UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-9082 |
M Fund, Inc. |
(Exact name of registrant as specified in charter) |
M Financial Plaza 1125 NW Couch Street, Suite 900 Portland, Oregon | 97209 |
(Address of principal executive offices) | (Zip code) |
Bridget McNamara-Fenesy, President, M Fund, Inc. M Financial Plaza, 1125 NW Couch Street, Suite 900 Portland, Oregon 97209 |
(Name and address of agent for service) |
with a Copy to: |
Cynthia Beyea |
Eversheds Sutherland LLP |
700 Sixth Street, N.W. |
Washington, D.C. 20001-3980 |
Registrant's telephone number, including area code: | (503) 232-6960 |
Date of fiscal year end: | 12/31 | ||
Date of reporting period: | 6/30/2021 |
Item 1. | Reports to Stockholders. |
(a) | A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended, for the period January 1, 2021 through June 30, 2021 is filed herewith. |
M FUND, INC.
M International Equity Fund
M Large Cap Growth Fund
M Capital Appreciation Fund
M Large Cap Value Fund
Semi-Annual Report
June 30, 2021
Beginning in February 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by calling your insurance company. If you own these shares through a financial intermediary, you may contact your financial intermediary.
You may elect to receive all future reports in paper free of charge. You can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by sending a request in writing to your insurance company or to your financial intermediary. Your election to receive reports in paper will apply to all funds held with the fund complex.
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
COMMON STOCKS—68.0% | |||||||||||
Australia—4.4% | |||||||||||
5,596 | Adbri, Ltd.† | $ | 14,563 | ||||||||
271 | Afterpay, Ltd.* | 24,016 | |||||||||
3,702 | AGL Energy, Ltd. | 22,766 | |||||||||
5,415 | ALS, Ltd. | 52,955 | |||||||||
1,335 | Altium, Ltd. | 36,733 | |||||||||
23,001 | Alumina, Ltd. | 28,376 | |||||||||
24,812 | AMP, Ltd. | 20,934 | |||||||||
1,732 | Ampol, Ltd. | 36,642 | |||||||||
1,231 | Ansell, Ltd. | 40,168 | |||||||||
8,493 | APA Group | 56,687 | |||||||||
1,714 | ARB Corp., Ltd. | 55,517 | |||||||||
16,116 | Ardent Leisure Group, Ltd.*,† | 11,844 | |||||||||
3,236 | Aristocrat Leisure, Ltd. | 104,572 | |||||||||
785 | ASX, Ltd. | 45,749 | |||||||||
5,956 | Atlas Arteria, Ltd. | 28,453 | |||||||||
27,196 | Aurizon Holdings, Ltd. | 75,872 | |||||||||
16,206 | AusNet Services | 21,269 | |||||||||
9,677 | Austal, Ltd. | 14,877 | |||||||||
16,565 | Australia & New Zealand Banking Group, Ltd. | 349,705 | |||||||||
23,353 | Australian Pharmaceutical Industries, Ltd.† | 19,528 | |||||||||
10,095 | Bank of Queensland, Ltd. | 68,970 | |||||||||
5,183 | Bapcor, Ltd. | 33,039 | |||||||||
36,897 | Beach Energy, Ltd. | 34,312 | |||||||||
4,696 | Bega Cheese, Ltd. | 20,743 | |||||||||
5,914 | Bendigo & Adelaide Bank, Ltd. | 46,525 | |||||||||
19,147 | BHP Group, Ltd. | 697,431 | |||||||||
5,632 | Bingo Industries, Ltd. | 14,487 | |||||||||
177 | Blackmores, Ltd. | 9,753 | |||||||||
7,397 | BlueScope Steel, Ltd. | 121,821 | |||||||||
8,931 | Boral, Ltd.* | 49,229 | |||||||||
12,498 | Brambles, Ltd. | 107,226 | |||||||||
849 | Breville Group, Ltd.† | 19,044 | |||||||||
1,779 | Brickworks, Ltd. | 33,447 | |||||||||
2,848 | carsales.com, Ltd. | 42,205 | |||||||||
6,463 | Challenger, Ltd. | 26,222 | |||||||||
2,711 | Champion Iron, Ltd.* | 12,971 | |||||||||
16,096 | Cleanaway Waste Management, Ltd. | 31,868 | |||||||||
444 | Cochlear, Ltd. | 83,801 | |||||||||
748 | Codan, Ltd. | 10,114 | |||||||||
8,123 | Coles Group, Ltd. | 104,110 | |||||||||
10,880 | Commonwealth Bank of Australia | 814,885 | |||||||||
5,942 | Computershare, Ltd. | 75,310 |
Shares | Value (Note 1) | ||||||||||
Australia (Continued) | |||||||||||
34,520 | Cooper Energy, Ltd.†,* | $ | 6,731 | ||||||||
1,227 | Corporate Travel Management, Ltd.†,* | 19,775 | |||||||||
5,529 | Costa Group Holdings, Ltd. | 13,549 | |||||||||
496 | Credit Corp. Group, Ltd. | 11,059 | |||||||||
2,419 | Crown Resorts, Ltd.* | 21,606 | |||||||||
2,552 | CSL, Ltd. | 545,817 | |||||||||
9,383 | CSR, Ltd. | 40,532 | |||||||||
857 | Domino's Pizza Enterprises, Ltd. | 77,453 | |||||||||
8,535 | Downer EDI, Ltd. | 35,781 | |||||||||
4,688 | Eagers Automotive, Ltd. | 58,221 | |||||||||
13,551 | Eclipx Group, Ltd.* | 23,069 | |||||||||
2,597 | Elders, Ltd. | 22,495 | |||||||||
9,649 | Endeavour Group, Ltd.*,† | 45,516 | |||||||||
7,109 | Estia Health, Ltd.*,† | 13,169 | |||||||||
1,597 | EVENT Hospitality and Entertainment, Ltd.*,† | 15,139 | |||||||||
13,141 | Evolution Mining, Ltd. | 44,348 | |||||||||
1,312 | Flight Centre Travel Group, Ltd.*,† | 14,611 | |||||||||
12,282 | Fortescue Metals Group, Ltd. | 214,982 | |||||||||
20,944 | G8 Education, Ltd.*,† | 15,786 | |||||||||
9,874 | Genworth Mortgage Insurance Australia, Ltd.* | 16,291 | |||||||||
3,873 | GrainCorp, Ltd., Class A | 14,988 | |||||||||
9,346 | GWA Group, Ltd. | 19,415 | |||||||||
7,543 | Harvey Norman Holdings, Ltd. | 31,000 | |||||||||
15,902 | Healius, Ltd. | 55,216 | |||||||||
10,246 | Humm Group, Ltd.*,† | 7,607 | |||||||||
9,401 | IGO, Ltd. | 53,794 | |||||||||
4,268 | Iluka Resources, Ltd. | 29,287 | |||||||||
21,765 | Incitec Pivot, Ltd. | 38,848 | |||||||||
5,200 | Inghams Group, Ltd.† | 15,521 | |||||||||
10,589 | Insurance Australia Group, Ltd. | 40,977 | |||||||||
1,626 | InvoCare, Ltd.† | 14,109 | |||||||||
15,570 | IOOF Holdings, Ltd.† | 49,860 | |||||||||
2,813 | IPH, Ltd. | 16,455 | |||||||||
3,090 | IRESS, Ltd. | 29,917 | |||||||||
2,351 | James Hardie Industries Plc | 79,817 | |||||||||
2,408 | JB Hi-Fi, Ltd.† | 91,341 | |||||||||
5,029 | LendLease Crop., Ltd. | 43,221 | |||||||||
1,418 | Lifestyle Communities, Ltd.† | 16,600 | |||||||||
10,522 | Link Administration Holdings, Ltd. | 39,771 | |||||||||
7,511 | Lynas Rare Earths, Ltd.* | 32,164 | |||||||||
2,446 | Macquarie Group, Ltd. | 286,952 | |||||||||
1,204 | Magellan Financial Group, Ltd. | 48,632 |
The accompanying notes are an integral part of these financial statements.
1
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Australia (Continued) | |||||||||||
22,423 | Mayne Pharma Group, Ltd.*,† | $ | 5,381 | ||||||||
1,182 | McMillan Shakespeare, Ltd. | 11,479 | |||||||||
33,345 | Medibank Pvt, Ltd. | 79,022 | |||||||||
13,978 | Metcash, Ltd.† | 41,826 | |||||||||
1,851 | Mineral Resources, Ltd.† | 74,586 | |||||||||
1,365 | Monadelphous Group, Ltd. | 10,697 | |||||||||
21,227 | National Australia Bank, Ltd. | 417,401 | |||||||||
879 | Netwealth Group, Ltd. | 11,305 | |||||||||
10,216 | New Hope Corp., Ltd.† | 13,254 | |||||||||
2,024 | Newcrest Mining, Ltd. | 38,373 | |||||||||
2,652 | NEXTDC, Ltd.* | 23,588 | |||||||||
5,984 | Nib Holdings, Ltd. | 29,215 | |||||||||
33,934 | Nine Entertainment Co. Holdings, Ltd. | 74,056 | |||||||||
13,163 | Northern Star Resources, Ltd. | 96,544 | |||||||||
12,393 | NRW Holdings, Ltd.† | 13,616 | |||||||||
6,389 | Nufarm, Ltd.* | 21,945 | |||||||||
18,036 | Oil Search, Ltd. | 51,534 | |||||||||
11,530 | oOh!media, Ltd.* | 15,132 | |||||||||
1,802 | Orica, Ltd. | 17,947 | |||||||||
13,491 | Origin Energy, Ltd. | 45,630 | |||||||||
7,294 | Orora, Ltd. | 18,216 | |||||||||
6,797 | OZ Minerals, Ltd. | 114,590 | |||||||||
3,852 | Pendal Group, Ltd.† | 23,284 | |||||||||
12,923 | Perenti Global, Ltd.† | 6,493 | |||||||||
1,594 | Perpetual, Ltd. | 47,877 | |||||||||
43,898 | Perseus Mining, Ltd.* | 48,065 | |||||||||
3,992 | Platinum Asset Management, Ltd. | 14,700 | |||||||||
2,030 | Premier Investments, Ltd. | 43,464 | |||||||||
1,044 | Pro Medicus, Ltd.† | 45,975 | |||||||||
4,109 | Qantas Airways, Ltd.* | 14,360 | |||||||||
8,115 | QBE Insurance Group, Ltd. | 65,666 | |||||||||
10,570 | Qube Holdings, Ltd. | 25,129 | |||||||||
17,985 | Ramelius Resources, Ltd. | 22,862 | |||||||||
1,186 | Ramsay Health Care, Ltd. | 55,990 | |||||||||
355 | REA Group, Ltd.† | 45,001 | |||||||||
1,390 | Reece, Ltd. | 24,612 | |||||||||
10,111 | Regis Resources, Ltd.† | 17,895 | |||||||||
6,796 | Reliance Worldwide Corp., Ltd. | 26,808 | |||||||||
26,531 | Resolute Mining, Ltd.*,† | 10,048 | |||||||||
2,618 | Rio Tinto, Ltd. | 248,641 | |||||||||
4,596 | Sandfire Resources, Ltd. | 23,541 | |||||||||
20,936 | Santos, Ltd. | 111,320 | |||||||||
2,007 | SEEK, Ltd. | 49,881 | |||||||||
3,220 | Select Harvests, Ltd.† | 16,300 |
Shares | Value (Note 1) | ||||||||||
Australia (Continued) | |||||||||||
5,998 | Senex Energy, Ltd.† | $ | 15,429 | ||||||||
1,184 | Seven Group Holdings, Ltd.† | 18,070 | |||||||||
62,916 | Seven West Media, Ltd.* | 21,941 | |||||||||
4,361 | Sims, Ltd.† | 54,291 | |||||||||
4,234 | Sonic Healthcare, Ltd. | 121,931 | |||||||||
21,815 | South32, Ltd. | 47,935 | |||||||||
3,457 | Southern Cross Media Group, Ltd.* | 5,419 | |||||||||
13,215 | Spark Infrastructure Group | 22,299 | |||||||||
9,141 | SpeedCast International, Ltd.*,†,§ | — | |||||||||
9,385 | St. Barbara, Ltd. | 12,000 | |||||||||
13,525 | Star Entertainment Grp, Ltd. (The)* | 37,428 | |||||||||
4,593 | Steadfast Group, Ltd. | 15,156 | |||||||||
7,077 | Suncorp Group, Ltd. | 58,965 | |||||||||
4,830 | Super Retail Group, Ltd.† | 46,763 | |||||||||
9,346 | Sydney Airport* | 40,582 | |||||||||
14,863 | Tabcorp Holdings, Ltd. | 57,739 | |||||||||
6,444 | Tassal Group, Ltd.† | 17,301 | |||||||||
4,562 | Technology One, Ltd. | 31,852 | |||||||||
48,961 | Telstra Corp., Ltd. | 138,061 | |||||||||
2,964 | TPG Telecom, Ltd.† | 13,915 | |||||||||
13,498 | Transurban Group | 144,048 | |||||||||
6,808 | Treasury Wine Estates, Ltd. | 59,634 | |||||||||
4,434 | United Malt Grp, Ltd. | 14,897 | |||||||||
3,525 | Webjet, Ltd.*,† | 12,980 | |||||||||
6,301 | Wesfarmers, Ltd. | 279,273 | |||||||||
7,396 | Western Areas, Ltd. | 13,256 | |||||||||
22,518 | Westpac Banking Corp. | 435,863 | |||||||||
19,506 | Whitehaven Coal, Ltd.* | 28,379 | |||||||||
6,285 | Woodside Petroleum, Ltd. | 104,685 | |||||||||
9,649 | Woolworths Group, Ltd.† | 275,919 | |||||||||
4,639 | Worley, Ltd. | 41,609 | |||||||||
647 | Xero, Ltd.* | 66,523 | |||||||||
10,297,553 | |||||||||||
Austria—0.3% | |||||||||||
984 | ANDRITZ AG† | 55,282 | |||||||||
1,218 | AT&S Austria Technologie & Systemtechnik AG | 52,715 | |||||||||
133 | DO & Co. AG†,* | 12,001 | |||||||||
1,848 | Erste Group Bank AG | 67,798 | |||||||||
614 | EVN AG | 14,474 | |||||||||
1,377 | FACC AG*,† | 15,332 | |||||||||
1,233 | IMMOFINANZ AG* | 27,705 | |||||||||
332 | Lenzing AG* | 40,627 |
The accompanying notes are an integral part of these financial statements.
2
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Austria (Continued) | |||||||||||
1,311 | OMV AG | $ | 74,570 | ||||||||
3,082 | Raiffeisen Bank International AG | 69,801 | |||||||||
1,417 | S IMMO AG | 33,940 | |||||||||
127 | Schoeller-Bleckmann Oilfield Equipment AG* | 5,338 | |||||||||
1,874 | Telekom Austria AG | 15,999 | |||||||||
4,149 | UNIQA Insurance Group AG | 36,110 | |||||||||
252 | Verbund AG | 23,202 | |||||||||
884 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 24,266 | |||||||||
1,881 | voestalpine AG | 76,592 | |||||||||
368 | Wienerberger AG | 14,182 | |||||||||
659,934 | |||||||||||
Belgium—0.7% | |||||||||||
366 | Ackermans & van Haaren NV | 61,799 | |||||||||
2,424 | Ageas SA/NV | 134,515 | |||||||||
5,568 | AGFA-Gevaert NV* | 25,848 | |||||||||
5,947 | Anheuser-Busch InBev SA/NV | 428,811 | |||||||||
127 | Argenx SE* | 38,416 | |||||||||
851 | Barco NV | 23,289 | |||||||||
1,086 | Bekaert SA | 48,393 | |||||||||
991 | bpost SA* | 11,857 | |||||||||
105 | Cie d'Entreprises CFE | 10,956 | |||||||||
333 | D'ieteren Group | 40,275 | |||||||||
196 | Elia Group SA/NV | 20,684 | |||||||||
609 | Etablissements Franz Colruyt NV | 34,055 | |||||||||
1,410 | Euronav NV | 13,108 | |||||||||
2,756 | Euronav SA*,† | 25,686 | |||||||||
548 | EVS Broadcast Equipment SA | 11,501 | |||||||||
1,400 | Fagron | 31,259 | |||||||||
401 | Gimv NV | 25,676 | |||||||||
1,602 | KBC Group NV | 122,143 | |||||||||
9 | Lotus Bakeries NV | 50,904 | |||||||||
216 | Melexis NV | 22,424 | |||||||||
2,034 | Ontex Group NV*,† | 25,324 | |||||||||
1,080 | Orange Belgium SA | 24,229 | |||||||||
1,637 | Proximus SADP | 31,620 | |||||||||
214 | Sipef NV | 12,053 | |||||||||
1,145 | Solvay SA | 145,544 | |||||||||
449 | Telenet Group Holding NV | 16,898 | |||||||||
688 | Tessenderlo Group SA* | 29,042 | |||||||||
852 | UCB SA | 89,065 | |||||||||
1,277 | Umicore SA | 77,982 | |||||||||
1,633,356 |
Shares | Value (Note 1) | ||||||||||
Canada—7.3% | |||||||||||
1,800 | Absolute Software Corp. | $ | 26,036 | ||||||||
6,700 | Advantage Energy, Ltd.*,† | 27,349 | |||||||||
1,679 | Aecon Group, Inc. | 24,380 | |||||||||
607 | Ag Growth International, Inc.† | 18,862 | |||||||||
1,650 | Agnico-Eagle Mines, Ltd. | 99,749 | |||||||||
5,042 | Aimia, Inc.* | 19,849 | |||||||||
1,100 | Air Canada*,† | 22,628 | |||||||||
7,285 | Alamos Gold, Inc., Class A | 55,654 | |||||||||
889 | Algonquin Power & Utilities Corp.† | 13,246 | |||||||||
5,308 | Alimentation Couche-Tard, Inc., Class B | 195,046 | |||||||||
1,600 | AltaGas, Ltd.† | 33,585 | |||||||||
1,185 | Altus Group, Ltd.† | 54,920 | |||||||||
18,656 | ARC Resources, Ltd.† | 158,778 | |||||||||
989 | Aritzia, Inc.* | 29,584 | |||||||||
700 | Atco, Ltd., Class I | 24,824 | |||||||||
84 | Aurora Cannabis, Inc.†,* | 761 | |||||||||
16,677 | B2Gold Corp. | 69,958 | |||||||||
850 | Badger Infrastructure Solutions, Ltd. | 25,796 | |||||||||
5,455 | Bank of Montreal | 559,142 | |||||||||
8,200 | Bank of Nova Scotia (The)† | 533,304 | |||||||||
2,209 | Barrick Gold Corp.† | 45,691 | |||||||||
7,164 | Barrick Gold Corp. | 148,152 | |||||||||
3,183 | Bausch Health Cos., Inc.* | 93,415 | |||||||||
1,208 | BCE, Inc. | 59,572 | |||||||||
9,500 | Birchcliff Energy, Ltd.† | 39,852 | |||||||||
4,601 | BlackBerry, Ltd.* | 56,232 | |||||||||
862 | Boralex, Inc., Class A† | 26,251 | |||||||||
11 | Brookfield Asset Management Reinsurance Partners, Ltd. Class A* | 581 | |||||||||
9 | Brookfield Asset Management Reinsurance Partners, Ltd. Class A*,† | 479 | |||||||||
1,680 | Brookfield Asset Management, Inc., Class A† | 153,817 | |||||||||
785 | BRP, Inc. | 61,427 | |||||||||
4,802 | Cameco Corp. | 92,042 | |||||||||
1,985 | Canaccord Genuity Group, Inc.† | 21,746 | |||||||||
400 | Canada Goose Holdings, Inc.*,† | 17,483 | |||||||||
4,735 | Canadian Imperial Bank of Commerce | 539,052 | |||||||||
4,408 | Canadian National Railway Co. | 465,087 | |||||||||
14,634 | Canadian Natural Resources, Ltd. | 531,244 |
The accompanying notes are an integral part of these financial statements.
3
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Canada (Continued) | |||||||||||
4,315 | Canadian Pacific Railway, Ltd. | $ | 331,805 | ||||||||
532 | Canadian Tire Corp., Ltd., Class A† | 84,186 | |||||||||
500 | Canadian Utilities, Ltd., Class A† | 13,875 | |||||||||
1,880 | Canadian Western Bank | 52,778 | |||||||||
1,876 | Canfor Corp.* | 42,920 | |||||||||
700 | Canopy Growth Corp.*,† | 16,926 | |||||||||
2,194 | Capital Power Corp. | 72,478 | |||||||||
6,100 | Cardinal Energy, Ltd.* | 17,174 | |||||||||
6,100 | Cascades, Inc. | 75,094 | |||||||||
1,637 | CCL Industries, Inc., Class B | 90,157 | |||||||||
6,166 | Celestica, Inc.* | 48,349 | |||||||||
6,617 | Cenovus Energy, Inc. | 63,309 | |||||||||
5,235 | Centerra Gold, Inc. | 39,740 | |||||||||
9,000 | CES Energy Solutions Corp.*,† | 14,013 | |||||||||
1,621 | CGI, Inc.* | 146,970 | |||||||||
2,739 | CI Financial Corp. | 50,268 | |||||||||
190 | Cogeco Communications, Inc.† | 18,578 | |||||||||
300 | Cogeco, Inc. | 23,267 | |||||||||
825 | Colliers International Group, Inc. | 92,390 | |||||||||
122 | Constellation Software, Inc. | 184,773 | |||||||||
5,812 | Corus Entertainment, Inc., Class B | 29,820 | |||||||||
3,354 | Crescent Point Energy Corp.† | 15,179 | |||||||||
322 | Descartes Systems Group, Inc. (The)* | 22,270 | |||||||||
1,840 | Dollarama, Inc. | 84,222 | |||||||||
1,821 | Dorel Industries, Inc., Class B* | 22,946 | |||||||||
1,100 | Dream Unlimited Corp., Class A | 23,498 | |||||||||
6,100 | Dundee Precious Metals, Inc. | 36,956 | |||||||||
4,100 | ECN Capital Corp. | 30,760 | |||||||||
3,501 | Eldorado Gold Corp.* | 34,767 | |||||||||
9,925 | Element Fleet Management Corp.† | 115,776 | |||||||||
2,163 | Emera, Inc. | 98,134 | |||||||||
500 | Empire Co., Ltd. | 15,771 | |||||||||
9,507 | Enbridge, Inc. | 380,645 | |||||||||
3,515 | Endeavour Mining Plc | 75,483 | |||||||||
2,494 | Enerflex, Ltd. | 16,880 | |||||||||
7,134 | Enerplus Corp.† | 51,278 | |||||||||
882 | Enghouse Systems, Ltd.† | 39,269 | |||||||||
7,100 | Ensign Energy Services, Inc.* | 12,830 | |||||||||
700 | ERO Copper Corp.* | 14,688 | |||||||||
4,400 | Extendicare, Inc.† | 30,207 | |||||||||
141 | Fairfax Financial Holdings, Ltd. | 61,833 | |||||||||
2,600 | Fiera Capital Corp.† | 22,820 | |||||||||
2,098 | Finning International, Inc. | 54,921 | |||||||||
3,380 | First Quantum Minerals, Ltd. | 77,901 |
Shares | Value (Note 1) | ||||||||||
Canada (Continued) | |||||||||||
547 | FirstService Corp.† | $ | 93,819 | ||||||||
3,009 | Fortis, Inc. | 133,191 | |||||||||
10,041 | Fortuna Silver Mines, Inc.†,* | 55,972 | |||||||||
206 | Franco-Nevada Corp. | 29,895 | |||||||||
3,500 | Freehold Royalties, Ltd.† | 27,586 | |||||||||
1,045 | George Weston, Ltd. | 99,602 | |||||||||
1,500 | Gibson Energy, Inc. | 28,739 | |||||||||
571 | Gildan Activewear, Inc.† | 21,069 | |||||||||
5,700 | Gran Tierra Energy, Inc.* | 4,230 | |||||||||
1,406 | Great-West Lifeco, Inc. | 41,763 | |||||||||
1,700 | Home Capital Group, Inc.*,† | 51,016 | |||||||||
7,321 | Hudbay Minerals, Inc. | 48,724 | |||||||||
2,998 | Hydro One, Ltd.# | 72,459 | |||||||||
1,352 | iA Financial Corp., Inc. | 73,610 | |||||||||
3,400 | IAMGOLD Corp.*,† | 10,011 | |||||||||
511 | IGM Financial, Inc.† | 18,039 | |||||||||
800 | Imperial Oil, Ltd.† | 24,382 | |||||||||
1,017 | Innergex Renewable Energy, Inc.† | 17,680 | |||||||||
706 | Intact Financial Corp. | 95,916 | |||||||||
3,165 | Inter Pipeline, Ltd. | 51,448 | |||||||||
2,045 | Interfor Corp.† | 51,208 | |||||||||
2,087 | Intertape Polymer Group, Inc. | 48,387 | |||||||||
1,600 | Invesque, Inc.*,† | 4,512 | |||||||||
6,568 | Ivanhoe Mines, Ltd., Class A*,† | 47,421 | |||||||||
700 | Jamieson Wellness, Inc.# | 19,087 | |||||||||
500 | K-Bro Linen, Inc. | 17,481 | |||||||||
7,152 | Kelt Exploration, Ltd.* | 20,367 | |||||||||
2,848 | Keyera Corp.† | 76,530 | |||||||||
17,698 | Kinross Gold Corp.† | 112,219 | |||||||||
4,203 | Kirkland Lake Gold, Ltd. | 161,969 | |||||||||
3,700 | Knight Therapeutics, Inc.* | 15,670 | |||||||||
800 | Laurentian Bank of Canada† | 28,196 | |||||||||
562 | LifeWorks, Inc.† | 15,152 | |||||||||
889 | Linamar Corp. | 55,760 | |||||||||
1,322 | Loblaw Cos., Ltd. | 81,361 | |||||||||
8,900 | Lucara Diamond Corp.* | 5,385 | |||||||||
13,050 | Lundin Mining Corp. | 117,698 | |||||||||
5,972 | Magna International, Inc. | 552,926 | |||||||||
4,800 | Major Drilling Group International, Inc.*,† | 33,185 | |||||||||
8,035 | Manulife Financial Corp. | 158,159 | |||||||||
680 | Manulife Financial Corp.† | 13,396 | |||||||||
1,530 | Maple Leaf Foods, Inc. | 31,758 | |||||||||
1,800 | Martinrea International, Inc. | 18,979 | |||||||||
1,895 | Medical Facilities Corp. | 10,716 |
The accompanying notes are an integral part of these financial statements.
4
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Canada (Continued) | |||||||||||
4,700 | MEG Energy Corp.* | $ | 34,010 | ||||||||
1,000 | Methanex Corp.† | 33,148 | |||||||||
1,382 | Metro, Inc. | 66,257 | |||||||||
470 | MTY Food Group, Inc.*,† | 20,690 | |||||||||
2,700 | Mullen Group, Ltd.† | 29,100 | |||||||||
4,527 | National Bank of Canada† | 338,795 | |||||||||
14,800 | New Gold, Inc.* | 26,625 | |||||||||
1,740 | NFI Group, Inc.† | 39,542 | |||||||||
1,126 | North West Co., Inc. (The) | 31,965 | |||||||||
2,070 | Northland Power, Inc.† | 70,620 | |||||||||
3,190 | Nutrien, Ltd. | 193,334 | |||||||||
11,800 | OceanaGold Corp.*,† | 22,370 | |||||||||
793 | Onex Corp.† | 57,581 | |||||||||
2,715 | Open Text Corp. | 137,875 | |||||||||
1,823 | Osisko Gold Royalties, Ltd. | 24,986 | |||||||||
3,696 | Pan American Silver Corp. | 105,549 | |||||||||
4,549 | Parex Resources, Inc.*,† | 75,963 | |||||||||
700 | Park Lawn Corp.† | 18,827 | |||||||||
1,907 | Parkland Corp.† | 61,628 | |||||||||
1,760 | Pason Systems, Inc.† | 12,679 | |||||||||
1,360 | Pembina Pipeline Corp.† | 43,216 | |||||||||
2,624 | Pembina Pipeline Corp. | 83,364 | |||||||||
4,630 | Peyto Exploration & Development Corp.† | 31,188 | |||||||||
900 | PrairieSky Royalty, Ltd.† | 10,898 | |||||||||
580 | Precision Drilling Corp.*,† | 24,171 | |||||||||
300 | Premium Brands Holdings Corp.† | 30,477 | |||||||||
1,959 | Primo Water Corp. | 32,776 | |||||||||
1,764 | Quebecor, Inc., Class B | 47,046 | |||||||||
1,200 | Real Matters, Inc.*,† | 17,309 | |||||||||
700 | Recipe Unlimited Corp.*,† | 12,000 | |||||||||
1,900 | Restaurant Brands International, Inc. | 122,424 | |||||||||
1,345 | Richelieu Hardware, Ltd. | 43,531 | |||||||||
1,489 | Ritchie Bros Auctioneers, Inc. | 88,276 | |||||||||
3,204 | Rogers Communications, Inc., Class B | 170,321 | |||||||||
5,300 | Rogers Sugar, Inc.† | 24,713 | |||||||||
12,900 | Royal Bank of Canada | 1,306,963 | |||||||||
1,740 | Russel Metals, Inc.† | 47,543 | |||||||||
1,204 | Saputo, Inc. | 35,908 | |||||||||
4,547 | Secure Energy Services, Inc.† | 15,443 | |||||||||
4,613 | Shaw Communications, Inc., Class B | 133,634 |
Shares | Value (Note 1) | ||||||||||
Canada (Continued) | |||||||||||
1,968 | ShawCor, Ltd.* | $ | 9,383 | ||||||||
174 | Shopify, Inc., Class A* | 254,418 | |||||||||
1,794 | Sienna Senior Living, Inc.† | 23,793 | |||||||||
1,359 | Sleep Country Canada Holdings, Inc.# | 32,528 | |||||||||
1,519 | SNC-Lavalin Group, Inc.† | 39,519 | |||||||||
4,381 | SSR Mining, Inc. | 68,422 | |||||||||
1,600 | Stantec, Inc. | 71,391 | |||||||||
400 | Stella-Jones, Inc. | 14,401 | |||||||||
2,099 | Sun Life Financial, Inc. | 108,207 | |||||||||
7,810 | Suncor Energy, Inc. | 187,059 | |||||||||
3,579 | Superior Plus Corp.† | 44,088 | |||||||||
7,700 | Tamarack Valley Energy, Ltd.* | 15,964 | |||||||||
2,442 | TC Energy Corp.† | 120,839 | |||||||||
3,539 | TC Energy Corp. | 175,251 | |||||||||
2,972 | Teck Resources, Ltd., Class B | 68,450 | |||||||||
1,944 | TFI International, Inc. | 177,479 | |||||||||
287 | Thomson Reuters Corp. | 28,508 | |||||||||
3,200 | Timbercreek Financial Corp. | 24,627 | |||||||||
698 | TMX Group, Ltd. | 73,730 | |||||||||
226 | Topicus.com, Inc.* | 16,418 | |||||||||
2,171 | Torex Gold Resources, Inc.* | 25,010 | |||||||||
1,339 | Toromont Industries, Ltd. | 116,660 | |||||||||
11,275 | Toronto-Dominion Bank (The) | 790,141 | |||||||||
5,111 | Tourmaline Oil Corp. | 146,082 | |||||||||
7,036 | TransAlta Corp. | 70,099 | |||||||||
2,812 | TransAlta Renewables, Inc.† | 47,252 | |||||||||
3,800 | Transcontinental, Inc., Class A | 71,365 | |||||||||
12,242 | Trican Well Service, Ltd.* | 26,368 | |||||||||
3,001 | Tricon Residential ,Inc. | 34,523 | |||||||||
1,570 | Turquoise Hill Resources, Ltd.*,† | 26,483 | |||||||||
1,000 | Uni-Select, Inc.* | 13,238 | |||||||||
2,344 | Vermilion Energy, Inc.*,† | 20,536 | |||||||||
1,800 | Wajax Corp. | 34,937 | |||||||||
272 | Waste Connections, Inc.† | 32,497 | |||||||||
600 | Waste Connections, Inc. | 71,658 | |||||||||
2,070 | West Fraser Timber Co., Ltd. | 148,604 | |||||||||
12,500 | Western Forest Products, Inc.† | 21,277 | |||||||||
1,523 | Wheaton Precious Metals Corp. | 67,132 | |||||||||
18,463 | Whitecap Resources, Inc.† | 91,749 | |||||||||
400 | Winpak, Ltd.† | 12,478 | |||||||||
752 | WSP Global, Inc.† | 87,782 | |||||||||
19,921 | Yamana Gold, Inc. | 83,888 | |||||||||
17,207,130 |
The accompanying notes are an integral part of these financial statements.
5
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
China—0.0% | |||||||||||
111,000 | FIH Mobile, Ltd.* | $ | 18,299 | ||||||||
Denmark—1.7% | |||||||||||
102 | ALK-Abello A/S* | 48,664 | |||||||||
2,469 | Alm Brand A/S | 17,874 | |||||||||
827 | Ambu A/S, Class B | 31,794 | |||||||||
20 | AP Moller—Maersk A/S, Class A | 55,555 | |||||||||
23 | AP Moller—Maersk A/S, Class B | 66,107 | |||||||||
2,721 | Bang & Olufsen A/S* | 14,492 | |||||||||
253 | Bavarian Nordic A/S* | 10,441 | |||||||||
749 | Carlsberg A/S, Class B | 139,618 | |||||||||
555 | Chr Hansen Holding A/S | 50,090 | |||||||||
568 | Coloplast A/S, Class B | 93,199 | |||||||||
805 | D/S Norden A/S | 25,608 | |||||||||
3,111 | Danske Bank A/S | 54,742 | |||||||||
816 | Demant A/S* | 45,931 | |||||||||
778 | Dfds A/S* | 43,892 | |||||||||
68 | Drilling Co. of 1972 A/S (The)* | 2,841 | |||||||||
1,168 | DSV PANALPINA A/S | 272,386 | |||||||||
1,244 | FLSmidth & Co. A/S | 51,714 | |||||||||
330 | Genmab A/S* | 135,026 | |||||||||
1,611 | GN Store Nord A/S | 140,722 | |||||||||
771 | H Lundbeck A/S | 24,527 | |||||||||
818 | H+H International A/S, Class B* | 25,018 | |||||||||
3,142 | ISS A/S* | 73,750 | |||||||||
958 | Jyske Bank A/S, Registered* | 46,348 | |||||||||
1,970 | Matas A/S | 35,685 | |||||||||
432 | Netcompany Group A/S# | 49,081 | |||||||||
266 | Nilfisk Holding A/S* | 9,310 | |||||||||
257 | NKT A/S* | 11,794 | |||||||||
362 | NNIT A/S# | 7,123 | |||||||||
12,082 | Novo Nordisk A/S, Class B | 1,012,220 | |||||||||
2,254 | Novozymes A/S, Class B | 169,897 | |||||||||
831 | Orsted A/S# | 116,608 | |||||||||
1,611 | Pandora A/S | 216,555 | |||||||||
376 | Per Aarsleff Holding A/S | 16,908 | |||||||||
576 | Ringkjoebing Landbobank A/S | 58,415 | |||||||||
44 | Rockwool International A/S, Class A | 18,663 | |||||||||
86 | Rockwool International A/S, Class B | 41,867 | |||||||||
1,104 | Royal Unibrew A/S | 140,622 | |||||||||
1,644 | Scandinavian Tobacco Group A/S, Class A# | 33,555 | |||||||||
336 | Schouw & Co. A/S | 36,862 |
Shares | Value (Note 1) | ||||||||||
Denmark (Continued) | |||||||||||
638 | SimCorp A/S | $ | 80,085 | ||||||||
1,256 | Spar Nord Bank A/S | 14,140 | |||||||||
1,818 | Sydbank A/S | 55,979 | |||||||||
676 | Topdanmark A/S | 35,184 | |||||||||
1,813 | Tryg A/S | 44,506 | |||||||||
6,155 | Vestas Wind Systems A/S | 240,262 | |||||||||
615 | Zealand Pharma A/S* | 18,162 | |||||||||
3,933,822 | |||||||||||
Finland—1.0% | |||||||||||
1,140 | Cargotec Oyj, Class B | 58,937 | |||||||||
1,769 | Elisa OyJ | 105,551 | |||||||||
25,135 | Finnair Oyj*,† | 20,732 | |||||||||
3,720 | Fortum Oyj | 102,600 | |||||||||
971 | Huhtamaki Oyj | 45,997 | |||||||||
1,799 | Kemira Oyj | 28,328 | |||||||||
1,396 | Kesko Oyj, Class A | 46,183 | |||||||||
2,664 | Kesko Oyj, Class B | 98,398 | |||||||||
578 | Kojamo Oyj | 13,207 | |||||||||
1,938 | Kone Oyj, Class B | 158,101 | |||||||||
1,119 | Konecranes Oyj | 47,130 | |||||||||
3,137 | Metsa Board Oyj | 32,268 | |||||||||
9,643 | Metso Outotec Oyj | 112,009 | |||||||||
1,568 | Neles Oyj | 22,609 | |||||||||
2,298 | Neste Oyj | 140,711 | |||||||||
14,612 | Nokia Oyj* | 78,236 | |||||||||
2,324 | Nokia Oyj, SP ADR*,† | 12,364 | |||||||||
1,922 | Nokian Renkaat Oyj | 77,600 | |||||||||
12,077 | Nordea Bank Abp | 134,582 | |||||||||
281 | Olvi Oyj, Class A | 16,893 | |||||||||
7,100 | Oriola Oyj, Class B | 15,508 | |||||||||
727 | Orion Oyj, Class A | 31,206 | |||||||||
1,558 | Orion Oyj, Class B | 66,968 | |||||||||
10,116 | Outokumpu Oyj* | 60,599 | |||||||||
7,476 | Raisio Oyj , Class V† | 33,375 | |||||||||
873 | Revenio Group Oyj | 66,147 | |||||||||
2,447 | Sampo Oyj, Class A | 112,463 | |||||||||
3,652 | Stora Enso Oyj, Class R | 66,623 | |||||||||
1,519 | Terveystalo Oyj# | 20,533 | |||||||||
760 | TietoEVRY Oyj | 24,007 | |||||||||
1,633 | Tokmanni Group Corp. | 45,155 | |||||||||
4,345 | UPM-Kymmene Oyj | 164,352 | |||||||||
775 | Uponor Oyj | 22,459 | |||||||||
559 | Vaisala Oyj, Class A† | 22,967 | |||||||||
1,446 | Valmet Oyj | 63,063 |
The accompanying notes are an integral part of these financial statements.
6
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Finland (Continued) | |||||||||||
5,634 | Wartsila Oyj Abp | $ | 83,607 | ||||||||
6,293 | YIT Oyj | 38,541 | |||||||||
2,290,009 | |||||||||||
France—5.8% | |||||||||||
1,053 | Accor SA* | 39,318 | |||||||||
162 | Aeroports de Paris* | 21,101 | |||||||||
2,493 | Air Liquide SA | 436,494 | |||||||||
3,566 | Airbus SE* | 458,526 | |||||||||
370 | Akka Technologies*,† | 10,319 | |||||||||
947 | Albioma SA | 38,763 | |||||||||
660 | ALD SA# | 9,892 | |||||||||
966 | Alstom SA* | 48,784 | |||||||||
476 | Alten SA | 63,102 | |||||||||
272 | Amundi SA# | 23,980 | |||||||||
1,401 | Arkema SA | 175,759 | |||||||||
820 | Atos SE | 49,880 | |||||||||
368 | Aubay | 19,418 | |||||||||
10,652 | AXA SA | 270,106 | |||||||||
1,320 | Beneteau SA* | 20,880 | |||||||||
234 | BioMerieux | 27,192 | |||||||||
5,566 | BNP Paribas SA | 348,936 | |||||||||
5,145 | Bollore SA | 27,575 | |||||||||
3,865 | Bouygues SA | 142,941 | |||||||||
3,079 | Bureau Veritas SA* | 97,407 | |||||||||
1,394 | Capgemini SE† | 267,776 | |||||||||
6,094 | Carrefour SA | 119,843 | |||||||||
20,011 | CGG SA* | 17,810 | |||||||||
5,818 | Cie de Saint-Gobain | 383,153 | |||||||||
1,522 | Cie Generale des Etablissements Michelin SCA | 242,734 | |||||||||
585 | Cie Plastic Omnium SA | 18,271 | |||||||||
961 | CNP Assurances | 16,352 | |||||||||
2,606 | Coface SA | 31,580 | |||||||||
5,863 | Credit Agricole SA | 82,132 | |||||||||
4,080 | Danone SA | 287,224 | |||||||||
15 | Dassault Aviation SA | 17,644 | |||||||||
351 | Dassault Systemes SE | 85,113 | |||||||||
5,436 | Derichebourg SA* | 54,918 | |||||||||
3,064 | Edenred | 174,572 | |||||||||
1,777 | Eiffage SA | 180,787 | |||||||||
6,904 | Electricite de France SA | 94,308 | |||||||||
1,532 | Elior Group SA*,# | 11,444 | |||||||||
4,742 | Elis SA* | 89,347 | |||||||||
9,599 | Engie SA | 131,508 |
Shares | Value (Note 1) | ||||||||||
France (Continued) | |||||||||||
601 | Eramet SA*,† | $ | 39,231 | ||||||||
1,110 | EssilorLuxottica SA | 204,851 | |||||||||
1,550 | Eurofins Scientific SE* | 177,175 | |||||||||
1,033 | Euronext NV# | 112,322 | |||||||||
3,328 | Europcar Mobility Group*,# | 1,882 | |||||||||
4,666 | Eutelsat Communications SA | 54,519 | |||||||||
2,354 | Faurecia SE | 115,419 | |||||||||
178 | Fnac Darty SA* | 11,450 | |||||||||
180 | Gaztransport Et Technigaz SA | 14,535 | |||||||||
173 | Hermes International | 252,008 | |||||||||
77 | ID Logistics Group* | 21,547 | |||||||||
190 | Iliad SA† | 27,801 | |||||||||
743 | Imerys SA | 34,712 | |||||||||
308 | Ipsen SA | 32,036 | |||||||||
1,041 | IPSOS | 43,882 | |||||||||
530 | Jacquet Metals SA | 12,255 | |||||||||
614 | JCDecaux SA* | 17,022 | |||||||||
685 | Kaufman & Broad SA | 32,571 | |||||||||
428 | Kering SA | 374,028 | |||||||||
1,526 | Korian SA | 56,346 | |||||||||
976 | L'Oreal SA | 434,910 | |||||||||
1,721 | Lagardere SCA* | 42,528 | |||||||||
1,064 | Lectra | 40,246 | |||||||||
2,297 | Legrand SA | 243,115 | |||||||||
1,624 | LVMH Moet Hennessy Louis Vuitton SE | 1,273,438 | |||||||||
971 | Maisons du Monde SA*,# | 24,063 | |||||||||
444 | Mersen SA* | 17,295 | |||||||||
812 | Nexans SA | 73,993 | |||||||||
1,827 | Nexity SA | 91,377 | |||||||||
31,311 | Orange SA | 356,976 | |||||||||
676 | Orpea SA* | 85,968 | |||||||||
829 | Pernod-Ricard SA | 184,015 | |||||||||
3,391 | Publicis Groupe SA | 216,886 | |||||||||
993 | Quadient SA | 29,837 | |||||||||
101 | Remy Cointreau SA | 20,850 | |||||||||
2,261 | Renault SA* | 91,381 | |||||||||
5,791 | Rexel SA* | 121,128 | |||||||||
931 | Rothschild & Co. | 36,154 | |||||||||
948 | Rubis SCA | 42,142 | |||||||||
1,755 | Safran SA | 243,310 | |||||||||
2,623 | Sanofi | 274,819 | |||||||||
174 | Sartorius Stedim Biotech | 82,301 | |||||||||
200 | Savencia SA | 16,790 | |||||||||
1,900 | Schneider Electric SE | 298,918 |
The accompanying notes are an integral part of these financial statements.
7
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
France (Continued) | |||||||||||
2,540 | SCOR SE*,† | $ | 80,777 | ||||||||
432 | SEB SA | 78,066 | |||||||||
6,297 | SES SA | 48,100 | |||||||||
411 | Societe BIC SA | 28,558 | |||||||||
4,495 | Societe Generale SA | 132,502 | |||||||||
832 | Sodexo SA* | 77,641 | |||||||||
206 | SOITEC* | 45,409 | |||||||||
344 | Sopra Steria Group | 66,161 | |||||||||
1,621 | SPIE SA | 37,289 | |||||||||
3,434 | STMicroelectronics NV | 124,619 | |||||||||
3,853 | Suez SA† | 91,602 | |||||||||
889 | Technicolor SA, Registered* | 3,447 | |||||||||
606 | Teleperformance | 245,965 | |||||||||
2,268 | Television Francaise 1† | 22,926 | |||||||||
943 | Thales SA | 96,207 | |||||||||
16,638 | TotalEnergies SE | 752,741 | |||||||||
198 | Trigano SA | 40,898 | |||||||||
956 | Ubisoft Entertainment SA*,† | 66,926 | |||||||||
2,796 | Valeo SA | 84,111 | |||||||||
3,814 | Veolia Environnement SA | 115,187 | |||||||||
574 | Verallia SA*,# | 21,276 | |||||||||
436 | Vicat SA | 21,067 | |||||||||
86 | Vilmorin & Cie SA | 5,711 | |||||||||
3,938 | Vinci SA | 420,207 | |||||||||
95 | Virbac SA | 32,555 | |||||||||
2,749 | Vivendi SE† | 92,345 | |||||||||
1,284 | Worldline SA*,# | 120,186 | |||||||||
13,567,400 | |||||||||||
Germany—5.3% | |||||||||||
696 | 1&1 AG | 21,292 | |||||||||
1,887 | Aareal Bank AG | 43,564 | |||||||||
1,127 | adidas AG | 419,477 | |||||||||
1,932 | ADVA Optical Networking SE* | 26,757 | |||||||||
1,882 | Allianz SE, Registered | 469,302 | |||||||||
10,081 | Aroundtown SA | 78,654 | |||||||||
408 | Aurubis AG | 37,813 | |||||||||
4,459 | BASF SE | 351,286 | |||||||||
461 | Bauer AG* | 6,920 | |||||||||
6,085 | Bayer AG, Registered | 369,495 | |||||||||
4,607 | Bayerische Motoren Werke AG | 487,878 | |||||||||
474 | BayWa AG | 20,458 | |||||||||
369 | Bechtle AG | 68,541 | |||||||||
592 | Befesa SA# | 45,487 | |||||||||
435 | Beiersdorf AG | 52,483 |
Shares | Value (Note 1) | ||||||||||
Germany (Continued) | |||||||||||
1,136 | Bilfinger SE | $ | 33,999 | ||||||||
1,357 | Borussia Dortmund GmbH & Co. KGaA* | 10,000 | |||||||||
1,982 | Brenntag SE | 184,299 | |||||||||
603 | CANCOM SE | 36,465 | |||||||||
226 | Carl Zeiss Meditec AG | 43,667 | |||||||||
3,791 | CECONOMY AG* | 18,502 | |||||||||
159 | Cewe Stiftung & Co. KGAA | 24,623 | |||||||||
12,127 | Commerzbank AG* | 86,019 | |||||||||
270 | CompuGroup Medical SE & Co. KgaA | 21,146 | |||||||||
1,121 | Continental AG | 164,797 | |||||||||
612 | Corestate Capital Holding SA*,† | 7,982 | |||||||||
1,919 | Covestro AG# | 123,921 | |||||||||
1,019 | CTS Eventim AG & Co. KGaA* | 63,676 | |||||||||
9,159 | Daimler AG, Registered | 817,779 | |||||||||
167 | Delivery Hero SE*,# | 22,059 | |||||||||
11,171 | Deutsche Bank AG, Registered* | 145,521 | |||||||||
730 | Deutsche Beteiligungs AG | 29,517 | |||||||||
1,312 | Deutsche Boerse AG | 229,000 | |||||||||
696 | Deutsche EuroShop AG | 16,506 | |||||||||
3,148 | Deutsche Lufthansa AG, Registered†,* | 35,424 | |||||||||
3,746 | Deutsche Pfandbriefbank AG# | 37,036 | |||||||||
7,000 | Deutsche Post AG, Registered | 476,102 | |||||||||
36,590 | Deutsche Telekom AG, Registered | 772,802 | |||||||||
1,745 | Deutsche Wohnen SE | 106,726 | |||||||||
3,473 | Deutz AG* | 28,085 | |||||||||
821 | Dialog Semiconductor Plc* | 63,823 | |||||||||
889 | Duerr AG | 33,817 | |||||||||
28,452 | E.ON SE | 329,070 | |||||||||
1,192 | Eckert & Ziegler Strahlen- und Medizintechnik AG | 136,182 | |||||||||
168 | Elmos Semiconductor SE | 7,271 | |||||||||
1,524 | Evonik Industries AG | 51,104 | |||||||||
280 | Evotec SE* | 12,693 | |||||||||
334 | Fielmann AG* | 26,119 | |||||||||
118 | flatexDEGIRO AG* | 15,881 | |||||||||
479 | Fraport AG Frankfurt Airport Services Worldwide* | 32,636 | |||||||||
2,143 | Freenet AG | 50,618 | |||||||||
2,283 | Fresenius Medical Care AG & Co. KGaA | 189,603 | |||||||||
3,491 | Fresenius SE & Co. KGaA | 182,115 | |||||||||
199 | FUCHS PETROLUB SE | 7,728 |
The accompanying notes are an integral part of these financial statements.
8
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Germany (Continued) | |||||||||||
2,497 | GEA Group AG | $ | 101,142 | ||||||||
425 | Gerresheimer AG | 46,993 | |||||||||
287 | Gesco AG* | 6,976 | |||||||||
1,489 | Grand City Properties SA* | 40,220 | |||||||||
336 | Hannover Rueck SE | 56,216 | |||||||||
243 | Hapag-Lloyd AG# | 55,927 | |||||||||
871 | HeidelbergCement AG | 74,712 | |||||||||
6,593 | Heidelberger Druckmaschinen AG* | 15,674 | |||||||||
524 | Hella GmbH & Co. KGaA* | 35,888 | |||||||||
1,225 | HelloFresh SE* | 119,080 | |||||||||
462 | Henkel AG & Co. KGaA | 42,538 | |||||||||
160 | HOCHTIEF AG | 12,286 | |||||||||
461 | Hornbach Holding AG & Co. KGaA | 52,531 | |||||||||
1,048 | HUGO BOSS AG | 57,014 | |||||||||
38 | Hypoport SE* | 19,646 | |||||||||
721 | Indus Holding AG | 28,555 | |||||||||
10,553 | Infineon Technologies AG | 423,197 | |||||||||
790 | Instone Real Estate Group AG# | 23,793 | |||||||||
788 | Jenoptik AG | 21,547 | |||||||||
6,571 | K+S AG, Registered* | 89,447 | |||||||||
642 | KION Group AG | 68,421 | |||||||||
2,961 | Kloeckner & Co. SE* | 40,517 | |||||||||
165 | Knorr-Bremse AG | 18,978 | |||||||||
434 | Koenig & Bauer AG* | 14,486 | |||||||||
326 | Krones AG | 29,127 | |||||||||
730 | LANXESS AG | 50,049 | |||||||||
698 | LEG Immobilien SE | 100,519 | |||||||||
685 | Merck KGaA | 131,339 | |||||||||
4,159 | METRO AG | 51,485 | |||||||||
373 | MTU Aero Engines AG | 92,393 | |||||||||
675 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered | 184,848 | |||||||||
772 | Nemetschek SE | 59,062 | |||||||||
33 | New Work SE | 10,369 | |||||||||
188 | Nexus AG | 13,999 | |||||||||
1,039 | Norma Group SE | 53,198 | |||||||||
390 | OHB SE | 17,087 | |||||||||
471 | PATRIZIA AG | 12,287 | |||||||||
1,490 | ProSiebenSat.1 Media SE | 29,638 | |||||||||
656 | Puma SE | 78,213 | |||||||||
1,192 | QIAGEN NV* | 57,611 | |||||||||
51 | Rational AG | 46,202 | |||||||||
824 | Rheinmetall AG | 81,389 | |||||||||
641 | RTL Group SA* | 38,193 |
Shares | Value (Note 1) | ||||||||||
Germany (Continued) | |||||||||||
3,858 | RWE AG | $ | 139,800 | ||||||||
959 | S&T AG | 21,947 | |||||||||
1,686 | SAF-Holland SE* | 23,450 | |||||||||
523 | Salzgitter AG* | 15,541 | |||||||||
4,060 | SAP SE | 572,113 | |||||||||
826 | Scout24 AG*,# | 69,657 | |||||||||
2,763 | Siemens AG, Registered | 437,770 | |||||||||
1,782 | Siemens Energy AG* | 53,713 | |||||||||
524 | Siemens Healthineers AG# | 32,110 | |||||||||
279 | Siltronic AG | 46,481 | |||||||||
185 | Sixt SE* | 24,920 | |||||||||
435 | Software AG | 19,569 | |||||||||
638 | Stabilus SA | 51,859 | |||||||||
286 | STRATEC SE | 39,949 | |||||||||
324 | Stroeer SE & Co. KGaA | 25,952 | |||||||||
1,626 | Suedzucker AG | 26,028 | |||||||||
731 | Symrise AG | 101,847 | |||||||||
1,795 | TAG Immobilien AG | 56,957 | |||||||||
1,202 | Takkt AG | 19,982 | |||||||||
315 | Talanx AG* | 12,879 | |||||||||
685 | TeamViewer AG*,# | 25,764 | |||||||||
420 | Technotrans SE | 13,596 | |||||||||
13,304 | Telefonica Deutschland Holding AG | 35,100 | |||||||||
2,041 | thyssenkrupp AG* | 21,273 | |||||||||
1,060 | Uniper SE | 39,039 | |||||||||
2,405 | United Internet AG, Registered | 98,328 | |||||||||
542 | Volkswagen AG | 177,893 | |||||||||
3,634 | Vonovia SE | 234,928 | |||||||||
257 | Vossloh AG | 12,967 | |||||||||
236 | Wacker Chemie AG | 36,393 | |||||||||
904 | Wacker Neuson SE | 25,983 | |||||||||
209 | Washtec AG | 12,961 | |||||||||
284 | Zalando SE*,# | 34,332 | |||||||||
117 | Zeal Network SE | 5,813 | |||||||||
42 | zooplus AG* | 13,606 | |||||||||
12,357,012 | |||||||||||
Hong Kong—2.0% | |||||||||||
86,000 | AIA Group, Ltd. | 1,068,866 | |||||||||
2,500 | ASM Pacific Technology, Ltd. | 33,873 | |||||||||
9,400 | Bank of East Asia, Ltd. (The) | 17,458 | |||||||||
2,700 | BOC Aviation, Ltd.# | 22,777 | |||||||||
18,000 | BOC Hong Kong Holdings, Ltd. | 61,087 | |||||||||
3,500 | Budweiser Brewing Co. APAC, Ltd.# | 11,044 | |||||||||
10,000 | Cafe de Coral Holdings, Ltd. | 20,556 |
The accompanying notes are an integral part of these financial statements.
9
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Hong Kong (Continued) | |||||||||||
26,181 | Cathay Pacific Airways, Ltd.* | $ | 22,120 | ||||||||
9,500 | China Evergrande New Energy Vehicle Group, Ltd.* | 35,360 | |||||||||
15,000 | Chow Sang Sang Holdings International, Ltd. | 25,965 | |||||||||
10,200 | Chow Tai Fook Jewellery Group, Ltd. | 23,305 | |||||||||
56,000 | CITIC Telecom International Holdings, Ltd. | 18,536 | |||||||||
2,906 | CK Asset Holdings, Ltd. | 20,061 | |||||||||
22,500 | CK Hutchison Holdings, Ltd. | 175,322 | |||||||||
2,000 | CK Infrastructure Holdings, Ltd. | 11,926 | |||||||||
11,000 | CLP Holdings, Ltd. | 108,806 | |||||||||
6,000 | Dah Sing Banking Group, Ltd. | 6,623 | |||||||||
4,800 | Dah Sing Financial Holdings, Ltd. | 16,413 | |||||||||
78,750 | Esprit Holdings, Ltd.* | 7,708 | |||||||||
55,258 | Far East Consortium International, Ltd. | 20,852 | |||||||||
58,000 | First Pacific Co., Ltd. | 19,796 | |||||||||
7,000 | Galaxy Entertainment Group, Ltd.* | 56,032 | |||||||||
40,000 | Giordano International, Ltd. | 8,706 | |||||||||
7,138 | Great Eagle Holdings, Ltd. | 24,270 | |||||||||
142,000 | Guotai Junan International Holdings, Ltd. | 22,678 | |||||||||
108,000 | Haitong International Securities Group, Ltd. | 29,767 | |||||||||
4,000 | Hang Lung Group, Ltd. | 10,200 | |||||||||
11,000 | Hang Lung Properties, Ltd. | 26,720 | |||||||||
8,300 | Hang Seng Bank, Ltd. | 165,801 | |||||||||
8,500 | Henderson Land Development Co., Ltd. | 40,287 | |||||||||
11,000 | HK Electric Investments & HK Electric Investments, Ltd. | 11,150 | |||||||||
7,500 | HKBN, Ltd. | 9,080 | |||||||||
19,200 | HKR International, Ltd. | 9,125 | |||||||||
56,000 | HKT Trust & HKT, Ltd. | 76,308 | |||||||||
50,457 | Hong Kong & China Gas Co., Ltd. | 78,373 | |||||||||
7,706 | Hong Kong Exchanges & Clearing, Ltd. | 459,325 | |||||||||
14,179 | Hongkong & Shanghai Hotels, Ltd. (The) | 14,920 | |||||||||
50,000 | Hutchison Telecommunications Hong Kong Holdings, Ltd. | 9,853 | |||||||||
9,000 | Hysan Development Co., Ltd. | 35,876 | |||||||||
41,000 | IGG, Inc. | 54,179 |
Shares | Value (Note 1) | ||||||||||
Hong Kong (Continued) | |||||||||||
5,500 | Johnson Electric Holdings, Ltd. | $ | 14,203 | ||||||||
7,000 | Kerry Logistics Network, Ltd. | 21,232 | |||||||||
6,000 | Kerry Properties, Ltd. | 19,783 | |||||||||
5,750 | L'Occitane International SA | 21,032 | |||||||||
38,400 | Landing International Development, Ltd.* | 1,236 | |||||||||
15,500 | Lifestyle International Holdings, Ltd.* | 11,898 | |||||||||
6,000 | Luk Fook Holdings International, Ltd. | 20,710 | |||||||||
51,600 | Man Wah Holdings, Ltd. | 124,011 | |||||||||
480,000 | Mason Group Holdings, Ltd.* | 1,793 | |||||||||
11,000 | Melco International Development, Ltd.* | 20,203 | |||||||||
6,185 | MTR Corp., Ltd. | 34,453 | |||||||||
10,000 | NagaCorp, Ltd. | 9,647 | |||||||||
9,000 | New World Development Co., Ltd. | 46,772 | |||||||||
44,000 | NewOcean Energy Holdings, Ltd.* | 2,550 | |||||||||
17,000 | NWS Holdings, Ltd. | 18,085 | |||||||||
1,000 | Orient Overseas International, Ltd. | 21,663 | |||||||||
181,000 | Pacific Basin Shipping, Ltd.* | 72,966 | |||||||||
7,128 | Pacific Century Premium Developments, Ltd.* | 679 | |||||||||
29,000 | Pacific Textiles Holdings, Ltd. | 17,443 | |||||||||
59,789 | PCCW, Ltd. | 31,341 | |||||||||
10,000 | Power Assets Holdings, Ltd. | 61,371 | |||||||||
4,800 | PRADA SpA | 36,444 | |||||||||
6,900 | Samsonite International S*,# | 14,112 | |||||||||
9,600 | Sands China, Ltd.* | 40,431 | |||||||||
12,000 | Shangri-La Asia, Ltd.* | 11,746 | |||||||||
100,000 | Shun Tak Holdings, Ltd.* | 32,199 | |||||||||
138,000 | Singamas Container Holdings, Ltd. | 15,641 | |||||||||
16,352 | Sino Land Co., Ltd. | 25,778 | |||||||||
23,000 | SITC International Holdings Co., Ltd. | 96,126 | |||||||||
25,000 | SJM Holdings, Ltd.* | 27,304 | |||||||||
13,500 | SmarTone Telecommunications Holdings, Ltd. | 7,998 | |||||||||
7,000 | Sun Hung Kai Properties, Ltd. | 104,311 | |||||||||
27,000 | SUNeVision Holdings, Ltd. | 27,646 | |||||||||
4,500 | Swire Pacific, Ltd., Class A | 30,515 | |||||||||
15,000 | Swire Pacific, Ltd., Class B | 16,866 | |||||||||
6,200 | Swire Properties, Ltd. | 18,486 | |||||||||
8,000 | Techtronic Industries Co., Ltd. | 139,716 |
The accompanying notes are an integral part of these financial statements.
10
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Hong Kong (Continued) | |||||||||||
12,000 | Television Broadcasts, Ltd.* | $ | 11,437 | ||||||||
30,000 | United Laboratories International Holdings, Ltd. (The) | 24,613 | |||||||||
32,000 | Value Partners Group, Ltd. | 20,442 | |||||||||
12,000 | Vitasoy International Holdings, Ltd. | 44,589 | |||||||||
24,000 | VSTECS Holdings, Ltd. | 19,381 | |||||||||
1,300 | VTech Holdings, Ltd. | 13,688 | |||||||||
117,500 | WH Group, Ltd.# | 105,631 | |||||||||
11,000 | Wharf Real Estate Investment Co., Ltd. | 63,966 | |||||||||
9,200 | Wynn Macau, Ltd.* | 14,480 | |||||||||
34,000 | Xinyi Glass Holdings, Ltd. | 138,596 | |||||||||
14,500 | Yue Yuen Industrial Holdings, Ltd.* | 35,819 | |||||||||
4,602,136 | |||||||||||
Ireland—0.5% | |||||||||||
5,093 | AIB Group Plc*,† | 13,123 | |||||||||
10,939 | Bank of Ireland Group Plc* | 58,590 | |||||||||
10,801 | Cairn Homes Plc* | 13,653 | |||||||||
3,828 | CRH Plc | 192,910 | |||||||||
6,465 | CRH Plc, SP ADR | 328,681 | |||||||||
563 | Flutter Entertainment Plc* | 101,939 | |||||||||
1,946 | Irish Continental Group Plc* | 9,968 | |||||||||
526 | Kerry Group Plc, Class A | 73,472 | |||||||||
2,044 | Kingspan Group Plc | 193,021 | |||||||||
4,774 | Smurfit Kappa Group Plc | 258,980 | |||||||||
1,244,337 | |||||||||||
Israel—0.4% | |||||||||||
734 | Airport City, Ltd.* | 12,306 | |||||||||
568 | Alony Hetz Properties & Investments, Ltd. | 7,910 | |||||||||
2,317 | Amot Investments, Ltd. | 15,195 | |||||||||
154 | Azrieli Group, Ltd. | 10,841 | |||||||||
6,983 | Bank Hapoalim BM* | 56,033 | |||||||||
9,084 | Bank Leumi Le-Israel BM* | 68,991 | |||||||||
22,557 | Bezeq The Israeli Telecommunication Corp., Ltd.* | 24,562 | |||||||||
2,356 | Cellcom Israel, Ltd.* | 10,240 | |||||||||
1,006 | Clal Insurance Enterprises Holdings, Ltd.* | 19,965 | |||||||||
66 | Danel Adir Yeoshua, Ltd. | 13,827 | |||||||||
442 | Delek Group, Ltd.* | 29,623 | |||||||||
611 | Delta Galil Industries, Ltd. | 25,301 |
Shares | Value (Note 1) | ||||||||||
Israel (Continued) | |||||||||||
187 | Elbit Systems, Ltd. | $ | 24,263 | ||||||||
58 | Electra, Ltd. | 32,895 | |||||||||
464 | Equital, Ltd.* | 12,582 | |||||||||
432 | First International Bank of Israel, Ltd. (The)* | 13,834 | |||||||||
375 | Fox Wizel, Ltd. | 42,950 | |||||||||
2,500 | Gav-Yam Lands Corp., Ltd, | 23,933 | |||||||||
2,147 | Harel Insurance Investments & Financial Services, Ltd. | 21,271 | |||||||||
7,565 | ICL Group, Ltd. | 51,305 | |||||||||
275 | IDI Insurance Co., Ltd. | 9,194 | |||||||||
464 | Isracard, Ltd.* | 1,900 | |||||||||
6,033 | Israel Discount Bank, Ltd., Class A* | 28,720 | |||||||||
1,175 | Matrix IT, Ltd. | 31,760 | |||||||||
1,507 | Maytronics, Ltd. | 31,391 | |||||||||
1,212 | Mizrahi Tefahot Bank, Ltd.* | 37,325 | |||||||||
2,005 | Naphtha Israel Petroleum Corp., Ltd.* | 9,336 | |||||||||
156 | Nice, Ltd.* | 38,099 | |||||||||
�� | 168 | Nice, Ltd., SP ADR*,† | 41,573 | ||||||||
417 | Nova Measuring Instruments, Ltd.* | 42,811 | |||||||||
21,016 | Oil Refineries, Ltd.* | 5,415 | |||||||||
2,397 | Partner Communications Co., Ltd.* | 10,970 | |||||||||
134 | Paz Oil Co., Ltd.* | 16,449 | |||||||||
1,329 | Phoenix Holdings, Ltd. (The) | 12,421 | |||||||||
6,806 | Shikun & Binui, Ltd.* | 44,007 | |||||||||
700 | Strauss Group, Ltd. | 19,593 | |||||||||
1,314 | Summit Real Estate Holdings, Ltd.* | 19,802 | |||||||||
6,630 | Teva Pharmaceutical Industries, Ltd., SP ADR* | 65,637 | |||||||||
862 | Tower Semiconductor, Ltd.* | 25,369 | |||||||||
1,009,599 | |||||||||||
Italy—1.8% | |||||||||||
23,194 | A2A SpA | 47,414 | |||||||||
548 | ACEA SpA | 12,664 | |||||||||
1,290 | Amplifon SpA | 63,693 | |||||||||
6,692 | Anima Holding SpA# | 33,256 | |||||||||
7,266 | Assicurazioni Generali SpA | 145,648 | |||||||||
2,754 | Atlantia SpA* | 49,865 | |||||||||
1,709 | Azimut Holding SpA | 41,502 | |||||||||
2,332 | Banca Farmafactoring SpA# | 23,366 | |||||||||
623 | Banca Generali SpA* | 26,579 | |||||||||
2,201 | Banca Mediolanum SpA | 21,411 | |||||||||
9,396 | Banca Popolare di Sondrio SCPA | 40,755 |
The accompanying notes are an integral part of these financial statements.
11
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Italy (Continued) | |||||||||||
30,073 | Banco BPM SpA | $ | 96,743 | ||||||||
26,017 | BPER Banca | 56,625 | |||||||||
732 | Brunello Cucinelli SpA†,* | 42,808 | |||||||||
1,230 | Buzzi Unicem SpA | 32,626 | |||||||||
3,016 | Cairo Communication SpA† | 6,072 | |||||||||
1,300 | Carel Industries SpA# | 31,215 | |||||||||
4,487 | Cerved Group SpA* | 52,140 | |||||||||
27,159 | CIR SpA-Compagnie Industriali* | 16,295 | |||||||||
12,944 | CNH Industrial NV | 213,726 | |||||||||
3,914 | Credito Emiliano SpA | 23,437 | |||||||||
253 | DiaSorin SpA | 47,849 | |||||||||
44,294 | Enel SpA | 411,349 | |||||||||
15,027 | Eni SpA | 182,994 | |||||||||
806 | ERG SpA | 23,893 | |||||||||
741 | Ferrari NV | 152,883 | |||||||||
18,781 | Fincantieri SpA* | 16,925 | |||||||||
4,947 | FinecoBank Banca Fineco SpA* | 86,229 | |||||||||
725 | Gruppo MutuiOnline SpA | 34,559 | |||||||||
12,089 | Hera SpA | 49,942 | |||||||||
1,991 | Infrastrutture Wireless Italiane SpA# | 22,456 | |||||||||
1,134 | Interpump Group SpA | 67,151 | |||||||||
88,627 | Intesa Sanpaolo SpA | 244,806 | |||||||||
9,018 | Iren SpA | 25,728 | |||||||||
7,345 | Italgas SpA | 48,006 | |||||||||
2,260 | Leonardo SpA* | 18,255 | |||||||||
7,518 | Mediobanca Banca di Credito Finanziario SpA* | 87,807 | |||||||||
1,242 | Moncler SpA | 84,032 | |||||||||
7,618 | OVS SpA*,#,† | 14,417 | |||||||||
1,752 | Pirelli & C SpA# | 10,171 | |||||||||
3,814 | Poste Italiane SpA# | 50,425 | |||||||||
1,079 | Prysmian SpA | 38,677 | |||||||||
442 | Recordati Industria Chimica e Farmaceutica SpA | 25,262 | |||||||||
5,199 | Saipem SpA*,† | 12,582 | |||||||||
10,551 | Saras SpA*,† | 8,820 | |||||||||
9,270 | Snam SpA | 53,586 | |||||||||
5,594 | Societa Cattolica di Assicurazioni SC* | 46,465 | |||||||||
39,061 | Stellantis NV | 766,725 | |||||||||
3,313 | Tamburi Investment Partners SpA | 32,488 | |||||||||
2,650 | Technogym SpA# | 33,810 | |||||||||
151,273 | Telecom Italia SpA | 75,139 | |||||||||
29,205 | Telecom Italia SpA | 15,473 | |||||||||
1,807 | Tenaris SA | 19,695 |
Shares | Value (Note 1) | ||||||||||
Italy (Continued) | |||||||||||
9,476 | Terna SpA | $ | 70,608 | ||||||||
7,682 | UniCredit SpA | 90,634 | |||||||||
7,073 | Unipol Gruppo SpA | 38,512 | |||||||||
9,399 | UnipolSai Assicurazioni SpA | 27,283 | |||||||||
4,113,476 | |||||||||||
Japan—14.6% | |||||||||||
1,200 | 77 Bank, Ltd. (The) | 13,156 | |||||||||
4,900 | Acom Co., Ltd. | 21,347 | |||||||||
1,200 | Adastria Co., Ltd. | 21,927 | |||||||||
1,500 | ADEKA Corp. | 28,152 | |||||||||
1,500 | Advantest Corp. | 135,155 | |||||||||
4,700 | Aeon Co., Ltd. | 126,284 | |||||||||
1,400 | AEON Financial Service Co., Ltd. | 16,496 | |||||||||
2,100 | Aeon Mall Co., Ltd. | 32,343 | |||||||||
2,100 | AGC, Inc.† | 88,087 | |||||||||
700 | Aica Kogyo Co., Ltd. | 24,605 | |||||||||
2,900 | Aida Engineering, Ltd. | 25,817 | |||||||||
8,600 | Aiful Corp. | 29,648 | |||||||||
300 | Ain Holdings, Inc. | 18,714 | |||||||||
2,300 | Air Water, Inc. | 35,361 | |||||||||
1,600 | Aisin Seiki Co., Ltd. | 68,410 | |||||||||
2,900 | Ajinomoto Co., Inc. | 75,283 | |||||||||
1,200 | Alconix Corp.† | 15,824 | |||||||||
1,400 | Alfresa Holdings Corp. | 20,906 | |||||||||
2,600 | Alps Alpine Co., Ltd. | 27,452 | |||||||||
2,700 | Amada Co., Ltd. | 27,293 | |||||||||
1,000 | Amano Corp. | 25,213 | |||||||||
700 | ANA Holdings, Inc.* | 16,458 | |||||||||
1,500 | Anritsu Corp.† | 27,963 | |||||||||
1,100 | AOKI Holdings, Inc.† | 6,594 | |||||||||
900 | Aoyama Trading Co., Ltd.* | 6,262 | |||||||||
700 | Aozora Bank, Ltd. | 15,658 | |||||||||
500 | Arata Corp. | 19,398 | |||||||||
1,000 | Arcs Co., Ltd. | 21,747 | |||||||||
1,400 | Arisawa Manufacturing Co., Ltd. | 11,291 | |||||||||
1,800 | Asahi Diamond Industrial Co., Ltd. | 8,344 | |||||||||
3,400 | Asahi Group Holdings, Ltd.† | 158,868 | |||||||||
2,000 | Asahi Holdings, Inc. | 40,794 | |||||||||
1,600 | Asahi Intecc Co., Ltd. | 38,252 | |||||||||
15,000 | Asahi Kasei Corp. | 164,791 | |||||||||
1,400 | ASKUL Corp. | 21,826 | |||||||||
10,900 | Astellas Pharma, Inc. | 189,802 | |||||||||
1,600 | Avex, Inc. | 23,634 | |||||||||
800 | Awa Bank, Ltd. (The) | 14,474 |
The accompanying notes are an integral part of these financial statements.
12
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,100 | Azbil Corp. | $ | 45,596 | ||||||||
1,100 | Bandai Namco Holdings, Inc. | 76,320 | |||||||||
600 | Bank of Kyoto, Ltd. (The) | 27,220 | |||||||||
1,300 | Bank of the Ryukyus, Ltd. | 8,402 | |||||||||
300 | Belc Co., Ltd. | 14,474 | |||||||||
1,300 | Bell System24 Holdings, Inc. | 20,455 | |||||||||
1,300 | Belluna Co., Ltd. | 11,433 | |||||||||
1,000 | Benefit One, Inc. | 31,460 | |||||||||
800 | Benesse Holdings, Inc. | 19,896 | |||||||||
1,500 | Bic Camera, Inc. | 15,109 | |||||||||
7,200 | Bridgestone Corp.† | 327,611 | |||||||||
4,000 | Broadleaf Co., Ltd.† | 18,615 | |||||||||
1,400 | Brother Industries, Ltd. | 27,938 | |||||||||
3,200 | Bunka Shutter Co., Ltd. | 31,915 | |||||||||
700 | Calbee, Inc. | 16,143 | |||||||||
900 | Canon Electronics, Inc. | 13,902 | |||||||||
4,600 | Canon, Inc.† | 104,053 | |||||||||
2,400 | Capcom Co., Ltd. | 70,210 | |||||||||
1,600 | Casio Computer Co., Ltd. | 26,745 | |||||||||
900 | Central Japan Railway Co. | 136,505 | |||||||||
3,700 | Chiba Bank, Ltd. (The) | 22,281 | |||||||||
3,800 | Chubu Electric Power Co., Inc. | 46,450 | |||||||||
700 | Chudenko Corp. | 14,372 | |||||||||
3,200 | Chugai Pharmaceutical Co., Ltd. | 126,796 | |||||||||
1,700 | Chugoku Electric Power Co., Inc. (The) | 15,516 | |||||||||
2,300 | Chugoku Marine Paints, Ltd. | 17,763 | |||||||||
5,400 | Citizen Watch Co., Ltd. | 19,929 | |||||||||
800 | Coca-Cola Bottlers Japan Holdings, Inc.† | 12,501 | |||||||||
200 | cocokara fine, Inc.† | 14,942 | |||||||||
900 | COMSYS Holdings Corp. | 24,911 | |||||||||
8,000 | Concordia Financial Group, Ltd. | 29,308 | |||||||||
1,200 | Cosmo Energy Holdings Co., Ltd. | 27,512 | |||||||||
200 | Cosmos Pharmaceutical Corp.† | 29,344 | |||||||||
600 | Create SD Holdings Co., Ltd. | 17,823 | |||||||||
1,900 | Credit Saison Co., Ltd. | 23,157 | |||||||||
3,600 | CyberAgent, Inc. | 77,285 | |||||||||
1,700 | Dai Nippon Printing Co., Ltd. | 35,945 | |||||||||
3,600 | Dai-ichi Life Holdings, Inc. | 65,911 | |||||||||
2,100 | Daicel Corp. | 17,277 | |||||||||
3,700 | Daido Metal Co., Ltd. | 19,916 | |||||||||
600 | Daido Steel Co., Ltd. | 29,650 | |||||||||
700 | Daifuku Co., Ltd. | 63,576 | |||||||||
500 | Daihen Corp. | 20,816 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
700 | Daiho Corp. | $ | 25,361 | ||||||||
2,700 | Daiichi Sankyo Co., Ltd. | 58,195 | |||||||||
600 | Daiichikosho Co., Ltd. | 23,034 | |||||||||
1,200 | Daikin Industries, Ltd. | 223,484 | |||||||||
1,400 | Daikyonishikawa Corp. | 8,695 | |||||||||
1,900 | Daio Paper Corp. | 31,451 | |||||||||
900 | Daiseki Co., Ltd. | 40,425 | |||||||||
400 | Daishi Hokuetsu Financial Group, Inc. | 8,688 | |||||||||
500 | Daito Trust Construction Co., Ltd. | 54,683 | |||||||||
5,300 | Daiwa House Industry Co., Ltd. | 159,103 | |||||||||
9,500 | Daiwa Securities Group, Inc. | 52,171 | |||||||||
2,500 | Daiwabo Holdings Co., Ltd. | 42,914 | |||||||||
2,200 | DCM Holdings Co., Ltd. | 20,951 | |||||||||
1,200 | DeNA Co., Ltd. | 25,502 | |||||||||
1,300 | Denka Co., Ltd. | 43,238 | |||||||||
1,500 | Denso Corp. | 102,331 | |||||||||
1,500 | Dentsu Group, Inc.† | 53,670 | |||||||||
2,400 | Dexerials Corp. | 50,638 | |||||||||
1,200 | DIC Corp.† | 30,298 | |||||||||
400 | Digital Arts, Inc. | 30,460 | |||||||||
700 | Dip Corp. | 21,644 | |||||||||
1,800 | DMG Mori Co., Ltd.† | 32,307 | |||||||||
1,100 | Doutor Nichires Holdings Co., Ltd. | 16,971 | |||||||||
1,100 | Dowa Holdings Co., Ltd. | 43,319 | |||||||||
600 | DTS Corp. | 14,285 | |||||||||
1,000 | Duskin Co., Ltd. | 22,809 | |||||||||
1,100 | Eagle Industry Co., Ltd. | 11,119 | |||||||||
300 | Earth Corp. | 17,418 | |||||||||
1,900 | East Japan Railway Co. | 135,571 | |||||||||
1,100 | Ebara Corp. | 54,161 | |||||||||
2,100 | EDION Corp. | 20,509 | |||||||||
1,300 | Eisai Co., Ltd. | 127,841 | |||||||||
600 | Elecom Co., Ltd. | 11,244 | |||||||||
900 | Electric Power Development Co., Ltd. | 12,840 | |||||||||
700 | en-japan, Inc. | 24,889 | |||||||||
22,400 | ENEOS Holdings, Inc. | 93,737 | |||||||||
1,000 | Exedy Corp. | 14,663 | |||||||||
500 | Ezaki Glico Co., Ltd. | 18,633 | |||||||||
900 | Fancl Corp. | 29,164 | |||||||||
100 | FANUC Corp. | 24,119 | |||||||||
400 | Fast Retailing Co., Ltd. | 301,112 | |||||||||
1,100 | FCC Co., Ltd. | 16,021 | |||||||||
2,700 | Ferrotec Holdings Corp. | 82,997 |
The accompanying notes are an integral part of these financial statements.
13
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,600 | Food & Life Cos., Ltd. | $ | 69,058 | ||||||||
900 | Foster Electric Co., Ltd. | 7,907 | |||||||||
800 | FP Corp. | 29,704 | |||||||||
1,100 | Fudo Tetra Corp. | 17,496 | |||||||||
1,600 | Fuji Corp. | 36,610 | |||||||||
1,400 | Fuji Electric Co., Ltd. | 65,403 | |||||||||
700 | Fuji Oil Holdings, Inc. | 16,653 | |||||||||
700 | Fuji Seal International, Inc. | 14,675 | |||||||||
500 | Fuji Soft, Inc. | 25,069 | |||||||||
900 | FUJIFILM Holdings Corp. | 66,746 | |||||||||
7,900 | Fujikura, Ltd.* | 36,693 | |||||||||
600 | Fujitsu General, Ltd. | 15,916 | |||||||||
2,000 | Fujitsu, Ltd. | 374,454 | |||||||||
1,000 | Fukuoka Financial Group, Inc. | 17,454 | |||||||||
600 | Fukuyama Transporting Co., Ltd. | 22,278 | |||||||||
900 | Furukawa Co., Ltd. | 10,126 | |||||||||
1,200 | Furukawa Electric Co., Ltd. | 29,888 | |||||||||
1,200 | Furuno Electric Co., Ltd. | 10,845 | |||||||||
800 | Futaba Corp. | 5,595 | |||||||||
500 | Fuyo General Lease Co., Ltd. | 31,595 | |||||||||
800 | Geo Holdings Corp. | 8,857 | |||||||||
1,000 | Glory, Ltd. | 20,730 | |||||||||
900 | GMO internet, Inc. | 24,547 | |||||||||
700 | Goldcrest Co., Ltd. | 10,472 | |||||||||
400 | Goldwin, Inc. | 23,511 | |||||||||
3,100 | Gree, Inc. | 16,408 | |||||||||
1,000 | GS Yuasa Corp. | 25,519 | |||||||||
1,100 | GungHo Online Entertainment, Inc. | 21,892 | |||||||||
4,900 | Gunma Bank, Ltd. (The) | 15,437 | |||||||||
600 | Gunze, Ltd. | 24,979 | |||||||||
900 | H.U. Group Holdings, Inc. | 23,202 | |||||||||
1,700 | H2O Retailing Corp. | 13,787 | |||||||||
5,000 | Hachijuni Bank, Ltd. (The) | 16,112 | |||||||||
2,400 | Hakuhodo DY Holdings, Inc.† | 37,244 | |||||||||
500 | Hamamatsu Photonics KK | 30,154 | |||||||||
2,200 | Hankyu Hanshin Holdings, Inc. | 67,825 | |||||||||
800 | Hanwa Co., Ltd. | 23,115 | |||||||||
5,200 | Haseko Corp. | 71,240 | |||||||||
3,500 | Hazama Ando Corp. | 25,771 | |||||||||
1,200 | Heiwa Corp. | 21,247 | |||||||||
600 | Heiwa Real Estate Co., Ltd. | 22,629 | |||||||||
900 | Heiwado Co., Ltd.† | 17,968 | |||||||||
200 | Hikari Tsushin, Inc.† | 35,123 | |||||||||
2,600 | Hino Motors, Ltd. | 22,865 | |||||||||
3,100 | Hirogin Holdings, Inc. | 16,324 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
400 | Hisamitsu Pharmaceutical Co., Inc. | $ | 19,695 | ||||||||
1,900 | Hitachi Construction Machinery Co., Ltd. | 58,063 | |||||||||
2,000 | Hitachi Metals, Ltd. | 38,238 | |||||||||
600 | Hitachi Transport System, Ltd. | 24,871 | |||||||||
6,400 | Hitachi Zosen Corp. | 41,305 | |||||||||
9,500 | Hitachi, Ltd. | 543,944 | |||||||||
400 | Hogy Medical Co., Ltd. | 12,296 | |||||||||
2,900 | Hokkaido Electric Power Co., Inc.† | 13,130 | |||||||||
700 | Hokkoku Bank, Ltd. (The) | 13,944 | |||||||||
3,000 | Hokuetsu Corp. | 15,581 | |||||||||
1,800 | Hokuhoku Financial Group, Inc. | 13,140 | |||||||||
2,300 | Hokuriku Electric Power Co. | 12,546 | |||||||||
1,200 | Hokuto Corp. | 20,728 | |||||||||
7,300 | Honda Motor Co., Ltd. | 233,269 | |||||||||
500 | Horiba, Ltd.† | 32,405 | |||||||||
3,100 | Hosiden Corp. | 27,765 | |||||||||
600 | House Foods Group, Inc. | 18,336 | |||||||||
2,400 | Hoya Corp. | 318,214 | |||||||||
2,300 | Hulic Co., Ltd.† | 25,879 | |||||||||
3,000 | Hyakugo Bank, Ltd. (The) | 8,263 | |||||||||
1,100 | Ibiden Co., Ltd. | 59,310 | |||||||||
6,700 | Ichigo, Inc. | 21,229 | |||||||||
600 | Idec Corp. | 11,347 | |||||||||
1,200 | Idemitsu Kosan Co., Ltd. | 28,981 | |||||||||
3,000 | IDOM, Inc. | 17,661 | |||||||||
2,200 | IHI Corp. | 52,200 | |||||||||
1,100 | Iida Group Holdings Co., Ltd. | 28,318 | |||||||||
900 | Inabata & Co., Ltd. | 13,861 | |||||||||
4,200 | Infomart Corp.† | 34,441 | |||||||||
10,600 | Inpex Corp.† | 79,098 | |||||||||
300 | Iriso Electronics Co., Ltd. | 14,474 | |||||||||
1,900 | Isetan Mitsukoshi Holdings, Ltd. | 13,237 | |||||||||
1,600 | Ishihara Sangyo Kaisha, Ltd. | 16,116 | |||||||||
1,500 | Isuzu Motors, Ltd. | 19,807 | |||||||||
500 | Ito En, Ltd. | 29,659 | |||||||||
2,900 | ITOCHU Corp. | 83,532 | |||||||||
700 | Itochu Techno-Solutions Corp. | 21,675 | |||||||||
3,400 | Itoham Yonekyu Holdings, Inc. | 21,882 | |||||||||
700 | Iwatani Corp. | 41,964 | |||||||||
4,100 | Iyo Bank, Ltd. (The) | 20,150 | |||||||||
500 | Izumi Co., Ltd. | 18,813 | |||||||||
2,300 | J Trust Co., Ltd.† | 7,660 | |||||||||
1,600 | J. Front Retailing Co., Ltd. | 14,186 | |||||||||
1,300 | Jaccs Co., Ltd. | 30,424 |
The accompanying notes are an integral part of these financial statements.
14
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
700 | Jafco Group Co., Ltd. | $ | 43,539 | ||||||||
1,400 | Japan Airlines Co., Ltd.* | 30,257 | |||||||||
1,800 | Japan Aviation Electronics Industry, Ltd. | 31,805 | |||||||||
1,100 | Japan Elevator Service Holdings Co., Ltd. | 25,566 | |||||||||
3,600 | Japan Exchange Group, Inc. | 80,040 | |||||||||
1,500 | Japan Lifeline Co., Ltd. | 18,241 | |||||||||
7,000 | Japan Post Holdings Co., Ltd. | 57,357 | |||||||||
1,000 | Japan Post Insurance Co., Ltd. | 18,489 | |||||||||
600 | Japan Pulp & Paper Co., Ltd. | 19,065 | |||||||||
3,000 | Japan Securities Finance Co., Ltd. | 21,900 | |||||||||
1,300 | Japan Steel Works, Ltd. (The) | 33,397 | |||||||||
10,300 | Japan Tobacco, Inc.† | 194,559 | |||||||||
1,700 | Japan Wool Textile Co., Ltd. (The) | 14,797 | |||||||||
400 | JCU Corp. | 12,890 | |||||||||
3,600 | JFE Holdings, Inc. | 42,158 | |||||||||
1,500 | JGC Holding Corp. | 13,975 | |||||||||
400 | JINS Holdings, Inc. | 30,640 | |||||||||
600 | Joshin Denki Co., Ltd. | 14,528 | |||||||||
700 | JSR Corp. | 21,171 | |||||||||
3,800 | JTEKT Corp. | 38,959 | |||||||||
800 | Juroku Bank, Ltd. (The) | 14,085 | |||||||||
8,900 | JVCKenwood Corp. | 18,986 | |||||||||
2,200 | K's Holdings Corp. | 25,288 | |||||||||
400 | Kadokawa Corp. | 16,238 | |||||||||
800 | Kagome Co., Ltd. | 21,106 | |||||||||
4,900 | Kajima Corp. | 62,058 | |||||||||
1,100 | Kakaku.com, Inc. | 33,219 | |||||||||
500 | Kaken Pharmaceutical Co., Ltd. | 21,423 | |||||||||
1,000 | Kamigumi Co., Ltd. | 20,280 | |||||||||
1,300 | Kanamoto Co., Ltd. | 29,933 | |||||||||
2,200 | Kandenko Co., Ltd. | 17,169 | |||||||||
600 | Kaneka Corp. | 24,168 | |||||||||
1,700 | Kanematsu Corp. | 22,601 | |||||||||
4,400 | Kansai Electric Power Co., Inc. (The) | 41,962 | |||||||||
1,200 | Kansai Paint Co., Ltd. | 30,579 | |||||||||
3,100 | Kao Corp.† | 190,724 | |||||||||
400 | Katitas Co., Ltd. | 11,234 | |||||||||
400 | Kato Sangyo Co., Ltd. | 12,188 | |||||||||
300 | KAWADA TECHNOLOGIES, Inc. | 9,478 | |||||||||
2,100 | Kawasaki Heavy Industries, Ltd.*,† | 44,894 | |||||||||
16,000 | KDDI Corp. | 499,032 | |||||||||
400 | Keihan Holdings Co., Ltd. | 12,098 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,500 | Keikyu Corp.† | $ | 18,336 | ||||||||
700 | Keio Corp. | 41,145 | |||||||||
200 | Keisei Electric Railway Co., Ltd. | 6,382 | |||||||||
2,500 | Keiyo Bank, Ltd. (The) | 9,159 | |||||||||
900 | Kewpie Corp. | 20,196 | |||||||||
400 | Keyence Corp. | 201,881 | |||||||||
1,100 | KH Neochem Co., Ltd. | 25,556 | |||||||||
400 | Kikkoman Corp. | 26,392 | |||||||||
900 | Kintetsu Group Holdings Co., Ltd. | 31,595 | |||||||||
1,700 | Kintetsu World Express, Inc. | 35,777 | |||||||||
5,200 | Kirin Holdings Co., Ltd.† | 101,383 | |||||||||
800 | Kissei Pharmaceutical Co., Ltd. | 15,504 | |||||||||
1,500 | Kito Corp. | 22,575 | |||||||||
2,600 | Kitz Corp. | 17,670 | |||||||||
1,600 | Kiyo Bank, Ltd. (The) | 20,696 | |||||||||
300 | Kobayashi Pharmaceutical Co., Ltd.† | 25,627 | |||||||||
1,800 | Kobe Bussan Co., Ltd. | 56,708 | |||||||||
4,400 | Kobe Steel, Ltd. | 28,239 | |||||||||
900 | Kohnan Shoji Co., Ltd. | 30,946 | |||||||||
1,300 | Koito Manufacturing Co., Ltd. | 80,859 | |||||||||
1,500 | Kokuyo Co., Ltd. | 23,426 | |||||||||
8,600 | Komatsu, Ltd. | 213,694 | |||||||||
1,100 | KOMEDA Holdings Co., Ltd. | 20,496 | |||||||||
1,000 | Komeri Co., Ltd. | 23,565 | |||||||||
1,400 | Komori Corp. | 10,245 | |||||||||
700 | Konami Holdings Corp. | 42,027 | |||||||||
6,900 | Konica Minolta, Inc. | 38,135 | |||||||||
1,200 | Konoike Transport Co., Ltd. | 13,091 | |||||||||
100 | Kose Corp. | 15,734 | |||||||||
3,200 | Kubota Corp.† | 64,723 | |||||||||
400 | Kumagai Gumi Co., Ltd. | 10,081 | |||||||||
2,700 | Kuraray Co., Ltd.† | 25,932 | |||||||||
400 | Kureha Corp. | 23,151 | |||||||||
700 | Kurita Water Industries, Ltd. | 33,584 | |||||||||
1,400 | Kyocera Corp. | 86,549 | |||||||||
1,500 | Kyoei Steel, Ltd. | 19,551 | |||||||||
1,700 | Kyokuto Kaihatsu Kogyo Co., Ltd. | 24,132 | |||||||||
500 | KYORIN Holdings, Inc. | 8,155 | |||||||||
1,000 | Kyowa Exeo Corp. | 24,619 | |||||||||
600 | Kyudenko Corp. | 19,254 | |||||||||
2,400 | Kyushu Electric Power Co., Inc. | 18,471 | |||||||||
5,000 | Kyushu Financial Group, Inc. | 17,643 | |||||||||
1,200 | Kyushu Railway Co. | 27,069 | |||||||||
600 | Lasertec Corp. | 116,603 |
The accompanying notes are an integral part of these financial statements.
15
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
400 | Lawson, Inc.† | $ | 18,507 | ||||||||
1,000 | Lintec Corp. | 21,693 | |||||||||
1,100 | Lion Corp. | 18,634 | |||||||||
2,600 | LIXIL Corp. | 67,238 | |||||||||
500 | M&A Capital Partners Co., Ltd.* | 24,394 | |||||||||
2,800 | M3, Inc. | 204,477 | |||||||||
700 | Mabuchi Motor Co., Ltd.† | 26,464 | |||||||||
1,300 | Macnica Fuji Electronics Holdings, Inc. | 31,255 | |||||||||
900 | Macromill, Inc. | 6,902 | |||||||||
3,800 | Maeda Corp.† | 32,939 | |||||||||
800 | Maeda Kosen Co., Ltd. | 25,132 | |||||||||
400 | Maeda Road Construction Co., Ltd. | 7,856 | |||||||||
600 | Makino Milling Machine Co., Ltd. | 24,196 | |||||||||
900 | Makita Corp. | 42,369 | |||||||||
6,900 | Marubeni Corp. | 60,003 | |||||||||
800 | Marudai Food Co., Ltd. | 12,206 | |||||||||
700 | Maruha Nichiro Corp. | 14,876 | |||||||||
2,200 | Marui Group Co., Ltd. | 41,348 | |||||||||
700 | Maruichi Steel Tube, Ltd. | 16,439 | |||||||||
2,200 | Marusan Securities Co., Ltd. | 11,961 | |||||||||
900 | Matsui Securities Co., Ltd. | 6,562 | |||||||||
700 | Matsumotokiyoshi Holdings Co., Ltd. | 30,906 | |||||||||
1,700 | Maxell Holdings, Ltd.* | 19,005 | |||||||||
4,100 | Mazda Motor Corp.* | 38,529 | |||||||||
500 | McDonald's Holdings Co. Japan, Ltd.† | 22,053 | |||||||||
9,000 | Mebuki Financial Group, Inc. | 18,957 | |||||||||
1,000 | Medipal Holdings Corp. | 19,101 | |||||||||
1,000 | Megachips Corp. | 28,669 | |||||||||
1,000 | Megmilk Snow Brand Co., Ltd. | 19,029 | |||||||||
1,700 | Meidensha Corp. | 33,803 | |||||||||
1,000 | MEIJI Holdings Co., Ltd. | 59,859 | |||||||||
1,200 | Meiko Electronics Co., Ltd. | 35,213 | |||||||||
500 | Meitec Corp. | 27,049 | |||||||||
600 | Milbon Co., Ltd. | 33,917 | |||||||||
1,200 | Mimasu Semiconductor Industry Co., Ltd. | 29,607 | |||||||||
2,200 | MINEBEA MITSUMI, Inc. | 58,201 | |||||||||
1,600 | Mirait Holdings Corp. | 28,387 | |||||||||
1,000 | MISUMI Group, Inc. | 33,845 | |||||||||
15,300 | Mitsubishi Chemical Holdings Corp. | 128,562 | |||||||||
5,500 | Mitsubishi Corp. | 149,908 | |||||||||
13,000 | Mitsubishi Electric Corp. | 188,690 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
5,800 | Mitsubishi Estate Co., Ltd. | $ | 93,791 | ||||||||
1,700 | Mitsubishi Gas Chemical Co., Inc. | 36,052 | |||||||||
13,800 | Mitsubishi HC Capital, Inc. | 73,910 | |||||||||
1,000 | Mitsubishi Heavy Industries, Ltd. | 29,425 | |||||||||
900 | Mitsubishi Logistics Corp. | 26,653 | |||||||||
1,000 | Mitsubishi Materials Corp. | 19,938 | |||||||||
5,200 | Mitsubishi Motors Corp.* | 14,604 | |||||||||
51,700 | Mitsubishi UFJ Financial Group, Inc. | 279,267 | |||||||||
6,000 | Mitsui & Co., Ltd. | 135,047 | |||||||||
2,500 | Mitsui Chemicals, Inc. | 86,300 | |||||||||
2,100 | Mitsui E&S Holdings Co., Ltd.* | 9,811 | |||||||||
4,700 | Mitsui Fudosan Co., Ltd. | 108,854 | |||||||||
600 | Mitsui High-Tec, Inc. | 34,511 | |||||||||
1,900 | Mitsui Mining & Smelting Co., Ltd. | 52,676 | |||||||||
1,200 | Mitsui OSK Lines, Ltd. | 57,680 | |||||||||
800 | Mitsui-Soko Holdings Co., Ltd. | 18,190 | |||||||||
300 | Miura Co., Ltd. | 13,002 | |||||||||
1,000 | Mixi, Inc. | 26,374 | |||||||||
700 | Miyazaki Bank, Ltd. (The) | 12,476 | |||||||||
9,790 | Mizuho Financial Group, Inc. | 139,895 | |||||||||
1,000 | Mizuho Leasing Co., Ltd. | 33,710 | |||||||||
300 | Mochida Pharmaceutical Co., Ltd. | 9,829 | |||||||||
400 | Modec, Inc. | 7,410 | |||||||||
3,300 | Monex Group, Inc. | 22,219 | |||||||||
600 | Monogatari Corp. (The) | 40,344 | |||||||||
1,600 | MonotaRO Co., Ltd. | 37,877 | |||||||||
400 | Morinaga & Co. Ltd/Japan | 12,782 | |||||||||
700 | Morinaga Milk Industry Co., Ltd. | 36,482 | |||||||||
1,800 | MS&AD Insurance Group Holdings, Inc. | 51,977 | |||||||||
3,300 | Murata Manufacturing Co., Ltd. | 251,952 | |||||||||
2,000 | Musashi Seimitsu Industry Co., Ltd. | 44,538 | |||||||||
1,000 | Musashino Bank, Ltd. (The) | 15,032 | |||||||||
1,200 | Nabtesco Corp.† | 45,367 | |||||||||
600 | Nachi-Fujikoshi Corp. | 21,117 | |||||||||
1,500 | Nagase & Co., Ltd. | 22,386 | |||||||||
1,300 | Nagoya Railroad Co., Ltd. | 24,176 | |||||||||
1,200 | Nankai Electric Railway Co., Ltd. | 25,632 | |||||||||
800 | Nanto Bank, Ltd. (The) | 13,228 | |||||||||
2,600 | NEC Corp. | 133,867 | |||||||||
1,100 | NET One Systems Co., Ltd. | 36,289 | |||||||||
1,900 | Nexon Co., Ltd. | 42,346 | |||||||||
2,000 | NGK Insulators, Ltd. | 33,557 | |||||||||
2,500 | NGK Spark Plug Co., Ltd.† | 37,040 |
The accompanying notes are an integral part of these financial statements.
16
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,000 | NH Foods, Ltd. | $ | 38,886 | ||||||||
2,400 | NHK Spring Co., Ltd. | 19,702 | |||||||||
1,300 | Nichi-iko Pharmaceutical Co., Ltd. | 10,415 | |||||||||
1,200 | Nichias Corp. | 30,190 | |||||||||
700 | Nichiha Corp. | 17,787 | |||||||||
800 | Nichirei Corp. | 21,020 | |||||||||
900 | Nidec Corp. | 104,303 | |||||||||
1,600 | Nifco, Inc. | 60,417 | |||||||||
700 | Nihon Kohden Corp. | 19,974 | |||||||||
2,000 | Nihon M&A Center, Inc. | 51,866 | |||||||||
1,800 | Nihon Parkerizing Co., Ltd. | 17,968 | |||||||||
900 | Nihon Unisys, Ltd. | 27,058 | |||||||||
1,700 | Nikkiso Co., Ltd.† | 17,093 | |||||||||
1,300 | Nikkon Holdings Co., Ltd. | 28,295 | |||||||||
3,000 | Nikon Corp. | 32,000 | |||||||||
500 | Nintendo Co., Ltd. | 290,832 | |||||||||
900 | Nippn Corp. | 12,711 | |||||||||
1,200 | Nippo Corp. | 34,187 | |||||||||
600 | Nippon Carbon Co., Ltd. | 22,629 | |||||||||
700 | Nippon Densetsu Kogyo Co., Ltd. | 11,373 | |||||||||
900 | Nippon Electric Glass Co., Ltd. | 21,144 | |||||||||
1,200 | Nippon Express Co., Ltd. | 91,381 | |||||||||
1,800 | Nippon Gas Co., Ltd. | 30,590 | |||||||||
1,520 | Nippon Light Metal Holdings Co., Ltd. | 25,585 | |||||||||
1,200 | Nippon Paper Industries Co., Ltd. | 13,437 | |||||||||
1,200 | Nippon Sanso Holdings Corp. | 24,595 | |||||||||
1,200 | Nippon Seiki Co., Ltd. | 12,800 | |||||||||
300 | Nippon Shinyaku Co., Ltd. | 23,790 | |||||||||
400 | Nippon Shokubai Co., Ltd. | 19,227 | |||||||||
2,600 | Nippon Signal Co., Ltd. | 21,438 | |||||||||
900 | Nippon Soda Co., Ltd. | 26,045 | |||||||||
5,500 | Nippon Steel Corp. | 92,752 | |||||||||
500 | Nippon Steel Trading Corp. | 19,668 | |||||||||
3,600 | Nippon Suisan Kaisha, Ltd. | 17,142 | |||||||||
8,000 | Nippon Telegraph & Telephone Corp. | 208,434 | |||||||||
530 | Nippon Yakin Kogyo Co., Ltd. | 10,829 | |||||||||
1,800 | Nippon Yusen KK | 91,219 | |||||||||
2,200 | Nipro Corp. | 26,001 | |||||||||
2,000 | Nishi-Nippon Financial Holdings, Inc. | 11,378 | |||||||||
900 | Nishi-Nippon Railroad Co., Ltd. | 21,808 | |||||||||
1,000 | Nishimatsu Construction Co., Ltd. | 31,145 | |||||||||
1,600 | Nishimatsuya Chain Co., Ltd. | 21,704 | |||||||||
700 | Nishio Rent All Co., Ltd. | 19,533 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
800 | Nissan Chemical Corp. | $ | 39,174 | ||||||||
12,900 | Nissan Motor Co., Ltd.* | 64,015 | |||||||||
1,100 | Nissha Co., Ltd.† | 16,545 | |||||||||
800 | Nisshin Oillio Group, Ltd. (The) | 22,107 | |||||||||
1,400 | Nisshin Seifun Group, Inc. | 20,478 | |||||||||
5,700 | Nisshinbo Holdings, Inc.† | 49,204 | |||||||||
400 | Nissin Foods Holdings Co., Ltd. | 28,804 | |||||||||
500 | Nitori Holdings Co., Ltd. | 88,483 | |||||||||
900 | Nitto Denko Corp. | 67,159 | |||||||||
700 | Nitto Kogyo Corp. | 11,487 | |||||||||
300 | Noevir Holdings Co., Ltd. | 15,230 | |||||||||
700 | NOF Corp. | 36,482 | |||||||||
1,100 | Nojima Corp. | 27,189 | |||||||||
1,500 | NOK Corp. | 18,606 | |||||||||
1,800 | Nomura Co., Ltd. | 15,473 | |||||||||
14,300 | Nomura Holdings, Inc. | 73,086 | |||||||||
1,500 | Nomura Real Estate Holdings, Inc. | 38,049 | |||||||||
1,500 | Nomura Research Institute, Ltd. | 49,620 | |||||||||
300 | Noritake Co., Ltd. | 11,396 | |||||||||
700 | Noritsu Koki Co., Ltd.† | 14,971 | |||||||||
7,800 | North Pacific Bank, Ltd. | 16,570 | |||||||||
800 | NSD Co., Ltd. | 13,365 | |||||||||
2,900 | NSK, Ltd. | 24,511 | |||||||||
10,800 | NTN Corp.* | 28,192 | |||||||||
4,900 | NTT Data Corp. | 76,436 | |||||||||
600 | Obara Group, Inc.† | 20,577 | |||||||||
6,000 | Obayashi Corp. | 47,689 | |||||||||
200 | Obic Co., Ltd. | 37,283 | |||||||||
2,100 | Odakyu Electric Railway Co., Ltd. | 53,041 | |||||||||
1,100 | Ogaki Kyoritsu Bank, Ltd. (The) | 18,357 | |||||||||
8,800 | Oji Holdings Corp. | 50,537 | |||||||||
1,000 | Okamura Corp. | 13,529 | |||||||||
4,600 | Okasan Securities Group, Inc. | 17,225 | |||||||||
1,800 | Oki Electric Industry Co., Ltd. | 16,494 | |||||||||
500 | Okinawa Cellular Telephone Co. | 23,088 | |||||||||
1,155 | Okinawa Electric Power Co., Inc. (The) | 14,399 | |||||||||
500 | OKUMA Corp. | 24,439 | |||||||||
700 | Okumura Corp. | 18,405 | |||||||||
8,100 | Olympus Corp. | 160,987 | |||||||||
500 | Omron Corp. | 39,651 | |||||||||
2,000 | Ono Pharmaceutical Co., Ltd. | 44,628 | |||||||||
3,700 | Onward Holdings Co., Ltd. | 11,190 | |||||||||
1,200 | Open House Co., Ltd. | 56,384 | |||||||||
200 | Oracle Corp. Japan | 15,302 |
The accompanying notes are an integral part of these financial statements.
17
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
8,100 | Orient Corp. | $ | 10,645 | ||||||||
200 | Oriental Land Co., Ltd. | 28,498 | |||||||||
11,000 | ORIX Corp. | 185,602 | |||||||||
2,000 | Osaka Gas Co., Ltd. | 37,247 | |||||||||
1,100 | OSG Corp. | 19,070 | |||||||||
700 | Otsuka Corp. | 36,734 | |||||||||
1,100 | Otsuka Holdings Co., Ltd.† | 45,616 | |||||||||
1,900 | Outsourcing, Inc. | 34,530 | |||||||||
1,600 | Pacific Industrial Co., Ltd. | 17,239 | |||||||||
900 | Pacific Metals Co., Ltd. | 13,788 | |||||||||
3,600 | Pan Pacific International Holdings Corp. | 74,725 | |||||||||
28,200 | Panasonic Corp. | 326,307 | |||||||||
1,500 | Park24 Co., Ltd.* | 27,247 | |||||||||
3,900 | Penta-Ocean Construction Co., Ltd. | 27,136 | |||||||||
800 | PeptiDream, Inc.* | 39,246 | |||||||||
1,300 | Persol Holdings Co., Ltd. | 25,685 | |||||||||
1,000 | Pigeon Corp.† | 28,174 | |||||||||
500 | Pilot Corp. | 16,922 | |||||||||
1,100 | Piolax, Inc. | 15,129 | |||||||||
900 | Pola Orbis Holdings, Inc.† | 23,769 | |||||||||
2,500 | Press Kogyo Co., Ltd.† | 7,809 | |||||||||
600 | Pressance Corp. | 8,069 | |||||||||
1,100 | Prima Meat Packers, Ltd. | 29,754 | |||||||||
1,300 | Qol Holdings Co., Ltd. | 18,138 | |||||||||
900 | Raito Kogyo Co., Ltd. | 14,631 | |||||||||
2,000 | Rakuten Group, Inc. | 22,575 | |||||||||
7,700 | Recruit Holdings Co., Ltd. | 379,126 | |||||||||
900 | Relo Group, Inc. | 20,577 | |||||||||
6,700 | Renesas Electronics Corp.* | 72,431 | |||||||||
2,800 | Rengo Co., Ltd. | 23,313 | |||||||||
10,600 | Resona Holdings, Inc. | 40,761 | |||||||||
1,100 | Resorttrust, Inc. | 17,961 | |||||||||
5,100 | Ricoh Co., Ltd. | 57,246 | |||||||||
400 | Ricoh Leasing Co., Ltd. | 12,404 | |||||||||
400 | Rinnai Corp. | 38,058 | |||||||||
4,000 | Riso Kyoiku Co., Ltd. | 11,990 | |||||||||
100 | Rohm Co., Ltd. | 9,244 | |||||||||
700 | Rohto Pharmaceutical Co., Ltd. | 18,808 | |||||||||
300 | Rorze Corp. | 26,410 | |||||||||
500 | Ryobi, Ltd. | 6,981 | |||||||||
2,000 | Ryohin Keikaku Co., Ltd. | 41,946 | |||||||||
200 | Ryosan Co., Ltd. | 3,635 | |||||||||
600 | S Foods, Inc. | 17,769 | |||||||||
1,300 | Sakata INX Corp. | 11,830 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
2,700 | Sala Corp. | $ | 14,096 | ||||||||
1,800 | SAMTY Co., Ltd. | 34,527 | |||||||||
300 | San-A Co., Ltd. | 11,396 | |||||||||
2,100 | San-Ai Oil Co., Ltd. | 24,309 | |||||||||
3,000 | San-In Godo Bank, Ltd. (The) | 14,555 | |||||||||
1,200 | Sangetsu Corp. | 16,721 | |||||||||
900 | Sanken Electric Co., Ltd. | 44,799 | |||||||||
1,300 | Sanki Engineering Co., Ltd. | 16,441 | |||||||||
600 | Sankyo Co., Ltd. | 15,322 | |||||||||
500 | Sankyu, Inc. | 21,671 | |||||||||
2,200 | Santen Pharmaceutical Co., Ltd. | 30,298 | |||||||||
2,300 | Sanwa Holdings Corp. | 28,239 | |||||||||
500 | Sanyo Chemical Industries, Ltd. | 24,349 | |||||||||
300 | Sanyo Denki Co., Ltd. | 20,739 | |||||||||
1,200 | Sapporo Holdings, Ltd.† | 24,973 | |||||||||
900 | Sato Holdings Corp. | 22,068 | |||||||||
400 | Sawai Group Holdings Co., Ltd. | 17,823 | |||||||||
1,900 | SBI Holdings, Inc. | 44,945 | |||||||||
300 | SCREEN Holdings Co., Ltd. | 29,650 | |||||||||
200 | SCSK Corp. | 11,918 | |||||||||
900 | Secom Co., Ltd. | 68,406 | |||||||||
2,100 | Sega Sammy Holdings, Inc. | 27,560 | |||||||||
3,000 | Seibu Holdings, Inc.† | 35,159 | |||||||||
1,000 | Seikagaku Corp. | 9,730 | |||||||||
4,500 | Seiko Epson Corp. | 79,148 | |||||||||
700 | Seiko Holdings Corp. | 13,969 | |||||||||
1,600 | Seino Holdings Co., Ltd. | 20,509 | |||||||||
1,400 | Seiren Co., Ltd. | 27,648 | |||||||||
4,200 | Sekisui Chemical Co., Ltd. | 71,793 | |||||||||
3,700 | Sekisui House, Ltd. | 75,885 | |||||||||
8,500 | Senshu Ikeda Holdings, Inc. | 12,165 | |||||||||
600 | Seria Co., Ltd. | 22,116 | |||||||||
6,900 | Seven & i Holdings Co., Ltd. | 328,991 | |||||||||
7,000 | Seven Bank, Ltd. | 14,870 | |||||||||
1,800 | SG Holdings Co., Ltd. | 47,197 | |||||||||
1,900 | Sharp Corp. | 31,349 | |||||||||
600 | Shibuya Corp.† | 16,769 | |||||||||
1,000 | Shiga Bank, Ltd. (The) | 17,481 | |||||||||
1,700 | Shikoku Electric Power Co., Inc. | 11,568 | |||||||||
900 | Shima Seiki Manufacturing, Ltd. | 15,384 | |||||||||
1,000 | Shimadzu Corp. | 38,661 | |||||||||
200 | Shimamura Co., Ltd. | 19,191 | |||||||||
200 | Shimano, Inc. | 47,437 | |||||||||
3,500 | Shimizu Corp. | 26,842 | |||||||||
1,400 | Shin-Etsu Chemical Co., Ltd. | 234,142 |
The accompanying notes are an integral part of these financial statements.
18
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
2,000 | Shin-Etsu Polymer Co., Ltd. | $ | 18,471 | ||||||||
1,100 | Shinko Electric Industries Co., Ltd. | 40,249 | |||||||||
1,700 | Shinmaywa Industries, Ltd. | 14,675 | |||||||||
1,800 | Shinsei Bank, Ltd. | 23,607 | |||||||||
1,000 | Shionogi & Co., Ltd. | 52,127 | |||||||||
1,200 | Ship Healthcare Holdings, Inc. | 28,008 | |||||||||
600 | Shiseido Co., Ltd.† | 44,130 | |||||||||
4,800 | Shizuoka Bank, Ltd. (The)† | 37,114 | |||||||||
2,800 | Shizuoka Gas Co., Ltd.† | 25,078 | |||||||||
300 | SHO-BOND Holdings Co., Ltd. | 12,489 | |||||||||
300 | Shoei Co., Ltd. | 11,328 | |||||||||
1,300 | Showa Denko KK | 38,616 | |||||||||
1,000 | Siix Corp.† | 12,791 | |||||||||
1,100 | Sinfonia Technology Co., Ltd. | 12,367 | |||||||||
3,900 | SKY Perfect JSAT Holdings, Inc. | 14,218 | |||||||||
2,600 | Skylark Holdings Co., Ltd.*,† | 36,111 | |||||||||
100 | SMC Corp. | 59,094 | |||||||||
1,300 | SMS Co., Ltd. | 38,908 | |||||||||
2,700 | Sodick Co., Ltd.† | 24,814 | |||||||||
11,900 | SoftBank Corp. | 155,692 | |||||||||
11,100 | SoftBank Group Corp. | 776,835 | |||||||||
500 | Sohgo Security Services Co., Ltd. | 22,773 | |||||||||
7,800 | Sojitz Corp. | 23,520 | |||||||||
2,000 | Sompo Holdings, Inc. | 73,919 | |||||||||
8,500 | Sony Group Corp. | 827,467 | |||||||||
800 | Sotetsu Holdings, Inc. | 15,763 | |||||||||
400 | Square Enix Holdings Co., Ltd. | 19,839 | |||||||||
400 | Stanley Electric Co., Ltd. | 11,576 | |||||||||
1,600 | Star Micronics Co., Ltd. | 24,354 | |||||||||
800 | Starts Corp., Inc. | 20,473 | |||||||||
6,000 | Subaru Corp. | 118,358 | |||||||||
200 | Sugi Holdings Co., Ltd. | 14,582 | |||||||||
3,600 | SUMCO Corp.† | 88,303 | |||||||||
13,500 | Sumitomo Chemical Co., Ltd. | 71,574 | |||||||||
3,800 | Sumitomo Corp. | 50,897 | |||||||||
1,500 | Sumitomo Dainippon Pharma Co., Ltd. | 31,433 | |||||||||
5,300 | Sumitomo Electric Industries, Ltd. | 78,192 | |||||||||
1,600 | Sumitomo Forestry Co., Ltd.† | 29,308 | |||||||||
1,700 | Sumitomo Heavy Industries, Ltd. | 46,825 | |||||||||
1,100 | Sumitomo Metal Mining Co., Ltd. | 42,824 | |||||||||
3,600 | Sumitomo Mitsui Construction Co., Ltd. | 15,295 | |||||||||
5,600 | Sumitomo Mitsui Financial Group, Inc. | 193,060 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,900 | Sumitomo Mitsui Trust Holdings, Inc. | $ | 60,338 | ||||||||
900 | Sumitomo Osaka Cement Co., Ltd. | 24,466 | |||||||||
1,700 | Sumitomo Realty & Development Co., Ltd. | 60,750 | |||||||||
3,700 | Sumitomo Rubber Industries, Ltd.† | 51,056 | |||||||||
400 | Sumitomo Seika Chemicals Co., Ltd. | 12,962 | |||||||||
900 | Sumitomo Warehouse Co., Ltd. (The) | 12,938 | |||||||||
2,600 | Sun Frontier Fudousan Co., Ltd. | 24,480 | |||||||||
700 | Sundrug Co., Ltd. | 22,242 | |||||||||
1,100 | Suntory Beverage & Food, Ltd.† | 41,388 | |||||||||
400 | Suzuken Co., Ltd. | 11,720 | |||||||||
2,700 | Suzuki Motor Corp. | 114,251 | |||||||||
900 | Sysmex Corp. | 106,935 | |||||||||
1,700 | Systena Corp. | 32,578 | |||||||||
800 | T Hasegawa Co., Ltd. | 17,715 | |||||||||
2,400 | T&D Holdings, Inc. | 31,022 | |||||||||
700 | Tachi-S Co., Ltd. | 9,363 | |||||||||
2,200 | Tadano, Ltd. | 22,971 | |||||||||
1,800 | Taiheiyo Cement Corp. | 39,485 | |||||||||
3,200 | Taisei Corp. | 104,847 | |||||||||
200 | Taisho Pharmaceutical Holdings Co., Ltd. | 10,712 | |||||||||
300 | Taiyo Holdings Co., Ltd. | 14,177 | |||||||||
1,600 | Taiyo Yuden Co., Ltd. | 79,067 | |||||||||
500 | Takara Holdings, Inc. | 6,233 | |||||||||
1,600 | Takashimaya Co., Ltd. | 17,398 | |||||||||
6,700 | Takeda Pharmaceutical Co., Ltd. | 224,288 | |||||||||
1,200 | Takeuchi Manufacturing Co., Ltd. | 29,888 | |||||||||
2,100 | Tamura Corp.† | 15,746 | |||||||||
1,200 | TDK Corp. | 145,713 | |||||||||
1,800 | TechnoPro Holdings, Inc. | 42,580 | |||||||||
4,200 | Teijin, Ltd. | 64,005 | |||||||||
400 | Tekken Corp. | 6,632 | |||||||||
3,300 | Terumo Corp. | 133,729 | |||||||||
1,300 | THK Co., Ltd.† | 38,791 | |||||||||
1,200 | TIS, Inc. | 30,644 | |||||||||
3,100 | Toagosei Co., Ltd.† | 31,504 | |||||||||
1,500 | Tobu Railway Co., Ltd. | 38,778 | |||||||||
2,200 | Tocalo Co., Ltd. | 27,783 | |||||||||
3,500 | Toda Corp. | 24,101 | |||||||||
600 | Toho Co., Ltd | 24,736 | |||||||||
500 | Toho Gas Co., Ltd. | 24,484 | |||||||||
1,500 | Toho Holdings Co., Ltd. | 24,128 |
The accompanying notes are an integral part of these financial statements.
19
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
3,300 | Tohoku Electric Power Co., Inc. | $ | 25,843 | ||||||||
3,600 | Tokai Carbon Co., Ltd.† | 49,644 | |||||||||
1,300 | TOKAI Holdings Corp. | 10,590 | |||||||||
1,300 | Tokai Rika Co., Ltd. | 20,841 | |||||||||
4,800 | Tokai Tokyo Financial Holdings, Inc. | 17,023 | |||||||||
200 | Token Corp. | 18,273 | |||||||||
2,400 | Tokio Marine Holdings, Inc. | 110,349 | |||||||||
1,100 | Tokuyama Corp. | 22,397 | |||||||||
700 | Tokyo Century Corp. | 37,616 | |||||||||
9,100 | Tokyo Electric Power Co. Holdings, Inc.* | 27,031 | |||||||||
1,100 | Tokyo Electron, Ltd. | 476,061 | |||||||||
2,400 | Tokyo Gas Co., Ltd. | 45,302 | |||||||||
1,400 | Tokyo Kiraboshi Financial Group, Inc. | 18,852 | |||||||||
500 | Tokyo Ohka Kogyo Co., Ltd. | 31,550 | |||||||||
800 | Tokyo Seimitsu Co., Ltd. | 36,221 | |||||||||
2,000 | Tokyo Steel Manufacturing Co., Ltd. | 19,947 | |||||||||
2,700 | Tokyo Tatemono Co., Ltd.† | 38,497 | |||||||||
400 | Tokyotokeiba Co., Ltd. | 16,328 | |||||||||
1,700 | Tokyu Construction Co., Ltd. | 12,043 | |||||||||
1,600 | Tokyu Corp. | 21,762 | |||||||||
6,100 | Tokyu Fudosan Holdings Corp. | 36,679 | |||||||||
5,300 | TOMONY Holdings, Inc. | 13,978 | |||||||||
1,900 | Tomy Co., Ltd. | 16,282 | |||||||||
1,500 | Toppan Printing Co., Ltd. | 24,101 | |||||||||
1,100 | Topre Corp. | 15,753 | |||||||||
500 | Topy Industries, Ltd. | 5,833 | |||||||||
16,200 | Toray Industries, Inc. | 107,776 | |||||||||
1,300 | Tosei Corp. | 12,556 | |||||||||
1,200 | Toshiba Corp.† | 51,902 | |||||||||
500 | Toshiba TEC Corp. | 20,568 | |||||||||
3,600 | Tosoh Corp. | 62,087 | |||||||||
600 | TOTO, Ltd. | 31,054 | |||||||||
900 | Towa Pharmaceutical Co., Ltd. | 21,906 | |||||||||
3,100 | Toyo Construction Co., Ltd. | 15,822 | |||||||||
500 | Toyo Ink SC Holdings Co., Ltd. | 8,857 | |||||||||
1,000 | Toyo Seikan Group Holdings, Ltd. | 13,655 | |||||||||
800 | Toyo Suisan Kaisha, Ltd. | 30,784 | |||||||||
1,600 | Toyo Tire Corp.† | 33,816 | |||||||||
2,500 | Toyobo Co., Ltd. | 29,997 | |||||||||
500 | Toyoda Gosei Co., Ltd. | 12,309 | |||||||||
700 | Toyota Industries Corp. | 60,552 | |||||||||
20,300 | Toyota Motor Corp. | 1,774,274 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,400 | Toyota Tsusho Corp. | $ | 66,160 | ||||||||
600 | TPR Co., Ltd. | 7,977 | |||||||||
1,200 | Trend Micro, Inc. | 62,865 | |||||||||
800 | Tri Chemical Laboratories, Inc. | 23,691 | |||||||||
300 | Trusco Nakayama Corp. | 7,648 | |||||||||
1,600 | TS Tech Co., Ltd. | 24,700 | |||||||||
600 | Tsubakimoto Chain Co. | 17,120 | |||||||||
1,900 | Tsugami Corp. | 29,228 | |||||||||
700 | Tsumura & Co. | 22,022 | |||||||||
200 | Tsuruha Holdings, Inc. | 23,241 | |||||||||
700 | TV Asahi Holdings Corp. | 11,096 | |||||||||
1,000 | UACJ Corp. | 25,051 | |||||||||
2,000 | Ube Industries, Ltd. | 40,488 | |||||||||
500 | Ulvac, Inc.† | 25,339 | |||||||||
1,500 | Unicharm Corp. | 60,354 | |||||||||
800 | Unipres Corp. | 6,575 | |||||||||
800 | United Arrows, Ltd. | 15,489 | |||||||||
1,100 | United Super Markets Holdings, Inc. | 10,743 | |||||||||
2,000 | Ushio, Inc. | 36,545 | |||||||||
1,300 | USS Co., Ltd. | 22,678 | |||||||||
600 | UT Group Co., Ltd. | 17,499 | |||||||||
400 | V Technology Co., Ltd. | 19,227 | |||||||||
1,200 | Valor Holdings Co., Ltd. | 24,455 | |||||||||
1,000 | Valqua, Ltd. | 19,560 | |||||||||
1,400 | Vital KSK Holdings, Inc. | 9,023 | |||||||||
3,800 | VT Holdings Co., Ltd. | 15,768 | |||||||||
800 | Wacoal Holdings Corp. | 18,111 | |||||||||
3,000 | Wacom Co., Ltd. | 19,065 | |||||||||
800 | Welcia Holdings Co., Ltd. | 26,140 | |||||||||
1,000 | West Japan Railway Co. | 57,014 | |||||||||
300 | Workman Co., Ltd.† | 21,009 | |||||||||
1,000 | Xebio Holdings Co., Ltd. | 8,704 | |||||||||
400 | Yakult Honsha Co., Ltd. | 22,647 | |||||||||
4,400 | Yamada Holdings Co., Ltd. | 20,318 | |||||||||
2,100 | Yamaguchi Financial Group, Inc. | 11,984 | |||||||||
500 | Yamaha Corp. | 27,139 | |||||||||
4,200 | Yamaha Motor Co., Ltd.† | 114,173 | |||||||||
2,400 | Yamato Holdings Co., Ltd. | 68,266 | |||||||||
900 | Yamato Kogyo Co., Ltd. | 29,772 | |||||||||
1,200 | Yamazaki Baking Co., Ltd.† | 16,915 | |||||||||
400 | Yaoko Co., Ltd.† | 22,935 | |||||||||
1,200 | Yellow Hat, Ltd. | 21,257 | |||||||||
600 | Yokogawa Bridge Holdings Corp. | 11,369 | |||||||||
1,200 | Yokogawa Electric Corp. | 17,931 | |||||||||
2,500 | Yokohama Reito Co., Ltd. | 19,848 |
The accompanying notes are an integral part of these financial statements.
20
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
2,100 | Yokohama Rubber Co., Ltd. (The)† | $ | 44,970 | ||||||||
19,800 | Z Holdings Corp. | 99,236 | |||||||||
700 | Zenkoku Hosho Co., Ltd. | 30,087 | |||||||||
900 | Zensho Holdings Co., Ltd. | 23,113 | |||||||||
2,300 | Zeon Corp. | 31,821 | |||||||||
600 | ZOZO, Inc. | 20,388 | |||||||||
34,197,941 | |||||||||||
Netherlands—2.3% | |||||||||||
1,275 | Aalberts NV | 68,516 | |||||||||
1,069 | ABN AMRO Bank NV, CVA*,# | 12,919 | |||||||||
722 | Accell Group NV* | 38,782 | |||||||||
78 | Adyen NV*,# | 190,573 | |||||||||
13,837 | Aegon NV | 57,409 | |||||||||
1,266 | Akzo Nobel NV | 156,421 | |||||||||
580 | AMG Advanced Metallurgical Group NV | 19,807 | |||||||||
576 | Amsterdam Commodities NV | 15,640 | |||||||||
882 | APERAM SA | 45,190 | |||||||||
2,093 | Arcadis NV† | 85,671 | |||||||||
5,174 | ArcelorMittal SA | 158,592 | |||||||||
802 | ASM International NV | 263,419 | |||||||||
2,066 | ASML Holding NV | 1,419,391 | |||||||||
2,865 | ASR Nederland NV | 110,714 | |||||||||
1,377 | Basic-Fit NV*,# | 58,878 | |||||||||
1,008 | BE Semiconductor Industries NV | 85,507 | |||||||||
1,770 | Boskalis Westminster | 56,793 | |||||||||
1,216 | Coca-Cola European Partners Plc | 71,430 | |||||||||
988 | Corbion NV | 56,467 | |||||||||
691 | Flow Traders# | 29,726 | |||||||||
2,215 | Fugro NV* | 21,229 | |||||||||
490 | GrandVision NV# | 16,385 | |||||||||
2,032 | Heineken NV | 246,245 | |||||||||
14,743 | ING Groep NV | 194,744 | |||||||||
2,027 | Intertrust NV*,# | 36,485 | |||||||||
10,441 | Koninklijke Ahold Delhaize NV | 310,377 | |||||||||
7,677 | Koninklijke BAM Groep NV* | 21,319 | |||||||||
824 | Koninklijke DSM NV | 153,789 | |||||||||
56,357 | Koninklijke KPN NV | 176,018 | |||||||||
3,491 | Koninklijke Philips NV | 172,988 | |||||||||
899 | Koninklijke Vopak NV | 40,827 | |||||||||
1,567 | NN Group NV | 73,914 | |||||||||
1,110 | OCI NV* | 27,008 | |||||||||
4,749 | Ordina NV | 21,286 | |||||||||
11,318 | PostNL NV | 61,358 |
Shares | Value (Note 1) | ||||||||||
Netherlands (Continued) | |||||||||||
1,111 | Prosus NV* | $ | 108,643 | ||||||||
1,299 | Randstad NV | 99,349 | |||||||||
3,497 | SBM Offshore NV | 53,138 | |||||||||
2,451 | Signify NV# | 155,021 | |||||||||
839 | Sligro Food Group NV* | 24,622 | |||||||||
1,271 | TKH Group NV | 64,112 | |||||||||
1,381 | TomTom NV* | 11,569 | |||||||||
388 | Van Lanschot Kempen NV | 9,869 | |||||||||
2,640 | Wolters Kluwer NV | 265,206 | |||||||||
5,367,346 | |||||||||||
New Zealand—0.2% | |||||||||||
15,320 | Air New Zealand, Ltd.*,† | 16,598 | |||||||||
3,965 | Auckland International Airport, Ltd.* | 20,149 | |||||||||
6,975 | Chorus, Ltd. | 31,203 | |||||||||
5,950 | Contact Energy, Ltd. | 34,437 | |||||||||
1,501 | EBOS Group, Ltd. | 33,889 | |||||||||
2,488 | Fisher & Paykel Healthcare Corp., Ltd. | 54,121 | |||||||||
3,726 | Fletcher Building, Ltd. | 19,586 | |||||||||
3,759 | Freightways, Ltd. | 33,107 | |||||||||
11,751 | Heartland Group Holdings, Ltd.† | 17,003 | |||||||||
13,666 | Infratil, Ltd. | 73,555 | |||||||||
7,008 | Kathmandu Holdings, Ltd.† | 7,887 | |||||||||
1,307 | Mainfreight, Ltd. | 70,301 | |||||||||
5,736 | Meridian Energy, Ltd. | 21,370 | |||||||||
1,991 | Port of Tauranga, Ltd. | 9,784 | |||||||||
684 | Restaurant Brands New Zealand, Ltd.* | 6,861 | |||||||||
1,854 | Ryman Healthcare, Ltd. | 17,016 | |||||||||
9,536 | SKYCITY Entertainment Group, Ltd.* | 23,396 | |||||||||
15,590 | Spark New Zealand, Ltd. | 52,308 | |||||||||
4,024 | Summerset Group Holdings, Ltd. | 37,719 | |||||||||
6,133 | Z Energy, Ltd. | 11,746 | |||||||||
592,036 | |||||||||||
Norway—0.6% | |||||||||||
21,108 | ABG Sundal Collier Holding ASA | 24,123 | |||||||||
751 | Aker BP ASA | 23,934 | |||||||||
4,348 | Aker Solutions ASA* | 8,090 | |||||||||
593 | Atea ASA* | 11,529 | |||||||||
629 | Atlantic Sapphire ASA* | 6,641 | |||||||||
2,299 | Austevoll Seafood ASA | 28,517 |
The accompanying notes are an integral part of these financial statements.
21
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Norway (Continued) | |||||||||||
11,411 | B2Holding ASA* | $ | 13,054 | ||||||||
438 | Bakkafrost P/F | 36,169 | |||||||||
480 | Bonheur ASA | 13,575 | |||||||||
1,580 | Borregaard ASA | 34,499 | |||||||||
1,094 | BW Energy, Ltd.* | 3,329 | |||||||||
6,229 | BW LPG, Ltd.# | 40,224 | |||||||||
5,362 | BW Offshore, Ltd. | 19,168 | |||||||||
4,966 | DNB ASA | 108,200 | |||||||||
12,792 | DNO ASA* | 14,916 | |||||||||
12,646 | Equinor ASA | 267,574 | |||||||||
4,440 | Europris ASA# | 27,846 | |||||||||
1,329 | FLEX LNG, Ltd. | 19,217 | |||||||||
453 | Gjensidige Forsikring ASA | 9,986 | |||||||||
768 | Grieg Seafood ASA*,† | 7,912 | |||||||||
2,196 | Mowi ASA | 55,855 | |||||||||
864 | Nordic Semiconductor ASA* | 21,896 | |||||||||
13,327 | Norsk Hydro ASA | 85,038 | |||||||||
1,595 | Norwegian Finans Holding ASA | 17,960 | |||||||||
5,186 | Odfjell Drilling, Ltd.* | 14,419 | |||||||||
4,229 | Orkla ASA | 43,075 | |||||||||
10,139 | PGS ASA* | 5,334 | |||||||||
1,686 | Protector Forsikring ASA | 16,194 | |||||||||
397 | Salmar ASA | 26,337 | |||||||||
1,776 | Sbanken ASA# | 22,112 | |||||||||
1,104 | Scatec ASA# | 29,234 | |||||||||
404 | Schibsted ASA, Class B | 16,826 | |||||||||
1,199 | SpareBank 1 SR-Bank ASA | 15,833 | |||||||||
4,353 | Storebrand ASA | 39,434 | |||||||||
2,103 | Subsea 7 SA | 20,189 | |||||||||
4,815 | Telenor ASA | 81,143 | |||||||||
1,294 | TGS ASA | 16,494 | |||||||||
888 | TOMRA Systems ASA | 48,989 | |||||||||
1,273 | Veidekke ASA | 17,032 | |||||||||
1,410 | Yara International ASA | 74,216 | |||||||||
1,386,113 | |||||||||||
Portugal—0.1% | |||||||||||
3,185 | Altri SGPS SA | 19,789 | |||||||||
2,841 | CTT-Correios de Portugal SA | 16,237 | |||||||||
932 | EDP Renovaveis SA | 21,594 | |||||||||
18,638 | Energias de Portugal SA | 98,787 | |||||||||
6,892 | Galp Energia SGPS SA | 74,792 | |||||||||
1,861 | Jeronimo Martins SGPS SA | 33,939 | |||||||||
5,953 | Navigator Co. SA (The)† | 20,343 | |||||||||
3,482 | NOS SGPS SA | 12,205 |
Shares | Value (Note 1) | ||||||||||
Portugal (Continued) | |||||||||||
10,709 | Redes Energeticas Nacionais SGPS SA | $ | 29,714 | ||||||||
20,529 | Sonae SGPS SA | 19,474 | |||||||||
346,874 | |||||||||||
Singapore—0.6% | |||||||||||
35,700 | Accordia Golf Trust§ | 565 | |||||||||
23,500 | Ascendas India Trust | 24,292 | |||||||||
14,400 | CapitaLand, Ltd. | 39,729 | |||||||||
3,400 | City Developments, Ltd. | 18,432 | |||||||||
23,400 | ComfortDelGro Corp., Ltd. | 28,539 | |||||||||
3,900 | Dairy Farm International Holdings, Ltd. | 16,536 | |||||||||
10,322 | DBS Group Holdings, Ltd. | 228,823 | |||||||||
18,300 | First Resources, Ltd. | 18,236 | |||||||||
132,400 | Golden Agri-Resources, Ltd. | 22,646 | |||||||||
100 | Great Eastern Holdings, Ltd. | 1,655 | |||||||||
11,200 | GuocoLand, Ltd. | 13,326 | |||||||||
1,300 | Haw Par Corp., Ltd. | 13,245 | |||||||||
5,500 | Hongkong Land Holdings, Ltd. | 26,180 | |||||||||
1,000 | Jardine Cycle & Carriage, Ltd. | 15,885 | |||||||||
9,600 | Keppel Corp., Ltd. | 39,051 | |||||||||
57,577 | Keppel Infrastructure Trust | 23,764 | |||||||||
14,800 | NetLink NBN Trust | 10,456 | |||||||||
21,139 | Oversea-Chinese Banking Corp., Ltd. | 187,857 | |||||||||
3,200 | SATS, Ltd.* | 9,352 | |||||||||
10,100 | Sembcorp Industries, Ltd. | 16,073 | |||||||||
160,601 | Sembcorp Marine, Ltd.*,† | 14,332 | |||||||||
19,200 | Sheng Siong Group, Ltd. | 22,560 | |||||||||
9,299 | Singapore Airlines, Ltd.* | 33,539 | |||||||||
5,400 | Singapore Exchange, Ltd. | 44,896 | |||||||||
32,900 | Singapore Post, Ltd. | 17,493 | |||||||||
33,100 | Singapore Press Holdings, Ltd.† | 42,092 | |||||||||
8,200 | Singapore Technologies Engineering, Ltd. | 23,599 | |||||||||
35,400 | Singapore Telecommunications, Ltd. | 60,286 | |||||||||
8,100 | United Overseas Bank, Ltd. | 155,531 | |||||||||
6,300 | UOL Group, Ltd. | 34,201 | |||||||||
1,800 | Venture Corp., Ltd. | 25,714 | |||||||||
9,500 | Wilmar International, Ltd. | 31,791 | |||||||||
15,000 | Wing Tai Holdings, Ltd. | 20,079 | |||||||||
29,500 | Yangzijiang Shipbuilding Holdings, Ltd. | 30,933 | |||||||||
1,311,688 |
The accompanying notes are an integral part of these financial statements.
22
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
South Africa—0.0% | |||||||||||
809 | Thungela Resources, Ltd.*,† | $ | 2,227 | ||||||||
Spain—1.4% | |||||||||||
229 | Acciona SA† | 34,567 | |||||||||
2,154 | Acerinox SA | 26,014 | |||||||||
3,169 | ACS Actividades de Construccion y Servicios SA | 84,885 | |||||||||
334 | Aena SME SA*,# | 54,772 | |||||||||
1,148 | Almirall SA | 20,024 | |||||||||
1,107 | Amadeus IT Group SA* | 77,865 | |||||||||
4,833 | Applus Services SA* | 47,221 | |||||||||
30,522 | Banco Bilbao Vizcaya Argentaria SA | 189,209 | |||||||||
13,416 | Banco Bilbao Vizcaya Argentaria SA, SP ADR* | 83,313 | |||||||||
71,163 | Banco de Sabadell SA* | 48,452 | |||||||||
116,729 | Banco Santander SA | 445,616 | |||||||||
5,075 | Bankinter SA | 25,509 | |||||||||
18,312 | CaixaBank SA† | 56,325 | |||||||||
996 | Cellnex Telecom SA# | 63,444 | |||||||||
796 | Cia de Distribucion Integral Logista Holdings SA | 16,366 | |||||||||
861 | CIE Automotive SA | 25,482 | |||||||||
318 | Construcciones y Auxiliar de Ferrocarriles SA | 13,405 | |||||||||
535 | Ebro Foods SA† | 11,241 | |||||||||
3,909 | Enagas SA | 90,315 | |||||||||
1,943 | Endesa SA† | 47,138 | |||||||||
4,660 | Ercros SA* | 18,511 | |||||||||
1,575 | Euskaltel SA# | 20,506 | |||||||||
3,991 | Faes Farma SA | 15,929 | |||||||||
1,158 | Ferrovial SA | 33,984 | |||||||||
598 | Fluidra SA | 23,719 | |||||||||
4,339 | Global Dominion Access SA#,† | 22,484 | |||||||||
1,891 | Grifols SA† | 51,213 | |||||||||
364 | Grupo Catalana Occidente SA | 14,049 | |||||||||
50,592 | Iberdrola SA | 616,692 | |||||||||
4,293 | Indra Sistemas SA* | 39,171 | |||||||||
6,499 | Industria de Diseno Textil SA | 228,951 | |||||||||
21,228 | Liberbank SA | 7,793 | |||||||||
5,075 | Linea Directa Aseguradora SA Cia de Seguros y Reaseguros* | 10,633 | |||||||||
7,728 | Mapfre SA† | 16,334 | |||||||||
1,581 | Mediaset Espana Comunicacion SA* | 9,917 | |||||||||
4,190 | Melia Hotels International SA*,† | 31,002 |
Shares | Value (Note 1) | ||||||||||
Spain (Continued) | |||||||||||
2,767 | Naturgy Energy Group SA | $ | 71,131 | ||||||||
2,459 | Prosegur Cia de Seguridad SA | 8,047 | |||||||||
3,850 | Red Electrica Corp. SA† | 71,467 | |||||||||
7,674 | Repsol SA† | 96,036 | |||||||||
10,048 | Sacyr SA†,§ | 25,521 | |||||||||
251 | Sacyr SA§ | 637 | |||||||||
826 | Siemens Gamesa Renewable Energy SA | 27,581 | |||||||||
47,366 | Telefonica SA§ | 221,343 | |||||||||
3,839 | Tubacex SA*,† | 6,764 | |||||||||
8,173 | Unicaja Banco SA# | 8,383 | |||||||||
172 | Vidrala SA | 20,558 | |||||||||
582 | Viscofan SA | 40,578 | |||||||||
1,480 | Zardoya Otis SA | 10,196 | |||||||||
3,230,293 | |||||||||||
Sweden—2.3% | |||||||||||
984 | AAK AB | 22,053 | |||||||||
1,552 | AcadeMedia AB# | 14,653 | |||||||||
1,720 | Adapteo Oyj | 32,961 | |||||||||
576 | AddLife AB | 17,701 | |||||||||
1,041 | AddNode Group AB | 38,316 | |||||||||
2,288 | AddTech AB Class B | 37,964 | |||||||||
1,023 | AFRY AB | 33,661 | |||||||||
1,926 | Alfa Laval AB | 68,033 | |||||||||
933 | Alimak Group AB# | 15,219 | |||||||||
556 | Annehem Fastigheter AB, Class B* | 2,118 | |||||||||
5,483 | Arjo AB, Class B | 56,508 | |||||||||
2,763 | Assa Abloy AB, Class B | 83,231 | |||||||||
5,277 | Atlas Copco AB, Class A | 323,103 | |||||||||
1,616 | Atlas Copco AB, Class B | 84,972 | |||||||||
3,696 | Attendo AB*,# | 16,912 | |||||||||
1,217 | Avanza Bank Holding AB | 37,954 | |||||||||
1,206 | Axfood AB | 33,356 | |||||||||
1,079 | Beijer Alma AB | 21,484 | |||||||||
2,259 | Betsson AB, Class B* | 18,424 | |||||||||
1,218 | Bilia AB, Class A | 25,803 | |||||||||
1,635 | BillerudKorsnas AB | 32,449 | |||||||||
475 | BioGaia AB, Class B† | 26,419 | |||||||||
981 | Biotage AB | 23,224 | |||||||||
2,318 | Boliden AB | 89,111 | |||||||||
1,253 | Bonava AB, Class B | 13,785 | |||||||||
1,482 | Bravida Holding AB# | 21,438 | |||||||||
1,632 | Bure Equity AB | 70,520 | |||||||||
1,751 | Castellum AB | 44,562 |
The accompanying notes are an integral part of these financial statements.
23
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Sweden (Continued) | |||||||||||
447 | Catena AB | $ | 23,932 | ||||||||
7,868 | Cloetta AB, Class B | 23,481 | |||||||||
1,370 | Coor Service Management Holding AB# | 10,854 | |||||||||
14,402 | Corem Property Group AB, Class B | 32,614 | |||||||||
2,643 | Dios Fastigheter AB | 27,378 | |||||||||
2,657 | Dometic Group AB# | 45,250 | |||||||||
2,421 | Dustin Group AB# | 31,967 | |||||||||
2,954 | Electrolux AB, Series B | 81,909 | |||||||||
3,376 | Electrolux Professional AB, Class B* | 23,925 | |||||||||
1,639 | Elekta AB, Class B | 23,748 | |||||||||
4,082 | Epiroc AB, Class A | 93,010 | |||||||||
1,112 | Epiroc AB, Class B | 21,823 | |||||||||
4,623 | Essity AB, Class B | 153,306 | |||||||||
873 | Evolution AB# | 137,956 | |||||||||
1,567 | Fabege AB | 25,140 | |||||||||
2,158 | Fagerhult AB | 17,298 | |||||||||
612 | Fastighets AB Balder, Class B* | 38,402 | |||||||||
2,139 | Getinge AB, Class B | 80,680 | |||||||||
1,494 | Granges AB | 20,757 | |||||||||
6,778 | Hennes & Mauritz AB, Class B* | 160,776 | |||||||||
4,452 | Hexagon AB, Class B | 65,963 | |||||||||
1,573 | Hexpol AB | 19,428 | |||||||||
3,175 | Hoist Finance AB*,#,† | 12,911 | |||||||||
833 | Holmen AB, Class B | 37,600 | |||||||||
690 | Hufvudstaden AB, Class A | 11,731 | |||||||||
4,148 | Husqvarna AB, Class B | 55,109 | |||||||||
588 | ICA Gruppen AB | 27,366 | |||||||||
2,319 | Indutrade AB | 59,343 | |||||||||
293 | Instalco AB | 12,154 | |||||||||
631 | Intrum AB | 20,652 | |||||||||
3,518 | Inwido AB | 60,839 | |||||||||
1,080 | JM AB | 37,341 | |||||||||
1,855 | Kindred Group Plc, | 29,078 | |||||||||
1,219 | KNOW IT AB | 39,954 | |||||||||
1,646 | Kungsleden AB | 19,926 | |||||||||
5,226 | Lagercrantz Group AB | 56,851 | |||||||||
1,140 | Lifco AB, Class B | 26,641 | |||||||||
1,567 | Lindab International AB | 36,565 | |||||||||
981 | Loomis AB | 30,686 | |||||||||
801 | Lundin Energy AB† | 28,341 | |||||||||
2,179 | Mekonomen AB* | 36,002 | |||||||||
1,207 | Millicom International Cellular SA, ADR* | 47,783 |
Shares | Value (Note 1) | ||||||||||
Sweden (Continued) | |||||||||||
146 | MIPS AB | $ | 12,556 | ||||||||
1,742 | Modern Times Group MTG AB, Class B* | 23,591 | |||||||||
432 | Mycronic AB | 13,034 | |||||||||
2,452 | Nibe Industrier AB, Class B | 25,792 | |||||||||
3,170 | Nobia AB | 27,040 | |||||||||
1,697 | Nobina AB# | 15,407 | |||||||||
3,940 | Nolato AB, Class B | 38,764 | |||||||||
700 | Nordic Entertainment Group AB* | 30,836 | |||||||||
2,599 | Nordic Waterproofing Holding AB | 56,122 | |||||||||
1,681 | Nyfosa AB | 22,726 | |||||||||
609 | Pandox AB*,† | 10,133 | |||||||||
2,782 | Peab AB, Class B | 34,360 | |||||||||
1,578 | Platzer Fastigheter Holding AB, Class B | 23,933 | |||||||||
4,394 | Ratos AB, Class B | 26,647 | |||||||||
5,625 | Resurs Holding AB# | 27,789 | |||||||||
700 | Sagax AB, Class B | 20,792 | |||||||||
6,434 | Samhallsbyggnadsbolaget i Norden AB | 26,960 | |||||||||
2,383 | Sandvik AB | 60,869 | |||||||||
55,650 | SAS AB*,† | 13,656 | |||||||||
2,495 | Scandi Standard AB | 16,705 | |||||||||
206 | Sectra AB*,† | 15,947 | |||||||||
2,942 | Securitas AB, Class B | 46,443 | |||||||||
1,240 | Sinch AB*,# | 20,864 | |||||||||
7,990 | Skandinaviska Enskilda Banken AB, Class A | 103,212 | |||||||||
2,555 | Skanska AB, Class B | 67,770 | |||||||||
3,291 | SKF AB, Class B | 83,793 | |||||||||
1,698 | SkiStar AB* | 28,293 | |||||||||
7,778 | SSAB AB, Class B* | 34,018 | |||||||||
3,850 | Svenska Cellulosa AB SCA, Class B | 63,094 | |||||||||
6,847 | Svenska Handelsbanken AB, Class A | 77,254 | |||||||||
1,170 | Sweco AB | 21,286 | |||||||||
4,970 | Swedbank AB, Class A | 92,476 | |||||||||
10,480 | Swedish Match AB | 89,369 | |||||||||
987 | Swedish Orphan Biovitrum AB* | 17,997 | |||||||||
4,234 | Tele2 AB, Class B† | 57,686 | |||||||||
1,292 | Telefonaktiebolaget LM Ericsson | 16,244 | |||||||||
19,881 | Telefonaktiebolaget LM Ericsson, Class B | 249,869 | |||||||||
17,123 | Telia Co. AB | 75,990 |
The accompanying notes are an integral part of these financial statements.
24
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Sweden (Continued) | |||||||||||
458 | Thule Group AB# | $ | 20,304 | ||||||||
1,377 | Trelleborg AB, Class B | 31,971 | |||||||||
353 | Troax Group AB | 11,529 | |||||||||
2,450 | Volvo AB, Class A† | 60,748 | |||||||||
14,105 | Volvo AB, Class B† | 339,353 | |||||||||
811 | Wallenstam AB, Class B | 12,831 | |||||||||
1,004 | Wihlborgs Fastigheter AB | 21,786 | |||||||||
5,340,243 | |||||||||||
Switzerland—5.4% | |||||||||||
8,096 | ABB, Ltd., Registered | 274,665 | |||||||||
1,613 | Adecco Group AG, Registered | 109,585 | |||||||||
2,917 | Alcon, Inc. | 204,229 | |||||||||
309 | Allreal Holding AG, Registered | 60,848 | |||||||||
137 | ALSO Holding AG, Registered* | 39,460 | |||||||||
579 | ams AG* | 11,614 | |||||||||
47 | APG SGA SA* | 11,531 | |||||||||
1,914 | Arbonia AG | 36,573 | |||||||||
14,351 | Aryzta AG* | 19,574 | |||||||||
590 | Ascom Holding AG, Registered* | 9,744 | |||||||||
119 | Autoneum Holding AG*,† | 22,212 | |||||||||
605 | Baloise Holding AG, Registered | 94,355 | |||||||||
243 | Banque Cantonale Vaudoise, Registered | 21,825 | |||||||||
23 | Barry Callebaut AG, Registered | 53,445 | |||||||||
80 | Belimo Holding AG | 36,574 | |||||||||
35 | Bell Food Group AG, Registered | 10,724 | |||||||||
76 | Berner Kantonalbank AG, Registered | 16,962 | |||||||||
301 | BKW AG | 31,328 | |||||||||
157 | Bobst Group SA, Registered* | 12,557 | |||||||||
127 | Bossard Holding AG, Registered | 38,776 | |||||||||
85 | Bucher Industries AG, Registered | 44,445 | |||||||||
50 | Burckhardt Compression Holding AG | 20,238 | |||||||||
137 | Burkhalter Holding AG† | 9,921 | |||||||||
40 | Bystronic AG | 54,039 | |||||||||
456 | Cembra Money Bank AG | 51,107 | |||||||||
1 | Chocoladefabriken Lindt & Spruengli AG, Registered | 104,728 | |||||||||
2,211 | Cie Financiere Richemont SA, Registered | 267,518 | |||||||||
2,253 | Clariant AG, Registered | 44,804 | |||||||||
205 | Coltene Holding AG, Registered* | 27,784 | |||||||||
5,213 | Credit Suisse Group AG, Registered | 54,606 |
Shares | Value (Note 1) | ||||||||||
Switzerland (Continued) | |||||||||||
1,235 | Credit Suisse Group AG, SP ADR | $ | 12,955 | ||||||||
93 | Daetwyler Holding AG | 31,410 | |||||||||
514 | DKSH Holding AG | 39,331 | |||||||||
66 | dormakaba Holding AG | 44,975 | |||||||||
661 | Dufry AG, Registered* | 39,149 | |||||||||
1,608 | EFG International AG*,† | 13,191 | |||||||||
15 | Emmi AG, Registered | 15,385 | |||||||||
41 | EMS-Chemie Holding AG, Registered | 40,280 | |||||||||
399 | Flughafen Zurich AG, Registered* | 65,979 | |||||||||
20 | Forbo Holding AG, Registered | 37,871 | |||||||||
513 | Galenica AG# | 36,205 | |||||||||
5,107 | GAM Holding AG* | 11,094 | |||||||||
223 | Geberit AG, Registered | 167,265 | |||||||||
50 | Georg Fischer AG, Registered | 74,196 | |||||||||
37 | Givaudan SA, Registered | 172,074 | |||||||||
566 | Helvetia Holding AG, Registered | 60,867 | |||||||||
136 | Hiag Immobilien Holding AG | 14,993 | |||||||||
3,017 | Holcim, Ltd.* | 180,971 | |||||||||
298 | Huber + Suhner AG, Registered | 25,154 | |||||||||
547 | Implenia AG, Registered*,† | 14,236 | |||||||||
109 | Ina Invest Holding AG* | 2,196 | |||||||||
36 | Inficon Holding AG, Registered | 41,632 | |||||||||
16 | Interroll Holding AG, Registered | 63,464 | |||||||||
2,363 | Julius Baer Group, Ltd. | 154,205 | |||||||||
80 | Jungfraubahn Holding AG, Registered* | 12,624 | |||||||||
223 | Kardex Holding AG, Registered | 51,577 | |||||||||
90 | Komax Holding AG, Registered* | 22,723 | |||||||||
427 | Kuehne + Nagel International AG, Registered | 146,110 | |||||||||
580 | Landis+Gyr Group AG* | 40,495 | |||||||||
167 | Liechtensteinische Landesbank AG | 9,530 | |||||||||
765 | Logitech International SA, Registered | 92,685 | |||||||||
667 | Logitech International SA, Registered† | 80,654 | |||||||||
340 | Lonza Group AG, Registered | 240,986 | |||||||||
63 | Luzerner Kantonalbank AG, Registered | 29,176 | |||||||||
1,480 | Mobilezone Holding AG, Registered | 17,403 | |||||||||
219 | Mobimo Holding AG, Registered | 71,955 | |||||||||
22,264 | Nestle SA, Registered | 2,772,503 | |||||||||
12,302 | Novartis AG, Registered | 1,121,107 | |||||||||
3,319 | OC Oerlikon Corp. AG, Registered | 36,804 |
The accompanying notes are an integral part of these financial statements.
25
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Switzerland (Continued) | |||||||||||
136 | Orior AG | $ | 12,288 | ||||||||
124 | Partners Group Holding AG | 187,826 | |||||||||
699 | PSP Swiss Property AG, Registered | 88,768 | |||||||||
78 | Rieter Holding AG, Registered* | 15,242 | |||||||||
5,133 | Roche Holding AG | 1,939,567 | |||||||||
140 | Schindler Holding AG, Registered | 40,914 | |||||||||
25 | Schweiter Technologies AG | 36,639 | |||||||||
123 | SFS Group AG | 17,694 | |||||||||
32 | SGS SA, Registered | 98,706 | |||||||||
97 | Siegfried Holding AG, Registered* | 90,946 | |||||||||
1,237 | SIG Combibloc Group AG* | 33,611 | |||||||||
910 | Sika AG, Registered | 297,514 | |||||||||
373 | Softwareone Holding AG | 8,808 | |||||||||
326 | Sonova Holding AG, Registered | 122,613 | |||||||||
88 | St. Galler Kantonalbank AG, Registered | 39,090 | |||||||||
52 | Straumann Holding AG, Registered | 82,897 | |||||||||
636 | Sulzer AG, Registered | 87,847 | |||||||||
225 | Swatch Group AG (The) | 77,185 | |||||||||
384 | Swatch Group AG (The), Registered | 25,337 | |||||||||
253 | Swiss Life Holding AG, Registered | 122,938 | |||||||||
1,182 | Swiss Prime Site AG, Registered | 117,274 | |||||||||
1,421 | Swiss Re AG | 128,209 | |||||||||
379 | Swisscom AG, Registered | 216,361 | |||||||||
247 | Swissquote Group Holding SA, Registered | 37,320 | |||||||||
40 | Tecan Group AG, Registered | 19,817 | |||||||||
634 | Temenos AG, Registered | 101,824 | |||||||||
276 | u-blox Holding AG† | 20,284 | |||||||||
11,952 | UBS Group AG, Registered | 182,913 | |||||||||
94 | Valora Holding AG, Registered* | 19,770 | |||||||||
228 | VAT Group AG# | 75,799 | |||||||||
400 | Vetropack Holding AG, Registered | 24,123 | |||||||||
451 | Vifor Pharma AG | 58,370 | |||||||||
706 | Vontobel Holding AG, Registered | 55,015 | |||||||||
77 | VP Bank AG, Class A | 9,238 | |||||||||
828 | Zurich Insurance Group AG | 332,184 | |||||||||
12,726,112 | |||||||||||
United Kingdom—9.3% | |||||||||||
4,994 | 3i Group Plc | 81,033 | |||||||||
217 | 4imprint Group Plc* | 8,030 | |||||||||
2,172 | 888 Holdings Plc | 11,531 | |||||||||
917 | Admiral Group Plc | 39,881 | |||||||||
7,159 | Aggreko Plc | 85,364 |
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
12,432 | Alliance Pharma Plc | $ | 17,060 | ||||||||
8,094 | Anglo American Plc | 321,617 | |||||||||
5,917 | Anglo Pacific Group Plc† | 11,377 | |||||||||
2,896 | Antofagasta Plc | 57,507 | |||||||||
4,535 | Ascential Plc* | 26,097 | |||||||||
3,862 | Ashtead Group Plc | 286,561 | |||||||||
355 | ASOS Plc* | 24,357 | |||||||||
2,639 | Associated British Foods Plc | 80,896 | |||||||||
7,325 | AstraZeneca Plc | 879,820 | |||||||||
8,970 | Auto Trader Group Plc*,# | 78,594 | |||||||||
3,592 | Avast Plc# | 24,337 | |||||||||
26,339 | Aviva Plc | 147,889 | |||||||||
835 | Avon Rubber Plc | 30,216 | |||||||||
12,786 | B&M European Value Retail SA† | 101,381 | |||||||||
5,299 | Babcock International Group Plc*,† | 21,257 | |||||||||
22,654 | BAE Systems Plc | 163,581 | |||||||||
9,792 | Balfour Beatty Plc | 41,530 | |||||||||
617 | Bank of Georgia Group Plc* | 11,471 | |||||||||
81,962 | Barclays Plc | 194,012 | |||||||||
5,771 | Barratt Developments Plc | 55,498 | |||||||||
3,269 | Beazley Plc* | 15,031 | |||||||||
1,766 | Bellway Plc | 79,150 | |||||||||
735 | Berkeley Group Holdings Plc (The) | 46,719 | |||||||||
12,902 | BHP Group Plc | 380,148 | |||||||||
4,891 | Biffa Plc*,# | 21,989 | |||||||||
1,176 | Bodycote Plc | 13,771 | |||||||||
8,370 | boohoo Group Plc* | 35,939 | |||||||||
162,950 | BP Plc | 710,037 | |||||||||
8,187 | Brewin Dolphin Holdings Plc | 39,355 | |||||||||
9,634 | British American Tobacco Plc | 373,148 | |||||||||
589 | British American Tobacco Plc, SP ADR | 23,154 | |||||||||
4,032 | Britvic Plc | 52,261 | |||||||||
105,509 | BT Group Plc* | 283,144 | |||||||||
3,731 | Bunzl Plc | 123,298 | |||||||||
2,743 | Burberry Group Plc* | 78,392 | |||||||||
4,834 | Burford Capital, Ltd. | 49,750 | |||||||||
4,589 | C&C Group Plc* | 15,426 | |||||||||
11,065 | Cairn Energy Plc | 22,301 | |||||||||
40,000 | Capita Plc* | 20,644 | |||||||||
7,460 | Card Factory Plc* | 6,470 | |||||||||
510 | Carnival Plc* | 11,717 | |||||||||
21,596 | Centamin Plc | 30,232 | |||||||||
6,675 | Central Asia Metals Plc | 21,976 | |||||||||
77,567 | Centrica Plc* | 55,216 |
The accompanying notes are an integral part of these financial statements.
26
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
2,609 | Chesnara Plc | $ | 9,564 | ||||||||
33,167 | Cineworld Group Plc* | 35,529 | |||||||||
577 | Clarkson Plc | 25,461 | |||||||||
2,322 | Clinigen Group Plc | 19,882 | |||||||||
2,800 | Close Brothers Group Plc | 58,680 | |||||||||
3,114 | CMC Markets Plc# | 19,815 | |||||||||
33,791 | Coats Group Plc | 31,832 | |||||||||
1,369 | Coca-Cola HBC AG* | 49,502 | |||||||||
8,932 | Compass Group Plc* | 188,053 | |||||||||
865 | Computacenter Plc | 30,775 | |||||||||
15,897 | ConvaTec Group Plc# | 52,909 | |||||||||
3,254 | Countryside Properties Plc*,# | 21,273 | |||||||||
627 | Cranswick Plc | 34,433 | |||||||||
4,845 | Crest Nicholson Holdings Plc* | 28,109 | |||||||||
1,039 | Croda International Plc | 105,896 | |||||||||
914 | CVS Group Plc* | 30,534 | |||||||||
1,316 | Daily Mail & General Trust Plc, Class A | 17,549 | |||||||||
829 | DCC Plc | 67,865 | |||||||||
2,945 | De La Rue Plc*,† | 7,585 | |||||||||
5,029 | Devro Plc | 13,412 | |||||||||
6,669 | DFS Furniture Plc* | 25,831 | |||||||||
12,494 | Diageo Plc | 598,163 | |||||||||
2,860 | Diploma Plc | 114,889 | |||||||||
21,750 | Direct Line Insurance Group Plc | 85,747 | |||||||||
21,706 | Dixons Carphone Plc* | 39,094 | |||||||||
3,416 | Domino's Pizza Group Plc | 18,363 | |||||||||
10,792 | Drax Group Plc | 63,327 | |||||||||
15,945 | DS Smith Plc | 92,175 | |||||||||
540 | Dunelm Group Plc | 10,600 | |||||||||
1,548 | easyJet Plc* | 19,161 | |||||||||
8,196 | Electrocomponents Plc | 116,663 | |||||||||
13,055 | Elementis Plc* | 27,215 | |||||||||
1,355 | EMIS Group Plc | 21,555 | |||||||||
70,446 | EnQuest Plc*,† | 20,220 | |||||||||
2,921 | Entain Plc* | 70,529 | |||||||||
4,422 | Equiniti Group Plc*,# | 10,986 | |||||||||
6,935 | Esken, Ltd.*,† | 2,494 | |||||||||
5,759 | Essentra Plc | 24,616 | |||||||||
1,262 | Euromoney Institutional Investor Plc | 17,771 | |||||||||
3,432 | Evraz Plc | 28,105 | |||||||||
6,412 | Experian Plc | 247,110 | |||||||||
1,729 | FDM Group Holdings Plc | 24,396 | |||||||||
1,779 | Ferguson Plc | 247,320 | |||||||||
5,122 | Ferrexpo Plc | 30,311 |
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
39,520 | Firstgroup Plc* | $ | 44,773 | ||||||||
5,744 | Frasers Group Plc* | 47,873 | |||||||||
2,798 | Galliford Try Holdings Plc | 5,446 | |||||||||
445 | Games Workshop Group Plc | 70,175 | |||||||||
928 | Gamesys Group Plc | 23,671 | |||||||||
1,706 | Gamma Communications Plc | 46,962 | |||||||||
2,857 | Genuit Group Plc | 24,187 | |||||||||
26,092 | GlaxoSmithKline Plc | 512,305 | |||||||||
81,942 | Glencore Plc* | 350,763 | |||||||||
1,404 | Go-Ahead Group Plc (The)* | 21,713 | |||||||||
1,480 | Grafton Group Plc | 23,482 | |||||||||
3,970 | Grainger Plc | 15,651 | |||||||||
6,489 | Greencore Group Plc* | 11,274 | |||||||||
2,159 | Greggs Plc* | 77,501 | |||||||||
9,789 | Gulf Keystone Petroleum, Ltd. | 24,997 | |||||||||
4,549 | Gym Group Plc (The)*,# | 17,682 | |||||||||
6,271 | Halfords Group Plc* | 37,405 | |||||||||
1,732 | Halma Plc | 64,497 | |||||||||
1,663 | Harbour Energy Plc*,† | 8,674 | |||||||||
2,284 | Hargreaves Lansdown Plc | 50,204 | |||||||||
21,097 | Hays Plc* | 46,285 | |||||||||
1,995 | Headlam Group Plc | 12,087 | |||||||||
3,050 | Helical Plc | 18,353 | |||||||||
1,984 | Hikma Pharmaceuticals Plc | 67,130 | |||||||||
2,154 | Hill & Smith Holdings Plc | 44,516 | |||||||||
2,081 | Hilton Food Group Plc | 31,492 | |||||||||
1,266 | Hiscox, Ltd.* | 14,563 | |||||||||
5,513 | Hochschild Mining Plc | 11,698 | |||||||||
3,986 | Hollywood Bowl Group Plc*,† | 13,233 | |||||||||
2,726 | HomeServe Plc | 36,031 | |||||||||
14,041 | Howden Joinery Group Plc | 158,608 | |||||||||
61,234 | HSBC Holdings Plc | 353,474 | |||||||||
2,249 | HSBC Holdings Plc, SP ADR | 64,884 | |||||||||
3,532 | Hunting Plc | 10,773 | |||||||||
4,879 | Ibstock Plc# | 14,403 | |||||||||
2,586 | IG Group Holdings Plc | 30,299 | |||||||||
4,126 | IMI Plc | 98,169 | |||||||||
12,148 | Imperial Brands Plc | 261,643 | |||||||||
3,234 | Inchcape Plc | 34,380 | |||||||||
14,920 | Indivior Plc* | 31,908 | |||||||||
6,450 | Informa Plc* | 44,754 | |||||||||
605 | InterContinental Hotels Group Plc* | 40,255 | |||||||||
390 | InterContinental Hotels Group Plc, ADR*,† | 26,009 | |||||||||
1,391 | Intermediate Capital Group Plc | 40,869 |
The accompanying notes are an integral part of these financial statements.
27
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
10,061 | International Consolidated Airlines Group SA* | $ | 24,247 | ||||||||
4,161 | International Personal Finance Plc* | 7,690 | |||||||||
1,064 | Intertek Group Plc | 81,392 | |||||||||
8,515 | Investec Plc | 33,958 | |||||||||
35,770 | IP Group Plc | 57,595 | |||||||||
38,511 | ITV Plc* | 66,883 | |||||||||
6,460 | IWG Plc* | 26,862 | |||||||||
22,063 | J. Sainsbury Plc | 82,953 | |||||||||
2,074 | J.D. Wetherspoon Plc* | 33,796 | |||||||||
1,083 | James Fisher & Sons Plc | 13,888 | |||||||||
1,809 | James Halstead Plc | 13,012 | |||||||||
5,549 | JD Sports Fashion Plc | 70,542 | |||||||||
1,084 | JET2 Plc*,† | 17,747 | |||||||||
8,054 | John Laing Group Plc# | 44,542 | |||||||||
1,637 | John Menzies Plc* | 7,076 | |||||||||
10,403 | John Wood Group Plc* | 31,616 | |||||||||
1,891 | Johnson Matthey Plc | 80,384 | |||||||||
7,194 | Johnson Service Group Plc* | 17,455 | |||||||||
8,912 | Jupiter Fund Management Plc | 34,765 | |||||||||
239 | Just Eat Takeaway.Com NV*,# | 22,068 | |||||||||
349 | Just Eat Takeaway.com NV*,#,† | 32,307 | |||||||||
30,973 | Just Group Plc* | 39,910 | |||||||||
2,164 | Kainos Group Plc | 44,154 | |||||||||
1,556 | Keller Group Plc | 17,262 | |||||||||
32,972 | Kingfisher Plc | 166,249 | |||||||||
1,402 | Lancashire Holdings, Ltd. | 11,879 | |||||||||
32,778 | Legal & General Group Plc | 116,801 | |||||||||
399,205 | Lloyds Banking Group Plc | 257,832 | |||||||||
828 | London Stock Exchange Group Plc | 91,286 | |||||||||
24,005 | M&G Plc | 76,009 | |||||||||
20,939 | Man Group Plc | 52,122 | |||||||||
28,984 | Marks & Spencer Group Plc* | 58,717 | |||||||||
1,885 | Marshalls Plc | 17,888 | |||||||||
18,395 | Marston's Plc* | 22,380 | |||||||||
3,805 | Mears Group Plc* | 9,790 | |||||||||
5,349 | Mediclinic International Plc* | 21,991 | |||||||||
7,048 | Meggitt Plc* | 44,965 | |||||||||
22,767 | Melrose Industries Plc | 48,847 | |||||||||
3,713 | Micro Focus International Plc | 28,095 | |||||||||
8,089 | Mitchells & Butlers Plc* | 31,174 | |||||||||
24,076 | Mitie Group Plc* | 22,647 | |||||||||
150 | MJ Gleeson Plc | 1,859 | |||||||||
4,996 | Mondi Plc | 131,377 | |||||||||
5,751 | Moneysupermarket.com Group Plc | 20,413 |
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
7,506 | Morgan Advanced Materials Plc | $ | 36,652 | ||||||||
1,378 | Morgan Sindall Group Plc | 41,078 | |||||||||
6,750 | National Express Group Plc* | 24,893 | |||||||||
3,714 | National Grid Plc | 47,307 | |||||||||
1,752 | National Grid Plc, SP ADR | 112,023 | |||||||||
8,261 | Natwest Group Plc | 23,221 | |||||||||
1,821 | Network International Holdings Plc*,# | 9,212 | |||||||||
900 | Next Plc* | 97,805 | |||||||||
4,257 | Ninety One Plc | 12,967 | |||||||||
537 | NMC Health Plc*,§ | 202 | |||||||||
624 | Ocado Group Plc* | 17,289 | |||||||||
4,680 | On the Beach Group Plc*,# | 20,716 | |||||||||
4,865 | OSB Group Plc | 31,226 | |||||||||
1,080 | Oxford Instruments Plc | 34,511 | |||||||||
8,188 | Pagegroup Plc* | 63,315 | |||||||||
5,714 | Paragon Banking Group Plc | 40,272 | |||||||||
1,213 | PayPoint Plc | 9,497 | |||||||||
3,815 | Pearson Plc | 43,802 | |||||||||
41,805 | Pendragon Plc* | 10,698 | |||||||||
5,277 | Pennon Group Plc | 82,888 | |||||||||
2,597 | Persimmon Plc | 106,264 | |||||||||
3,779 | Petrofac, Ltd.*,† | 5,761 | |||||||||
14,508 | Pets at Home Group Plc | 91,514 | |||||||||
2,200 | Phoenix Group Holdings Plc | 20,585 | |||||||||
11,392 | Photo-Me International Plc* | 11,204 | |||||||||
8,181 | Playtech Plc* | 48,119 | |||||||||
2,561 | Plus500, Ltd. | 47,294 | |||||||||
1,124 | Polar Capital Holdings Plc | 12,921 | |||||||||
14,328 | Premier Foods Plc* | 21,723 | |||||||||
6,783 | Provident Financial Plc* | 21,768 | |||||||||
9,625 | Prudential Plc | 182,871 | |||||||||
520 | Prudential Plc, ADR† | 19,812 | |||||||||
4,468 | QinetiQ Group Plc | 21,236 | |||||||||
22,363 | Quilter Plc# | 46,015 | |||||||||
351 | Rathbone Brothers Plc | 8,798 | |||||||||
1,747 | Reckitt Benckiser Group Plc | 154,591 | |||||||||
3,003 | Redde Northgate Plc | 16,575 | |||||||||
3,865 | Redrow Plc | 32,710 | |||||||||
10,683 | RELX Plc | 283,586 | |||||||||
1,210 | RELX Plc, SP ADR† | 32,271 | |||||||||
2,776 | Renew Holdings Plc | 25,920 | |||||||||
214 | Renishaw Plc | 14,582 | |||||||||
18,010 | Rentokil Initial Plc | 123,321 | |||||||||
787 | Rhi Magnesita NV | 44,091 |
The accompanying notes are an integral part of these financial statements.
28
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
10,927 | Rightmove Plc | $ | 98,159 | ||||||||
10,431 | Rio Tinto Plc | 858,393 | |||||||||
40,824 | Rolls-Royce Holdings Plc* | 55,862 | |||||||||
9,205 | Rotork Plc | 43,344 | |||||||||
4,678 | Royal Dutch Shell Plc, ADR, Class B | 181,647 | |||||||||
41,803 | Royal Dutch Shell Plc, Class B | 808,987 | |||||||||
9,433 | Royal Mail Plc* | 75,343 | |||||||||
3,036 | Sabre Insurance Group Plc#,† | 10,709 | |||||||||
948 | Saga Plc* | 5,217 | |||||||||
8,113 | Sage Group Plc (The) | 76,786 | |||||||||
5,321 | Savills Plc | 84,646 | |||||||||
1,046 | Schroders Plc | 46,796 | |||||||||
5,266 | Senior Plc* | 11,036 | |||||||||
11,630 | Severfield Plc | 12,870 | |||||||||
2,120 | Severn Trent Plc | 73,344 | |||||||||
9,302 | SIG Plc* | 6,788 | |||||||||
4,652 | Smith & Nephew Plc | 100,549 | |||||||||
2,936 | Smiths Group Plc | 64,576 | |||||||||
399 | Softcat Plc | 9,802 | |||||||||
1,263 | Spectris Plc | 56,571 | |||||||||
12,936 | Speedy Hire Plc* | 12,884 | |||||||||
525 | Spirax-Sarco Engineering Plc | 98,877 | |||||||||
7,170 | Spire Healthcare Group Plc*,# | 24,399 | |||||||||
10,386 | Spirent Communications Plc | 35,400 | |||||||||
14,775 | SSE Plc | 306,676 | |||||||||
7,895 | SSP Group Plc* | 29,094 | |||||||||
3,870 | St. James's Place Plc | 79,069 | |||||||||
4,286 | St. Modwen Properties Plc | 33,024 | |||||||||
5,772 | Stagecoach Group Plc* | 6,555 | |||||||||
18,943 | Standard Chartered Plc | 120,800 | |||||||||
12,494 | Standard Life Aberdeen Plc | 46,837 | |||||||||
4,177 | SThree Plc | 26,666 | |||||||||
7,781 | Stock Spirits Group Plc | 28,146 | |||||||||
8,653 | Synthomer Plc | 58,843 | |||||||||
6,411 | Tate & Lyle Plc | 65,484 | |||||||||
19,770 | Taylor Wimpey Plc | 43,469 | |||||||||
978 | Telecom Plus Plc | 15,369 | |||||||||
51,448 | Tesco Plc† | 158,669 | |||||||||
5,954 | TI Fluid Systems Plc# | 25,285 |
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
16,738 | Tp Icap Group Plc | $ | 45,242 | ||||||||
4,467 | Travis Perkins Plc* | 104,367 | |||||||||
3,514 | TUI AG†,* | 17,961 | |||||||||
42,736 | Tullow Oil Plc*,† | 35,151 | |||||||||
4,191 | Tyman Plc | 26,088 | |||||||||
7,733 | U & I Group Plc* | 10,162 | |||||||||
880 | UDG Healthcare Plc | 13,013 | |||||||||
1,424 | Ultra Electronics Holdings Plc | 45,109 | |||||||||
17,156 | Unilever Plc | 1,004,112 | |||||||||
7,319 | United Utilities Group Plc | 98,652 | |||||||||
20,856 | Vectura Group Plc | 39,352 | |||||||||
5,245 | Vesuvius Plc | 38,309 | |||||||||
13,688 | Virgin Money UK Plc* | 37,595 | |||||||||
6,329 | Vistry Group Plc | 103,001 | |||||||||
386 | Vitec Group Plc (The) | 7,475 | |||||||||
255,851 | Vodafone Group Plc† | 429,445 | |||||||||
6,400 | Volution Group Plc | 37,050 | |||||||||
1,005 | Watches of Switzerland Group Plc*,# | 11,622 | |||||||||
5,138 | Watkin Jones Plc | 15,281 | |||||||||
3,058 | Weir Group Plc (The)* | 78,300 | |||||||||
1,764 | WH Smith Plc* | 39,250 | |||||||||
1,264 | Whitbread Plc* | 54,588 | |||||||||
5,006 | Wickes Group Plc* | 17,035 | |||||||||
28,949 | Wm Morrison Supermarkets Plc | 98,791 | |||||||||
11,755 | WPP Plc | 158,412 | |||||||||
510 | XP Power, Ltd. | 39,366 | |||||||||
21,889,746 | |||||||||||
United States—0.0% | |||||||||||
1,520 | Ovintiv, Inc. | 47,908 | |||||||||
TOTAL COMMON STOCKS (Cost $124,613,719) | 159,372,590 | ||||||||||
AFFILIATED INVESTMENT COMPANY—30.7% | |||||||||||
United States—30.7% | |||||||||||
2,660,870 | DFA Emerging Markets Core Equity Portfolio, Class I‡‡ (Cost $52,991,511) | 71,816,891 |
The accompanying notes are an integral part of these financial statements.
29
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Expiration Date | Value (Note 1) | |||||||||||||||||
WARRANTS—0.0% | |||||||||||||||||||
Canada—0.0% | |||||||||||||||||||
384 | Cenovus Energy, Inc.* | 01/01/2026 | $ | 2,075 | |||||||||||||||
TOTAL WARRANTS (Cost $1,434) | 2,075 | ||||||||||||||||||
RIGHTS—0.0% | |||||||||||||||||||
Austria—0.0% | |||||||||||||||||||
658 | Ca Immob Anspr Nachz*,§ | 04/20/2022 | 0 | ||||||||||||||||
Spain—0.0% | |||||||||||||||||||
3,169 | ACS Actividades de Construccion y Servicios SA* | 07/09/2021 | 4,434 | ||||||||||||||||
TOTAL RIGHTS (Cost $4,797) | 4,434 | ||||||||||||||||||
PREFERRED STOCKS—0.5% | |||||||||||||||||||
Germany—0.5% | |||||||||||||||||||
621 | Bayerische Motoren Werke AG, 2.67% | 55,815 | |||||||||||||||||
387 | Draegerwerk AG & Co. KGaA, 0.23% | 36,619 | |||||||||||||||||
720 | Henkel AG & Co. KGaA, 2.11% | 76,017 | |||||||||||||||||
949 | Jungheinrich AG, 0.99% | 46,384 | |||||||||||||||||
917 | Porsche Automobil Holding SE, 2.39% | 98,251 | |||||||||||||||||
310 | Sartorius AG, 0.15% | 161,369 | |||||||||||||||||
252 | Sixt SE, 0.07% | 20,319 | |||||||||||||||||
173 | STO SE & Co. KGaA, 2.48% | 37,745 | |||||||||||||||||
2,501 | Volkswagen AG, 2.25% | 626,327 | |||||||||||||||||
1,158,846 | |||||||||||||||||||
Italy—0.0% | |||||||||||||||||||
1,392 | Danieli & C Officine Meccaniche SpA, 0.00% | 23,999 | |||||||||||||||||
TOTAL PREFERRED STOCK (Cost $900,681) | 1,182,845 | ||||||||||||||||||
7-Day Yield | |||||||||||||||||||
SHORT-TERM INVESTMENTS—2.1% | |||||||||||||||||||
4,990,751 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $4,990,751)†† | 5.60 | % | 4,990,751 | |||||||||||||||
TOTAL INVESTMENTS, AT VALUE—101.3% (Cost $183,502,893) | 237,369,586 | ||||||||||||||||||
Liabilities in Excess of Other Assets—(1.3)% | (3,049,245 | ) | |||||||||||||||||
NET ASSETS—100.0% | $ | 234,320,341 |
The accompanying notes are an integral part of these financial statements.
30
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
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 of the Securities Act of 1933 at June 30, 2021, amounts to approximately $3,320,172, and represents 1.41% of net assets.
† Denotes all or a portion of security on loan. As of June 30, 2021, the market value of the securities on loan was $9,116,422 (Note 1).
‡‡ Affiliated issuer. Assets with a total aggregate market value of $71,816,891, or 30.7% of net assets, were affiliated with the Fund as of June 30, 2021 (Note 2).
†† Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $4,622,252.
§ 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 June 30, 2021, the total value of the fair valued securities was $248,269.
Percentages indicated are based on net assets.
The accompanying notes are an integral part of these financial statements.
31
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
At June 30, 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 | 30.7 | % | |||||
Banks | 5.7 | % | |||||
Pharmaceuticals | 3.5 | % | |||||
Metals and Mining | 3.2 | % | |||||
Oil, Gas and Consumable Fuels | 3.1 | % | |||||
Insurance | 2.6 | % | |||||
Machinery | 2.6 | % | |||||
Automobiles | 2.5 | % | |||||
Chemicals | 2.4 | % | |||||
Food Products | 2.3 | % | |||||
Capital Markets | 1.9 | % | |||||
Semiconductors and Semiconductor Equipment | 1.7 | % | |||||
Real Estate Management and Development | 1.6 | % | |||||
Textiles, Apparel and Luxury Goods | 1.6 | % | |||||
Diversified Telecommunication Services | 1.5 | % | |||||
Electric Utilities | 1.3 | % | |||||
Food and Staples Retailing | 1.3 | % | |||||
IT Services | 1.3 | % | |||||
Auto Components | 1.2 | % | |||||
Health Care Equipment and Supplies | 1.2 | % | |||||
Household Durables | 1.2 | % | |||||
Professional Services | 1.2 | % | |||||
Trading Companies and Distributors | 1.2 | % | |||||
Beverages | 1.1 | % | |||||
Construction and Engineering | 1.1 | % | |||||
Specialty Retail | 1.1 | % | |||||
Hotels, Restaurants & Leisure | 1.0 | % | |||||
Road and Rail | 1.0 | % | |||||
Wireless Telecommunication Services | 1.0 | % | |||||
Building Products | 0.9 | % | |||||
Electrical Equipment | 0.9 | % | |||||
Electronic Equipment, Instruments & Components | 0.9 | % | |||||
Software | 0.9 | % | |||||
Industrial Conglomerates | 0.8 | % | |||||
Personal Products | 0.8 | % | |||||
Commercial Services & Supplies | 0.7 | % | |||||
Media | 0.7 | % | |||||
Aerospace & Defense | 0.6 | % | |||||
Construction Materials | 0.6 | % | |||||
Health Care Providers and Services | 0.6 | % | |||||
Multi-Utilities | 0.6 | % |
The accompanying notes are an integral part of these financial statements.
32
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Summary of Industry Classifications | Percentage of Net Assets | ||||||
Air Freight and Logistics | 0.5 | % | |||||
Multiline Retail | 0.5 | % | |||||
Biotechnology | 0.4 | % | |||||
Containers and Packaging | 0.4 | % | |||||
Entertainment | 0.4 | % | |||||
Paper and Forest Products | 0.4 | % | |||||
Tobacco | 0.4 | % | |||||
Diversified Financial Services | 0.3 | % | |||||
Gas Utilities | 0.3 | % | |||||
Interactive Media & Services | 0.3 | % | |||||
Internet and Catalog Retail | 0.3 | % | |||||
Life Sciences Tools and Services | 0.3 | % | |||||
Marine | 0.3 | % | |||||
Technology Hardware, Storage & Peripherals | 0.3 | % | |||||
Communications Equipment | 0.2 | % | |||||
Energy Equipment and Services | 0.2 | % | |||||
Health Care Technology | 0.2 | % | |||||
Household Products | 0.2 | % | |||||
Independent Power and Renewable Electricity Producers | 0.2 | % | |||||
Leisure Equipment and Products | 0.2 | % | |||||
Transportation Infrastructure | 0.2 | % | |||||
Airlines | 0.1 | % | |||||
Consumer Finance | 0.1 | % | |||||
Distributors | 0.1 | % | |||||
Diversified Consumer Services | 0.1 | % | |||||
Thrifts and Mortgage Finance | 0.1 | % | |||||
Water Utilities | 0.1 | % | |||||
Short-Term Investments | 2.1 | % | |||||
Total | 101.3 | % |
The accompanying notes are an integral part of these financial statements.
33
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
COMMON STOCKS—99.5% | |||||||||||
Air Freight and Logistics—2.9% | |||||||||||
36,550 | United Parcel Service, Inc., Class B | $ | 7,601,303 | ||||||||
Beverages—2.5% | |||||||||||
73,100 | Monster Beverage Corp.* | 6,677,685 | |||||||||
Biotechnology—2.0% | |||||||||||
54,100 | Neurocrine Biosciences, Inc.* | 5,265,012 | |||||||||
Health Care Equipment and Supplies—2.1% | |||||||||||
132,800 | Boston Scientific Corp.* | 5,678,528 | |||||||||
Health Care Providers and Services—2.3% | |||||||||||
15,325 | UnitedHealth Group, Inc. | 6,136,743 | |||||||||
Insurance—1.9% | |||||||||||
21,650 | Aon Plc, Class A | 5,169,154 | |||||||||
Interactive Media & Services—18.8% | |||||||||||
9,940 | Alphabet, Inc., Class A* | 24,271,393 | |||||||||
42,800 | Facebook, Inc., Class A* | 14,881,988 | |||||||||
145,900 | Tencent Holdings, Ltd., ADR† | 10,986,270 | |||||||||
50,139,651 | |||||||||||
Internet and Catalog Retail—13.0% | |||||||||||
53,900 | Alibaba Group Holding, Ltd., SP ADR* | 12,223,442 | |||||||||
4,955 | Amazon.com, Inc.* | 17,045,993 | |||||||||
65,900 | JD.com, Inc., ADR* | 5,259,479 | |||||||||
34,528,914 |
Shares | Value (Note 1) | ||||||||||
IT Services—20.2% | |||||||||||
30,700 | Automatic Data Processing, Inc. | $ | 6,097,634 | ||||||||
9,400 | EPAM Systems, Inc.* | 4,803,024 | |||||||||
34,250 | Global Payments, Inc. | 6,423,245 | |||||||||
21,100 | Mastercard, Inc., Class A | 7,703,399 | |||||||||
70,700 | PayPal Holdings, Inc.* | 20,607,636 | |||||||||
35,300 | Visa, Inc., Class A | 8,253,846 | |||||||||
53,888,784 | |||||||||||
Media—2.2% | |||||||||||
898,335 | Sirius XM Holdings, Inc.† | 5,875,111 | |||||||||
Pharmaceuticals—2.6% | |||||||||||
37,150 | Zoetis, Inc. | 6,923,274 | |||||||||
Semiconductors and Semiconductor Equipment—4.5% | |||||||||||
14,800 | NVIDIA Corp. | 11,841,480 | |||||||||
Software—24.5% | |||||||||||
35,440 | Adobe, Inc.* | 20,755,082 | |||||||||
21,700 | Fortinet, Inc.* | 5,168,723 | |||||||||
26,200 | Intuit, Inc. | 12,842,454 | |||||||||
97,164 | Microsoft Corp. | 26,321,727 | |||||||||
65,087,986 | |||||||||||
TOTAL COMMON STOCKS (Cost $123,592,462) | 264,813,625 |
7-Day Yield | |||||||||||||||
SHORT-TERM INVESTMENTS—1.0% | |||||||||||||||
2,705,024 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $2,705,024)†† | 5.60 | % | 2,705,024 | |||||||||||
TOTAL INVESTMENTS, AT VALUE—100.5% (Cost $126,297,486) | 267,518,649 | ||||||||||||||
Liabilities in Excess of Other Assets—(0.5)% | (1,352,893 | ) | |||||||||||||
NET ASSETS—100.0% | $ | 266,165,756 |
The accompanying notes are an integral part of these financial statements.
34
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
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 June 30, 2021, the market value of the securities on loan was $13,112,291 (Note 1).
†† Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $10,751,827.
Percentages indicated are based on net assets.
The accompanying notes are an integral part of these financial statements.
35
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
At June 30, 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 | 49.1 | % | |||||
Communication Services | 21.1 | % | |||||
Consumer Discretionary | 13.0 | % | |||||
Health Care | 9.0 | % | |||||
Industrials | 2.9 | % | |||||
Consumer Staples | 2.5 | % | |||||
Financials | 1.9 | % | |||||
Short-Term Investments | 1.0 | % | |||||
Total | 100.5 | % |
The accompanying notes are an integral part of these financial statements.
36
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
COMMON STOCKS—99.5% | |||||||||||
Aerospace & Defense—1.3% | |||||||||||
49,564 | Kratos Defense & Security Solutions, Inc.* | $ | 1,412,078 | ||||||||
69,853 | Triumph Group, Inc.* | 1,449,450 | |||||||||
2,861,528 | |||||||||||
Airlines—4.4% | |||||||||||
27,128 | Alaska Air Group, Inc.* | 1,636,090 | |||||||||
78,026 | Azul SA, ADR*,† | 2,059,886 | |||||||||
253,006 | Controladora Vuela Cia de Aviacion SAB de CV, ADR* | 4,860,245 | |||||||||
83,065 | JetBlue Airways Corp.* | 1,393,831 | |||||||||
9,950,052 | |||||||||||
Auto Components—4.3% | |||||||||||
39,178 | BorgWarner, Inc. | 1,901,700 | |||||||||
167,451 | Dana, Inc. | 3,978,636 | |||||||||
69,758 | Modine Manufacturing Co.* | 1,157,285 | |||||||||
69,031 | Stoneridge, Inc.* | 2,036,415 | |||||||||
29,079 | Veoneer, Inc.*,† | 670,271 | |||||||||
9,744,307 | |||||||||||
Banks—5.0% | |||||||||||
104,294 | Bancorp, Inc. (The)* | 2,399,805 | |||||||||
20,019 | BankUnited, Inc. | 854,611 | |||||||||
172,215 | First BanCorp | 2,052,803 | |||||||||
19,193 | Pinnacle Financial Partners, Inc. | 1,694,550 | |||||||||
25,347 | Popular, Inc. | 1,902,292 | |||||||||
26,591 | Webster Financial Corp. | 1,418,364 | |||||||||
12,677 | Wintrust Financial Corp. | 958,762 | |||||||||
11,281,187 | |||||||||||
Biotechnology—2.8% | |||||||||||
32,322 | ACADIA Pharmaceuticals, Inc.* | 788,334 | |||||||||
15,304 | BioMarin Pharmaceutical, Inc.* | 1,276,966 | |||||||||
7,341 | Exact Sciences Corp.* | 912,560 | |||||||||
25,212 | Global Blood Therapeutics, Inc.* | 882,924 | |||||||||
38,894 | Iovance Biotherapeutics, Inc.* | 1,012,022 | |||||||||
64,848 | Karyopharm Therapeutics, Inc.* | 669,231 | |||||||||
4,671 | United Therapeutics Corp.* | 838,024 | |||||||||
6,380,061 | |||||||||||
Building Products—3.5% | |||||||||||
11,365 | American Woodmark Corp.* | 928,407 | |||||||||
93,286 | Builders FirstSource, Inc.* | 3,979,581 |
Shares | Value (Note 1) | ||||||||||
Building Products (Continued) | |||||||||||
49,417 | Caesarstone, Ltd. | $ | 729,395 | ||||||||
22,915 | Trex Co., Inc.* | 2,342,142 | |||||||||
7,979,525 | |||||||||||
Capital Markets—3.8% | |||||||||||
21,594 | Artisan Partners Asset Management, Inc., Class A | 1,097,407 | |||||||||
30,346 | Carlyle Group, Inc. (The) | 1,410,482 | |||||||||
10,288 | Evercore Inc., Class A | 1,448,242 | |||||||||
21,741 | LPL Financial Holdings, Inc. | 2,934,600 | |||||||||
13,129 | Raymond James Financial, Inc. | 1,705,457 | |||||||||
8,596,188 | |||||||||||
Chemicals—3.6% | |||||||||||
15,451 | Albemarle Corp. | 2,602,875 | |||||||||
27,043 | FMC Corp. | 2,926,053 | |||||||||
47,672 | Livent Corp.*,† | 922,930 | |||||||||
75,917 | Tronox Holdings PLC, Class A | 1,700,541 | |||||||||
8,152,399 | |||||||||||
Commercial Services & Supplies—1.1% | |||||||||||
114,159 | Interface, Inc. | 1,746,633 | |||||||||
75,712 | Pitney Bowes, Inc. | 663,994 | |||||||||
2,410,627 | |||||||||||
Construction and Engineering—4.9% | |||||||||||
29,426 | AECOM* | 1,863,255 | |||||||||
38,321 | Granite Construction, Inc. | 1,591,471 | |||||||||
23,739 | MasTec, Inc.* | 2,518,708 | |||||||||
22,197 | Quanta Services, Inc. | 2,010,382 | |||||||||
225,278 | Tutor Perini Corp.* | 3,120,100 | |||||||||
11,103,916 | |||||||||||
Construction Materials—1.9% | |||||||||||
15,007 | Eagle Materials, Inc. | 2,132,645 | |||||||||
3,094 | Martin Marietta Materials, Inc. | 1,088,500 | |||||||||
35,290 | Summit Materials, Inc., Class A* | 1,229,856 | |||||||||
4,451,001 | |||||||||||
Consumer Finance—0.4% | |||||||||||
18,101 | Green Dot Corp., Class A* | 848,032 |
The accompanying notes are an integral part of these financial statements.
37
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Containers and Packaging—0.7% | |||||||||||
31,890 | Graphic Packaging Holding Co. | $ | 578,485 | ||||||||
69,928 | Pactiv Evergreen, Inc. | 1,053,815 | |||||||||
1,632,300 | |||||||||||
Diversified Consumer Services—3.1% | |||||||||||
75,606 | 2U, Inc.*,† | 3,150,502 | |||||||||
54,275 | Adtalem Global Education, Inc.* | 1,934,361 | |||||||||
152,277 | Perdoceo Education Corp.* | 1,868,439 | |||||||||
6,953,302 | |||||||||||
Diversified Telecommunication Services—0.6% | |||||||||||
95,108 | Radius Global Infrastructure, Inc., Class A*,† | 1,379,066 | |||||||||
Electrical Equipment—0.5% | |||||||||||
12,066 | EnerSys | 1,179,210 | |||||||||
Electronic Equipment, Instruments & Components—4.3% | |||||||||||
12,341 | Fabrinet* | 1,183,132 | |||||||||
111,643 | Flex, Ltd.* | 1,995,060 | |||||||||
22,851 | II-VI, Inc.*,† | 1,658,754 | |||||||||
48,962 | Jabil, Inc. | 2,845,671 | |||||||||
11,051 | Rogers Corp.* | 2,219,041 | |||||||||
9,901,658 | |||||||||||
Equity Real Estate Investment Trusts (REITs)—2.1% | |||||||||||
9,446 | Agree Realty Corp., REIT | 665,849 | |||||||||
60,827 | Corporate Office Properties Trust, REIT | 1,702,548 | |||||||||
35,392 | NETSTREIT Corp. | 816,139 | |||||||||
64,659 | SITE Centers Corp. | 973,765 | |||||||||
17,922 | STAG Industrial, Inc.† | 670,820 | |||||||||
4,829,121 | |||||||||||
Health Care Equipment and Supplies—5.7% | |||||||||||
2,512 | ABIOMED, Inc.* | 784,020 | |||||||||
24,249 | AngioDynamics, Inc.* | 657,876 | |||||||||
7,859 | Cooper Cos., Inc. (The) | 3,114,286 | |||||||||
2,438 | Dexcom, Inc.* | 1,041,026 | |||||||||
12,985 | Insulet Corp.* | 3,564,512 | |||||||||
9,738 | Merit Medical Systems, Inc.* | 629,659 | |||||||||
147,600 | SmileDirectClub, Inc.*,† | 1,281,168 | |||||||||
9,637 | Tandem Diabetes Care, Inc.* | 938,644 |
Shares | Value (Note 1) | ||||||||||
Health Care Equipment and Supplies (Continued) | |||||||||||
38,960 | Varex Imaging Corp.* | $ | 1,044,907 | ||||||||
13,056,098 | |||||||||||
Health Care Providers and Services—2.0% | |||||||||||
33,963 | Acadia Healthcare Co., Inc.* | 2,131,178 | |||||||||
43,860 | Covetrus, Inc.* | 1,184,220 | |||||||||
4,611 | Molina Healthcare, Inc.* | 1,166,860 | |||||||||
4,482,258 | |||||||||||
Hotels, Restaurants & Leisure—4.2% | |||||||||||
24,748 | Boyd Gaming Corp.* | 1,521,754 | |||||||||
40,945 | Caesars Entertainment, Inc.* | 4,248,044 | |||||||||
27,513 | Cheesecake Factory, Inc. (The)* | 1,490,654 | |||||||||
30,243 | Planet Fitness, Inc., Class A* | 2,275,786 | |||||||||
9,536,238 | |||||||||||
Household Durables—0.6% | |||||||||||
27,033 | Universal Electronics, Inc.* | 1,311,100 | |||||||||
Insurance—2.8% | |||||||||||
33,739 | Argo Group International Holdings, Ltd. | 1,748,692 | |||||||||
5,261 | Everest Re Group, Ltd. | 1,325,825 | |||||||||
8,755 | Trupanion, Inc.* | 1,007,700 | |||||||||
30,825 | WR Berkley Corp. | 2,294,305 | |||||||||
6,376,522 | |||||||||||
IT Services—3.4% | |||||||||||
12,026 | Alliance Data Systems Corp. | 1,252,989 | |||||||||
146,472 | Brightcove, Inc.* | 2,101,873 | |||||||||
24,898 | Genpact, Ltd. | 1,131,116 | |||||||||
112,269 | Paya Holdings, Inc., Class A* | 1,237,204 | |||||||||
44,910 | Switch, Inc., Class A | 948,050 | |||||||||
5,714 | WEX, Inc.* | 1,107,945 | |||||||||
7,779,177 | |||||||||||
Leisure Equipment and Products—1.0% | |||||||||||
117,203 | Mattel, Inc.* | 2,355,780 | |||||||||
Life Sciences Tools and Services—1.2% | |||||||||||
20,417 | QIAGEN NV*,† | 987,775 | |||||||||
12,543 | Quanterix Corp.* | 735,772 | |||||||||
37,664 | Sotera Health Co.* | 912,599 | |||||||||
2,636,146 |
The accompanying notes are an integral part of these financial statements.
38
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Machinery—1.8% | |||||||||||
33,237 | CIRCOR International, Inc.* | $ | 1,083,526 | ||||||||
70,679 | Meritor, Inc.* | 1,655,302 | |||||||||
62,011 | Welbilt, Inc.* | 1,435,555 | |||||||||
4,174,383 | |||||||||||
Marine—0.3% | |||||||||||
12,203 | Kirby Corp.* | 739,990 | |||||||||
Media—2.0% | |||||||||||
25,418 | Cardlytics, Inc.*,† | 3,226,307 | |||||||||
60,490 | Integral AD Science Holding* | 1,244,884 | |||||||||
4,471,191 | |||||||||||
Metals and Mining—2.1% | |||||||||||
114,421 | Alamos Gold, Inc., Class A | 875,321 | |||||||||
59,997 | Allegheny Technologies, Inc.* | 1,250,937 | |||||||||
19,943 | Carpenter Technology Corp. | 802,107 | |||||||||
69,205 | Pan American Silver Corp. | 1,977,187 | |||||||||
4,905,552 | |||||||||||
Oil, Gas and Consumable Fuels—1.8% | |||||||||||
46,396 | Devon Energy Corp. | 1,354,299 | |||||||||
149,793 | Euronav SA*,† | 1,396,071 | |||||||||
125,588 | Navigator Holdings, Ltd.* | 1,375,189 | |||||||||
4,125,559 | |||||||||||
Pharmaceuticals—2.0% | |||||||||||
55,411 | Aerie Pharmaceuticals, Inc.* | 887,130 | |||||||||
26,142 | Amphastar Pharmaceuticals, Inc.* | 527,023 | |||||||||
28,446 | Pacira BioSciences, Inc.* | 1,726,103 | |||||||||
44,278 | Supernus Pharmaceuticals, Inc.* | 1,363,320 | |||||||||
4,503,576 | |||||||||||
Professional Services—1.8% | |||||||||||
92,056 | KBR, Inc. | 3,511,936 | |||||||||
16,871 | Willdan Group, Inc.* | 635,025 | |||||||||
4,146,961 | |||||||||||
Road and Rail—0.7% | |||||||||||
36,783 | Knight-Swift Transportation Holdings, Inc. | 1,672,155 | |||||||||
Semiconductors and Semiconductor Equipment—9.7% | |||||||||||
38,461 | Cree, Inc.* | 3,766,486 | |||||||||
66,087 | MACOM Technology Solutions Holdings, Inc.* | 4,234,855 |
Shares | Value (Note 1) | ||||||||||
Semiconductors and Semiconductor Equipment (Continued) | |||||||||||
41,563 | Marvell Technology, Inc. | $ | 2,424,370 | ||||||||
30,088 | MaxLinear, Inc.* | 1,278,439 | |||||||||
4,487 | Monolithic Power Systems, Inc. | 1,675,670 | |||||||||
16,193 | Qorvo, Inc.* | 3,168,160 | |||||||||
32,804 | Semtech Corp.* | 2,256,915 | |||||||||
7,378 | Silicon Laboratories, Inc.* | 1,130,678 | |||||||||
4,154 | SiTime Corp.* | 525,855 | |||||||||
6,902 | Universal Display Corp. | 1,534,522 | |||||||||
21,995,950 | |||||||||||
Software—3.9% | |||||||||||
7,435 | CommVault Systems, Inc.* | 581,194 | |||||||||
25,813 | Medallia, Inc.* | 871,189 | |||||||||
19,624 | Model N, Inc.* | 672,514 | |||||||||
9,885 | New Relic, Inc.* | 661,998 | |||||||||
6,946 | Pegasystems, Inc. | 966,814 | |||||||||
21,112 | SS&C Technologies Holdings, Inc. | 1,521,331 | |||||||||
8,602 | Workiva, Inc.* | 957,661 | |||||||||
74,571 | Xperi Holding Corp. | 1,658,459 | |||||||||
51,934 | Zuora, Inc., Class A* | 895,861 | |||||||||
8,787,021 | |||||||||||
Specialty Retail—1.0% | |||||||||||
4,199 | Advance Auto Parts, Inc. | 861,383 | |||||||||
12,663 | Floor & Decor Holdings, Inc., Class A* | 1,338,479 | |||||||||
2,199,862 | |||||||||||
Technology Hardware, Storage & Peripherals—0.6% | |||||||||||
28,367 | NCR Corp.* | 1,293,819 | |||||||||
Thrifts and Mortgage Finance—0.4% | |||||||||||
42,312 | NMI Holdings, Inc., Class A* | 951,174 | |||||||||
Trading Companies and Distributors—2.2% | |||||||||||
29,246 | Beacon Roofing Supply, Inc.* | 1,557,350 | |||||||||
212,957 | MRC Global, Inc.* | 2,001,796 | |||||||||
13,264 | WESCO International, Inc.* | 1,363,804 | |||||||||
4,922,950 | |||||||||||
TOTAL COMMON STOCKS (Cost $141,796,451) | 226,056,942 |
The accompanying notes are an integral part of these financial statements.
39
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Expiration Date | Value (Note 1) | |||||||||||||||||
RIGHTS—0.3% | |||||||||||||||||||
732,253 | Pan American Silver Corp., CVR* (Cost $176,906) | 02/22/2029 | $ | 622,415 | |||||||||||||||
7-Day Yield | |||||||||||||||||||
SHORT-TERM INVESTMENTS—1.6% | |||||||||||||||||||
3,652,235 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $3,625,235)†† | 5.60 | % | 3,652,235 | |||||||||||||||
TOTAL INVESTMENTS, AT VALUE—101.4% (Cost $145,625,592) | 230,331,592 | ||||||||||||||||||
Liabilities in Excess of Other Assets—(1.4)% | (3,164,114 | ) | |||||||||||||||||
NET ASSETS—100.0% | $ | 227,167,478 |
Notes to the Schedule of Investments:
ADR—American Depositary Receipt
CVR—Contingent Voting Rights
REIT—Real Estate Investment Trust
* Non-income producing security
† Denotes all or a portion of security on loan. As of June 30, 2021, the market value of the securities on loan was $10,665,424 (Note 1).
†† Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $ 7,298,791.
Percentages indicated are based on net assets.
The accompanying notes are an integral part of these financial statements.
40
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
At June 30, 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 | ||||||
Industrials | 22.5 | % | |||||
Information Technology | 21.9 | % | |||||
Consumer Discretionary | 14.1 | % | |||||
Health Care | 13.7 | % | |||||
Financials | 12.4 | % | |||||
Materials | 8.7 | % | |||||
Communication Services | 2.6 | % | |||||
Real Estate | 2.1 | % | |||||
Energy | 1.8 | % | |||||
Short-Term Investments | 1.6 | % | |||||
Total | 101.4 | % |
The accompanying notes are an integral part of these financial statements.
41
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
COMMON STOCKS—98.2% | |||||||||||
Aerospace & Defense—1.5% | |||||||||||
5,000 | General Dynamics Corp. | $ | 941,300 | ||||||||
500 | Huntington Ingalls Industries, Inc. | 105,375 | |||||||||
2,500 | L3Harris Technologies, Inc. | 540,375 | |||||||||
4,000 | Textron, Inc. | 275,080 | |||||||||
1,862,130 | |||||||||||
Air Freight and Logistics—1.5% | |||||||||||
800 | Expeditors International of Washington, Inc. | 101,280 | |||||||||
8,400 | United Parcel Service, Inc., Class B | 1,746,948 | |||||||||
1,848,228 | |||||||||||
Auto Components—0.2% | |||||||||||
3,300 | Gentex Corp. | 109,197 | |||||||||
800 | Lear Corp. | 140,224 | |||||||||
249,421 | |||||||||||
Automobiles—1.8% | |||||||||||
69,200 | Ford Motor Co.* | 1,028,312 | |||||||||
19,700 | General Motors Co.* | 1,165,649 | |||||||||
2,193,961 | |||||||||||
Banks—15.1% | |||||||||||
118,900 | Bank of America Corp. | 4,902,247 | |||||||||
5,800 | Citizens Financial Group, Inc. | 266,046 | |||||||||
1,900 | Comerica, Inc. | 135,546 | |||||||||
1,565 | Commerce Bancshares, Inc. | 116,687 | |||||||||
700 | Cullen/Frost Bankers, Inc. | 78,400 | |||||||||
1,900 | East West Bancorp, Inc. | 136,211 | |||||||||
9,700 | Fifth Third Bancorp | 370,831 | |||||||||
37,800 | JPMorgan Chase & Co. | 5,879,412 | |||||||||
13,300 | KeyCorp | 274,645 | |||||||||
1,600 | M&T Bank Corp. | 232,496 | |||||||||
5,800 | PNC Financial Services Group, Inc. (The) | 1,106,408 | |||||||||
13,200 | Regions Financial Corp. | 266,376 | |||||||||
18,400 | Truist Financial Corp. | 1,021,200 | |||||||||
20,589 | U.S. Bancorp | 1,172,955 | |||||||||
54,700 | Wells Fargo & Co. | 2,477,363 | |||||||||
1,300 | Western Alliance Bancorp | 120,705 | |||||||||
2,200 | Zions Bancorp NA | 116,292 | |||||||||
18,673,820 |
Shares | Value (Note 1) | ||||||||||
Beverages—0.1% | |||||||||||
2,700 | Molson Coors Brewing Co., Class B* | $ | 144,963 | ||||||||
Building Products—0.6% | |||||||||||
2,400 | Fortune Brands Home & Security, Inc. | 239,064 | |||||||||
4,500 | Masco Corp. | 265,095 | |||||||||
1,900 | Owens Corning | 186,010 | |||||||||
690,169 | |||||||||||
Capital Markets—3.5% | |||||||||||
12,000 | Bank of New York Mellon Corp. (The) | 614,760 | |||||||||
4,700 | Goldman Sachs Group, Inc. (The) | 1,783,791 | |||||||||
3,600 | Jefferies Financial Group, Inc. | 123,120 | |||||||||
1,100 | LPL Financial Holdings, Inc. | 148,478 | |||||||||
2,900 | Northern Trust Corp. | 335,298 | |||||||||
1,800 | Raymond James Financial, Inc. | 233,820 | |||||||||
1,900 | SEI Investments Co. | 117,743 | |||||||||
4,800 | State Street Corp. | 394,944 | |||||||||
3,100 | T. Rowe Price Group, Inc. | 613,707 | |||||||||
4,365,661 | |||||||||||
Chemicals—2.0% | |||||||||||
2,000 | Celanese Corp. | 303,200 | |||||||||
6,600 | DuPont de Nemours, Inc. | 510,906 | |||||||||
2,300 | Eastman Chemical Co. | 268,525 | |||||||||
2,300 | FMC Corp. | 248,860 | |||||||||
5,800 | LyondellBasell Industries NV, Class A | 596,646 | |||||||||
6,600 | Mosaic Co. (The) | 210,606 | |||||||||
2,200 | RPM International, Inc. | 195,096 | |||||||||
800 | Scotts Miracle-Gro Co. (The) | 153,536 | |||||||||
2,487,375 | |||||||||||
Communications Equipment—2.3% | |||||||||||
52,300 | Cisco Systems, Inc. | 2,771,900 | |||||||||
4,000 | Juniper Networks, Inc. | 109,400 | |||||||||
2,881,300 | |||||||||||
Construction and Engineering—0.1% | |||||||||||
1,800 | Quanta Services, Inc. | 163,026 | |||||||||
Consumer Finance—1.8% | |||||||||||
5,100 | Ally Financial, Inc. | 254,184 | |||||||||
6,300 | Capital One Financial Corp. | 974,547 |
The accompanying notes are an integral part of these financial statements.
42
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Consumer Finance (Continued) | |||||||||||
3,800 | Discover Financial Services | $ | 449,502 | ||||||||
1,700 | OneMain Holdings, Inc. | 101,847 | |||||||||
8,000 | Synchrony Financial | 388,160 | |||||||||
2,168,240 | |||||||||||
Containers and Packaging—1.2% | |||||||||||
27,800 | Amcor Plc | 318,588 | |||||||||
1,500 | Berry Global Group, Inc.* | 97,830 | |||||||||
2,300 | Crown Holdings, Inc. | 235,083 | |||||||||
6,900 | International Paper Co. | 423,039 | |||||||||
1,600 | Packaging Corp. of America | 216,672 | |||||||||
2,600 | Sealed Air Corp. | 154,050 | |||||||||
1,100 | Sonoco Products Co. | 73,590 | |||||||||
1,518,852 | |||||||||||
Distributors—0.5% | |||||||||||
2,500 | Genuine Parts Co. | 316,175 | |||||||||
5,300 | LKQ Corp.* | 260,866 | |||||||||
577,041 | |||||||||||
Diversified Consumer Services—0.1% | |||||||||||
3,000 | Service Corp. International | 160,770 | |||||||||
Diversified Financial Services—0.2% | |||||||||||
6,000 | Equitable Holdings, Inc. | 182,700 | |||||||||
1,700 | Voya Financial, Inc. | 104,550 | |||||||||
287,250 | |||||||||||
Diversified Telecommunication Services—0.2% | |||||||||||
13,700 | Lumen Technologies, Inc. | 186,183 | |||||||||
Electric Utilities—1.8% | |||||||||||
2,800 | Evergy, Inc. | 169,204 | |||||||||
17,000 | Exelon Corp. | 753,270 | |||||||||
7,400 | FirstEnergy Corp. | 275,354 | |||||||||
1,000 | Pinnacle West Capital Corp. | 81,970 | |||||||||
14,500 | Southern Co. (The) | 877,395 | |||||||||
2,157,193 | |||||||||||
Electrical Equipment—0.8% | |||||||||||
7,100 | Emerson Electric Co. | 683,304 | |||||||||
900 | Hubbell, Inc. | 168,156 | |||||||||
1,800 | Sensata Technologies Holding Plc* | 104,346 | |||||||||
955,806 |
Shares | Value (Note 1) | ||||||||||
Electronic Equipment, Instruments & Components—0.6% | |||||||||||
1,300 | Arrow Electronics, Inc.* | $ | 147,979 | ||||||||
2,500 | CDW Corp. | 436,625 | |||||||||
2,500 | Jabil, Inc. | 145,300 | |||||||||
729,904 | |||||||||||
Food and Staples Retailing—0.6% | |||||||||||
600 | Casey's General Stores, Inc. | 116,784 | |||||||||
11,800 | Walgreens Boots Alliance, Inc. | 620,798 | |||||||||
737,582 | |||||||||||
Food Products—1.6% | |||||||||||
9,900 | Archer-Daniels-Midland Co. | 599,940 | |||||||||
2,400 | Bunge, Ltd. | 187,560 | |||||||||
1,500 | JM Smucker Co. (The) | 194,355 | |||||||||
16,700 | Kraft Heinz Co. (The) | 681,026 | |||||||||
4,000 | Tyson Foods, Inc., Class A | 295,040 | |||||||||
1,957,921 | |||||||||||
Gas Utilities—0.1% | |||||||||||
3,500 | UGI Corp. | 162,085 | |||||||||
Health Care Providers and Services—11.1% | |||||||||||
3,500 | AmerisourceBergen Corp. | 400,715 | |||||||||
4,300 | Anthem, Inc. | 1,641,740 | |||||||||
7,200 | Centene Corp.* | 525,096 | |||||||||
4,800 | Cigna Corp. | 1,137,936 | |||||||||
17,210 | CVS Health Corp. | 1,436,002 | |||||||||
1,900 | DaVita, Inc.* | 228,817 | |||||||||
5,900 | HCA Healthcare, Inc. | 1,219,766 | |||||||||
1,700 | Henry Schein, Inc.* | 126,123 | |||||||||
1,700 | Laboratory Corp. of America Holdings* | 468,945 | |||||||||
2,800 | McKesson Corp. | 535,472 | |||||||||
1,000 | Molina Healthcare, Inc.* | 253,060 | |||||||||
2,300 | Quest Diagnostics, Inc. | 303,531 | |||||||||
12,990 | UnitedHealth Group, Inc. | 5,201,716 | |||||||||
1,400 | Universal Health Services, Inc., Class B | 205,002 | |||||||||
13,683,921 | |||||||||||
Hotels, Restaurants & Leisure—0.0% | |||||||||||
700 | Hyatt Hotels Corp., Class A* | 54,348 |
The accompanying notes are an integral part of these financial statements.
43
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Household Durables—1.7% | |||||||||||
6,300 | DR Horton, Inc. | $ | 569,331 | ||||||||
4,800 | Lennar Corp., Class A | 476,880 | |||||||||
1,200 | Mohawk Industries, Inc.* | 230,628 | |||||||||
7,400 | Newell Brands, Inc. | 203,278 | |||||||||
4,600 | PulteGroup, Inc. | 251,022 | |||||||||
1,400 | Tempur Sealy International, Inc. | 54,866 | |||||||||
1,400 | Toll Brothers, Inc. | 80,934 | |||||||||
1,100 | Whirlpool Corp. | 239,822 | |||||||||
2,106,761 | |||||||||||
Independent Power and Renewable Electricity Producers—0.2% | |||||||||||
11,600 | AES Corp. (The) | 302,412 | |||||||||
Industrial Conglomerates—1.6% | |||||||||||
10,100 | 3M Co. | 2,006,163 | |||||||||
Insurance—6.2% | |||||||||||
9,500 | Aflac, Inc. | 509,770 | |||||||||
200 | Alleghany Corp.* | 133,414 | |||||||||
4,100 | Allstate Corp. (The) | 534,804 | |||||||||
1,200 | American Financial Group, Inc. | 149,664 | |||||||||
5,500 | Arch Capital Group, Ltd.* | 214,170 | |||||||||
800 | Assurant, Inc. | 124,944 | |||||||||
6,200 | Chubb, Ltd. | 985,428 | |||||||||
2,200 | Cincinnati Financial Corp. | 256,564 | |||||||||
600 | Everest Re Group, Ltd. | 151,206 | |||||||||
1,200 | First American Financial Corp. | 74,820 | |||||||||
1,300 | Globe Life, Inc. | 123,825 | |||||||||
4,900 | Hartford Financial Services Group, Inc. (The) | 303,653 | |||||||||
2,600 | Lincoln National Corp. | 163,384 | |||||||||
3,700 | Loews Corp. | 202,205 | |||||||||
180 | Markel Corp.* | 213,608 | |||||||||
12,200 | MetLife, Inc. | 730,170 | |||||||||
2,800 | Old Republic International Corp. | 69,748 | |||||||||
3,800 | Principal Financial Group, Inc. | 240,122 | |||||||||
8,000 | Progressive Corp. (The) | 785,680 | |||||||||
5,400 | Prudential Financial, Inc. | 553,338 | |||||||||
6,300 | Travelers Cos., Inc. (The) | 943,173 | |||||||||
2,400 | WR Berkley Corp. | 178,632 | |||||||||
7,642,322 | |||||||||||
Internet and Catalog Retail—0.7% | |||||||||||
12,000 | eBay, Inc. | 842,520 |
Shares | Value (Note 1) | ||||||||||
IT Services—1.4% | |||||||||||
3,200 | Genpact, Ltd. | $ | 145,376 | ||||||||
11,100 | International Business Machines Corp. | 1,627,149 | |||||||||
1,772,525 | |||||||||||
Leisure Equipment and Products—0.2% | |||||||||||
1,300 | Brunswick Corp. | 129,506 | |||||||||
800 | Polaris, Inc. | 109,568 | |||||||||
239,074 | |||||||||||
Life Sciences Tools and Services—0.4% | |||||||||||
400 | Bio-Rad Laboratories, Inc., Class A* | 257,716 | |||||||||
1,400 | PerkinElmer, Inc. | 216,174 | |||||||||
473,890 | |||||||||||
Machinery—2.4% | |||||||||||
1,300 | AGCO Corp. | 169,494 | |||||||||
2,600 | Cummins, Inc. | 633,906 | |||||||||
2,500 | Dover Corp. | 376,500 | |||||||||
1,500 | ITT, Inc. | 137,385 | |||||||||
800 | Oshkosh Corp. | 99,712 | |||||||||
4,700 | PACCAR, Inc. | 419,475 | |||||||||
1,600 | Parker-Hannifin Corp. | 491,376 | |||||||||
2,800 | Pentair Plc | 188,972 | |||||||||
1,000 | Snap-on, Inc. | 223,430 | |||||||||
3,300 | Westinghouse Air Brake Technologies Corp. | 271,590 | |||||||||
3,011,840 | |||||||||||
Media—3.5% | |||||||||||
62,800 | Comcast Corp., Class A | 3,580,856 | |||||||||
2,200 | Discovery, Inc., Class A*,† | 67,496 | |||||||||
5,800 | Fox Corp., Class A | 215,354 | |||||||||
3,900 | Interpublic Group of Cos., Inc. (The) | 126,711 | |||||||||
3,700 | Omnicom Group, Inc. | 295,963 | |||||||||
4,286,380 | |||||||||||
Metals and Mining—0.7% | |||||||||||
5,200 | Nucor Corp. | 498,836 | |||||||||
1,100 | Reliance Steel & Aluminum Co. | 165,990 | |||||||||
3,600 | Steel Dynamics, Inc. | 214,560 | |||||||||
879,386 |
The accompanying notes are an integral part of these financial statements.
44
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | Value (Note 1) | ||||||||||
Multi-Utilities—0.5% | |||||||||||
9,300 | Public Service Enterprise Group, Inc. | $ | 555,582 | ||||||||
Multiline Retail—2.1% | |||||||||||
4,100 | Dollar Tree, Inc.* | 407,950 | |||||||||
8,800 | Target Corp. | 2,127,312 | |||||||||
2,535,262 | |||||||||||
Oil, Gas and Consumable Fuels—6.0% | |||||||||||
4,400 | Cheniere Energy, Inc.* | 381,656 | |||||||||
6,300 | Continental Resources, Inc. | 239,589 | |||||||||
10,300 | EOG Resources, Inc. | 859,432 | |||||||||
58,000 | Exxon Mobil Corp. | 3,658,640 | |||||||||
31,000 | Kinder Morgan, Inc. | 565,130 | |||||||||
9,935 | Marathon Oil Corp. | 135,314 | |||||||||
5,900 | Phillips 66 | 506,338 | |||||||||
5,600 | Valero Energy Corp. | 437,248 | |||||||||
21,500 | Williams Cos., Inc. (The) | 570,825 | |||||||||
7,354,172 | |||||||||||
Pharmaceuticals—3.3% | |||||||||||
24,800 | Johnson & Johnson | 4,085,552 | |||||||||
Real Estate Management and Development—0.6% | |||||||||||
5,800 | CBRE Group, Inc., Class A* | 497,234 | |||||||||
900 | Jones Lang LaSalle, Inc.* | 175,914 | |||||||||
673,148 | |||||||||||
Road and Rail—0.2% | |||||||||||
400 | AMERCO | 235,760 | |||||||||
Semiconductors and Semiconductor Equipment—5.0% | |||||||||||
4,800 | Broadcom, Inc. | 2,288,832 | |||||||||
37,600 | Intel Corp. | 2,110,864 | |||||||||
13,200 | Micron Technology, Inc.* | 1,121,736 | |||||||||
700 | MKS Instruments, Inc. | 124,565 | |||||||||
1,400 | Qorvo, Inc.* | 273,910 | |||||||||
1,500 | Skyworks Solutions, Inc. | 287,625 | |||||||||
6,207,532 | |||||||||||
Software—3.4% | |||||||||||
7,200 | NortonLifeLock, Inc. | 195,984 | |||||||||
51,800 | Oracle Corp. | 4,032,112 | |||||||||
4,228,096 |
Shares | Value (Note 1) | ||||||||||
Specialty Retail—5.1% | |||||||||||
1,200 | Advance Auto Parts, Inc. | $ | 246,168 | ||||||||
1,500 | AutoNation, Inc.* | 142,215 | |||||||||
310 | AutoZone, Inc.* | 462,588 | |||||||||
1,300 | CarMax, Inc.* | 167,895 | |||||||||
800 | Dick's Sporting Goods, Inc. | 80,152 | |||||||||
5,000 | Home Depot, Inc. (The) | 1,594,450 | |||||||||
12,800 | Lowe's Cos., Inc. | 2,482,816 | |||||||||
1,300 | O'Reilly Automotive, Inc.* | 736,073 | |||||||||
1,400 | Tractor Supply Co. | 260,484 | |||||||||
1,000 | Williams-Sonoma, Inc. | 159,650 | |||||||||
6,332,491 | |||||||||||
Technology Hardware, Storage & Peripherals—1.1% | |||||||||||
22,900 | Hewlett Packard Enterprise Co. | 333,882 | |||||||||
22,900 | HP, Inc. | 691,351 | |||||||||
3,900 | NetApp, Inc. | 319,098 | |||||||||
1,344,331 | |||||||||||
Textiles, Apparel and Luxury Goods—0.1% | |||||||||||
2,700 | Hanesbrands, Inc. | 50,409 | |||||||||
1,600 | Skechers U.S.A., Inc., Class A* | 79,728 | |||||||||
130,137 | |||||||||||
Tobacco—2.2% | |||||||||||
13,500 | Altria Group, Inc. | 643,680 | |||||||||
21,300 | Philip Morris International, Inc. | 2,111,043 | |||||||||
2,754,723 | |||||||||||
Trading Companies and Distributors—0.3% | |||||||||||
1,000 | United Rentals, Inc.* | 319,010 | |||||||||
TOTAL COMMON STOCKS (Cost $89,876,729) | 121,216,219 | ||||||||||
EXCHANGE-TRADED FUND—1.3% | |||||||||||
9,800 | iShares Russell 1000 Value ETF (Cost $1,566,155)† | 1,554,476 |
The accompanying notes are an integral part of these financial statements.
45
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Shares | 7-Day Yield | Value (Note 1) | |||||||||||||||||
SHORT-TERM INVESTMENTS—0.1% | |||||||||||||||||||
57,970 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $57,970)†† | 5.60 | % | $ | 57,970 | ||||||||||||||
TOTAL INVESTMENTS, AT VALUE—99.6% (Cost $91,500,854) | 122,828,665 | ||||||||||||||||||
Other Assets in Excess of Liabilities—0.4% | 554,646 | ||||||||||||||||||
NET ASSETS—100.0% | $ | 123,383,311 |
Notes to the Schedule of Investments:
* Non-income producing security
† Denotes all or a portion of security on loan. As of June 30, 2021, the market value of the securities on loan was $57,372 (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 financial statements.
46
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
At June 30, 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 | 28.1 | % | |||||
Health Care | 14.8 | % | |||||
Information Technology | 13.9 | % | |||||
Consumer Discretionary | 12.5 | % | |||||
Industrials | 9.0 | % | |||||
Energy | 6.0 | % | |||||
Consumer Staples | 4.5 | % | |||||
Materials | 4.0 | % | |||||
Communication Services | 3.6 | % | |||||
Utilities | 2.6 | % | |||||
Real Estate | 0.5 | % | |||||
Short-Term Investments | 0.1 | % | |||||
Total | 99.6 | % |
The accompanying notes are an integral part of these financial statements.
47
M Fund, Inc.
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
June 30, 2021
M International Equity Fund | M Large Cap Growth Fund | M Capital Appreciation Fund | M Large Cap Value Fund | ||||||||||||||||
Assets: | |||||||||||||||||||
Investments, at value (Note 1)*/**—see accompanying Schedule of Investments | $ | 165,552,695 | $ | 267,518,649 | $ | 230,331,592 | $ | 122,828,665 | |||||||||||
Affiliated investment company, at value (Note 1)***—see accompanying Schedule of Investments | 71,816,891 | — | — | — | |||||||||||||||
Cash (Note 1) | 845,107 | 1,546,572 | — | 989,385 | |||||||||||||||
Cash denominated in foreign currencies**** | 548,137 | — | — | — | |||||||||||||||
Receivable from: | |||||||||||||||||||
Securities sold | 59,873 | — | 1,798,172 | 1,518,014 | |||||||||||||||
Capital stock subscriptions | 12,098 | 11,118 | 26,615 | 6,899 | |||||||||||||||
Dividends and interest | 1,212,568 | 36,137 | 161,330 | 105,073 | |||||||||||||||
Prepaid expenses | 22,218 | 24,223 | 23,024 | 10,206 | |||||||||||||||
Total assets | 240,069,587 | 269,136,699 | 232,340,733 | 125,458,242 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Payable for: | |||||||||||||||||||
Securities purchased | 583,347 | — | 1,245,458 | 1,920,089 | |||||||||||||||
Investment Adviser, net (Note 2) | 66,583 | 135,262 | 177,106 | 48,195 | |||||||||||||||
Capital stock redemptions | 29,982 | 45,705 | 24,567 | 7,013 | |||||||||||||||
Due to custodian | — | — | 12,988 | — | |||||||||||||||
Payable upon return of securities loaned (Note 1) | 4,990,751 | 2,705,024 | 3,652,235 | 57,970 | |||||||||||||||
Accrued expenses and other liabilities | 78,583 | 84,952 | 60,901 | 41,664 | |||||||||||||||
Total liabilities | 5,749,246 | 2,970,943 | 5,173,255 | 2,074,931 | |||||||||||||||
Net assets | $ | 234,320,341 | $ | 266,165,756 | $ | 227,167,478 | $ | 123,383,311 | |||||||||||
Net assets consist of: | |||||||||||||||||||
Paid-in capital | $ | 248,592,351 | $ | 112,189,658 | $ | 113,391,456 | $ | 96,657,968 | |||||||||||
Total distributable earnings (loss) | (14,272,010 | ) | 153,976,098 | 113,776,022 | 26,725,343 | ||||||||||||||
Net assets | $ | 234,320,341 | $ | 266,165,756 | $ | 227,167,478 | $ | 123,383,311 | |||||||||||
Shares outstanding# | 15,786,319 | 6,989,019 | 6,973,682 | 8,421,537 | |||||||||||||||
Net asset value, offering price and redemption price per share | $ | 14.84 | $ | 38.08 | $ | 32.57 | $ | 14.65 | |||||||||||
* Cost of investments | $ | 130,511,382 | $ | 126,297,486 | $ | 145,625,592 | $ | 91,500,854 | |||||||||||
** Includes securities on loan with market values of | $ | 9,116,422 | $ | 13,112,291 | $ | 10,665,424 | $ | 57,372 | |||||||||||
*** Cost of affiliated investment | $ | 52,991,511 | $ | — | $ | — | $ | — | |||||||||||
**** Cost of cash denominated in foreign currencies | $ | 555,648 | $ | — | $ | — | $ | — |
# The number of authorized shares with a par value of $0.001 per share, for each of the M International Equity Fund, the M Large Cap Growth Fund, the M Capital Appreciation Fund and the M Large Cap Value Fund is 100,000,000.
The accompanying notes are an integral part of these financial statements.
48
M Fund, Inc.
STATEMENTS OF OPERATIONS (Unaudited)
For the Period Ended June 30, 2021
M International Equity Fund | M Large Cap Growth Fund | M Capital Appreciation Fund | M Large Cap Value Fund | ||||||||||||||||
Investment income: | |||||||||||||||||||
Dividends-Unaffiliated* | $ | 2,571,497 | $ | 450,054 | $ | 661,157 | $ | 1,283,296 | |||||||||||
Dividends-Affiliated | 489,114 | — | — | — | |||||||||||||||
Securities lending income | 15,997 | 4,495 | 7,558 | 83 | |||||||||||||||
Total investment income | 3,076,608 | 454,549 | 668,715 | 1,283,379 | |||||||||||||||
Expenses: | |||||||||||||||||||
Investment advisory fee (Note 2) | 362,062 | 713,571 | 974,822 | 245,290 | |||||||||||||||
Custody, fund accounting, transfer agent and administration fees | 172,342 | 114,299 | 105,653 | 65,313 | |||||||||||||||
Professional fees | 23,673 | 23,216 | 21,193 | 16,496 | |||||||||||||||
Directors' fees and expenses | 18,953 | 22,565 | 18,580 | 9,326 | |||||||||||||||
Printing and shareholder reporting | 15,160 | 14,418 | 12,933 | 10,060 | |||||||||||||||
Compliance expenses | 10,799 | 12,446 | 11,298 | 5,276 | |||||||||||||||
Other | 23,466 | 26,851 | 23,470 | 11,370 | |||||||||||||||
Total expenses | 626,455 | 927,366 | 1,167,949 | 363,131 | |||||||||||||||
Net investment income (loss) | 2,450,153 | (472,817 | ) | (499,234 | ) | 920,248 | |||||||||||||
Realized and unrealized gain: | |||||||||||||||||||
Net realized gain on: | |||||||||||||||||||
Unaffiliated investment transactions | 2,942,837 | 13,326,533 | 30,190,684 | 6,372,656 | |||||||||||||||
Affiliated investment transactions | 1,003,115 | — | — | — | |||||||||||||||
Foreign currency transactions | 22,203 | — | — | — | |||||||||||||||
Net realized gain | 3,968,155 | 13,326,533 | 30,190,684 | 6,372,656 | |||||||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||
Unaffiliated investments | 11,287,688 | 25,664,518 | 273,550 | 14,690,129 | |||||||||||||||
Affiliated investments | 6,180,089 | — | — | — | |||||||||||||||
Foreign currency translation | (41,021 | ) | — | — | — | ||||||||||||||
Net change in unrealized appreciation | 17,426,756 | 25,664,518 | 273,550 | 14,690,129 | |||||||||||||||
Net realized and unrealized gain | 21,394,911 | 38,991,051 | 30,464,234 | 21,062,785 | |||||||||||||||
Net increase in net assets resulting from operations | $ | 23,845,064 | $ | 38,518,234 | $ | 29,965,000 | $ | 21,983,033 | |||||||||||
* Net of foreign taxes withheld of: | $ | 270,093 | $ | — | $ | 14,170 | $ | — |
The accompanying notes are an integral part of these financial statements.
49
M Fund, Inc.
STATEMENTS OF CHANGES IN NET ASSETS
M International Equity Fund | M Large Cap Growth Fund | ||||||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||||||
Increase (decrease) in net assets from: | |||||||||||||||||||
Operations: | |||||||||||||||||||
Net investment income (loss) | $ | 2,450,153 | $ | 3,083,090 | $ | (472,817 | ) | $ | (814,592 | ) | |||||||||
Net realized gain on investments and foreign currency transactions | 3,968,155 | 1,908,587 | 13,326,533 | 29,598,504 | |||||||||||||||
Net change in unrealized appreciation on investments and foreign currency | 17,426,756 | 12,558,535 | 25,664,518 | 25,934,642 | |||||||||||||||
Net increase in net assets resulting from operations | 23,845,064 | 17,550,212 | 38,518,234 | 54,718,554 | |||||||||||||||
Distributions to shareholders | (178,182 | ) | (3,020,968 | ) | (6,214,660 | ) | (26,882,948 | ) | |||||||||||
Total distributions to shareholders | (178,182 | ) | (3,020,968 | ) | (6,214,660 | ) | (26,882,948 | ) | |||||||||||
Fund share transactions (Note 4): | |||||||||||||||||||
Proceeds from shares sold | 17,854,710 | 17,865,249 | 9,493,588 | 15,187,273 | |||||||||||||||
Net asset value of shares issued on reinvestment of distributions | 178,182 | 3,020,968 | 6,214,660 | 26,882,948 | |||||||||||||||
Cost of shares repurchased | (17,305,875 | ) | (21,461,880 | ) | (17,868,205 | ) | (44,498,570 | ) | |||||||||||
Net increase (decrease) in net assets resulting from Fund share transactions | 727,017 | (575,663 | ) | (2,159,957 | ) | (2,428,349 | ) | ||||||||||||
Total change in net assets | 24,393,899 | 13,953,581 | 30,143,617 | 25,407,257 | |||||||||||||||
Net assets: | |||||||||||||||||||
Beginning of period | 209,926,442 | 195,972,861 | 236,022,139 | 210,614,882 | |||||||||||||||
End of period | $ | 234,320,341 | $ | 209,926,442 | $ | 266,165,756 | $ | 236,022,139 |
The accompanying notes are an integral part of these financial statements.
50
M Fund, Inc.
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
M Capital Appreciation Fund | M Large Cap Value Fund | ||||||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||||||
Increase (decrease) in net assets from: | |||||||||||||||||||
Operations: | |||||||||||||||||||
Net investment income (loss) | $ | (499,234 | ) | $ | (310,837 | ) | $ | 920,248 | $ | 1,774,852 | |||||||||
Net realized gain (loss) on investments and foreign currency transactions | 30,190,684 | 3,766,804 | 6,372,656 | (11,815,864 | ) | ||||||||||||||
Net change in unrealized appreciation on investments and foreign currency | 273,550 | 30,852,530 | 14,690,129 | 6,932,860 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 29,965,000 | 34,308,497 | 21,983,033 | (3,108,152 | ) | ||||||||||||||
Distributions to shareholders | (2,274,192 | ) | (4,405,395 | ) | (7,706 | ) | (2,730,257 | ) | |||||||||||
Total distributions to shareholders | (2,274,192 | ) | (4,405,395 | ) | (7,706 | ) | (2,730,257 | ) | |||||||||||
Fund share transactions (Note 4): | |||||||||||||||||||
Proceeds from shares sold | 14,013,600 | 24,481,431 | 11,993,969 | 11,851,096 | |||||||||||||||
Net asset value of shares issued on reinvestment of distributions | 2,274,192 | 4,405,395 | 7,706 | 2,730,257 | |||||||||||||||
Cost of shares repurchased | (31,102,109 | ) | (25,874,157 | ) | (8,478,527 | ) | (10,748,201 | ) | |||||||||||
Net increase (decrease) in net assets resulting from Fund share transactions | (14,814,317 | ) | 3,012,669 | 3,523,148 | 3,833,152 | ||||||||||||||
Total change in net assets | 12,876,491 | 32,915,771 | 25,498,475 | (2,005,257 | ) | ||||||||||||||
Net assets: | |||||||||||||||||||
Beginning of period | 214,290,987 | 181,375,216 | 97,884,836 | 99,890,093 | |||||||||||||||
End of period | $ | 227,167,478 | $ | 214,290,987 | $ | 123,383,311 | $ | 97,884,836 |
The accompanying notes are an integral part of these financial statements.
51
M Fund, Inc.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
M International Equity Fund | |||||||||||||||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.33 | $ | 12.42 | $ | 10.60 | $ | 13.58 | $ | 11.12 | $ | 11.26 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income‡ | 0.16 | 0.20 | 0.27 | 0.19 | 0.17 | 0.17 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.36 | 0.90 | 1.88 | (2.99 | ) | 2.50 | (0.18 | ) | |||||||||||||||||||
Total from investment operations | 1.52 | 1.10 | 2.15 | (2.80 | ) | 2.67 | (0.01 | ) | |||||||||||||||||||
Less distributions to shareholders: | |||||||||||||||||||||||||||
From net investment income | (0.01 | ) | (0.19 | ) | (0.30 | ) | (0.18 | ) | (0.21 | ) | (0.13 | ) | |||||||||||||||
From return of capital | — | — | (0.03 | ) | — | — | — | ||||||||||||||||||||
Total distributions | (0.01 | ) | (0.19 | ) | (0.33 | ) | (0.18 | ) | (0.21 | ) | (0.13 | ) | |||||||||||||||
Net asset value, end of period | $ | 14.84 | $ | 13.33 | $ | 12.42 | $ | 10.60 | $ | 13.58 | $ | 11.12 | |||||||||||||||
Total Return+ | 11.41 | %* | 8.90 | % | 20.32 | % | (20.57 | )% | 24.05 | % | (0.05 | )% | |||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 234,320 | $ | 209,926 | $ | 195,973 | $ | 169,923 | $ | 244,167 | $ | 193,909 | |||||||||||||||
Net expenses to average daily net assets | 0.57 | %** | 0.62 | %• | 0.63 | %• | 0.92 | %• | 0.90 | % | 0.94 | % | |||||||||||||||
Net investment income to average daily net assets | 2.21 | %** | 1.77 | % | 2.34 | % | 1.50 | % | 1.33 | % | 1.51 | % | |||||||||||||||
Without the waiver/reimbursement of expenses by the adviser, the ratios of net expenses and net investment income to average daily net assets would have been: | |||||||||||||||||||||||||||
Expenses | N/A | 0.65 | %• | 0.68 | %• | 0.98 | %• | N/A | 0.97 | % | |||||||||||||||||
Net investment income | N/A | 1.74 | %• | 2.30 | %• | 1.43 | %• | N/A | 1.48 | % | |||||||||||||||||
Portfolio turnover rate | 6 | % | 10 | % | 13 | % | 117 | %? | 10 | % | 20 | % |
‡ Calculation based on average shares outstanding.
* Not annualized.
** Annualized for periods less than one year.
+ Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.
• In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying fund in which it invests. Such indirect expenses are not included in the above expense ratios.
? The increase in portfolio turnover rate during the period was primarily attributable to portfolio adjustments made in response to a change in the Fund's sub-adviser.
The accompanying notes are an integral part of these financial statements.
52
M Fund, Inc.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
M Large Cap Growth Fund | |||||||||||||||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 33.48 | $ | 29.33 | $ | 22.85 | $ | 27.01 | $ | 19.97 | $ | 21.66 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment loss‡ | (0.07 | ) | (0.12 | ) | (0.07 | ) | (0.03 | ) | (0.05 | ) | (0.05 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.58 | 8.46 | 8.31 | (1.12 | ) | 7.83 | (0.45 | ) | |||||||||||||||||||
Total from investment operations | 5.51 | 8.34 | 8.24 | (1.15 | ) | 7.78 | (0.50 | ) | |||||||||||||||||||
Less distributions to shareholders: | |||||||||||||||||||||||||||
From net realized capital gains | (0.91 | ) | (4.19 | ) | (1.76 | ) | (3.01 | ) | (0.74 | ) | (1.19 | ) | |||||||||||||||
Net asset value, end of period | $ | 38.08 | $ | 33.48 | $ | 29.33 | $ | 22.85 | $ | 27.01 | $ | 19.97 | |||||||||||||||
Total Return+ | 16.55 | %* | 28.89 | % | 36.09 | % | (4.95 | )% | 38.97 | % | (2.32 | )% | |||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 266,166 | $ | 236,022 | $ | 210,615 | $ | 168,222 | $ | 193,379 | $ | 157,766 | |||||||||||||||
Net expenses to average daily net assets | 0.75 | %** | 0.78 | % | 0.77 | % | 0.75 | % | 0.73 | % | 0.78 | % | |||||||||||||||
Net investment loss to average daily net assets | (0.38 | )%** | (0.38 | )% | (0.25 | )% | (0.11 | )% | (0.20 | )% | (0.26 | )% | |||||||||||||||
Portfolio turnover rate | 10 | % | 31 | % | 22 | % | 34 | % | 49 | % | 36 | % |
‡ Calculation based on average shares outstanding.
* Not annualized.
** Annualized for periods less than one year.
+ Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.
The accompanying notes are an integral part of these financial statements.
53
M Fund, Inc.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
M Capital Appreciation Fund | |||||||||||||||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 28.77 | $ | 25.05 | $ | 21.14 | $ | 31.24 | $ | 29.28 | $ | 25.15 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment loss‡ | (0.07 | ) | (0.04 | ) | (0.04 | ) | (0.05 | ) | (0.01 | ) | (0.09 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.20 | 4.35 | 6.11 | (4.23 | ) | 5.55 | 5.38 | ||||||||||||||||||||
Total from investment operations | 4.13 | 4.31 | 6.07 | (4.28 | ) | 5.54 | 5.29 | ||||||||||||||||||||
Less distributions to shareholders: | |||||||||||||||||||||||||||
From net investment income | — | — | — | (0.09 | ) | — | — | ||||||||||||||||||||
From net realized capital gains | (0.33 | ) | (0.59 | ) | (2.16 | ) | (5.73 | ) | (3.58 | ) | (1.16 | ) | |||||||||||||||
Total distributions | (0.33 | ) | (0.59 | ) | (2.16 | ) | (5.82 | ) | (3.58 | ) | (1.16 | ) | |||||||||||||||
Net asset value, end of period | $ | 32.57 | # | $ | 28.77 | $ | 25.05 | $ | 21.14 | $ | 31.24 | $ | 29.28 | ||||||||||||||
Total Return+ | 14.34 | %*# | 17.73 | % | 28.85 | % | (14.15 | )% | 19.02 | % | 21.06 | % | |||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 227,167 | $ | 214,291 | $ | 181,375 | $ | 156,007 | $ | 209,284 | $ | 197,217 | |||||||||||||||
Net expenses to average daily net assets | 1.02 | %** | 1.10 | % | 1.10 | % | 1.07 | % | 1.05 | % | 1.08 | % | |||||||||||||||
Net investment loss to average daily net assets | (0.44 | )%** | (0.19 | )% | (0.15 | )% | (0.15 | )% | (0.04 | )% | (0.35 | )% | |||||||||||||||
Portfolio turnover rate | 25 | % | 32 | % | 20 | % | 26 | % | 20 | % | 19 | % |
‡ Calculation based on average shares outstanding.
* Not annualized.
** Annualized for periods less than one year.
+ Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.
# Includes adjustments in accordance with accounting principles generally accepted in the United States and consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder processing.
The accompanying notes are an integral part of these financial statements.
54
M Fund, Inc.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
M Large Cap Value Fund | |||||||||||||||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.02 | $ | 12.80 | $ | 11.06 | $ | 13.93 | $ | 12.89 | $ | 11.96 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income‡ | 0.11 | 0.23 | 0.22 | 0.20 | 0.21 | 0.22 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.52 | (0.66 | ) | 2.16 | (1.88 | ) | 1.73 | 0.94 | |||||||||||||||||||
Total from investment operations | 2.63 | (0.43 | ) | 2.38 | (1.68 | ) | 1.94 | 1.16 | |||||||||||||||||||
Less distributions to shareholders: | |||||||||||||||||||||||||||
From net investment income | (0.00 | )† | (0.22 | ) | (0.22 | ) | (0.20 | ) | (0.21 | ) | (0.23 | ) | |||||||||||||||
From net realized capital gains | — | (0.13 | ) | (0.42 | ) | (0.99 | ) | (0.69 | ) | — | |||||||||||||||||
Total distributions | (0.00 | )† | (0.35 | ) | (0.64 | ) | (1.19 | ) | (0.90 | ) | (0.23 | ) | |||||||||||||||
Net asset value, end of period | $ | 14.65 | $ | 12.02 | $ | 12.80 | $ | 11.06 | $ | 13.93 | $ | 12.89 | |||||||||||||||
Total Return+ | 21.89 | %* | (3.16 | )% | 21.52 | % | (12.07 | )% | 14.99 | % | 9.73 | %# | |||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 123,383 | $ | 97,885 | $ | 99,890 | $ | 85,437 | $ | 99,501 | $ | 91,189 | |||||||||||||||
Net expenses to average daily net assets | 0.64 | %** | 0.68 | % | 0.68 | % | 0.64 | % | 0.64 | % | 0.68 | % | |||||||||||||||
Net investment income to average daily net assets | 1.61 | %** | 2.09 | % | 1.73 | % | 1.47 | % | 1.57 | % | 1.85 | % | |||||||||||||||
Without the waiver/reimbursement of expenses by the adviser, the ratios of net expenses and net investment income to average daily net assets would have been: | |||||||||||||||||||||||||||
Expenses | N/A | 0.72 | % | 0.69 | % | 0.66 | % | 0.64 | % | 0.68 | % | ||||||||||||||||
Net investment income | N/A | 2.06 | % | 1.72 | % | 1.45 | % | 1.56 | % | 1.85 | % | ||||||||||||||||
Portfolio turnover rate | 35 | % | 157 | %? | 107 | % | 82 | % | 75 | % | 54 | % |
‡ Calculation based on average shares outstanding.
† Amount rounds to less than $0.005.
* Not annualized.
** Annualized for periods less than one year.
+ Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.
# Includes adjustments in accordance with accounting principles generally accepted in the United States and consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder processing.
? The increase in portfolio turnover rate during the period was primarily attributable to portfolio adjustments made in response to a change in the Fund's sub-adviser.
The accompanying notes are an integral part of these financial statements.
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M Fund, Inc. (the "Corporation") was incorporated in Maryland on August 11, 1995 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of June 30, 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.
The Corporation offers shares of the Funds to certain insurance company separate accounts, which serve as the underlying funding vehicles for certain variable annuity and variable life insurance policies. These annuities and insurance policies are offered primarily by members of M Financial Holdings Incorporated ("M Financial Group") and are issued by certain life insurance companies.
M International Equity Fund
M International Equity Fund seeks to achieve its investment objective through exposure to a broad and diverse group of securities of non-U.S. companies in countries with developed and emerging markets with a greater emphasis on small capitalization, value and/or high profitability companies as compared to their representation in the Non-U.S. Universe. For purposes of the Fund, Dimensional Fund Advisors LP ("DFA"), the Fund's sub-adviser, defines the Non-U.S. Universe as a market capitalization weighted portfolio of non-U.S. companies in developed and emerging markets that have been authorized for investment as approved markets by the DFA's Investment Committee. The Fund may pursue its investment objective by investing its assets directly and/or indirectly by investing its assets in the DFA Emerging Markets Core Equity Portfolio of DFA Investment Dimensions Group Inc. (the "Underlying Fund"). The Underlying Fund purchases a broad and diverse group of securities associated with emerging markets, which may include frontier markets (emerging market countries in an earlier stage of development), with a greater emphasis on small capitalization, value, and/or high profitability companies. As of the date of this report, it is anticipated that a significant portion of the Fund's assets will be invested indirectly through the Underlying Fund.
The Fund's increased exposure to small capitalization, value, and/or high profitability companies may be achieved by decreasing the allocation of the Fund's assets to the largest growth and/or low profitability companies relative to their weight in the Non-U.S. Universe, which would result in a greater weight allocation to small capitalization, value, and/or high profitability companies. DFA considers an equity issuer to be a growth company primarily because it has a high price in relation to its book value. Securities are considered value stocks primarily because a company's shares have a low price in relation to their book value. In assessing growth and value, DFA may consider additional factors such as price to cash flow or price to earnings ratios. In assessing profitability, DFA may consider different ratios, such as that of earnings or profits from operations relative to book value or assets. The criteria DFA uses for assessing growth, value, or profitability are subject to change from time to time. DFA determines company size on a country or region-specific basis and based primarily on market capitalization. DFA may adjust the representation in the Fund of an eligible company, or exclude a company, after considering such factors as free float, momentum, trading strategies, liquidity, size, value, profitability, investment characteristics, and other factors that DFA determines to be appropriate. In assessing a company's investment characteristics, DFA may consider ratios such as recent changes in assets or book value scaled by assets or book value. The criteria DFA uses for assessing a company's investment characteristics are subject to change from time to time.
The Fund will normally invest at least 80% of its total assets in equity securities of issuers located in at least three countries other than the United States. These countries may include, but are not limited to, the nations of Western
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Europe, North and South America, Australia, Africa and Asia. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice. The Fund may invest up to 40% of its total assets in emerging markets.
The Fund may gain exposure to companies associated with approved markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer's domicile country. The Fund may purchase or sell futures contracts and options on futures contracts for foreign or U.S. equity securities and indices, to adjust market exposure based on actual or expected cash inflows to or outflows from the Fund. The Fund does not intend to sell futures contracts to establish short positions in individual securities or to use derivatives for purposes of speculation or leveraging investment returns.
M Large Cap Growth Fund
M Large Cap Growth Fund will normally invest at least 80% of its total assets in domestic equity securities of U.S. large capitalization securities. Domestic equity securities, as determined by DSM Capital Partners LLC ("DSM"), the Fund's sub-adviser, in its discretion, include, but are not limited to common stocks, preferred stocks, securities convertible into common stocks, rights and warrants. Shares of foreign domiciled issuers that primarily trade on a U.S. exchange are generally considered by DSM to be domestic equity securities. Also, as determined by DSM, issuers that issue domestic equity securities may be domiciled and/or headquartered anywhere in the world. The Fund may generally invest up to 20% of its assets in equity securities of foreign issuers, including American Depositary Receipts and similar securities. DSM defines "large cap" as capitalizations of $10 billion or more. The Fund will generally contain 25 to 35 equity securities.
This strategy to invest at least 80% of its total assets in domestic equity securities of U.S. large capitalization securities is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.
DSM uses a "bottom-up," idea-driven approach and focuses on a long-term (e.g., three-year minimum) investment horizon.
DSM seeks to invest in growing businesses with solid fundamentals, attractive profitability and successful management. Candidate companies will typically have projected revenue and earnings growth in excess of 10% and will often have higher returns on equity and assets than average S&P 500 companies. Generally, these businesses will be generating free cash flow and will have financial returns that are stable or rising, driven by improving business fundamentals, all as determined by DSM.
In its stock valuation work, DSM focuses primarily on P/E ratios. P/E is the ratio of a company's share price to its per-share earnings. DSM will generally only buy a stock that it believes has a forward four-quarter P/E ratio that will rise over the next three years. To accomplish this, a target P/E ratio that DSM believes is reasonable and rational and is reflective of a fair valued stock three years from now is selected. DSM will typically buy when the company's stock clears two hurdles: 1. it must have attractive fundamental business characteristics that translate into a reasonably predictable and growing stream of earnings and 2. it must have a P/E on forward four quarters earnings that is normally 8% to 10% below the target P/E three years from the calculation point. In order to determine a target P/E, DSM takes into consideration a number of qualitative and quantitative factors. Among the qualitative factors are barriers to entry, number of competitors, economic cyclicality, customer loyalty, price competition, global reach,
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M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
government involvement and management quality. Among the quantitative factors are historic revenue and EPS growth, projected revenue and EPS growth, margins, return on assets, return on equity, capital expenditures relative to net income and the historic range of P/E over the last five years. Once a target P/E has been agreed upon, it may occasionally be adjusted.
M Capital Appreciation Fund
M Capital Appreciation Fund principally invests in common stock of U.S. companies of all sizes, with emphasis on stocks of companies with capitalizations that are consistent with the capitalizations of those companies found in the Russell 2500® Index. As of June 30, 2021, the market capitalization range of companies in the Russell 2500® Index was between approximately $0.03 billion and $25.52 billion. The Fund may invest up to 15% of the value of its total assets in equity securities of foreign issuers.
The Fund's sub-adviser, Frontier Capital Management Company, LLC ("Frontier") seeks long-term capital appreciation by employing a Growth-At-A-Reasonable-Price approach to identify, in its view, the best risk/reward investment ideas in the U.S. small- and mid-capitalization equity universe. Frontier purchases companies that, in its view, have above-average earnings growth potential and are available at reasonable valuations. Frontier's philosophy combines rigorous bottom-up fundamental analysis with a proven investment process.
Frontier may sell stocks for a number of reasons, including when price objectives are reached, fundamental conditions have changed so that future earnings progress is likely to be adversely affected, or a stock is fully invested and an attractive, new opportunity causes the sale of a current holding with less appreciation potential. Frontier does not sell stocks solely on changes to a company's market capitalization.
M Large Cap Value Fund
M Large Cap Value Fund invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, if any, in issuers domiciled, or having their principal activities, in the United States, at the time of investment or other instruments with similar economic characteristics. In addition, the Fund normally invests at least 80% of its net assets in equity securities of large capitalization companies. Brandywine Global Investment Management, LLC ("Brandywine"), the Fund's sub-adviser, defines "large capitalization" companies as those companies with market capitalizations similar to companies in the Russell 1000® Index (the "Index"). As of June 30, 2021, the market capitalization range of companies in the Index was between approximately $730.3 million to $2.3 trillion. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.
The Fund invests primarily in equity securities that, in Brandywine's opinion, are undervalued or out of favor. Brandywine invests in securities that meet its value criteria, primarily price-to-earnings, price-to-book, price momentum and share change and quality, based on both quantitative and fundamental analysis. The Fund expects to hold approximately 175-250 stocks under normal market conditions.
Brandywine bases portfolio price targets on quantitative criteria determined in its sell process. Brandywine's systems update these quantitatively determined buy and sell limits on a daily basis. Buy candidates must have a price that qualifies the stock as a value such that the price-to-earnings ratio is in the lower 40% of its universe or the price-to-book is in the lower 25% of its universe at time of purchase. Additionally, the current price compared to the price
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
nine months ago must place it above the lower quartile of other universe stocks when ranked by nine month price momentum and the change in shares outstanding over the past year must place it below the upper quartile.
Sell candidates will have a price that when compared to earnings and book place the stock above the median on a price-to-earnings basis and above the 40th percentile on a price-to-book basis. If a stock's price declines relative to the universe such that it falls to the lower 10% of stocks as ranked on nine month price momentum or the company issues sufficient shares to rank among the top 10% largest issuers (as a percentage of shares outstanding) in the year, the holding will be a sell candidate. Additionally, a stock will be sold if the capitalization falls 20% below the minimum purchase capitalization criteria.
Brandywine may modify buy and sell trigger points and decisions only due to tracking error considerations, trading opportunities or limitations such as position, industry or sector size. Brandywine does not violate its buy and sell rules based on analyst affinity for the stock. Its investment process requires disciplined buy and sell decisions rules with carefully outlined exceptions.
If a security experiences a severe fundamental deterioration event that is not captured in the price change, share change or valuation rules, Brandywine will initiate a sell. The rank order of the most common occurrences are price momentum, valuation expansion into the sell range, share issuance or fundamental deterioration.
1. Significant Accounting Policies
The following is a summary of significant accounting policies for the Funds. Such policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") for investment companies and are consistently followed by the Funds in the preparation of the financial statements.
Use of Estimates
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Portfolio Valuation
Equity securities and other similar investments traded on a recognized U.S. securities exchange (other than the National Association of Securities Dealers Automated Quotation System "NASDAQ") are valued at the last sale price on the exchange on which the securities are traded. If no sale occurs, equity securities and other similar investments traded on a U.S. exchange (other than NASDAQ) are valued at the most recent bid price. Equity securities and other similar investments traded on NASDAQ are valued at the NASDAQ Official Closing Price. If no sale occurs, equity securities and other similar investments traded on NASDAQ are valued at the most recent bid price. Equity securities and other similar investments traded on a non-U.S. exchange are generally valued according
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1. Significant Accounting Policies (Continued)
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 June 30, 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,
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1. Significant Accounting Policies (Continued)
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 June 30, 2021, the M Large Cap Growth Fund, the M Capital Appreciation 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.
The following is a summary of the inputs used as of June 30, 2021 in valuing the M International Equity Fund investments:
Assets Valuation Input
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | �� | ||||||||||||||
Common Stocks | |||||||||||||||||||
Australia | $ | 10,297,553 | $ | — | $ | — | $ | 10,297,553 | |||||||||||
Austria | 659,934 | — | — | 659,934 | |||||||||||||||
Belgium | 1,607,670 | — | — | 1,607,670 | |||||||||||||||
Canada | 15,891,584 | — | — | 15,891,584 | |||||||||||||||
China | 18,299 | — | — | 18,299 | |||||||||||||||
Denmark | 3,933,822 | — | — | 3,933,822 | |||||||||||||||
Finland | 2,277,645 | — | — | 2,277,645 | |||||||||||||||
France | 13,548,716 | — | — | 13,584,716 | |||||||||||||||
Germany | 12,357,012 | — | — | 12,357,012 | |||||||||||||||
Hong Kong | 4,602,136 | — | — | 4,602,136 | |||||||||||||||
Ireland | 915,656 | — | — | 915,656 | |||||||||||||||
Israel | 852,756 | — | — | 852,756 | |||||||||||||||
Italy | 4,132,160 | — | — | 4,132,160 | |||||||||||||||
Japan | 34,197,941 | — | — | 34,197,941 | |||||||||||||||
Netherlands | 5,950,409 | — | — | 5,950,409 | |||||||||||||||
New Zealand | 592,037 | — | — | 592,037 | |||||||||||||||
Norway | 1,386,113 | — | — | 1,386,113 | |||||||||||||||
Portugal | 346,874 | — | — | 346,874 |
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1. Significant Accounting Policies (Continued)
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||
Singapore | $ | 1,311,124 | $ | 565 | $ | — | $ | 1,311,689 | |||||||||||
Spain | 2,899,478 | 247,502 | — | 3,146,980 | |||||||||||||||
Sweden | 5,340,243 | — | — | 5,340,243 | |||||||||||||||
Switzerland | 12,632,503 | — | — | 12,632,503 | |||||||||||||||
United Kingdom | 20,848,909 | 202 | — | 20,849,111 | |||||||||||||||
United States | 2,523,747 | — | — | 2,523,747 | |||||||||||||||
Total Common Stocks | 159,124,321 | 248,269 | — | 159,372,590 | |||||||||||||||
Affiliated Investment Company | |||||||||||||||||||
United States | 71,816,891 | — | — | 71,816,891 | |||||||||||||||
Warrants | |||||||||||||||||||
Canada | 2,075 | — | — | 2,075 | |||||||||||||||
Right | |||||||||||||||||||
Austria | — | — | — | — | |||||||||||||||
Spain | 4,434 | — | — | 4,434 | |||||||||||||||
Total Rights | 4,434 | — | — | 4,434 | |||||||||||||||
Preferred Stocks | |||||||||||||||||||
Germany | 1,158,846 | — | — | 1,158,846 | |||||||||||||||
Italy | 23,999 | — | — | 23,999 | |||||||||||||||
Total Preferred Stocks | 1,182,845 | — | — | 1,182,845 | |||||||||||||||
Short-Term Investments | |||||||||||||||||||
Investments in Security Lending Collateral | — | 4,990,751 | — | 4,990,751 | |||||||||||||||
Total | $ | 232,130,566 | $ | 5,239,020 | $ | — | $ | 237,369,586 |
Securities Transactions, Investment Income and Expenses
Securities transactions are recorded as of the trade date. Realized gains or losses from securities sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis and consists of interest accrued and, if applicable, discount earned less premiums amortized. Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the Fund is informed of the ex-dividend date. Investment income is recorded net of foreign taxes withheld where the recovery of such taxes is uncertain. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Expenses of the Corporation that can be directly attributed to a particular fund are charged to that Fund. Expenses that cannot be directly attributed are apportioned among Funds by the Corporation based on average net assets of each Fund.
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1. Significant Accounting Policies (Continued)
Additionally, the Funds may invest in mutual funds, which are subject to management fees and other fees that may increase the costs of investing in mutual funds versus the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Funds' Statements of Operations or in the expense ratios included in the financial highlights.
Dividends and Distributions to Shareholders
Each Fund declares and pays dividends from net investment income, if any, and distributes net short-term capital gains, if any, on an annual basis. Each Fund also distributes, at least annually, substantially all of the long-term capital gains in excess of available capital losses, if any, which it realizes for each taxable year. Distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Securities Lending
The Funds participate in a securities lending program under the terms of a Securities Lending Agency Agreement with State Street Bank and Trust Company, which serves as the Funds' securities lending agent. Each Fund may loan its portfolio securities in an amount up to 33 1/3 of its total assets. The Funds receive cash (U.S. currency) and non-cash (U.S. Treasuries and Agencies) as collateral against the loaned securities. Cash collateral is invested by the securities lending agent in a money market mutual fund that meets the quality and diversification requirements in accordance with Rule 2a-7 under the 1940 Act. All collateral received will be in an amount at least equal to 102% (for loans of U.S. securities) or 105% (for loans of non-U.S. securities) of the market value of the loaned securities at the inception of each loan. The market value of the loaned securities is determined each day at the close of business of the Funds and any change in the amount of collateral is delivered to or paid by the Fund the next day. The collateral value does not include the calculated mark, which is the amount charged/returned to the borrower daily to maintain 102%/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.
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1. Significant Accounting Policies (Continued)
The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2021.
Gross | Gross Amounts Offset in the | Net Amounts of Assets Presented in the | Gross Amount Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||||||||
Fund | Amounts of Recognized Assets | Statement Assets and Liabilities | Statement Assets and Liabilities | Financial Instruments | Cash Collateral Received | Net Amount | |||||||||||||||||||||
M International Equity Fund | $ | 4,990,751 | $ | — | $ | 4,990,751 | $ | — | $ | 4,990,751 | $ | — | |||||||||||||||
M Large Cap Growth Fund | 2,705,024 | — | 2,705,024 | — | 2,705,024 | — | |||||||||||||||||||||
M Capital Appreciation Fund | 3,652,235 | — | 3,652,235 | — | 3,652,235 | — | |||||||||||||||||||||
M Large Cap Value Fund | 57,970 | — | 57,970 | — | 57,970 | — |
The following table presents the remaining contractual maturity of the Securities Lending Agency Agreement as of June 30, 2021.
Fund | Security Type | Overnight and Continuous | Up to 30 days | 30-90 days | Greater Than 90 days | Total | |||||||||||||||||||||
M International Equity Fund | Common Stocks | $ | 4,990,751 | $ | — | $ | — | $ | — | $ | 4,990,751 | ||||||||||||||||
M Large Cap Growth Fund | Common Stocks | 2,705,024 | — | — | — | 2,705,024 | |||||||||||||||||||||
M Capital Appreciation Fund | Common Stocks | 3,652,235 | — | — | — | 3,652,235 | |||||||||||||||||||||
M Large Cap Value Fund | Common Stocks | 57,970 | — | — | — | 57,970 |
In addition, the Funds received non-cash collateral in the form of U.S. Government obligations, which the Funds cannot sell or repledge, and accordingly are not reflected in the Schedules of Investments as follows:
Fund | Value of Securities Loaned with Non-Cash Collateral | Value of Non-Cash Collateral | |||||||||
M International Equity Fund | $ | 4,361,540 | $ | 4,622,252 | |||||||
M Large Cap Growth Fund | 10,509,245 | 10,751,827 | |||||||||
M Capital Appreciation Fund | 7,131,402 | 7,298,791 |
Federal Income Taxes
Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and by distributing substantially all of its earnings to its shareholders. Therefore, no provision for federal income or excise tax is necessary.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
1. Significant Accounting Policies (Continued)
The Funds evaluate the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Funds did not have any unrecognized tax benefits as of June 30, 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 in the Statements of Operations. During the six-month period ended June 30, 2021, the Funds did not incur any such interest or penalties. The Funds' tax returns are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years, December 2018 through December 2020. No examination of any of the Funds' tax filings is currently in progress.
Significant Concentrations
The Funds maintain a demand deposit in excess of Federal Deposit Insurance Company ("FDIC") Insurance limits. As a result, the Fund is exposed to credit risk in the event of insolvency or other failure of the institution to meet its obligations. The Funds manage this risk by dealing with a major financial institution and monitoring its credit worthiness.
2. Advisory Fee and Other Transactions with Affiliates
The Corporation has entered into an investment advisory agreement (the "Advisory Agreement") with M Financial Investment Advisers, Inc. (the "Adviser"), a wholly-owned subsidiary of M Financial Group. The Advisory Agreement provides that the Funds will pay the Adviser a fee at an annual rate of the value of each Fund's average daily net assets as follows:
Fund | Total Advisory Fees | ||||||
M International Equity Fund | For the period January 1, 2021 through | ||||||
February 28, 2021: | |||||||
0.15% on all assets plus (and only with | |||||||
respect to Fund assets which are not invested | |||||||
in a mutual fund that is advised by the Fund's | |||||||
sub-adviser): | |||||||
0.32% on the first $100 million | |||||||
0.27% on the amounts thereafter | |||||||
For the period March 1, 2021 through | |||||||
June 30, 2021: | |||||||
0.15% on all assets plus (and only with | |||||||
respect to Fund assets which are not invested | |||||||
in a mutual fund that is advised by the Fund's | |||||||
sub-adviser): | |||||||
0.25% on the first $100 million | |||||||
0.20% on the amounts thereafter |
65
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
2. Advisory Fee and Other Transactions with Affiliates (Continued)
Fund | Total Advisory Fees | ||||||
M Large Cap Growth Fund | 0.65% of the first $50 million | ||||||
0.60% of the next $50 million | |||||||
0.55% on the amounts above $100 million | |||||||
M Capital Appreciation Fund | 0.90% on the first $125 million | ||||||
0.80% on the amounts thereafter | |||||||
M Large Cap Value Fund | 0.43% |
Prior to May 1, 2021 and for the period May 1, 2021 to April 30, 2022, the Adviser has contractually agreed to reimburse each Fund for any expenses (other than advisory fees, brokerage or other portfolio transaction expenses or expenses for litigation, indemnification, taxes or other extraordinary expenses) to the extent that such expenses exceed 0.25% of a Fund's annualized average daily net assets.
The Adviser has engaged Dimensional Fund Advisors LP, DSM Capital Partners LLC, Frontier Capital Management Company, LLC and Brandywine Global Investment Management, LLC to act as sub-advisers to provide day-to-day portfolio management for the M International Equity Fund, the M Large Cap Growth Fund, the M Capital Appreciation Fund and the M Large Cap Value Fund, respectively.
As compensation for their services, each sub-adviser receives a fee based on the average daily net assets of the applicable Fund at the following annual rates:
Fund | Total Sub-Advisory Fees | ||||||
M International Equity Fund | For the period January 1, 2021 through | ||||||
February 28, 2021: | |||||||
0.32% on the first $100 million | |||||||
0.27% on the amounts thereafter | |||||||
For the period March 1, 2021 through | |||||||
June 30, 2021: | |||||||
0.25% on the first $100 million | |||||||
0.20% on the amounts thereafter | |||||||
Sub-adviser shall not receive any sub-advisory fee for its sub-advisory services to the M International Equity Fund with respect to assets of the M International Equity Fund invested in any other mutual fund advised by the Sub-Adviser. | |||||||
M Large Cap Growth Fund | 0.50% on the first $50 million | ||||||
0.45% on the next $50 million | |||||||
0.40% on the amounts above $100 million | |||||||
M Capital Appreciation Fund | 0.75% on the first $125 million | ||||||
0.65% on the amounts thereafter | |||||||
M Large Cap Value Fund | 0.28% |
66
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
2. Advisory Fee and Other Transactions with Affiliates (Continued)
The sub-advisory fees are paid by the Adviser out of the investment advisory fees disclosed above.
M Holdings Securities, Inc. acts as distributor (the "Distributor") for each of the Funds. The Distributor is a wholly-owned subsidiary of M Financial Group. No fees are charged by the Distributor for its services.
The Corporation pays no compensation to its officers. As of June 30, 2021, the Corporation pays each Non-Interested Director $1,500 per meeting attended. The Corporation pays each non-interested Director an annual retainer of $20,000. Each member of the Audit Committee and each member of the Nominating and Corporate Governance Committee receives $1,500 per meeting of the Audit Committee or Nominating and Corporate Governance Committee that he or she attends. The Chairman of the Board and Audit Committee Chair receive an additional $10,000 annually. Effective July 1, 2021, the Corporation will pay each Non-Interested Director an annual retainer of $25,000. There are no other changes to compensation.
An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities or is under common management. The Company which is an affiliate of the M International Equity Fund as of June 30, 2021 is noted in the Fund's Schedule of Investments. During the six months ended June 30, 2021, purchases and sales transactions, income earned from investments and shares held of investment companies managed by Dimensional Fund Advisors LP for the M International Equity Fund were as follows:
Affiliated Investment Company | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain on Sales | Change in Unrealized (Depreciation) | Value, End of Period | Dividend Income | Shares End of Period | |||||||||||||||||||||||||||
DFA Emerging Markets Core Equity Portfolio | $ | 64,116,944 | $ | 4,398,292 | $ | (3,881,549 | ) | $ | 1,003,115 | $ | 6,180,089 | $ | 71,816,891 | $ | 489,114 | 2,660,870 |
The DFA Emerging Markets Core Equity Portfolio is registered under the 1940 Act as an open-end management investment company. The M International Equity Fund may redeem its investment from the DFA Emerging Markets Core Equity Portfolio at any time if the Advisor determines that it is in the best interest of the M International Equity Fund and its shareholders to do so.
The performance of the M International Equity Fund will be directly affected by the performance of the DFA Emerging Markets Core Equity Portfolio. The financial statements of the DFA Emerging Markets Core Equity Portfolio, including the portfolio of investments, can be found at the Securities and Exchange Commission's website www.sec.gov and should be read in conjunction with the M International Equity Fund's financial statements. As of June 30, 2021, the percentage of M International Equity Fund net assets invested in the DFA Emerging Markets Core Equity Portfolio was 30.7 %.
67
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
3. Purchases and Sales of Securities
Cost of purchases and proceeds from sales of investment securities, excluding short-term investments, for the six months ended June 30, 2021, were as follows:
Non-U.S. Government Securities | |||||||||||
Purchases | Sales | ||||||||||
M International Equity Fund | $ | 16,453,152 | $ | 13,726,743 | |||||||
M Large Cap Growth Fund | 25,196,624 | 34,090,995 | |||||||||
M Capital Appreciation Fund | 56,454,836 | 69,827,150 | |||||||||
M Large Cap Value Fund | 43,240,709 | 38,874,736 |
4. Paid-in Capital
Changes in the capital shares outstanding were as follows:
M International Equity Fund | M Large Cap Growth Fund | ||||||||||||||||||
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | ||||||||||||||||
Shares sold | 1,247,423 | 1,612,840 | 266,166 | 495,406 | |||||||||||||||
Shares repurchased | (1,219,639 | ) | (1,871,283 | ) | (496,700 | ) | (1,441,807 | ) | |||||||||||
Distributions reinvested | 11,847 | 227,140 | 168,968 | 816,854 | |||||||||||||||
Net increase (decrease) | 39,631 | (31,303 | ) | (61,566 | ) | (129,547 | ) | ||||||||||||
Fund Shares: | |||||||||||||||||||
Beginning of period | 15,746,688 | 15,777,991 | 7,050,585 | 7,180,132 | |||||||||||||||
End of period | 15,786,319 | 15,746,688 | 6,989,019 | 7,050,585 | |||||||||||||||
M Capital Appreciation Fund | M Large Cap Value Fund | ||||||||||||||||||
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | ||||||||||||||||
Shares sold | 429,781 | 1,183,802 | 873,905 | 1,095,070 | |||||||||||||||
Shares repurchased | (974,901 | ) | (1,160,096 | ) | (594,881 | ) | (998,357 | ) | |||||||||||
Distributions reinvested | 69,377 | 186,379 | 525 | 241,561 | |||||||||||||||
Net increase (decrease) | (475,743 | ) | 210,085 | 279,549 | 338,274 | ||||||||||||||
Fund Shares: | |||||||||||||||||||
Beginning of period | 7,449,425 | 7,239,340 | 8,141,988 | 7,803,714 | |||||||||||||||
End of period | 6,973,682 | 7,449,425 | 8,421,537 | 8,141,988 |
68
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
5. Financial Instruments
Foreign Investments and Foreign Currency
Each of the Funds may invest in securities of companies that are organized under the laws of a foreign country and (i) are unlisted or listed primarily on a non-U.S. exchange; or (ii) are listed on a U.S. exchange or over-the-counter as a sponsored or unsponsored American Depositary Receipt ("foreign issuers"). M International Equity Fund may also invest in non-U.S. dollar denominated securities and securities of foreign issuers represented by European Depositary Receipts ("EDRs"), International Depositary Receipts ("IDRs") and Global Depositary Receipts ("GDRs"). The value of all assets and liabilities expressed in foreign currencies are translated into U.S. dollars at the exchange rates captured as of twelve noon Eastern Time each business day other than market holidays or early closures. Purchases and sales of investment securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of such transactions. Net realized foreign currency gains and losses result from changes in exchange rates, including foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amount actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial trade date and subsequent sale trade date is included in realized gains and losses on investment transactions. M International Equity Fund does not isolate that portion of the results for changes in foreign currency exchange rates from the fluctuations arising from changes in market prices of securities held at year end.
Investments in non-U.S. dollar denominated securities or in the securities of foreign issuers may be affected by changes in currency rates, changes in foreign or U.S. laws or restrictions applicable to such investments and in exchange control regulations (e.g., currency blockage). Some foreign stock markets may have substantially less volume than, for example, the New York Stock Exchange, and securities of some foreign issuers may be less liquid than securities of comparable domestic issuers. Commissions and dealer mark-ups on transactions in foreign investments may be higher than for similar transactions in the United States. In addition, clearance and settlement procedures for such securities may be different in foreign countries and, in certain markets, on certain occasions such procedures have been unable to keep pace with the volume of securities transactions.
Foreign issuers are not generally subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. There may be less publicly available information about a foreign issuer than about a domestic one. In addition, there is generally less government regulation of stock exchanges, brokers, and listed and unlisted issuers in foreign countries than in the United States. Furthermore, with respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, imposition of withholding taxes on dividend or interest payments, limitations on the removal of funds or other assets of the Funds, or political or social instability or diplomatic developments which could affect investments in those countries. Individual foreign economies also may differ favorably or unfavorably from the United States economy in such respects as growth of gross national product, rate of inflation, capital reinvestment and resource self-sufficiency.
Because investment in foreign issuers will usually involve currencies of foreign countries, and because the Funds may be exposed to currency exposure independent of their securities positions, the value of the assets of the Funds invested in foreign issuers as measured in U.S. dollars will be affected by changes in foreign currency exchange rates. To the extent that a Fund's assets consist of investments denominated in a particular currency, the Fund is at risk of adverse developments affecting the value of such currency.
69
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
5. Financial Instruments (Continued)
Currency exchange rates may fluctuate significantly over short periods of time causing, along with other factors, a Fund's net asset value to fluctuate as well. Currency exchange rates generally are determined by the forces of supply and demand in the foreign exchange markets and the relative merits of investments in different countries, actual or anticipated changes in interest rates and other complex factors, as seen from an international perspective. Currency exchange rates also can be affected unpredictably by intervention by U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political developments in the U.S. or abroad. To the extent that a substantial portion of a Fund's total assets, adjusted to reflect the Fund's net position after giving effect to currency transactions, is denominated in the currencies of foreign countries, the Fund will be more susceptible to the risk of adverse economic and political developments within those countries.
Risks Related to COVID-19 Pandemic
Beginning in January 2020, global financial markets experienced, and may continue to experience, significant volatility resulting from the spread of a virus known as COVID-19. The extent of the impact from the COVID-19 outbreak on the financial performance of the Funds continues to depend on developments, including duration and spread of the outbreak, related advisories and restrictions, and the impact of COVID-19 on the financial markets and the overall economy, all of which are highly uncertain and cannot be predicted. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund's ability to achieve its investment objective. If the financial markets and/or the overall economy continue to be impacted for an extended period of time, the Funds' results of operations may be materially adversely affected.
6. Beneficial Interest
Shares of the Funds are owned by insurance companies through their separate accounts that are used primarily to fund variable annuity contracts and variable life insurance contracts. As of June 30, 2021, John Hancock Variable Life Insurance Co., Pacific Life Insurance Co., Pruco Life Insurance Co. of Arizona and Security Life of Denver (an indirect, wholly owned subsidiary of Voya Financial, Inc.) each owned 5% or more of the Funds' shares. John Hancock Variable Life Insurance Co. and Pacific Life Insurance Co. may each be deemed a control person of each Fund because their separate accounts hold more than 25% of the shares of each Fund.
As of June 30, 2021, the ownership of each Fund was as follows:
Percentage of Ownership(1) | |||||||||||||||||||
John Hancock Variable Life Insurance Co. | Pacific Life Insurance Co. | Pruco Life Insurance Co. Of Arizona | Voya-Security Life of Denver | ||||||||||||||||
M International Equity Fund | 39.7 | % | 40.2 | % | 6.4 | % | 5.6 | % | |||||||||||
M Large Cap Growth Fund | 53.0 | % | 30.9 | % | 6.5 | % | 1.5 | % | |||||||||||
M Capital Appreciation Fund | 49.5 | % | 35.4 | % | 1.7 | % | 6.6 | % | |||||||||||
M Large Cap Value Fund | 52.6 | % | 31.7 | % | 4.7 | % | 1.4 | % |
(1) The balance of the Funds' shares are owned by shareholders with less than 5% beneficial interest.
70
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
7. Tax Information
As of June 30, 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 Income Tax Cost | Tax Basis Unrealized Appreciation | Tax Basis Unrealized Depreciation | Tax Basis Net Unrealized Appreciation/ Depreciation | ||||||||||||||||
M International Equity Fund | $ | 183,921,041 | $ | 61,348,736 | $ | (7,900,191 | ) | $ | 53,448,545 | ||||||||||
M Large Cap Growth Fund | 126,396,269 | 141,122,380 | (0 | ) | 141,122,380 | ||||||||||||||
M Capital Appreciation Fund | 146,758,860 | 88,551,348 | (4,978,616 | ) | 83,572,732 | ||||||||||||||
M Large Cap Value Fund | 92,095,946 | 31,659,829 | (927,110 | ) | 30,732,719 |
8. Disclosure of Certain Commitments and Contingencies
In the normal course of business, the Corporation may enter into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The maximum exposure to the Corporation under these arrangements is unknown, as it involves future claims that may be made against the Corporation that have not yet occurred. However, based on experience, the Corporation believes that the current risk of loss is remote.
9. Subsequent Events
The Funds have evaluated subsequent events through the date of issuance of the Funds' financial statements and have determined there is no material impact to the Funds' financial statements.
71
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS
The Board meets on a quarterly basis to review the ongoing operations of the Corporation and the Funds (as defined below), and at each meeting, considers matters bearing on (1) the Investment Advisory Agreement (the "Advisory Agreement") between the Corporation and the Adviser, and (2) the Investment Sub-Advisory Agreements (each, a "Sub-Advisory Agreement" and collectively, the "Sub-Advisory Agreements") between the Adviser, on behalf of the M International Equity Fund, M Capital Appreciation Fund, M Large Cap Growth Fund and M Large Cap Value Fund (each, a "Fund" and collectively, the "Funds"), and Dimensional Fund Advisors ("DFA"), Frontier Capital Management Company, LLC ("Frontier"), DSM Capital LLC ("DSM") and Brandywine Global Investment Management ("Brandywine"), respectively (each, a "Sub-Adviser" and collectively, the "Sub-Advisers"). The independent directors meet with the entire Board and hold separate executive sessions to the extent that the independent directors believe that such sessions are necessary.
At each quarterly meeting, the Board specifically reviews the investment performance of each Fund (reflecting the advisory services provided by the applicable Sub-Adviser), in both absolute terms and relative to each Fund's relevant benchmark index. The Board considers this performance in light of general economic conditions. Finally, the Board receives quarterly performance reports and Sub-Adviser evaluations from Strategic Capital Investment Advisors, Inc. ("Strategic Capital"), as summarized below.
In addition to investment performance, the quarterly reviews specifically address and consider other matters that bear upon and are part of the annual evaluation and approval, such as compliance (including code of ethics violations) matters.
These quarterly on-going reviews and monitoring form an important basis for the annual review and approval discussed below.
The Board utilizes the services of Strategic Capital to help choose and evaluate each of the Corporation's Sub-Advisers. Strategic Capital is an independent, third-party vendor that provides consulting services to institutional investors. The Adviser engages Strategic Capital primarily to evaluate existing Sub-Adviser performance and assist in searches for new sub-advisers, when necessary.
Strategic Capital provides the Board with Fund performance information quarterly. Strategic Capital also provides the Board with Sub-Adviser evaluations based upon on-going qualitative assessments and quantitative analysis. This evaluation provides the Board with an in-depth understanding of each Sub-Adviser's investment philosophy, process, capabilities and resources.
ANNUAL REVIEW AND APPROVAL OF THE INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS
At a meeting held on March 12, 2021, the Board, including the Independent Directors, unanimously approved the continuance of the Advisory Agreement and the Sub-Advisory Agreements with DFA, DSM and Frontier. At this meeting, the Board evaluated, among other things, written information provided by the Adviser and each Sub-Adviser, as well as answers to questions posed by the Board to representatives of the Adviser (including answers provided at other Board meetings). The Board was not asked to reapprove the sub-advisory agreement between MFIA and Brandywine with respect to the Large Cap Value Fund because that agreement is still within its initial two-year term.
72
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
The Adviser and Sub-Advisers furnished information concerning a variety of aspects of the operation of the Funds including, (1) the capability of the Adviser and each Sub-Adviser to provide advisory services (including number and experience of personnel, administrative systems, and financial strength); (2) the nature, extent, and quality of services to be provided by the Adviser and each Sub-Adviser; (3) the Adviser's and each Sub-Adviser's regulatory compliance history; (4) the investment performance of each Fund; (5) advisory fees, considering the services provided; the costs and expenses of the Adviser or each Sub-Adviser; fees throughout the industry; the level of profit realized by the Adviser or each Sub-Adviser under the Advisory Agreements; and any collateral or "fall-out" benefits to the Adviser, each Sub-Adviser, or a Fund; (6) the extent to which economies of scale would be realized as the Corporation and the Funds grow and whether shareholders benefit from these economies of scale; and (7) each Sub-Adviser's choice of brokers and dealers for portfolio transactions and the cost for such transactions.
Below is a discussion of the information considered by the Board, as well as the Board's conclusions with respect to the Advisory Agreement and Sub-Advisory Agreements presented to the Board for its approval at its March 12, 2021 Board meeting.
Applicable rules of the U.S. Securities and Exchange Commission ("SEC") and relevant case law instruct mutual fund directors to consider a number of specific factors in approving and re-approving Advisory and Sub-Advisory Agreements. Those rules are designed for the typical situation where the adviser or sub-adviser is the sponsor (or an affiliate of the sponsor) of the fund and therefore the relationship is not an "arms-length" one (that is, since the advisor may have a strong or undue influence over the fund, the two parties are not in equal bargaining positions). Here, however, the Corporation and the Sub-Advisers are independent of each other, and there is no other material business arrangement between them, so that there is truly an "arms-length" bargaining position. In these circumstances, the SEC permits a fund's board to view certain otherwise applicable factors as not relevant or less material with respect to such "non-sponsor advisers" (see SEC Release No. 33-8433, June 23, 2004). Here, in accordance with such SEC guidance, factors that may be irrelevant (or less material than others) include the Sub-Advisers' costs and profits. In addition, there may be few, or fewer and less significant, collateral or "fall-out" benefits for the Sub-Advisers.
The following discussion is not intended to be all-inclusive. The Board was presented with and considered a significant amount of information and a variety of factors in connection with its review of the Advisory Agreement and the Sub-Advisory Agreements. The Board did not find it practicable to, and did not, quantify or otherwise assign relative weights to the specific factors considered in reaching their conclusions and determinations to approve the continuance of the Advisory Agreement and the Sub-Advisory Agreements. Nor did the Board identify any particular item of information or factor that was controlling. The approval determinations were made on the basis of each director's business judgment after consideration of all of the factors taken as a whole, although individual directors may have given different weights to certain factors and assigned various degrees of materiality to conclusions made.
1. THE CAPABILITY OF THE ADVISER AND EACH SUB-ADVISER TO PROVIDE ADVISORY SERVICES AND THE NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED
The Board reviewed in detail the capability of the Adviser and each Sub-Adviser to provide advisory services to the Funds under the terms of the Advisory Agreement and Sub-Advisory Agreements. The Board reviewed the personnel at the Adviser and each Sub-Adviser responsible for providing advisory and sub-advisory services to the Funds.
73
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
The Board reviewed in detail the nature and extent of the services provided by the Adviser and Sub-Advisers under the terms of the Advisory Agreement and Sub-Advisory Agreements, and the quality of those services over the past year (and longer). The Board considered the experience of the Adviser and each Sub-Adviser as an investment manager. Regarding the Adviser, the Board noted that the Adviser has been registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act") since 1995. As of December 31, 2020, the Adviser had approximately $758 million in assets under management, all of which were assets of the Corporation. The Adviser delegates the day-to-day investment of the Funds to the Sub-Advisers. The Adviser monitors the general business activity of the Sub-Advisers through a variety of quarterly and annual questionnaires and on-site compliance meetings and reports significant changes and developments to the Board at least quarterly. The Board noted that a complete description of the services provided by the Adviser and the experience of its officers was contained in its Form ADV, which was included in the Board Materials. It was noted that the Adviser's organizational chart is also included in the Board Materials. The Board concluded that the Adviser has the operational experience, capability, resources and personnel necessary to continue to manage the Funds.
M International Equity Fund
The Board noted that DFA was founded in 1981 and has managed the M International Equity Fund since December 12, 2018. As of December 31, 2020, DFA had approximately $600 billion of assets under management. The Board noted that DFA uses a team approach in all business aspects. In accordance with the team approach, DFA investment professionals make investment decisions based on guidelines, policies and procedures established by its investment committee. The Board concluded that DFA has significant operational experience and the capability, resources and personnel necessary to continue to manage the Fund.
M Large Cap Growth Fund
The Board noted that DSM was founded in 2001 and has managed the M Large Cap Growth Fund since October 2009. As of December 31, 2020, DSM had approximately $9.7 billion of assets under management. The Fund is managed by one of DSM's founders and principals, Daniel Strickberger, with the support of a team of research analysts/portfolio managers. A complete description of the services provided by DSM and the experience of its professionals is contained in the firm's Form ADV, which was included in the Board Materials. The Board concluded that DSM has significant operational experience and the capability, resources and personnel necessary to continue to manage the Fund.
M Capital Appreciation Fund
The Board noted that Frontier has been registered as an investment adviser under the Advisers Act since 1981 and has managed the M Capital Appreciation Fund since its inception in January 1996. Frontier had $13.7 billion in assets under management as of December 31, 2020. The Board noted that Frontier has significant investment operations and support staff, which include a dedicated back office, compliance and marketing professionals, analysts and portfolio managers, and continues to provide high quality responsive service to MFIA's requests. A complete description of the services provided by Frontier and the experience of its professionals was contained in the firm's Form ADV, which was included in the Board Materials. The Board concluded that Frontier has significant operational experience and the capability, resources and personnel necessary to continue to manage the Fund.
74
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
2. REGULATORY COMPLIANCE HISTORY OF ADVISER AND SUB-ADVISERS
The Board considered the regulatory compliance history of the Adviser and each Sub-Adviser, which is reviewed quarterly by the Adviser and any material violations are brought to the attention of the Corporation's Chief Compliance Officer ("CCO") and the Board. Neither the Adviser, nor any of the Sub-Advisers had any material violations of any of their respective policies and procedures or their Codes of Ethics during the year ended December 31, 2020. Based upon information provided to it, the Board concluded that it was satisfied with the adequacy of the Adviser's and Sub-Advisers' compliance programs.
3. THE INVESTMENT PERFORMANCE OF EACH FUND, THE ADVISER AND EACH SUB-ADVISER
The Board noted that investment performance for each Fund is primarily determined by the investment decisions of each Sub-Adviser. The Board also noted that the Adviser has the responsibility to manage each Sub-Advisory relationship and make decisions about when to recommend a change in Sub-Adviser. The Board noted by example that Brandywine replaced AJO as a Sub-Adviser to the Large Cap Value Fund on May 1, 2020. The Board further noted MFIA's active approach to evaluating each sub-advisory relationship including meeting annually with each Sub-Adviser. The Board concluded that MFIA was appropriately managing each sub-advisory relationship.
The Board reviewed the investment performance of each Fund for the one-, three-, five- and 10-year periods ended December 31, 2020 and for the period from the inception of each Fund through December 31, 2020.
M International Equity Fund
The Board considered the investment performance of M International Equity Fund while it has been managed by DFA. At December 31, 2020, the Fund lagged its benchmark, the MSCI AC World ex US Index, for the one-, three-, five-, and 10-year periods, but exceeded the benchmark for the "since inception" time period. For the three-, five-, and ten-year and "since inception" periods, the Fund was managed by other sub-advisers. The Board discussed the reasons for the underperformance of the Fund and concluded that it was satisfied with DFA's investment performance.
M Large Cap Growth Fund
The Board considered the investment performance of M Large Cap Growth Fund while it has been managed by DSM. The Fund lagged its benchmark, the Russell 1000 Growth Index, for the one-, three-, five-, and 10-year periods, but exceeded the benchmark from inception to December 31, 2020. The "since inception" investment performance provided included management by the Fund's previous sub-adviser, which was replaced largely due to poor investment performance. The Board noted that it believed DSM's investment performance was adequate.
M Capital Appreciation Fund
The Board considered the investment performance of M Capital Appreciation Fund. The Fund lagged its benchmark, the Russell 2500 Index, for the one-, three-, five-, and ten-year periods ended December 31, 2020. The Fund exceeded its benchmark for the period beginning with the Fund's inception in 1996. The Board noted that Frontier's investment performance was satisfactory.
75
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
4. ADVISORY FEES PAYABLE TO THE ADVISER AND SUB-ADVISERS
The Board considered the advisory fees payable to the Adviser and Sub-Advisers. The Board noted that each Fund pays a management fee to the Adviser and the Adviser retains 0.15% of the management fee and pays the balance of the management fee to the applicable Sub-Adviser. The Board reviewed information comparing the advisory fee of each Fund to the advisory fee charged to similar funds. The Board considered the profitability of the Adviser and noted that no "fall-out" or collateral benefits were reported except the differentiation in the marketplace allowed by the relationship because M Member Firms were able to offer the Funds to their clients while the majority of their competitors were not. The Board concluded that the management fees and the portion of the management fees retained by the Adviser were fair and reasonable.
The Board reviewed a comparison of each Fund's advisory fees to those of other funds with similar strategies.
M International Equity Fund
The Board reviewed a comparison of the Fund's advisory fees and expenses to those of other funds with similar strategies. It was noted that the Fund's total advisory fee is less than 56 and the same as four of the other 69 managers in the peer group. DFA proposed a new fee schedule pursuant to which it would receive 0.25% on the first $100 million of assets under management and 0.20% on amounts over $100 million, excluding assets invested in other DFA managed mutual funds. It was noted that DFA had also provided a fee waiver for the period March 1, 2021 through March 11, 2021 so that, in effect, the impact of the fee reduction was realized by the Fund as of March 1, 2021. The Board noted that no "fall-out" or collateral benefits to DFA, MFIA or the Corporation resulting from the sub-advisory relationship were reported. It was further noted that DFA does not engage in soft dollar transactions on behalf of the Fund. The Board concluded that DFA's fees were fair and reasonable.
M Large Cap Growth Fund
The Board considered the advisory fees payable to DSM. The Board reviewed a comparison of the Fund's advisory fees and expenses to those of other funds with similar strategies. The Board noted that based upon the Fund's assets, the management fee was 0.59%, which includes 0.15% payable to MFIA as an advisory fee and 0.44% payable to DSM as the Sub-Adviser. It was noted that the Fund's total advisory fee is less than 105 of the 172 other managers in the peer group and further noted that the sub-advisory fee DSM charges to the Fund is lower than its standard fee structure for separately-managed accounts in its large cap growth strategy. The Board reviewed DSM's financial statements. The Board noted that no "fall-out" benefits to DSM, MFIA or the Corporation resulting from the sub-advisory relationship were reported; however, DSM does engage in soft-dollar transactions on behalf of the Fund and other accounts. The Board concluded that DSM's fees were fair and reasonable.
M Capital Appreciation Fund
The Board considered the advisory fees payable to Frontier as well as the profitability to Frontier in managing the Fund. The Board reviewed a comparison of the Fund's advisory fees and expenses to those of other funds with similar strategies. It was noted that Frontier's sub-advisory fee is 0.73% of average daily net assets. It was further noted that the Fund's total advisory fee is higher than 44 of the other 52 funds in its peer group, but still falls within a reasonable range of its peers. Frontier manages approximately 17 separate accounts in the capital appreciation
76
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
strategy, and all but five pay the same fee that the Fund pays. The Board noted that no "fall-out" benefits to Frontier, MFIA or the Corporation resulting from the sub-advisory relationship were reported, however, Frontier does engage in soft dollar transactions on behalf of the Fund and its other accounts. The Board concluded that Frontier's fees were fair and reasonable.
5. THE EXTENT TO WHICH ECONOMIES OF SCALE WOULD BE REALIZED AS EACH FUND GROWS AND WHETHER SHAREHOLDERS BENEFIT FROM THESE ECONOMIES OF SCALE
The Board considered the benefit to investors of economies of scale. The Board noted that the portion of the management fee retained by the Adviser does not decrease at breakpoints, but instead remains fixed at 0.15% of the average daily net assets of each Fund. The Board noted that the sub-advisory fees payable for the M International Equity Fund, M Large Cap Growth Fund and M Capital Appreciation Fund to DFA, DSM and Frontier, respectively, decrease at breakpoints. The Board noted that as assets in each of the Funds increase, fixed operating costs are spread over a larger asset base resulting in a lower per share allocation of such costs. The Board concluded that these economies of scale benefit shareholders.
6. THE OPERATING EXPENSES OF THE FUNDS
The Board considered the operating expenses of each Fund. The Board noted that in addition to the advisory fee, each Fund is also responsible for payment of a portion of the Corporation's operating expenses. The Board reviewed information comparing the total annual operating expenses of each Fund to the total annual operating expenses of similar funds.
The Board noted that the Adviser has contractually agreed to reimburse each Fund for any expenses (other than advisory fees and extraordinary expenses) incurred by the Fund to the extent that such expenses exceed 0.25% of the Fund's average daily net assets. The Board noted that the Adviser reimbursed $75,506 in 2020, $51,182 related to the M International Equity Fund and $24,324 related to the Large Cap Value Fund. The Board concluded that the Corporation's operating expenses were fair and reasonable.
7. THE SUB-ADVISERS' PROCESS FOR SELECTION OF BROKERS AND DEALERS FOR PORTFOLIO TRANSACTIONS AND THE COST FOR SUCH TRANSACTIONS.
The Board considered the brokerage transactions on behalf of the Funds. The Board noted that the trading and execution for the Funds is handled at the Sub-Adviser level. The Board noted that the Corporation's CCO reviews each Sub-Adviser's written policies and procedures for fair-trading and best execution at least annually. The Board also noted that it is presented with quarterly reports of each Sub-Adviser's soft-dollar commission information. The Board concluded that it was satisfied with the Sub-Advisers' policies and procedures for broker selection and best execution.
The Board considered each Sub-Adviser's process for choosing brokers for each Fund.
77
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
M International Equity Fund
The Board noted that DFA selects brokers based on a number of stated criteria and that all brokers used by DFA must be approved in accordance with DFA's policies and procedures. Brokers are reviewed and approved by DFA at least annually by its investment committee. The Board noted that DFA does not engage in soft dollar transactions on behalf of the Fund. The Board concluded that it was satisfied with DFA's policies and procedures for broker selection and execution.
M Large Cap Growth Fund
The Board considered brokerage arrangements by DSM on behalf of the Fund. It was noted that additional information regarding DSM's broker selection practices was set forth in Part 2A of the firm's Form ADV, which was included in the Board Materials. It was further noted that more information regarding DSM's 2020 soft dollar commissions was also included in the Board Materials. The Board concluded that it was satisfied with DSM's policies and procedures for broker selection and best execution.
M Capital Appreciation Fund
The Board considered brokerage arrangements by Frontier on behalf of the Fund. It was noted that additional detailed information regarding Frontier's broker selection practices was set forth in Part 2A of the firm's Form ADV, which was included in the Board Materials. It was further noted that more information regarding Frontier's 2020 soft dollar commissions was also included in the Board Materials. The Board concluded that it was satisfied with Frontier's policies and procedures for broker selection and best execution.
CONCLUSIONS
The Board noted that no single factor was cited as determinative to the decision of the Board. Rather, after weighing all of the considerations and conclusions discussed above, and based upon such information as it considered necessary to the exercise of its reasonable business judgment, the Board concluded that it was fair and reasonable and in the best interests of the Funds to continue the investment advisory agreement with MFIA and the sub-advisory agreements with DFA, DSM and Frontier.
78
M Fund, Inc.
SUPPLEMENTAL INFORMATION (Unaudited)
Portfolio Holdings Disclosure
Disclosure of the complete holdings of each Fund is required to be made quarterly within 60 days of the end of the Fund's fiscal quarter in the Annual Report and Semi-Annual Report to Fund shareholders on Form N-CSR and in Form N-PORT, with every third month made available to the public by the SEC 60 days after the end of the Funds' fiscal quarter. You can find SEC filings on the SEC's website, www.sec.gov. Each Fund will also make the quarterly holdings reports available on the Corporation's website at www.mfin.com. Once you reach the website, click on the M Funds link at the bottom of the web page. Then, click on the "Quarterly Holding Report" link.
Proxy Voting Policies and Procedures and Proxy Voting Record
A description of the Corporation's proxy voting policies and procedures and the Corporation's proxy voting record for the most recent twelve-month period ending June 30 are available (1) without charge, upon request, by calling the Corporation toll-free at 1-888-736-2878; and (2) on Form N-PX on the SEC's website at www.sec.gov.
79
M Fund, Inc.
HYPOTHETICAL EXPENSE EXAMPLE (Unaudited)
As an indirect shareholder of a Fund, you incur ongoing costs, including management fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2021 to June 30, 2021.
Actual Expenses
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line under each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing Fund costs only. As an indirect shareholder of a Fund, you do not incur any transactional costs, such as sales charges (loads), redemption fees or exchange fees. However, you do incur such transactional costs, as well as other fees and charges as an owner of a variable annuity contract or variable life insurance policy. If these transactional and other insurance company fees and charges were included, your costs would have been higher. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only, and will not help you determine the relative total costs of owning different variable annuities or variable life insurance policies.
80
M Fund, Inc.
HYPOTHETICAL EXPENSE EXAMPLE (Unaudited) (Continued)
Beginning Account Value January 1, 2021 | Ending Account Value June 30, 2021 | Annualized Expense Ratio | Expenses Paid During Period* (January 1, 2021 to June 30, 2021) | ||||||||||||||||
M International Equity Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,114.10 | 0.57 | % | $ | 2.99 | |||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.00 | 0.57 | % | 2.86 | ||||||||||||||
M Large Cap Growth Fund | |||||||||||||||||||
Actual | 1,000.00 | 1,165.50 | 0.75 | % | 4.03 | ||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.10 | 0.75 | % | 3.76 | ||||||||||||||
M Capital Appreciation Fund | |||||||||||||||||||
Actual | 1,000.00 | 1,143.40 | 1.02 | % | 5.42 | ||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.70 | 1.02 | % | 5.11 | ||||||||||||||
M Large Cap Value Fund | |||||||||||||||||||
Actual | 1,000.00 | 1,218.90 | 0.64 | % | 3.52 | ||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.60 | 0.64 | % | 3.21 |
* Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days). In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying fund in which it invests. Such indirect expenses are not included in the above expense ratios.
81
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | A schedule of investments is contained in the Registrant’s semi-annual report, which is attached to this report in response to Item 1. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) The Registrant's Principal Executive Officer and Principal Financial Officer concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) (the “1940 Act”) were effective as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"), based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) (the “1934 Act”) as of the Evaluation Date.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 13(a)(2).
(a)(3) Not applicable to this filing.
(a)(4) Not applicable.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a – 14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto as Exhibit 13(b).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
M Fund, Inc. | |||
By: | /s/ Bridget McNamara-Fenesy | ||
Bridget McNamara-Fenesy | |||
President/Principal Executive Officer | |||
Date: | August 27, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Bridget McNamara-Fenesy | ||
Bridget McNamara-Fenesy | |||
President/Principal Executive Officer | |||
Date: | August 27, 2021 |
By: | /s/ David Lees | ||
David Lees | |||
Treasurer/Principal Financial | |||
and Accounting Officer | |||
Date: | August 27, 2021 |