERO Copper Corp.* | 12,048 | ||||
4,400 | Extendicare, Inc.† | 26,959 | ||||
281 | Fairfax Financial Holdings, Ltd. | 122,657 | ||||
2,600 | Fiera Capital Corp.† | 20,627 | ||||
2,098 | Finning International, Inc. | 53,356 | ||||
3,380 | First Quantum Minerals, Ltd. | 64,416 | ||||
547 | FirstService Corp.† | 81,195 | ||||
2,982 | Fortis, Inc. | 129,393 | ||||
10,041 | Fortuna Silver Mines, Inc.* | 65,118 | ||||
206 | Franco-Nevada Corp. | 25,816 | ||||
3,500 | Freehold Royalties, Ltd.† | 20,192 | ||||
1,045 | George Weston, Ltd. | 92,534 | ||||
1,500 | Gibson Energy, Inc.† | 26,582 | ||||
571 | Gildan Activewear, Inc.* | 17,475 | ||||
5,700 | Gran Tierra Energy, Inc.* | 3,991 | ||||
806 | Great-West Lifeco, Inc. | 21,447 | ||||
1,700 | Home Capital Group, Inc.*, † | 41,705 | ||||
7,321 | Hudbay Minerals, Inc.† | 50,100 | ||||
2,998 | Hydro One, Ltd.# | 69,827 | ||||
1,537 | iA Financial Corp., Inc. | 83,571 | ||||
3,400 | IAMGOLD Corp.*, † | 10,119 | ||||
511 | IGM Financial, Inc.† | 15,574 | ||||
800 | Imperial Oil, Ltd.† | 19,378 | ||||
1,017 | Innergex Renewable Energy, Inc.† | 17,779 | ||||
573 | Intact Financial Corp. | 70,217 | ||||
3,165 | Inter Pipeline, Ltd. | 45,257 | ||||
2,045 | Interfor Corp.* | 46,052 | ||||
2,087 | Intertape Polymer Group, Inc.† | 46,500 | ||||
1,600 | Invesque, Inc.†, * | 4,560 | ||||
11,780 | Ivanhoe Mines, Ltd., Class A*, † | 60,648 | ||||
700 | Jamieson Wellness, Inc.# | 20,481 | ||||
500 | K-Bro Linen, Inc. | 16,683 | ||||
7,152 | Kelt Exploration, Ltd.*, † | 15,138 | ||||
2,848 | Keyera Corp.† | 59,195 | ||||
17,698 | Kinross Gold Corp. | 117,874 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares | Value | |||||
Canada (Continued) | ||||||
4,203 | Kirkland Lake Gold, Ltd.† | $ | 141,939 | |||
3,700 | Knight Therapeutics, Inc.* | 15,987 | ||||
800 | Laurentian Bank of Canada† | 25,483 | ||||
889 | Linamar Corp. | 52,412 | ||||
1,322 | Loblaw Cos., Ltd. | 73,848 | ||||
8,900 | Lucara Diamond Corp.* | 5,099 | ||||
13,050 | Lundin Mining Corp. | 134,270 | ||||
5,972 | Magna International, Inc. | 525,966 | ||||
4,800 | Major Drilling Group International, Inc.* | 25,782 | ||||
8,715 | Manulife Financial Corp. | 187,442 | ||||
1,530 | Maple Leaf Foods, Inc.† | 34,881 | ||||
1,800 | Martinrea International, Inc. | 17,575 | ||||
1,895 | Medical Facilities Corp.† | 10,978 | ||||
4,700 | MEG Energy Corp.* | 24,384 | ||||
1,000 | Methanex Corp.† | 36,898 | ||||
1,382 | Metro, Inc. | 63,046 | ||||
562 | Morneau Shepell, Inc. | 14,807 | ||||
470 | MTY Food Group, Inc.* | 21,561 | ||||
2,700 | Mullen Group, Ltd.† | 26,169 | ||||
4,527 | National Bank of Canada | 307,528 | ||||
14,800 | New Gold, Inc.* | 22,847 | ||||
1,740 | NFI Group, Inc.† | 38,740 | ||||
1,126 | North West Co., Inc. (The)† | 32,713 | ||||
2,067 | Northland Power, Inc.† | 74,920 | ||||
3,236 | Nutrien, Ltd. | 174,375 | ||||
11,800 | OceanaGold Corp.* | 17,559 | ||||
793 | Onex Corp. | 49,320 | ||||
2,715 | Open Text Corp. | 129,452 | ||||
3,319 | Osisko Gold Royalties, Ltd.† | 36,552 | ||||
3,696 | Pan American Silver Corp.† | 110,877 | ||||
4,549 | Parex Resources, Inc.*, † | 81,120 | ||||
700 | Park Lawn Corp. | 18,337 | ||||
1,907 | Parkland Corp. | 57,300 | ||||
1,760 | Pason Systems, Inc. | 12,436 | ||||
3,284 | Pembina Pipeline Corp.† | 94,772 | ||||
4,630 | Peyto Exploration & Development Corp.† | 19,637 | ||||
900 | PrairieSky Royalty, Ltd.† | 9,704 | ||||
580 | Precision Drilling Corp.*, † | 12,530 | ||||
300 | Premium Brands Holdings Corp. | 28,584 | ||||
2,837 | Primo Water Corp. | 46,211 | ||||
1,764 | Quebecor, Inc., Class B | 47,360 | ||||
1,200 | Real Matters, Inc.*, † | 13,655 | ||||
700 | Recipe Unlimited Corp.* | 11,324 | ||||
1,500 | Restaurant Brands International, Inc. | 97,553 | ||||
1,345 | Richelieu Hardware, Ltd.† | 44,202 | ||||
1,489 | Ritchie Bros Auctioneers, Inc. | 87,181 | ||||
2,704 | Rogers Communications, Inc., Class B | 124,689 | ||||
5,300 | Rogers Sugar, Inc.† | 23,111 | ||||
12,100 | Royal Bank of Canada | 1,115,642 | ||||
1,740 | Russel Metals, Inc. | 34,601 | ||||
787 | Sagen MI Canada, Inc. | 27,210 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares | Value | |||||
Canada (Continued) | ||||||
1,204 | Saputo, Inc. | $ | 36,205 | |||
4,547 | Secure Energy Services, Inc.† | 13,134 | ||||
10,397 | Seven Generations Energy, Ltd., Class A* | 70,323 | ||||
4,613 | Shaw Communications, Inc., Class B | 119,959 | ||||
1,968 | ShawCor, Ltd.* | 8,315 | ||||
174 | Shopify, Inc., Class A* | 192,185 | ||||
1,794 | Sienna Senior Living, Inc.† | 20,442 | ||||
1,359 | Sleep Country Canada Holdings, Inc.# | 34,345 | ||||
1,519 | SNC-Lavalin Group, Inc.† | 32,515 | ||||
4,381 | SSR Mining, Inc. | 62,645 | ||||
1,600 | Stantec, Inc.† | 68,497 | ||||
400 | Stella-Jones, Inc. | 16,227 | ||||
1,599 | Sun Life Financial, Inc. | 80,817 | ||||
14,810 | Suncor Energy, Inc. | 309,588 | ||||
3,579 | Superior Plus Corp.† | 40,498 | ||||
7,700 | Tamarack Valley Energy, Ltd.* | 14,521 | ||||
546 | TC Energy Corp.† | 25,030 | ||||
1,839 | TC Energy Corp. | 84,134 | ||||
8,602 | Teck Resources, Ltd., Class B | 164,757 | ||||
1,944 | TFI International, Inc. | 145,719 | ||||
287 | Thomson Reuters Corp. | 25,142 | ||||
3,200 | Timbercreek Financial Corp. | 22,484 | ||||
801 | TMX Group, Ltd. | 83,236 | ||||
226 | Topicus.com, Inc.* | 14,844 | ||||
2,171 | Torex Gold Resources, Inc.* | 27,416 | ||||
1,339 | Toromont Industries, Ltd. | 102,489 | ||||
11,275 | Toronto-Dominion Bank (The) | 735,338 | ||||
5,111 | Tourmaline Oil Corp. | 97,283 | ||||
7,036 | TransAlta Corp. | 66,626 | ||||
2,812 | TransAlta Renewables, Inc.† | 46,028 | ||||
3,800 | Transcontinental, Inc., Class A† | 66,886 | ||||
12,242 | Trican Well Service, Ltd.* | 20,165 | ||||
3,001 | Tricon Residential ,Inc.† | 30,710 | ||||
1,570 | Turquoise Hill Resources, Ltd.*, † | 25,286 | ||||
1,000 | Uni-Select, Inc.* | 7,217 | ||||
2,344 | Vermilion Energy, Inc.*,† | 17,029 | ||||
1,800 | Wajax Corp.† | 28,432 | ||||
872 | Waste Connections, Inc. | 94,174 | ||||
2,070 | West Fraser Timber Co., Ltd.† | 148,921 | ||||
12,500 | Western Forest Products, Inc. | 18,003 | ||||
1,519 | Wheaton Precious Metals Corp. | 58,019 | ||||
18,463 | Whitecap Resources, Inc.† | 81,098 | ||||
400 | Winpak, Ltd. | 14,345 | ||||
752 | WSP Global, Inc. | 71,544 | ||||
19,921 | Yamana Gold, Inc. | 86,551 | ||||
15,517,344 | ||||||
Denmark—1.6% | ||||||
126 | ALK-Abello A/S* | 47,871 | ||||
2,469 | Alm Brand A/S | 28,959 | ||||
455 | Ambu A/S, Class B | 21,368 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares | Value | |||||
Denmark (Continued) | ||||||
20 | AP Moller - Maersk A/S, Class A | $ | 43,542 | |||
23 | AP Moller - Maersk A/S, Class B | 53,428 | ||||
2,721 | Bang & Olufsen A/S* | 12,963 | ||||
712 | Carlsberg A/S, Class B | 109,394 | ||||
555 | Chr Hansen Holding A/S* | 50,432 | ||||
568 | Coloplast A/S, Class B | 85,407 | ||||
805 | D/S Norden A/S | 18,655 | ||||
3,111 | Danske Bank A/S | 58,216 | ||||
816 | Demant A/S*, † | 34,566 | ||||
778 | Dfds A/S* | 39,837 | ||||
68 | Drilling Co. of 1972 A/S (The)* | 2,699 | ||||
1,168 | DSV PANALPINA A/S | 229,153 | ||||
1,244 | FLSmidth & Co. A/S† | 47,675 | ||||
330 | Genmab A/S* | 108,574 | ||||
1,611 | GN Store Nord A/S | 126,833 | ||||
771 | H Lundbeck A/S | 26,339 | ||||
818 | H+H International A/S, Class B* | 21,071 | ||||
3,142 | ISS A/S* | 58,573 | ||||
958 | Jyske Bank A/S, Registered* | 45,701 | ||||
1,970 | Matas A/S* | 25,808 | ||||
266 | Nilfisk Holding A/S* | 8,110 | ||||
362 | NNIT A/S# | 6,072 | ||||
12,082 | Novo Nordisk A/S, Class B | 818,546 | ||||
2,254 | Novozymes A/S, Class B | 144,374 | ||||
831 | Orsted A/S# | 134,215 | ||||
1,611 | Pandora A/S | 172,599 | ||||
376 | Per Aarsleff Holding A/S | 16,331 | ||||
680 | Ringkjoebing Landbobank A/S | 66,464 | ||||
44 | Rockwool International A/S, Class A† | 16,474 | ||||
131 | Rockwool International A/S, Class B | 55,223 | ||||
1,104 | Royal Unibrew A/S | 115,460 | ||||
1,644 | Scandinavian Tobacco Group A/S, Class A# | 31,541 | ||||
336 | Schouw & Co. A/S | 35,172 | ||||
638 | SimCorp A/S | 79,005 | ||||
1,256 | Spar Nord Bank A/S* | 13,405 | ||||
1,818 | Sydbank A/S | 48,981 | ||||
676 | Topdanmark A/S | 30,927 | ||||
1,813 | Tryg A/S† | 42,758 | ||||
1,231 | Vestas Wind Systems A/S | 252,672 | ||||
615 | Zealand Pharma A/S* | 19,449 | ||||
3,404,842 | ||||||
Finland—1.0% | ||||||
1,140 | Cargotec Oyj, Class B† | 61,630 | ||||
1,769 | Elisa OyJ | 106,090 | ||||
25,135 | Finnair Oyj†, * | 20,913 | ||||
3,720 | Fortum Oyj | 99,289 | ||||
971 | Huhtamaki Oyj | 43,908 | ||||
1,799 | Kemira Oyj | 27,616 | ||||
1,396 | Kesko Oyj, Class A | 39,045 | ||||
2,664 | Kesko Oyj, Class B | 81,476 | ||||
578 | Kojamo Oyj | 11,306 | ||||
1,938 | Kone Oyj, Class B | 158,316 | ||||
1,119 | Konecranes Oyj | 49,866 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares | Value | |||||
Finland (Continued) | ||||||
3,137 | Metsa Board Oyj | $ | 34,176 | |||
9,643 | Metso Outotec Oyj | 107,486 | ||||
1,568 | Neles Oyj | 19,914 | ||||
2,298 | Nestle Oyj | 121,970 | ||||
14,612 | Nokia Oyj* | 58,338 | ||||
1,922 | Nokian Renkaat Oyj† | 69,601 | ||||
12,077 | Nordea Bank Abp | 119,122 | ||||
281 | Olvi Oyj, Class A | 16,048 | ||||
7,100 | Oriola Oyj, Class B† | 17,069 | ||||
727 | Orion Oyj, Class A† | 31,246 | ||||
1,558 | Orion Oyj, Class B† | 62,431 | ||||
10,116 | Outokumpu Oyj* | 58,603 | ||||
7,476 | Raisio Oyj , Class V | 34,323 | ||||
873 | Revenio Group Oyj | 51,803 | ||||
2,447 | Sampo Oyj, Class A | 110,393 | ||||
5,910 | Stora Enso Oyj, Class R† | 110,232 | ||||
1,519 | Terveystalo Oyj# | 21,091 | ||||
760 | TietoEVRY Oyj | 23,547 | ||||
1,160 | Tikkurila Oyj* | 46,047 | ||||
1,633 | Tokmanni Group Corp. | 38,300 | ||||
4,345 | UPM-Kymmene Oyj | 156,072 | ||||
775 | Uponor Oyj | 17,195 | ||||
559 | Vaisala Oyj, Class A | 20,879 | ||||
1,446 | Valmet Oyj | 52,584 | ||||
5,634 | Wartsila Oyj Abp | 59,027 | ||||
6,293 | YIT Oyj† | 33,460 | ||||
2,190,412 | ||||||
| ||||||
France—5.7% | ||||||
1,053 | Accor SA* | 39,713 | ||||
162 | Aeroports de Paris* | 19,359 | ||||
2,493 | Air Liquide SA | 407,249 | ||||
3,566 | Airbus SE* | 403,716 | ||||
370 | Akka Technologies†, * | 9,654 | ||||
947 | Albioma SA | 46,421 | ||||
966 | Alstom SA* | 48,168 | ||||
476 | Alten SA* | 55,876 | ||||
272 | Amundi SA*, # | 21,754 | ||||
1,401 | Arkema SA | 169,799 | ||||
820 | Atos SE* | 63,967 | ||||
368 | Aubay | 18,600 | ||||
10,652 | AXA SA | 285,870 | ||||
1,320 | Beneteau SA* | 18,514 | ||||
234 | BioMerieux | 29,774 | ||||
4,935 | BNP Paribas SA* | 300,244 | ||||
5,145 | Bollore SA | 24,846 | ||||
3,865 | Bouygues SA | 154,966 | ||||
3,079 | Bureau Veritas SA* | 87,633 | ||||
1,394 | Capgemini SE | 237,201 | ||||
6,094 | Carrefour SA | 110,377 | ||||
20,011 | CGG SA* | 24,065 | ||||
5,818 | Cie de Saint-Gobain* | 343,322 | ||||
1,377 | Cie Generale des Etablissements Michelin SCA | 206,130 | ||||
585 | Cie Plastic Omnium SA | 21,432 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| France (Continued) |
|
|
|
| 961 |
| CNP Assurances* |
| $ | 18,268 |
| 2,606 |
| Coface SA* |
|
| 28,849 |
| 4,116 |
| Credit Agricole SA* |
|
| 59,587 |
| 4,080 |
| Danone SA |
|
| 279,900 |
| 15 |
| Dassault Aviation SA* |
|
| 16,693 |
| 252 |
| Dassault Systemes SE |
|
| 53,903 |
| 5,436 |
| Derichebourg SA* |
|
| 44,464 |
| 3,010 |
| Edenred |
|
| 157,218 |
| 1,777 |
| Eiffage SA* |
|
| 177,881 |
| 6,771 |
| Electricite de France SA* |
|
| 90,838 |
| 1,532 |
| Elior Group SA#, * |
|
| 11,372 |
| 4,742 |
| Elis SA* |
|
| 77,408 |
| 11,071 |
| Engie SA* |
|
| 157,159 |
| 601 |
| Eramet SA* |
|
| 42,668 |
| 970 |
| EssilorLuxottica SA |
|
| 157,944 |
| 1,550 |
| Eurofins Scientific SE* |
|
| 148,159 |
| 739 |
| Euronext NV# |
|
| 74,443 |
| 3,328 |
| Europcar Mobility Group*, #, † |
|
| 1,072 |
| 4,666 |
| Eutelsat Communications SA |
|
| 56,797 |
| 1,567 |
| Faurecia SE* |
|
| 83,483 |
| 178 |
| Fnac Darty SA* |
|
| 10,928 |
| 180 |
| Gaztransport Et Technigaz SA |
|
| 14,354 |
| 173 |
| Hermes International |
|
| 191,516 |
| 77 |
| ID Logistics Group* |
|
| 20,588 |
| 190 |
| Iliad SA |
|
| 36,118 |
| 743 |
| Imerys SA |
|
| 36,177 |
| 308 |
| Ipsen SA |
|
| 26,421 |
| 1,041 |
| IPSOS |
|
| 39,309 |
| 530 |
| Jacquet Metals SA |
|
| 12,319 |
| 614 |
| JCDecaux SA* |
|
| 15,481 |
| 685 |
| Kaufman & Broad SA |
|
| 29,602 |
| 428 |
| Kering SA |
|
| 295,427 |
| 1,526 |
| Korian SA* |
|
| 53,006 |
| 793 |
| L’Oreal SA |
|
| 303,908 |
| 1,721 |
| Lagardere SCA* |
|
| 45,248 |
| 1,064 |
| Lectra |
|
| 35,187 |
| 2,297 |
| Legrand SA |
|
| 213,664 |
| 1,624 |
| LVMH Moet Hennessy Louis Vuitton SE |
|
| 1,081,926 |
| 971 |
| Maisons du Monde SA*, # |
|
| 21,498 |
| 444 |
| Mersen SA* |
|
| 15,464 |
| 1,630 |
| Natixis SA* |
|
| 7,803 |
| 812 |
| Nexans SA* |
|
| 71,893 |
| 1,827 |
| Nexity SA |
|
| 90,157 |
| 31,311 |
| Orange SA |
|
| 385,727 |
| 525 |
| Orpea SA* |
|
| 60,828 |
| 722 |
| Pernod-Ricard SA |
|
| 135,513 |
| 3,391 |
| Publicis Groupe SA |
|
| 206,944 |
| 993 |
| Quadient SA |
|
| 23,872 |
| 101 |
| Remy Cointreau SA |
|
| 18,655 |
| 2,261 |
| Renault SA* |
|
| 97,919 |
| 5,791 |
| Rexel SA* |
|
| 114,770 |
| 931 |
| Rothschild & Co.* |
|
| 33,627 |
| 641 |
| Rubis SCA |
|
| 30,369 |
| 1,755 |
| Safran SA* |
|
| 238,841 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| France (Continued) |
|
|
|
| 2,623 |
| Sanofi |
| $ | 259,152 |
| 174 |
| Sartorius Stedim Biotech |
|
| 71,662 |
| 1,900 |
| Schneider Electric SE |
|
| 290,214 |
| 2,540 |
| SCOR SE* |
|
| 86,679 |
| 432 |
| SEB SA |
|
| 76,194 |
| 6,297 |
| SES SA |
|
| 50,023 |
| 411 |
| Societe BIC SA |
|
| 24,060 |
| 4,495 |
| Societe Generale SA* |
|
| 117,629 |
| 716 |
| Sodexo SA* |
|
| 68,667 |
| 206 |
| SOITEC* |
|
| 42,107 |
| 344 |
| Sopra Steria Group* |
|
| 57,486 |
| 1,621 |
| SPIE SA* |
|
| 38,817 |
| 3,434 |
| STMicroelectronics NV |
|
| 130,839 |
| 3,853 |
| Suez SA |
|
| 81,602 |
| 889 |
| Technicolor SA, Registered* |
|
| 2,930 |
| 606 |
| Teleperformance |
|
| 220,872 |
| 2,268 |
| Television Francaise 1*, † |
|
| 20,666 |
| 943 |
| Thales SA |
|
| 93,688 |
| 16,933 |
| TOTAL SE† |
|
| 789,825 |
| 198 |
| Trigano SA |
|
| 37,012 |
| 956 |
| Ubisoft Entertainment SA* |
|
| 72,737 |
| 2,796 |
| Valeo SA |
|
| 94,989 |
| 3,814 |
| Veolia Environnement SA |
|
| 97,773 |
| 574 |
| Verallia SA# |
|
| 20,699 |
| 436 |
| Vicat SA |
|
| 21,168 |
| 3,938 |
| Vinci SA |
|
| 403,437 |
| 95 |
| Virbac SA* |
|
| 24,454 |
| 2,749 |
| Vivendi SE |
|
| 90,265 |
| 1,604 |
| Worldline SA*, # |
|
| 134,379 |
|
|
|
|
|
| 12,421,840 |
|
| Germany—5.2% |
|
|
| |
| 696 |
| 1&1 Drillisch AG |
|
| 19,564 |
| 1,887 |
| Aareal Bank AG* |
|
| 53,552 |
| 1,127 |
| adidas AG* |
|
| 351,819 |
| 295 |
| ADLER Group SA*, # |
|
| 8,081 |
| 1,932 |
| ADVA Optical Networking SE* |
|
| 22,928 |
| 1,882 |
| Allianz SE, Registered |
|
| 479,034 |
| 12,733 |
| Aroundtown SA |
|
| 90,637 |
| 408 |
| Aurubis AG |
|
| 33,799 |
| 4,459 |
| BASF SE |
|
| 370,427 |
| 333 |
| Bauer AG* |
|
| 4,592 |
| 5,917 |
| Bayer AG, Registered |
|
| 374,421 |
| 4,607 |
| Bayerische Motoren Werke AG |
|
| 477,971 |
| 474 |
| BayWa AG |
|
| 20,900 |
| 261 |
| Bechtle AG |
|
| 48,941 |
| 592 |
| Befesa SA# |
|
| 39,641 |
| 435 |
| Beiersdorf AG |
|
| 45,962 |
| 1,136 |
| Bilfinger SE |
|
| 41,538 |
| 1,357 |
| Borussia Dortmund GmbH & Co. KGaA* |
|
| 8,633 |
| 1,982 |
| Brenntag SE |
|
| 169,208 |
| 603 |
| CANCOM SE |
|
| 34,749 |
| 226 |
| Carl Zeiss Meditec AG |
|
| 34,056 |
| 3,791 |
| CECONOMY AG* |
|
| 21,935 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| Germany (Continued) |
|
|
|
| 159 |
| Cewe Stiftung & Co. KGAA |
| $ | 22,450 |
| 6,421 |
| Commerzbank AG* |
|
| 39,366 |
| 270 |
| CompuGroup Medical SE & Co. KgaA |
|
| 22,813 |
| 967 |
| Continental AG* |
|
| 127,802 |
| 612 |
| Corestate Capital Holding SA*, † |
|
| 10,155 |
| 1,919 |
| Covestro AG# |
|
| 129,039 |
| 1,019 |
| CTS Eventim AG & Co. KGaA* |
|
| 59,080 |
| 9,159 |
| Daimler AG, Registered |
|
| 816,405 |
| 167 |
| Delivery Hero SE#, * |
|
| 21,640 |
| 11,171 |
| Deutsche Bank AG, Registered* |
|
| 133,465 |
| 584 |
| Deutsche Beteiligungs AG |
|
| 26,367 |
| 1,312 |
| Deutsche Boerse AG |
|
| 218,017 |
| 696 |
| Deutsche EuroShop AG* |
|
| 14,496 |
| 4,674 |
| Deutsche Lufthansa AG, Registered* |
|
| 61,965 |
| 3,746 |
| Deutsche Pfandbriefbank AG*, # |
|
| 43,578 |
| 7,000 |
| Deutsche Post AG, Registered |
|
| 383,520 |
| 32,806 |
| Deutsche Telekom AG, Registered |
|
| 660,557 |
| 1,745 |
| Deutsche Wohnen SE |
|
| 81,404 |
| 3,473 |
| Deutz AG* |
|
| 25,944 |
| 821 |
| Dialog Semiconductor Plc* |
|
| 61,830 |
| 1,375 |
| Duerr AG |
|
| 57,242 |
| 28,452 |
| E.ON SE |
|
| 331,121 |
| 1,192 |
| Eckert & Ziegler Strahlen- und Medizintechnik AG |
|
| 95,124 |
| 168 |
| Elmos Semiconductor SE |
|
| 7,053 |
| 1,524 |
| Evonik Industries AG |
|
| 53,902 |
| 334 |
| Fielmann AG* |
|
| 26,654 |
| 118 |
| flatexDEGIRO AG* |
|
| 10,932 |
| 479 |
| Fraport AG Frankfurt Airport Services Worldwide* |
|
| 29,125 |
| 2,143 |
| Freenet AG |
|
| 51,292 |
| 2,283 |
| Fresenius Medical Care AG & Co. KGaA |
|
| 167,919 |
| 2,816 |
| Fresenius SE & Co. KGaA |
|
| 125,422 |
| 199 |
| FUCHS PETROLUB SE |
|
| 8,004 |
| 2,497 |
| GEA Group AG |
|
| 102,342 |
| 425 |
| Gerresheimer AG |
|
| 42,214 |
| 287 |
| Gesco AG |
|
| 8,010 |
| 1,489 |
| Grand City Properties SA |
|
| 37,298 |
| 336 |
| Hannover Rueck SE |
|
| 61,389 |
| 243 |
| Hapag-Lloyd AG# |
|
| 37,730 |
| 871 |
| HeidelbergCement AG |
|
| 79,119 |
| 6,593 |
| Heidelberger Druckmaschinen AG* |
|
| 8,876 |
| 524 |
| Hella GmbH & Co. KGaA* |
|
| 29,385 |
| 643 |
| HelloFresh SE* |
|
| 47,957 |
| 674 |
| Henkel AG & Co. KGaA |
|
| 66,749 |
| 160 |
| HOCHTIEF AG |
|
| 14,316 |
| 461 |
| Hornbach Holding AG & Co. KGaA |
|
| 44,979 |
| 1,048 |
| HUGO BOSS AG |
|
| 41,134 |
| 38 |
| Hypoport SE* |
|
| 20,142 |
| 721 |
| Indus Holding AG |
|
| 29,931 |
| 10,553 |
| Infineon Technologies AG |
|
| 447,436 |
| 788 |
| Jenoptik AG |
|
| 23,657 |
| 6,571 |
| K+S AG, Registered |
|
| 65,284 |
| 642 |
| KION Group AG |
|
| 63,392 |
| 2,961 |
| Kloeckner & Co. SE* |
|
| 37,293 |
| 165 |
| Knorr-Bremse AG |
|
| 20,592 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| Germany (Continued) |
|
|
|
| 434 |
| Koenig & Bauer AG* |
| $ | 12,938 |
| 500 |
| Krones AG |
|
| 40,575 |
| 730 |
| LANXESS AG |
|
| 53,813 |
| 698 |
| LEG Immobilien AG |
|
| 91,808 |
| 685 |
| Merck KGaA |
|
| 117,121 |
| 4,159 |
| METRO AG |
|
| 43,944 |
| 373 |
| MTU Aero Engines AG |
|
| 87,790 |
| 675 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered |
|
| 207,867 |
| 772 |
| Nemetschek SE |
|
| 49,250 |
| 33 |
| New Work SE |
|
| 8,572 |
| 1,039 |
| Norma Group SE |
|
| 49,347 |
| 390 |
| OHB SE* |
|
| 16,167 |
| 471 |
| PATRIZIA AG |
|
| 11,931 |
| 1,490 |
| ProSiebenSat.1 Media SE* |
|
| 30,465 |
| 656 |
| Puma SE* |
|
| 64,267 |
| 1,192 |
| QIAGEN NV* |
|
| 57,690 |
| 51 |
| Rational AG |
|
| 39,623 |
| 824 |
| Rheinmetall AG |
|
| 83,489 |
| 641 |
| RTL Group SA* |
|
| 37,555 |
| 3,858 |
| RWE AG |
|
| 151,201 |
| 959 |
| S&T AG* |
|
| 23,842 |
| 1,686 |
| SAF-Holland SE* |
|
| 24,517 |
| 523 |
| Salzgitter AG* |
|
| 16,339 |
| 2,279 |
| SAP SE |
|
| 279,071 |
| 963 |
| Scout24 AG# |
|
| 73,066 |
| 2,133 |
| Siemens AG, Registered |
|
| 350,192 |
| 1,066 |
| Siemens Energy AG* |
|
| 38,266 |
| 524 |
| Siemens Healthineers AG# |
|
| 28,390 |
| 279 |
| Siltronic AG* |
|
| 44,988 |
| 185 |
| Sixt SE* |
|
| 24,429 |
| 435 |
| Software AG |
|
| 18,334 |
| 638 |
| Stabilus SA |
|
| 44,891 |
| 286 |
| STRATEC SE |
|
| 38,637 |
| 324 |
| Stroeer SE & Co. KGaA |
|
| 26,407 |
| 1,626 |
| Suedzucker AG |
|
| 27,553 |
| 731 |
| Symrise AG |
|
| 88,639 |
| 1,795 |
| TAG Immobilien AG |
|
| 51,236 |
| 1,202 |
| Takkt AG* |
|
| 18,184 |
| 315 |
| Talanx AG* |
|
| 13,358 |
| 685 |
| TeamViewer AG#, * |
|
| 29,264 |
| 420 |
| Technotrans SE* |
|
| 12,584 |
| 5,253 |
| Telefonica Deutschland Holding AG |
|
| 15,400 |
| 2,041 |
| thyssenkrupp AG* |
|
| 27,250 |
| 1,060 |
| Uniper SE |
|
| 38,386 |
| 2,405 |
| United Internet AG, Registered |
|
| 96,456 |
| 542 |
| Volkswagen AG |
|
| 196,529 |
| 3,634 |
| Vonovia SE |
|
| 237,371 |
| 257 |
| Vossloh AG* |
|
| 12,809 |
| 236 |
| Wacker Chemie AG |
|
| 33,584 |
| 904 |
| Wacker Neuson SE* |
|
| 21,626 |
| 209 |
| Washtec AG* |
|
| 12,010 |
| 284 |
| Zalando SE*, # |
|
| 27,856 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| Germany (Continued) |
|
|
|
| 117 |
| Zeal Network SE |
| $ | 6,023 |
|
|
|
|
|
| 11,258,196 |
|
|
| Hong Kong—1.8% |
|
|
|
| 60,200 |
| AIA Group, Ltd. |
|
| 730,227 |
| 2,500 |
| ASM Pacific Technology, Ltd. |
|
| 31,853 |
| 9,400 |
| Bank of East Asia, Ltd. (The) |
|
| 20,023 |
| 2,700 |
| BOC Aviation, Ltd.# |
|
| 26,152 |
| 18,000 |
| BOC Hong Kong Holdings, Ltd. |
|
| 62,863 |
| 10,000 |
| Cafe de Coral Holdings, Ltd. |
|
| 21,662 |
| 26,181 |
| Cathay Pacific Airways, Ltd.* |
|
| 24,416 |
| 15,000 |
| Chow Sang Sang Holdings International, Ltd. |
|
| 23,192 |
| 56,000 |
| CITIC Telecom International Holdings, Ltd. |
|
| 19,809 |
| 12,000 |
| CK Asset Holdings, Ltd. |
|
| 72,857 |
| 22,500 |
| CK Hutchison Holdings, Ltd. |
|
| 179,297 |
| 2,000 |
| CK Infrastructure Holdings, Ltd. |
|
| 11,886 |
| 8,500 |
| CLP Holdings, Ltd. |
|
| 82,550 |
| 6,000 |
| Dah Sing Banking Group, Ltd. |
|
| 6,792 |
| 4,800 |
| Dah Sing Financial Holdings, Ltd. |
|
| 15,806 |
| 52,500 |
| Esprit Holdings, Ltd.* |
|
| 5,200 |
| 55,258 |
| Far East Consortium International, Ltd. |
|
| 20,897 |
| 111,000 |
| FIH Mobile, Ltd.* |
|
| 15,706 |
| 58,000 |
| First Pacific Co., Ltd. |
|
| 19,099 |
| 4,000 |
| Galaxy Entertainment Group, Ltd.* |
|
| 36,017 |
| 40,000 |
| Giordano International, Ltd. |
|
| 7,975 |
| 7,000 |
| Great Eagle Holdings, Ltd. |
|
| 24,267 |
| 142,000 |
| Guotai Junan International Holdings, Ltd. |
|
| 26,120 |
| 108,000 |
| Haitong International Securities Group, Ltd. |
|
| 34,453 |
| 4,000 |
| Hang Lung Group, Ltd. |
|
| 10,126 |
| 6,000 |
| Hang Lung Properties, Ltd. |
|
| 15,590 |
| 8,300 |
| Hang Seng Bank, Ltd. |
|
| 160,681 |
| 5,500 |
| Henderson Land Development Co., Ltd. |
|
| 24,691 |
| 7,500 |
| HKBN, Ltd. |
|
| 10,921 |
| 19,200 |
| HKR International, Ltd. |
|
| 7,977 |
| 56,000 |
| HKT Trust & HKT, Ltd. |
|
| 79,814 |
| 41,055 |
| Hong Kong & China Gas Co., Ltd. |
|
| 64,956 |
| 7,706 |
| Hong Kong Exchanges & Clearing, Ltd. |
|
| 453,393 |
| 14,179 |
| Hongkong & Shanghai Hotels, Ltd. (The)* |
|
| 14,099 |
| 50,000 |
| Hutchison Telecommunications Hong Kong Holdings, Ltd. |
|
| 9,519 |
| 9,000 |
| Hysan Development Co., Ltd. |
|
| 35,194 |
| 41,000 |
| IGG, Inc. |
|
| 52,845 |
| 5,500 |
| Johnson Electric Holdings, Ltd. |
|
| 14,786 |
| 7,000 |
| Kerry Logistics Network, Ltd. |
|
| 20,980 |
| 6,000 |
| Kerry Properties, Ltd. |
|
| 19,333 |
| 5,750 |
| L’Occitane International SA |
|
| 16,013 |
| 38,400 |
| Landing International Development, Ltd.* |
|
| 1,531 |
| 15,500 |
| Lifestyle International Holdings, Ltd.* |
|
| 13,498 |
| 6,000 |
| Luk Fook Holdings International, Ltd. |
|
| 16,516 |
| 51,600 |
| Man Wah Holdings, Ltd. |
|
| 106,995 |
| 480,000 |
| Mason Group Holdings, Ltd.* |
|
| 2,470 |
| 11,000 |
| Melco International Development, Ltd.* |
|
| 22,413 |
| 4,185 |
| MTR Corp., Ltd. |
|
| 23,713 |
| 10,000 |
| NagaCorp, Ltd. |
|
| 11,808 |
| 12,000 |
| New World Development Co., Ltd. |
|
| 62,052 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | |
|
| Hong Kong (Continued) |
|
|
|
44,000 |
| NewOcean Energy Holdings, Ltd.* |
| $ | 3,509 |
17,000 |
| NWS Holdings, Ltd. |
|
| 17,953 |
181,000 |
| Pacific Basin Shipping, Ltd. |
|
| 48,893 |
7,128 |
| Pacific Century Premium Developments, Ltd.* |
|
| 697 |
29,000 |
| Pacific Textiles Holdings, Ltd. |
|
| 18,577 |
59,789 |
| PCCW, Ltd. |
|
| 33,686 |
5,500 |
| Power Assets Holdings, Ltd. |
|
| 32,473 |
4,800 |
| PRADA SpA* |
|
| 29,976 |
63,195 |
| Sa Sa International Holdings, Ltd.* |
|
| 14,469 |
6,900 |
| Samsonite International SA*, # |
|
| 13,313 |
12,800 |
| Sands China, Ltd.* |
|
| 63,966 |
12,000 |
| Shangri-La Asia, Ltd.* |
|
| 11,994 |
100,000 |
| Shun Tak Holdings, Ltd. |
|
| 30,615 |
138,000 |
| Singamas Container Holdings, Ltd. |
|
| 10,651 |
16,352 |
| Sino Land Co., Ltd. |
|
| 22,759 |
23,000 |
| SITC International Holdings Co., Ltd. |
|
| 77,958 |
25,000 |
| SJM Holdings, Ltd.* |
|
| 32,673 |
13,500 |
| SmarTone Telecommunications Holdings, Ltd. |
|
| 7,867 |
5,500 |
| Sun Hung Kai Properties, Ltd. |
|
| 83,341 |
27,000 |
| SUNeVision Holdings, Ltd. |
|
| 27,819 |
4,500 |
| Swire Pacific, Ltd., Class A |
|
| 33,747 |
15,000 |
| Swire Pacific, Ltd., Class B |
|
| 17,713 |
6,200 |
| Swire Properties, Ltd. |
|
| 19,180 |
8,000 |
| Techtronic Industries Co., Ltd. |
|
| 136,865 |
12,000 |
| Television Broadcasts, Ltd.* |
|
| 12,488 |
30,000 |
| United Laboratories International Holdings, Ltd. (The) |
|
| 22,151 |
12,000 |
| Vitasoy International Holdings, Ltd. |
|
| 46,153 |
1,300 |
| VTech Holdings, Ltd. |
|
| 11,706 |
105,500 |
| WH Group, Ltd.# |
|
| 85,495 |
8,000 |
| Wharf Real Estate Investment Co., Ltd. |
|
| 44,816 |
9,200 |
| Wynn Macau, Ltd.* |
|
| 17,893 |
34,000 |
| Xinyi Glass Holdings, Ltd. |
|
| 111,087 |
14,500 |
| Yue Yuen Industrial Holdings, Ltd.* |
|
| 36,184 |
|
|
|
|
| 3,969,700 |
|
| Ireland—0.5% |
|
|
|
5,093 |
| AIB Group Plc†, * |
|
| 13,391 |
10,939 |
| Bank of Ireland Group Plc* |
|
| 54,263 |
10,801 |
| Cairn Homes Plc* |
|
| 13,578 |
3,828 |
| CRH Plc |
|
| 179,429 |
6,465 |
| CRH Plc, SP ADR |
|
| 303,726 |
563 |
| Flutter Entertainment Plc* |
|
| 121,020 |
1,946 |
| Irish Continental Group Plc* |
|
| 10,098 |
526 |
| Kerry Group Plc, Class A† |
|
| 65,817 |
2,044 |
| Kingspan Group Plc |
|
| 173,303 |
4,774 |
| Smurfit Kappa Group Plc |
|
| 224,835 |
|
|
|
|
| 1,159,460 |
|
| Israel—0.4% |
|
|
|
734 |
| Airport City, Ltd.* |
|
| 10,302 |
568 |
| Alony Hetz Properties & Investments, Ltd. |
|
| 7,292 |
2,317 |
| Amot Investments, Ltd. |
|
| 12,378 |
154 |
| Azrieli Group, Ltd. |
|
| 9,494 |
6,983 |
| Bank Hapoalim BM* |
|
| 54,266 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
| Value | |||
| Israel (Continued) | ||||
9,084 |
| Bank Leumi Le-Israel BM |
| $ | 59,779 |
2,500 |
| Bayside Land Corp., Ltd. |
|
| 19,922 |
22,557 |
| Bezeq The Israeli Telecommunication Corp., Ltd.* |
|
| 24,095 |
2,356 |
| Cellcom Israel, Ltd.* |
|
| 8,809 |
1,006 |
| Clal Insurance Enterprises Holdings, Ltd.* |
|
| 16,623 |
66 |
| Danel Adir Yeoshua, Ltd. |
|
| 10,821 |
187 |
| Elbit Systems, Ltd.† |
|
| 26,741 |
58 |
| Electra, Ltd. |
|
| 30,188 |
464 |
| Equital, Ltd.* |
|
| 11,262 |
432 |
| First International Bank of Israel, Ltd.* |
|
| 12,034 |
375 |
| Fox Wizel, Ltd. |
|
| 42,726 |
2,147 |
| Harel Insurance Investments & Financial Services, Ltd. |
|
| 21,662 |
7,565 |
| ICL Group, Ltd. |
|
| 44,284 |
275 |
| IDI Insurance Co., Ltd. |
|
| 10,406 |
464 |
| Isracard, Ltd. |
|
| 1,592 |
6,033 |
| Israel Discount Bank, Ltd., Class A |
|
| 25,066 |
1,175 |
| Matrix IT, Ltd. |
|
| 28,125 |
1,507 |
| Maytronics, Ltd. |
|
| 27,358 |
1,106 |
| Menora Mivtachim Holdings, Ltd. |
|
| 22,927 |
1,212 |
| Mizrahi Tefahot Bank, Ltd. |
|
| 31,591 |
2,005 |
| Naphtha Israel Petroleum Corp., Ltd.* |
|
| 9,236 |
156 |
| Nice, Ltd.* |
|
| 33,691 |
168 |
| Nice, Ltd., SP ADR*, † |
|
| 36,619 |
417 |
| Nova Measuring Instruments, Ltd.* |
|
| 36,547 |
21,016 |
| Oil Refineries, Ltd.* |
|
| 4,878 |
2,397 |
| Partner Communications Co., Ltd.* |
|
| 11,594 |
134 |
| Paz Oil Co., Ltd. |
|
| 12,297 |
1,329 |
| Phoenix Holdings, Ltd. (The)* |
|
| 11,652 |
6,806 |
| Shikun & Binui, Ltd.* |
|
| 39,434 |
700 |
| Strauss Group, Ltd. |
|
| 18,845 |
1,314 |
| Summit Real Estate Holdings, Ltd.* |
|
| 19,318 |
6,630 |
| Teva Pharmaceutical Industries, Ltd., SP ADR* |
|
| 76,510 |
862 |
| Tower Semiconductor, Ltd.* |
|
| 24,170 |
904,534 | |||||
| Italy—1.9% | ||||
23,194 |
| A2A SpA |
|
| 42,214 |
548 |
| ACEA SpA |
|
| 11,979 |
1,290 |
| Amplifon SpA* |
|
| 48,016 |
6,692 |
| Anima Holding SpA# |
|
| 34,467 |
7,266 |
| Assicurazioni Generali SpA* |
|
| 145,365 |
2,754 |
| Atlantia SpA* |
|
| 51,512 |
5,171 |
| Autogrill SpA*, † |
|
| 42,751 |
1,709 |
| Azimut Holding SpA |
|
| 38,951 |
2,332 |
| Banca Farmafactoring SpA*,# |
|
| 17,147 |
623 |
| Banca Generali SpA* |
|
| 21,932 |
9,396 |
| Banca Popolare di Sondrio SCPA* |
|
| 31,469 |
30,073 |
| Banco BPM SpA* |
|
| 85,874 |
26,017 |
| BPER Banca* |
|
| 57,252 |
732 |
| Brunello Cucinelli SpA*, † |
|
| 31,470 |
1,230 |
| Buzzi Unicem SpA |
|
| 31,978 |
3,016 |
| Cairo Communication SpA*, † |
|
| 5,574 |
1,300 |
| Carel Industries SpA# |
|
| 26,465 |
4,487 |
| Cerved Group SpA* |
|
| 49,620 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
| Value | |||
| Italy (Continued) | ||||
27,159 |
| CIR SpA-Compagnie Industriali* |
| $ | 15,112 |
12,944 |
| CNH Industrial NV* |
|
| 200,293 |
3,914 |
| Credito Emiliano SpA* |
|
| 22,858 |
2,482 |
| Credito Valtellinese SpA* |
|
| 35,486 |
253 |
| DiaSorin SpA |
|
| 40,588 |
44,294 |
| Enel SpA |
|
| 441,157 |
15,027 |
| Eni SpA |
|
| 184,927 |
806 |
| ERG SpA |
|
| 23,951 |
382 |
| Faurecia SE* |
|
| 20,298 |
741 |
| Ferrari NV |
|
| 154,981 |
18,781 |
| Fincantieri SpA*, † |
|
| 15,384 |
4,947 |
| FinecoBank Banca Fineco SpA* |
|
| 80,958 |
725 |
| Gruppo MutuiOnline SpA |
|
| 38,217 |
6,924 |
| Hera SpA |
|
| 26,535 |
1,991 |
| Infrastrutture Wireless Italiane SpA# |
|
| 22,181 |
1,134 |
| Interpump Group SpA |
|
| 57,157 |
96,164 |
| Intesa Sanpaolo SpA* |
|
| 260,559 |
9,018 |
| Iren SpA |
|
| 24,916 |
7,345 |
| Italgas SpA |
|
| 47,676 |
2,260 |
| Leonardo SpA |
|
| 18,298 |
7,518 |
| Mediobanca Banca di Credito Finanziario SpA* |
|
| 83,367 |
1,242 |
| Moncler SpA*, † |
|
| 71,179 |
7,618 |
| OVS SpA*, #, † |
|
| 11,989 |
1,752 |
| Pirelli & C SpA*, # |
|
| 10,277 |
3,814 |
| Poste Italiane SpA# |
|
| 48,484 |
1,079 |
| Prysmian SpA |
|
| 35,063 |
442 |
| Recordati Industria Chimica e Farmaceutica SpA |
|
| 23,776 |
5,199 |
| Saipem SpA† |
|
| 14,169 |
10,551 |
| Saras SpA*, † |
|
| 7,152 |
14,612 |
| Snam SpA |
|
| 81,017 |
5,594 |
| Societa Cattolica di Assicurazioni SC†, * |
|
| 32,833 |
39,061 |
| Stellantis NV |
|
| 690,872 |
3,313 |
| Tamburi Investment Partners SpA |
|
| 29,449 |
2,650 |
| Technogym SpA*, # |
|
| 30,797 |
180,478 |
| Telecom Italia SpA |
|
| 98,612 |
1,807 |
| Tenaris SA |
|
| 20,368 |
9,476 |
| Terna Rete Elettrica Nazionale SpA |
|
| 71,542 |
7,682 |
| UniCredit SpA* |
|
| 81,195 |
11,000 |
| Unipol Gruppo SpA* |
|
| 61,351 |
9,399 |
| UnipolSai Assicurazioni SpA |
|
| 28,261 |
|
|
|
|
| 4,037,321 |
|
| Japan—15.5% |
|
|
|
1,200 |
| 77 Bank, Ltd. (The) |
|
| 16,918 |
1,500 |
| ADEKA Corp. |
|
| 29,424 |
1,500 |
| Advantest Corp. |
|
| 131,136 |
4,700 |
| Aeon Co., Ltd. |
|
| 140,034 |
1,400 |
| AEON Financial Service Co., Ltd.† |
|
| 18,776 |
2,100 |
| Aeon Mall Co., Ltd. |
|
| 36,509 |
2,100 |
| AGC, Inc. |
|
| 87,812 |
700 |
| Aica Kogyo Co., Ltd. |
|
| 25,225 |
2,900 |
| Aida Engineering, Ltd. |
|
| 26,034 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
| Value | |||
| Japan (Continued) | ||||
8,600 |
| Aiful Corp.* |
| $ | 24,854 |
300 |
| Ain Holdings, Inc. |
|
| 19,345 |
2,300 |
| Air Water, Inc. |
|
| 40,298 |
1,600 |
| Aisin Seiki Co., Ltd.† |
|
| 60,691 |
2,900 |
| Ajinomoto Co., Inc. |
|
| 59,336 |
1,200 |
| Alconix Corp. |
|
| 17,925 |
800 |
| Alfresa Holdings Corp. |
|
| 15,411 |
2,600 |
| Alps Alpine Co., Ltd.† |
|
| 34,283 |
2,700 |
| Amada Co., Ltd. |
|
| 30,091 |
1,000 |
| Amano Corp. |
|
| 24,276 |
700 |
| ANA Holdings, Inc.* |
|
| 16,260 |
1,500 |
| Anritsu Corp.† |
|
| 32,730 |
1,100 |
| AOKI Holdings, Inc.† |
|
| 6,130 |
900 |
| Aoyama Trading Co., Ltd.* |
|
| 6,722 |
700 |
| Aozora Bank, Ltd. |
|
| 16,020 |
500 |
| Arata Corp. |
|
| 22,149 |
1,300 |
| Arcland Sakamoto Co., Ltd. |
|
| 19,959 |
1,000 |
| Arcs Co., Ltd. |
|
| 21,594 |
1,400 |
| Arisawa Manufacturing Co., Ltd. |
|
| 12,644 |
1,800 |
| Asahi Diamond Industrial Co., Ltd. |
|
| 8,632 |
3,400 |
| Asahi Group Holdings, Ltd. |
|
| 143,247 |
2,000 |
| Asahi Holdings, Inc.† |
|
| 38,257 |
1,600 |
| Asahi Intecc Co., Ltd. |
|
| 44,073 |
15,000 |
| Asahi Kasei Corp. |
|
| 172,657 |
700 |
| ASKUL Corp. |
|
| 26,742 |
10,900 |
| Astellas Pharma, Inc. |
|
| 167,548 |
1,600 |
| Avex, Inc.† |
|
| 19,753 |
800 |
| Awa Bank, Ltd. (The) |
|
| 18,005 |
1,100 |
| Azbil Corp.† |
|
| 47,338 |
1,100 |
| Bandai Namco Holdings, Inc. |
|
| 78,413 |
600 |
| Bank of Kyoto, Ltd. (The) |
|
| 36,902 |
1,300 |
| Bank of the Ryukyus, Ltd. |
|
| 9,158 |
1,300 |
| Bell System24 Holdings, Inc. |
|
| 22,202 |
1,300 |
| Belluna Co., Ltd. |
|
| 15,240 |
1,000 |
| Benefit One, Inc. |
|
| 26,543 |
800 |
| Benesse Holdings, Inc. |
|
| 16,820 |
1,500 |
| Bic Camera, Inc. |
|
| 16,798 |
7,200 |
| Bridgestone Corp. |
|
| 290,991 |
4,000 |
| Broadleaf Co., Ltd. |
|
| 19,616 |
1,400 |
| Brother Industries, Ltd. |
|
| 30,965 |
3,200 |
| Bunka Shutter Co., Ltd. |
|
| 30,461 |
700 |
| Calbee, Inc.† |
|
| 17,841 |
900 |
| Canon Electronics, Inc. |
|
| 13,997 |
4,600 |
| Canon, Inc. |
|
| 103,965 |
2,400 |
| Capcom Co., Ltd. |
|
| 77,923 |
1,600 |
| Casio Computer Co., Ltd.† |
|
| 30,129 |
900 |
| Central Japan Railway Co. |
|
| 134,522 |
800 |
| Change, Inc.*, † |
|
| 25,685 |
3,700 |
| Chiba Bank, Ltd. (The) |
|
| 24,227 |
3,800 |
| Chubu Electric Power Co., Inc. |
|
| 48,905 |
700 |
| Chudenko Corp. |
|
| 14,926 |
3,200 |
| Chugai Pharmaceutical Co., Ltd. |
|
| 129,734 |
1,700 |
| Chugoku Electric Power Co., Inc. (The)† |
|
| 20,865 |
2,300 |
| Chugoku Marine Paints, Ltd. |
|
| 20,668 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
| Value | |||
| Japan (Continued) | ||||
5,400 |
| Citizen Watch Co., Ltd. |
| $ | 18,435 |
800 |
| Coca-Cola Bottlers Japan Holdings, Inc. |
|
| 13,937 |
200 |
| cocokara fine, Inc.† |
|
| 15,371 |
900 |
| COMSYS Holdings Corp. |
|
| 27,717 |
5,100 |
| Concordia Financial Group, Ltd.† |
|
| 20,681 |
1,200 |
| Cosmo Energy Holdings Co., Ltd.† |
|
| 28,579 |
200 |
| Cosmos Pharmaceutical Corp. |
|
| 31,194 |
600 |
| Create SD Holdings Co., Ltd. |
|
| 19,508 |
1,900 |
| Credit Saison Co., Ltd.† |
|
| 22,788 |
3,600 |
| CyberAgent, Inc. |
|
| 64,798 |
1,700 |
| Dai Nippon Printing Co., Ltd. |
|
| 35,604 |
3,600 |
| Dai-ichi Life Holdings, Inc. |
|
| 61,840 |
2,100 |
| Daicel Corp.† |
|
| 16,159 |
3,700 |
| Daido Metal Co., Ltd. |
|
| 19,649 |
600 |
| Daido Steel Co., Ltd. |
|
| 27,690 |
700 |
| Daifuku Co., Ltd.† |
|
| 68,530 |
500 |
| Daihen Corp. |
|
| 21,969 |
700 |
| Daiho Corp. |
|
| 24,498 |
600 |
| Daiichikosho Co., Ltd. |
|
| 23,247 |
1,200 |
| Daikin Industries, Ltd. |
|
| 241,897 |
1,400 |
| Daikyonishikawa Corp.† |
|
| 9,786 |
1,900 |
| Daio Paper Corp. |
|
| 32,586 |
900 |
| Daiseki Co., Ltd. |
|
| 32,594 |
400 |
| Daishi Hokuetsu Financial Group, Inc. |
|
| 9,429 |
500 |
| Daito Trust Construction Co., Ltd. |
|
| 57,936 |
5,300 |
| Daiwa House Industry Co., Ltd.† |
|
| 155,135 |
9,500 |
| Daiwa Securities Group, Inc.† |
|
| 49,085 |
2,500 |
| Daiwabo Holdings Co., Ltd. |
|
| 37,977 |
2,200 |
| DCM Holdings Co., Ltd. |
|
| 23,008 |
1,200 |
| DeNA Co., Ltd.† |
|
| 23,431 |
1,300 |
| Denka Co., Ltd. |
|
| 51,894 |
1,500 |
| Denso Corp. |
|
| 99,530 |
1,500 |
| Dentsu Group, Inc. |
|
| 48,092 |
2,400 |
| Dexerials Corp. |
|
| 41,010 |
1,200 |
| DIC Corp. |
|
| 31,072 |
400 |
| Digital Arts, Inc. |
|
| 35,006 |
1,800 |
| DMG Mori Co., Ltd. |
|
| 29,489 |
1,100 |
| Doutor Nichires Holdings Co., Ltd. |
|
| 17,087 |
1,100 |
| Dowa Holdings Co., Ltd. |
|
| 45,748 |
600 |
| DTS Corp. |
|
| 13,688 |
1,000 |
| Duskin Co., Ltd. |
|
| 25,152 |
1,100 |
| Eagle Industry Co., Ltd. |
|
| 11,842 |
300 |
| Earth Corp. |
|
| 18,045 |
1,900 |
| East Japan Railway Co. |
|
| 134,514 |
1,100 |
| Ebara Corp. |
|
| 44,854 |
2,100 |
| EDION Corp.† |
|
| 23,499 |
1,300 |
| Eisai Co., Ltd. |
|
| 87,105 |
600 |
| Elecom Co., Ltd.† |
|
| 13,309 |
900 |
| Electric Power Development Co., Ltd.† |
|
| 15,720 |
700 |
| en-japan, Inc. |
|
| 21,590 |
22,400 |
| ENEOS Holdings, Inc. |
|
| 101,475 |
1,000 |
| Exedy Corp. |
|
| 15,110 |
500 |
| Ezaki Glico Co., Ltd. |
|
| 20,072 |
900 |
| Fancl Corp. |
|
| 30,359 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| Japan (Continued) | |||||
| 400 |
| Fast Retailing Co., Ltd. |
| $ | 318,374 |
| 1,100 |
| FCC Co., Ltd. |
|
| 18,458 |
| 2,700 |
| Ferrotec Holdings Corp. |
|
| 53,866 |
| 2,100 |
| Financial Products Group Co., Ltd. |
|
| 13,693 |
| 900 |
| Foster Electric Co., Ltd. |
|
| 10,615 |
| 800 |
| FP Corp.† |
|
| 32,549 |
| 1,100 |
| Fudo Tetra Corp. |
|
| 19,134 |
| 1,600 |
| Fuji Corp. |
|
| 40,966 |
| 1,400 |
| Fuji Electric Co., Ltd. |
|
| 58,289 |
| 700 |
| Fuji Oil Holdings, Inc.† |
|
| 18,669 |
| 700 |
| Fuji Seal International, Inc. |
|
| 15,641 |
| 900 |
| FUJIFILM Holdings Corp. |
|
| 53,411 |
| 7,900 |
| Fujikura, Ltd.* |
|
| 38,742 |
| 600 |
| Fujitsu General, Ltd. |
|
| 16,717 |
| 2,000 |
| Fujitsu, Ltd. |
|
| 289,004 |
| 1,000 |
| Fukuoka Financial Group, Inc. |
|
| 18,957 |
| 600 |
| Fukuyama Transporting Co., Ltd. |
|
| 24,710 |
| 900 |
| Furukawa Co., Ltd. |
|
| 10,859 |
| 1,200 |
| Furukawa Electric Co., Ltd.† |
|
| 32,188 |
| 1,200 |
| Furuno Electric Co., Ltd. |
|
| 11,846 |
| 800 |
| Futaba Corp. |
|
| 7,016 |
| 500 |
| Fuyo General Lease Co., Ltd. |
|
| 34,410 |
| 800 |
| Geo Holdings Corp.† |
|
| 8,583 |
| 1,000 |
| Glory, Ltd. |
|
| 21,495 |
| 900 |
| GMO internet, Inc. |
|
| 25,767 |
| 700 |
| Goldcrest Co., Ltd. |
|
| 10,722 |
| 400 |
| Goldwin, Inc. |
|
| 25,577 |
| 3,100 |
| Gree, Inc. |
|
| 15,650 |
| 1,000 |
| GS Yuasa Corp. |
|
| 27,094 |
| 1,100 |
| GungHo Online Entertainment, Inc. |
|
| 21,717 |
| 4,900 |
| Gunma Bank, Ltd. (The) |
|
| 17,569 |
| 600 |
| Gunze, Ltd. |
|
| 22,515 |
| 900 |
| H.U. Group Holdings, Inc.† |
|
| 30,196 |
| 1,700 |
| H2O Retailing Corp.† |
|
| 14,064 |
| 5,000 |
| Hachijuni Bank, Ltd. (The) |
|
| 18,198 |
| 2,400 |
| Hakuhodo DY Holdings, Inc.† |
|
| 39,991 |
| 500 |
| Hamamatsu Photonics KK |
|
| 29,533 |
| 2,200 |
| Hankyu Hanshin Holdings, Inc. |
|
| 70,436 |
| 800 |
| Hanwa Co., Ltd. |
|
| 24,529 |
| 5,200 |
| Haseko Corp. |
|
| 72,746 |
| 3,500 |
| Hazama Ando Corp. |
|
| 26,837 |
| 1,200 |
| Heiwa Corp.† |
|
| 19,584 |
| 600 |
| Heiwa Real Estate Co., Ltd. |
|
| 18,722 |
| 900 |
| Heiwado Co., Ltd.† |
|
| 18,240 |
| 200 |
| Hikari Tsushin, Inc. |
|
| 40,226 |
| 3,100 |
| Hirogin Holdings, Inc.† |
|
| 18,954 |
| 400 |
| Hisamitsu Pharmaceutical Co., Inc. |
|
| 26,047 |
| 1,000 |
| Hitachi Capital Corp.§ |
|
| 30,280 |
| 1,900 |
| Hitachi Construction Machinery Co., Ltd. |
|
| 60,831 |
| 2,000 |
| Hitachi Metals, Ltd.*,† |
|
| 32,910 |
| 600 |
| Hitachi Transport System, Ltd. |
|
| 20,158 |
| 6,400 |
| Hitachi Zosen Corp.† |
|
| 51,732 |
| 9,500 |
| Hitachi, Ltd. |
|
| 429,334 |
| 400 |
| Hogy Medical Co., Ltd. |
|
| 12,192 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| Japan (Continued) | |||||
| 2,900 |
| Hokkaido Electric Power Co., Inc.† |
| $ | 13,226 |
| 700 |
| Hokkoku Bank, Ltd. (The) |
|
| 17,847 |
| 3,000 |
| Hokuetsu Corp. |
|
| 14,035 |
| 1,800 |
| Hokuhoku Financial Group, Inc. |
|
| 16,728 |
| 2,300 |
| Hokuriku Electric Power Co. |
|
| 15,725 |
| 1,200 |
| Hokuto Corp. |
|
| 22,618 |
| 7,300 |
| Honda Motor Co., Ltd. |
|
| 218,819 |
| 500 |
| Horiba, Ltd. |
|
| 31,520 |
| 3,100 |
| Hosiden Corp. |
|
| 32,365 |
| 600 |
| House Foods Group, Inc. |
|
| 19,725 |
| 2,400 |
| Hoya Corp. |
|
| 281,888 |
| 2,300 |
| Hulic Co., Ltd. |
|
| 27,108 |
| 3,000 |
| Hyakugo Bank, Ltd. (The)† |
|
| 9,049 |
| 1,100 |
| Ibiden Co., Ltd. |
|
| 50,567 |
| 6,700 |
| Ichigo, Inc. |
|
| 19,787 |
| 600 |
| Idec Corp. |
|
| 9,618 |
| 1,200 |
| Idemitsu Kosan Co., Ltd.† |
|
| 30,931 |
| 2,200 |
| IHI Corp.†, * |
|
| 44,606 |
| 1,100 |
| Iida Group Holdings Co., Ltd. |
|
| 26,585 |
| 900 |
| Inabata & Co., Ltd. |
|
| 13,477 |
| 4,200 |
| Infomart Corp. |
|
| 36,149 |
| 10,600 |
| Inpex Corp. |
|
| 72,374 |
| 300 |
| Iriso Electronics Co., Ltd. |
|
| 13,371 |
| 1,900 |
| Isetan Mitsukoshi Holdings, Ltd.† |
|
| 13,350 |
| 1,600 |
| Ishihara Sangyo Kaisha, Ltd. |
|
| 13,164 |
| 1,500 |
| Isuzu Motors, Ltd. |
|
| 16,107 |
| 500 |
| Ito En, Ltd. |
|
| 30,662 |
| 2,900 |
| ITOCHU Corp.† |
|
| 93,947 |
| 700 |
| Itochu Techno-Solutions Corp. |
|
| 22,538 |
| 3,400 |
| Itoham Yonekyu Holdings, Inc. |
|
| 22,385 |
| 700 |
| Iwatani Corp. |
|
| 43,179 |
| 4,100 |
| Iyo Bank, Ltd. (The) |
|
| 24,587 |
| 500 |
| Izumi Co., Ltd. |
|
| 19,576 |
| 2,300 |
| J Trust Co., Ltd.† |
|
| 4,840 |
| 1,600 |
| J. Front Retailing Co., Ltd. |
|
| 15,187 |
| 1,300 |
| Jaccs Co., Ltd. |
|
| 26,640 |
| 700 |
| Jafco Group Co., Ltd.† |
|
| 41,599 |
| 1,400 |
| Japan Airlines Co., Ltd.* |
|
| 31,231 |
| 1,800 |
| Japan Aviation Electronics Industry, Ltd. |
|
| 29,099 |
| 1,100 |
| Japan Elevator Service Holdings Co., Ltd. |
|
| 23,644 |
| 3,600 |
| Japan Exchange Group, Inc. |
|
| 84,371 |
| 1,500 |
| Japan Lifeline Co., Ltd. |
|
| 18,979 |
| 1,100 |
| Japan Petroleum Exploration Co., Ltd. |
|
| 20,415 |
| 4,300 |
| Japan Post Holdings Co., Ltd. |
|
| 38,318 |
| 1,000 |
| Japan Post Insurance Co., Ltd. |
|
| 20,537 |
| 600 |
| Japan Pulp & Paper Co., Ltd. |
|
| 19,779 |
| 3,000 |
| Japan Securities Finance Co., Ltd.† |
|
| 21,621 |
| 1,300 |
| Japan Steel Works, Ltd. (The) |
|
| 30,843 |
| 10,300 |
| Japan Tobacco, Inc. |
|
| 197,674 |
| 1,700 |
| Japan Wool Textile Co., Ltd. (The)† |
|
| 15,814 |
| 400 |
| JCU Corp. |
|
| 15,064 |
| 3,600 |
| JFE Holdings, Inc.* |
|
| 44,315 |
| 1,500 |
| JGC Holding Corp. |
|
| 18,370 |
| 400 |
| JINS Holdings, Inc. |
|
| 28,431 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| Japan (Continued) | |||||
| 600 |
| Joshin Denki Co., Ltd. |
| $ | 17,124 |
| 700 |
| JSR Corp. |
|
| 21,115 |
| 3,800 |
| JTEKT Corp. |
|
| 38,781 |
| 800 |
| Juroku Bank, Ltd. (The) |
|
| 15,960 |
| 8,900 |
| JVCKenwood Corp. |
|
| 17,683 |
| 2,200 |
| K’s Holdings Corp. |
|
| 30,221 |
| 400 |
| Kadokawa Corp. |
|
| 15,516 |
| 800 |
| Kagome Co., Ltd. |
|
| 25,396 |
| 4,900 |
| Kajima Corp. |
|
| 69,523 |
| 1,100 |
| Kakaku.com, Inc. |
|
| 30,002 |
| 500 |
| Kaken Pharmaceutical Co., Ltd. |
|
| 19,576 |
| 1,000 |
| Kamigumi Co., Ltd. |
|
| 18,939 |
| 1,300 |
| Kanamoto Co., Ltd. |
|
| 33,825 |
| 2,200 |
| Kandenko Co., Ltd. |
|
| 19,293 |
| 600 |
| Kaneka Corp. |
|
| 24,656 |
| 1,700 |
| Kanematsu Corp. |
|
| 22,815 |
| 4,400 |
| Kansai Electric Power Co., Inc. (The) |
|
| 47,606 |
| 1,200 |
| Kansai Paint Co., Ltd. |
|
| 32,025 |
| 3,100 |
| Kao Corp. |
|
| 204,744 |
| 400 |
| Katitas Co., Ltd. |
|
| 11,163 |
| 400 |
| Kato Sangyo Co., Ltd. |
|
| 12,915 |
| 300 | �� | KAWADA TECHNOLOGIES, Inc. |
|
| 12,761 |
| 2,100 |
| Kawasaki Heavy Industries, Ltd.* |
|
| 52,005 |
| 1,600 |
| Kawasaki Kisen Kaisha, Ltd.*, † |
|
| 36,631 |
| 16,000 |
| KDDI Corp. |
|
| 490,585 |
| 400 |
| Keihan Holdings Co., Ltd. |
|
| 16,618 |
| 1,500 |
| Keikyu Corp. |
|
| 22,637 |
| 700 |
| Keio Corp. |
|
| 47,035 |
| 200 |
| Keisei Electric Railway Co., Ltd. |
|
| 6,539 |
| 2,500 |
| Keiyo Bank, Ltd. (The) |
|
| 10,341 |
| 900 |
| Kewpie Corp. |
|
| 20,483 |
| 400 |
| Keyence Corp. |
|
| 181,603 |
| 1,100 |
| KH Neochem Co., Ltd. |
|
| 27,797 |
| 400 |
| Kikkoman Corp. |
|
| 23,807 |
| 900 |
| Kintetsu Group Holdings Co., Ltd.* |
|
| 34,301 |
| 1,700 |
| Kintetsu World Express, Inc. |
|
| 44,110 |
| 5,200 |
| Kirin Holdings Co., Ltd. |
|
| 99,585 |
| 800 |
| Kissei Pharmaceutical Co., Ltd. |
|
| 17,702 |
| 1,500 |
| Kito Corp. |
|
| 24,723 |
| 2,600 |
| Kitz Corp. |
|
| 15,052 |
| 1,600 |
| Kiyo Bank, Ltd. (The) |
|
| 23,944 |
| 1,800 |
| Kobe Bussan Co., Ltd.† |
|
| 48,201 |
| 4,400 |
| Kobe Steel, Ltd.* |
|
| 29,724 |
| 900 |
| Kohnan Shoji Co., Ltd. |
|
| 25,888 |
| 1,300 |
| Koito Manufacturing Co., Ltd. |
|
| 87,117 |
| 1,500 |
| Kokuyo Co., Ltd. |
|
| 23,220 |
| 8,600 |
| Komatsu, Ltd. |
|
| 265,553 |
| 1,100 |
| KOMEDA Holdings Co., Ltd. |
|
| 20,018 |
| 1,000 |
| Komeri Co., Ltd. |
|
| 27,862 |
| 1,400 |
| Komori Corp. |
|
| 9,483 |
| 700 |
| Konami Holdings Corp. |
|
| 41,662 |
| 6,900 |
| Konica Minolta, Inc.† |
|
| 37,390 |
| 1,200 |
| Konoike Transport Co., Ltd. |
|
| 13,103 |
| 100 |
| Kose Corp. |
|
| 14,143 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| Japan (Continued) | |||||
| 3,200 |
| Kubota Corp. |
| $ | 72,815 |
| 400 |
| Kumagai Gumi Co., Ltd. |
|
| 10,856 |
| 2,700 |
| Kuraray Co., Ltd. |
|
| 30,798 |
| 400 |
| Kureha Corp. |
|
| 27,600 |
| 700 |
| Kurita Water Industries, Ltd. |
|
| 29,998 |
| 1,400 |
| Kyocera Corp. |
|
| 88,824 |
| 1,500 |
| Kyoei Steel, Ltd. |
|
| 22,488 |
| 1,700 |
| Kyokuto Kaihatsu Kogyo Co., Ltd. |
|
| 25,394 |
| 500 |
| KYORIN Holdings, Inc.† |
|
| 8,706 |
| 1,000 |
| Kyowa Exeo Corp. |
|
| 26,390 |
| 600 |
| Kyudenko Corp. |
|
| 22,922 |
| 2,400 |
| Kyushu Electric Power Co., Inc. |
|
| 23,669 |
| 5,000 |
| Kyushu Financial Group, Inc.† |
|
| 21,450 |
| 1,200 |
| Kyushu Railway Co. |
|
| 27,896 |
| 600 |
| Lasertec Corp. |
|
| 78,681 |
| 400 |
| Lawson, Inc.† |
|
| 19,616 |
| 1,000 |
| Lintec Corp. |
|
| 22,615 |
| 1,100 |
| Lion Corp. |
|
| 21,449 |
| 2,600 |
| LIXIL Corp. |
|
| 72,206 |
| 500 |
| M&A Capital Partners Co., Ltd.* |
|
| 24,836 |
| 2,800 |
| M3, Inc. |
|
| 191,455 |
| 700 |
| Mabuchi Motor Co., Ltd. |
|
| 30,756 |
| 1,300 |
| Macnica Fuji Electronics Holdings, Inc. |
|
| 25,935 |
| 900 |
| Macromill, Inc. |
|
| 7,787 |
| 3,800 |
| Maeda Corp. |
|
| 32,809 |
| 800 |
| Maeda Kosen Co., Ltd. |
|
| 24,132 |
| 400 |
| Maeda Road Construction Co., Ltd. |
|
| 7,742 |
| 600 |
| Makino Milling Machine Co., Ltd. |
|
| 23,491 |
| 900 |
| Makita Corp.† |
|
| 38,569 |
| 6,900 |
| Marubeni Corp.† |
|
| 57,381 |
| 800 |
| Marudai Food Co., Ltd. |
|
| 12,398 |
| 700 |
| Maruha Nichiro Corp. |
|
| 16,595 |
| 2,200 |
| Marui Group Co., Ltd.† |
|
| 41,308 |
| 700 |
| Maruichi Steel Tube, Ltd. |
|
| 15,963 |
| 2,200 |
| Marusan Securities Co., Ltd.† |
|
| 12,776 |
| 900 |
| Matsui Securities Co., Ltd.† |
|
| 7,324 |
| 700 |
| Matsumotokiyoshi Holdings Co., Ltd. |
|
| 31,167 |
| 1,700 |
| Maxell Holdings, Ltd.* |
|
| 21,479 |
| 6,700 |
| Mazda Motor Corp.†, * |
|
| 54,580 |
| 500 |
| McDonald’s Holdings Co. Japan, Ltd. |
|
| 23,030 |
| 9,000 |
| Mebuki Financial Group, Inc. |
|
| 21,215 |
| 1,000 |
| Medipal Holdings Corp. |
|
| 19,183 |
| 1,000 |
| Megachips Corp. |
|
| 31,881 |
| 1,000 |
| Megmilk Snow Brand Co., Ltd. |
|
| 20,312 |
| 1,700 |
| Meidensha Corp. |
|
| 36,956 |
| 1,000 |
| MEIJI Holdings Co., Ltd.† |
|
| 64,303 |
| 1,200 |
| Meiko Electronics Co., Ltd. |
|
| 29,121 |
| 500 |
| Meitec Corp. |
|
| 27,591 |
| 600 |
| Milbon Co., Ltd. |
|
| 32,892 |
| 1,200 |
| Mimasu Semiconductor Industry Co., Ltd. |
|
| 29,576 |
| 2,200 |
| MINEBEA MITSUMI, Inc. |
|
| 56,210 |
| 1,600 |
| Mirait Holdings Corp. |
|
| 26,401 |
| 1,000 |
| MISUMI Group, Inc. |
|
| 29,036 |
| 15,300 |
| Mitsubishi Chemical Holdings Corp. |
|
| 114,676 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| Japan (Continued) | |||||
| 5,500 |
| Mitsubishi Corp. |
| $ | 155,475 |
| 13,000 |
| Mitsubishi Electric Corp. |
|
| 198,009 |
| 4,500 |
| Mitsubishi Estate Co., Ltd. |
|
| 78,539 |
| 1,700 |
| Mitsubishi Gas Chemical Co., Inc. |
|
| 41,669 |
| 1,000 |
| Mitsubishi Heavy Industries, Ltd. |
|
| 31,149 |
| 900 |
| Mitsubishi Logistics Corp. |
|
| 27,514 |
| 1,000 |
| Mitsubishi Materials Corp. |
|
| 23,337 |
| 5,200 |
| Mitsubishi Motors Corp.*,† |
|
| 14,793 |
| 51,700 |
| Mitsubishi UFJ Financial Group, Inc. |
|
| 276,278 |
| 8,700 |
| Mitsubishi UFJ Lease & Finance Co., Ltd.† |
|
| 52,487 |
| 6,000 |
| Mitsui & Co., Ltd. |
|
| 124,741 |
| 2,500 |
| Mitsui Chemicals, Inc. |
|
| 78,912 |
| 2,100 |
| Mitsui E&S Holdings Co., Ltd.* |
|
| 10,564 |
| 3,000 |
| Mitsui Fudosan Co., Ltd. |
|
| 68,101 |
| 600 |
| Mitsui High-Tec, Inc. |
|
| 25,089 |
| 1,900 |
| Mitsui Mining & Smelting Co., Ltd.† |
|
| 65,893 |
| 1,200 |
| Mitsui OSK Lines, Ltd.† |
|
| 41,996 |
| 800 |
| Mitsui-Soko Holdings Co., Ltd. |
|
| 15,664 |
| 300 |
| Miura Co., Ltd. |
|
| 16,202 |
| 1,000 |
| Mixi, Inc.† |
|
| 25,017 |
| 700 |
| Miyazaki Bank, Ltd. (The) |
|
| 14,774 |
| 9,790 |
| Mizuho Financial Group, Inc.† |
|
| 141,379 |
| 1,000 |
| Mizuho Leasing Co., Ltd. |
|
| 30,029 |
| 300 |
| Mochida Pharmaceutical Co., Ltd. |
|
| 11,623 |
| 400 |
| Modec, Inc. |
|
| 8,175 |
| 600 |
| Monogatari Corp. (The) |
|
| 39,016 |
| 1,600 |
| MonotaRO Co., Ltd. |
|
| 43,264 |
| 700 |
| Morinaga Milk Industry Co., Ltd. |
|
| 36,794 |
| 1,800 |
| MS&AD Insurance Group Holdings, Inc. |
|
| 52,817 |
| 3,300 |
| Murata Manufacturing Co., Ltd. |
|
| 263,523 |
| 2,000 |
| Musashi Seimitsu Industry Co., Ltd. |
|
| 34,121 |
| 1,000 |
| Musashino Bank, Ltd. (The) |
|
| 16,500 |
| 1,200 |
| Nabtesco Corp. |
|
| 54,839 |
| 600 |
| Nachi-Fujikoshi Corp. |
|
| 26,092 |
| 1,500 |
| Nagase & Co., Ltd. |
|
| 23,423 |
| 1,300 |
| Nagoya Railroad Co., Ltd. |
|
| 30,914 |
| 1,200 |
| Nankai Electric Railway Co., Ltd. |
|
| 27,549 |
| 800 |
| Nanto Bank, Ltd. (The) |
|
| 14,248 |
| 2,600 |
| NEC Corp. |
|
| 153,100 |
| 1,100 |
| NET One Systems Co., Ltd. |
|
| 35,119 |
| 800 |
| Nexon Co., Ltd. |
|
| 25,938 |
| 2,000 |
| NGK Insulators, Ltd. |
|
| 36,559 |
| 2,500 |
| NGK Spark Plug Co., Ltd.† |
|
| 43,147 |
| 700 |
| NH Foods, Ltd. |
|
| 29,998 |
| 2,400 |
| NHK Spring Co., Ltd.† |
|
| 17,991 |
| 1,300 |
| Nichi-iko Pharmaceutical Co., Ltd.† |
|
| 11,682 |
| 1,200 |
| Nichias Corp. |
|
| 30,454 |
| 800 |
| Nichirei Corp. |
|
| 20,584 |
| 900 |
| Nidec Corp. |
|
| 109,203 |
| 1,600 |
| Nifco, Inc.† |
|
| 58,307 |
| 700 |
| Nihon Kohden Corp. |
|
| 20,420 |
| 2,000 |
| Nihon M&A Center, Inc. |
|
| 54,062 |
| 1,800 |
| Nihon Parkerizing Co., Ltd. |
|
| 19,427 |
| 900 |
| Nihon Unisys, Ltd. |
|
| 27,717 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| Japan (Continued) | |||||
| 1,700 |
| Nikkiso Co., Ltd. |
| $ | 17,303 |
| 1,300 |
| Nikkon Holdings Co., Ltd. |
|
| 26,100 |
| 3,000 |
| Nikon Corp. |
|
| 28,042 |
| 500 |
| Nintendo Co., Ltd. |
|
| 279,115 |
| 900 |
| Nippn Corp. |
|
| 13,469 |
| 1,200 |
| Nippo Corp.† |
|
| 32,730 |
| 600 |
| Nippon Carbon Co., Ltd. |
|
| 25,170 |
| 700 |
| Nippon Densetsu Kogyo Co., Ltd. |
|
| 12,246 |
| 900 |
| Nippon Electric Glass Co., Ltd. |
|
| 20,849 |
| 1,200 |
| Nippon Express Co., Ltd. |
|
| 89,302 |
| 1,800 |
| Nippon Gas Co., Ltd. |
|
| 31,310 |
| 1,520 |
| Nippon Light Metal Holdings Co., Ltd. |
|
| 30,379 |
| 1,200 |
| Nippon Paper Industries Co., Ltd.† |
|
| 14,371 |
| 1,200 |
| Nippon Sanso Holdings Corp. |
|
| 22,802 |
| 1,200 |
| Nippon Seiki Co., Ltd. |
|
| 13,905 |
| 300 |
| Nippon Shinyaku Co., Ltd. |
|
| 22,299 |
| 400 |
| Nippon Shokubai Co., Ltd. |
|
| 22,904 |
| 2,600 |
| Nippon Signal Co., Ltd. |
|
| 23,035 |
| 900 |
| Nippon Soda Co., Ltd. |
|
| 28,408 |
| 5,500 |
| Nippon Steel Corp.* |
|
| 93,707 |
| 500 |
| Nippon Steel Trading Corp. |
|
| 18,311 |
| 3,600 |
| Nippon Suisan Kaisha, Ltd. |
|
| 17,297 |
| 8,000 |
| Nippon Telegraph & Telephone Corp. |
|
| 205,338 |
| 530 |
| Nippon Yakin Kogyo Co., Ltd. |
|
| 9,837 |
| 1,800 |
| Nippon Yusen KK |
|
| 61,368 |
| 2,200 |
| Nipro Corp.† |
|
| 26,565 |
| 2,000 |
| Nishi-Nippon Financial Holdings, Inc. |
|
| 14,360 |
| 900 |
| Nishi-Nippon Railroad Co., Ltd. |
|
| 24,035 |
| 1,000 |
| Nishimatsu Construction Co., Ltd. |
|
| 25,360 |
| 700 |
| Nishio Rent All Co., Ltd. |
|
| 18,928 |
| 800 |
| Nissan Chemical Corp. |
|
| 42,700 |
| 17,400 |
| Nissan Motor Co., Ltd.* |
|
| 96,786 |
| 1,100 |
| Nissha Co., Ltd. |
|
| 13,610 |
| 800 |
| Nisshin Oillio Group, Ltd. (The) |
|
| 23,590 |
| 5,700 |
| Nisshinbo Holdings, Inc. |
|
| 42,419 |
| 400 |
| Nissin Foods Holdings Co., Ltd.† |
|
| 29,659 |
| 500 |
| Nitori Holdings Co., Ltd. |
|
| 96,749 |
| 900 |
| Nitto Denko Corp. |
|
| 76,893 |
| 700 |
| Nitto Kogyo Corp. |
|
| 12,821 |
| 300 |
| Noevir Holdings Co., Ltd. |
|
| 13,601 |
| 700 |
| NOF Corp. |
|
| 36,604 |
| 1,100 |
| Nojima Corp. |
|
| 27,936 |
| 1,500 |
| NOK Corp. |
|
| 20,334 |
| 1,800 |
| Nomura Co., Ltd. |
|
| 14,923 |
| 14,300 |
| Nomura Holdings, Inc. |
|
| 75,087 |
| 1,100 |
| Nomura Real Estate Holdings, Inc. |
|
| 26,476 |
| 1,500 |
| Nomura Research Institute, Ltd. |
|
| 46,399 |
| 300 |
| Noritake Co., Ltd. |
|
| 9,618 |
| 700 |
| Noritsu Koki Co., Ltd. |
|
| 16,791 |
| 1,100 |
| Noritz Corp. |
|
| 17,525 |
| 7,800 |
| North Pacific Bank, Ltd.† |
|
| 22,542 |
| 800 |
| NSD Co., Ltd. |
|
| 13,301 |
| 2,900 |
| NSK, Ltd. |
|
| 29,727 |
| 10,800 |
| NTN Corp.* |
|
| 33,261 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| Japan (Continued) | |||||
| 4,900 |
| NTT Data Corp.† |
| $ | 75,807 |
| 600 |
| Obara Group, Inc.† |
|
| 20,510 |
| 6,000 |
| Obayashi Corp. |
|
| 55,001 |
| 200 |
| Obic Co., Ltd.† |
|
| 36,541 |
| 2,100 |
| Odakyu Electric Railway Co., Ltd. |
|
| 57,372 |
| 1,100 |
| Ogaki Kyoritsu Bank, Ltd. (The) |
|
| 22,124 |
| 8,800 |
| Oji Holdings Corp. |
|
| 56,905 |
| 1,000 |
| Okamura Corp. |
|
| 11,714 |
| 4,600 |
| Okasan Securities Group, Inc.† |
|
| 18,737 |
| 1,800 |
| Oki Electric Industry Co., Ltd. |
|
| 18,695 |
| 1,155 |
| Okinawa Electric Power Co., Inc. (The) |
|
| 16,179 |
| 500 |
| OKUMA Corp. |
|
| 28,675 |
| 700 |
| Okumura Corp. |
|
| 18,599 |
| 8,100 |
| Olympus Corp. |
|
| 167,596 |
| 3,700 |
| Onward Holdings Co., Ltd.† |
|
| 10,426 |
| 1,200 |
| Open House Co., Ltd. |
|
| 51,154 |
| 200 |
| Oracle Corp. Japan |
|
| 19,508 |
| 8,100 |
| Orient Corp.† |
|
| 11,266 |
| 200 |
| Oriental Land Co., Ltd. |
|
| 30,029 |
| 11,000 |
| ORIX Corp. |
|
| 185,577 |
| 2,000 |
| Osaka Gas Co., Ltd. |
|
| 38,961 |
| 1,100 |
| OSG Corp. |
|
| 19,581 |
| 700 |
| Otsuka Corp. |
|
| 32,748 |
| 1,100 |
| Otsuka Holdings Co., Ltd. |
|
| 46,563 |
| 1,900 |
| Outsourcing, Inc. |
|
| 30,613 |
| 1,600 |
| Pacific Industrial Co., Ltd. |
|
| 18,366 |
| 900 |
| Pacific Metals Co., Ltd. |
|
| 17,435 |
| 3,600 |
| Pan Pacific International Holdings Corp. |
|
| 84,891 |
| 28,200 |
| Panasonic Corp. |
|
| 362,544 |
| 1,500 |
| Park24 Co., Ltd.* |
|
| 28,029 |
| 3,900 |
| Penta-Ocean Construction Co., Ltd. |
|
| 30,608 |
| 800 |
| PeptiDream, Inc.* |
|
| 36,559 |
| 1,300 |
| Persol Holdings Co., Ltd. |
|
| 25,407 |
| 1,000 |
| Pigeon Corp. |
|
| 37,932 |
| 500 |
| Pilot Corp. |
|
| 15,940 |
| 1,100 |
| Piolax, Inc. |
|
| 16,144 |
| 900 |
| Pola Orbis Holdings, Inc. |
|
| 21,654 |
| 2,500 |
| Press Kogyo Co., Ltd. |
|
| 7,519 |
| 600 |
| Pressance Corp.† |
|
| 9,152 |
| 1,100 |
| Prima Meat Packers, Ltd. |
|
| 34,671 |
| 1,300 |
| Qol Holdings Co., Ltd. |
|
| 18,269 |
| 900 |
| Raito Kogyo Co., Ltd. |
|
| 15,281 |
| 2,000 |
| Rakuten, Inc. |
|
| 23,825 |
| 7,700 |
| Recruit Holdings Co., Ltd. |
|
| 375,595 |
| 900 |
| Relo Group, Inc. |
|
| 19,036 |
| 6,700 |
| Renesas Electronics Corp.* |
|
| 72,612 |
| 2,800 |
| Rengo Co., Ltd. |
|
| 24,302 |
| 10,600 |
| Resona Holdings, Inc.† |
|
| 44,497 |
| 1,100 |
| Resorttrust, Inc. |
|
| 18,359 |
| 5,100 |
| Ricoh Co., Ltd.† |
|
| 51,772 |
| 400 |
| Ricoh Leasing Co., Ltd. |
|
| 12,536 |
| 400 |
| Rinnai Corp. |
|
| 44,760 |
| 4,000 |
| Riso Kyoiku Co., Ltd. |
|
| 12,210 |
| 100 |
| Rohm Co., Ltd. |
|
| 9,763 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| Japan (Continued) | |||||
| 700 |
| Rohto Pharmaceutical Co., Ltd. |
| $ | 18,669 |
| 500 |
| Ryobi, Ltd.* |
|
| 7,505 |
| 2,000 |
| Ryohin Keikaku Co., Ltd. |
|
| 47,288 |
| 200 |
| Ryosan Co., Ltd. |
|
| 4,080 |
| 600 |
| S Foods, Inc. |
|
| 20,510 |
| 1,300 |
| Sakata INX Corp. |
|
| 12,492 |
| 2,700 |
| Sala Corp. |
|
| 14,948 |
| 1,800 |
| SAMTY Co., Ltd. |
|
| 32,968 |
| 2,100 |
| San-Ai Oil Co., Ltd. |
|
| 24,902 |
| 3,000 |
| San-In Godo Bank, Ltd. (The) |
|
| 15,200 |
| 1,200 |
| Sangetsu Corp. |
|
| 18,175 |
| 1,200 |
| Sanken Electric Co., Ltd.†, * |
|
| 56,247 |
| 1,300 |
| Sanki Engineering Co., Ltd. |
|
| 17,059 |
| 600 |
| Sankyo Co., Ltd. |
|
| 15,893 |
| 500 |
| Sankyu, Inc. |
|
| 21,946 |
| 2,200 |
| Santen Pharmaceutical Co., Ltd. |
|
| 30,261 |
| 2,300 |
| Sanwa Holdings Corp. |
|
| 30,099 |
| 500 |
| Sanyo Chemical Industries, Ltd. |
|
| 25,288 |
| 300 |
| Sanyo Denki Co., Ltd. |
|
| 15,958 |
| 1,200 |
| Sapporo Holdings, Ltd.† |
|
| 24,851 |
| 900 |
| Sato Holdings Corp. |
|
| 23,434 |
| 400 |
| Sawai Pharmaceutical Co., Ltd.§ |
|
| 19,165 |
| 1,000 |
| SBI Holdings, Inc.† |
|
| 27,094 |
| 300 |
| SCREEN Holdings Co., Ltd. |
|
| 26,390 |
| 200 |
| SCSK Corp. |
|
| 11,849 |
| 2,100 |
| Sega Sammy Holdings, Inc. |
|
| 32,754 |
| 3,000 |
| Seibu Holdings, Inc.* |
|
| 33,055 |
| 1,000 |
| Seikagaku Corp. |
|
| 9,338 |
| 4,500 |
| Seiko Epson Corp.† |
|
| 73,154 |
| 700 |
| Seiko Holdings Corp. |
|
| 11,866 |
| 1,600 |
| Seino Holdings Co., Ltd. |
|
| 22,282 |
| 1,400 |
| Seiren Co., Ltd. |
|
| 24,605 |
| 4,200 |
| Sekisui Chemical Co., Ltd. |
|
| 80,605 |
| 3,700 |
| Sekisui House, Ltd. |
|
| 79,330 |
| 8,500 |
| Senshu Ikeda Holdings, Inc. |
|
| 13,664 |
| 600 |
| Seria Co., Ltd. |
|
| 20,944 |
| 6,900 |
| Seven & i Holdings Co., Ltd. |
|
| 278,119 |
| 7,000 |
| Seven Bank, Ltd.† |
|
| 15,995 |
| 800 |
| SG Holdings Co., Ltd. |
|
| 18,330 |
| 1,900 |
| Sharp Corp.† |
|
| 32,775 |
| 600 |
| Shibuya Corp. |
|
| 19,237 |
| 1,000 |
| Shiga Bank, Ltd. (The) |
|
| 21,639 |
| 1,700 |
| Shikoku Electric Power Co., Inc. |
|
| 13,204 |
| 900 |
| Shima Seiki Manufacturing, Ltd. |
|
| 20,865 |
| 1,000 |
| Shimadzu Corp. |
|
| 36,171 |
| 100 |
| Shimano, Inc. |
|
| 23,820 |
| 3,500 |
| Shimizu Corp.† |
|
| 28,322 |
| 1,400 |
| Shin-Etsu Chemical Co., Ltd. |
|
| 235,304 |
| 2,000 |
| Shin-Etsu Polymer Co., Ltd. |
|
| 17,918 |
| 1,100 |
| Shinko Electric Industries Co., Ltd. |
|
| 34,026 |
| 1,700 |
| Shinmaywa Industries, Ltd. |
|
| 15,691 |
| 1,800 |
| Shinsei Bank, Ltd. |
|
| 29,083 |
| 1,000 |
| Shionogi & Co., Ltd. |
|
| 53,755 |
| 1,200 |
| Ship Healthcare Holdings, Inc. |
|
| 33,705 |
The accompanying notes are an integral part of these Schedules of Investments.
i
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| Japan (Continued) | |||||
| 600 |
| Shiseido Co., Ltd. |
| $ | 40,219 |
| 2,200 |
| Shizuoka Bank, Ltd. (The)† |
|
| 17,286 |
| 2,800 |
| Shizuoka Gas Co., Ltd. |
|
| 25,161 |
| 300 |
| SHO-BOND Holdings Co., Ltd. |
|
| 12,924 |
| 300 |
| Shoei Co., Ltd. |
|
| 12,355 |
| 1,800 |
| Showa Denko KK |
|
| 51,208 |
| 1,000 |
| Siix Corp. |
|
| 14,739 |
| 1,100 |
| Sinfonia Technology Co., Ltd. |
|
| 13,064 |
| 3,900 |
| SKY Perfect JSAT Holdings, Inc. |
|
| 17,329 |
| 2,600 |
| Skylark Holdings Co., Ltd.* |
|
| 38,886 |
| 1,300 |
| SMS Co., Ltd. |
|
| 39,684 |
| 2,700 |
| Sodick Co., Ltd.† |
|
| 25,092 |
| 11,900 |
| SoftBank Corp.† |
|
| 154,601 |
| 11,100 |
| SoftBank Group Corp. |
|
| 935,317 |
| 500 |
| Sohgo Security Services Co., Ltd. |
|
| 23,617 |
| 7,800 |
| Sojitz Corp.† |
|
| 21,979 |
| 2,000 |
| Sompo Holdings, Inc. |
|
| 76,622 |
| 8,500 |
| Sony Corp. |
|
| 890,111 |
| 800 |
| Sotetsu Holdings, Inc.* |
|
| 17,911 |
| 400 |
| Square Enix Holdings Co., Ltd. |
|
| 22,217 |
| 400 |
| Stanley Electric Co., Ltd. |
|
| 11,903 |
| 1,600 |
| Star Micronics Co., Ltd. |
|
| 23,843 |
| 800 |
| Starts Corp., Inc. |
|
| 20,989 |
| 5,100 |
| Subaru Corp.† |
|
| 101,516 |
| 200 |
| Sugi Holdings Co., Ltd. |
|
| 15,841 |
| 3,600 |
| SUMCO Corp. |
|
| 82,128 |
| 13,500 |
| Sumitomo Chemical Co., Ltd. |
|
| 69,862 |
| 3,800 |
| Sumitomo Corp. |
|
| 54,121 |
| 1,500 |
| Sumitomo Dainippon Pharma Co., Ltd. |
|
| 26,105 |
| 5,300 |
| Sumitomo Electric Industries, Ltd. |
|
| 79,362 |
| 1,600 |
| Sumitomo Forestry Co., Ltd. |
|
| 34,478 |
| 1,700 |
| Sumitomo Heavy Industries, Ltd.† |
|
| 47,212 |
| 1,100 |
| Sumitomo Metal Mining Co., Ltd. |
|
| 47,477 |
| 3,600 |
| Sumitomo Mitsui Construction Co., Ltd. |
|
| 16,224 |
| 5,600 |
| Sumitomo Mitsui Financial Group, Inc. |
|
| 202,657 |
| 1,200 |
| Sumitomo Mitsui Trust Holdings, Inc. |
|
| 41,823 |
| 900 |
| Sumitomo Osaka Cement Co., Ltd. |
|
| 28,652 |
| 1,700 |
| Sumitomo Realty & Development Co., Ltd. |
|
| 59,970 |
| 3,700 |
| Sumitomo Rubber Industries, Ltd. |
|
| 43,608 |
| 400 |
| Sumitomo Seika Chemicals Co., Ltd. |
|
| 14,595 |
| 900 |
| Sumitomo Warehouse Co., Ltd. (The) |
|
| 11,957 |
| 2,600 |
| Sun Frontier Fudousan Co., Ltd. |
|
| 22,707 |
| 700 |
| Sundrug Co., Ltd. |
|
| 25,604 |
| 1,100 |
| Suntory Beverage & Food, Ltd. |
|
| 40,881 |
| 1,600 |
| Sushiro Global Holdings, Ltd. |
|
| 70,662 |
| 400 |
| Suzuken Co., Ltd. |
|
| 15,624 |
| 2,700 |
| Suzuki Motor Corp. |
|
| 122,533 |
| 900 |
| Sysmex Corp. |
|
| 96,929 |
| 1,700 |
| Systena Corp. |
|
| 33,962 |
| 800 |
| T Hasegawa Co., Ltd. |
|
| 15,281 |
| 2,400 |
| T&D Holdings, Inc. |
|
| 30,909 |
| 700 |
| Tachi-S Co., Ltd. |
|
| 7,586 |
| 2,200 |
| Tadano, Ltd. |
|
| 23,585 |
| 1,800 |
| Taiheiyo Cement Corp. |
|
| 47,323 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| Japan (Continued) | |||||
| 3,200 |
| Taisei Corp. |
| $ | 123,405 |
| 200 |
| Taisho Pharmaceutical Holdings Co., Ltd. |
|
| 12,897 |
| 1,600 |
| Taiyo Yuden Co., Ltd. |
|
| 75,141 |
| 1,600 |
| Takashimaya Co., Ltd. |
|
| 17,066 |
| 6,700 |
| Takeda Pharmaceutical Co., Ltd. |
|
| 241,133 |
| 1,200 |
| Takeuchi Manufacturing Co., Ltd. |
|
| 33,543 |
| 2,100 |
| Tamura Corp. |
|
| 9,692 |
| 700 |
| TDK Corp. |
|
| 96,916 |
| 600 |
| TechnoPro Holdings, Inc. |
|
| 49,962 |
| 4,200 |
| Teijin, Ltd. |
|
| 72,336 |
| 400 |
| Tekken Corp. |
|
| 7,138 |
| 3,300 |
| Terumo Corp. |
|
| 119,184 |
| 1,300 |
| THK Co., Ltd. |
|
| 44,967 |
| 1,200 |
| TIS, Inc. |
|
| 28,622 |
| 3,100 |
| Toagosei Co., Ltd. |
|
| 36,340 |
| 1,500 |
| Tobu Railway Co., Ltd. |
|
| 40,316 |
| 2,200 |
| Tocalo Co., Ltd. |
|
| 28,770 |
| 3,500 |
| Toda Corp. |
|
| 25,636 |
| 600 |
| Toho Co., Ltd |
|
| 24,331 |
| 500 |
| Toho Gas Co., Ltd. |
|
| 30,842 |
| 1,500 |
| Toho Holdings Co., Ltd. |
|
| 27,501 |
| 3,300 |
| Tohoku Electric Power Co., Inc. |
|
| 31,145 |
| 3,600 |
| Tokai Carbon Co., Ltd. |
|
| 58,101 |
| 1,300 |
| TOKAI Holdings Corp. |
|
| 11,224 |
| 1,300 |
| Tokai Rika Co., Ltd. |
|
| 22,026 |
| 4,800 |
| Tokai Tokyo Financial Holdings, Inc. |
|
| 17,557 |
| 200 |
| Token Corp. |
|
| 19,526 |
| 1,900 |
| Tokio Marine Holdings, Inc. |
|
| 90,345 |
| 1,100 |
| Tokuyama Corp. |
|
| 27,747 |
| 700 |
| Tokyo Century Corp. |
|
| 47,035 |
| 9,100 |
| Tokyo Electric Power Co. Holdings, Inc.* |
|
| 30,326 |
| 1,100 |
| Tokyo Electron, Ltd. |
|
| 464,836 |
| 2,400 |
| Tokyo Gas Co., Ltd. |
|
| 53,375 |
| 1,400 |
| Tokyo Kiraboshi Financial Group, Inc. |
|
| 17,702 |
| 500 |
| Tokyo Ohka Kogyo Co., Ltd. |
|
| 31,249 |
| 800 |
| Tokyo Seimitsu Co., Ltd. |
|
| 36,415 |
| 2,000 |
| Tokyo Steel Manufacturing Co., Ltd.† |
|
| 15,299 |
| 2,700 |
| Tokyo Tatemono Co., Ltd. |
|
| 40,991 |
| 1,700 |
| Tokyu Construction Co., Ltd. |
|
| 9,243 |
| 1,600 |
| Tokyu Corp. |
|
| 21,300 |
| 6,100 |
| Tokyu Fudosan Holdings Corp. |
|
| 36,085 |
| 5,300 |
| TOMONY Holdings, Inc. |
|
| 15,509 |
| 1,900 |
| Tomy Co., Ltd. |
|
| 17,245 |
| 2,600 |
| Toppan Forms Co., Ltd. |
|
| 26,229 |
| 1,500 |
| Toppan Printing Co., Ltd. |
|
| 25,333 |
| 1,100 |
| Topre Corp. |
|
| 15,508 |
| 500 |
| Topy Industries, Ltd.* |
|
| 6,299 |
| 16,200 |
| Toray Industries, Inc. |
|
| 104,245 |
| 1,300 |
| Tosei Corp. |
|
| 13,126 |
| 1,200 |
| Toshiba Corp. |
|
| 40,533 |
| 500 |
| Toshiba TEC Corp. |
|
| 18,311 |
| 3,600 |
| Tosoh Corp. |
|
| 68,863 |
| 600 |
| TOTO, Ltd. |
|
| 36,848 |
| 900 |
| Towa Pharmaceutical Co., Ltd. |
|
| 19,857 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| Japan (Continued) | |||||
| 3,100 |
| Toyo Construction Co., Ltd. |
| $ | 16,098 |
| 500 |
| Toyo Ink SC Holdings Co., Ltd. |
|
| 9,171 |
| 1,000 |
| Toyo Seikan Group Holdings, Ltd.† |
|
| 11,885 |
| 500 |
| Toyo Suisan Kaisha, Ltd. |
|
| 20,998 |
| 1,600 |
| Toyo Tire Corp. |
|
| 28,294 |
| 2,500 |
| Toyobo Co., Ltd.† |
|
| 32,152 |
| 700 |
| Toyota Industries Corp. |
|
| 62,335 |
| 20,300 |
| Toyota Motor Corp.† |
|
| 1,579,632 |
| 1,400 |
| Toyota Tsusho Corp. |
|
| 58,731 |
| 600 |
| TPR Co., Ltd. |
|
| 8,697 |
| 1,200 |
| Trend Micro, Inc. |
|
| 60,041 |
| 300 |
| Trusco Nakayama Corp. |
|
| 7,960 |
| 1,600 |
| TS Tech Co., Ltd. |
|
| 23,828 |
| 600 |
| Tsubakimoto Chain Co. |
|
| 16,527 |
| 1,900 |
| Tsugami Corp. |
|
| 28,536 |
| 700 |
| Tsumura & Co. |
|
| 25,003 |
| 200 |
| Tsuruha Holdings, Inc. |
|
| 25,794 |
| 700 |
| TV Asahi Holdings Corp. |
|
| 13,156 |
| 1,000 |
| UACJ Corp.* |
|
| 24,096 |
| 2,000 |
| Ube Industries, Ltd. |
|
| 42,592 |
| 500 |
| Ulvac, Inc. |
|
| 21,021 |
| 1,500 |
| Unicharm Corp. |
|
| 62,926 |
| 800 |
| Unipres Corp. |
|
| 7,680 |
| 800 |
| United Arrows, Ltd.* |
|
| 15,216 |
| 1,100 |
| United Super Markets Holdings, Inc. |
|
| 11,584 |
| 2,000 |
| Ushio, Inc. |
|
| 26,354 |
| 1,300 |
| USS Co., Ltd. |
|
| 25,407 |
| 600 |
| UT Group Co., Ltd.* |
|
| 19,697 |
| 400 |
| V Technology Co., Ltd.† |
|
| 19,688 |
| 1,200 |
| Valor Holdings Co., Ltd. |
|
| 26,953 |
| 1,000 |
| Valqua, Ltd. |
|
| 19,246 |
| 1,400 |
| Vital KSK Holdings, Inc. |
|
| 9,976 |
| 800 |
| Wacoal Holdings Corp. |
|
| 17,738 |
| 800 |
| Welcia Holdings Co., Ltd. |
|
| 27,455 |
| 1,000 |
| West Japan Railway Co. |
|
| 55,408 |
| 1,000 |
| Xebio Holdings Co., Ltd. |
|
| 8,453 |
| 400 |
| Yakult Honsha Co., Ltd. |
|
| 20,230 |
| 4,400 |
| Yamada Holdings Co., Ltd. |
|
| 23,724 |
| 2,100 |
| Yamaguchi Financial Group, Inc.† |
|
| 13,959 |
| 500 |
| Yamaha Corp. |
|
| 27,139 |
| 4,200 |
| Yamaha Motor Co., Ltd. |
|
| 102,833 |
| 2,400 |
| Yamato Holdings Co., Ltd. |
|
| 65,785 |
| 900 |
| Yamato Kogyo Co., Ltd. |
|
| 26,701 |
| 1,200 |
| Yamazaki Baking Co., Ltd. |
|
| 19,389 |
| 400 |
| Yaoko Co., Ltd.† |
|
| 24,565 |
| 1,200 |
| Yellow Hat, Ltd. |
|
| 20,516 |
| 600 |
| Yokogawa Bridge Holdings Corp. |
|
| 11,114 |
| 1,200 |
| Yokogawa Electric Corp. |
|
| 22,087 |
| 2,500 |
| Yokohama Reito Co., Ltd. |
|
| 20,614 |
| 2,100 |
| Yokohama Rubber Co., Ltd. (The) |
|
| 37,553 |
| 19,800 |
| Z Holdings Corp.† |
|
| 98,459 |
| 700 |
| Zenkoku Hosho Co., Ltd. |
|
| 32,116 |
| 900 |
| Zensho Holdings Co., Ltd.† |
|
| 23,011 |
| 2,300 |
| Zeon Corp. |
|
| 36,746 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| Japan (Continued) | |||||
| 600 |
| ZOZO, Inc. |
| $ | 17,720 |
|
|
|
|
|
| 33,440,102 |
| Netherlands—2.3% | |||||
| 1,275 |
| Aalberts NV |
|
| 64,592 |
| 1,069 |
| ABN AMRO Bank NV, CVA*, # |
|
| 12,988 |
| 722 |
| Accell Group NV* |
|
| 33,317 |
| 68 |
| Adyen NV*, # |
|
| 151,792 |
| 13,837 |
| Aegon NV |
|
| 65,718 |
| 1,266 |
| Akzo Nobel NV |
|
| 141,456 |
| 580 |
| AMG Advanced Metallurgical Group NV |
|
| 23,296 |
| 576 |
| Amsterdam Commodities NV |
|
| 14,421 |
| 882 |
| APERAM SA |
|
| 39,739 |
| 2,059 |
| Arcadis NV*, † |
|
| 83,931 |
| 5,854 |
| ArcelorMittal SA* |
|
| 169,085 |
| 802 |
| ASM International NV |
|
| 233,245 |
| 2,066 |
| ASML Holding NV |
|
| 1,252,587 |
| 2,865 |
| ASR Nederland NV |
|
| 128,377 |
| 1,377 |
| Basic-Fit NV*, # |
|
| 53,046 |
| 1,008 |
| BE Semiconductor Industries NV |
|
| 84,448 |
| 1,770 |
| Boskalis Westminster* |
|
| 56,832 |
| 954 |
| Coca-Cola European Partners Plc |
|
| 49,449 |
| 988 |
| Corbion NV |
|
| 55,035 |
| 691 |
| Flow Traders# |
|
| 28,897 |
| 2,215 |
| Fugro NV, CVA* |
|
| 23,235 |
| 490 |
| GrandVision NV*,# |
|
| 15,113 |
| 2,032 |
| Heineken NV |
|
| 208,792 |
| 14,743 |
| ING Groep NV |
|
| 180,360 |
| 2,027 |
| Intertrust NV*, # |
|
| 33,564 |
| 10,441 |
| Koninklijke Ahold Delhaize NV |
|
| 290,799 |
| 7,677 |
| Koninklijke BAM Groep NV* |
|
| 19,446 |
| 816 |
| Koninklijke DSM NV |
|
| 138,084 |
| 46,675 |
| Koninklijke KPN NV |
|
| 158,405 |
| 3,429 |
| Koninklijke Philips NV* |
|
| 195,731 |
| 899 |
| Koninklijke Vopak NV |
|
| 44,753 |
| 1,514 |
| NN Group NV |
|
| 74,019 |
| 1,110 |
| OCI NV* |
|
| 23,990 |
| 10,631 |
| PostNL NV* |
|
| 51,551 |
| 1,111 |
| Prosus NV* |
|
| 123,512 |
| 1,299 |
| Randstad NV† |
|
| 91,370 |
| 3,497 |
| SBM Offshore NV† |
|
| 64,057 |
| 2,451 |
| Signify NV*, # |
|
| 126,354 |
| 839 |
| Sligro Food Group NV* |
|
| 22,433 |
| 1,271 |
| TKH Group NV |
|
| 60,991 |
| 1,381 |
| TomTom NV* |
|
| 12,754 |
| 388 |
| Van Lanschot Kempen NV* |
|
| 10,852 |
| 2,640 |
| Wolters Kluwer NV |
|
| 229,470 |
|
|
|
|
|
| 4,941,886 |
| New Zealand—0.3% | |||||
| 15,320 |
| Air New Zealand, Ltd.*,† |
|
| 18,296 |
| 3,965 |
| Auckland International Airport, Ltd.* |
|
| 21,710 |
| 6,975 |
| Chorus, Ltd. |
|
| 34,489 |
| 5,950 |
| Contact Energy, Ltd. |
|
| 29,130 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| New Zealand (Continued) | |||||
| 1,501 |
| EBOS Group, Ltd.† |
| $ | 30,925 |
| 2,488 |
| Fisher & Paykel Healthcare Corp., Ltd. |
|
| 55,777 |
| 3,726 |
| Fletcher Building, Ltd. |
|
| 18,424 |
| 3,759 |
| Freightways, Ltd. |
|
| 29,666 |
| 11,751 |
| Heartland Group Holdings, Ltd.† |
|
| 14,362 |
| 13,666 |
| Infratil, Ltd. |
|
| 68,003 |
| 1,307 |
| Mainfreight, Ltd. |
|
| 63,349 |
| 1,991 |
| Port of Tauranga, Ltd. |
|
| 10,721 |
| 684 |
| Restaurant Brands New Zealand, Ltd.* |
|
| 6,353 |
| 1,854 |
| Ryman Healthcare, Ltd. |
|
| 19,811 |
| 9,536 |
| SKYCITY Entertainment Group, Ltd.* |
|
| 23,177 |
| 15,090 |
| Spark New Zealand, Ltd. |
|
| 47,214 |
| 4,024 |
| Summerset Group Holdings, Ltd. |
|
| 34,118 |
| 6,133 |
| Z Energy, Ltd.* |
|
| 12,122 |
|
|
|
|
|
| 537,647 |
|
|
|
|
|
|
|
|
|
| Norway—0.6% |
|
|
|
| 751 |
| Aker BP ASA |
|
| 21,319 |
| 4,348 |
| Aker Solutions ASA* |
|
| 7,468 |
| 593 |
| Atea ASA |
|
| 10,081 |
| 629 |
| Atlantic Sapphire ASA* |
|
| 8,861 |
| 2,299 |
| Austevoll Seafood ASA |
|
| 27,820 |
| 11,411 |
| B2Holding ASA* |
|
| 11,674 |
| 438 |
| Bakkafrost P/F*, † |
|
| 34,694 |
| 480 |
| Bonheur ASA |
|
| 12,683 |
| 1,580 |
| Borregaard ASA |
|
| 34,396 |
| 1,094 |
| BW Energy, Ltd.* |
|
| 3,438 |
| 6,229 |
| BW LPG, Ltd.# |
|
| 42,676 |
| 5,362 |
| BW Offshore, Ltd. |
|
| 22,142 |
| 4,966 |
| DNB ASA |
|
| 105,670 |
| 12,792 |
| DNO ASA* |
|
| 14,023 |
| 12,646 |
| Equinor ASA |
|
| 247,356 |
| 4,440 |
| Europris ASA# |
|
| 26,578 |
| 1,329 |
| FLEX LNG, Ltd. |
|
| 11,553 |
| 453 |
| Gjensidige Forsikring ASA |
|
| 10,624 |
| 768 |
| Grieg Seafood ASA*,† |
|
| 7,601 |
| 2,876 |
| Hoegh LNG Holdings, Ltd.* |
|
| 7,835 |
| 2,196 |
| Mowi ASA |
|
| 54,482 |
| 13,327 |
| Norsk Hydro ASA |
|
| 85,324 |
| 1,595 |
| Norwegian Finans Holding ASA* |
|
| 17,902 |
| 5,186 |
| Odfjell Drilling, Ltd.* |
|
| 12,369 |
| 2,546 |
| Orkla ASA |
|
| 24,956 |
| 10,139 |
| PGS ASA* |
|
| 7,338 |
| 397 |
| Salmar ASA |
|
| 27,385 |
| 1,776 |
| Sbanken ASA# |
|
| 17,089 |
| 2,544 |
| Scatec Solar ASA# |
|
| 76,916 |
| 404 |
| Schibsted ASA, Class B* |
|
| 14,454 |
| 1,199 |
| SpareBank 1 SR-Bank ASA |
|
| 14,719 |
| 4,353 |
| Storebrand ASA* |
|
| 43,840 |
| 2,103 |
| Subsea 7 SA* |
|
| 21,121 |
| 4,815 |
| Telenor ASA |
|
| 84,724 |
| 1,294 |
| TGS NOPEC Geophysical Co. ASA |
|
| 20,613 |
| 888 |
| TOMRA Systems ASA |
|
| 38,445 |
| 1,273 |
| Veidekke ASA |
|
| 17,652 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| Norway (Continued) | |||||
| 1,410 |
| Yara International ASA |
| $ | 73,326 |
|
|
|
|
|
| 1,321,147 |
|
|
| Portugal—0.1% |
|
|
|
| 3,185 |
| Altri SGPS SA |
|
| 24,371 |
| 2,841 |
| CTT-Correios de Portugal SA* |
|
| 11,228 |
| 932 |
| EDP Renovaveis SA |
|
| 19,914 |
| 14,459 |
| Energias de Portugal SA |
|
| 82,576 |
| 5,078 |
| Galp Energia SGPS SA |
|
| 59,073 |
| 1,861 |
| Jeronimo Martins SGPS SA |
|
| 31,317 |
| 5,953 |
| Navigator Co. SA (The)*, † |
|
| 19,477 |
| 3,482 |
| NOS SGPS SA |
|
| 12,675 |
| 10,709 |
| REN - Redes Energeticas Nacionais SGPS SA† |
|
| 29,889 |
| 20,529 |
| Sonae SGPS SA |
|
| 18,742 |
|
|
|
|
|
| 309,262 |
|
|
| Singapore—0.6% |
|
|
|
| 35,700 |
| Accordia Golf Trust§ |
|
| 565 |
| 23,500 |
| Ascendas India Trust |
|
| 25,855 |
| 14,400 |
| CapitaLand, Ltd. |
|
| 40,250 |
| 3,400 |
| City Developments, Ltd. |
|
| 20,170 |
| 23,400 |
| ComfortDelGro Corp., Ltd. |
|
| 29,746 |
| 3,900 |
| Dairy Farm International Holdings, Ltd. |
|
| 16,809 |
| 9,260 |
| DBS Group Holdings, Ltd. |
|
| 198,183 |
| 18,300 |
| First Resources, Ltd. |
|
| 18,909 |
| 132,400 |
| Golden Agri-Resources, Ltd. |
|
| 20,669 |
| 11,200 |
| GuocoLand, Ltd. |
|
| 13,988 |
| 1,300 |
| Haw Par Corp., Ltd. |
|
| 12,708 |
| 5,500 |
| Hongkong Land Holdings, Ltd. |
|
| 27,005 |
| 1,000 |
| Jardine Cycle & Carriage, Ltd. |
|
| 16,734 |
| 9,600 |
| Keppel Corp., Ltd. |
|
| 37,966 |
| 57,577 |
| Keppel Infrastructure Trust |
|
| 23,541 |
| 14,800 |
| NetLink NBN Trust |
|
| 10,397 |
| 20,861 |
| Oversea-Chinese Banking Corp., Ltd. |
|
| 182,216 |
| 3,200 |
| SATS, Ltd.*,† |
|
| 10,348 |
| 10,100 |
| Sembcorp Industries, Ltd. |
|
| 13,815 |
| 160,601 |
| Sembcorp Marine, Ltd.* |
|
| 20,296 |
| 19,200 |
| Sheng Siong Group, Ltd. |
|
| 21,980 |
| 9,299 |
| Singapore Airlines, Ltd.* |
|
| 38,366 |
| 4,000 |
| Singapore Exchange, Ltd. |
|
| 29,646 |
| 32,900 |
| Singapore Post, Ltd. |
|
| 17,120 |
| 33,100 |
| Singapore Press Holdings, Ltd.† |
|
| 37,647 |
| 8,200 |
| Singapore Technologies Engineering, Ltd. |
|
| 23,712 |
| 35,400 |
| Singapore Telecommunications, Ltd. |
|
| 64,211 |
| 9,400 |
| United Overseas Bank, Ltd. |
|
| 180,495 |
| 6,300 |
| UOL Group, Ltd. |
|
| 36,998 |
| 1,800 |
| Venture Corp., Ltd. |
|
| 26,842 |
| 9,500 |
| Wilmar International, Ltd. |
|
| 38,277 |
| 15,000 |
| Wing Tai Holdings, Ltd. |
|
| 21,409 |
| 29,500 |
| Yangzijiang Shipbuilding Holdings, Ltd. |
|
| 28,070 |
|
|
|
|
|
| 1,304,943 |
|
| |||||
|
|
| Spain—1.4% |
|
|
|
| 229 |
| Acciona SA |
|
| 38,376 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| Spain (Continued) |
|
|
|
| 2,154 |
| Acerinox SA |
| $ | 28,102 |
| 3,169 |
| ACS Actividades de Construccion y Servicios SA |
|
| 105,022 |
| 572 |
| Aena SME SA*, # |
|
| 92,769 |
| 1,132 |
| Almirall SA |
|
| 17,165 |
| 2,283 |
| Amadeus IT Group SA* |
|
| 161,654 |
| 4,833 |
| Applus Services SA* |
|
| 50,045 |
| 10,337 |
| Banco Bilbao Vizcaya Argentaria SA |
|
| 53,653 |
| 13,416 |
| Banco Bilbao Vizcaya Argentaria SA, SP ADR† |
|
| 70,031 |
| 71,163 |
| Banco de Sabadell SA* |
|
| 38,054 |
| 116,729 |
| Banco Santander SA* |
|
| 396,565 |
| 5,075 |
| Bankinter SA |
|
| 35,233 |
| 18,313 |
| CaixaBank SA |
|
| 56,673 |
| 730 |
| Cellnex Telecom SA#, † |
|
| 42,033 |
| 796 |
| Cia de Distribucion Integral Logista Holdings SA |
|
| 15,776 |
| 861 |
| CIE Automotive SA |
|
| 22,536 |
| 318 |
| Construcciones y Auxiliar de Ferrocarriles SA |
|
| 14,581 |
| 535 |
| Ebro Foods SA |
|
| 11,030 |
| 3,909 |
| Enagas SA |
|
| 84,897 |
| 1,943 |
| Endesa SA |
|
| 51,404 |
| 4,660 |
| Ercros SA |
|
| 13,962 |
| 1,575 |
| Euskaltel SA# |
|
| 20,502 |
| 3,991 |
| Faes Farma SA |
|
| 17,106 |
| 1,149 |
| Ferrovial SA |
|
| 29,953 |
| 4,339 |
| Global Dominion Access SA# |
|
| 21,905 |
| 1,891 |
| Grifols SA† |
|
| 49,518 |
| 364 |
| Grupo Catalana Occidente SA |
|
| 14,513 |
| 50,592 |
| Iberdrola SA |
|
| 651,732 |
| 4,293 |
| Indra Sistemas SA*, † |
|
| 37,733 |
| 6,499 |
| Industria de Diseno Textil SA |
|
| 214,161 |
| 21,228 |
| Liberbank SA* |
|
| 7,618 |
| 7,728 |
| Mapfre SA |
|
| 16,095 |
| 1,581 |
| Mediaset Espana Comunicacion SA* |
|
| 9,391 |
| 4,190 |
| Melia Hotels International SA* |
|
| 31,128 |
| 2,767 |
| Naturgy Energy Group SA† |
|
| 67,818 |
| 2,459 |
| Prosegur Cia de Seguridad SA |
|
| 7,815 |
| 3,850 |
| Red Electrica Corp. SA |
|
| 68,175 |
| 6,875 |
| Repsol SA |
|
| 85,138 |
| 10,048 |
| Sacyr SA |
|
| 25,711 |
| 826 |
| Siemens Gamesa Renewable Energy SA |
|
| 31,965 |
| 45,111 |
| Telefonica SA |
|
| 201,926 |
| 3,839 |
| Tubacex SA*, † |
|
| 8,104 |
| 8,173 |
| Unicaja Banco SA*, # |
|
| 8,219 |
| 172 |
| Vidrala SA |
|
| 18,900 |
| 582 |
| Viscofan SA |
|
| 40,200 |
| 1,480 |
| Zardoya Otis SA |
|
| 9,459 |
|
|
|
|
|
| 3,094,346 |
|
|
| Sweden—2.3% |
|
|
|
| 984 |
| AAK AB |
|
| 22,275 |
| 1,552 |
| AcadeMedia AB# |
|
| 14,554 |
| 1,720 |
| Adapteo Oyj* |
|
| 22,058 |
| 576 |
| AddLife AB |
|
| 10,355 |
| 1,041 |
| AddNode Group AB* |
|
| 31,230 |
| 2,288 |
| AddTech AB Class B |
|
| 34,058 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| Sweden (Continued) | |||||
| 1,023 |
| AF Poyry AB* |
| $ | 30,268 |
| 1,926 |
| Alfa Laval AB* |
|
| 58,220 |
| 933 |
| Alimak Group AB#, † |
|
| 14,956 |
| 556 |
| Annehem Fastigheter AB Class B* |
|
| 1,713 |
| 5,483 |
| Arjo AB, Class B |
|
| 40,839 |
| 2,763 |
| Assa Abloy AB, Class B |
|
| 79,409 |
| 5,277 |
| Atlas Copco AB, Class A |
|
| 321,208 |
| 1,616 |
| Atlas Copco AB, Class B |
|
| 84,099 |
| 3,696 |
| Attendo AB*, # |
|
| 20,991 |
| 1,217 |
| Avanza Bank Holding AB† |
|
| 37,819 |
| 1,206 |
| Axfood AB |
|
| 28,833 |
| 1,079 |
| Beijer Alma AB† |
|
| 19,694 |
| 2,259 |
| Betsson AB |
|
| 20,964 |
| 1,218 |
| Bilia AB, Class A* |
|
| 18,047 |
| 1,635 |
| BillerudKorsnas AB |
|
| 30,394 |
| 475 |
| BioGaia AB, Class B |
|
| 22,299 |
| 981 |
| Biotage AB* |
|
| 17,298 |
| 2,318 |
| Boliden AB |
|
| 85,995 |
| 1,253 |
| Bonava AB, Class B* |
|
| 14,519 |
| 1,482 |
| Bravida Holding AB# |
|
| 20,414 |
| 1,632 |
| Bure Equity AB |
|
| 56,060 |
| 1,751 |
| Castellum AB† |
|
| 38,615 |
| 447 |
| Catena AB |
|
| 19,705 |
| 7,868 |
| Cloetta AB, Class B |
|
| 23,027 |
| 1,370 |
| Coor Service Management Holding AB*, # |
|
| 11,122 |
| 3,565 |
| Dios Fastigheter AB |
|
| 29,309 |
| 2,657 |
| Dometic Group AB*, # |
|
| 38,531 |
| 2,421 |
| Dustin Group AB# |
|
| 24,727 |
| 2,954 |
| Electrolux AB, Series B† |
|
| 81,922 |
| 6,341 |
| Electrolux Professional AB, Class B* |
|
| 32,890 |
| 1,639 |
| Elekta AB, Class B† |
|
| 21,254 |
| 1,112 |
| Epiroc AB |
|
| 23,167 |
| 4,082 |
| Epiroc AB, Class A |
|
| 92,451 |
| 4,623 |
| Essity AB, Class B† |
|
| 146,046 |
| 873 |
| Evolution Gaming Group AB# |
|
| 128,549 |
| 1,567 |
| Fabege AB† |
|
| 21,127 |
| 2,158 |
| Fagerhult AB* |
|
| 12,429 |
| 367 |
| Fastighets AB Balder, Class B* |
|
| 18,179 |
| 2,139 |
| Getinge AB, Class B |
|
| 59,393 |
| 1,494 |
| Granges AB* |
|
| 19,416 |
| 5,892 |
| Hennes & Mauritz AB, Class B*, † |
|
| 132,737 |
| 636 |
| Hexagon AB, Class B |
|
| 58,667 |
| 1,573 |
| Hexpol AB |
|
| 17,759 |
| 3,175 |
| Hoist Finance AB*, #, † |
|
| 13,880 |
| 833 |
| Holmen AB, Class B |
|
| 36,569 |
| 690 |
| Hufvudstaden AB, Class A† |
|
| 10,034 |
| 2,679 |
| Husqvarna AB, Class B |
|
| 38,589 |
| 588 |
| ICA Gruppen AB |
|
| 28,749 |
| 2,319 |
| Indutrade AB* |
|
| 53,531 |
| 293 |
| Instalco AB |
|
| 10,719 |
| 631 |
| Intrum AB |
|
| 20,230 |
| 3,518 |
| Inwido AB* |
|
| 58,006 |
| 1,080 |
| JM AB† |
|
| 36,530 |
| 1,855 |
| Kindred Group Plc,* |
|
| 32,646 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
| Sweden (Continued) | |||||
| 16,366 |
| Klovern AB, Class B† |
| $ | 28,540 |
| 1,219 |
| KNOW IT AB* |
|
| 37,965 |
| 1,646 |
| Kungsleden AB |
|
| 17,198 |
| 5,226 |
| Lagercrantz Group AB |
|
| 47,333 |
| 228 |
| Lifco AB |
|
| 21,198 |
| 1,567 |
| Lindab International AB |
|
| 31,669 |
| 981 |
| Loomis AB |
|
| 29,834 |
| 801 |
| Lundin Energy AB |
|
| 25,167 |
| 2,179 |
| Mekonomen AB* |
|
| 32,210 |
| 1,207 |
| Millicom International Cellular SA, ADR* |
|
| 46,437 |
| 146 |
| MIPS AB |
|
| 10,448 |
| 1,742 |
| Modern Times Group MTG AB, Class B* |
|
| 25,232 |
| 432 |
| Mycronic AB |
|
| 10,140 |
| 613 |
| Nibe Industrier AB, Class B |
|
| 19,007 |
| 3,170 |
| Nobia AB* |
|
| 24,138 |
| 1,697 |
| Nobina AB#, * |
|
| 14,243 |
| 394 |
| Nolato AB, Class B* |
|
| 35,099 |
| 427 |
| Nordic Entertainment Group AB* |
|
| 19,009 |
| 2,599 |
| Nordic Waterproofing Holding AB* |
|
| 49,995 |
| 1,681 |
| Nyfosa AB* |
|
| 17,285 |
| 609 |
| Pandox AB*, † |
|
| 10,320 |
| 2,782 |
| Peab AB, Class B* |
|
| 33,638 |
| 1,578 |
| Platzer Fastigheter Holding AB, Class B† |
|
| 18,755 |
| 4,394 |
| Ratos AB, Class B |
|
| 23,868 |
| 5,625 |
| Resurs Holding AB*, # |
|
| 30,761 |
| 6,434 |
| Samhallsbyggnadsbolaget i Norden AB† |
|
| 20,024 |
| 2,383 |
| Sandvik AB* |
|
| 65,104 |
| 55,650 |
| SAS AB*, † |
|
| 12,821 |
| 2,495 |
| Scandi Standard AB* |
|
| 18,084 |
| 206 |
| Sectra AB* |
|
| 12,950 |
| 2,942 |
| Securitas AB, Class B |
|
| 50,025 |
| 124 |
| Sinch AB#, * |
|
| 21,809 |
| 11,213 |
| Skandinaviska Enskilda Banken AB, Class A†, * |
|
| 136,673 |
| 2,555 |
| Skanska AB, Class B† |
|
| 64,069 |
| 3,291 |
| SKF AB, Class B |
|
| 93,528 |
| 1,698 |
| SkiStar AB* |
|
| 23,253 |
| 7,778 |
| SSAB AB, Class B* |
|
| 37,610 |
| 2,726 |
| Svenska Cellulosa AB SCA, Class B* |
|
| 48,240 |
| 6,847 |
| Svenska Handelsbanken AB, Class A |
|
| 74,370 |
| 6,163 |
| Swedbank AB, Class A |
|
| 108,604 |
| 1,048 |
| Swedish Match AB |
|
| 81,815 |
| 987 |
| Swedish Orphan Biovitrum AB* |
|
| 15,782 |
| 3,409 |
| Tele2 AB, Class B |
|
| 45,982 |
| 13,860 |
| Telefonaktiebolaget LM Ericsson, Class B |
|
| 183,378 |
| 17,123 |
| Telia Co. AB |
|
| 74,170 |
| 458 |
| Thule Group AB (The)*, # |
|
| 19,886 |
| 1,377 |
| Trelleborg AB, Class B* |
|
| 35,003 |
| 353 |
| Troax Group AB |
|
| 9,822 |
| 2,450 |
| Volvo AB, Class A* |
|
| 62,558 |
| 14,105 |
| Volvo AB, Class B*, † |
|
| 356,766 |
| 811 |
| Wallenstam AB, Class B |
|
| 11,078 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| Sweden (Continued) |
|
|
|
| 1,004 |
| Wihlborgs Fastigheter AB |
| $ | 19,049 |
|
|
|
|
|
| 4,911,016 |
|
|
| Switzerland—5.3% |
|
|
|
| 8,096 |
| ABB, Ltd., Registered |
|
| 244,640 |
| 1,613 |
| Adecco Group AG, Registered |
|
| 108,609 |
| 2,917 |
| Alcon, Inc.* |
|
| 204,250 |
| 309 |
| Allreal Holding AG, Registered |
|
| 62,248 |
| 137 |
| ALSO Holding AG, Registered |
|
| 39,282 |
| 579 |
| ams AG*, † |
|
| 11,541 |
| 47 |
| APG SGA SA* |
|
| 10,865 |
| 1,914 |
| Arbonia AG* |
|
| 33,940 |
| 14,351 |
| Aryzta AG* |
|
| 15,958 |
| 590 |
| Ascom Holding AG, Registered* |
|
| 9,076 |
| 119 |
| Autoneum Holding AG*, † |
|
| 22,323 |
| 605 |
| Baloise Holding AG, Registered |
|
| 102,930 |
| 243 |
| Banque Cantonale Vaudoise, Registered |
|
| 23,705 |
| 23 |
| Barry Callebaut AG, Registered |
|
| 51,979 |
| 4 |
| Belimo Holding AG, Registered |
|
| 32,333 |
| 35 |
| Bell Food Group AG, Registered |
|
| 10,480 |
| 76 |
| Berner Kantonalbank AG, Registered |
|
| 17,127 |
| 301 |
| BKW AG |
|
| 32,739 |
| 157 |
| Bobst Group SA, Registered |
|
| 10,374 |
| 127 |
| Bossard Holding AG, Registered |
|
| 27,882 |
| 85 |
| Bucher Industries AG, Registered |
|
| 43,312 |
| 50 |
| Burckhardt Compression Holding AG |
|
| 16,664 |
| 137 |
| Burkhalter Holding AG |
|
| 10,581 |
| 456 |
| Cembra Money Bank AG |
|
| 50,224 |
| 1 |
| Chocoladefabriken Lindt & Spruengli AG, Registered |
|
| 91,520 |
| 2,211 |
| Cie Financiere Richemont SA, Registered |
|
| 212,269 |
| 2,253 |
| Clariant AG, Registered† |
|
| 45,434 |
| 205 |
| Coltene Holding AG, Registered |
|
| 26,201 |
| 40 |
| Conzzeta AG, Registered |
|
| 49,516 |
| 5,213 |
| Credit Suisse Group AG, Registered |
|
| 54,615 |
| 1,235 |
| Credit Suisse Group, SP ADR† |
|
| 13,091 |
| 93 |
| Daetwyler Holding AG |
|
| 27,650 |
| 514 |
| DKSH Holding AG |
|
| 39,455 |
| 66 |
| dormakaba Holding AG† |
|
| 45,075 |
| 320 |
| Dufry AG, Registered*, † |
|
| 21,790 |
| 1,608 |
| EFG International AG† |
|
| 12,318 |
| 15 |
| Emmi AG, Registered |
|
| 15,156 |
| 41 |
| EMS-Chemie Holding AG, Registered |
|
| 36,612 |
| 456 |
| Flughafen Zurich AG, Registered* |
|
| 74,927 |
| 20 |
| Forbo Holding AG, Registered |
|
| 36,185 |
| 5,107 |
| GAM Holding AG* |
|
| 13,444 |
| 223 |
| Geberit AG, Registered |
|
| 141,942 |
| 50 |
| Georg Fischer AG, Registered |
|
| 66,815 |
| 37 |
| Givaudan SA, Registered |
|
| 142,574 |
| 566 |
| Helvetia Holding AG, Registered |
|
| 66,472 |
| 136 |
| Hiag Immobilien Holding AG* |
|
| 15,684 |
| 298 |
| Huber + Suhner AG, Registered |
|
| 23,080 |
| 547 |
| Implenia AG, Registered† |
|
| 15,047 |
| 109 |
| Ina Invest Holding AG* |
|
| 2,184 |
| 36 |
| Inficon Holding AG, Registered |
|
| 37,823 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| Switzerland (Continued) |
|
|
|
| 16 |
| Interroll Holding AG, Registered |
| $ | 56,541 |
| 1,729 |
| Julius Baer Group, Ltd. |
|
| 110,565 |
| 80 |
| Jungfraubahn Holding AG, Registered*, † |
|
| 12,442 |
| 223 |
| Kardex Holding AG, Registered |
|
| 45,490 |
| 90 |
| Komax Holding AG, Registered* |
|
| 21,768 |
| 427 |
| Kuehne + Nagel International AG, Registered |
|
| 121,845 |
| 3,017 |
| LafargeHolcim, Ltd., Registered* |
|
| 177,288 |
| 580 |
| Landis+Gyr Group AG* |
|
| 39,029 |
| 167 |
| Liechtensteinische Landesbank AG |
|
| 9,524 |
| 667 |
| Logitech International SA, Registered† |
|
| 69,702 |
| 765 |
| Logitech International SA, Registered |
|
| 80,243 |
| 375 |
| Lonza Group AG, Registered |
|
| 209,649 |
| 63 |
| Luzerner Kantonalbank AG, Registered |
|
| 28,795 |
| 1,480 |
| Mobilezone Holding AG, Registered |
|
| 19,292 |
| 219 |
| Mobimo Holding AG, Registered |
|
| 66,848 |
| 22,264 |
| Nestle SA, Registered |
|
| 2,481,394 |
| 12,302 |
| Novartis AG, Registered |
|
| 1,051,296 |
| 3,319 |
| OC Oerlikon Corp. AG, Registered |
|
| 38,382 |
| 136 |
| Orior AG |
|
| 12,001 |
| 108 |
| Partners Group Holding AG |
|
| 137,921 |
| 699 |
| PSP Swiss Property AG, Registered |
|
| 85,198 |
| 78 |
| Rieter Holding AG, Registered |
|
| 10,464 |
| 201 |
| Roche Holding AG† |
|
| 68,691 |
| 4,932 |
| Roche Holding AG |
|
| 1,593,905 |
| 140 |
| Schindler Holding AG, Registered |
|
| 40,112 |
| 25 |
| Schweiter Technologies AG |
|
| 41,158 |
| 123 |
| SFS Group AG |
|
| 15,278 |
| 32 |
| SGS SA, Registered |
|
| 90,771 |
| 97 |
| Siegfried Holding AG, Registered |
|
| 79,897 |
| 910 |
| Sika AG, Registered |
|
| 259,959 |
| 373 |
| Softwareone Holding AG |
|
| 9,629 |
| 326 |
| Sonova Holding AG, Registered* |
|
| 86,368 |
| 88 |
| St. Galler Kantonalbank AG, Registered |
|
| 39,664 |
| 52 |
| Straumann Holding AG, Registered |
|
| 64,866 |
| 636 |
| Sulzer AG, Registered |
|
| 71,530 |
| 225 |
| Swatch Group AG (The) |
|
| 64,728 |
| 384 |
| Swatch Group AG (The), Registered |
|
| 21,391 |
| 151 |
| Swiss Life Holding AG, Registered |
|
| 74,226 |
| 1,182 |
| Swiss Prime Site AG, Registered |
|
| 108,989 |
| 1,421 |
| Swiss Re AG |
|
| 139,762 |
| 379 |
| Swisscom AG, Registered† |
|
| 203,304 |
| 247 |
| Swissquote Group Holding SA, Registered |
|
| 31,883 |
| 493 |
| Temenos AG, Registered |
|
| 70,965 |
| 276 |
| u-blox Holding AG* |
|
| 17,886 |
| 10,729 |
| UBS Group AG, Registered |
|
| 166,131 |
| 94 |
| Valora Holding AG, Registered* |
|
| 19,941 |
| 228 |
| VAT Group AG# |
|
| 63,878 |
| 400 |
| Vetropack Holding AG, Registered* |
|
| 25,097 |
| 451 |
| Vifor Pharma AG |
|
| 61,388 |
| 706 |
| Vontobel Holding AG, Registered |
|
| 53,782 |
| 77 |
| VP Bank AG, Registered |
|
| 9,304 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| Switzerland (Continued) |
|
|
|
| 934 |
| Zurich Insurance Group AG |
| $ | 398,641 |
|
|
|
|
|
| 11,398,742 |
|
|
| United Kingdom—9.4% |
|
|
|
| 6,126 |
| 3i Group Plc |
|
| 97,417 |
| 217 |
| 4imprint Group Plc* |
|
| 7,329 |
| 2,172 |
| 888 Holdings Plc |
|
| 11,828 |
| 917 |
| Admiral Group Plc |
|
| 39,202 |
| 7,159 |
| Aggreko Plc |
|
| 86,555 |
| 12,432 |
| Alliance Pharma Plc |
|
| 16,110 |
| 8,094 |
| Anglo American Plc |
|
| 317,177 |
| 5,917 |
| Anglo Pacific Group Plc |
|
| 10,670 |
| 2,109 |
| Antofagasta Plc |
|
| 49,136 |
| 4,535 |
| Ascential Plc*, † |
|
| 21,007 |
| 3,862 |
| Ashtead Group Plc |
|
| 230,376 |
| 210 |
| ASOS Plc* |
|
| 16,021 |
| 1,721 |
| Associated British Foods Plc* |
|
| 57,298 |
| 7,325 |
| AstraZeneca Plc |
|
| 731,819 |
| 8,970 |
| Auto Trader Group Plc#, * |
|
| 68,557 |
| 3,592 |
| Avast Plc# |
|
| 22,581 |
| 28,447 |
| Aviva Plc |
|
| 160,084 |
| 835 |
| Avon Rubber Plc |
|
| 36,376 |
| 12,786 |
| B&M European Value Retail SA |
|
| 93,034 |
| 5,299 |
| Babcock International Group Plc†, * |
|
| 16,700 |
| 19,453 |
| BAE Systems Plc |
|
| 135,430 |
| 9,792 |
| Balfour Beatty Plc* |
|
| 39,850 |
| 617 |
| Bank of Georgia Group Plc* |
|
| 9,357 |
| 81,962 |
| Barclays Plc |
|
| 210,076 |
| 6,765 |
| Barratt Developments Plc* |
|
| 69,648 |
| 3,269 |
| Beazley Plc* |
|
| 15,854 |
| 1,766 |
| Bellway Plc |
|
| 82,850 |
| 735 |
| Berkeley Group Holdings Plc (The) |
|
| 44,979 |
| 12,902 |
| BHP Group Plc |
|
| 372,542 |
| 4,891 |
| Biffa Plc#, * |
|
| 17,936 |
| 1,176 |
| Bodycote Plc |
|
| 13,399 |
| 8,370 |
| boohoo Group Plc* |
|
| 39,232 |
| 129,795 |
| BP Plc |
|
| 527,233 |
| 8,187 |
| Brewin Dolphin Holdings Plc |
|
| 35,045 |
| 8,878 |
| British American Tobacco Plc |
|
| 339,515 |
| 589 |
| British American Tobacco Plc, SP ADR |
|
| 22,818 |
| 4,032 |
| Britvic Plc |
|
| 46,553 |
| 82,890 |
| BT Group Plc* |
|
| 176,893 |
| 3,731 |
| Bunzl Plc |
|
| 119,485 |
| 2,743 |
| Burberry Group Plc* |
|
| 71,792 |
| 4,834 |
| Burford Capital, Ltd.* |
|
| 41,851 |
| 3,640 |
| C&C Group Plc* |
|
| 14,101 |
| 11,065 |
| Cairn Energy Plc† |
|
| 25,963 |
| 40,000 |
| Capita Plc* |
|
| 24,010 |
| 7,460 |
| Card Factory Plc* |
|
| 7,364 |
| 993 |
| Carnival Plc* |
|
| 21,705 |
| 21,596 |
| Centamin Plc |
|
| 30,963 |
| 6,675 |
| Central Asia Metals Plc |
|
| 23,005 |
| 77,567 |
| Centrica Plc* |
|
| 57,894 |
| 2,609 |
| Chesnara Plc |
|
| 10,251 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| United Kingdom (Continued) |
|
|
|
| 33,167 |
| Cineworld Group Plc* |
| $ | 44,114 |
| 577 |
| Clarkson Plc |
|
| 21,875 |
| 2,322 |
| Clinigen Group Plc |
|
| 24,825 |
| 2,800 |
| Close Brothers Group Plc |
|
| 59,870 |
| 33,791 |
| Coats Group Plc* |
|
| 26,506 |
| 1,369 |
| Coca-Cola HBC AG |
|
| 43,597 |
| 6,300 |
| Compass Group Plc* |
|
| 126,934 |
| 865 |
| Computacenter Plc |
|
| 28,262 |
| 15,671 |
| ConvaTec Group Plc# |
|
| 42,365 |
| 3,254 |
| Countryside Properties Plc*, # |
|
| 22,789 |
| 627 |
| Cranswick Plc |
|
| 31,429 |
| 4,845 |
| Crest Nicholson Holdings Plc* |
|
| 27,252 |
| 1,039 |
| Croda International Plc |
|
| 90,926 |
| 914 |
| CVS Group Plc* |
|
| 23,575 |
| 1,316 |
| Daily Mail & General Trust Plc, Class A |
|
| 16,473 |
| 712 |
| DCC Plc |
|
| 61,740 |
| 2,945 |
| De La Rue Plc*, † |
|
| 8,364 |
| 5,029 |
| Devro Plc |
|
| 13,395 |
| 6,669 |
| DFS Furniture Plc* |
|
| 25,099 |
| 12,494 |
| Diageo Plc |
|
| 514,918 |
| 2,860 |
| Diploma Plc |
|
| 100,462 |
| 21,750 |
| Direct Line Insurance Group Plc |
|
| 93,942 |
| 21,706 |
| Dixons Carphone Plc* |
|
| 42,761 |
| 3,416 |
| Domino’s Pizza Group Plc |
|
| 16,341 |
| 10,792 |
| Drax Group Plc |
|
| 62,487 |
| 13,454 |
| DS Smith Plc |
|
| 75,619 |
| 1,548 |
| easyJet Plc* |
|
| 20,875 |
| 8,196 |
| Electrocomponents Plc |
|
| 112,199 |
| 13,055 |
| Elementis Plc* |
|
| 22,587 |
| 1,355 |
| EMIS Group Plc |
|
| 20,548 |
| 70,446 |
| EnQuest Plc*, † |
|
| 17,229 |
| 2,921 |
| Entain Plc* |
|
| 61,128 |
| 4,422 |
| Equiniti Group Plc#, * |
|
| 7,876 |
| 6,935 |
| Esken, Ltd.*, † |
|
| 3,270 |
| 5,759 |
| Essentra Plc* |
|
| 23,024 |
| 1,262 |
| Euromoney Institutional Investor Plc |
|
| 16,598 |
| 3,432 |
| Evraz Plc |
|
| 27,347 |
| 6,412 |
| Experian Plc |
|
| 220,724 |
| 1,729 |
| FDM Group Holdings Plc |
|
| 24,027 |
| 1,779 |
| Ferguson Plc |
|
| 212,585 |
| 5,122 |
| Ferrexpo Plc |
|
| 26,451 |
| 39,520 |
| Firstgroup Plc*, † |
|
| 50,151 |
| 5,744 |
| Frasers Group Plc* |
|
| 36,489 |
| 9,131 |
| G4S Plc* |
|
| 30,841 |
| 2,798 |
| Galliford Try Holdings Plc |
|
| 4,899 |
| 445 |
| Games Workshop Group Plc |
|
| 61,133 |
| 928 |
| Gamesys Group Plc |
|
| 24,717 |
| 1,706 |
| Gamma Communications Plc |
|
| 38,571 |
| 26,092 |
| GlaxoSmithKline Plc |
|
| 463,299 |
| 81,942 |
| Glencore Plc* |
|
| 321,103 |
| 1,404 |
| Go-Ahead Group Plc (The)* |
|
| 26,304 |
| 1,480 |
| Grafton Group Plc |
|
| 20,893 |
| 3,970 |
| Grainger Plc |
|
| 14,602 |
| 6,489 |
| Greencore Group Plc* |
|
| 14,063 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| United Kingdom (Continued) |
|
|
|
| 2,159 |
| Greggs Plc* |
| $ | 66,790 |
| 9,789 |
| Gulf Keystone Petroleum, Ltd.* |
|
| 24,102 |
| 4,549 |
| Gym Group Plc (The)#, * |
|
| 14,769 |
| 6,271 |
| Halfords Group Plc* |
|
| 32,852 |
| 1,732 |
| Halma Plc |
|
| 56,685 |
| 1,823 |
| Hargreaves Lansdown Plc |
|
| 38,741 |
| 25,710 |
| Hays Plc* |
|
| 52,988 |
| 1,995 |
| Headlam Group Plc* |
|
| 12,459 |
| 3,050 |
| Helical Plc |
|
| 17,387 |
| 1,984 |
| Hikma Pharmaceuticals Plc |
|
| 62,252 |
| 2,154 |
| Hill & Smith Holdings Plc |
|
| 43,711 |
| 2,081 |
| Hilton Food Group Plc |
|
| 30,812 |
| 1,266 |
| Hiscox, Ltd.* |
|
| 15,017 |
| 5,513 |
| Hochschild Mining Plc† |
|
| 14,874 |
| 3,986 |
| Hollywood Bowl Group Plc* |
|
| 12,639 |
| 2,726 |
| HomeServe Plc |
|
| 45,134 |
| 14,041 |
| Howden Joinery Group Plc* |
|
| 141,886 |
| 61,234 |
| HSBC Holdings Plc |
|
| 357,253 |
| 2,249 |
| HSBC Holdings Plc, SP ADR† |
|
| 65,536 |
| 3,532 |
| Hunting Plc |
|
| 12,465 |
| 4,879 |
| Ibstock Plc*, #, † |
|
| 14,811 |
| 1,762 |
| IG Group Holdings Plc |
|
| 21,886 |
| 4,126 |
| IMI Plc |
|
| 75,879 |
| 8,898 |
| Imperial Brands Plc |
|
| 183,020 |
| 3,234 |
| Inchcape Plc* |
|
| 33,572 |
| 14,920 |
| Indivior Plc* |
|
| 26,122 |
| 6,450 |
| Informa Plc* |
|
| 49,777 |
| 605 |
| InterContinental Hotels Group Plc* |
|
| 41,494 |
| 390 |
| InterContinental Hotels Group Plc, ADR* |
|
| 26,871 |
| 1,391 |
| Intermediate Capital Group Plc |
|
| 35,323 |
| 10,061 |
| International Consolidated Airlines Group SA* |
|
| 27,504 |
| 4,161 |
| International Personal Finance Plc* |
|
| 6,012 |
| 1,064 |
| Intertek Group Plc |
|
| 82,172 |
| 8,515 |
| Investec Plc |
|
| 25,731 |
| 35,770 |
| IP Group Plc* |
|
| 61,246 |
| 25,901 |
| ITV Plc* |
|
| 42,902 |
| 6,460 |
| IWG Plc* |
|
| 30,333 |
| 18,874 |
| J. Sainsbury Plc |
|
| 63,098 |
| 2,074 |
| J.D. Wetherspoon Plc* |
|
| 38,828 |
| 1,083 |
| James Fisher & Sons Plc |
|
| 15,856 |
| 1,809 |
| James Halstead Plc |
|
| 12,420 |
| 5,549 |
| JD Sports Fashion Plc* |
|
| 63,081 |
| 1,084 |
| JET2 Plc* |
|
| 18,949 |
| 8,054 |
| John Laing Group Plc# |
|
| 34,798 |
| 1,637 |
| John Menzies Plc*, † |
|
| 7,470 |
| 10,403 |
| John Wood Group Plc* |
|
| 38,808 |
| 1,891 |
| Johnson Matthey Plc |
|
| 78,547 |
| 7,194 |
| Johnson Service Group Plc* |
|
| 14,757 |
| 8,912 |
| Jupiter Fund Management Plc |
|
| 34,229 |
| 239 |
| Just Eat Takeaway.Com NV*, #, † |
|
| 22,035 |
| 349 |
| Just Eat Takeaway.com NV*, # |
|
| 32,178 |
| 30,973 |
| Just Group Plc* |
|
| 43,169 |
| 2,164 |
| Kainos Group Plc |
|
| 44,511 |
| 1,556 |
| Keller Group Plc |
|
| 17,247 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| United Kingdom (Continued) |
|
|
|
| 32,972 |
| Kingfisher Plc* |
| $ | 144,684 |
| 1,402 |
| Lancashire Holdings, Ltd. |
|
| 12,447 |
| 32,778 |
| Legal & General Group Plc |
|
| 126,119 |
| 590 |
| Liontrust Asset Management Plc |
|
| 11,550 |
| 430,679 |
| Lloyds Banking Group Plc* |
|
| 252,545 |
| 828 |
| London Stock Exchange Group Plc |
|
| 79,219 |
| 18,867 |
| M&G Plc |
|
| 53,945 |
| 20,939 |
| Man Group Plc |
|
| 46,489 |
| 28,984 |
| Marks & Spencer Group Plc* |
|
| 60,276 |
| 1,885 |
| Marshalls Plc* |
|
| 17,788 |
| 18,395 |
| Marston’s Plc* |
|
| 24,928 |
| 3,805 |
| Mears Group Plc* |
|
| 10,176 |
| 5,349 |
| Mediclinic International Plc* |
|
| 21,090 |
| 7,048 |
| Meggitt Plc* |
|
| 46,386 |
| 22,767 |
| Melrose Industries Plc* |
|
| 52,384 |
| 2,240 |
| Micro Focus International Plc |
|
| 17,083 |
| 8,089 |
| Mitchells & Butlers Plc*, † |
|
| 35,908 |
| 24,076 |
| Mitie Group Plc* |
|
| 20,877 |
| 150 |
| MJ Gleeson Plc |
|
| 1,737 |
| 4,442 |
| Mondi Plc |
|
| 113,289 |
| 5,751 |
| Moneysupermarket.com Group Plc |
|
| 21,137 |
| 7,506 |
| Morgan Advanced Materials Plc |
|
| 32,233 |
| 1,378 |
| Morgan Sindall Group Plc |
|
| 33,549 |
| 6,750 |
| National Express Group Plc* |
|
| 28,642 |
| 3,714 |
| National Grid Plc |
|
| 44,238 |
| 1,752 |
| National Grid Plc, SP ADR |
|
| 103,788 |
| 8,261 |
| Natwest Group Plc |
|
| 22,350 |
| 900 |
| Next Plc* |
|
| 97,597 |
| 4,257 |
| Ninety One Plc |
|
| 14,014 |
| 537 |
| NMC Health Plc*, § |
|
| 215 |
| 624 |
| Ocado Group Plc* |
|
| 17,506 |
| 4,680 |
| On the Beach Group Plc#, * |
|
| 26,194 |
| 4,865 |
| OSB Group Plc* |
|
| 28,585 |
| 1,080 |
| Oxford Instruments Plc |
|
| 28,378 |
| 8,188 |
| Pagegroup Plc* |
|
| 53,053 |
| 5,714 |
| Paragon Banking Group Plc |
|
| 36,047 |
| 1,213 |
| PayPoint Plc |
|
| 9,866 |
| 3,815 |
| Pearson Plc |
|
| 40,581 |
| 41,805 |
| Pendragon Plc* |
|
| 9,625 |
| 5,277 |
| Pennon Group Plc |
|
| 70,930 |
| 2,597 |
| Persimmon Plc |
|
| 105,259 |
| 3,779 |
| Petrofac, Ltd.*, † |
|
| 4,982 |
| 14,508 |
| Pets at Home Group Plc |
|
| 82,603 |
| 2,200 |
| Phoenix Group Holdings Plc |
|
| 22,268 |
| 11,392 |
| Photo-Me International Plc* |
|
| 8,920 |
| 8,181 |
| Playtech Plc* |
|
| 49,839 |
| 2,561 |
| Plus500, Ltd. |
|
| 49,428 |
| 1,124 |
| Polar Capital Holdings Plc |
|
| 10,785 |
| 2,857 |
| Polypipe Group plc* |
|
| 21,860 |
| 33,266 |
| Premier Oil Plc*, † |
|
| 10,273 |
| 6,783 |
| Provident Financial Plc* |
|
| 20,292 |
| 9,625 |
| Prudential Plc |
|
| 204,409 |
| 4,468 |
| QinetiQ Group Plc |
|
| 19,464 |
| 26,994 |
| Quilter Plc# |
|
| 59,486 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
|
|
| United Kingdom (Continued) |
|
|
|
| 351 |
| Rathbone Brothers Plc |
| $ | 8,516 |
| 1,747 |
| Reckitt Benckiser Group Plc |
|
| 156,499 |
| 3,003 |
| Redde Northgate Plc |
|
| 12,751 |
| 3,865 |
| Redrow Plc |
|
| 33,462 |
| 10,683 |
| RELX Plc |
|
| 267,895 |
| 1,210 |
| RELX Plc, SP ADR† |
|
| 30,444 |
| 2,776 |
| Renew Holdings Plc |
|
| 21,584 |
| 214 |
| Renishaw Plc |
|
| 18,911 |
| 18,010 |
| Rentokil Initial Plc* |
|
| 120,270 |
| 787 |
| Rhi Magnesita NV |
|
| 45,763 |
| 10,927 |
| Rightmove Plc* |
|
| 87,702 |
| 7,931 |
| Rio Tinto Plc |
|
| 606,819 |
| 25,358 |
| Rolls-Royce Holdings Plc* |
|
| 36,811 |
| 9,205 |
| Rotork Plc |
|
| 45,253 |
| 8,858 |
| Royal Dutch Shell Plc, ADR, Class B |
|
| 326,240 |
| 41,803 |
| Royal Dutch Shell Plc, Class B |
|
| 769,355 |
| 9,433 |
| Royal Mail Plc* |
|
| 65,620 |
| 4,095 |
| RSA Insurance Group Plc |
|
| 38,445 |
| 3,036 |
| Sabre Insurance Group Plc# |
|
| 10,589 |
| 948 |
| Saga Plc* |
|
| 4,443 |
| 8,113 |
| Sage Group Plc (The) |
|
| 68,539 |
| 5,321 |
| Savills Plc* |
|
| 83,772 |
| 1,046 |
| Schroders Plc |
|
| 46,070 |
| 5,266 |
| Senior Plc* |
|
| 8,036 |
| 11,630 |
| Severfield Plc |
|
| 12,570 |
| 2,120 |
| Severn Trent Plc |
|
| 67,396 |
| 9,302 |
| SIG Plc*, † |
|
| 4,904 |
| 5,193 |
| Signature Aviation Plc* |
|
| 28,944 |
| 4,652 |
| Smith & Nephew Plc |
|
| 88,374 |
| 2,936 |
| Smiths Group Plc |
|
| 62,231 |
| 1,263 |
| Spectris Plc |
|
| 57,929 |
| 12,936 |
| Speedy Hire Plc* |
|
| 11,877 |
| 525 |
| Spirax-Sarco Engineering Plc |
|
| 82,509 |
| 7,170 |
| Spire Healthcare Group Plc#, * |
|
| 16,527 |
| 10,386 |
| Spirent Communications Plc |
|
| 34,149 |
| 14,775 |
| SSE Plc |
|
| 296,366 |
| 5,335 |
| SSP Group Plc* |
|
| 27,389 |
| 3,870 |
| St. James’s Place Plc |
|
| 67,970 |
| 4,286 |
| St. Modwen Properties Plc |
|
| 23,930 |
| 5,772 |
| Stagecoach Group Plc* |
|
| 7,989 |
| 20,666 |
| Standard Chartered Plc |
|
| 142,308 |
| 9,751 |
| Standard Life Aberdeen Plc |
|
| 38,970 |
| 4,177 |
| SThree Plc* |
|
| 22,170 |
| 7,781 |
| Stock Spirits Group Plc |
|
| 30,035 |
| 8,653 |
| Synthomer Plc |
|
| 55,351 |
| 6,411 |
| Tate & Lyle Plc |
|
| 67,807 |
| 19,770 |
| Taylor Wimpey Plc* |
|
| 49,181 |
| 978 |
| Telecom Plus Plc |
|
| 17,123 |
| 51,448 |
| Tesco Plc† |
|
| 162,315 |
| 5,954 |
| TI Fluid Systems Plc# |
|
| 22,162 |
| 16,738 |
| Tp Icap Group Plc Gbp.25 |
|
| 56,176 |
| 5,006 |
| Travis Perkins Plc* |
|
| 106,383 |
| 3,514 |
| TUI AG* |
|
| 17,789 |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||||
|
|
| United Kingdom (Continued) |
|
|
| ||
| 42,736 |
| Tullow Oil Plc*, † |
| $ | 27,814 | ||
| 4,191 |
| Tyman Plc* |
|
| 21,522 | ||
| 7,733 |
| U & I Group Plc* |
|
| 9,936 | ||
| 1,424 |
| Ultra Electronics Holdings Plc |
|
| 39,812 | ||
| 17,156 |
| Unilever Plc |
|
| 958,155 | ||
| 7,319 |
| United Utilities Group Plc |
|
| 93,413 | ||
| 20,856 |
| Vectura Group Plc* |
|
| 33,237 | ||
| 5,245 |
| Vesuvius Plc |
|
| 38,974 | ||
| 13,688 |
| Virgin Money UK Plc* |
|
| 35,674 | ||
| 6,329 |
| Vistry Group Plc |
|
| 95,279 | ||
| 386 |
| Vitec Group Plc (The)* |
|
| 6,093 | ||
| 207,108 |
| Vodafone Group Plc |
|
| 376,542 | ||
| 6,400 |
| Volution Group Plc |
|
| 34,851 | ||
| 5,138 |
| Watkin Jones Plc |
|
| 15,087 | ||
| 3,058 |
| Weir Group Plc (The)* |
|
| 74,914 | ||
| 1,764 |
| WH Smith Plc* |
|
| 43,700 | ||
| 1,264 |
| Whitbread Plc* |
|
| 59,700 | ||
| 19,918 |
| William Hill Plc* |
|
| 74,688 | ||
| 28,949 |
| Wm Morrison Supermarkets Plc |
|
| 72,814 | ||
| 11,755 |
| WPP Plc |
|
| 149,187 | ||
| 510 |
| XP Power, Ltd. |
|
| 33,045 | ||
|
|
|
|
|
| 20,213,678 | ||
|
|
| United States—0.0% |
|
|
| ||
| 1,520 |
| Ovintiv, Inc. |
|
| 36,249 | ||
| TOTAL COMMON STOCKS (Cost $119,979,258) |
|
| 147,780,987 | ||||
| AFFILIATED INVESTMENT COMPANY—30.2% |
|
|
| ||||
| United States—30.2% | |||||||
| 2,560,482 |
| DFA Emerging Markets Core Equity Portfolio, Class I‡‡ (Cost $50,152,829) |
|
| 65,394,713 | ||
|
|
| Expiration |
|
| |||
| Warrants—0.0% | |||||||
| Canada—0.0% | |||||||
| 384 |
| Cenovus Energy, Inc. * | |||||
|
|
| 01/01/2026 |
| 1,528 | |||
| Switzerland—0.0% |
|
|
|
| |||
| 3,138 |
| Cie Financiere Richemont SA * | |||||
|
|
| 11/22/2023 |
| 1,195 | |||
| TOTAL WARRANTS (Cost $1,434) |
|
| 2,723 | ||||
| Rights—0.0% | |||||||
| Hong Kong—0.0% | |||||||
| 26,250 |
| Esprit Holdings, Ltd.*, § | |||||
|
|
| 04/14/2021 |
| 118 | |||
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value |
| ||||||
| Italy—0.0% |
| |||||||||
| 14,612 |
| Snam Spa Npv *, § |
| |||||||
|
|
| 04/07/2021 | $ | 15 |
| |||||
| TOTAL RIGHTS (Cost $—) |
|
| 133 |
| ||||||
| Preferred Stocks—0.4% |
| |||||||||
| Germany—0.4% |
| |||||||||
| 621 |
| Bayerische Motoren Werke AG, 2.75% |
|
| 49,411 |
| ||||
| 387 |
| Draegerwerk AG & Co. KGaA, 0.27% |
|
| 31,133 |
| ||||
| 908 |
| Henkel AG & Co. KGaA, 1.88% |
|
| 102,073 |
| ||||
| 949 |
| Jungheinrich AG, 1.05% |
|
| 45,629 |
| ||||
| 717 |
| Porsche Automobil Holding SE, 2.30% |
|
| 76,027 |
| ||||
| 310 |
| Sartorius AG, 0.16% |
|
| 154,576 |
| ||||
| 252 |
| Sixt SE, 0.08% |
|
| 19,652 |
| ||||
| 173 |
| STO SE & Co. KGaA, 0.19% |
|
| 32,055 |
| ||||
| 1,223 |
| Volkswagen AG, 2.05% |
|
| 342,203 |
| ||||
|
| 852,759 | |||||||||
| TOTAL PREFERRED STOCK (Cost $523,469) |
|
| 852,759 |
| ||||||
|
| 7-Day |
|
|
|
|
| ||||
| Short-Term Investments—2.8% |
| |||||||||
| 5,998,071 |
| State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $5,998,071) †† | 0.07 | % |
|
|
| 5,998,071 |
| |
| TOTAL INVESTMENTS, AT VALUE—101.8% |
|
| 220,029,386 |
| ||||||
| Liabilities in Excess of Other Assets—(1.8)% |
|
| (3,946,592 | ) | ||||||
| NET ASSETS—100.0% |
| $ | 216,082,794 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
Notes to the Schedule of Investments: | |
ADR—American Depositary Receipt | |
SP ADR—Sponsored American Depositary Receipt | |
* | 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 f the Securities Act of 1933 at March 31, 2021, amounts to approximately $3,012,242, and represents 1.39% of net assets. |
† | Denotes all or a portion of security on loan. of March 31, 2021, the market value of the securities on loan was $11,372,710 (Note 1). |
‡‡ | Affiliated issuer. Assets with a total aggregate market value of $65,394,713, or 30.2% of net assets, were affiliated with the Fund as of March 31, 2021 (Note 2). |
†† | Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $6,063,614 |
§ | Fair valued security -- Represents fair value as measured based on the Portfolio Valuation policies specified in Note 1. Fair value is based on a fair value factor being applied to quoted market prices for the foreign securities based on the pre-determined threshold. As of March 31, 2021, the total value of the fair valued securities was $57,282. |
Percentages indicated are based on net assets. |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
At March 31, 2021, industry diversification of the M International Equity Fund’s investments as a percentage of net assets was as follows:
Summary of Industry Classifications | Percentage of Net Assets | |||
Mutual Funds | 30.2 | % | ||
Banks | 5.8 | % | ||
Pharmaceuticals | 3.4 | % | ||
Metals and Mining | 3.2 | % | ||
Oil, Gas and Consumable Fuels | 3.0 | % | ||
Insurance | 2.7 | % | ||
Machinery | 2.7 | % | ||
Chemicals | 2.5 | % | ||
Automobiles | 2.4 | % | ||
Food Products | 2.2 | % | ||
Capital Markets | 1.8 | % | ||
Semiconductors and Semiconductor Equipment | 1.7 | % | ||
Real Estate Management and Development | 1.6 | % | ||
Diversified Telecommunication Services | 1.5 | % | ||
Textiles, Apparel and Luxury Goods | 1.5 | % | ||
Household Durables | 1.4 | % | ||
Auto Components | 1.3 | % | ||
Electric Utilities | 1.3 | % | ||
Food and Staples Retailing | 1.3 | % | ||
IT Services | 1.3 | % | ||
Construction and Engineering | 1.2 | % | ||
Health Care Equipment and Supplies | 1.2 | % | ||
Professional Services | 1.2 | % | ||
Trading Companies and Distributors | 1.2 | % | ||
Electronic Equipment, Instruments & Components | 1.1 | % | ||
Hotels, Restaurants & Leisure | 1.1 | % | ||
Road and Rail | 1.1 | % | ||
Wireless Telecommunication Services | 1.1 | % | ||
Beverages | 1.0 | % | ||
Electrical Equipment | 1.0 | % | ||
Specialty Retail | 1.0 | % | ||
Building Products | 0.9 | % | ||
Commercial Services & Supplies | 0.8 | % | ||
Personal Products | 0.8 | % | ||
Media | 0.7 | % | ||
Software | 0.7 | % | ||
Aerospace & Defense | 0.6 | % | ||
Construction Materials | 0.6 | % | ||
Multi-Utilities | 0.6 | % | ||
Air Freight and Logistics | 0.5 | % | ||
Health Care Providers and Services | 0.5 | % | ||
Industrial Conglomerates | 0.5 | % | ||
Multiline Retail | 0.5 | % | ||
Biotechnology | 0.4 | % | ||
Containers and Packaging | 0.4 | % | ||
Diversified Financial Services | 0.4 | % | ||
Entertainment | 0.4 | % | ||
Paper and Forest Products | 0.4 | % | ||
Tobacco | 0.4 | % | ||
Gas Utilities | 0.3 | % | ||
Household Products | 0.3 | % | ||
Independent Power and Renewable Electricity Producers | 0.3 | % |
The accompanying notes are an integral part of these Schedules of Investments.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Life Sciences Tools and Services | 0.3 | % | ||
Marine | 0.3 | % | ||
Technology Hardware, Storage & Peripherals | 0.3 | % | ||
Transportation Infrastructure | 0.3 | % | ||
Airlines | 0.2 | % | ||
Consumer Finance | 0.2 | % | ||
Energy Equipment and Services | 0.2 | % | ||
Interactive Media & Services | 0.2 | % | ||
Internet and Catalog Retail | 0.2 | % | ||
Leisure Equipment and Products | 0.2 | % | ||
Communications Equipment | 0.1 | % | ||
Distributors | 0.1 | % | ||
Diversified Consumer Services | 0.1 | % | ||
Health Care Technology | 0.1 | % | ||
Thrifts and Mortgage Finance | 0.1 | % | ||
Water Utilities | 0.1 | % | ||
Short-Term Investments | 2.8 | % | ||
Total | 101.8 | % |
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
| Shares |
|
| Value (Note 1) | ||
| Common Stocks—99.1% | |||||
|
| |||||
| Beverages—2.4% | |||||
| 64,650 |
| Monster Beverage Corp.* |
| $ | 5,888,969 |
| ||||||
| Biotechnology—1.9% | |||||
| 48,705 |
| Neurocrine Biosciences, Inc.* |
|
| 4,736,561 |
| ||||||
| Health Care Equipment and Supplies—1.5% | |||||
| 95,300 |
| Boston Scientific Corp.* |
|
| 3,683,345 |
| ||||||
| Health Care Providers and Services—2.6% | |||||
| 16,650 |
| UnitedHealth Group, Inc. |
|
| 6,194,966 |
| ||||||
| Insurance—3.1% | |||||
| 33,150 |
| Aon Plc, Class A |
|
| 7,628,146 |
| ||||||
| Interactive Media & Services—18.5% | |||||
| 9,940 |
| Alphabet, Inc., Class A* |
|
| 20,501,449 |
| 42,800 |
| Facebook, Inc., Class A* |
|
| 12,605,884 |
| 145,900 |
| Tencent Holdings, Ltd., ADR† |
|
| 11,642,820 |
|
|
|
|
|
| 44,750,153 |
| ||||||
| Internet and Catalog Retail—13.5% | |||||
| 49,600 |
| Alibaba Group Holding, Ltd., SP ADR* |
|
| 11,245,808 |
| 4,955 |
| Amazon.com, Inc.* |
|
| 15,331,166 |
| 73,500 |
| JD.com, Inc., ADR* |
|
| 6,198,255 |
|
|
|
|
|
| 32,775,229 |
| ||||||
| IT Services—23.6% | |||||
| 32,600 |
| Automatic Data Processing, Inc. |
|
| 6,144,122 |
| 21,600 |
| EPAM Systems, Inc.* |
|
| 8,568,504 |
| 35,550 |
| Global Payments, Inc. |
|
| 7,166,169 |
| 22,150 |
| GoDaddy, Inc., Class A* |
|
| 1,719,283 |
| 22,440 |
| Mastercard, Inc., Class A |
|
| 7,989,762 |
| 74,500 |
| PayPal Holdings, Inc.* |
|
| 18,091,580 |
| 35,300 |
| Visa, Inc., Class A |
|
| 7,474,069 |
|
|
|
|
|
| 57,153,489 |
| ||||||
| Media—2.3% | |||||
| 898,335 |
| Sirius XM Holdings, Inc.† |
|
| 5,470,860 |
| ||||||
| Pharmaceuticals—2.5% | |||||
| 38,550 |
| Zoetis, Inc. |
|
| 6,070,854 |
| ||||||
| Semiconductors and Semiconductor Equipment—1.8% | |||||
| 8,000 |
| NVIDIA Corp. |
|
| 4,271,440 |
| ||||||
| Software—23.3% | |||||
| 37,940 |
| Adobe, Inc.* |
|
| 18,035,538 |
| 22,800 |
| Fortinet, Inc.* |
|
| 4,204,776 |
| 29,400 |
| Intuit, Inc. |
|
| 11,261,964 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares | Value (Note 1) | |||||||
Software (Continued) | ||||||||
97,164 | Microsoft Corp. | $ | 22,908,356 | |||||
56,410,634 | ||||||||
Specialty Retail—2.1% | ||||||||
17,100 | Burlington Stores, Inc.* | 5,109,480 | ||||||
TOTAL COMMON STOCKS (Cost $119,743,394) | 240,144,126 |
7-Day Yield | ||||||||||||
Short-Term Investments—4.1% | ||||||||||||
9,983,208 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $9,983,208) †† | 0.07 | % | 9,983,208 | ||||||||
TOTAL INVESTMENTS, AT VALUE—103.2% (Cost $129,726,602) | 250,127,334 | |||||||||||
Liabilities in Excess of Other Assets—(3.2)% | (7,647,977 | ) | ||||||||||
NET ASSETS—100.0% | $ | 242,479,357 |
Notes to the Schedule of Investments: | |
ADR—American Depositary Receipt | |
SP ADR—Sponsored American Depositary Receipt | |
* | Non-income producing security |
† | Denotes all or a portion of security on loan. As of March 31, 2021, the market value of the securities on loan was $14,569,531 (Note 1) |
†† | Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $4,772,653 |
Percentages indicated are based on net assets. |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
At March 31, 2021, 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 | Percentage of Net Assets | |||
Information Technology | 48.6 | % | ||
Communication Services | 20.7 | % | ||
Consumer Discretionary | 15.6 | % | ||
Health Care | 8.5 | % | ||
Financials | 3.2 | % | ||
Consumer Staples | 2.5 | % | ||
Short-Term Investments | 4.1 | % | ||
Total | 103.2 | % |
The accompanying notes are an integral part of these Schedules of Investments.
ii
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Shares |
|
|
| Value | |
| Common Stocks—98.5% | ||||
| Aerospace & Defense—1.1% | ||||
51,269 |
| Kratos Defense & Security Solutions, Inc.* |
| $ | 1,398,618 |
51,591 |
| Triumph Group, Inc.* |
|
| 948,243 |
|
|
|
|
| 2,346,861 |
|
|
|
|
|
|
| Airlines—3.8% | ||||
25,162 |
| Alaska Air Group, Inc.* |
|
| 1,741,462 |
80,711 |
| Azul SA, ADR*, † |
|
| 1,629,555 |
261,710 |
| Controladora Vuela Cia de Aviacion SAB de CV, ADR* |
|
| 3,731,985 |
68,251 |
| JetBlue Airways Corp.* |
|
| 1,388,225 |
|
|
|
|
| 8,491,227 |
|
|
|
|
|
|
| Auto Components—4.4% | ||||
40,526 |
| BorgWarner, Inc. |
|
| 1,878,785 |
182,866 |
| Dana, Inc. |
|
| 4,449,130 |
42,245 |
| Modine Manufacturing Co.* |
|
| 623,959 |
71,405 |
| Stoneridge, Inc.* |
|
| 2,271,393 |
30,079 |
| Veoneer, Inc.*, † |
|
| 736,334 |
|
|
|
|
| 9,959,601 |
|
|
|
|
|
|
| Banks—5.0% | ||||
107,881 |
| Bancorp, Inc. (The)* |
|
| 2,235,294 |
20,708 |
| BankUnited, Inc. |
|
| 910,117 |
178,139 |
| First BanCorp |
|
| 2,005,845 |
19,855 |
| Pinnacle Financial Partners, Inc. |
|
| 1,760,344 |
26,219 |
| Popular, Inc. |
|
| 1,843,720 |
27,505 |
| Webster Financial Corp. |
|
| 1,515,801 |
13,114 |
| Wintrust Financial Corp. |
|
| 994,041 |
|
|
|
|
| 11,265,162 |
|
|
|
|
|
|
| Beverages—0.4% | ||||
13,227 |
| MGP Ingredients, Inc. |
|
| 782,377 |
|
| ||||
| Biotechnology—2.2% | ||||
14,072 |
| ACADIA Pharmaceuticals, Inc.* |
|
| 363,058 |
15,829 |
| BioMarin Pharmaceutical, Inc.* |
|
| 1,195,248 |
7,593 |
| Exact Sciences Corp.* |
|
| 1,000,605 |
26,081 |
| Global Blood Therapeutics, Inc.* |
|
| 1,062,801 |
67,079 |
| Karyopharm Therapeutics, Inc.* |
|
| 705,671 |
3,657 |
| United Therapeutics Corp.* |
|
| 611,706 |
|
|
|
|
| 4,939,089 |
|
|
|
|
|
|
| Building Products—3.7% | ||||
10,471 |
| American Woodmark Corp.* |
|
| 1,032,231 |
103,734 |
| Builders FirstSource, Inc.* |
|
| 4,810,145 |
9,575 |
| Caesarstone, Ltd. |
|
| 131,465 |
25,716 |
| Trex Co., Inc.* |
|
| 2,354,043 |
|
|
|
|
| 8,327,884 |
|
|
|
|
|
|
| Capital Markets—3.8% | ||||
22,336 |
| Artisan Partners Asset Management, Inc., Class A |
|
| 1,165,269 |
31,391 |
| Carlyle Group, Inc. (The) |
|
| 1,153,933 |
10,641 |
| Evercore Inc., Class A |
|
| 1,401,846 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | |
| Capital Markets (Continued) | ||||
22,489 |
| LPL Financial Holdings, Inc. |
| $ | 3,197,036 |
13,580 |
| Raymond James Financial, Inc. |
|
| 1,664,365 |
|
|
|
|
| 8,582,449 |
|
| ||||
| Chemicals—3.6% | ||||
15,982 |
| Albemarle Corp. |
|
| 2,335,130 |
27,973 |
| FMC Corp. |
|
| 3,094,093 |
49,312 |
| Livent Corp.*, † |
|
| 854,084 |
98,493 |
| Tronox Holdings PLC, Class A |
|
| 1,802,422 |
|
|
|
|
| 8,085,729 |
|
| ||||
| Commercial Services & Supplies—0.9% | ||||
118,087 |
| Interface, Inc. |
|
| 1,473,726 |
51,853 |
| Pitney Bowes, Inc. |
|
| 427,268 |
|
|
|
|
| 1,900,994 |
| |||||
| Construction and Engineering—5.8% | ||||
30,440 |
| AECOM* |
|
| 1,951,508 |
34,059 |
| Granite Construction, Inc. |
|
| 1,370,875 |
32,417 |
| MasTec, Inc.* |
|
| 3,037,473 |
25,456 |
| Quanta Services, Inc. |
|
| 2,239,619 |
233,028 |
| Tutor Perini Corp.* |
|
| 4,415,881 |
|
|
|
|
| 13,015,356 |
|
| ||||
| Construction Materials—1.6% | ||||
15,524 |
| Eagle Materials, Inc.* |
|
| 2,086,581 |
4,477 |
| Martin Marietta Materials, Inc. |
|
| 1,503,466 |
|
|
|
|
| 3,590,047 |
|
| ||||
| Consumer Finance—0.8% | ||||
18,725 |
| Green Dot Corp., Class A |
|
| 857,418 |
27,329 |
| PRA Group, Inc.* |
|
| 1,013,086 |
|
|
|
|
| 1,870,504 |
|
| ||||
| Containers and Packaging—0.7% | ||||
32,986 |
| Graphic Packaging Holding Co. |
|
| 599,026 |
70,450 |
| Pactiv Evergreen, Inc. |
|
| 967,983 |
|
|
|
|
| 1,567,009 |
|
| ||||
| Diversified Consumer Services—1.8% | ||||
56,142 |
| Adtalem Global Education, Inc.* |
|
| 2,219,855 |
147 |
| Coursera, Inc.* |
|
| 6,615 |
157,514 |
| Perdoceo Education Corp.* |
|
| 1,883,867 |
|
|
|
|
| 4,110,337 |
|
| ||||
| Diversified Telecommunication Services—0.7% | ||||
98,381 |
| Radius Global Infrastructure, Inc., Class A* |
|
| 1,446,201 |
|
| ||||
| Electrical Equipment—0.7% | ||||
8,367 |
| Encore Wire Corp. |
|
| 561,677 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | |
| Electrical Equipment (Continued) | ||||
9,835 |
| EnerSys |
| $ | 893,018 |
|
|
|
|
| 1,454,695 |
|
| ||||
| Electronic Equipment, Instruments & Components—4.4% | ||||
12,766 |
| Fabrinet* |
|
| 1,153,919 |
115,484 |
| Flex, Ltd.* |
|
| 2,114,512 |
12,287 |
| II-VI, Inc.* |
|
| 840,062 |
7,506 |
| Insight Enterprises, Inc.* |
|
| 716,223 |
50,646 |
| Jabil, Inc. |
|
| 2,641,695 |
13,252 |
| Rogers Corp.* |
|
| 2,494,159 |
|
|
|
|
| 9,960,570 |
|
| ||||
| Equity Real Estate Investment Trusts (REITs)—1.7% | ||||
62,919 |
| Corporate Office Properties Trust, REIT |
|
| 1,656,657 |
36,609 |
| NETSTREIT Corp. |
|
| 676,901 |
66,884 |
| SITE Centers Corp. |
|
| 906,947 |
18,538 |
| STAG Industrial, Inc.† |
|
| 623,062 |
|
|
|
|
| 3,863,567 |
|
| ||||
| Food Products—0.9% | ||||
26,144 |
| Darling Ingredients, Inc.* |
|
| 1,923,675 |
|
| ||||
| Health Care Equipment and Supplies—5.5% | ||||
1,626 |
| ABIOMED, Inc.* |
|
| 518,255 |
25,885 |
| Cardiovascular Systems, Inc.* |
|
| 992,431 |
8,130 |
| Cooper Cos., Inc. (The) |
|
| 3,122,652 |
2,523 |
| DexCom, Inc.* |
|
| 906,741 |
13,432 |
| Insulet Corp.* |
|
| 3,504,678 |
10,073 |
| Merit Medical Systems, Inc.* |
|
| 603,171 |
95,682 |
| SmileDirectClub, Inc.*, † |
|
| 986,481 |
4,463 |
| STERIS PLC |
|
| 850,112 |
9,968 |
| Tandem Diabetes Care, Inc.* |
|
| 879,676 |
|
|
|
|
| 12,364,197 |
|
| ||||
| Health Care Providers and Services—2.1% | ||||
42,547 |
| Acadia Healthcare Co., Inc.* |
|
| 2,431,135 |
37,633 |
| Covetrus, Inc.* |
|
| 1,127,861 |
4,768 |
| Molina Healthcare, Inc.* |
|
| 1,114,568 |
|
|
|
|
| 4,673,564 |
|
| ||||
| Hotels, Restaurants & Leisure—3.6% | ||||
25,598 |
| Boyd Gaming Corp.* |
|
| 1,509,258 |
42,353 |
| Caesars Entertainment, Inc.* |
|
| 3,703,770 |
8,725 |
| Cheesecake Factory, Inc. (The)* |
|
| 510,500 |
28,989 |
| Planet Fitness, Inc., Class A* |
|
| 2,240,849 |
|
|
|
|
| 7,964,377 |
|
| ||||
| Household Durables—1.0% | ||||
11,955 |
| Century Communities, Inc.* |
|
| 721,126 |
27,962 |
| Universal Electronics, Inc.* |
|
| 1,537,071 |
|
|
|
|
| 2,258,197 |
|
| ||||
| Insurance—2.9% | ||||
25,622 |
| Argo Group International Holdings, Ltd. |
|
| 1,289,299 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | |
| Insurance (Continued) | ||||
5,442 |
| Everest Re Group, Ltd. |
| $ | 1,348,582 |
22,837 |
| James River Group Holdings, Ltd. |
|
| 1,041,824 |
9,057 |
| Trupanion, Inc.* |
|
| 690,234 |
28,596 |
| WR Berkley Corp. |
|
| 2,154,709 |
|
|
|
|
| 6,524,648 |
| |||||
| Internet and Catalog Retail—0.4% | ||||
21,959 |
| Magnite, Inc.* |
|
| 913,714 |
|
| ||||
| IT Services—3.8% | ||||
12,439 |
| Alliance Data Systems Corp. |
|
| 1,394,288 |
151,511 |
| Brightcove, Inc.* |
|
| 3,048,401 |
21,685 |
| Genpact, Ltd. |
|
| 928,552 |
94,553 |
| Paya Holdings, Inc., Class A* |
|
| 1,036,301 |
46,455 |
| Switch, Inc., Class A |
|
| 755,358 |
5,911 |
| WEX, Inc.* |
|
| 1,236,699 |
|
|
|
|
| 8,399,599 |
|
| ||||
| Leisure Equipment and Products—0.6% | ||||
68,337 |
| Mattel, Inc.* |
|
| 1,361,273 |
| |||||
| Life Sciences Tools and Services—0.9% | ||||
18,083 |
| Luminex Corp. |
|
| 576,848 |
21,119 |
| QIAGEN NV*, † |
|
| 1,028,284 |
7,875 |
| Quanterix Corp.* |
|
| 460,451 |
|
|
|
|
| 2,065,583 |
|
| ||||
| Machinery—1.7% | ||||
21,215 |
| CIRCOR International, Inc.* |
|
| 738,706 |
73,111 |
| Meritor, Inc.* |
|
| 2,150,926 |
52,732 |
| Welbilt, Inc.* |
|
| 856,895 |
|
|
|
|
| 3,746,527 |
|
| ||||
| Marine—0.3% | ||||
12,624 |
| Kirby Corp.* |
|
| 760,975 |
| |||||
| Media—0.6% | ||||
12,779 |
| Cardlytics, Inc.*, † |
|
| 1,401,856 |
| |||||
| Metals and Mining—2.2% | ||||
118,357 |
| Alamos Gold, Inc., Class A |
|
| 924,368 |
46,745 |
| Allegheny Technologies, Inc.* |
|
| 984,450 |
20,629 |
| Carpenter Technology Corp. |
|
| 848,883 |
265,265 |
| Ferroglobe Plc - ENT*, § |
|
| — |
71,585 |
| Pan American Silver Corp. |
|
| 2,149,698 |
|
|
|
|
| 4,907,399 |
|
| ||||
| Oil, Gas and Consumable Fuels—1.6% | ||||
33,319 |
| Devon Energy Corp. |
|
| 728,020 |
154,945 |
| Euronav SA*, † |
|
| 1,417,747 |
24,243 |
| Golar LNG, Ltd.* |
|
| 248,006 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | |
| Oil, Gas and Consumable Fuels (Continued) | ||||
129,908 |
| Navigator Holdings, Ltd.* |
| $ | 1,156,181 |
|
|
|
|
| 3,549,954 |
| |||||
| Pharmaceuticals—1.9% | ||||
57,318 |
| Aerie Pharmaceuticals, Inc.*, † |
|
| 1,024,273 |
29,424 |
| Pacira BioSciences, Inc.* |
|
| 2,062,328 |
45,802 |
| Supernus Pharmaceuticals, Inc.* |
|
| 1,199,096 |
|
|
|
|
| 4,285,697 |
|
| ||||
| Professional Services—1.6% | ||||
95,223 |
| KBR, Inc. |
|
| 3,655,611 |
|
| ||||
| Road and Rail—0.8% | ||||
38,050 |
| Knight-Swift Transportation Holdings, Inc. |
|
| 1,829,824 |
|
| ||||
| Semiconductors and Semiconductor Equipment—9.6% | ||||
41,660 |
| Cree, Inc.* |
|
| 4,504,696 |
68,360 |
| MACOM Technology Solutions Holdings, Inc.*, † |
|
| 3,966,247 |
42,993 |
| Marvell Technology Group, Ltd. |
|
| 2,105,797 |
31,123 |
| MaxLinear, Inc.* |
|
| 1,060,672 |
4,641 |
| Monolithic Power Systems, Inc. |
|
| 1,639,248 |
16,750 |
| Qorvo, Inc.* |
|
| 3,060,225 |
33,932 |
| Semtech Corp.* |
|
| 2,341,308 |
7,631 |
| Silicon Laboratories, Inc.* |
|
| 1,076,505 |
7,139 |
| Universal Display Corp. |
|
| 1,690,301 |
|
|
|
|
| 21,444,999 |
| |||||
| Software—5.9% | ||||
75,120 |
| 2U, Inc.*, † |
|
| 2,871,838 |
20,894 |
| Medallia, Inc.* |
|
| 582,734 |
20,298 |
| Model N, Inc.* |
|
| 715,098 |
10,226 |
| New Relic, Inc.* |
|
| 628,694 |
77,158 |
| Nuance Communications, Inc.* |
|
| 3,367,175 |
5,609 |
| Pegasystems, Inc. |
|
| 641,333 |
21,839 |
| SS&C Technologies Holdings, Inc. |
|
| 1,525,891 |
7,517 |
| Workiva, Inc.* |
|
| 663,450 |
77,136 |
| Xperi Holding Corp. |
|
| 1,679,251 |
43,831 |
| Zuora, Inc., Class A* |
|
| 648,699 |
|
|
|
|
| 13,324,163 |
|
| ||||
| Specialty Retail—0.9% | ||||
4,344 |
| Advance Auto Parts, Inc. |
|
| 797,081 |
13,099 |
| Floor & Decor Holdings, Inc., Class A* |
|
| 1,250,692 |
|
|
|
|
| 2,047,773 |
|
| ||||
| Technology Hardware, Storage & Peripherals—0.5% | ||||
29,343 |
| NCR Corp.* |
|
| 1,113,567 |
|
| ||||
| Thrifts and Mortgage Finance—0.3% | ||||
30,422 |
| NMI Holdings, Inc., Class A* |
|
| 719,176 |
|
| ||||
| Trading Companies and Distributors—1.8% | ||||
30,253 |
| Beacon Roofing Supply, Inc.* |
|
| 1,582,837 |
145,152 |
| MRC Global, Inc.* |
|
| 1,310,722 |
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Value | ||||||||||||
Shares | (Note 1) | |||||||||||
Trading Companies and Distributors (Continued) | ||||||||||||
13,720 | WESCO International, Inc.* | $ | 1,187,192 | |||||||||
4,080,751 | ||||||||||||
TOTAL COMMON STOCKS (Cost $130,050,342) | 220,876,758 | |||||||||||
Expiration | ||||||||||||
Date | ||||||||||||
RIGHTS—0.3% | ||||||||||||
780,203 | Pan American Silver Corp., CVR* | |||||||||||
(Cost $189,351) | 02/22/2029 | 678,777 | ||||||||||
7-Day Yield | ||||||||||||
SHORT-TERM INVESTMENTS—1.9% | ||||||||||||
State Street Navigator Securities Lending Prime Portfolio (Money Market) | ||||||||||||
4,234,808 | (Cost $4,234,808) †† | 0.07 | % | 4,234,808 | ||||||||
TOTAL INVESTMENTS, AT VALUE—100.7% | ||||||||||||
(Cost $134,474,501) | 225,790,343 | |||||||||||
Liabilities in Excess of Other Assets—(0.7)% | (1,568,408 | ) | ||||||||||
NET ASSETS—100.0% | $ | 224,221,935 |
Notes to the Schedule of Investments:
ADR—American Depositary Receipt
CVR—Contingent Voting Rights
ENT—Entitlement
REIT—Real Estate Investment Trust
* | Non-income producing security |
† | Denotes all or a portion of security on loan. As of March 31, 2021, the market value of the securities on loan was $10,323,801 (Note 1) |
†† | Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $6,289,174. |
§ | Fair valued security - Represents fair value as measured based on the Portfolio Valuation policies specified in Note 1. As of March 31, 2021, the total value of the fair valued securities was $0. |
Percentages indicated are based on net assets.
The accompanying notes are an integral part of these Schedules of Investments.
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
At March 31, 2021, industry sector diversification of the M Capital Appreciation Fund’s investments as a percentage of net assets was as follows:
Summary of Sector Classifications |
| Percentage of Net Assets |
| |
Information Technology |
| 24.2 | % | |
Industrials |
| 22.1 | % | |
Financials |
| 12.9 | % | |
Consumer Discretionary |
| 12.8 | % | |
Health Care |
| 12.6 | % | |
Materials |
| 8.4 | % | |
Real Estate |
| 1.7 | % | |
Energy |
| 1.6 | % | |
Communication Services |
| 1.3 | % | |
Consumer Staples |
| 1.2 | % | |
Short-Term Investments |
| 1.9 | % | |
| Total |
| 100.7 | % |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Shares | Value | |||||
Common Stocks—98.3% | ||||||
Aerospace & Defense—1.0% | ||||||
700 | BWX Technologies, Inc. | $ | 46,158 | |||
5,000 | General Dynamics Corp. |
| 907,800 | |||
4,000 | Textron, Inc. | 224,320 | ||||
| 1,178,278 | |||||
Air Freight and Logistics—1.3% | ||||||
800 | Expeditors International of Washington, Inc. |
| 86,152 | |||
8,400 | United Parcel Service, Inc., Class B |
|
| 1,427,916 | ||
|
|
|
|
| 1,514,068 | |
Auto Components—0.1% | ||||||
| 700 |
| Lear Corp. |
|
| 126,875 |
Automobiles—1.7% | ||||||
| 69,200 |
| Ford Motor Co.* |
|
| 847,700 |
| 19,700 |
| General Motors Co.* |
|
| 1,131,962 |
|
|
|
|
| 1,979,662 | |
Banks—15.3% | ||||||
| 118,900 |
| Bank of America Corp. |
|
| 4,600,241 |
| 5,700 |
| Citizens Financial Group, Inc. |
|
| 251,655 |
| 1,800 |
| Comerica, Inc. |
|
| 129,132 |
| 1,365 |
| Commerce Bancshares, Inc. |
|
| 104,573 |
| 700 |
| Cullen/Frost Bankers, Inc. |
|
| 76,132 |
| 1,900 |
| East West Bancorp, Inc. |
|
| 140,220 |
| 9,600 |
| Fifth Third Bancorp |
|
| 359,520 |
| 11,900 |
| Huntington Bancshares, Inc. |
|
| 187,068 |
| 37,800 |
| JPMorgan Chase & Co. |
|
| 5,754,294 |
| 13,200 |
| KeyCorp |
|
| 263,736 |
| 1,600 |
| M&T Bank Corp. |
|
| 242,576 |
| 5,800 |
| PNC Financial Services Group, Inc. (The) |
|
| 1,017,378 |
| 13,000 |
| Regions Financial Corp. |
|
| 268,580 |
| 700 |
| SVB Financial Group* |
|
| 345,562 |
| 9,800 |
| Truist Financial Corp. |
|
| 571,536 |
| 19,989 |
| U.S. Bancorp |
|
| 1,105,592 |
| 54,700 |
| Wells Fargo & Co. |
|
| 2,137,129 |
| 1,300 |
| Western Alliance Bancorp |
|
| 122,772 |
2,100 |
| Zions Bancorp NA |
|
| 115,416 | |
|
|
|
|
| 17,793,112 | |
Beverages—0.1% | ||||||
| 1,400 |
| Molson Coors Brewing Co., Class B* |
|
| 71,610 |
Biotechnology—1.9% | ||||||
| 2,600 |
| Alexion Pharmaceuticals, Inc.* |
|
| 397,566 |
| 7,200 |
| Amgen, Inc. |
|
| 1,791,432 |
|
|
|
|
| 2,188,998 | |
Building Products—1.3% | ||||||
| 700 |
| Allegion Plc |
|
| 87,934 |
| 2,400 |
| Fortune Brands Home & Security, Inc. |
|
| 229,968 |
| 12,500 |
| Johnson Controls International Plc |
|
| 745,875 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
Building Products (Continued) | ||||||
4,500 | Masco Corp. | $ | 269,550 | |||
| 1,900 |
| Owens Corning |
|
| 174,971 |
|
|
|
|
| 1,508,298 | |
Capital Markets—5.1% | ||||||
| 1,700 |
| Ameriprise Financial, Inc. |
|
| 395,165 |
| 12,000 |
| Bank of New York Mellon Corp. (The) |
|
| 567,480 |
| 1,900 |
| BlackRock, Inc. |
|
| 1,432,524 |
| 4,500 |
| Goldman Sachs Group, Inc. (The) |
|
| 1,471,500 |
| 1,100 |
| LPL Financial Holdings, Inc. |
|
| 156,376 |
| 2,200 |
| Nasdaq, Inc. |
|
| 324,412 |
| 2,900 |
| Northern Trust Corp. |
|
| 304,819 |
| 1,800 |
| Raymond James Financial, Inc. |
|
| 220,608 |
| 1,900 |
| SEI Investments Co. |
|
| 115,767 |
| 4,800 |
| State Street Corp. |
|
| 403,248 |
| 3,100 |
| T. Rowe Price Group, Inc. |
|
| 531,960 |
|
|
|
|
| 5,923,859 | |
Chemicals—1.7% | ||||||
| 2,000 |
| Celanese Corp. |
|
| 299,620 |
| 2,300 |
| Eastman Chemical Co. |
|
| 253,276 |
| 2,300 |
| FMC Corp. |
|
| 254,403 |
| 2,300 |
| Huntsman Corp. |
|
| 66,309 |
| 5,800 |
| LyondellBasell Industries NV, Class A |
|
| 603,490 |
| 6,600 |
| Mosaic Co. (The) |
|
| 208,626 |
| 2,200 |
| RPM International, Inc. |
|
| 202,070 |
| 300 |
| Scotts Miracle-Gro Co. (The) |
|
| 73,491 |
|
|
|
|
| 1,961,285 | |
Communications Equipment—2.3% | ||||||
| 49,900 |
| Cisco Systems, Inc. |
|
| 2,580,329 |
| 4,000 |
| Juniper Networks, Inc. |
|
| 101,320 |
|
|
|
|
| 2,681,649 | |
Construction and Engineering—0.1% | ||||||
| 1,800 |
| Quanta Services, Inc. |
|
| 158,364 |
Consumer Finance—1.4% | ||||||
| 5,100 |
| Ally Financial, Inc. |
|
| 230,571 |
| 6,200 |
| Capital One Financial Corp. |
|
| 788,826 |
| 2,400 |
| Discover Financial Services |
|
| 227,976 |
| 1,000 |
| OneMain Holdings, Inc. |
|
| 53,720 |
| 7,900 |
| Synchrony Financial |
|
| 321,214 |
|
|
|
|
| 1,622,307 | |
Containers and Packaging—1.4% | ||||||
| 27,800 |
| Amcor Plc |
|
| 324,704 |
| 900 |
| Avery Dennison Corp. |
|
| 165,285 |
| 1,500 |
| Berry Global Group, Inc.* |
|
| 92,100 |
| 2,300 |
| Crown Holdings, Inc. |
|
| 223,192 |
| 6,900 |
| International Paper Co. |
|
| 373,083 |
| 1,600 |
| Packaging Corp. of America |
|
| 215,168 |
| 2,600 |
| Sealed Air Corp. |
|
| 119,132 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
Containers and Packaging (Continued) | ||||||
1,100 | Sonoco Products Co. | $ | 69,630 | |||
|
|
|
|
| 1,582,294 | |
Distributors—0.4% | ||||||
| 2,500 |
| Genuine Parts Co. |
|
| 288,975 |
| 5,300 |
| LKQ Corp.* |
|
| 224,349 |
|
|
|
|
| 513,324 | |
Diversified Consumer Services—0.1% | ||||||
| 3,000 |
| Service Corp. International |
|
| 153,150 |
Diversified Financial Services—0.4% | ||||||
| 6,000 |
| Equitable Holdings, Inc. |
|
| 195,720 |
| 3,600 |
| Jefferies Financial Group, Inc. |
|
| 108,360 |
| 1,700 |
| Voya Financial, Inc. |
|
| 108,188 |
|
|
|
|
| 412,268 | |
Electric Utilities—1.0% | ||||||
| 17,000 |
| Exelon Corp. |
|
| 743,580 |
| 4,200 |
| NRG Energy, Inc. |
|
| 158,466 |
| 2,200 |
| OGE Energy Corp. |
|
| 71,192 |
| 2,100 |
| Pinnacle West Capital Corp. |
|
| 170,835 |
|
|
|
|
| 1,144,073 | |
Electrical Equipment—0.8% | ||||||
| 7,100 |
| Emerson Electric Co. |
|
| 640,562 |
| 900 |
| Hubbell, Inc. |
|
| 168,201 |
| 1,800 |
| Sensata Technologies Holding Plc* |
|
| 104,310 |
|
|
|
|
| 913,073 | |
Electronic Equipment, Instruments & Components—0.9% | ||||||
| 1,300 |
| Arrow Electronics, Inc.* |
|
| 144,066 |
| 2,500 |
| CDW Corp. |
|
| 414,375 |
| 8,500 |
| Corning, Inc. |
|
| 369,835 |
| 2,500 |
| Jabil, Inc. |
|
| 130,400 |
|
|
|
|
| 1,058,676 | |
Food and Staples Retailing—0.4% | ||||||
| 600 |
| Casey’s General Stores, Inc. |
|
| 129,714 |
| 6,200 |
| Walgreens Boots Alliance, Inc. |
|
| 340,380 |
|
|
|
|
| 470,094 | |
Food Products—1.8% | ||||||
| 9,900 |
| Archer-Daniels-Midland Co. |
|
| 564,300 |
| 2,400 |
| Bunge, Ltd. |
|
| 190,248 |
| 6,600 |
| Conagra Brands, Inc. |
|
| 248,160 |
| 1,300 |
| JM Smucker Co. (The) |
|
| 164,489 |
| 16,700 |
| Kraft Heinz Co. (The) |
|
| 668,000 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
Food Products (Continued) | ||||||
4,000 | Tyson Foods, Inc., Class A | $ | 297,200 | |||
|
|
|
|
| 2,132,397 | |
Gas Utilities—0.1% | ||||||
| 3,500 |
| UGI Corp. |
|
| 143,535 |
Health Care Equipment and Supplies—0.3% | ||||||
| 4,500 |
| Hologic, Inc.* |
|
| 334,710 |
Health Care Providers and Services—9.2% | ||||||
| 3,500 |
| AmerisourceBergen Corp. |
|
| 413,245 |
| 4,300 |
| Anthem, Inc. |
|
| 1,543,485 |
| 4,200 |
| Cigna Corp. |
|
| 1,015,308 |
| 1,900 |
| DaVita, Inc.* |
|
| 204,763 |
| 5,900 |
| HCA Healthcare, Inc. |
|
| 1,111,206 |
| 1,700 |
| Henry Schein, Inc.* |
|
| 117,708 |
| 1,700 |
| Laboratory Corp. of America Holdings* |
|
| 433,551 |
| 2,800 |
| McKesson Corp. |
|
| 546,112 |
| 1,000 |
| Molina Healthcare, Inc.* |
|
| 233,760 |
| 2,300 |
| Quest Diagnostics, Inc. |
|
| 295,182 |
| 12,490 |
| UnitedHealth Group, Inc. |
|
| 4,647,154 |
| 1,400 |
| Universal Health Services, Inc., Class B |
|
| 186,746 |
|
|
|
|
| 10,748,220 | |
Hotels, Restaurants & Leisure—0.0% | ||||||
| 700 |
| Hyatt Hotels Corp., Class A* |
|
| 57,890 |
Household Durables—1.8% | ||||||
| 6,300 |
| DR Horton, Inc. |
|
| 561,456 |
| 4,800 |
| Lennar Corp., Class A |
|
| 485,904 |
| 1,200 |
| Mohawk Industries, Inc.* |
|
| 230,772 |
| 7,400 |
| Newell Brands, Inc. |
|
| 198,172 |
| 4,600 |
| PulteGroup, Inc. |
|
| 241,224 |
| 1,400 |
| Tempur Sealy International, Inc. |
|
| 51,184 |
| 1,400 |
| Toll Brothers, Inc. |
|
| 79,422 |
| 1,100 |
| Whirlpool Corp. |
|
| 242,385 |
|
|
|
|
| 2,090,519 | |
Household Products—1.4% | ||||||
| 11,700 |
| Procter & Gamble Co. (The) |
|
| 1,584,531 |
Independent Power and Renewable Electricity Producers—0.3% | ||||||
| 11,600 |
| AES Corp. (The) |
|
| 310,996 |
Industrial Conglomerates—1.8% | ||||||
| 10,100 |
| 3M Co. |
|
| 1,946,068 |
| 900 |
| Carlisle Cos., Inc. |
|
| 148,122 |
|
|
|
|
| 2,094,190 | |
Insurance—6.0% | ||||||
| 9,500 |
| Aflac, Inc. |
|
| 486,210 |
| 100 |
| Alleghany Corp.* |
|
| 62,629 |
| 4,100 |
| Allstate Corp. (The) |
|
| 471,090 |
| 1,200 |
| American Financial Group, Inc. |
|
| 136,920 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
Insurance (Continued) | ||||||
5,300 | Arch Capital Group, Ltd.* | $ | 203,361 | |||
| 800 |
| Assurant, Inc. |
|
| 113,416 |
| 6,100 |
| Chubb, Ltd. |
|
| 963,617 |
| 1,200 |
| Cincinnati Financial Corp. |
|
| 123,708 |
| 500 |
| Everest Re Group, Ltd. |
|
| 123,905 |
| 1,200 |
| First American Financial Corp. |
|
| 67,980 |
| 4,900 |
| Hartford Financial Services Group, Inc. (The) |
|
| 327,271 |
| 2,500 |
| Lincoln National Corp. |
|
| 155,675 |
| 3,500 |
| Loews Corp. |
|
| 179,480 |
| 180 |
| Markel Corp.* |
|
| 205,132 |
| 12,200 |
| MetLife, Inc. |
|
| 741,638 |
| 2,600 |
| Old Republic International Corp. |
|
| 56,784 |
| 3,800 |
| Principal Financial Group, Inc. |
|
| 227,848 |
| 8,000 |
| Progressive Corp. (The) |
|
| 764,880 |
| 5,300 |
| Prudential Financial, Inc. |
|
| 482,830 |
| 6,300 |
| Travelers Cos., Inc. (The) |
|
| 947,520 |
| 2,400 |
| WR Berkley Corp. |
|
| 180,840 |
|
|
|
|
| 7,022,734 | |
Internet and Catalog Retail—0.6% | ||||||
| 12,000 |
| eBay, Inc. |
|
| 734,880 |
IT Services—0.9% | ||||||
| 9,300 |
| Cognizant Technology Solutions Corp., Class A |
|
| 726,516 |
| 3,200 |
| Genpact, Ltd. |
|
| 137,024 |
| 7,200 |
| Western Union Co. (The) |
|
| 177,552 |
|
|
|
|
| 1,041,092 | |
Leisure Equipment and Products—0.2% | ||||||
| 1,300 |
| Brunswick Corp. |
|
| 123,981 |
| 500 |
| Polaris, Inc. |
|
| 66,750 |
|
|
|
|
| 190,731 | |
Life Sciences Tools and Services—0.2% | ||||||
| 400 |
| Bio-Rad Laboratories, Inc., Class A* |
|
| 228,468 |
Machinery—2.6% | ||||||
| 1,300 |
| AGCO Corp. |
|
| 186,745 |
| 2,600 |
| Cummins, Inc. |
|
| 673,686 |
| 2,500 |
| Dover Corp. |
|
| 342,825 |
| 1,500 |
| ITT, Inc. |
|
| 136,365 |
| 800 |
| Oshkosh Corp. |
|
| 94,928 |
| 4,700 |
| PACCAR, Inc. |
|
| 436,724 |
| 1,600 |
| Parker-Hannifin Corp. |
|
| 504,688 |
| 2,800 |
| Pentair Plc |
|
| 174,496 |
| 1,000 |
| Snap-on, Inc. |
|
| 230,740 |
| 3,300 |
| Westinghouse Air Brake Technologies Corp. |
|
| 261,228 |
|
|
|
|
| 3,042,425 | |
Media—3.1% | ||||||
| 54,800 |
| Comcast Corp., Class A |
|
| 2,965,228 |
| 2,100 |
| Discovery, Inc., Class A*, † |
|
| 91,266 |
| 5,800 |
| Fox Corp., Class A |
|
| 209,438 |
| 3,900 |
| Interpublic Group of Cos., Inc. (The) |
|
| 113,880 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
|
| Value | ||
Media (Continued) | ||||||
3,700 | Omnicom Group, Inc. | $ | 274,355 | |||
| 3,654,167 | |||||
Metals and Mining—0.7% | ||||||
| 5,200 |
| Nucor Corp. |
|
| 417,404 |
| 1,100 |
| Reliance Steel & Aluminum Co. |
|
| 167,519 |
| 3,600 |
| Steel Dynamics, Inc. |
|
| 182,736 |
| 767,659 | |||||
Multi-Utilities—0.5% | ||||||
| 9,300 |
| Public Service Enterprise Group, Inc. |
|
| 559,953 |
Multiline Retail—1.9% | ||||||
| 4,100 |
| Dollar Tree, Inc.* |
|
| 469,286 |
| 8,800 |
| Target Corp. |
|
| 1,743,016 |
| 2,212,302 | |||||
Oil, Gas and Consumable Fuels—3.8% | ||||||
| 4,400 |
| Cheniere Energy, Inc.* |
|
| 316,844 |
| 6,300 |
| Continental Resources, Inc.* |
|
| 162,981 |
| 10,300 |
| EOG Resources, Inc. |
|
| 747,059 |
| 30,800 |
| Exxon Mobil Corp. |
|
| 1,719,564 |
| 5,700 |
| Marathon Oil Corp. |
|
| 60,876 |
| 5,900 |
| Phillips 66 |
|
| 481,086 |
| 5,500 |
| Valero Energy Corp. |
|
| 393,800 |
| 21,500 |
| Williams Cos., Inc. (The) |
|
| 509,335 |
| 4,391,545 | |||||
Pharmaceuticals—3.6% | ||||||
| 1,000 |
| Jazz Pharmaceuticals Plc* |
|
| 164,370 |
| 24,800 |
| Johnson & Johnson |
|
| 4,075,880 |
| 4,240,250 | |||||
Real Estate Management and Development—0.5% | ||||||
| 5,800 |
| CBRE Group, Inc., Class A* |
|
| 458,838 |
| 900 |
| Jones Lang LaSalle, Inc.* |
|
| 161,136 |
| 619,974 | |||||
Road and Rail—1.1% | ||||||
| 400 |
| AMERCO |
|
| 245,040 |
| 9,400 |
| CSX Corp. |
|
| 906,348 |
| 2,900 |
| Knight-Swift Transportation Holdings, Inc. |
|
| 139,461 |
| 1,290,849 | |||||
Semiconductors and Semiconductor Equipment—4.6% | ||||||
| 12,500 |
| Applied Materials, Inc. |
|
| 1,670,000 |
| 4,800 |
| Broadcom, Inc. |
|
| 2,225,568 |
| 800 |
| First Solar, Inc.* |
|
| 69,840 |
| 13,200 |
| Micron Technology, Inc.* |
|
| 1,164,372 |
| 1,300 |
| Qorvo, Inc.* |
|
| 237,510 |
| 5,367,290 | |||||
Software—3.2% | ||||||
| 1,400 |
| CDK Global, Inc. |
|
| 75,684 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
Shares |
|
| Value | ||||||
Software (Continued) | |||||||||
| 51,800 |
| Oracle Corp. |
| $ | 3,634,806 | |||
|
|
|
| 3,710,490 | |||||
Specialty Retail—5.6% | |||||||||
| 1,200 |
| Advance Auto Parts, Inc. |
|
| 220,188 | |||
| 1,500 |
| AutoNation, Inc.* |
|
| 139,830 | |||
| 310 |
| AutoZone, Inc.* |
|
| 435,333 | |||
| 4,500 |
| Best Buy Co., Inc. |
|
| 516,645 | |||
| 1,300 |
| CarMax, Inc.* |
|
| 172,458 | |||
| 5,000 |
| Home Depot, Inc. (The) |
|
| 1,526,250 | |||
| 12,800 |
| Lowe’s Cos., Inc. |
|
| 2,434,304 | |||
| 1,300 |
| O’Reilly Automotive, Inc.* |
|
| 659,425 | |||
| 1,400 |
| Tractor Supply Co. |
|
| 247,912 | |||
| 900 |
| Williams-Sonoma, Inc. |
|
| 161,280 | |||
|
|
|
| 6,513,625 | |||||
Technology Hardware, Storage & Peripherals—1.2% | |||||||||
| 22,900 |
| Hewlett Packard Enterprise Co. |
|
| 360,446 | |||
| 22,900 |
| HP, Inc. |
|
| 727,075 | |||
| 3,900 |
| NetApp, Inc. |
|
| 283,413 | |||
|
|
|
| 1,370,934 | |||||
Textiles, Apparel and Luxury Goods—0.1% | |||||||||
| 2,700 |
| Hanesbrands, Inc. |
|
| 53,109 | |||
| 1,600 |
| Skechers U.S.A., Inc., Class A* |
|
| 66,736 | |||
|
|
|
| 119,845 | |||||
Tobacco—2.0% | |||||||||
| 13,500 |
| Altria Group, Inc. |
|
| 690,660 | |||
| 18,800 |
| Philip Morris International, Inc. |
|
| 1,668,312 | |||
|
|
|
| 2,358,972 | |||||
Trading Companies and Distributors—0.5% | |||||||||
| 900 |
| United Rentals, Inc.* |
|
| 296,379 | |||
| 700 |
| WW Grainger, Inc. |
|
| 280,651 | |||
|
|
|
| 577,030 | |||||
TOTAL COMMON STOCKS (Cost $85,386,014) |
| 114,467,520 | |||||||
Exchange-Traded Fund—1.3% | |||||||||
| 9,868 |
| iShares Russell 1000 Value ETF (Cost $1,449,035) † |
|
| 1,495,495 | |||
7-Day | |||||||||
Short-Term Investments—0.1% | |||||||||
| 79,433 |
| State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $79,433) †† | 0.07 | % |
|
|
| 79,433 |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
TOTAL INVESTMENTS, AT VALUE—99.7% | 116,042,448 | |||
Other Assets in Excess of Liabilities—0.3% | 311,137 | |||
NET ASSETS—100.0% | $ | 116,353,585 |
Notes to the Schedule of Investments: | |
* | Non-income producing security |
† | Denotes all or a portion of security on loan. As of March 31, 2021, the market value of the securities on loan was $77,576 (Note 1) |
†† | Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $0. |
Percentages indicated are based on net assets. |
The accompanying notes are an integral part of these Schedules of Investments.
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
At March 31, 2021, 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 |
| Percentage of Net Assets |
|
Financials |
| 29.5 | % |
Health Care |
| 15.2 | % |
Information Technology |
| 13.1 | % |
Consumer Discretionary |
| 12.6 | % |
Industrials |
| 10.5 | % |
Consumer Staples |
| 5.7 | % |
Energy |
| 3.8 | % |
Materials |
| 3.7 | % |
Communication Services |
| 3.1 | % |
Utilities |
| 1.9 | % |
Real Estate |
| 0.5 | % |
Short-Term Investments |
| 0.1 | % |
Total |
| 99.7 | % |
The accompanying notes are an integral part of these Schedules of Investments.
M Fund, Inc.
NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)
M Fund, Inc. (the “Corporation”) was incorporated in Maryland on August 11, 1995 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of March 31, 2021, 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.
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 their Schedules of Investments.
Portfolio Valuation
Equity securities and other similar investments traded on a recognized U.S. securities exchange (other than the National Association of Securities Dealers Automated Quotation System “NASDAQ”) are valued at the last sale price on the exchange on which the securities are traded. If no sale occurs, equity securities and other similar investments traded on a U.S. exchange (other than NASDAQ) are valued at the most recent bid price. Equity securities and other similar investments traded on NASDAQ are valued at the NASDAQ Official Closing Price. If no sale occurs, equity securities and other similar investments traded on NASDAQ are valued at the most recent bid price. Equity securities and other similar investments traded on a non-U.S. exchange are generally valued according to the latest closing values on that exchange prior to the close of the New York Stock Exchange. However, if an event which may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, the Board of Directors may decide to value the security based on fair value. The Board of Directors has approved the use of an independent fair value service for foreign securities, which may provide a fair value price on trading days when the S&P 500 Index moves more than 0.5%. The use of a fair value price may cause the value of the security on the books of the Fund to be significantly different from the closing value on the non-U.S. exchange and may affect the calculation of the Fund’s NAV. Over-the-counter securities are valued at the last sale price on the valuation date or, if no sale occurs, at the most recent bid price. Short-term obligations maturing in sixty days or less are valued at amortized cost, which approximates market value.
Amortized cost valuation involves initially valuing a security at its cost, and thereafter, assuming a constant accretion or amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. Securities for which a pricing service supplies no quotations or quotations are not deemed to be representative of market value or for which there are no readily available market quotations are valued at fair value as determined in good faith by the Pricing Committee appointed by the Board of Directors (excluding debt securities with a remaining maturity of sixty days or less). Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the fair value hierarchy.
Fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is utilized to maximize the use of observable data inputs and minimize the use of unobservable data inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use to price the asset or liability, including assumptions about risk. Observable inputs are inputs that reflect the assumptions market participants would use to price the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use to price the asset or liability 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 period ended March 31, 2021 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 March 31, 2021, the M Large Cap Growth Fund and the 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.
As of March 31, 2021, the M Capital Appreciation Fund had: (i) all long-term investments classified as Level 1, as represented on the Schedule of Investments, with the exception of Ferro-globe Plc—ENT which was classified as Level 3 and had no value and (iii) all short-term investments classified as Level 2.
The following is a summary of the inputs used as of March 31, 2021 in valuing the M International Equity Fund investments:
Assets Valuation Input
Description |
| Quoted Prices in Active Markets for Identical Assets |
|
| Significant Other Observable Inputs |
|
| Significant Unobservable Inputs |
|
| Total |
| ||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
| $ | 9,292,283 |
|
| $ | 6,923 |
|
| $ | — |
|
| $ | 9,299,206 |
|
Austria |
|
| 620,618 |
|
|
| — |
|
|
| — |
|
|
| 620,618 |
|
Belgium |
|
| 1,488,496 |
|
|
| — |
|
|
| — |
|
|
| 1,488,496 |
|
Canada |
|
| 15,517,344 |
|
|
| — |
|
|
| — |
|
|
| 15,517,344 |
|
Denmark |
|
| 3,404,842 |
|
|
| — |
|
|
| — |
|
|
| 3,404,842 |
|
Finland |
|
| 2,190,412 |
|
|
| — |
|
|
| — |
|
|
| 2,190,412 |
|
France |
|
| 12,421,840 |
|
|
| — |
|
|
| — |
|
|
| 12,421,840 |
|
Germany |
|
| 11,258,196 |
|
|
| — |
|
|
| — |
|
|
| 11,258,196 |
|
Hong Kong |
|
| 3,969,700 |
|
|
| — |
|
|
| — |
|
|
| 3,969,700 |
|
Ireland |
|
| 1,159,460 |
|
|
| — |
|
|
| — |
|
|
| 1,159,460 |
|
Israel |
|
| 904,534 |
|
|
| — |
|
|
| — |
|
|
| 904,534 |
|
Italy |
|
| 4,037,321 |
|
|
| — |
|
|
| — |
|
|
| 4,037,321 |
|
Japan |
|
| 33,390,657 |
|
|
| 49,445 |
|
|
| — |
|
|
| 33,440,102 |
|
Netherlands |
|
| 4,941,886 |
|
|
| — |
|
|
| — |
|
|
| 4,941,886 |
|
New Zealand |
|
| 537,647 |
|
|
| — |
|
|
| — |
|
|
| 537,647 |
|
Norway |
|
| 1,321,147 |
|
|
| — |
|
|
| — |
|
|
| 1,321,147 |
|
Portugal |
|
| 309,262 |
|
|
| — |
|
|
| — |
|
|
| 309,262 |
|
Singapore |
|
| 1,304,378 |
|
|
| 565 |
|
|
| — |
|
|
| 1,304,943 |
|
Spain |
|
| 3,094,346 |
|
|
| — |
|
|
| — |
|
|
| 3,094,346 |
|
Sweden |
|
| 4,911,016 |
|
|
| — |
|
|
| — |
|
|
| 4,911,016 |
|
Switzerland |
|
| 11,398,742 |
|
|
| — |
|
|
| — |
|
|
| 11,398,742 |
|
United Kingdom |
|
| 20,213,462 |
|
|
| 216 |
|
|
| — |
|
|
| 20,213,678 |
|
United States |
|
| 36,249 |
|
|
| — |
|
|
| — |
|
|
| 36,249 |
|
Total Common Stocks |
|
| 147,723,838 |
|
|
| 57,149 |
|
|
| — |
|
|
| 147,780,987 |
|
Affiliated Investment Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
| 65,394,713 |
|
|
| — |
|
|
| — |
|
|
| 65,394,713 |
|
Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada |
|
| 1,528 |
|
|
| — |
|
|
| — |
|
|
| 1,528 |
|
France |
|
| 1,195 |
|
|
| — |
|
|
| — |
|
|
| 1,195 |
|
Total Warrants |
|
| 2,723 |
|
|
| — |
|
|
| — |
|
|
| 2,723 |
|
Right |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada |
|
| — |
|
|
| 118 |
|
|
| — |
|
|
| 118 |
|
France |
|
| — |
|
|
| 15 |
|
|
| — |
|
|
| 15 |
|
Total Rights |
|
| — |
|
|
| 133 |
|
|
| — |
|
|
| 133 |
|
Preferred Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany |
|
| 852,759 |
|
|
| — |
|
|
| — |
|
|
| 852,759 |
|
Short-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Security Lending Collateral |
|
| — |
|
|
| 5,998,071 |
|
|
| — |
|
|
| 5,998,071 |
|
Total |
| $ | 213,974,033 |
|
| $ | 6,055,353 |
|
| $ | — |
|
| $ | 220,029,386 |
|
At March 31, 2021, Level 2 Common Stocks were priced using a fair value factor applied to quoted market prices.
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%/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%/105%.
The collateral received is recorded on a lending Fund’s statement of assets and liabilities, along with the related obligation to return the collateral. A Fund may also record realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. Upon an event of default under the Securities Agency Lending Agreement, there is a risk of delay in the recovery of the securities or loss of rights in the collateral. If the borrower fails to return loaned securities and collateral is insufficient to cover the value of loaned securities (provided that the insufficiency is not due to investment losses), the securities lending agent has agreed, at its option, to pay the amount of any shortfall in collateral to the Funds; or to replace the securities. Any dividends or interest payable by the issuers of the loaned portfolio securities, during the time that the securities are on loan, are paid to the borrowers of those securities. Dividend or interest payments that are made to borrowers of the loaned securities are reimbursed by the borrowers to the Funds. Such reimbursement amounts do not comprise qualified dividend income under the Internal Revenue Code of 1986, as amended.
Income generated from the investment of collateral, less negotiated rebate fees paid to the borrower through the securities lending agent, is the source of the Fund’s securities lending income, 70% of which is paid to the Fund, 30% of which is paid to the custodian as securities lending agent.
As of March 31, 2021, the value of the securities on loan and the value of the related collateral were as follows:
|
| Market Value of |
|
| Market Value of |
| ||
M International Equity Fund |
| $ | 11,372,710 |
|
| $ | 12,061,685 |
|
M Large Cap Growth Fund |
|
| 14,569,531 |
|
|
| 14,755,861 |
|
M Capital Appreciation Fund |
|
| 10,323,801 |
|
|
| 10,523,981 |
|
M Large Cap Value Fund |
|
| 77,576 |
|
|
| 79,433 |
|
2. Tax Information
As of March 31, 2021, 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 |
|
| Tax Basis Unrealized Appreciation |
|
| Tax Basis Unrealized Depreciation |
|
| Tax Basis Net Unrealized Appreciation/ Depreciation |
| ||||
M International Equity Fund |
| $ | 171,073,675 |
|
| $ | 51,054,343 |
|
| $ | (8,096,703 | ) |
| $ | 42,957,640 |
|
M Large Cap Growth Fund |
|
| 119,842,177 |
|
|
| 120,471,330 |
|
|
| (169,380 | ) |
|
| 120,301,950 |
|
M Capital Appreciation Fund |
|
| 130,924,205 |
|
|
| 95,615,835 |
|
|
| (4,984,506 | ) |
|
| 90,631,329 |
|
M Large Cap Value Fund |
|
| 87,520,095 |
|
|
| 29,150,460 |
|
|
| (707,541 | ) |
|
| 28,442,919 |
|
The Funds did not have any unrecognized tax benefits as of March 31, 2021, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense. During the period ended March 31, 2021, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years, December 2018 through December 2020. No examination of any of the Funds’ tax filings is currently in progress.