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 | |||||||
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M Fund, Inc. | ||||||||
(Exact name of registrant as specified in charter) | ||||||||
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M Financial Plaza |
| 97209 | ||||||
(Address of principal executive offices) |
| (Zip code) | ||||||
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Bridget McNamara-Fenesy, President, M Fund, Inc. | ||||||||
(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 | ||||||||
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Registrant’s telephone number, including area code: | (503) 232-6960 |
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Date of fiscal year end: | 12/31 |
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Date of reporting period: | 6/30/2019 |
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Item 1. Reports to Stockholders.
The semi-annual report for the period January 1, 2019 through June 30, 2019 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, 2019
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, 2019
Shares | Value (Note 1) | ||||||||||
COMMON STOCKS—72.3% | |||||||||||
Australia—4.4% | |||||||||||
5,596 | Adelaide Brighton, Ltd. | $ | 15,872 | ||||||||
3,702 | AGL Energy, Ltd. | 52,006 | |||||||||
8,035 | ALS, Ltd. | 41,405 | |||||||||
1,335 | Altium, Ltd. | 32,053 | |||||||||
7,811 | Amcor, Plc. | 88,781 | |||||||||
21,632 | AMP, Ltd. | 32,196 | |||||||||
1,231 | Ansell, Ltd. | 23,204 | |||||||||
16,116 | Ardent Leisure Group, Ltd.* | 11,880 | |||||||||
4,576 | Aristocrat Leisure, Ltd. | 98,690 | |||||||||
487 | ASX, Ltd. | 28,162 | |||||||||
4,297 | Atlas Arteria, Ltd. | 23,651 | |||||||||
27,196 | Aurizon Holdings, Ltd. | 103,102 | |||||||||
12,821 | Ausdrill, Ltd. | 16,427 | |||||||||
9,677 | Austal, Ltd. | 23,167 | |||||||||
16,565 | Australia & New Zealand Banking Group, Ltd. | 328,067 | |||||||||
24,262 | Australian Agricultural Co., Ltd.*,† | 16,948 | |||||||||
23,353 | Australian Pharmaceutical Industries, Ltd. | 21,641 | |||||||||
16,877 | Automotive Holdings Group, Ltd.* | 33,176 | |||||||||
9,893 | Aveo Group | 13,057 | |||||||||
6,621 | Bank of Queensland, Ltd.† | 44,298 | |||||||||
4,472 | Bapcor, Ltd. | 17,519 | |||||||||
19,836 | Beach Energy, Ltd. | 27,643 | |||||||||
3,363 | Bega Cheese, Ltd.† | 11,285 | |||||||||
2,901 | Bendigo & Adelaide Bank, Ltd. | 23,584 | |||||||||
23,935 | BHP Group, Ltd. | 691,635 | |||||||||
165 | Blackmores, Ltd.† | 10,415 | |||||||||
9,483 | BlueScope Steel, Ltd. | 80,223 | |||||||||
8,539 | Boral, Ltd. | 30,693 | |||||||||
9,097 | Brambles, Ltd. | 82,259 | |||||||||
1,774 | Breville Group, Ltd. | 20,375 | |||||||||
1,742 | Brickworks, Ltd. | 19,922 | |||||||||
1,732 | Caltex Australia, Ltd. | 30,095 | |||||||||
2,491 | carsales.com, Ltd. | 23,661 | |||||||||
5,928 | Challenger, Ltd. | 27,634 | |||||||||
16,096 | Cleanaway Waste Management, Ltd. | 26,329 | |||||||||
6,210 | Coca-Cola Amatil, Ltd. | 44,556 | |||||||||
400 | Cochlear, Ltd. | 58,085 | |||||||||
8,123 | Coles Group, Ltd.* | 76,132 | |||||||||
13,861 | Commonwealth Bank of Australia | 805,542 |
Shares | Value (Note 1) | ||||||||||
Australia (Continued) | |||||||||||
3,340 | Computershare, Ltd. | $ | 38,010 | ||||||||
34,520 | Cooper Energy, Ltd.* | 13,087 | |||||||||
983 | Corporate Travel Management, Ltd.† | 15,528 | |||||||||
3,820 | Costa Group Holdings, Ltd. | 10,835 | |||||||||
2,419 | Crown Resorts, Ltd. | 21,143 | |||||||||
3,245 | CSL, Ltd. | 489,803 | |||||||||
9,383 | CSR, Ltd. | 25,756 | |||||||||
14,019 | Domain Holdings Australia, Ltd.† | 31,298 | |||||||||
4,400 | Downer EDI, Ltd. | 21,376 | |||||||||
4,297 | DuluxGroup, Ltd. | 28,116 | |||||||||
4,311 | Elders, Ltd. | 18,795 | |||||||||
7,109 | Estia Health, Ltd. | 13,176 | |||||||||
13,141 | Evolution Mining, Ltd. | 40,224 | |||||||||
7,807 | FlexiGroup Ltd/Australia | 8,934 | |||||||||
669 | Flight Centre Travel Group, Ltd. | 19,515 | |||||||||
24,562 | Fortescue Metals Group, Ltd. | 155,539 | |||||||||
11,060 | G8 Education, Ltd. | 23,527 | |||||||||
9,874 | Genworth Mortgage Insurance Australia, Ltd.† | 19,479 | |||||||||
3,873 | GrainCorp, Ltd.* | 21,671 | |||||||||
9,317 | GWA Group, Ltd. | 22,370 | |||||||||
9,170 | Incitec Pivot, Ltd. | 21,953 | |||||||||
7,352 | Independence Group NL | 24,362 | |||||||||
14,639 | Insurance Australia Group Ltd. | 84,891 | |||||||||
1,394 | InvoCare, Ltd.† | 15,649 | |||||||||
8,432 | IOOF Holdings, Ltd.† | 30,605 | |||||||||
539 | IRESS, Ltd. | 5,271 | |||||||||
2,408 | JB Hi-Fi, Ltd.† | 43,700 | |||||||||
86,962 | Jupiter Mines, Ltd. | 21,063 | |||||||||
2,512 | LendLease Group | 22,926 | |||||||||
10,414 | Link Administration Holdings, Ltd. | 36,556 | |||||||||
2,349 | Macquarie Group, Ltd. | 206,783 | |||||||||
1,171 | Magellan Financial Group, Ltd. | 41,927 | |||||||||
22,423 | Mayne Pharma Group, Ltd.* | 8,028 | |||||||||
12,504 | Metcash, Ltd. | 22,561 | |||||||||
1,851 | Mineral Resources, Ltd. | 19,466 | |||||||||
19,807 | National Australia Bank, Ltd. | 371,555 | |||||||||
10,216 | New Hope Corp., Ltd. | 19,436 | |||||||||
447 | Newcrest Mining, Ltd. | 10,026 | |||||||||
5,029 | NEXTDC, Ltd.*,† | 22,914 | |||||||||
5,984 | NIB holdings, Ltd. | 32,222 | |||||||||
33,934 | Nine Entertainment Co. Holdings, Ltd. | 44,669 |
The accompanying notes are an integral part of these financial statements.
1
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Australia (Continued) | |||||||||||
7,157 | Northern Star Resources, Ltd. | $ | 58,536 | ||||||||
11,110 | NRW Holdings, Ltd. | 19,577 | |||||||||
6,389 | Nufarm Ltd/Australia* | 18,390 | |||||||||
4,065 | Oil Search, Ltd. | 20,177 | |||||||||
4,936 | oOh!media, Ltd. | 13,515 | |||||||||
1,697 | Orica, Ltd. | 24,149 | |||||||||
10,538 | Origin Energy, Ltd. | 54,081 | |||||||||
9,118 | Orora, Ltd. | 20,740 | |||||||||
6,746 | OZ Minerals, Ltd. | 47,502 | |||||||||
3,547 | Pendal Group, Ltd. | 17,805 | |||||||||
555 | Perpetual, Ltd.† | 16,458 | |||||||||
2,030 | Premier Investments, Ltd. | 21,620 | |||||||||
10,651 | Qantas Airways, Ltd. | 40,379 | |||||||||
7,304 | QBE Insurance Group, Ltd. | 60,662 | |||||||||
1,072 | Ramsay Health Care, Ltd. | 54,368 | |||||||||
6,758 | Regis Resources, Ltd. | 25,051 | |||||||||
7,268 | Reliance Worldwide Corp., Ltd. | 17,961 | |||||||||
25,575 | Resolute Mining, Ltd. | 23,970 | |||||||||
3,594 | Rio Tinto, Ltd. | 261,804 | |||||||||
4,596 | Sandfire Resources NL | 21,586 | |||||||||
10,594 | Santos, Ltd. | 52,658 | |||||||||
10,376 | Saracen Mineral Holdings, Ltd.* | 26,807 | |||||||||
3,349 | SEEK, Ltd. | 49,751 | |||||||||
47,993 | Senex Energy, Ltd.* | 11,961 | |||||||||
62,916 | Seven West Media, Ltd.* | 20,539 | |||||||||
4,361 | Sims Metal Management, Ltd. | 33,249 | |||||||||
2,601 | Sonic Healthcare, Ltd. | 49,485 | |||||||||
9,838 | South32, Ltd. | 21,963 | |||||||||
10,287 | Southern Cross Media Group, Ltd. | 9,027 | |||||||||
12,721 | Spark Infrastructure Group | 21,702 | |||||||||
9,141 | SpeedCast International, Ltd.† | 22,333 | |||||||||
8,938 | St Barbara, Ltd. | 18,448 | |||||||||
6,536 | Star Entertainment Grp, Ltd. (The) | 18,905 | |||||||||
11,105 | Steadfast Group, Ltd. | 27,365 | |||||||||
3,030 | Suncorp Group, Ltd. | 28,653 | |||||||||
4,226 | Super Retail Group, Ltd. | 24,417 | |||||||||
4,242 | Sydney Airport | 23,944 | |||||||||
6,942 | Tabcorp Holdings, Ltd. | 21,688 | |||||||||
5,500 | Tassal Group, Ltd. | 18,920 | |||||||||
4,562 | Technology One, Ltd. | 25,238 | |||||||||
32,411 | Telstra Corp., Ltd. | 87,603 | |||||||||
3,218 | Transurban Group | 33,301 | |||||||||
1,963 | Treasury Wine Estates, Ltd. | 20,562 | |||||||||
12,616 | Vocus Group, Ltd.* | 28,963 |
Shares | Value (Note 1) | ||||||||||
Australia (Continued) | |||||||||||
1,394 | Webjet, Ltd. | $ | 13,310 | ||||||||
8,107 | Wesfarmers, Ltd. | 205,805 | |||||||||
6,437 | Western Areas, Ltd. | 8,880 | |||||||||
25,089 | Westpac Banking Corp. | 499,525 | |||||||||
11,006 | Whitehaven Coal, Ltd. | 28,280 | |||||||||
5,285 | Woodside Petroleum, Ltd. | 134,908 | |||||||||
7,616 | Woolworths Group, Ltd. | 177,675 | |||||||||
2,336 | WorleyParsons, Ltd. | 24,124 | |||||||||
7,928,435 | |||||||||||
Austria—0.3% | |||||||||||
579 | ams AG* | 22,698 | |||||||||
984 | ANDRITZ AG | 37,036 | |||||||||
1,218 | AT&S Austria Technologie & Systemtechnik AG | 22,049 | |||||||||
658 | CA Immobilien Anlagen AG | 24,167 | |||||||||
133 | DO & Co. AG | 12,825 | |||||||||
2,245 | Erste Group Bank AG* | 83,323 | |||||||||
1,377 | FACC AG*,† | 19,322 | |||||||||
1,233 | Immofianz AG* | 32,135 | |||||||||
211 | Lenzing AG | 23,513 | |||||||||
1,814 | OMV AG | 88,387 | |||||||||
3,082 | Raiffeisen Bank International AG | 72,299 | |||||||||
1,874 | Telekom Austria AG* | 14,149 | |||||||||
4,149 | UNIQA Insurance Group AG | 38,662 | |||||||||
884 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 22,667 | |||||||||
773 | voestalpine AG | 23,882 | |||||||||
537,114 | |||||||||||
Belgium—0.7% | |||||||||||
366 | Ackermans & van Haaren NV | 54,894 | |||||||||
2,424 | Ageas | 125,992 | |||||||||
5,568 | AGFA-Gevaert NV* | 21,615 | |||||||||
5,947 | Anheuser-Busch InBev SA/NV | 526,380 | |||||||||
1,086 | Bekaert SA† | 29,119 | |||||||||
105 | Cie d'Entreprises CFE | 9,958 | |||||||||
609 | Colruyt SA | 35,317 | |||||||||
833 | D'ieteren SA/NV | 38,267 | |||||||||
196 | Elia System Operator SA/NV | 14,442 | |||||||||
1,410 | Euronav NV | 13,187 | |||||||||
548 | EVS Broadcast Equipment SA | 12,743 | |||||||||
202 | Galapagos NV*,† | 26,059 | |||||||||
197 | Gimv NV | 12,432 | |||||||||
1,847 | KBC Group NV | 121,057 |
The accompanying notes are an integral part of these financial statements.
2
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Belgium (Continued) | |||||||||||
796 | Ontex Group NV | $ | 12,835 | ||||||||
1,637 | Proximus SADP | 48,248 | |||||||||
214 | Sipef NV | 10,245 | |||||||||
256 | Solvay SA | 26,519 | |||||||||
449 | Telenet Group Holding NV | 25,017 | |||||||||
1,442 | UCB SA | 119,567 | |||||||||
523 | Umicore SA† | 16,771 | |||||||||
1,300,664 | |||||||||||
Canada—6.9% | |||||||||||
1,800 | Absolute Software Corp. | 10,969 | |||||||||
1,679 | Aecon Group, Inc. | 24,578 | |||||||||
607 | Ag Growth International, Inc. | 25,493 | |||||||||
278 | Agnico Eagle Mines, Ltd. | 14,253 | |||||||||
5,042 | Aimia, Inc.* | 14,708 | |||||||||
1,100 | Air Canada* | 33,339 | |||||||||
6,200 | Alacer Gold Corp.* | 21,542 | |||||||||
3,318 | Alamos Gold, Inc., Class A | 20,016 | |||||||||
867 | Algonquin Power & Utilities Corp.† | 10,507 | |||||||||
2,654 | Alimentation Couche-Tard, Inc., Class B | 167,016 | |||||||||
1,185 | Altus Group, Ltd./Canada† | 29,020 | |||||||||
7,137 | ARC Resources, Ltd.† | 34,934 | |||||||||
989 | Aritzia, Inc.* | 12,673 | |||||||||
700 | Atco, Ltd., Class I | 23,594 | |||||||||
1,022 | Aurora Cannabis, Inc.† | 8,007 | |||||||||
16,677 | B2Gold Corp.* | 50,685 | |||||||||
6,464 | Bank of Montreal | 488,274 | |||||||||
8,200 | Bank of Nova Scotia (The) | 440,447 | |||||||||
2,204 | Barrick Gold Corp. | 34,788 | |||||||||
3,183 | Bausch Health Cos., Inc.* | 80,307 | |||||||||
11,400 | Baytex Energy Corp.* | 17,672 | |||||||||
1,608 | BCE, Inc. | 73,158 | |||||||||
9,500 | Birchcliff Energy, Ltd. | 18,861 | |||||||||
7,292 | BlackBerry, Ltd.* | 54,347 | |||||||||
16,000 | Bonavista Energy Corp.* | 5,987 | |||||||||
2,062 | Boralex, Inc., Class A | 31,004 | |||||||||
1,120 | Brookfield Asset Management, Inc., Class A | 53,582 | |||||||||
785 | BRP, Inc. | 28,054 | |||||||||
3,678 | CAE, Inc. | 98,891 | |||||||||
4,802 | Cameco Corp. | 51,483 | |||||||||
4,900 | Canaccord Genuity Group, Inc. | 22,450 | |||||||||
400 | Canada Goose Holdings, Inc.*,† | 15,483 |
Shares | Value (Note 1) | ||||||||||
Canada (Continued) | |||||||||||
3,635 | Canadian Imperial Bank of Commerce† | $ | 285,848 | ||||||||
4,408 | Canadian National Railway Co. | 407,964 | |||||||||
14,634 | Canadian Natural Resources, Ltd. | 394,583 | |||||||||
863 | Canadian Pacific Railway, Ltd. | 203,257 | |||||||||
732 | Canadian Tire Corp., Ltd., Class A | 79,754 | |||||||||
500 | Canadian Utilities, Ltd., Class A | 14,112 | |||||||||
2,480 | Canadian Western Bank | 56,567 | |||||||||
1,876 | Canfor Corp.* | 15,228 | |||||||||
2,194 | Capital Power Corp. | 50,513 | |||||||||
2,300 | Cascades, Inc. | 18,512 | |||||||||
1,637 | CCL Industries, Inc., Class B | 80,278 | |||||||||
2,566 | Celestica, Inc.* | 17,518 | |||||||||
1,967 | Cenovus Energy, Inc. | 17,349 | |||||||||
5,235 | Centerra Gold, Inc.* | 36,857 | |||||||||
9,000 | CES Energy Solutions Corp.† | 16,632 | |||||||||
1,621 | CGI, Inc.* | 124,625 | |||||||||
4,339 | CI Financial Corp. | 70,707 | |||||||||
2,372 | Cineplex, Inc.† | 41,642 | |||||||||
490 | Cogeco Communications, Inc. | 35,240 | |||||||||
300 | Cogeco, Inc. | 19,142 | |||||||||
825 | Colliers International Group, Inc. | 58,986 | |||||||||
122 | Constellation Software, Inc. | 114,985 | |||||||||
2,837 | Cott Corp. | 37,869 | |||||||||
3,330 | CRH Medical Corp.* | 10,019 | |||||||||
4,912 | Detour Gold Corp.* | 61,965 | |||||||||
500 | Dollarama, Inc. | 17,590 | |||||||||
1,821 | Dorel Industries, Inc., Class B | 14,754 | |||||||||
2,200 | DREAM Unlimited Corp., Class A | 12,213 | |||||||||
6,100 | Dundee Precious Metals, Inc.* | 22,731 | |||||||||
4,100 | ECN Capital Corp. | 13,212 | |||||||||
2,616 | Eldorado Gold Corp.*,† | 15,202 | |||||||||
9,925 | Element Fleet Management Corp. | 72,455 | |||||||||
663 | Emera, Inc. | 27,091 | |||||||||
2,520 | Enbridge, Inc. | 91,021 | |||||||||
7,600 | Encana Corp.† | 39,000 | |||||||||
2,494 | Enerflex, Ltd. | 32,471 | |||||||||
7,134 | Enerplus Corp. | 53,660 | |||||||||
882 | Enghouse Systems, Ltd. | 23,324 | |||||||||
4,100 | Ensign Energy Services, Inc. | 13,431 | |||||||||
4,400 | Extendicare, Inc. | 28,190 | |||||||||
281 | Fairfax Financial Holdings, Ltd. | 137,922 | |||||||||
2,600 | Fiera Capital Corp. | 22,395 | |||||||||
3,098 | Finning International, Inc. | 56,469 |
The accompanying notes are an integral part of these financial statements.
3
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Canada (Continued) | |||||||||||
2,677 | First Capital Realty, Inc. | $ | 44,687 | ||||||||
4,882 | First Majestic Silver Corp.* | 38,548 | |||||||||
680 | First Quantum Minerals, Ltd. | 6,460 | |||||||||
547 | FirstService Corp. | 52,630 | |||||||||
2,901 | Fortis, Inc. | 114,551 | |||||||||
206 | Franco-Nevada Corp. | 17,485 | |||||||||
3,500 | Freehold Royalties, Ltd. | 22,638 | |||||||||
787 | Genworth MI Canada, Inc.† | 24,904 | |||||||||
1,045 | George Weston, Ltd. | 79,296 | |||||||||
1,500 | Gibson Energy, Inc.† | 26,746 | |||||||||
1,871 | Gildan Activewear, Inc. | 72,408 | |||||||||
5,700 | Gran Tierra Energy, Inc.* | 8,923 | |||||||||
1,337 | Great Canadian Gaming Corp.* | 45,331 | |||||||||
806 | Great-West Lifeco, Inc. | 18,557 | |||||||||
1,700 | Home Capital Group, Inc.*,† | 25,171 | |||||||||
7,321 | Hudbay Minerals, Inc. | 39,636 | |||||||||
5,928 | Husky Energy, Inc. | 56,177 | |||||||||
2,998 | Hydro One, Ltd.# | 52,288 | |||||||||
1,537 | Ia Financial Corp., Inc.* | 62,604 | |||||||||
3,400 | IAMGOLD Corp.* | 11,502 | |||||||||
800 | Imperial Oil, Ltd. | 22,151 | |||||||||
2,417 | Innergex Renewable Energy, Inc.† | 25,729 | |||||||||
159 | Intact Financial Corp. | 14,694 | |||||||||
4,565 | Inter Pipeline, Ltd.† | 71,008 | |||||||||
2,045 | Interfor Corp.* | 21,769 | |||||||||
2,087 | Intertape Polymer Group, Inc. | 29,340 | |||||||||
1,600 | Invesque, Inc.† | 11,600 | |||||||||
19,814 | Ivanhoe Mines, Ltd., Class A* | 62,942 | |||||||||
700 | Jamieson Wellness, Inc. | 10,749 | |||||||||
500 | K-Bro Linen, Inc.† | 15,272 | |||||||||
7,152 | Kelt Exploration, Ltd.* | 21,300 | |||||||||
3,848 | Keyera Corp. | 99,025 | |||||||||
621 | Kinder Morgan Canada, Ltd.# | 5,534 | |||||||||
17,698 | Kinross Gold Corp.* | 68,384 | |||||||||
2,070 | Kirkland Lake Gold, Ltd. | 89,183 | |||||||||
3,700 | Knight Therapeutics, Inc.* | 21,812 | |||||||||
800 | Laurentian Bank of Canada† | 27,478 | |||||||||
1,289 | Linamar Corp.† | 48,113 | |||||||||
1,322 | Loblaw Cos., Ltd. | 67,687 | |||||||||
8,900 | Lucara Diamond Corp.† | 10,738 | |||||||||
13,050 | Lundin Mining Corp. | 71,850 | |||||||||
8,872 | Magna International, Inc. | 441,449 | |||||||||
4,800 | Major Drilling Group International, Inc.* | 15,505 | |||||||||
2,135 | Manulife Financial Corp. | 38,802 |
Shares | Value (Note 1) | ||||||||||
Canada (Continued) | |||||||||||
1,530 | Maple Leaf Foods, Inc. | $ | 33,508 | ||||||||
2,600 | Martinrea International, Inc. | 21,562 | |||||||||
1,895 | Medical Facilities Corp.† | 17,929 | |||||||||
1,000 | Methanex Corp. | 45,397 | |||||||||
1,982 | Metro, Inc. | 74,373 | |||||||||
562 | Morneau Shepell, Inc.† | 12,690 | |||||||||
470 | MTY Food Group, Inc. | 23,458 | |||||||||
2,700 | Mullen Group, Ltd.† | 19,587 | |||||||||
4,527 | National Bank of Canada | 215,055 | |||||||||
1,740 | NFI Group, Inc.† | 49,029 | |||||||||
1,156 | Norbord, Inc. | 28,654 | |||||||||
1,126 | North West Co., Inc. (The)† | 25,701 | |||||||||
2,067 | Northland Power, Inc. | 40,249 | |||||||||
664 | Nutrien, Ltd.† | 35,518 | |||||||||
11,800 | OceanaGold Corp.† | 32,258 | |||||||||
393 | Onex Corp. | 23,705 | |||||||||
2,715 | Open Text Corp. | 112,037 | |||||||||
3,287 | Osisko Gold Royalties, Ltd. | 34,262 | |||||||||
4,296 | Pan American Silver Corp. | 55,539 | |||||||||
4,549 | Parex Resources, Inc.* | 72,983 | |||||||||
700 | Park Lawn Corp. | 15,379 | |||||||||
1,907 | Parkland Fuel Corp. | 60,506 | |||||||||
1,760 | Pason Systems, Inc. | 25,509 | |||||||||
1,170 | Pembina Pipeline Corp. | 43,555 | |||||||||
4,630 | Peyto Exploration & Development Corp.† | 13,859 | |||||||||
11,600 | Precision Drilling Corp.* | 21,791 | |||||||||
300 | Premium Brands Holdings Corp. | 20,506 | |||||||||
1,000 | Quebecor, Inc., Class B | 23,817 | |||||||||
700 | Recipe Unlimited Corp. | 14,112 | |||||||||
1,500 | Restaurant Brands International, Inc.† | 104,314 | |||||||||
1,345 | Richelieu Hardware, Ltd. | 22,667 | |||||||||
1,489 | Ritchie Bros Auctioneers, Inc.† | 49,518 | |||||||||
2,204 | Rogers Communications, Inc., Class B† | 117,980 | |||||||||
5,300 | Rogers Sugar, Inc.† | 22,705 | |||||||||
12,100 | Royal Bank of Canada | 961,588 | |||||||||
1,740 | Russel Metals, Inc. | 29,364 | |||||||||
1,204 | Saputo, Inc. | 36,040 | |||||||||
4,547 | Secure Energy Services, Inc.† | 24,791 | |||||||||
11,834 | SEMAFO, Inc.* | 46,629 | |||||||||
2,897 | Seven Generations Energy, Ltd., Class A* | 14,202 |
The accompanying notes are an integral part of these financial statements.
4
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Canada (Continued) | |||||||||||
5,660 | Shaw Communications, Inc., Class B | $ | 115,486 | ||||||||
1,968 | ShawCor, Ltd. | 27,531 | |||||||||
40 | Shopify, Inc., Class A* | 12,022 | |||||||||
1,794 | Sienna Senior Living, Inc.† | 26,645 | |||||||||
1,359 | Sleep Country Canada Holdings, Inc.#,† | 19,717 | |||||||||
1,519 | SNC-Lavalin Group, Inc. | 30,715 | |||||||||
737 | Spin Master Corp.*,# | 21,313 | |||||||||
3,369 | SSR Mining, Inc.* | 46,102 | |||||||||
1,600 | Stantec, Inc.† | 38,401 | |||||||||
400 | Stella-Jones, Inc. | 14,435 | |||||||||
649 | Sun Life Financial, Inc. | 26,876 | |||||||||
17,263 | Suncor Energy, Inc. | 538,501 | |||||||||
3,579 | Superior Plus Corp.† | 36,513 | |||||||||
7,700 | Tamarack Valley Energy, Ltd.* | 12,289 | |||||||||
540 | TC Energy Corp.† | 26,770 | |||||||||
8,602 | Teck Resources, Ltd., Class B | 198,505 | |||||||||
3,900 | Teranga Gold Corp.* | 11,942 | |||||||||
1,944 | TFI International, Inc. | 58,830 | |||||||||
287 | Thomson Reuters Corp. | 18,515 | |||||||||
3,200 | Timbercreek Financial Corp. | 23,190 | |||||||||
801 | TMX Group, Ltd. | 55,722 | |||||||||
6,950 | TORC Oil & Gas, Ltd. | 21,706 | |||||||||
1,339 | Toromont Industries, Ltd. | 63,466 | |||||||||
11,126 | Toronto-Dominion Bank (The) | 650,118 | |||||||||
5,111 | Tourmaline Oil Corp. | 65,100 | |||||||||
7,036 | TransAlta Corp. | 45,777 | |||||||||
2,812 | TransAlta Renewables, Inc.† | 29,740 | |||||||||
12,242 | Trican Well Service, Ltd.* | 10,937 | |||||||||
3,001 | Tricon Capital Group, Inc. | 22,916 | |||||||||
15,700 | Turquoise Hill Resources, Ltd.* | 19,542 | |||||||||
1,000 | Uni-Select, Inc.† | 9,484 | |||||||||
1,200 | Valener, Inc. | 23,660 | |||||||||
2,344 | Vermilion Energy, Inc.† | 50,923 | |||||||||
1,800 | Wajax Corp. | 21,621 | |||||||||
272 | Waste Connections, Inc. | 25,984 | |||||||||
1,290 | West Fraser Timber Co., Ltd. | 58,809 | |||||||||
12,500 | Western Forest Products, Inc.† | 15,272 | |||||||||
1,506 | Wheaton Precious Metals Corp. | 36,421 | |||||||||
8,002 | Whitecap Resources, Inc. | 25,970 | |||||||||
400 | Winpak, Ltd. | 13,195 | |||||||||
452 | WSP Global, Inc. | 24,882 | |||||||||
25,721 | Yamana Gold, Inc.† | 65,208 | |||||||||
12,415,138 |
Shares | Value (Note 1) | ||||||||||
China—0.0% | |||||||||||
111,000 | FIH Mobile, Ltd.* | $ | 12,362 | ||||||||
Denmark—1.3% | |||||||||||
189 | ALK-Abello A/S* | 44,053 | |||||||||
2,469 | Alm Brand A/S | 21,797 | |||||||||
11 | AP Moller - Maersk A/S, Class A | 12,769 | |||||||||
23 | AP Moller - Maersk A/S, Class B | 28,529 | |||||||||
907 | Bang & Olufsen A/S* | 6,317 | |||||||||
641 | Carlsberg A/S, Class B | 84,976 | |||||||||
555 | Chr Hansen Holding A/S† | 52,117 | |||||||||
568 | Coloplast A/S, Class B | 64,188 | |||||||||
805 | D/S Norden A/S | 11,577 | |||||||||
1,040 | Danske Bank A/S | 16,438 | |||||||||
1,375 | Demant A/S*,† | 42,753 | |||||||||
534 | Dfds A/S | 22,648 | |||||||||
68 | Drilling Co. of 1972 A/S (The)* | 5,283 | |||||||||
2,005 | DSV A/S | 196,891 | |||||||||
595 | FLSmidth & Co. A/S | 26,912 | |||||||||
196 | Genmab A/S* | 36,040 | |||||||||
1,611 | GN Store Nord A/S | 75,173 | |||||||||
818 | H+H International A/S, Class B* | 13,060 | |||||||||
3,142 | ISS A/S | 94,823 | |||||||||
1,126 | Jyske Bank A/S* | 39,025 | |||||||||
1,970 | Matas A/S | 21,368 | |||||||||
266 | Nilfisk Holding A/S* | 7,432 | |||||||||
362 | NNIT A/S# | 6,982 | |||||||||
12,082 | Novo Nordisk A/S, Class B | 615,682 | |||||||||
2,254 | Novozymes A/S, Class B | 105,109 | |||||||||
727 | Orsted A/S# | 62,863 | |||||||||
841 | Pandora A/S | 29,916 | |||||||||
376 | Per Aarsleff Holding A/S | 13,404 | |||||||||
402 | Ringkjoebing Landbobank A/S | 26,089 | |||||||||
44 | Rockwool International A/S, Class A† | 10,088 | |||||||||
186 | Rockwool International A/S, Class B | 47,491 | |||||||||
1,104 | Royal Unibrew A/S | 80,561 | |||||||||
1,644 | Scandinavian Tobacco Group A/S# | 19,160 | |||||||||
198 | Schouw & Co. A/S | 15,082 | |||||||||
638 | SimCorp A/S | 61,719 | |||||||||
1,256 | Spar Nord Bank A/S | 11,040 | |||||||||
555 | Sydbank A/S | 10,577 | |||||||||
676 | Topdanmark A/S | 38,125 |
The accompanying notes are an integral part of these financial statements.
5
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Denmark (Continued) | |||||||||||
837 | Tryg A/S | $ | 27,211 | ||||||||
2,306 | Vestas Wind Systems A/S | 199,188 | |||||||||
2,304,456 | |||||||||||
Finland—1.0% | |||||||||||
1,264 | Cargotec Oyj, Class B | 47,977 | |||||||||
1,720 | Cramo OYJ | 40,837 | |||||||||
2,156 | Elisa OYJ | 105,198 | |||||||||
2,285 | Finnair OYJ | 18,188 | |||||||||
5,220 | Fortum OYJ | 115,360 | |||||||||
1,730 | Huhtamaki OYJ | 71,133 | |||||||||
1,799 | Kemira OYJ | 26,471 | |||||||||
239 | Kesko OYJ, Class A | 12,800 | |||||||||
373 | Kesko OYJ, Class B | 20,749 | |||||||||
2,212 | Kone OYJ, Class B | 130,542 | |||||||||
1,119 | Konecranes OYJ | 42,715 | |||||||||
1,568 | Metso OYJ | 61,602 | |||||||||
3,273 | Neste Oyj | 111,056 | |||||||||
9,209 | Nokia OYJ | 45,719 | |||||||||
1,922 | Nokian Renkaat OYJ* | 60,014 | |||||||||
8,265 | Nordea Bank Abp | 60,006 | |||||||||
281 | Olvi OYJ, Class A | 10,928 | |||||||||
7,100 | Oriola OYJ, Class B | 16,187 | |||||||||
727 | Orion OYJ, Class A | 26,412 | |||||||||
1,558 | Orion OYJ, Class B | 57,099 | |||||||||
5,228 | Outokumpu OYJ† | 17,834 | |||||||||
2,902 | Outotec OYJ* | 15,324 | |||||||||
7,476 | Raisio OYJ | 24,695 | |||||||||
873 | Revenio Group OYJ | 19,854 | |||||||||
3,539 | Sampo OYJ, Class A | 167,004 | |||||||||
8,204 | Stora Enso OYJ | 96,413 | |||||||||
390 | Tieto OYJ | 11,557 | |||||||||
1,160 | Tikkurila OYJ† | 19,522 | |||||||||
2,646 | Tokmanni Group Corp. | 24,130 | |||||||||
8,944 | UPM-Kymmene OYJ | 237,678 | |||||||||
559 | Vaisala OYJ, Class A | 13,920 | |||||||||
2,116 | Valmet OYJ | 52,742 | |||||||||
5,634 | Wartsila OYJ Abp | 81,714 | |||||||||
1,665 | YIT OYJ | 10,243 | |||||||||
1,873,623 | |||||||||||
France—6.4% | |||||||||||
969 | Accor SA | 41,595 | |||||||||
292 | Aeroports de Paris | 51,532 | |||||||||
3,912 | Air France-KLM* | 37,597 |
Shares | Value (Note 1) | ||||||||||
France (Continued) | |||||||||||
3,207 | Air Liquide SA | $ | 448,724 | ||||||||
3,566 | Airbus SE | 505,565 | |||||||||
313 | Albioma SA | 8,293 | |||||||||
966 | Alstom SA | 44,816 | |||||||||
476 | Alten SA† | 57,049 | |||||||||
272 | Amundi SA# | 18,991 | |||||||||
1,401 | Arkema SA | 130,282 | |||||||||
293 | Atos SE | 24,495 | |||||||||
368 | Aubay | 13,119 | |||||||||
10,652 | AXA SA | 279,796 | |||||||||
570 | BioMerieux | 47,218 | |||||||||
3,404 | BNP Paribas SA | 161,659 | |||||||||
5,116 | Bollore SA | 22,572 | |||||||||
3,865 | Bouygues SA | 143,142 | |||||||||
3,079 | Bureau Veritas SA | 76,045 | |||||||||
1,394 | Capgemini SE | 173,333 | |||||||||
5,158 | Carrefour SA† | 99,590 | |||||||||
12,773 | CGG SA* | 24,001 | |||||||||
6,743 | Cie de St-Gobain | 262,802 | |||||||||
3,063 | Cie Generale des Etablissements Michelin SCA | 388,522 | |||||||||
585 | Cie Plastic Omnium SA | 15,253 | |||||||||
961 | CNP Assurances | 21,811 | |||||||||
2,606 | Coface SA | 26,284 | |||||||||
874 | Credit Agricole SA | 10,480 | |||||||||
4,630 | Danone SA | 392,226 | |||||||||
74 | Dassault Systemes SE | 11,806 | |||||||||
5,436 | Derichebourg SA | 20,893 | |||||||||
106 | Devoteam SA | 12,680 | |||||||||
2,947 | Edenred | 150,327 | |||||||||
1,777 | Eiffage SA | 175,673 | |||||||||
6,771 | Electricite de France SA | 85,347 | |||||||||
1,532 | Elior Group SA# | 21,061 | |||||||||
4,742 | Elis SA | 86,004 | |||||||||
11,071 | Engie SA | 167,935 | |||||||||
288 | Eramet | 19,145 | |||||||||
329 | EssilorLuxottica SA | 42,929 | |||||||||
155 | Eurofins Scientific SE† | 68,561 | |||||||||
993 | Euronext NV# | 75,144 | |||||||||
1,237 | Europcar Mobility Group#,† | 8,812 | |||||||||
4,666 | Eutelsat Communications SA | 87,226 | |||||||||
178 | Fnac Darty SA* | 13,217 | |||||||||
180 | Gaztransport Et Technigaz SA | 18,042 | |||||||||
218 | Hermes International | 157,211 | |||||||||
77 | ID Logistics Group* | 13,676 |
The accompanying notes are an integral part of these financial statements.
6
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
France (Continued) | |||||||||||
454 | Iliad SA† | $ | 50,984 | ||||||||
688 | Imerys SA | 36,472 | |||||||||
812 | Ingenico Group SA | 71,816 | |||||||||
308 | Ipsen SA | 42,027 | |||||||||
1,041 | IPSOS† | 27,462 | |||||||||
614 | JCDecaux SA | 18,600 | |||||||||
685 | Kaufman & Broad SA | 26,203 | |||||||||
488 | Kering SA | 288,606 | |||||||||
913 | Korian SA | 34,737 | |||||||||
948 | L'Oreal SA | 270,032 | |||||||||
1,721 | Lagardere SCA | 44,814 | |||||||||
1,064 | Lectra | 27,283 | |||||||||
3,101 | Legrand SA | 226,731 | |||||||||
1,845 | LVMH Moet Hennessy Louis Vuitton SA | 785,263 | |||||||||
444 | Mersen SA | 17,039 | |||||||||
1,630 | Natixis SA | 6,559 | |||||||||
993 | Neopost SA | 21,228 | |||||||||
461 | Nexans SA | 15,475 | |||||||||
683 | Nexity SA | 29,512 | |||||||||
31,311 | Orange SA | 493,646 | |||||||||
525 | Orpea | 63,339 | |||||||||
200 | Pernod-Ricard SA† | 36,853 | |||||||||
13,186 | Peugeot SA | 324,916 | |||||||||
3,099 | Publicis Groupe SA | 163,613 | |||||||||
179 | Remy Cointreau SA | 25,809 | |||||||||
2,261 | Renault SA | 142,150 | |||||||||
5,791 | Rexel SA | 73,521 | |||||||||
611 | Rothschild & Co. | 19,801 | |||||||||
873 | Rubis SCA | 49,158 | |||||||||
2,096 | Safran SA | 307,096 | |||||||||
2,028 | Sanofi | 175,051 | |||||||||
174 | Sartorius Stedim Biotech | 27,443 | |||||||||
3,125 | Schneider Electric SE | 283,422 | |||||||||
2,540 | SCOR SE | 111,370 | |||||||||
393 | SEB SA | 70,652 | |||||||||
6,297 | SES SA, ADR | 98,454 | |||||||||
411 | Societe BIC SA† | 31,336 | |||||||||
2,627 | Societe Generale SA | 66,375 | |||||||||
1,132 | Sodexo SA | 132,324 | |||||||||
1,621 | SPIE SA | 30,100 | |||||||||
5,033 | STMicroelectronics NV | 89,279 | |||||||||
3,853 | Suez | 55,598 | |||||||||
606 | Teleperformance | 121,416 | |||||||||
2,268 | Television Francaise 1 | 23,881 |
Shares | Value (Note 1) | ||||||||||
France (Continued) | |||||||||||
943 | Thales SA | $ | 116,504 | ||||||||
18,666 | Total SA | 1,045,867 | |||||||||
1,226 | Ubisoft Entertainment SA* | 95,969 | |||||||||
3,814 | Veolia Environnement SA | 92,896 | |||||||||
224 | Vicat SA | 11,131 | |||||||||
3,269 | Vinci SA | 334,769 | |||||||||
95 | Virbac SA* | 18,170 | |||||||||
1,081 | Vivendi SA | 29,759 | |||||||||
328 | Worldline SA/France*,# | 23,870 | |||||||||
11,588,862 | |||||||||||
Germany—5.3% | |||||||||||
1,211 | Aareal Bank AG | 31,906 | |||||||||
1,377 | adidas AG | 425,111 | |||||||||
210 | ADO Properties SA# | 8,687 | |||||||||
1,932 | ADVA Optical Networking SE* | 14,126 | |||||||||
1,604 | Allianz SE, Registered | 386,669 | |||||||||
136 | Amadeus Fire AG | 18,527 | |||||||||
8,773 | Aroundtown SA | 72,284 | |||||||||
408 | Aurubis AG | 19,870 | |||||||||
735 | Axel Springer SE | 51,776 | |||||||||
8,846 | BASF SE | 642,958 | |||||||||
333 | Bauer AG | 9,182 | |||||||||
3,459 | Bayer AG, Registered | 239,691 | |||||||||
4,607 | Bayerische Motoren Werke AG | 340,982 | |||||||||
474 | BayWa AG | 13,717 | |||||||||
261 | Bechtle AG | 29,975 | |||||||||
196 | Beiersdorf AG | 23,524 | |||||||||
456 | Bilfinger SE | 14,757 | |||||||||
1,357 | Borussia Dortmund GmbH & Co. KGaA | 12,769 | |||||||||
2,718 | Brenntag AG | 133,856 | |||||||||
603 | CANCOM SE | 32,035 | |||||||||
159 | Cewe Stiftung & Co. KGaA | 15,730 | |||||||||
6,421 | Commerzbank AG* | 46,137 | |||||||||
1,367 | Continental AG | 199,307 | |||||||||
612 | Corestate Capital Holding SA* | 20,912 | |||||||||
1,506 | Covestro AG# | 76,565 | |||||||||
1,019 | CTS Eventim AG & Co. KGaA | �� | 47,414 | ||||||||
10,083 | Daimler AG, Registered | 560,944 | |||||||||
9,056 | Deutsche Bank AG, Registered | 69,818 | |||||||||
584 | Deutsche Beteiligungs AG | 22,545 | |||||||||
1,312 | Deutsche Boerse AG | 185,589 | |||||||||
696 | Deutsche EuroShop AG | 19,232 | |||||||||
5,519 | Deutsche Lufthansa AG | 94,574 |
The accompanying notes are an integral part of these financial statements.
7
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Germany (Continued) | |||||||||||
1,962 | Deutsche Pfandbriefbank AG# | $ | 23,604 | ||||||||
10,000 | Deutsche Post AG, Registered | 328,622 | |||||||||
27,548 | Deutsche Telekom AG, Registered | 476,513 | |||||||||
2,787 | Deutsche Wohnen SE | 102,267 | |||||||||
3,473 | Deutz AG | 33,844 | |||||||||
821 | Dialog Semiconductor Plc* | 33,104 | |||||||||
507 | Duerr AG | 17,278 | |||||||||
28,452 | E.ON SE | 309,001 | |||||||||
298 | Eckert & Ziegler Strahlen- und Medizintechnik AG | 35,105 | |||||||||
601 | Elmos Semiconductor AG | 15,035 | |||||||||
2,150 | Evonik Industries AG | 62,610 | |||||||||
1,986 | Evotec SE* | 55,509 | |||||||||
334 | Fielmann AG | 24,231 | |||||||||
479 | Fraport AG Frankfurt Airport Services Worldwide | 41,177 | |||||||||
2,143 | Freenet AG | 42,876 | |||||||||
2,283 | Fresenius Medical Care AG & Co. KGaA | 179,228 | |||||||||
2,593 | Fresenius SE & Co. KGaA | 140,584 | |||||||||
305 | FUCHS PETROLUB SE | 10,873 | |||||||||
2,497 | GEA Group AG | 70,983 | |||||||||
620 | Gerresheimer AG | 45,649 | |||||||||
287 | Gesco AG | 7,865 | |||||||||
1,432 | Grand City Properties SA | 32,729 | |||||||||
153 | Hannover Rueck SE | 24,739 | |||||||||
417 | HeidelbergCement AG | 33,742 | |||||||||
524 | Hella GmbH & Co. KGaA | 25,907 | |||||||||
443 | Henkel AG & Co. KGaA | 40,677 | |||||||||
160 | HOCHTIEF AG | 19,485 | |||||||||
461 | Hornbach Holding AG & Co. KGaA | 26,184 | |||||||||
1,048 | HUGO BOSS AG | 69,713 | |||||||||
487 | Indus Holding AG | 21,874 | |||||||||
14,412 | Infineon Technologies AG | 254,832 | |||||||||
3,678 | K+S AG, Registered | 68,505 | |||||||||
578 | KION Group AG | 36,438 | |||||||||
2,961 | Kloeckner & Co. SE | 17,727 | |||||||||
730 | LANXESS AG | 43,380 | |||||||||
874 | LEG Immobilien AG | 98,587 | |||||||||
746 | Merck KGaA | 78,008 | |||||||||
4,159 | METRO AG | 76,022 | |||||||||
456 | MTU Aero Engines AG | 108,629 |
Shares | Value (Note 1) | ||||||||||
Germany (Continued) | |||||||||||
600 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered | $ | 150,575 | ||||||||
1,083 | Nemetschek SE | 65,207 | |||||||||
397 | Norma Group SE | 16,450 | |||||||||
390 | OHB SE | 14,834 | |||||||||
1,631 | OSRAM Licht AG | 53,710 | |||||||||
471 | PATRIZIA Immobilien AG | 9,747 | |||||||||
400 | Puma SE | 26,676 | |||||||||
1,192 | QIAGEN NV* | 48,375 | |||||||||
19 | Rational AG | 13,082 | |||||||||
1,056 | Rheinmetall AG | 129,264 | |||||||||
549 | RHOEN-KLINIKUM AG | 16,793 | |||||||||
1,227 | Rocket Internet SE*,# | 35,383 | |||||||||
641 | RTL Group SA | 32,829 | |||||||||
1,420 | RWE AG | 34,990 | |||||||||
1,686 | SAF-Holland SA | 19,555 | |||||||||
523 | Salzgitter AG | 14,975 | |||||||||
3,020 | SAP SE | 414,695 | |||||||||
963 | Scout24 AG# | 51,160 | |||||||||
2,581 | Siemens AG, Registered | 306,986 | |||||||||
185 | Sixt SE | 19,816 | |||||||||
435 | Software AG | 14,938 | |||||||||
286 | STRATEC SE | 18,504 | |||||||||
324 | Stroeer SE & Co. KGaA | 24,334 | |||||||||
1,626 | Suedzucker AG | 27,530 | |||||||||
1,073 | Symrise AG | 103,270 | |||||||||
1,795 | TAG Immobilien AG* | 41,475 | |||||||||
1,202 | Takkt AG | 17,495 | |||||||||
315 | Talanx AG* | 13,647 | |||||||||
420 | Technotrans SE | 10,387 | |||||||||
5,253 | Telefonica Deutschland Holding AG | 14,676 | |||||||||
2,041 | thyssenkrupp AG | 29,765 | |||||||||
1,100 | TLG Immobilien AG | 32,208 | |||||||||
1,060 | Uniper SE | 32,098 | |||||||||
2,405 | United Internet AG, Registered | 79,198 | |||||||||
542 | Volkswagen AG | 93,155 | |||||||||
4,022 | Vonovia SE | 192,083 | |||||||||
257 | Vossloh AG | 9,439 | |||||||||
236 | Wacker Chemie AG | 18,672 | |||||||||
904 | Wacker Neuson SE | 22,738 | |||||||||
209 | Washtec AG | 14,212 | |||||||||
1,065 | Wirecard AG | 179,290 | |||||||||
767 | Zeal Network SE | 17,234 | |||||||||
9,495,755 |
The accompanying notes are an integral part of these financial statements.
8
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Hong Kong—1.9% | |||||||||||
145,000 | Agritrade Resources, Ltd. | $ | 20,975 | ||||||||
76,800 | AIA Group, Ltd. | 828,296 | |||||||||
2,500 | ASM Pacific Technology, Ltd. | 25,603 | |||||||||
2,700 | BOC Aviation, Ltd.# | 22,674 | |||||||||
13,000 | BOC Hong Kong Holdings, Ltd. | 51,173 | |||||||||
10,000 | Cafe de Coral Holdings, Ltd. | 29,763 | |||||||||
15,000 | Chow Sang Sang Holdings International, Ltd. | 22,236 | |||||||||
56,000 | CITIC Telecom International Holdings, Ltd. | 22,223 | |||||||||
6,500 | CK Asset Holdings, Ltd. | 50,882 | |||||||||
11,000 | CK Hutchison Holdings, Ltd. | 108,427 | |||||||||
2,000 | CK Infrastructure Holdings, Ltd. | 16,309 | |||||||||
8,500 | CLP Holdings, Ltd. | 93,795 | |||||||||
6,000 | Dah Sing Banking Group, Ltd. | 10,830 | |||||||||
4,800 | Dah Sing Financial Holdings, Ltd. | 22,428 | |||||||||
52,500 | Esprit Holdings, Ltd.* | 10,014 | |||||||||
51,000 | Far East Consortium International, Ltd./HK | 23,503 | |||||||||
58,000 | First Pacific Co., Ltd. | 23,536 | |||||||||
20,000 | Galaxy Entertainment Group, Ltd. | 134,798 | |||||||||
40,000 | Giordano International, Ltd. | 17,512 | |||||||||
142,000 | Guotai Junan International Holdings, Ltd. | 24,540 | |||||||||
75,000 | Haitong International Securities Group, Ltd. | 24,482 | |||||||||
4,000 | Hang Lung Group, Ltd. | 11,086 | |||||||||
6,000 | Hang Lung Properties, Ltd. | 14,271 | |||||||||
8,300 | Hang Seng Bank, Ltd. | 206,658 | |||||||||
5,500 | Henderson Land Development Co., Ltd. | 30,310 | |||||||||
7,500 | HKBN, Ltd. | 13,518 | |||||||||
19,200 | HKR International, Ltd. | 9,635 | |||||||||
23,100 | Hong Kong & China Gas Co., Ltd. | 51,217 | |||||||||
7,487 | Hong Kong Exchanges & Clearing, Ltd. | 264,336 | |||||||||
14,000 | Hongkong & Shanghai Hotels, Ltd. (The) | 18,244 | |||||||||
50,000 | Hutchison Telecommunications Hong Kong Holdings, Ltd. | 11,777 | |||||||||
3,000 | Hysan Development Co., Ltd. | 15,496 | |||||||||
8,000 | IGG, Inc. | 8,920 | |||||||||
5,500 | Johnson Electric Holdings, Ltd. | 11,744 | |||||||||
7,000 | Kerry Logistics Network, Ltd. | 12,599 | |||||||||
6,000 | Kerry Properties, Ltd. | 25,193 |
Shares | Value (Note 1) | ||||||||||
Hong Kong (Continued) | |||||||||||
5,750 | L'Occitane International SA | $ | 11,365 | ||||||||
38,400 | Landing International Development, Ltd.* | 5,309 | |||||||||
92,000 | Li & Fung, Ltd. | 16,017 | |||||||||
15,500 | Lifestyle International Holdings, Ltd. | 22,660 | |||||||||
6,000 | Luk Fook Holdings International, Ltd. | 18,818 | |||||||||
51,600 | Man Wah Holdings, Ltd. | 22,723 | |||||||||
480,000 | Mason Group Holdings, Ltd.* | 7,496 | |||||||||
4,000 | MTR Corp., Ltd. | 26,934 | |||||||||
49,000 | New World Development Co., Ltd. | 76,652 | |||||||||
44,000 | NewOcean Energy Holdings, Ltd.* | 9,970 | |||||||||
5,000 | NWS Holdings, Ltd. | 10,279 | |||||||||
116,000 | Pacific Basin Shipping, Ltd. | 21,235 | |||||||||
66,000 | PCCW, Ltd. | 38,104 | |||||||||
3,000 | Power Assets Holdings, Ltd. | 21,583 | |||||||||
60,000 | Sa Sa International Holdings, Ltd. | 17,205 | |||||||||
6,900 | Samsonite International SA*,# | 15,829 | |||||||||
12,800 | Sands China, Ltd. | 61,200 | |||||||||
12,000 | Shangri-La Asia, Ltd. | 15,131 | |||||||||
100,000 | Shun Tak Holdings, Ltd. | 40,068 | |||||||||
138,000 | Singamas Container Holdings, Ltd. | 20,669 | |||||||||
8,000 | Sino Land Co., Ltd. | 13,416 | |||||||||
23,000 | SITC International Holdings Co., Ltd. | 23,437 | |||||||||
13,500 | SmarTone Telecommunications Holdings, Ltd. | 12,858 | |||||||||
5,500 | Sun Hung Kai Properties, Ltd. | 93,290 | |||||||||
27,000 | SUNeVision Holdings, Ltd. | 23,503 | |||||||||
4,500 | Swire Pacific, Ltd., Class A | 55,302 | |||||||||
15,000 | Swire Pacific, Ltd., Class B | 28,419 | |||||||||
3,000 | Swire Properties, Ltd. | 12,116 | |||||||||
8,000 | Techtronic Industries Co., Ltd. | 61,241 | |||||||||
12,000 | Television Broadcasts, Ltd. | 20,062 | |||||||||
30,000 | United Laboratories International Holdings, Ltd. (The) | 16,091 | |||||||||
4,000 | Vitasoy International Holdings, Ltd. | 19,228 | |||||||||
1,300 | VTech Holdings, Ltd. | 11,633 | |||||||||
105,500 | WH Group, Ltd.# | 106,963 | |||||||||
2,000 | Wharf Real Estate Investment Co., Ltd. | 14,094 | |||||||||
3,000 | Wheelock & Co., Ltd. | 21,506 | |||||||||
9,200 | Wynn Macau, Ltd. | 20,610 |
The accompanying notes are an integral part of these financial statements.
9
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Hong Kong (Continued) | |||||||||||
34,000 | Xinyi Glass Holdings, Ltd. | $ | 35,690 | ||||||||
6,000 | Yue Yuen Industrial Holdings, Ltd. | 16,437 | |||||||||
3,374,146 | |||||||||||
Ireland—0.5% | |||||||||||
5,093 | AIB Group Plc | 20,825 | |||||||||
10,939 | Bank of Ireland Group Plc | 57,169 | |||||||||
3,640 | C&C Group Plc | 16,184 | |||||||||
3,828 | CRH Plc | 124,882 | |||||||||
5,700 | CRH Plc, SP ADR | 186,675 | |||||||||
738 | Flutter Entertainment Plc | 55,503 | |||||||||
3,273 | Glanbia Plc | 53,221 | |||||||||
1,946 | Irish Continental Group Plc | 9,648 | |||||||||
1,159 | Kerry Group Plc, Class A | 138,379 | |||||||||
1,950 | Kingspan Group Plc | 105,901 | |||||||||
945 | Smurfit Kappa Group Plc | 28,594 | |||||||||
796,981 | |||||||||||
Israel—0.3% | |||||||||||
669 | ADO Group, Ltd.* | 10,029 | |||||||||
9,376 | Bank Hapoalim BM* | 69,516 | |||||||||
9,084 | Bank Leumi Le-Israel BM | 65,569 | |||||||||
25 | Bayside Land Corp. | 13,212 | |||||||||
2,356 | Cellcom Israel, Ltd.* | 6,747 | |||||||||
1,006 | Clal Insurance Enterprises Holdings, Ltd.* | 16,772 | |||||||||
187 | Elbit Systems, Ltd. | 27,958 | |||||||||
58 | Electra, Ltd./Israel | 16,221 | |||||||||
501 | Fox Wizel, Ltd. | 14,347 | |||||||||
2,147 | Harel Insurance Investments & Financial Services, Ltd. | 16,081 | |||||||||
275 | IDI Insurance Co., Ltd. | 10,695 | |||||||||
7,565 | Israel Chemicals, Ltd. | 39,618 | |||||||||
1,175 | Matrix IT, Ltd. | 16,907 | |||||||||
2,083 | Maytronics, Ltd. | 14,335 | |||||||||
1,106 | Menora Mivtachim Holdings, Ltd. | 16,797 | |||||||||
1,212 | Mizrahi Tefahot Bank, Ltd.* | 27,940 | |||||||||
2,005 | Naphtha Israel Petroleum Corp., Ltd. | 13,096 | |||||||||
156 | Nice, Ltd.* | 21,205 | |||||||||
324 | Nice, Ltd., SP ADR* | 44,388 | |||||||||
21,016 | Oil Refineries, Ltd.* | 10,776 | |||||||||
2,397 | Partner Communications Co., Ltd.* | 10,243 | |||||||||
134 | Paz Oil Co., Ltd. | 18,826 | |||||||||
403 | Rami Levy Chain Stores Hashikma Marketing 2006, Ltd. | 21,004 |
Shares | Value (Note 1) | ||||||||||
Israel (Continued) | |||||||||||
6,488 | Shikun & Binui, Ltd.* | $ | 18,907 | ||||||||
1,314 | Summit Real Estate Holdings, Ltd. | 12,666 | |||||||||
769 | Teva Pharmaceutical Industries, Ltd., SP ADR* | 7,098 | |||||||||
560,953 | |||||||||||
Italy—1.8% | |||||||||||
23,194 | A2A SpA | 40,246 | |||||||||
1,290 | Amplifon SpA | 30,159 | |||||||||
9,605 | Assicurazioni Generali SpA | 180,866 | |||||||||
2,754 | Atlantia SpA | 71,744 | |||||||||
1,709 | Azimut Holding SpA† | 32,900 | |||||||||
2,332 | Banca Farmafactoring SpA# | 12,993 | |||||||||
9,396 | Banca Popolare di Sondrio SCPA | 20,823 | |||||||||
30,073 | Banco BPM SpA*,† | 61,211 | |||||||||
10,009 | BPER Banca | 40,779 | |||||||||
1,912 | Brembo SpA† | 22,024 | |||||||||
1,230 | Buzzi Unicem SpA | 24,959 | |||||||||
3,016 | Cairo Communication SpA | 9,054 | |||||||||
13,512 | CIR-Compagnie Industriali Riunite SpA | 14,443 | |||||||||
8,425 | CNH Industrial NV | 86,393 | |||||||||
3,914 | Credito Emiliano SpA | 18,848 | |||||||||
248,243 | Credito Valtellinese SpA* | 15,949 | |||||||||
2,404 | Davide Campari-Milano SpA | 23,550 | |||||||||
253 | DiaSorin SpA | 29,373 | |||||||||
59,059 | Enel SpA | 412,338 | |||||||||
28,467 | Eni SpA | 472,794 | |||||||||
806 | ERG SpA | 16,497 | |||||||||
8,133 | Falck Renewables SpA | 34,144 | |||||||||
211 | Ferrari NV | 34,060 | |||||||||
1,143 | Ferrari NV | 185,598 | |||||||||
22,449 | Fiat Chrysler Automobiles NV* | 313,111 | |||||||||
4,440 | FinecoBank Banca Fineco SpA | 49,528 | |||||||||
725 | Gruppo MutuiOnline SpA | 12,910 | |||||||||
6,924 | Hera SpA | 26,486 | |||||||||
375 | Interpump Group SpA | 11,539 | |||||||||
48,690 | Intesa Sanpaolo SpA | 104,198 | |||||||||
9,018 | Iren SpA | 23,441 | |||||||||
7,345 | Italgas SpA | 49,344 | |||||||||
2,260 | Leonardo SpA | 28,641 | |||||||||
7,518 | Mediobanca Banca di Credito Finanziario SpA | 77,503 | |||||||||
7,618 | OVS SpA*,#,† | 13,080 | |||||||||
2,693 | Poste Italiane SpA# | 28,356 | |||||||||
5,199 | Saipem SpA* | 25,864 |
The accompanying notes are an integral part of these financial statements.
10
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Italy (Continued) | |||||||||||
10,551 | Saras SpA | $ | 15,885 | ||||||||
14,612 | Snam SpA | 72,625 | |||||||||
4,405 | Societa Cattolica di Assicurazioni SC | 39,395 | |||||||||
3,313 | Tamburi Investment Partners SpA | 21,134 | |||||||||
151,273 | Telecom Italia SpA/Milano* | 82,600 | |||||||||
1,807 | Tenaris SA | 23,650 | |||||||||
12,686 | Terna Rete Elettrica Nazionale SpA | 80,781 | |||||||||
4,434 | UniCredit SpA | 54,584 | |||||||||
19,026 | Unione di Banche Italiane SpA† | 51,923 | |||||||||
10,854 | Unipol Gruppo SpA | 52,861 | |||||||||
9,399 | UnipolSai Assicurazioni SpA† | 24,143 | |||||||||
3,175,327 | |||||||||||
Japan—17.1% | |||||||||||
1,200 | 77 Bank, Ltd. (The) | 17,641 | |||||||||
400 | ABC-Mart, Inc. | 26,045 | |||||||||
5,900 | Acom Co., Ltd. | 21,233 | |||||||||
1,200 | Adastria Co., Ltd. | 25,688 | |||||||||
1,500 | ADEKA Corp. | 22,149 | |||||||||
2,500 | Advantest Corp. | 68,752 | |||||||||
4,700 | Aeon Co., Ltd. | 80,691 | |||||||||
1,400 | AEON Financial Service Co., Ltd. | 22,529 | |||||||||
2,100 | AGC, Inc./Japan | 72,555 | |||||||||
1,200 | Ai Holdings Corp. | 19,367 | |||||||||
700 | Aica Kogyo Co., Ltd. | 23,373 | |||||||||
2,900 | Aida Engineering, Ltd. | 22,379 | |||||||||
8,600 | Aiful Corp.*,† | 17,549 | |||||||||
300 | Ain Holdings, Inc. | 17,447 | |||||||||
2,300 | Air Water, Inc. | 39,338 | |||||||||
2,300 | Aisin Seiki Co., Ltd. | 79,145 | |||||||||
2,900 | Ajinomoto Co., Inc. | 50,245 | |||||||||
1,200 | Alconix Corp.† | 15,816 | |||||||||
800 | Alfresa Holdings Corp. | 19,723 | |||||||||
2,600 | Alps Alpine Co., Ltd. | 43,794 | |||||||||
2,700 | Amada Holdings Co., Ltd. | 30,377 | |||||||||
1,000 | Amano Corp. | 27,575 | |||||||||
700 | ANA Holdings, Inc. | 23,166 | |||||||||
1,500 | Anritsu Corp.† | 26,059 | |||||||||
1,100 | AOKI Holdings, Inc. | 10,886 | |||||||||
900 | Aoyama Trading Co., Ltd. | 17,630 | |||||||||
700 | Aozora Bank, Ltd. | 16,790 | |||||||||
200 | Arata Corp. | 6,799 | |||||||||
2,000 | Arcland Sakamoto Co., Ltd. | 24,468 | |||||||||
1,000 | Arcs Co., Ltd. | 19,923 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,400 | Arisawa Manufacturing Co., Ltd.† | $ | 11,505 | ||||||||
1,800 | Asahi Diamond Industrial Co., Ltd. | 10,969 | |||||||||
3,400 | Asahi Group Holdings, Ltd. | 152,790 | |||||||||
1,000 | Asahi Holdings, Inc. | 20,285 | |||||||||
1,600 | Asahi Intecc Co., Ltd. | 39,386 | |||||||||
15,000 | Asahi Kasei Corp. | 159,788 | |||||||||
10,900 | Astellas Pharma, Inc. | 155,187 | |||||||||
2,400 | Atom Corp.† | 21,236 | |||||||||
1,600 | Avex, Inc. | 20,301 | |||||||||
800 | Awa Bank, Ltd. (The) | 19,144 | |||||||||
1,100 | Azbil Corp. | 26,853 | |||||||||
2,000 | Bandai Namco Holdings, Inc. | 97,018 | |||||||||
600 | Bank of Kyoto, Ltd. (The) | 23,179 | |||||||||
1,300 | Bank of the Ryukyus, Ltd. | 13,866 | |||||||||
1,300 | Bell System24 Holdings, Inc. | 17,942 | |||||||||
1,300 | Belluna Co., Ltd. | 8,862 | |||||||||
800 | Benesse Holdings, Inc. | 18,610 | |||||||||
1,500 | Bic Camera, Inc. | 14,720 | |||||||||
800 | BML, Inc. | 22,706 | |||||||||
7,200 | Bridgestone Corp.† | 283,285 | |||||||||
4,000 | Broadleaf Co., Ltd. | 19,738 | |||||||||
1,400 | Brother Industries, Ltd. | 26,425 | |||||||||
3,200 | Bunka Shutter Co., Ltd. | 24,249 | |||||||||
700 | Calbee, Inc. | 18,880 | |||||||||
900 | Canon Electronics, Inc. | 15,134 | |||||||||
4,600 | Canon, Inc. | 134,226 | |||||||||
1,200 | Capcom Co., Ltd. | 24,063 | |||||||||
1,600 | Casio Computer Co., Ltd. | 19,856 | |||||||||
1,300 | Cawachi, Ltd. | 24,067 | |||||||||
1,100 | Central Glass Co., Ltd. | 24,405 | |||||||||
900 | Central Japan Railway Co. | 180,142 | |||||||||
3,700 | Chiba Bank, Ltd. (The) | 18,051 | |||||||||
1,100 | Chofu Seisakusho Co., Ltd. | 21,772 | |||||||||
3,800 | Chubu Electric Power Co., Inc. | 53,274 | |||||||||
700 | Chudenko Corp. | 14,543 | |||||||||
400 | Chugai Pharmaceutical Co., Ltd. | 26,119 | |||||||||
1,700 | Chugoku Electric Power Co., Inc. (The) | 21,413 | |||||||||
5,400 | Citizen Watch Co., Ltd. | 27,697 | |||||||||
2,400 | CKD Corp. | 24,308 | |||||||||
3,900 | CMK Corp. | 22,644 | |||||||||
800 | Coca-Cola Bottlers Japan Holdings, Inc.† | 20,250 | |||||||||
800 | cocokara fine, Inc. | 41,553 | |||||||||
1,000 | Colowide Co., Ltd.† | 19,125 |
The accompanying notes are an integral part of these financial statements.
11
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
900 | COMSYS Holdings Corp. | $ | 22,806 | ||||||||
5,100 | Concordia Financial Group, Ltd. | 18,969 | |||||||||
2,000 | Cosmo Energy Holdings Co., Ltd. | 45,022 | |||||||||
1,900 | Credit Saison Co., Ltd. | 22,222 | |||||||||
900 | CyberAgent, Inc. | 32,598 | |||||||||
1,700 | Dai Nippon Printing Co., Ltd. | 36,203 | |||||||||
3,600 | Dai-ichi Life Holdings, Inc. | 54,260 | |||||||||
2,100 | Daicel Corp. | 18,660 | |||||||||
3,700 | Daido Metal Co., Ltd. | 22,719 | |||||||||
600 | Daido Steel Co., Ltd. | 22,733 | |||||||||
700 | Daifuku Co., Ltd. | 39,280 | |||||||||
1,000 | Daihen Corp. | 28,660 | |||||||||
700 | Daiho Corp. | 17,530 | |||||||||
400 | Daiichi Sankyo Co., Ltd. | 20,906 | |||||||||
600 | Daiichikosho Co., Ltd. | 27,881 | |||||||||
1,500 | Daikin Industries, Ltd. | 195,682 | |||||||||
1,400 | Daikyonishikawa Corp. | 11,102 | |||||||||
800 | Dainichiseika Color & Chemicals Manufacturing Co., Ltd. | 22,446 | |||||||||
1,900 | Daio Paper Corp.† | 22,328 | |||||||||
500 | Daito Trust Construction Co., Ltd. | 63,697 | |||||||||
5,300 | Daiwa House Industry Co., Ltd. | 154,406 | |||||||||
9,500 | Daiwa Securities Group, Inc. | 41,599 | |||||||||
500 | Daiwabo Holdings Co., Ltd. | 23,791 | |||||||||
2,200 | DCM Holdings Co., Ltd. | 21,589 | |||||||||
1,200 | DeNA Co., Ltd. | 22,984 | |||||||||
1,300 | Denka Co., Ltd. | 38,524 | |||||||||
3,100 | Denso Corp. | 130,337 | |||||||||
200 | Dentsu, Inc. | 6,975 | |||||||||
2,400 | Dexerials Corp. | 15,449 | |||||||||
1,200 | DIC Corp.† | 31,654 | |||||||||
400 | Digital Arts, Inc. | 35,246 | |||||||||
400 | Disco Corp. | 65,594 | |||||||||
1,800 | DMG Mori Co., Ltd.† | 28,799 | |||||||||
1,100 | Doutor Nichires Holdings Co., Ltd. | 20,813 | |||||||||
1,100 | Dowa Holdings Co., Ltd. | 35,250 | |||||||||
1,000 | Duskin Co., Ltd. | 26,258 | |||||||||
500 | DyDo Group Holdings, Inc. | 21,472 | |||||||||
1,900 | East Japan Railway Co. | 177,638 | |||||||||
1,100 | Ebara Corp. | �� | 29,833 | ||||||||
2,100 | EDION Corp. | 19,497 | |||||||||
300 | Eisai Co., Ltd. | 16,948 | |||||||||
600 | Eizo Corp. | 21,342 | |||||||||
800 | Elecom Co., Ltd. | 27,083 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
900 | Electric Power Development Co., Ltd. | $ | 20,435 | ||||||||
500 | Exedy Corp. | 10,462 | |||||||||
900 | Fancl Corp., Class C | 22,121 | |||||||||
200 | FANUC Corp. | 36,971 | |||||||||
400 | Fast Retailing Co., Ltd. | 241,636 | |||||||||
1,100 | FCC Co., Ltd. | 22,987 | |||||||||
2,700 | Ferrotec Holdings Corp. | 21,261 | |||||||||
2,100 | Financial Products Group Co., Ltd. | 17,335 | |||||||||
400 | FP Corp. | 24,412 | |||||||||
1,600 | Fuji Corp/Aichi | 20,331 | |||||||||
1,400 | Fuji Electric Co., Ltd. | 48,240 | |||||||||
1,500 | Fuji Media Holdings, Inc. | 20,897 | |||||||||
700 | Fuji Oil Holdings, Inc. | 21,101 | |||||||||
700 | Fuji Seal International, Inc. | 21,393 | |||||||||
900 | FUJIFILM Holdings Corp. | 45,603 | |||||||||
7,900 | Fujikura, Ltd. | 29,676 | |||||||||
1,600 | Fujitsu General, Ltd. | 25,406 | |||||||||
2,800 | Fujitsu, Ltd. | 195,090 | |||||||||
1,000 | Fukuoka Financial Group, Inc. | 18,244 | |||||||||
600 | Fukuyama Transporting Co., Ltd. | 21,704 | |||||||||
1,400 | Funai Soken Holdings, Inc. | 33,865 | |||||||||
900 | Furukawa Co., Ltd. | 11,653 | |||||||||
1,200 | Furukawa Electric Co., Ltd. | 35,116 | |||||||||
800 | Futaba Corp. | 10,425 | |||||||||
500 | Fuyo General Lease Co., Ltd. | 28,428 | |||||||||
800 | Geo Holdings Corp. | 10,240 | |||||||||
1,000 | Glory, Ltd. | 26,379 | |||||||||
1,700 | GMO internet, Inc. | 30,779 | |||||||||
700 | Goldcrest Co., Ltd. | 12,323 | |||||||||
200 | Goldwin, Inc. | 25,061 | |||||||||
5,100 | Gree, Inc.† | 23,699 | |||||||||
2,200 | GS Yuasa Corp. | 42,402 | |||||||||
4,900 | Gunma Bank, Ltd. (The) | 17,134 | |||||||||
600 | Gunze, Ltd. | 25,794 | |||||||||
1,700 | H2O Retailing Corp. | 19,584 | |||||||||
5,000 | Hachijuni Bank, Ltd. (The) | 20,359 | |||||||||
2,400 | Hakuhodo DY Holdings, Inc. | 40,380 | |||||||||
700 | Hamamatsu Photonics KK | 27,236 | |||||||||
2,200 | Hankyu Hanshin Holdings, Inc. | 78,765 | |||||||||
800 | Hanwa Co., Ltd. | 21,377 | |||||||||
400 | Harmonic Drive Systems, Inc.† | 15,415 | |||||||||
5,200 | Haseko Corp. | 52,572 | |||||||||
3,500 | Hazama Ando Corp. | 23,373 |
The accompanying notes are an integral part of these financial statements.
12
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
600 | Heiwa Real Estate Co., Ltd. | $ | 12,249 | ||||||||
900 | Heiwado Co., Ltd. | 15,961 | |||||||||
200 | Hikari Tsushin, Inc. | 43,575 | |||||||||
3,100 | Hiroshima Bank, Ltd. (The) | 14,923 | |||||||||
400 | Hisamitsu Pharmaceutical Co., Inc. | 15,786 | |||||||||
1,000 | Hitachi Capital Corp.* | 22,214 | |||||||||
1,500 | Hitachi Chemical Co., Ltd. | 40,709 | |||||||||
1,900 | Hitachi Construction Machinery Co., Ltd. | 49,379 | |||||||||
700 | Hitachi High-Technologies Corp. | 35,969 | |||||||||
2,000 | Hitachi Metals, Ltd. | 22,576 | |||||||||
6,400 | Hitachi Zosen Corp. | 23,448 | |||||||||
11,500 | Hitachi, Ltd. | 421,217 | |||||||||
400 | Hogy Medical Co., Ltd.† | 11,798 | |||||||||
2,900 | Hokkaido Electric Power Co., Inc. | 16,219 | |||||||||
700 | Hokkoku Bank, Ltd. (The) | 19,673 | |||||||||
3,000 | Hokuetsu Corp. | 16,167 | |||||||||
1,800 | Hokuhoku Financial Group, Inc. | 18,699 | |||||||||
2,300 | Hokuriku Electric Power Co.* | 16,661 | |||||||||
1,200 | Hokuto Corp. | 20,224 | |||||||||
11,600 | Honda Motor Co., Ltd. | 299,643 | |||||||||
500 | Horiba, Ltd. | 25,785 | |||||||||
3,100 | Hosiden Corp. | 34,360 | |||||||||
2,400 | Hoya Corp. | 183,737 | |||||||||
2,300 | Hulic Co., Ltd. | 18,474 | |||||||||
3,000 | Hyakugo Bank, Ltd. (The) | 9,266 | |||||||||
1,400 | Ibiden Co., Ltd. | 24,490 | |||||||||
1,000 | IBJ Leasing Co., Ltd. | 25,015 | |||||||||
6,700 | Ichigo, Inc. | 19,637 | |||||||||
600 | Idec Corp/Japan | 11,241 | |||||||||
3,300 | Idemitsu Kosan Co., Ltd. | 99,170 | |||||||||
2,200 | IHI Corp. | 52,993 | |||||||||
1,100 | Iida Group Holdings Co., Ltd. | 17,753 | |||||||||
900 | Inabata & Co., Ltd. | 11,511 | |||||||||
7,300 | Inpex Corp. | 65,765 | |||||||||
1,000 | Internet Initiative Japan, Inc. | 18,736 | |||||||||
600 | Iriso Electronics Co., Ltd. | 30,163 | |||||||||
1,900 | Isetan Mitsukoshi Holdings, Ltd. | 15,402 | |||||||||
1,600 | Ishihara Sangyo Kaisha, Ltd. | 18,684 | |||||||||
1,500 | Isuzu Motors, Ltd. | 17,071 | |||||||||
500 | Ito En, Ltd. | 23,281 | |||||||||
2,500 | ITOCHU Corp. | 47,779 | |||||||||
3,400 | Itoham Yonekyu Holdings, Inc. | 23,147 | |||||||||
700 | Iwatani Corp. | 24,282 | |||||||||
4,100 | Iyo Bank, Ltd. (The) | 20,687 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
500 | Izumi Co., Ltd. | $ | 20,197 | ||||||||
1,600 | J Front Retailing Co., Ltd. | 18,328 | |||||||||
2,300 | J Trust Co., Ltd.† | 10,304 | |||||||||
1,300 | Jaccs Co., Ltd. | 25,864 | |||||||||
700 | Jafco Co., Ltd. | 25,613 | |||||||||
1,400 | Japan Airlines Co., Ltd. | 44,708 | |||||||||
1,800 | Japan Aviation Electronics Industry, Ltd. | 26,395 | |||||||||
4,900 | Japan Exchange Group, Inc. | 77,807 | |||||||||
1,500 | Japan Lifeline Co., Ltd. | 24,250 | |||||||||
1,100 | Japan Petroleum Exploration Co., Ltd. | 25,405 | |||||||||
4,300 | Japan Post Holdings Co., Ltd. | 48,657 | |||||||||
600 | Japan Pulp & Paper Co., Ltd. | 19,951 | |||||||||
3,000 | Japan Securities Finance Co., Ltd. | 15,276 | |||||||||
1,300 | Japan Steel Works, Ltd. (The) | 21,692 | |||||||||
10,300 | Japan Tobacco, Inc.† | 227,323 | |||||||||
2,800 | Japan Wool Textile Co., Ltd. (The) | 21,841 | |||||||||
3,600 | JFE Holdings, Inc. | 52,841 | |||||||||
1,500 | JGC Corp. | 20,563 | |||||||||
400 | JINS, Inc. | 22,223 | |||||||||
600 | Joshin Denki Co., Ltd. | 11,820 | |||||||||
700 | JSR Corp. | 11,044 | |||||||||
3,800 | JTEKT Corp. | 46,031 | |||||||||
800 | Juroku Bank, Ltd. (The) | 16,280 | |||||||||
8,900 | JVC Kenwood Corp. | 20,637 | |||||||||
45,900 | JXTG Holdings, Inc. | 227,510 | |||||||||
2,200 | K's Holdings Corp. | 20,752 | |||||||||
1,900 | Kadokawa Dwango* | 25,694 | |||||||||
800 | Kaga Electronics Co., Ltd. | 11,523 | |||||||||
800 | Kagome Co., Ltd. | 18,587 | |||||||||
7,500 | Kajima Corp. | 102,815 | |||||||||
1,100 | Kakaku.com, Inc. | 21,222 | |||||||||
500 | Kaken Pharmaceutical Co., Ltd. | 23,373 | |||||||||
1,000 | Kamigumi Co., Ltd. | 23,652 | |||||||||
800 | Kanamoto Co., Ltd. | 20,672 | |||||||||
2,200 | Kandenko Co., Ltd. | 18,365 | |||||||||
600 | Kaneka Corp. | 22,539 | |||||||||
1,700 | Kanematsu Corp. | 18,827 | |||||||||
4,400 | Kansai Electric Power Co.,Inc. (The) | 50,381 | |||||||||
1,200 | Kansai Paint Co., Ltd. | 25,143 | |||||||||
3,400 | Kao Corp. | 258,906 | |||||||||
400 | Kato Sangyo Co., Ltd. | 12,132 | |||||||||
300 | KAWADA TECHNOLOGIES, Inc. | 22,399 | |||||||||
2,100 | Kawasaki Heavy Industries, Ltd. | 49,337 |
The accompanying notes are an integral part of these financial statements.
13
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,600 | Kawasaki Kisen Kaisha, Ltd.*,† | $ | 19,515 | ||||||||
15,300 | KDDI Corp. | 389,329 | |||||||||
1,200 | Keihan Holdings Co., Ltd. | 52,256 | |||||||||
1,300 | Keihin Corp. | 18,605 | |||||||||
1,500 | Keikyu Corp. | 25,808 | |||||||||
700 | Keio Corp. | 46,033 | |||||||||
200 | Keisei Electric Railway Co., Ltd. | 7,281 | |||||||||
2,500 | Keiyo Bank, Ltd. (The) | 14,608 | |||||||||
4,600 | Kenedix, Inc. | 22,911 | |||||||||
900 | Kewpie Corp. | 19,876 | |||||||||
600 | Keyence Corp. | 368,019 | |||||||||
400 | Kikkoman Corp. | 17,400 | |||||||||
1,400 | Kintetsu Group Holdings Co., Ltd. | 67,004 | |||||||||
900 | Kintetsu World Express, Inc. | 11,728 | |||||||||
6,400 | Kirin Holdings Co., Ltd. | 137,925 | |||||||||
800 | Kissei Pharmaceutical Co., Ltd. | 19,960 | |||||||||
1,500 | Kito Corp. | 23,109 | |||||||||
2,600 | Kitz Corp. | 18,183 | |||||||||
1,600 | Kiyo Bank, Ltd. (The) | 20,361 | |||||||||
1,900 | Koa Corp. | 24,584 | |||||||||
800 | Kobe Bussan Co., Ltd. | 38,807 | |||||||||
4,400 | Kobe Steel, Ltd. | 28,772 | |||||||||
900 | Kohnan Shoji Co., Ltd. | 18,699 | |||||||||
1,500 | Koito Manufacturing Co., Ltd. | 79,998 | |||||||||
1,500 | Kokuyo Co., Ltd. | 20,980 | |||||||||
11,000 | Komatsu, Ltd. | 265,269 | |||||||||
1,100 | KOMEDA Holdings Co., Ltd. | 20,722 | |||||||||
1,000 | Komeri Co., Ltd. | 20,424 | |||||||||
1,400 | Komori Corp. | 15,180 | |||||||||
700 | Konami Holdings Corp. | 32,788 | |||||||||
6,900 | Konica Minolta, Inc. | 67,134 | |||||||||
500 | Konoike Transport Co., Ltd. | 7,875 | |||||||||
300 | Kose Corp. | 50,281 | |||||||||
500 | Kotobuki Spirits Co., Ltd. | 23,466 | |||||||||
4,600 | Kubota Corp.† | 76,500 | |||||||||
3,100 | Kumiai Chemical Industry Co., Ltd. | 22,399 | |||||||||
2,700 | Kuraray Co., Ltd. | 32,230 | |||||||||
400 | Kureha Corp. | 27,269 | |||||||||
1,100 | Kurita Water Industries, Ltd. | 27,292 | |||||||||
1,100 | KYB Corp.* | 31,016 | |||||||||
500 | Kyocera Corp. | 32,625 | |||||||||
1,500 | Kyoei Steel, Ltd. | 26,490 | |||||||||
1,700 | Kyokuto Kaihatsu Kogyo Co., Ltd. | 21,145 | |||||||||
500 | KYORIN Holdings, Inc. | 8,848 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
500 | Kyoritsu Maintenance Co., Ltd.† | $ | 23,327 | ||||||||
1,000 | Kyowa Exeo Corp. | 24,876 | |||||||||
1,100 | Kyowa Hakko Kirin Co., Ltd. | 19,783 | |||||||||
600 | Kyudenko Corp. | 18,003 | |||||||||
2,400 | Kyushu Electric Power Co., Inc. | 23,551 | |||||||||
5,000 | Kyushu Financial Group, Inc. | 19,756 | |||||||||
1,200 | Kyushu Railway Co. | 34,949 | |||||||||
800 | Lasertec Corp. | 31,684 | |||||||||
400 | Lawson, Inc. | 19,181 | |||||||||
2,600 | Leopalace21 Corp.*,† | 6,728 | |||||||||
1,000 | Life Corp. | 20,090 | |||||||||
100 | LINE Corp.* | 2,796 | |||||||||
1,000 | Lintec Corp. | 20,823 | |||||||||
1,100 | Lion Corp. | 20,477 | |||||||||
2,600 | LIXIL Group Corp. | 41,093 | |||||||||
1,400 | LIXIL VIVA Corp. | 16,232 | |||||||||
3,900 | M3, Inc. | 71,225 | |||||||||
700 | Mabuchi Motor Co., Ltd.† | 23,925 | |||||||||
1,300 | Macnica Fuji Electronics Holdings, Inc. | 17,182 | |||||||||
900 | Macromill, Inc. | 10,793 | |||||||||
1,500 | Maeda Corp. | 11,993 | |||||||||
600 | Makino Milling Machine Co., Ltd. | 24,180 | |||||||||
900 | Makita Corp. | 30,552 | |||||||||
3,800 | Marubeni Corp. | 25,130 | |||||||||
800 | Marudai Food Co., Ltd. | 15,018 | |||||||||
700 | Maruha Nichiro Corp. | 20,549 | |||||||||
1,100 | Marui Group Co., Ltd. | 22,385 | |||||||||
2,200 | Marusan Securities Co., Ltd. | 11,407 | |||||||||
400 | Maruwa Co., Ltd.† | 21,852 | |||||||||
1,900 | Matsui Securities Co., Ltd. | 17,905 | |||||||||
1,700 | Maxell Holdings, Ltd. | 23,226 | |||||||||
6,700 | Mazda Motor Corp. | 69,880 | |||||||||
500 | McDonald's Holdings Co. Japan, Ltd. | 22,028 | |||||||||
9,000 | Mebuki Financial Group, Inc. | 23,457 | |||||||||
1,000 | Medipal Holdings Corp. | 22,066 | |||||||||
1,000 | Megachips Corp. | 12,623 | |||||||||
1,000 | Megmilk Snow Brand Co., Ltd. | 21,908 | |||||||||
1,700 | Meidensha Corp. | 26,553 | |||||||||
700 | MEIJI Holdings Co., Ltd. | 49,993 | |||||||||
1,200 | Meiko Electronics Co., Ltd.† | 19,623 | |||||||||
500 | Meitec Corp. | 25,646 | |||||||||
600 | Milbon Co., Ltd. | 29,050 |
The accompanying notes are an integral part of these financial statements.
14
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,200 | Mimasu Semiconductor Industry Co., Ltd. | $ | 17,897 | ||||||||
5,500 | MINEBEA MITSUMI, Inc. | 93,099 | |||||||||
900 | Miraca Holdings, Inc. | 20,452 | |||||||||
1,600 | Mirait Holdings Corp. | 23,670 | |||||||||
1,000 | MISUMI Group, Inc. | 25,061 | |||||||||
15,300 | Mitsubishi Chemical Holdings Corp. | 106,801 | |||||||||
3,600 | Mitsubishi Corp. | 94,829 | |||||||||
13,000 | Mitsubishi Electric Corp. | 171,099 | |||||||||
4,500 | Mitsubishi Estate Co., Ltd. | 83,685 | |||||||||
1,700 | Mitsubishi Gas Chemical Co., Inc. | 22,642 | |||||||||
300 | Mitsubishi Heavy Industries, Ltd. | 13,053 | |||||||||
1,000 | Mitsubishi Materials Corp. | 28,428 | |||||||||
5,200 | Mitsubishi Motors Corp. | 24,887 | |||||||||
1,500 | Mitsubishi Tanabe Pharma Corp. | 16,695 | |||||||||
43,600 | Mitsubishi UFJ Financial Group, Inc. | 207,051 | |||||||||
8,700 | Mitsubishi UFJ Lease & Finance Co., Ltd. | 46,076 | |||||||||
4,900 | Mitsui & Co., Ltd. | 79,716 | |||||||||
3,000 | Mitsui Chemicals, Inc. | 74,210 | |||||||||
2,100 | Mitsui E&S Holdings Co., Ltd.* | 19,341 | |||||||||
800 | Mitsui Fudosan Co., Ltd. | 19,385 | |||||||||
1,100 | Mitsui Mining & Smelting Co., Ltd. | 26,282 | |||||||||
1,900 | Mitsui OSK Lines, Ltd. | 45,449 | |||||||||
800 | Mitsui-Soko Holdings Co., Ltd. | 11,509 | |||||||||
900 | Miura Co., Ltd. | 27,756 | |||||||||
1,000 | Mixi, Inc. | 20,044 | |||||||||
700 | Miyazaki Bank, Ltd. (The) | 15,641 | |||||||||
84,900 | Mizuho Financial Group, Inc. | 122,923 | |||||||||
300 | Mochida Pharmaceutical Co., Ltd. | 12,758 | |||||||||
400 | Modec, Inc. | 11,279 | |||||||||
7,000 | Monex Group, Inc.† | 24,672 | |||||||||
300 | Monogatari Corp. (The)† | 23,902 | |||||||||
1,100 | MonotaRO Co., Ltd.† | 26,792 | |||||||||
700 | Morinaga Milk Industry Co., Ltd. | 27,691 | |||||||||
1,800 | MS&AD Insurance Group Holdings, Inc. | 57,098 | |||||||||
4,200 | Murata Manufacturing Co., Ltd. | 188,545 | |||||||||
2,000 | Musashi Seimitsu Industry Co., Ltd. | 25,692 | |||||||||
1,000 | Musashino Bank, Ltd. (The) | 18,866 | |||||||||
1,200 | Nabtesco Corp. | 33,324 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
600 | Nachi-Fujikoshi Corp. | $ | 24,737 | ||||||||
1,500 | Nagase & Co., Ltd. | 22,469 | |||||||||
1,300 | Nagoya Railroad Co., Ltd. | 35,944 | |||||||||
1,200 | Nankai Electric Railway Co., Ltd. | 29,161 | |||||||||
800 | Nanto Bank, Ltd. (The) | 17,348 | |||||||||
2,600 | NEC Corp. | 102,249 | |||||||||
1,100 | NET One Systems Co., Ltd. | 30,251 | |||||||||
2,000 | NGK Insulators, Ltd. | 29,143 | |||||||||
2,500 | NGK Spark Plug Co., Ltd. | 46,886 | |||||||||
700 | NH Foods, Ltd. | 29,963 | |||||||||
2,400 | NHK Spring Co., Ltd. | 18,521 | |||||||||
1,300 | Nichi-iko Pharmaceutical Co., Ltd. | 14,204 | |||||||||
1,200 | Nichias Corp. | 21,559 | |||||||||
2,800 | Nichicon Corp. | 22,776 | |||||||||
2,200 | NichiiGakkan Co., Ltd. | 32,036 | |||||||||
800 | Nichirei Corp. | 18,973 | |||||||||
1,300 | Nidec Corp. | 177,550 | |||||||||
1,600 | Nifco, Inc. | 39,609 | |||||||||
700 | Nihon Kohden Corp. | 18,945 | |||||||||
1,000 | Nihon M&A Center, Inc. | 23,967 | |||||||||
1,800 | Nihon Parkerizing Co., Ltd. | 19,934 | |||||||||
900 | Nihon Unisys, Ltd. | 30,177 | |||||||||
1,300 | Nikkon Holdings Co., Ltd. | 29,807 | |||||||||
3,000 | Nikon Corp. | 42,406 | |||||||||
200 | Nintendo Co., Ltd. | 73,255 | |||||||||
1,200 | Nippo Corp. | 23,629 | |||||||||
600 | Nippon Carbon Co., Ltd.† | 22,984 | |||||||||
1,500 | Nippon Chemi-Con Corp. | 21,899 | |||||||||
700 | Nippon Densetsu Kogyo Co., Ltd. | 14,031 | |||||||||
900 | Nippon Electric Glass Co., Ltd. | 22,781 | |||||||||
1,200 | Nippon Express Co., Ltd. | 63,776 | |||||||||
900 | Nippon Flour Mills Co., Ltd. | 14,375 | |||||||||
600 | Nippon Gas Co., Ltd. | 15,243 | |||||||||
10,300 | Nippon Light Metal Holdings Co., Ltd. | 22,259 | |||||||||
1,200 | Nippon Paper Industries Co., Ltd. | 21,236 | |||||||||
1,200 | Nippon Seiki Co., Ltd. | 20,591 | |||||||||
2,600 | Nippon Sheet Glass Co., Ltd. | 17,677 | |||||||||
400 | Nippon Shokubai Co., Ltd. | 26,416 | |||||||||
2,600 | Nippon Signal Company, Ltd. | 30,168 | |||||||||
900 | Nippon Soda Co., Ltd. | 22,781 | |||||||||
5,500 | Nippon Steel Corp. | 94,324 | |||||||||
500 | Nippon Steel Trading Corp. | 20,591 | |||||||||
3,600 | Nippon Suisan Kaisha, Ltd. | 22,305 |
The accompanying notes are an integral part of these financial statements.
15
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
4,000 | Nippon Telegraph & Telephone Corp. | $ | 186,134 | ||||||||
4,900 | Nippon Thompson Co., Ltd. | 22,042 | |||||||||
5,300 | Nippon Yakin Kogyo Co., Ltd.† | 11,061 | |||||||||
1,800 | Nippon Yusen KK | 28,866 | |||||||||
2,200 | Nipro Corp. | 24,384 | |||||||||
2,000 | Nishi-Nippon Financial Holdings, Inc. | 14,376 | |||||||||
900 | Nishi-Nippon Railroad Co., Ltd. | 19,200 | |||||||||
1,000 | Nishimatsu Construction Co., Ltd. | 19,264 | |||||||||
700 | Nishio Rent All Co., Ltd. | 19,770 | |||||||||
1,300 | Nissan Chemical Corp. | 58,540 | |||||||||
27,700 | Nissan Motor Co., Ltd. | 198,241 | |||||||||
2,700 | Nissan Shatai Co., Ltd. | 26,245 | |||||||||
1,100 | Nissha Co., Ltd.† | 11,274 | |||||||||
400 | Nisshin Oillio Group, Ltd. (The) | 11,186 | |||||||||
2,700 | Nisshinbo Holdings, Inc. | 20,610 | |||||||||
400 | Nissin Foods Holdings Co., Ltd. | 25,748 | |||||||||
1,600 | Nissin Kogyo Co., Ltd. | 21,978 | |||||||||
500 | Nitori Holdings Co., Ltd. | 66,225 | |||||||||
1,300 | Nitto Boseki Co., Ltd. | 27,467 | |||||||||
1,400 | Nitto Denko Corp. | 69,042 | |||||||||
700 | Nitto Kogyo Corp. | 13,362 | |||||||||
500 | Noevir Holdings Co., Ltd. | 27,315 | |||||||||
700 | NOF Corp. | 26,068 | |||||||||
1,100 | Nojima Corp. | 17,926 | |||||||||
1,500 | NOK Corp. | 22,455 | |||||||||
1,800 | Nomura Co., Ltd. | 22,455 | |||||||||
9,400 | Nomura Holdings, Inc. | 33,079 | |||||||||
1,100 | Nomura Real Estate Holdings, Inc. | 23,629 | |||||||||
1,500 | Nomura Research Institute, Ltd. | 24,027 | |||||||||
300 | Noritake Co. Ltd/Nagoya Japan | 12,563 | |||||||||
700 | Noritsu Koki Co., Ltd. | 13,647 | |||||||||
1,100 | Noritz Corp. | 13,151 | |||||||||
7,800 | North Pacific Bank, Ltd. | 18,521 | |||||||||
1,100 | NSD Co., Ltd. | 31,781 | |||||||||
5,200 | NSK, Ltd. | 46,302 | |||||||||
5,100 | NTN Corp. | 15,137 | |||||||||
5,900 | NTT Data Corp. | 78,528 | |||||||||
11,900 | NTT DOCOMO, Inc. | 277,315 | |||||||||
6,000 | Obayashi Corp. | 59,046 | |||||||||
300 | Obic Co., Ltd. | 33,947 | |||||||||
2,100 | Odakyu Electric Railway Co., Ltd. | 51,363 | |||||||||
1,100 | Ogaki Kyoritsu Bank, Ltd. (The) | 24,129 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
12,000 | Oji Holdings Corp. | $ | 69,230 | ||||||||
1,000 | Okamura Corp. | 9,971 | |||||||||
4,600 | Okasan Securities Group, Inc. | 16,810 | |||||||||
1,800 | Oki Electric Industry Co., Ltd. | 22,455 | |||||||||
1,100 | Okinawa Electric Power Co., Inc. (The) | 16,896 | |||||||||
500 | OKUMA Corp. | 25,646 | |||||||||
700 | Okumura Corp. | 21,393 | |||||||||
12,400 | Olympus Corp. | 137,554 | |||||||||
2,400 | Omron Corp. | 125,103 | |||||||||
3,700 | Onward Holdings Co., Ltd. | 20,385 | |||||||||
600 | Open House Co., Ltd. | 24,542 | |||||||||
400 | Oracle Corp. Japan | 29,198 | |||||||||
8,100 | Orient Corp. | 8,640 | |||||||||
400 | Oriental Land Co., Ltd./Japan | 49,492 | |||||||||
15,600 | ORIX Corp. | 232,665 | |||||||||
2,000 | Osaka Gas Co., Ltd. | 34,819 | |||||||||
1,100 | OSG Corp. | 21,670 | |||||||||
700 | Otsuka Corp. | 28,145 | |||||||||
200 | Otsuka Holdings Co., Ltd. | 6,522 | |||||||||
1,900 | Outsourcing, Inc. | 23,015 | |||||||||
800 | Pacific Industrial Co., Ltd. | 11,479 | |||||||||
900 | Pacific Metals Co., Ltd. | 18,573 | |||||||||
900 | Pan Pacific International Holdings Corp. | 57,098 | |||||||||
31,300 | Panasonic Corp. | 260,584 | |||||||||
3,900 | Penta-Ocean Construction Co., Ltd. | 19,099 | |||||||||
800 | PeptiDream, Inc.* | 40,885 | |||||||||
1,300 | Persol Holdings Co., Ltd. | 30,518 | |||||||||
1,000 | Pigeon Corp. | 40,208 | |||||||||
1,100 | Piolax, Inc. | 19,191 | |||||||||
2,500 | Press Kogyo Co., Ltd. | 11,316 | |||||||||
1,600 | Pressance Corp. | 21,949 | |||||||||
1,300 | Qol Holdings Co., Ltd. | 19,943 | |||||||||
1,600 | Raito Kogyo Co., Ltd. | 20,405 | |||||||||
8,000 | Rakuten, Inc. | 94,978 | |||||||||
7,700 | Recruit Holdings Co., Ltd. | 256,679 | |||||||||
900 | Relo Group, Inc. | 22,647 | |||||||||
11,000 | Renesas Electronics Corp.* | 54,584 | |||||||||
2,800 | Rengo Co., Ltd. | 22,464 | |||||||||
4,900 | Resona Holdings, Inc. | 20,388 | |||||||||
1,100 | Resorttrust, Inc. | 16,824 | |||||||||
3,000 | Ricoh Co., Ltd. | 29,940 | |||||||||
400 | Ricoh Leasing Co., Ltd. | 12,188 |
The accompanying notes are an integral part of these financial statements.
16
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
400 | Rinnai Corp. | $ | 25,414 | ||||||||
4,000 | Riso Kyoiku Co., Ltd. | 16,732 | |||||||||
100 | Rohm Co., Ltd. | 6,715 | |||||||||
900 | Royal Holdings Co., Ltd. | 22,213 | |||||||||
500 | Ryobi, Ltd. | 9,428 | |||||||||
200 | Ryohin Keikaku Co., Ltd. | 36,099 | |||||||||
200 | Ryosan Co., Ltd. | 4,667 | |||||||||
600 | S Foods, Inc. | 20,368 | |||||||||
1,300 | Saizeriya Co., Ltd. | 28,203 | |||||||||
1,300 | Sakata INX Corp. | 12,178 | |||||||||
2,700 | Sala Corp.† | 14,500 | |||||||||
1,800 | SAMTY Co., Ltd. | 27,364 | |||||||||
2,100 | San-Ai Oil Co., Ltd. | 20,354 | |||||||||
3,000 | San-In Godo Bank, Ltd. (The) | 19,200 | |||||||||
1,200 | Sangetsu Corp. | 22,049 | |||||||||
1,200 | Sanken Electric Co., Ltd. | 25,054 | |||||||||
1,300 | Sanki Engineering Co., Ltd. | 15,048 | |||||||||
600 | Sankyo Co., Ltd. | 21,704 | |||||||||
500 | Sankyu, Inc. | 26,249 | |||||||||
2,200 | Santen Pharmaceutical Co., Ltd. | 36,424 | |||||||||
2,300 | Sanwa Holdings Corp. | 24,703 | |||||||||
500 | Sanyo Chemical Industries, Ltd. | 26,341 | |||||||||
300 | Sanyo Denki Co., Ltd. | 11,993 | |||||||||
1,200 | Sapporo Holdings, Ltd. | 25,254 | |||||||||
900 | Sato Holdings Corp. | 22,831 | |||||||||
400 | Sawai Pharmaceutical Co., Ltd. | 21,593 | |||||||||
1,000 | SBI Holdings, Inc. | 24,737 | |||||||||
600 | SCREEN Holdings Co., Ltd. | 25,015 | |||||||||
600 | SCSK Corp. | 29,495 | |||||||||
1,000 | Secom Co., Ltd. | 86,018 | |||||||||
3,000 | Seibu Holdings, Inc. | 49,974 | |||||||||
1,000 | Seikagaku Corp. | 11,455 | |||||||||
4,500 | Seiko Epson Corp. | 71,164 | |||||||||
1,100 | Seiko Holdings Corp. | 22,364 | |||||||||
1,600 | Seino Holdings Co., Ltd. | 21,296 | |||||||||
1,400 | Seiren Co., Ltd. | 19,478 | |||||||||
6,200 | Sekisui Chemical Co., Ltd. | 93,045 | |||||||||
6,000 | Sekisui House, Ltd. | 98,808 | |||||||||
8,500 | Senshu Ikeda Holdings, Inc. | 15,689 | |||||||||
600 | Seria Co., Ltd.† | 13,852 | |||||||||
5,900 | Seven & I Holdings Co., Ltd. | 199,631 | |||||||||
7,000 | Seven Bank, Ltd. | 18,309 | |||||||||
1,900 | Sharp Corp. | 20,830 | |||||||||
1,000 | Shiga Bank, Ltd. (The) | 23,197 | |||||||||
1,700 | Shikoku Electric Power Co., Inc. | 15,705 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
900 | Shima Seiki Manufacturing, Ltd.† | $ | 26,379 | ||||||||
600 | Shimachu Co., Ltd. | 13,941 | |||||||||
1,000 | Shimadzu Corp. | 24,505 | |||||||||
300 | Shimamura Co., Ltd. | 22,399 | |||||||||
100 | Shimano, Inc. | 14,868 | |||||||||
3,500 | Shimizu Corp. | 29,054 | |||||||||
1,400 | Shin-Etsu Chemical Co., Ltd. | 130,307 | |||||||||
3,100 | Shin-Etsu Polymer Co., Ltd. | 22,456 | |||||||||
2,800 | Shinko Electric Industries Co., Ltd. | 23,685 | |||||||||
1,800 | Shinsei Bank, Ltd. | 27,931 | |||||||||
1,600 | Shionogi & Co., Ltd. | 92,143 | |||||||||
600 | Ship Healthcare Holdings, Inc. | 25,878 | |||||||||
2,600 | Shiseido Co., Ltd. | 195,841 | |||||||||
2,200 | Shizuoka Bank, Ltd. (The) | 16,202 | |||||||||
2,800 | Shizuoka Gas Co., Ltd. | 21,322 | |||||||||
600 | SHO-BOND Holdings Co., Ltd. | 21,147 | |||||||||
1,000 | Showa Corp. | 13,468 | |||||||||
2,700 | Showa Denko KK† | 79,386 | |||||||||
1,000 | Siix Corp.† | 11,798 | |||||||||
2,200 | Sinfonia Technology Co., Ltd. | 25,139 | |||||||||
3,900 | SKY Perfect JSAT Holdings, Inc. | 15,193 | |||||||||
2,600 | Skylark Holdings Co., Ltd.† | 45,361 | |||||||||
200 | SMC Corp. | 74,517 | |||||||||
1,300 | SMS Co., Ltd. | 30,446 | |||||||||
2,700 | Sodick Co., Ltd. | 23,290 | |||||||||
15,400 | SoftBank Group Corp. | 737,754 | |||||||||
500 | Sohgo Security Services Co., Ltd. | 23,049 | |||||||||
7,800 | Sojitz Corp. | 25,032 | |||||||||
1,400 | Sompo Holdings, Inc. | 54,031 | |||||||||
10,500 | Sony Corp. | 550,053 | |||||||||
1,100 | Sony Financial Holdings, Inc. | 26,404 | |||||||||
800 | Sotetsu Holdings, Inc. | 22,030 | |||||||||
800 | Square Enix Holdings Co., Ltd. | 25,599 | |||||||||
400 | Stanley Electric Co., Ltd. | 9,824 | |||||||||
1,600 | Star Micronics Co., Ltd. | 20,628 | |||||||||
800 | Starts Corp., Inc. | 18,847 | |||||||||
7,300 | Subaru Corp. | 177,329 | |||||||||
3,200 | SUMCO Corp.† | 38,050 | |||||||||
13,500 | Sumitomo Chemical Co., Ltd. | 62,607 | |||||||||
3,800 | Sumitomo Corp. | 57,538 | |||||||||
700 | Sumitomo Dainippon Pharma Co., Ltd. | 13,264 | |||||||||
5,300 | Sumitomo Electric Industries, Ltd. | 69,534 | |||||||||
1,600 | Sumitomo Forestry Co., Ltd. | 19,159 |
The accompanying notes are an integral part of these financial statements.
17
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,700 | Sumitomo Heavy Industries, Ltd. | $ | 58,420 | ||||||||
1,100 | Sumitomo Metal Mining Co., Ltd. | 32,842 | |||||||||
3,600 | Sumitomo Mitsui Construction Co., Ltd. | 19,934 | |||||||||
4,200 | Sumitomo Mitsui Financial Group, Inc. | 148,265 | |||||||||
1,200 | Sumitomo Mitsui Trust Holdings, Inc. | 43,474 | |||||||||
600 | Sumitomo Osaka Cement Co., Ltd. | 23,819 | |||||||||
1,700 | Sumitomo Realty & Development Co., Ltd. | 60,674 | |||||||||
3,700 | Sumitomo Rubber Industries, Ltd. | 42,760 | |||||||||
400 | Sumitomo Seika Chemicals Co., Ltd. | 12,188 | |||||||||
900 | Sumitomo Warehouse Co., Ltd. (The) | 11,478 | |||||||||
2,600 | Sun Frontier Fudousan Co., Ltd. | 24,525 | |||||||||
700 | Sundrug Co., Ltd. | 18,932 | |||||||||
1,100 | Suntory Beverage & Food, Ltd. | 47,799 | |||||||||
400 | Sushiro Global Holdings, Ltd. | 23,856 | |||||||||
400 | Suzuken Co., Ltd./Aichi Japan | 23,448 | |||||||||
3,200 | Suzuki Motor Corp. | 150,302 | |||||||||
1,200 | Sysmex Corp. | 78,212 | |||||||||
1,700 | Systena Corp. | 27,783 | |||||||||
800 | T Hasegawa Co., Ltd. | 14,269 | |||||||||
2,400 | T&D Holdings, Inc. | 26,033 | |||||||||
700 | Tachi-S Co., Ltd. | 8,986 | |||||||||
2,200 | Tadano, Ltd. | 22,915 | |||||||||
1,800 | Taiheiyo Cement Corp. | 54,427 | |||||||||
3,200 | Taisei Corp. | 116,199 | |||||||||
2,000 | Taiyo Yuden Co., Ltd.† | 37,193 | |||||||||
1,700 | Takara Holdings, Inc. | 17,770 | |||||||||
1,600 | Takashimaya Co., Ltd. | 17,526 | |||||||||
1,500 | Takeda Pharmaceutical Co., Ltd. | 53,188 | |||||||||
1,200 | Takeuchi Manufacturing Co., Ltd. | 21,426 | |||||||||
2,100 | Tamura Corp. | 11,044 | |||||||||
2,100 | TDK Corp. | 162,445 | |||||||||
600 | TechnoPro Holdings, Inc. | 31,832 | |||||||||
4,200 | Teijin, Ltd. | 71,561 | |||||||||
400 | Tekken Corp. | 11,082 | |||||||||
4,200 | Terumo Corp. | 125,048 | |||||||||
1,600 | THK Co., Ltd.† | 38,214 | |||||||||
800 | TIS, Inc. | 40,736 | |||||||||
2,100 | Toagosei Co., Ltd. | 22,049 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,500 | Tobu Railway Co., Ltd. | $ | 43,686 | ||||||||
2,200 | Tocalo Co., Ltd. | 16,039 | |||||||||
3,500 | Toda Corp. | 19,348 | |||||||||
200 | Toei Co., Ltd. | 27,788 | |||||||||
500 | Toho Gas Co., Ltd. | 18,388 | |||||||||
900 | Toho Holdings Co., Ltd. | 20,151 | |||||||||
900 | Toho Zinc Co., Ltd. | 20,819 | |||||||||
3,300 | Tohoku Electric Power Co., Inc. | 33,332 | |||||||||
3,600 | Tokai Carbon Co., Ltd.† | 37,531 | |||||||||
1,300 | Tokai Rika Co., Ltd. | 21,427 | |||||||||
4,800 | Tokai Tokyo Financial Holdings, Inc. | 14,647 | |||||||||
1,100 | Tokio Marine Holdings, Inc. | 55,084 | |||||||||
1,100 | Tokuyama Corp. | 29,710 | |||||||||
1,300 | Tokyo Broadcasting System Holdings, Inc. | 22,186 | |||||||||
700 | Tokyo Century Corp. | 29,509 | |||||||||
1,500 | Tokyo Dome Corp. | 14,177 | |||||||||
9,100 | Tokyo Electric Power Co. Holdings, Inc.* | 47,435 | |||||||||
1,100 | Tokyo Electron, Ltd. | 154,264 | |||||||||
2,400 | Tokyo Gas Co., Ltd. | 56,486 | |||||||||
1,400 | Tokyo Kiraboshi Financial Group, Inc. | 21,958 | |||||||||
800 | Tokyo Ohka Kogyo Co., Ltd. | 24,969 | |||||||||
2,700 | Tokyo Tatemono Co., Ltd.† | 29,976 | |||||||||
1,700 | Tokyu Construction Co., Ltd. | 11,479 | |||||||||
2,900 | Tokyu Corp. | 51,402 | |||||||||
6,100 | Tokyu Fudosan Holdings Corp. | 33,664 | |||||||||
5,300 | TOMONY Holdings, Inc. | 17,795 | |||||||||
1,900 | Tomy Co., Ltd. | 22,081 | |||||||||
1,500 | Topcon Corp. | 18,754 | |||||||||
2,600 | Toppan Forms Co., Ltd. | 20,426 | |||||||||
1,500 | Toppan Printing Co., Ltd. | 22,747 | |||||||||
1,100 | Topre Corp. | 18,273 | |||||||||
500 | Topy Industries, Ltd. | 11,719 | |||||||||
16,200 | Toray Industries, Inc. | 123,091 | |||||||||
1,200 | Toridoll Holdings Corp. | 22,906 | |||||||||
1,300 | Tosei Corp. | 11,720 | |||||||||
1,100 | Toshiba Machine Co., Ltd. | 25,221 | |||||||||
900 | Toshiba TEC Corp. | 25,035 | |||||||||
6,500 | Tosoh Corp. | 91,337 | |||||||||
600 | TOTO, Ltd. | 23,679 | |||||||||
900 | Towa Pharmaceutical Co., Ltd. | 22,839 | |||||||||
3,100 | Toyo Construction Co., Ltd. | 12,105 |
The accompanying notes are an integral part of these financial statements.
18
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
500 | Toyo Ink SC Holdings Co., Ltd. | $ | 10,792 | ||||||||
1,000 | Toyo Seikan Group Holdings, Ltd. | 19,830 | |||||||||
1,600 | Toyo Tire Corp. | 21,029 | |||||||||
2,500 | Toyobo Co., Ltd. | 29,820 | |||||||||
1,200 | Toyoda Gosei Co., Ltd. | 23,385 | |||||||||
100 | Toyota Industries Corp. | 5,500 | |||||||||
22,300 | Toyota Motor Corp. | 1,383,318 | |||||||||
1,400 | Toyota Tsusho Corp. | 42,397 | |||||||||
600 | TPR Co., Ltd. | 10,184 | |||||||||
1,200 | Trend Micro, Inc./Japan | 53,481 | |||||||||
800 | TS Tech Co., Ltd. | 21,763 | |||||||||
600 | Tsubakimoto Chain Co. | 19,561 | |||||||||
700 | Tsumura & Co. | 19,510 | |||||||||
700 | TV Asahi Holdings Corp. | 11,284 | |||||||||
1,000 | UACJ Corp. | 17,029 | |||||||||
2,000 | Ube Industries, Ltd. | 41,441 | |||||||||
900 | Ulvac, Inc. | 28,507 | |||||||||
2,300 | Unicharm Corp. | 69,204 | |||||||||
800 | Unipres Corp. | 13,134 | |||||||||
1,100 | United Super Markets Holdings, Inc. | 9,621 | |||||||||
1,100 | Unizo Holdings Co., Ltd. | 18,814 | |||||||||
2,000 | Ushio, Inc. | 25,748 | |||||||||
1,300 | USS Co., Ltd. | 25,598 | |||||||||
400 | V Technology Co., Ltd. | 18,253 | |||||||||
1,200 | Valor Holdings Co., Ltd. | 24,887 | |||||||||
1,000 | Valqua, Ltd. | 20,980 | |||||||||
1,400 | Vital KSK Holdings, Inc.† | 13,245 | |||||||||
800 | Wacoal Holdings Corp. | 20,754 | |||||||||
2,000 | Wakita & Co., Ltd. | 19,329 | |||||||||
400 | Welcia Holdings Co., Ltd. | 16,269 | |||||||||
1,000 | West Japan Railway Co. | 80,842 | |||||||||
1,000 | Xebio Holdings Co., Ltd. | 11,362 | |||||||||
19,800 | Yahoo Japan Corp. | 58,033 | |||||||||
400 | Yakult Honsha Co., Ltd. | 23,559 | |||||||||
4,400 | Yamada Denki Co., Ltd. | 19,467 | |||||||||
2,100 | Yamaguchi Financial Group, Inc. | 14,336 | |||||||||
900 | Yamaha Corp. | 42,740 | |||||||||
5,600 | Yamaha Motor Co., Ltd.† | 99,467 | |||||||||
2,400 | Yamato Holdings Co., Ltd. | 48,772 | |||||||||
900 | Yamato Kogyo Co., Ltd. | 26,212 | |||||||||
1,200 | Yamazaki Baking Co., Ltd. | 18,131 | |||||||||
400 | Yaoko Co., Ltd. | 18,087 | |||||||||
2,300 | Yaskawa Electric Corp. | 78,078 | |||||||||
1,800 | Yellow Hat, Ltd. | 24,008 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,800 | Yokogawa Bridge Holdings Corp. | $ | 28,966 | ||||||||
1,200 | Yokogawa Electric Corp. | 23,507 | |||||||||
2,500 | Yokohama Reito Co., Ltd.† | 23,141 | |||||||||
2,100 | Yokohama Rubber Co., Ltd. (The)† | 38,566 | |||||||||
700 | Zenkoku Hosho Co., Ltd. | 26,847 | |||||||||
900 | Zensho Holdings Co., Ltd. | 18,281 | |||||||||
2,300 | Zeon Corp. | 25,535 | |||||||||
1,700 | ZOZO, Inc. | 31,835 | |||||||||
30,746,877 | |||||||||||
Netherlands—2.0% | |||||||||||
1,275 | Aalberts NV | 50,120 | |||||||||
1,069 | ABN AMRO Group NV, ADR CVA# | 22,871 | |||||||||
8,088 | Aegon NV | 40,264 | |||||||||
1,266 | Akzo Nobel NV | 118,966 | |||||||||
580 | AMG Advanced Metallurgical Group NV† | 18,005 | |||||||||
576 | Amsterdam Commodities NV | 12,274 | |||||||||
780 | APERAM SA | 22,023 | |||||||||
2,059 | Arcadis NV† | 39,099 | |||||||||
8,063 | ArcelorMittal | 144,275 | |||||||||
802 | ASM International NV | 52,218 | |||||||||
2,296 | ASML Holding NV | 479,705 | |||||||||
2,293 | ASR Nederland NV | 93,240 | |||||||||
1,008 | BE Semiconductor Industries NV | 25,950 | |||||||||
1,770 | Boskalis Westminster† | 40,877 | |||||||||
954 | Coca Cola European Partners | 53,101 | |||||||||
900 | Corbion NV | 29,310 | |||||||||
691 | Flow Traders# | 20,178 | |||||||||
2,407 | Fugro NV, ADR CVA*,† | 20,697 | |||||||||
490 | GrandVision NV# | 11,389 | |||||||||
2,149 | Heineken NV | 239,818 | |||||||||
531 | IMCD NV | 48,666 | |||||||||
12,834 | ING Groep NV | 148,796 | |||||||||
8,807 | Koninklijke Ahold Delhaize NV | 198,066 | |||||||||
7,677 | Koninklijke BAM Groep NV | 34,115 | |||||||||
1,175 | Koninklijke DSM NV | 145,233 | |||||||||
54,875 | Koninklijke KPN NV | 168,476 | |||||||||
2,981 | Koninklijke Philips NV | 129,435 | |||||||||
899 | Koninklijke Vopak NV | 41,452 | |||||||||
1,378 | NN Group NV | 55,469 | |||||||||
665 | OCI NV* | 18,254 | |||||||||
1,610 | Randstad NV | 88,424 | |||||||||
3,730 | SBM Offshore NV | 72,019 |
The accompanying notes are an integral part of these financial statements.
19
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Netherlands (Continued) | |||||||||||
1,906 | Signify NV# | $ | 56,350 | ||||||||
640 | TKH Group NV, ADR | 39,698 | |||||||||
1,381 | Tomtom NV* | 15,898 | |||||||||
9,584 | Unilever NV CVA | 583,695 | |||||||||
388 | Van Lanschot Kempen NV, ADR | 8,806 | |||||||||
3,490 | Wolters Kluwer NV | 254,062 | |||||||||
3,641,294 | |||||||||||
New Zealand—0.1% | |||||||||||
4,903 | Air New Zealand, Ltd. | 8,729 | |||||||||
3,320 | Auckland International Airport, Ltd. | 21,969 | |||||||||
6,638 | Chorus, Ltd. | 25,419 | |||||||||
5,590 | Contact Energy, Ltd. | 30,043 | |||||||||
2,488 | Fisher & Paykel Healthcare Corp., Ltd. | 25,841 | |||||||||
6,258 | Infratil, Ltd. | 19,549 | |||||||||
684 | Restaurant Brands New aland, Ltd.* | 4,296 | |||||||||
5,933 | SKYCITY Entertainment Group, Ltd. | 15,106 | |||||||||
3,942 | Summerset Group Holdings, Ltd. | 14,751 | |||||||||
14,615 | Telecom Corp. of New Zealand, Ltd. | 39,273 | |||||||||
4,896 | Z Energy, Ltd. | 20,787 | |||||||||
225,763 | |||||||||||
Norway—0.6% | |||||||||||
404 | Adevinta ASA, Class B* | 4,452 | |||||||||
751 | Aker BP ASA | 21,534 | |||||||||
4,348 | Aker Solutions ASA* | 17,778 | |||||||||
11,411 | B2Holding ASA | 12,554 | |||||||||
426 | Bakkafrost P/F | 23,771 | |||||||||
1,580 | Borregaard ASA | 18,300 | |||||||||
6,229 | BW LPG, Ltd.*,# | 30,406 | |||||||||
5,362 | BW Offshore, Ltd.* | 32,654 | |||||||||
4,966 | DNB ASA | 92,387 | |||||||||
12,792 | DNO ASA | 23,168 | |||||||||
12,646 | Equinor ASA | 249,719 | |||||||||
4,440 | Europris ASA# | 13,762 | |||||||||
1,329 | FLEX LNG, Ltd.* | 15,673 | |||||||||
1,365 | Gjensidige Forsikring ASA | 27,491 | |||||||||
2,876 | Hoegh LNG Holdings, Ltd. | 11,834 | |||||||||
3,161 | Mowi ASA* | 73,907 | |||||||||
13,327 | Norsk Hydro ASA | 47,650 |
Shares | Value (Note 1) | ||||||||||
Norway (Continued) | |||||||||||
1,595 | Norwegian Finans Holding ASA* | $ | 11,593 | ||||||||
5,133 | Orkla ASA | 45,539 | |||||||||
10,139 | PGS ASA* | 15,814 | |||||||||
397 | Salmar ASA | 17,261 | |||||||||
2,544 | Scatec Solar ASA# | 25,424 | |||||||||
404 | Schibsted ASA, Class B | 10,533 | |||||||||
1,199 | SpareBank 1 SR-Bank ASA | 14,604 | |||||||||
1,656 | Stolt-Nielsen, Ltd. | 20,150 | |||||||||
2,911 | Storebrand ASA | 21,389 | |||||||||
2,103 | Subsea 7 SA | 25,306 | |||||||||
4,815 | Telenor ASA | 102,222 | |||||||||
1,294 | TGS NOPEC GeophysicalCo. ASA | 36,285 | |||||||||
888 | Tomra Systems ASA | 29,189 | |||||||||
518 | Yara International ASA | 25,127 | |||||||||
1,117,476 | |||||||||||
Portugal—0.1% | |||||||||||
2,841 | CTT-Correios de Portugal SA† | 6,836 | |||||||||
5,615 | Galp Energia SGPS SA | 86,355 | |||||||||
3,085 | Jeronimo Martins SGPS SA | 49,690 | |||||||||
5,953 | Navigator Co. SA (The) | 22,731 | |||||||||
3,482 | NOS SGPS SA | 22,885 | |||||||||
20,529 | Sonae SGPS SA | 19,830 | |||||||||
208,327 | |||||||||||
Singapore—0.6% | |||||||||||
35,700 | Accordia Golf Trust | 13,984 | |||||||||
23,500 | Ascendas India Trust | 23,622 | |||||||||
4,700 | CapitaLand, Ltd. | 12,262 | |||||||||
62,200 | CITIC Envirotech, Ltd. | 14,021 | |||||||||
3,400 | City Developments, Ltd. | 23,798 | |||||||||
13,900 | ComfortDelGro Corp., Ltd. | 27,327 | |||||||||
8,000 | DBS Group Holdings, Ltd. | 153,496 | |||||||||
1,300 | Haw Par Corp., Ltd. | 13,567 | |||||||||
1,600 | Hongkong Land Holdings, Ltd. | 10,304 | |||||||||
4,800 | Keppel Corp., Ltd. | 23,628 | |||||||||
57,577 | Keppel Infrastructure Trust | 21,490 | |||||||||
19,925 | Oversea-Chinese Banking Corp., Ltd. | 167,882 | |||||||||
3,200 | SATS, Ltd. | 12,346 | |||||||||
10,100 | Sembcorp Industries, Ltd. | 17,990 | |||||||||
18,500 | Sembcorp Marine, Ltd.*,† | 20,647 | |||||||||
9,000 | Singapore Airlines, Ltd. | 61,663 | |||||||||
4,000 | Singapore Exchange, Ltd. | 23,415 | |||||||||
32,900 | Singapore Post, Ltd. | 23,101 |
The accompanying notes are an integral part of these financial statements.
20
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Singapore (Continued) | |||||||||||
13,100 | Singapore Press Holdings, Ltd. | $ | 23,625 | ||||||||
8,200 | Singapore Technologies Engineering, Ltd. | 25,091 | |||||||||
12,000 | United Overseas Bank, Ltd. | 231,752 | |||||||||
2,400 | UOL Group, Ltd. | 13,392 | |||||||||
1,800 | Venture Corp., Ltd. | 21,672 | |||||||||
6,700 | Wilmar International, Ltd. | 18,322 | |||||||||
15,000 | Wing Tai Holdings, Ltd. | 22,949 | |||||||||
1,021,346 | |||||||||||
Spain—1.8% | |||||||||||
229 | Acciona SA† | 24,581 | |||||||||
2,154 | Acerinox SA† | 21,628 | |||||||||
3,454 | ACS Actividades de Construccion y Servicios SA | 137,896 | |||||||||
723 | Aena SME SA# | 143,296 | |||||||||
3,239 | Amadeus IT Group SA† | 256,563 | |||||||||
1,736 | Applus Services SA | 23,589 | |||||||||
10,337 | Banco Bilbao Vizcaya Argentaria SA | 57,796 | |||||||||
18,762 | Banco de Sabadell SA | 19,436 | |||||||||
111,866 | Banco Santander SA | 519,051 | |||||||||
6,635 | Bankia SA | 15,678 | |||||||||
5,075 | Bankinter SA | 34,960 | |||||||||
1,016 | Bolsas y Mercados Espanoles SHMSF SA | 24,862 | |||||||||
13,771 | CaixaBank SA | 39,429 | |||||||||
2,897 | Cellnex Telecom SA*,#,† | 107,193 | |||||||||
796 | Cia de Distribucion Integral Logista Holdings SA | 18,030 | |||||||||
861 | CIE Automotive SA | 24,927 | |||||||||
535 | Ebro Foods SA | 11,449 | |||||||||
3,909 | Enagas SA† | 104,322 | |||||||||
1,943 | Endesa SA† | 49,954 | |||||||||
4,660 | Ercros SA | 10,714 | |||||||||
1,575 | Euskaltel SA# | 14,596 | |||||||||
3,705 | Faes Farma SA | 17,463 | |||||||||
1,106 | Ferrovial SA | 28,309 | |||||||||
4,339 | Global Dominion Access SA*,# | 22,227 | |||||||||
3,847 | Grifols SA | 113,735 | |||||||||
364 | Grupo Catalana Occidente SA | 13,452 | |||||||||
40,766 | Iberdrola SA | 406,348 | |||||||||
1,575 | Indra Sistemas SA* | 15,921 | |||||||||
6,499 | Industria de Diseno Textil SA | 195,466 | |||||||||
21,228 | Liberbank SA* | 9,153 |
Shares | Value (Note 1) | ||||||||||
Spain (Continued) | |||||||||||
7,728 | Mapfre SA† | $ | 22,593 | ||||||||
1,460 | Melia Hotels International SA | 13,945 | |||||||||
2,330 | Naturgy Energy Group SA | 64,196 | |||||||||
2,459 | Prosegur Cia de Seguridad SA | 11,548 | |||||||||
3,850 | Red Electrica Corp. SA† | 80,180 | |||||||||
3,189 | Repsol SA | 49,987 | |||||||||
9,222 | Sacyr SA | 22,357 | |||||||||
41,030 | Telefonica SA | 336,897 | |||||||||
3,839 | Tubacex SA | 12,092 | |||||||||
8,173 | Unicaja Banco SA# | 7,296 | |||||||||
157 | Vidrala SA | 14,782 | |||||||||
582 | Viscofan SA | 30,482 | |||||||||
1,480 | Zardoya Otis SA | 11,242 | |||||||||
3,159,621 | |||||||||||
Sweden—1.7% | |||||||||||
2,146 | AAK AB | 40,673 | |||||||||
566 | AddLife AB, Class B | 17,676 | |||||||||
1,041 | AddNode Group AB | 17,264 | |||||||||
572 | AddTech AB, Class B | 17,370 | |||||||||
1,023 | AF Poyry AB, Class B† | 23,157 | |||||||||
1,926 | Alfa Laval AB | 42,020 | |||||||||
933 | Alimak Group AB# | 14,327 | |||||||||
5,483 | Arjo AB, Class B | 24,799 | |||||||||
1,391 | Assa Abloy AB, Class B | 31,442 | |||||||||
5,277 | Atlas Copco AB, Class A | 168,661 | |||||||||
996 | Atlas Copco AB, Class B | 28,573 | |||||||||
1,206 | Axfood AB | 23,864 | |||||||||
1,079 | Beijer Alma AB | 14,362 | |||||||||
2,259 | Betsson AB* | 13,817 | |||||||||
1,218 | Bilia AB | 11,018 | |||||||||
1,635 | BillerudKorsnas AB | 21,753 | |||||||||
475 | BioGaia AB, Class B | 21,970 | |||||||||
981 | Biotage AB | 11,504 | |||||||||
2,318 | Boliden AB | 59,272 | |||||||||
1,253 | Bonava AB, Class B | 15,733 | |||||||||
1,482 | Bravida Holding AB# | 13,134 | |||||||||
1,916 | Bure Equity AB | 32,683 | |||||||||
1,751 | Castellum AB | 33,479 | |||||||||
447 | Catena AB | 14,056 | |||||||||
7,868 | Cloetta AB, Class B | 25,588 | |||||||||
3,565 | Dios Fastigheter AB | 26,374 | |||||||||
2,421 | Dustin Group AB#,† | 22,265 | |||||||||
2,954 | Electrolux AB, Series B | 75,487 | |||||||||
1,639 | Elekta AB, Class B | 23,774 |
The accompanying notes are an integral part of these financial statements.
21
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Sweden (Continued) | |||||||||||
5,178 | Epiroc AB, Class A | $ | 53,909 | ||||||||
4,623 | Essity AB, Class B | 142,083 | |||||||||
1,567 | Fabege AB | 23,582 | |||||||||
2,158 | Fagerhult AB | 14,292 | |||||||||
367 | Fastighets AB Balder, Class B* | 12,291 | |||||||||
2,139 | Getinge AB, Class B | 33,699 | |||||||||
1,098 | Granges AB | 12,581 | |||||||||
1,286 | Hemfosa Fastigheter AB | 12,152 | |||||||||
5,892 | Hennes & Mauritz AB, Class B | 104,920 | |||||||||
950 | Hexagon AB, Class B | 52,747 | |||||||||
1,573 | Hexpol AB | 12,815 | |||||||||
3,175 | Hoist Finance AB*,# | 15,509 | |||||||||
1,048 | Holmen AB, Class B | 22,357 | |||||||||
690 | Hufvudstaden AB, Class A | 11,733 | |||||||||
1,656 | Humana AB | 10,004 | |||||||||
2,679 | Husqvarna AB, Class B | 25,059 | |||||||||
588 | ICA Gruppen AB | 25,277 | |||||||||
773 | Indutrade AB | 24,706 | |||||||||
631 | Intrum AB† | 16,199 | |||||||||
3,518 | Inwido AB | 24,379 | |||||||||
1,080 | JM AB† | 24,831 | |||||||||
1,219 | KNOW IT AB | 28,026 | |||||||||
1,646 | Kungsleden AB | 13,578 | |||||||||
1,742 | Lagercrantz Group AB, Class B | 24,875 | |||||||||
1,567 | Lindab International AB | 18,022 | |||||||||
981 | Loomis AB, Class B | 33,721 | |||||||||
801 | Lundin Petroleum AB† | 24,834 | |||||||||
2,179 | Mekonomen AB*,† | 18,150 | |||||||||
755 | Millicom International Cellular SA, ADR | 42,481 | |||||||||
1,742 | Modern Times Group MTG AB* | 19,509 | |||||||||
3,284 | New Wave Group AB, Class B | 22,845 | |||||||||
1,997 | Nibe Industrier AB, Class B | 29,236 | |||||||||
3,170 | Nobia AB | 18,468 | |||||||||
1,697 | Nobina AB# | 10,526 | |||||||||
2,599 | Nordic Waterproofing Holding AS# | 23,482 | |||||||||
2,782 | Peab AB | 23,772 | |||||||||
1,578 | Platzer Fastigheter Holding AB, Class B | 14,614 | |||||||||
4,394 | Ratos AB, Class B | 12,199 | |||||||||
1,168 | Recipharm AB, Class B* | 14,263 | |||||||||
5,625 | Resurs Holding AB# | 33,497 | |||||||||
9,448 | Sandvik AB | 173,573 | |||||||||
5,565 | SAS AB* | 7,419 |
Shares | Value (Note 1) | ||||||||||
Sweden (Continued) | |||||||||||
2,495 | Scandi Standard AB | $ | 17,196 | ||||||||
2,511 | Scandic Hotels Group AB# | 22,132 | |||||||||
2,942 | Securitas AB, Class B | 51,609 | |||||||||
11,213 | Skandinaviska Enskilda Banken AB, Class A | 103,748 | |||||||||
1,322 | Skanska AB, Class B | 23,874 | |||||||||
3,291 | SKF AB, Class B | 60,514 | |||||||||
1,698 | SkiStar AB | 20,882 | |||||||||
2,726 | Svenska Cellulosa AB SCA, Class B | 23,690 | |||||||||
4,812 | Svenska Handelsbanken AB, Class A | 47,611 | |||||||||
7,351 | Swedbank AB, Class A | 110,390 | |||||||||
1,048 | Swedish Match AB | 44,240 | |||||||||
987 | Swedish Orphan Biovitrum AB* | 19,010 | |||||||||
3,409 | Tele2 AB, Class B | 49,743 | |||||||||
3,317 | Telefonaktiebolaget LM Ericsson, Class B | 31,469 | |||||||||
22,676 | Telia Co. AB | 100,705 | |||||||||
1,377 | Trelleborg AB, Class B | 19,551 | |||||||||
1,704 | Volvo AB, Class A | 26,993 | |||||||||
9,905 | Volvo AB, Class B | 157,170 | |||||||||
1,004 | Wihlborgs Fastigheter AB | 14,553 | |||||||||
3,113,390 | |||||||||||
Switzerland—5.7% | |||||||||||
10,661 | ABB, Ltd., Registered | 213,941 | |||||||||
2,548 | Adecco Group AG, Registered | 153,110 | |||||||||
2,917 | Alcon, Inc.* | 180,124 | |||||||||
229 | Allreal Holding AG, Registered* | 39,410 | |||||||||
137 | ALSO Holding AG, Registered* | 19,591 | |||||||||
47 | APG SGA SA | 13,312 | |||||||||
1,914 | Arbonia AG* | 25,332 | |||||||||
14,351 | Aryzta AG*,† | 16,450 | |||||||||
1,516 | Ascom Holding AG, Registered | 19,847 | |||||||||
119 | Autoneum Holding AG† | 17,139 | |||||||||
766 | Baloise Holding AG, Registered | 135,592 | |||||||||
44 | Banque Cantonale Vaudoise, Registered | 34,255 | |||||||||
13 | Barry Callebaut AG, Registered | 26,075 | |||||||||
7 | Belimo Holding AG, Registered | 43,024 | |||||||||
35 | Bell Food Group AG, Registered* | 9,698 | |||||||||
76 | Berner Kantonalbank AG | 18,101 | |||||||||
301 | BKW AG | 20,104 | |||||||||
157 | Bobst Group SA | 11,620 |
The accompanying notes are an integral part of these financial statements.
22
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Switzerland (Continued) | |||||||||||
127 | Bossard Holding AG, Registered | $ | 19,749 | ||||||||
149 | Bucher Industries AG, Registered | 51,346 | |||||||||
137 | Burkhalter Holding AG† | 10,806 | |||||||||
456 | Cembra Money Bank AG | 43,979 | |||||||||
1 | Chocoladefabriken Lindt & Spruengli AG, Registered | 81,336 | |||||||||
1,267 | Cie Financiere Richemont SA, Registered | 107,517 | |||||||||
2,765 | Clariant AG, Registered* | 56,209 | |||||||||
205 | Coltene Holding AG, Registered* | 18,606 | |||||||||
28 | Conzzeta AG | 23,749 | |||||||||
3,661 | Credit Suisse Group AG, Registered* | 43,897 | |||||||||
514 | DKSH Holding AG | 30,118 | |||||||||
66 | dormakaba Holding AG* | 47,833 | |||||||||
224 | Dufry AG, Registered* | 18,972 | |||||||||
1,608 | EFG International AG* | 11,135 | |||||||||
15 | Emmi AG, Registered | 14,029 | |||||||||
41 | EMS-Chemie Holding AG, Registered | 26,607 | |||||||||
336 | Flughafen Zurich AG, Registered | 63,262 | |||||||||
20 | Forbo Holding AG, Registered | 35,321 | |||||||||
5,107 | GAM Holding AG* | 23,605 | |||||||||
349 | Geberit AG, Registered | 163,024 | |||||||||
50 | Georg Fischer AG | 47,787 | |||||||||
65 | Givaudan SA, Registered | 183,507 | |||||||||
566 | Helvetia Holding AG | 71,025 | |||||||||
136 | Hiag Immobilien Holding AG* | 16,300 | |||||||||
36 | Inficon Holding AG, Registered | 21,961 | |||||||||
1,729 | Julius Baer Group, Ltd.* | 76,974 | |||||||||
223 | Kardex AG, Registered* | 38,926 | |||||||||
90 | Komax Holding AG, Registered† | 20,006 | |||||||||
427 | Kuehne + Nagel International AG, Registered | 63,381 | |||||||||
2,019 | LafargeHolcim, Ltd., Registered* | 98,592 | |||||||||
1,247 | Logitech International SA, Registered* | 49,831 | |||||||||
667 | Logitech International SA, Registered† | 26,520 | |||||||||
742 | Lonza Group AG, Registered* | 250,374 | |||||||||
63 | Luzerner Kantonalbank AG, Registered | 28,460 | |||||||||
150 | Mobimo Holding AG, Registered* | 39,874 | |||||||||
1,480 | Mobimo Holding AG, Registered* | 15,115 |
Shares | Value (Note 1) | ||||||||||
Switzerland (Continued) | |||||||||||
22,264 | Nestle SA, Registered | $ | 2,304,855 | ||||||||
13,215 | Novartis AG, Registered | 1,207,517 | |||||||||
3,595 | OC Oerlikon Corp. AG, Registered* | 43,897 | |||||||||
153 | Panalpina Welttransport Holding AG, Registered* | 35,233 | |||||||||
156 | Partners Group Holding AG | 122,569 | |||||||||
786 | PSP Swiss Property AG, Registered | 91,869 | |||||||||
78 | Rieter Holding AG | 11,873 | |||||||||
201 | Roche Holding AG | 56,334 | |||||||||
4,932 | Roche Holding AG | 1,387,599 | |||||||||
140 | Schindler Holding AG, Registered | 30,576 | |||||||||
25 | Schweiter Technologies AG | 23,535 | |||||||||
123 | SFS Group AG* | 10,471 | |||||||||
50 | SGS SA, Registered | 127,382 | |||||||||
97 | Siegfried Holding AG, Registered* | 33,784 | |||||||||
1,310 | Sika AG, Registered | 223,567 | |||||||||
324 | Sonova Holding AG, Registered | 73,615 | |||||||||
47 | St Galler Kantonalbank AG, Registered | 21,184 | |||||||||
79 | Straumann Holding AG, Registered | 69,710 | |||||||||
346 | Sulzer AG, Registered | 37,818 | |||||||||
681 | Sunrise Communications Group AG*,#,† | 50,820 | |||||||||
76 | Swatch Group AG (The) | 21,760 | |||||||||
384 | Swatch Group AG (The), Registered | 20,789 | |||||||||
151 | Swiss Life Holding AG, Registered* | 74,835 | |||||||||
1,182 | Swiss Prime Site AG, Registered* | 103,222 | |||||||||
1,421 | Swiss Re AG | 144,458 | |||||||||
379 | Swisscom AG, Registered† | 190,277 | |||||||||
247 | Swissquote Group Holding SA, Registered† | 10,516 | |||||||||
493 | Temenos AG, Registered* | 88,202 | |||||||||
276 | u-blox Holding AG* | 23,438 | |||||||||
10,729 | UBS Group AG, Registered* | 127,491 | |||||||||
94 | Valora Holding AG, Registered*,† | 23,929 | |||||||||
228 | VAT Group AG*,# | 28,085 | |||||||||
8 | Vetropack Holding AG | 17,005 | |||||||||
451 | Vifor Pharma AG† | 65,164 | |||||||||
706 | Vontobel Holding AG, Registered | 39,270 |
The accompanying notes are an integral part of these financial statements.
23
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Switzerland (Continued) | |||||||||||
77 | VP Bank AG, Registered | $ | 12,447 | ||||||||
593 | Zehnder Group AG | 21,595 | |||||||||
1,165 | Zurich Insurance Group AG | 405,638 | |||||||||
10,318,787 | |||||||||||
United Kingdom—11.8% | |||||||||||
9,130 | 3i Group Plc | 129,106 | |||||||||
8,647 | Acacia Mining Plc* | 19,470 | |||||||||
1,677 | Admiral Group Plc | 47,024 | |||||||||
3,921 | Aggreko Plc | 39,338 | |||||||||
12,432 | Alliance Pharma Plc | 10,736 | |||||||||
12,069 | Anglo American Plc† | 344,015 | |||||||||
5,917 | Anglo Pacific Group Plc | 15,555 | |||||||||
2,109 | Antofagasta Plc | 24,898 | |||||||||
4,535 | Ascential Plc# | 20,514 | |||||||||
2,310 | Ashmore Group Plc† | 14,947 | |||||||||
6,474 | Ashtead Group Plc | 185,316 | |||||||||
1,721 | Associated British Foods Plc | 53,831 | |||||||||
7,627 | AstraZeneca Plc | 623,578 | |||||||||
2,395 | AstraZeneca Plc, SP ADR | 98,866 | |||||||||
12,101 | Auto Trader Group Plc# | 84,184 | |||||||||
28,447 | Aviva Plc | 150,466 | |||||||||
835 | Avon Rubber Plc | 14,464 | |||||||||
18,848 | B&M European Value Retail SA | 79,779 | |||||||||
5,299 | Babcock International Group Plc† | 30,834 | |||||||||
19,453 | BAE Systems Plc | 122,385 | |||||||||
12,620 | Balfour Beatty Plc | 38,785 | |||||||||
617 | Bank of Georgia Group Plc | 11,738 | |||||||||
81,962 | Barclays Plc | 155,923 | |||||||||
7,150 | Barratt Developments Plc | 51,993 | |||||||||
6,492 | BBA Aviation Plc | 23,266 | |||||||||
4,138 | BCA Marketplace Plc | 12,770 | |||||||||
3,269 | Beazley Plc | 22,895 | |||||||||
3,131 | Bellway Plc | 110,737 | |||||||||
2,008 | Berkeley Group Holdings Plc | 95,143 | |||||||||
13,667 | BHP Group Plc | 349,731 | |||||||||
4,891 | Biffa Plc# | 12,795 | |||||||||
1,176 | Bodycote Plc | 12,343 | |||||||||
8,370 | boohoo Group Plc* | 22,503 | |||||||||
4,425 | Bovis Homes Group Plc | 58,050 | |||||||||
212,630 | BP Plc | 1,481,381 | |||||||||
8,187 | Brewin Dolphin Holdings Plc | 31,794 | |||||||||
8,878 | British American Tobacco Plc | 309,939 | |||||||||
4,032 | Britvic Plc | 45,495 | |||||||||
82,890 | BT Group Plc | 206,806 |
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
3,731 | Bunzl Plc | $ | 98,412 | ||||||||
3,700 | Burberry Group Plc | 87,492 | |||||||||
3,052 | Burford Capital, Ltd. | 60,076 | |||||||||
6,186 | Cairn Energy Plc* | 13,599 | |||||||||
7,063 | Capital & Counties Properties Plc | 19,428 | |||||||||
7,460 | Card Factory Plc | 16,664 | |||||||||
993 | Carnival Plc | 43,872 | |||||||||
21,596 | Centamin Plc | 31,375 | |||||||||
6,675 | Central Asia Metals Plc | 18,141 | |||||||||
77,567 | Centrica Plc | 86,469 | |||||||||
2,609 | Chesnara Plc | 10,950 | |||||||||
11,045 | Cineworld Group Plc† | 35,543 | |||||||||
577 | Clarkson Plc | 18,392 | |||||||||
2,800 | Close Brothers Group Plc | 50,280 | |||||||||
25,655 | Cobham Plc* | 34,715 | |||||||||
1,999 | Coca-Cola HBC AG* | 75,448 | |||||||||
11,710 | Compass Group Plc | 280,618 | |||||||||
865 | Computacenter Plc | 14,632 | |||||||||
23,615 | ConvaTec Group Plc# | 43,725 | |||||||||
3,254 | Countryside Properties Plc# | 12,331 | |||||||||
612 | Cranswick Plc | 20,099 | |||||||||
2,507 | Crest Nicholson Holdings plc | 11,366 | |||||||||
1,039 | Croda International Plc | 67,557 | |||||||||
13,688 | CYBG Plc | 33,428 | |||||||||
1,316 | Daily Mail & General Trust Plc | 13,052 | |||||||||
1,084 | Dart Group Plc | 11,495 | |||||||||
1,058 | DCC Plc | 94,321 | |||||||||
2,049 | De La Rue Plc | 7,936 | |||||||||
5,029 | Devro Plc | 13,220 | |||||||||
6,669 | DFS Furniture Plc | 21,512 | |||||||||
12,494 | Diageo Plc | 536,931 | |||||||||
2,860 | Diploma Plc | 55,643 | |||||||||
26,929 | Direct Line Insurance Group Plc | 113,471 | |||||||||
8,128 | Diversified Gas & Oil Plc | 11,458 | |||||||||
21,706 | Dixons Carphone Plc | 30,170 | |||||||||
6,832 | Drax Group Plc | 22,576 | |||||||||
1,548 | easyJet Plc | 18,739 | |||||||||
4,549 | EI Group Plc* | 11,358 | |||||||||
6,486 | Eland Oil & Gas Plc* | 9,720 | |||||||||
9,500 | Electrocomponents Plc | 76,344 | |||||||||
13,055 | Elementis Plc | 23,460 | |||||||||
1,355 | EMIS Group Plc | 20,925 | |||||||||
70,446 | EnQuest Plc* | 17,669 | |||||||||
5,538 | Entertainment One, Ltd. | 27,921 | |||||||||
4,422 | Equiniti Group Plc# | 12,343 |
The accompanying notes are an integral part of these financial statements.
24
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
489 | Euromoney Institutional Investor Plc | $ | 8,085 | ||||||||
3,432 | Evraz Plc | 28,993 | |||||||||
7,845 | Experian Plc | 237,512 | |||||||||
3,093 | Ferguson Plc* | 219,965 | |||||||||
1,881 | Fevertree Drinks Plc | 55,372 | |||||||||
31,137 | Firstgroup Plc* | 38,653 | |||||||||
9,131 | G4S Plc | 24,120 | |||||||||
1,293 | Galliford Try Plc | 10,353 | |||||||||
642 | Games Workshop Group Plc | 40,488 | |||||||||
26,092 | GlaxoSmithKline Plc | 522,415 | |||||||||
4,280 | GlaxoSmithKline Plc, SP ADR | 171,286 | |||||||||
93,522 | Glencore Plc* | 324,653 | |||||||||
1,404 | Go-Ahead Group Plc (The) | 35,161 | |||||||||
1,480 | Grafton Group Plc | 15,149 | |||||||||
3,970 | Grainger Plc | 12,382 | |||||||||
795 | Greencore Group Plc | 2,211 | |||||||||
5,637 | Greene King Plc | 44,241 | |||||||||
2,521 | Greggs Plc | 73,571 | |||||||||
9,789 | Gulf Keystone Petroleum, Ltd.* | 28,033 | |||||||||
2,921 | GVC Holdings Plc | 24,179 | |||||||||
4,549 | Gym Group Plc (The)# | 14,154 | |||||||||
6,271 | Halfords Group Plc | 17,887 | |||||||||
4,048 | Halma Plc | 103,843 | |||||||||
2,848 | Hargreaves Lansdown Plc | 69,407 | |||||||||
25,710 | Hays Plc | 51,294 | |||||||||
1,995 | Headlam Group Plc | 12,161 | |||||||||
3,050 | Helical Plc | 14,273 | |||||||||
11,962 | Highland Gold Mining, Ltd. | 30,990 | |||||||||
1,984 | Hikma Pharmaceuticals Plc | 43,387 | |||||||||
734 | Hill & Smith Holdings Plc | 10,915 | |||||||||
916 | Hilton Food Group Plc | 11,260 | |||||||||
1,266 | Hiscox, Ltd. | 27,203 | |||||||||
3,986 | Hollywood Bowl Group Plc | 11,339 | |||||||||
4,561 | HomeServe Plc | 68,754 | |||||||||
14,041 | Howden Joinery Group Plc | 90,405 | |||||||||
61,234 | HSBC Holdings Plc | 510,832 | |||||||||
3,532 | Hunting Plc | 22,898 | |||||||||
4,879 | Ibstock Plc# | 15,056 | |||||||||
1,762 | IG Group Holdings Plc | 13,072 | |||||||||
5,710 | IMI Plc | 75,270 | |||||||||
8,898 | Imperial Brands Plc | 208,689 | |||||||||
3,234 | Inchcape Plc | 25,299 | |||||||||
3,716 | Informa Plc | 39,405 | |||||||||
1,175 | InterContinental Hotels Group Plc | 77,176 |
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
390 | InterContinental Hotels Group Plc, ADR† | $ | 26,083 | ||||||||
1,391 | Intermediate Capital Group Plc | 24,395 | |||||||||
10,061 | International Consolidated Airlines Group SA | 60,933 | |||||||||
4,161 | International Personal Finance Plc | 6,341 | |||||||||
1,524 | Intertek Group Plc | 106,486 | |||||||||
8,515 | Investec Plc | 55,258 | |||||||||
7,770 | IP Group Plc* | 7,361 | |||||||||
52,819 | ITV Plc | 72,444 | |||||||||
4,101 | IWG Plc | 17,733 | |||||||||
2,074 | J D Wetherspoon Plc | 37,612 | |||||||||
11,978 | J Sainsbury Plc | 29,807 | |||||||||
485 | James Fisher & Sons Plc | 11,813 | |||||||||
7,633 | JD Sports Fashion Plc | 56,843 | |||||||||
8,054 | John Laing Group Plc# | 40,279 | |||||||||
1,637 | John Menzies Plc | 9,438 | |||||||||
10,403 | John Wood Group Plc | 59,715 | |||||||||
2,379 | Johnson Matthey Plc | 100,576 | |||||||||
7,194 | Johnson Service Group Plc | 13,613 | |||||||||
928 | JPJ Group Plc* | 8,721 | |||||||||
2,812 | Jupiter Fund Management Plc | 15,088 | |||||||||
2,888 | Just Eat Plc* | 22,923 | |||||||||
30,973 | Just Group Plc* | 22,145 | |||||||||
2,164 | Kainos Group Plc | 17,918 | |||||||||
1,556 | Keller Group Plc | 12,133 | |||||||||
32,972 | Kingfisher Plc | 89,985 | |||||||||
1,402 | Lancashire Holdings, Ltd. | 12,259 | |||||||||
63,390 | Legal & General Group Plc | 216,953 | |||||||||
430,679 | Lloyds Banking Group Plc | 309,514 | |||||||||
2,044 | London Stock Exchange Group Plc | 142,404 | |||||||||
26,048 | Man Group PLC/Jersey | 51,538 | |||||||||
28,984 | Marks & Spencer Group Plc | 77,555 | |||||||||
1,885 | Marshalls Plc | 16,338 | |||||||||
18,395 | Marston's Plc | 27,262 | |||||||||
8,666 | McCarthy & Stone Plc# | 15,033 | |||||||||
3,805 | Mears Group Plc | 12,709 | |||||||||
2,737 | Mediclinic International Plc | 10,598 | |||||||||
7,048 | Meggitt Plc | 46,901 | |||||||||
22,767 | Melrose Industries Plc | 52,289 | |||||||||
8,437 | Merlin Entertainments Plc# | 48,119 | |||||||||
2,240 | Micro Focus International Common Stock Gbp.1 | 58,714 | |||||||||
5,825 | Mitchells & Butlers Plc* | 21,194 |
The accompanying notes are an integral part of these financial statements.
25
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
7,524 | Mitie Group Plc | $ | 13,979 | ||||||||
150 | MJ Gleeson Plc | 1,387 | |||||||||
4,012 | Mondi Plc | 91,201 | |||||||||
5,751 | Moneysupermarket.com Group Plc | 30,112 | |||||||||
7,506 | Morgan Advanced Materials Plc | 26,500 | |||||||||
1,378 | Morgan Sindall Group Plc | 21,665 | |||||||||
6,750 | National Express Group Plc | 34,409 | |||||||||
2,871 | National Grid Plc | 30,473 | |||||||||
1,154 | Next Plc | 80,985 | |||||||||
537 | NMC Health Plc† | 16,388 | |||||||||
3,003 | Northgate Plc | 13,252 | |||||||||
4,680 | On the Beach Group Plc# | 28,338 | |||||||||
2,487 | OneSavings Bank Plc | 11,452 | |||||||||
1,080 | Oxford Instruments Plc | 17,693 | |||||||||
8,188 | Pagegroup Plc | 53,344 | |||||||||
5,714 | Paragon Banking Group Plc | 31,841 | |||||||||
1,213 | PayPoint Plc | 14,942 | |||||||||
3,815 | Pearson Plc† | 39,699 | |||||||||
41,805 | Pendragon Plc | 8,643 | |||||||||
6,124 | Pennon Group Plc | 57,769 | |||||||||
3,326 | Persimmon Plc | 84,350 | |||||||||
3,779 | Petrofac, Ltd. | 20,636 | |||||||||
14,508 | Pets at Home Group Plc | 34,472 | |||||||||
11,392 | Photo-Me International Plc | 13,946 | |||||||||
1,840 | Playtech Plc | 9,968 | |||||||||
2,857 | Polypipe Group plc | 16,124 | |||||||||
12,985 | Premier Oil Plc*,† | 12,681 | |||||||||
9,625 | Prudential Plc | 209,751 | |||||||||
37,344 | Quilter Plc# | 66,575 | |||||||||
351 | Rathbone Brothers Plc | 9,896 | |||||||||
2,486 | Reckitt Benckiser Group Plc | 196,182 | |||||||||
2,345 | Redrow Plc | 16,200 | |||||||||
10,683 | RELX Plc | 259,059 | |||||||||
3,910 | RELX Plc, SP ADR† | 95,443 | |||||||||
2,776 | Renew Holdings Plc | 14,630 | |||||||||
214 | Renishaw Plc | 11,572 | |||||||||
18,010 | Rentokil Initial Plc | 90,915 | |||||||||
10,927 | Rightmove Plc | 74,199 | |||||||||
7,931 | Rio Tinto Plc | 491,562 | |||||||||
13,976 | Rolls-Royce Holdings Plc* | 149,161 | |||||||||
13,857 | Rotork Plc | 55,714 | |||||||||
8,261 | Royal Bank of Scotland Group Plc | 23,059 | |||||||||
8,858 | Royal Dutch Shell Plc, ADR, Class B | 582,325 |
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
37,262 | Royal Dutch Shell Plc, Class A | $ | 1,217,329 | ||||||||
10,328 | Royal Dutch Shell Plc, Class B | 338,525 | |||||||||
9,433 | Royal Mail Plc | 25,384 | |||||||||
4,095 | RSA Insurance Group Plc | 29,996 | |||||||||
14,231 | Saga Plc | 7,189 | |||||||||
13,980 | Sage Group Plc (The) | 142,457 | |||||||||
2,391 | Savills Plc | 27,237 | |||||||||
1,179 | Schroders Plc | 45,667 | |||||||||
11,630 | Severfield Plc | 10,161 | |||||||||
2,767 | Severn Trent Plc | 71,966 | |||||||||
7,442 | SIG Plc | 12,258 | |||||||||
7,497 | Smith & Nephew Plc | 162,330 | |||||||||
2,377 | Smiths Group Plc | 47,242 | |||||||||
1,795 | Spectris Plc | 65,606 | |||||||||
12,936 | Speedy Hire Plc | 10,350 | |||||||||
734 | Spirax-Sarco Engineering Plc | 85,617 | |||||||||
10,386 | Spirent Communications Plc | 20,154 | |||||||||
5,744 | Sports Direct International Plc* | 20,148 | |||||||||
15,667 | SSE Plc | 223,236 | |||||||||
8,123 | SSP Group Plc | 70,766 | |||||||||
4,807 | St James's Place Plc | 67,029 | |||||||||
5,772 | Stagecoach Group Plc | 9,302 | |||||||||
20,666 | Standard Chartered Plc | 187,440 | |||||||||
7,141 | Standard Life Aberdeen Plc | 26,716 | |||||||||
4,177 | SThree Plc | 15,118 | |||||||||
6,120 | Stobart Group, Ltd. | 8,611 | |||||||||
7,781 | Stock Spirits Group Plc | 21,789 | |||||||||
2,283 | Synthomer Plc | 10,826 | |||||||||
6,411 | Tate & Lyle Plc | 60,118 | |||||||||
65,697 | Taylor Wimpey Plc | 131,614 | |||||||||
978 | Telecom Plus Plc | 17,512 | |||||||||
40,356 | Tesco Plc | 116,184 | |||||||||
9,102 | TP ICAP Plc | 34,631 | |||||||||
5,006 | Travis Perkins Plc | 81,025 | |||||||||
1,888 | TUI AG | 18,520 | |||||||||
34,561 | Tullow Oil Plc* | 91,951 | |||||||||
7,733 | U & I Group Plc | 13,376 | |||||||||
632 | Ultra Electronics Holdings Plc | 13,243 | |||||||||
8,051 | Unilever Plc | 500,431 | |||||||||
8,857 | United Utilities Group Plc | 88,049 | |||||||||
2,533 | Urban & Civic Plc | 10,648 | |||||||||
22,594 | Vectura Group Plc* | 24,777 | |||||||||
5,245 | Vesuvius Plc | 36,502 | |||||||||
1,157 | Victrex Plc | 31,796 | |||||||||
386 | Vitec Group Plc (The) | 5,588 |
The accompanying notes are an integral part of these financial statements.
26
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
207,108 | Vodafone Group Plc | $ | 340,133 | ||||||||
6,400 | Volution Group Plc | 14,630 | |||||||||
5,138 | Watkin Jones Plc | 13,442 | |||||||||
2,286 | Weir Group Plc (The) | 44,897 | |||||||||
1,764 | WH Smith Plc | 44,132 | |||||||||
1,204 | Whitbread Plc | 70,778 | |||||||||
28,949 | WM Morrison Supermarkets Plc | 74,042 | |||||||||
15,314 | WPP Plc | 192,574 | |||||||||
21,238,617 | |||||||||||
TOTAL COMMON STOCKS (Cost $120,840,768) | 130,155,314 |
Shares | Value (Note 1) | ||||||||||
AFFILIATED INVESTMENT COMPANY—25.3% | |||||||||||
United States—25.3% | |||||||||||
2,175,509 | DFA Emerging Markets Core Equity Portfolio (Cost $41,944,489) | $ | 45,533,414 |
Expiration Date | |||||||||||||||||||
RIGHTS—0.0% | |||||||||||||||||||
Spain—0.0% | |||||||||||||||||||
3,940 | Repsol SA (Cost $2,234) | 07/09/2019 | 2,185 | ||||||||||||||||
9,222 | Sacyr SA (Cost $558) | 07/05/2019 | 552 | ||||||||||||||||
3,454 | ACS Actividades de Construccion y Servicios SA (Cost $5,695) | 07/11/2019 | 5,420 | ||||||||||||||||
TOTAL RIGHTS (Cost $8,487) | 8,157 | ||||||||||||||||||
PREFERRED STOCKS—0.5% | |||||||||||||||||||
Germany—0.5% | |||||||||||||||||||
462 | Bayerische Motoren Werke AG, 6.32% | 28,684 | |||||||||||||||||
387 | Draegerwerk AG & Co. KGaA, 1.07% | 24,379 | |||||||||||||||||
1,051 | FUCHS PETROLUB SE, 2.41% | 41,326 | |||||||||||||||||
963 | Henkel AG & Co. KGaA, 2.10% | 94,194 | |||||||||||||||||
949 | Jungheinrich AG, 1.68% | 29,244 | |||||||||||||||||
717 | Porsche Automobil Holding SE, 2.99% | 46,586 | |||||||||||||||||
422 | Sartorius AG, 0.39% | 86,518 | |||||||||||||||||
252 | Sixt SE, 6.58% | 18,368 | |||||||||||||||||
173 | STO SE & Co. KGaA, 4.86% | 19,377 | |||||||||||||||||
3,099 | Volkswagen AG, 3.19% | 522,308 | |||||||||||||||||
TOTAL PREFERRED STOCKS (Cost $896,743) | 910,984 |
The accompanying notes are an integral part of these financial statements.
27
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Yield | Value (Note 1) | |||||||||||||||||
SHORT-TERM INVESTMENTS—2.9% | |||||||||||||||||||
5,274,666 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $5,274,666)†† | 2.396 | % | $ | 5,274,666 | ||||||||||||||
TOTAL INVESTMENTS, AT VALUE—101.0% (Cost $168,965,153) | 181,882,535 | ||||||||||||||||||
Liabilities in Excess of Other Assets—(1.0)% | (1,772,806 | ) | |||||||||||||||||
NET ASSETS—100.0% | $ | 180,109,729 |
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, 2019, the market value of the securities on loan was $5,041,183 (Note 1)
# 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
†† Represents collateral received from securities lending transactions
Percentages indicated are based on net assets.
The accompanying notes are an integral part of these financial statements.
28
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
At June 30, 2019, 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 | 25.2 | % | |||||
Banks | 6.3 | % | |||||
Oil, Gas and Consumable Fuels | 5.1 | % | |||||
Pharmaceuticals | 3.6 | % | |||||
Insurance | 3.1 | % | |||||
Metals and Mining | 3.1 | % | |||||
Automobiles | 2.8 | % | |||||
Chemicals | 2.8 | % | |||||
Food Products | 2.5 | % | |||||
Machinery | 2.5 | % | |||||
Diversified Telecommunication Services | 1.8 | % | |||||
Capital Markets | 1.7 | % | |||||
Real Estate Management and Development | 1.6 | % | |||||
Electronic Equipment, Instruments & Components | 1.5 | % | |||||
Auto Components | 1.4 | % | |||||
Textiles, Apparel and Luxury Goods | 1.4 | % | |||||
Beverages | 1.3 | % | |||||
Electric Utilities | 1.3 | % | |||||
Hotels, Restaurants & Leisure | 1.3 | % | |||||
Household Durables | 1.3 | % | |||||
Professional Services | 1.3 | % | |||||
Road and Rail | 1.3 | % | |||||
Construction and Engineering | 1.2 | % | |||||
Food and Staples Retailing | 1.2 | % | |||||
Health Care Equipment and Supplies | 1.1 | % | |||||
Personal Products | 1.1 | % | |||||
Trading Companies and Distributors | 1.1 | % | |||||
Wireless Telecommunication Services | 1.1 | % | |||||
Electrical Equipment | 1.0 | % | |||||
IT Services | 1.0 | % | |||||
Specialty Retail | 1.0 | % | |||||
Aerospace & Defense | 0.9 | % | |||||
Media | 0.9 | % | |||||
Semiconductors and Semiconductor Equipment | 0.9 | % | |||||
Building Products | 0.8 | % | |||||
Commercial Services & Supplies | 0.8 | % | |||||
Software | 0.8 | % | |||||
Multi-Utilities | 0.6 | % | |||||
Health Care Providers and Services | 0.5 | % | |||||
Industrial Conglomerates | 0.5 | % | |||||
Multiline Retail | 0.5 | % | |||||
Biotechnology | 0.4 | % |
The accompanying notes are an integral part of these financial statements.
29
M International Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Summary of Industry Classifications | Percentage of Net Assets | ||||||
Construction Materials | 0.4 | % | |||||
Diversified Financial Services | 0.4 | % | |||||
Paper and Forest Products | 0.4 | % | |||||
Technology Hardware, Storage & Peripherals | 0.4 | % | |||||
Tobacco | 0.4 | % | |||||
Air Freight and Logistics | 0.3 | % | |||||
Airlines | 0.3 | % | |||||
Containers and Packaging | 0.3 | % | |||||
Energy Equipment and Services | 0.3 | % | |||||
Entertainment | 0.3 | % | |||||
Gas Utilities | 0.3 | % | |||||
Household Products | 0.3 | % | |||||
Life Sciences Tools and Services | 0.3 | % | |||||
Transportation Infrastructure | 0.3 | % | |||||
Consumer Finance | 0.2 | % | |||||
Independent Power and Renewable Electricity Producers | 0.2 | % | |||||
Interactive Media & Services | 0.2 | % | |||||
Internet and Catalog Retail | 0.2 | % | |||||
Leisure Equipment and Products | 0.2 | % | |||||
Marine | 0.2 | % | |||||
Communications Equipment | 0.1 | % | |||||
Distributors | 0.1 | % | |||||
Health Care Technology | 0.1 | % | |||||
Thrifts and Mortgage Finance | 0.1 | % | |||||
Water Utilities | 0.1 | % | |||||
Diversified Consumer Services | 0.1 | % | |||||
Short-Term Investments | 2.9 | % | |||||
Total | 101.0 | % |
The accompanying notes are an integral part of these financial statements.
30
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
COMMON STOCKS—99.2% | |||||||||||
Beverages—4.7% | |||||||||||
146,700 | Monster Beverage Corp.* | $ | 9,363,861 | ||||||||
Biotechnology—1.0% | |||||||||||
24,300 | Neurocrine Biosciences, Inc.* | 2,051,649 | |||||||||
Capital Markets—2.1% | |||||||||||
17,400 | MSCI, Inc. | 4,154,946 | |||||||||
Health Care Equipment and Supplies—6.5% | |||||||||||
66,150 | Abbott Laboratories | 5,563,215 | |||||||||
29,425 | Becton, Dickinson & Co. | 7,415,394 | |||||||||
12,978,609 | |||||||||||
Hotels, Restaurants & Leisure—2.2% | |||||||||||
36,900 | Royal Caribbean Cruises, Ltd. | 4,472,649 | |||||||||
Interactive Media & Services—16.6% | |||||||||||
10,600 | Alphabet, Inc., Class A* | 11,477,680 | |||||||||
59,000 | Facebook, Inc., Class A* | 11,387,000 | |||||||||
229,000 | Tencent Holdings, Ltd., ADR | 10,364,540 | |||||||||
33,229,220 | |||||||||||
Internet and Catalog Retail—13.5% | |||||||||||
74,400 | Alibaba Group Holding, Ltd., SP ADR* | 12,607,080 | |||||||||
4,955 | Amazon.com, Inc.* | 9,382,937 | |||||||||
2,700 | Booking Holdings, Inc.* | 5,061,717 | |||||||||
27,051,734 | |||||||||||
IT Services—19.7% | |||||||||||
56,365 | Automatic Data Processing, Inc. | 9,318,825 | |||||||||
19,700 | EPAM Systems, Inc.* | 3,410,070 | |||||||||
27,675 | Global Payments, Inc. | 4,431,598 | |||||||||
86,000 | PayPal Holdings, Inc.* | 9,843,560 | |||||||||
71,500 | Visa, Inc., Class A | 12,408,825 | |||||||||
39,412,878 | |||||||||||
Life Sciences Tools and Services—3.0% | |||||||||||
20,625 | Thermo Fisher Scientific, Inc. | 6,057,150 | |||||||||
Media—1.9% | |||||||||||
695,700 | Sirius XM Holdings, Inc.† | 3,882,006 |
Shares | Value (Note 1) | ||||||||||
Pharmaceuticals—6.9% | |||||||||||
177,300 | Elanco Animal Health, Inc.* | $ | 5,992,740 | ||||||||
69,800 | Zoetis, Inc. | 7,921,602 | |||||||||
13,914,342 | |||||||||||
Software—19.3% | |||||||||||
50,350 | Adobe, Inc.* | 14,835,628 | |||||||||
20,500 | Intuit, Inc. | 5,357,265 | |||||||||
97,164 | Microsoft Corp. | 13,016,089 | |||||||||
26,750 | Palo Alto Networks, Inc.* | 5,450,580 | |||||||||
38,659,562 | |||||||||||
Specialty Retail—1.8% | |||||||||||
20,800 | Burlington Stores, Inc.* | 3,539,120 | |||||||||
TOTAL COMMON STOCKS (Cost $123,080,934) | 198,767,726 |
The accompanying notes are an integral part of these financial statements.
31
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Yield | Value (Note 1) | |||||||||||||||||
SHORT-TERM INVESTMENTS—1.7% | |||||||||||||||||||
3,400,234 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $3,400,234)†† | 2.396 | % | $ | 3,400,234 | ||||||||||||||
TOTAL INVESTMENTS, AT VALUE—100.9% (Cost $126,481,168) | 202,167,960 | ||||||||||||||||||
Liabilities in Excess of Other Assets—(0.9)% | (1,840,569 | ) | |||||||||||||||||
NET ASSETS—100.0% | $ | 200,327,391 |
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, 2019, the market value of the securities on loan was $3,299,705 (Note 1)
†† Represents collateral received from securities lending transactions
Percentages indicated are based on net assets.
The accompanying notes are an integral part of these financial statements.
32
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
At June 30, 2019, 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 | 38.9 | % | |||||
Communication Services | 18.5 | % | |||||
Consumer Discretionary | 17.5 | % | |||||
Health Care | 17.5 | % | |||||
Consumer Staples | 4.7 | % | |||||
Financials | 2.1 | % | |||||
Short-Term Investments | 1.7 | % | |||||
Total | 100.9 | % |
The accompanying notes are an integral part of these financial statements.
33
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
COMMON STOCKS—98.5% | |||||||||||
Aerospace & Defense—0.3% | |||||||||||
20,382 | Kratos Defense & Security Solutions, Inc.* | $ | 466,544 | ||||||||
Airlines—9.0% | |||||||||||
10,868 | Alaska Air Group, Inc. | 694,574 | |||||||||
83,228 | American Airlines Group, Inc. | 2,714,065 | |||||||||
71,943 | Azul SA, ADR* | 2,405,774 | |||||||||
238,658 | Controladora Vuela Cia de Aviacion SAB de CV, ADR* | 2,238,612 | |||||||||
11,859 | Hawaiian Holdings, Inc. | 325,292 | |||||||||
73,236 | JetBlue Airways Corp.* | 1,354,134 | |||||||||
79,553 | Mesa Air Group, Inc.* | 727,114 | |||||||||
65,616 | United Continental Holdings, Inc.* | 5,744,681 | |||||||||
16,204,246 | |||||||||||
Auto Components—2.1% | |||||||||||
21,311 | BorgWarner, Inc. | 894,636 | |||||||||
92,014 | Dana, Inc. | 1,834,759 | |||||||||
34,009 | Modine Manufacturing Co.* | 486,669 | |||||||||
15,624 | Stoneridge, Inc.* | 492,937 | |||||||||
3,709,001 | |||||||||||
Banks—3.5% | |||||||||||
125,831 | First BanCorp/Puerto Rico | 1,389,174 | |||||||||
54,175 | First Horizon National Corp. | 808,833 | |||||||||
10,455 | IBERIABANK Corp. | 793,012 | |||||||||
27,210 | Popular, Inc. | 1,475,870 | |||||||||
14,935 | Texas Capital Bancshares, Inc.* | 916,561 | |||||||||
17,878 | Webster Financial Corp. | 854,032 | |||||||||
6,237,482 | |||||||||||
Biotechnology—1.1% | |||||||||||
60,307 | Myriad Genetics, Inc.* | 1,675,329 | |||||||||
26,194 | Sangamo Therapeutics, Inc.* | 282,109 | |||||||||
1,957,438 | |||||||||||
Building Products—1.1% | |||||||||||
27,224 | Trex Co., Inc.* | 1,951,961 | |||||||||
Capital Markets—2.6% | |||||||||||
34,408 | Artisan Partners Asset Management, Inc., Class A | 946,908 | |||||||||
30,595 | Greenhill & Co., Inc. | 415,786 | |||||||||
23,837 | LPL Financial Holdings, Inc. | 1,944,384 |
Shares | Value (Note 1) | ||||||||||
Capital Markets (Continued) | |||||||||||
15,693 | Raymond James Financial, Inc. | $ | 1,326,843 | ||||||||
4,633,921 | |||||||||||
Chemicals—3.4% | |||||||||||
11,379 | Albemarle Corp. | 801,195 | |||||||||
31,743 | FMC Corp. | 2,633,082 | |||||||||
54,881 | Kraton Corp.* | 1,705,153 | |||||||||
80,669 | Tronox Holdings Plc Class A* | 1,030,950 | |||||||||
6,170,380 | |||||||||||
Commercial Services & Supplies—1.6% | |||||||||||
58,024 | Aqua Metals, Inc.*,† | 96,900 | |||||||||
71,252 | Covanta Holding Corp. | 1,276,124 | |||||||||
94,058 | Interface, Inc. | 1,441,909 | |||||||||
2,814,933 | |||||||||||
Communications Equipment—0.7% | |||||||||||
26,460 | Acacia Communications, Inc.* | 1,247,854 | |||||||||
Construction and Engineering—3.7% | |||||||||||
17,319 | Granite Construction, Inc. | 834,429 | |||||||||
50,333 | MasTec, Inc.* | 2,593,660 | |||||||||
240,001 | Tutor Perini Corp.* | 3,328,814 | |||||||||
6,756,903 | |||||||||||
Construction Materials—1.2% | |||||||||||
7,764 | Eagle Materials, Inc. | 719,723 | |||||||||
52,377 | Forterra, Inc.*,† | 260,313 | |||||||||
5,091 | Martin Marietta Materials, Inc. | 1,171,490 | |||||||||
2,151,526 | |||||||||||
Consumer Finance—1.1% | |||||||||||
25,687 | Green Dot Corp., Class A* | 1,256,094 | |||||||||
27,226 | PRA Group, Inc.* | 766,140 | |||||||||
2,022,234 | |||||||||||
Containers and Packaging—0.5% | |||||||||||
70,133 | Graphic Packaging Holding Co. | 980,459 | |||||||||
Diversified Consumer Services—1.0% | |||||||||||
99,305 | Career Education Corp.* | 1,893,746 |
The accompanying notes are an integral part of these financial statements.
34
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Diversified Financial Services—0.5% | |||||||||||
47,219 | Jefferies Financial Group, Inc. | $ | 908,021 | ||||||||
Diversified Telecommunication Services—1.7% | |||||||||||
51,108 | Cogent Communications Holdings, Inc. | 3,033,771 | |||||||||
Electrical Equipment—0.5% | |||||||||||
14,481 | Encore Wire Corp. | 848,297 | |||||||||
Electronic Equipment, Instruments & Components—4.3% | |||||||||||
15,234 | Fabrinet* | 756,673 | |||||||||
114,209 | Flex, Ltd.* | 1,092,980 | |||||||||
29,899 | Itron, Inc.* | 1,870,781 | |||||||||
56,724 | Jabil, Inc. | 1,792,478 | |||||||||
12,579 | Rogers Corp.* | 2,170,884 | |||||||||
7,683,796 | |||||||||||
Energy Equipment and Services—1.9% | |||||||||||
8,805 | Dril-Quip, Inc.* | 422,640 | |||||||||
52,821 | Ensco Rowan plc, Class A† | 450,563 | |||||||||
159,294 | Noble Corp. Plc* | 297,880 | |||||||||
27,752 | TechnipFMC Plc | 719,887 | |||||||||
235,872 | Transocean, Ltd.* | 1,511,939 | |||||||||
3,402,909 | |||||||||||
Entertainment—0.5% | |||||||||||
362,529 | Global Eagle Entertainment, Inc.*,† | 235,644 | |||||||||
63,058 | Lions Gate Entertainment Corp., Class B | 732,103 | |||||||||
967,747 | |||||||||||
Equity Real Estate Investment Trusts (REITs)—0.8% | |||||||||||
56,935 | Corporate Office Properties Trust, REIT | 1,501,376 | |||||||||
Food Products—0.5% | |||||||||||
44,688 | Darling Ingredients, Inc.* | 888,844 | |||||||||
Health Care Equipment and Supplies—10.5% | |||||||||||
40,986 | Cardiovascular Systems, Inc.* | 1,759,529 | |||||||||
10,926 | Cooper Cos., Inc. (The) | 3,680,860 | |||||||||
16,681 | Dexcom, Inc.* | 2,499,481 |
Shares | Value (Note 1) | ||||||||||
Health Care Equipment and Supplies (Continued) | |||||||||||
12,262 | Edwards Lifesciences Corp.* | $ | 2,265,282 | ||||||||
41,134 | Insulet Corp.* | 4,910,577 | |||||||||
14,358 | IntriCon Corp.* | 335,403 | |||||||||
4,167 | Neuronetics, Inc.* | 52,129 | |||||||||
8,225 | STERIS Plc* | 1,224,538 | |||||||||
34,640 | Tandem Diabetes Care, Inc.* | 2,234,973 | |||||||||
18,962,772 | |||||||||||
Health Care Providers and Services—1.1% | |||||||||||
43,572 | Acadia Healthcare Co., Inc.*,† | 1,522,841 | |||||||||
68,240 | Diplomat Pharmacy, Inc.* | 415,582 | |||||||||
1,938,423 | |||||||||||
Hotels, Restaurants & Leisure—1.1% | |||||||||||
21,504 | Eldorado Resorts, Inc.* | 990,689 | |||||||||
12,667 | Planet Fitness, Inc., Class A* | 917,598 | |||||||||
1,908,287 | |||||||||||
Household Durables—1.7% | |||||||||||
27,710 | Century Communities, Inc.* | 736,532 | |||||||||
13,497 | LGI Homes, Inc.* | 964,091 | |||||||||
32,758 | Universal Electronics, Inc.* | 1,343,733 | |||||||||
3,044,356 | |||||||||||
Insurance—1.6% | |||||||||||
6,207 | Everest Re Group, Ltd. | 1,534,246 | |||||||||
21,465 | W. R. Berkley Corp. | 1,415,188 | |||||||||
2,949,434 | |||||||||||
IT Services—5.2% | |||||||||||
8,834 | Alliance Data Systems Corp. | 1,237,908 | |||||||||
172,410 | Brightcove, Inc.* | 1,780,995 | |||||||||
11,019 | Euronet Worldwide, Inc.* | 1,853,837 | |||||||||
11,009 | Global Payments, Inc. | 1,762,871 | |||||||||
111,183 | KBR, Inc. | 2,772,904 | |||||||||
9,408,515 | |||||||||||
Leisure Equipment and Products—0.8% | |||||||||||
158,478 | Vista Outdoor, Inc.* | 1,407,285 | |||||||||
Life Sciences Tools and Services—0.7% | |||||||||||
31,790 | QIAGEN NV* | 1,289,085 |
The accompanying notes are an integral part of these financial statements.
35
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Machinery—1.4% | |||||||||||
79,339 | Meritor, Inc.* | $ | 1,923,971 | ||||||||
4,517 | WABCO Holdings, Inc.* | 598,954 | |||||||||
2,522,925 | |||||||||||
Marine—0.5% | |||||||||||
12,648 | Kirby Corp.* | 999,192 | |||||||||
Media—0.7% | |||||||||||
51,205 | Cardlytics, Inc.* | 1,330,306 | |||||||||
Metals and Mining—4.9% | |||||||||||
26,162 | Agnico-Eagle Mines, Ltd. | 1,340,541 | |||||||||
150,844 | Allegheny Technologies, Inc.* | 3,801,269 | |||||||||
8,301 | Carpenter Technology Corp. | 398,282 | |||||||||
13,156 | Compass Minerals International, Inc. | 722,922 | |||||||||
237,566 | Ferroglobe Plc | 403,862 | |||||||||
265,265 | Ferroglobe Plc—ENT | — | |||||||||
164,353 | Pan American Silver Corp. | 2,121,797 | |||||||||
8,788,673 | |||||||||||
Oil, Gas and Consumable Fuels—4.5% | |||||||||||
140,562 | Centennial Resource Development, Inc., Class A* | 1,066,866 | |||||||||
134,323 | Euronav NV* | 1,268,009 | |||||||||
98,437 | GasLog, Ltd. | 1,417,493 | |||||||||
27,093 | Golar LNG, Ltd. | 500,679 | |||||||||
121,987 | Navigator Holdings, Ltd.* | 1,141,798 | |||||||||
53,903 | Noble Energy, Inc. | 1,207,427 | |||||||||
27,718 | PDC Energy, Inc.* | 999,511 | |||||||||
36,969 | SM Energy Co. | 462,852 | |||||||||
8,064,635 | |||||||||||
Pharmaceuticals—1.8% | |||||||||||
21,054 | Aerie Pharmaceuticals, Inc.* | 622,146 | |||||||||
49,228 | Amneal Pharmaceuticals, Inc.* | 352,965 | |||||||||
11,923 | Nektar Therapeutics* | 424,220 | |||||||||
20,130 | Pacira BioSciences, Inc.* | 875,454 | |||||||||
370,756 | TherapeuticsMD, Inc.*,† | 963,965 | |||||||||
3,238,750 | |||||||||||
Road and Rail—0.6% | |||||||||||
33,874 | Knight-Swift Transportation Holdings, Inc. | 1,112,422 |
Shares | Value (Note 1) | ||||||||||
Semiconductors and Semiconductor Equipment—9.6% | |||||||||||
21,810 | Advanced Micro Devices, Inc.* | $ | 662,370 | ||||||||
25,082 | Cree, Inc.* | 1,409,107 | |||||||||
23,129 | Cypress Semiconductor Corp. | 514,389 | |||||||||
25,781 | Inphi Corp.* | 1,291,628 | |||||||||
66,358 | MACOM Technology Solutions Holdings, Inc.* | 1,003,996 | |||||||||
28,838 | Marvell Technology Group, Ltd. | 688,363 | |||||||||
11,895 | Maxim Integrated Products, Inc. | 711,559 | |||||||||
20,586 | Monolithic Power Systems, Inc. | 2,795,167 | |||||||||
29,462 | Qorvo, Inc.* | 1,962,464 | |||||||||
40,166 | Semtech Corp.* | 1,929,976 | |||||||||
7,471 | Silicon Laboratories, Inc.* | 772,501 | |||||||||
15,244 | Universal Display Corp. | 2,866,787 | |||||||||
62,113 | Veeco Instruments, Inc.* | 759,021 | |||||||||
17,367,328 | |||||||||||
Software—4.1% | |||||||||||
36,578 | 2u, Inc.* | 1,376,796 | |||||||||
53,702 | Benefitfocus, Inc.*,† | 1,458,009 | |||||||||
23,209 | Model N, Inc.* | 452,575 | |||||||||
97,839 | Nuance Communications, Inc.* | 1,562,489 | |||||||||
9,197 | Nutanix, Inc., Class A* | 238,570 | |||||||||
14,055 | SS&C Technologies Holdings, Inc. | 809,709 | |||||||||
196,268 | TiVo Corp. | 1,446,495 | |||||||||
7,344,643 | |||||||||||
Specialty Retail—0.4% | |||||||||||
9,226 | Floor & Decor Holdings, Inc., Class A* | 386,570 | |||||||||
65,516 | Tailored Brands, Inc.† | 378,027 | |||||||||
764,597 | |||||||||||
Textiles, Apparel and Luxury Goods—0.2% | |||||||||||
9,608 | Capri Holdings, Ltd.* | 333,205 | |||||||||
Trading Companies and Distributors—2.8% | |||||||||||
35,146 | Beacon Roofing Supply, Inc.* | 1,290,561 | |||||||||
50,475 | BMC Stock Holdings, Inc.* | 1,070,070 | |||||||||
24,160 | DXP Enterprises, Inc./TX* | 915,422 |
The accompanying notes are an integral part of these financial statements.
36
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Trading Companies and Distributors (Continued) | |||||||||||
38,362 | MRC Global, Inc.* | $ | 656,758 | ||||||||
7,410 | Watsco, Inc. | 1,211,757 | |||||||||
5,144,568 | |||||||||||
Transportation Infrastructure—0.4% | |||||||||||
18,618 | Macquarie Infrastructure Corp. | 754,774 |
Shares | Value (Note 1) | ||||||||||
Wireless Telecommunication Services—0.3% | |||||||||||
152,129 | Gogo, Inc.*,† | $ | 605,473 | ||||||||
TOTAL COMMON STOCKS (Cost $133,387,023) | 177,713,037 |
Expiration Date | |||||||||||||||||||
RIGHTS—0.0% | |||||||||||||||||||
862,686 | Pan American Silver Corp. (Cost $212,401) | 02/22/2029 | 0 | ||||||||||||||||
Par Amount | Yield | ||||||||||||||||||
SHORT-TERM INVESTMENTS—2.3% | |||||||||||||||||||
$ | 4,113,515 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $4,113,515)†† | 2.395 | % | 4,113,515 | ||||||||||||||
TOTAL INVESTMENTS, AT VALUE—100.8% (Cost $137,712,939) | 181,826,552 | ||||||||||||||||||
Liabilities in Excess of Other Assets—(0.8)% | (1,457,556 | ) | |||||||||||||||||
NET ASSETS—100.0% | $ | 180,368,996 |
Notes to the Schedule of Investments:
ADR—American Depositary Receipt
ENT—Entitlement
REIT—Real Estate Investment Trust
* Non-income producing security
† Denotes all or a portion of security on loan. As of June 30, 2019, the market value of the securities on loan was $3,924,677 (Note 1)
†† Represents collateral received from securities lending transactions
Percentages indicated are based on net assets.
The accompanying notes are an integral part of these financial statements.
37
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
At June 30, 2019, industry sector diversification of the M Capital Appreciation Fund's investments as a percentage of net assets was as follows:
Summary of Sector Classifications | Percentage of Net Assets | ||||||
Information Technology | 23.9 | % | |||||
Industrials | 21.9 | % | |||||
Health Care | 15.2 | % | |||||
Materials | 10.0 | % | |||||
Financials | 9.3 | % | |||||
Consumer Discretionary | 7.2 | % | |||||
Energy | 6.4 | % | |||||
Communication Services | 3.3 | % | |||||
Real Estate | 0.8 | % | |||||
Consumer Staples | 0.5 | % | |||||
Short-Term Investments | 2.3 | % | |||||
Total | 100.8 | % |
The accompanying notes are an integral part of these financial statements.
38
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
COMMON STOCKS—98.0% | |||||||||||
Aerospace & Defense—1.4% | |||||||||||
4,983 | Curtiss-Wright Corp. | $ | 633,489 | ||||||||
3,331 | Spirit AeroSystems Holdings, Inc., Class A | 271,044 | |||||||||
1,737 | Teledyne Technologies, Inc.* | 475,712 | |||||||||
1,380,245 | |||||||||||
Airlines—2.4% | |||||||||||
44,804 | JetBlue Airways Corp.* | 828,426 | |||||||||
4,709 | Southwest Airlines Co. | 239,123 | |||||||||
13,762 | United Continental Holdings, Inc.* | 1,204,863 | |||||||||
2,272,412 | |||||||||||
Banks—7.6% | |||||||||||
9,048 | BankUnited, Inc. | 305,280 | |||||||||
27,435 | Citigroup, Inc. | 1,921,273 | |||||||||
37,128 | Citizens Financial Group, Inc. | 1,312,846 | |||||||||
28,258 | First Hawaiian, Inc. | 731,034 | |||||||||
3,734 | IBERIABANK Corp. | 283,224 | |||||||||
3,494 | JPMorgan Chase & Co. | 390,629 | |||||||||
16,937 | Popular, Inc. | 918,663 | |||||||||
18,295 | Wells Fargo & Co. | 865,719 | |||||||||
5,216 | Wintrust Financial Corp. | 381,603 | |||||||||
7,110,271 | |||||||||||
Beverages—2.6% | |||||||||||
15,879 | Coca-Cola Co. (The) | 808,559 | |||||||||
5,691 | Monster Beverage Corp.* | 363,256 | |||||||||
10,300 | PepsiCo, Inc. | 1,350,639 | |||||||||
2,522,454 | |||||||||||
Capital Markets—0.8% | |||||||||||
16,956 | Morgan Stanley | 742,842 | |||||||||
Chemicals—1.4% | |||||||||||
6,007 | Cabot Corp. | 286,594 | |||||||||
46,272 | Huntsman Corp. | 945,800 | |||||||||
3,020 | Trinseo SA | 127,867 | |||||||||
1,360,261 | |||||||||||
Construction and Engineering—0.7% | |||||||||||
7,854 | EMCOR Group, Inc. | 691,937 |
Shares | Value (Note 1) | ||||||||||
Consumer Finance—2.3% | |||||||||||
43,191 | Ally Financial, Inc. | $ | 1,338,489 | ||||||||
851 | Capital One Financial Corp. | 77,220 | |||||||||
2,641 | Discover Financial Services | 204,915 | |||||||||
44,179 | Navient Corp. | 603,043 | |||||||||
2,223,667 | |||||||||||
Diversified Consumer Services—0.1% | |||||||||||
124 | Graham Holdings Co., Class B | 85,564 | |||||||||
876 | H&R Block, Inc. | 25,667 | |||||||||
111,231 | |||||||||||
Diversified Financial Services—1.6% | |||||||||||
14,971 | AXA Equitable Holdings, Inc. | 312,894 | |||||||||
21,986 | Voya Financial, Inc. | 1,215,826 | |||||||||
1,528,720 | |||||||||||
Diversified Telecommunication Services—3.7% | |||||||||||
22,480 | AT&T, Inc. | 753,305 | |||||||||
48,425 | Verizon Communications, Inc. | 2,766,520 | |||||||||
3,519,825 | |||||||||||
Electric Utilities—3.2% | |||||||||||
30,380 | Exelon Corp. | 1,456,417 | |||||||||
10,507 | PNM Resources, Inc. | 534,912 | |||||||||
18,725 | Portland General Electric Co. | 1,014,333 | |||||||||
3,005,662 | |||||||||||
Electrical Equipment—0.6% | |||||||||||
2,763 | Emerson Electric Co. | 184,348 | |||||||||
5,079 | Regal Beloit Corp. | 415,005 | |||||||||
599,353 | |||||||||||
Electronic Equipment, Instruments & Components—1.2% | |||||||||||
13,495 | Avnet, Inc. | 610,919 | |||||||||
17,526 | Jabil, Inc. | 553,821 | |||||||||
1,164,740 | |||||||||||
Entertainment—0.9% | |||||||||||
5,046 | Electronic Arts, Inc.* | 510,958 | |||||||||
11,794 | Viacom, Inc., Class B | 352,287 | |||||||||
863,245 |
The accompanying notes are an integral part of these financial statements.
39
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Equity Real Estate Investment Trusts (REITs)—2.9% | |||||||||||
18,495 | American Campus Communities, Inc., REIT | $ | 853,729 | ||||||||
4,130 | Corporate Office Properties Trust, REIT | 108,908 | |||||||||
2,373 | Douglas Emmett, Inc., REIT | 94,540 | |||||||||
22,795 | Paramount Group, Inc., REIT | 319,358 | |||||||||
40,992 | Park Hotels & Resorts, Inc., REIT | 1,129,740 | |||||||||
23,605 | VEREIT, Inc., REIT | 212,681 | |||||||||
2,718,956 | |||||||||||
Food Products—2.6% | |||||||||||
3,846 | General Mills, Inc. | 201,992 | |||||||||
8,024 | Ingredion, Inc. | 661,900 | |||||||||
2,642 | Mondelez International, Inc. | 142,404 | |||||||||
7,290 | Pilgrim's Pride Corp.* | 185,093 | |||||||||
16,474 | Tyson Foods, Inc., Class A | 1,330,110 | |||||||||
2,521,499 | |||||||||||
Gas Utilities—0.5% | |||||||||||
5,168 | Southwest Gas Holdings, Inc. | 463,156 | |||||||||
Health Care Equipment and Supplies—0.9% | |||||||||||
2,085 | Medtronic Plc | 203,058 | |||||||||
5,067 | Varian Medical Systems, Inc.* | 689,771 | |||||||||
892,829 | |||||||||||
Health Care Providers and Services—2.4% | |||||||||||
4,405 | Humana, Inc. | 1,168,647 | |||||||||
8,534 | McKesson Corp. | 1,146,884 | |||||||||
2,315,531 | |||||||||||
Hotels, Restaurants & Leisure—2.9% | |||||||||||
9,165 | Norwegian Cruise Line Holdings, Ltd.* | 491,519 | |||||||||
14,487 | Starbucks Corp. | 1,214,445 | |||||||||
1,574 | Wyndham Destinations, Inc. | 69,098 | |||||||||
8,898 | Yum! Brands, Inc. | 984,742 | |||||||||
2,759,804 | |||||||||||
Household Products—0.7% | |||||||||||
6,483 | Colgate-Palmolive Co. | 464,637 | |||||||||
1,944 | Procter & Gamble Co. (The) | 213,159 | |||||||||
677,796 |
Shares | Value (Note 1) | ||||||||||
Independent Power and Renewable Electricity Producers—1.3% | |||||||||||
73,901 | AES Corp./VA | $ | 1,238,581 | ||||||||
Industrial Conglomerates—0.8% | |||||||||||
5,407 | Carlisle Cos., Inc. | 759,197 | |||||||||
Insurance—8.9% | |||||||||||
9,283 | AFLAC, Inc. | 508,801 | |||||||||
652 | Alleghany Corp.* | 444,084 | |||||||||
3,166 | Allstate Corp. (The) | 321,950 | |||||||||
10,207 | Arch Capital Group, Ltd.* | 378,476 | |||||||||
8,543 | CNO Financial Group, Inc. | 142,497 | |||||||||
5,397 | Hanover Insurance Group, Inc. (The) | 692,435 | |||||||||
24,654 | Hartford Financial Services Group, Inc. (The) | 1,373,721 | |||||||||
6,480 | Lincoln National Corp. | 417,636 | |||||||||
5,951 | MetLife, Inc. | 295,586 | |||||||||
41,820 | Old Republic International Corp. | 935,932 | |||||||||
9,314 | Principal Financial Group, Inc. | 539,467 | |||||||||
11,188 | Prudential Financial, Inc. | 1,129,988 | |||||||||
8,273 | Reinsurance Group of America, Inc. | 1,290,836 | |||||||||
8,471,409 | |||||||||||
Interactive Media & Services—0.7% | |||||||||||
3,508 | Facebook, Inc., Class A* | 677,044 | |||||||||
Internet and Catalog Retail—2.2% | |||||||||||
256 | Booking Holdings, Inc.* | 479,926 | |||||||||
30,815 | eBay, Inc. | 1,217,193 | |||||||||
2,682 | Expedia Group, Inc. | 356,786 | |||||||||
2,053,905 | |||||||||||
IT Services—0.9% | |||||||||||
641 | Booz Allen Hamilton Holding Corp. | 42,441 | |||||||||
929 | MAXIMUS, Inc. | 67,390 | |||||||||
3,677 | VeriSign, Inc.* | 769,081 | |||||||||
878,912 | |||||||||||
Life Sciences Tools and Services—2.0% | |||||||||||
8,268 | Agilent Technologies, Inc. | 617,371 | |||||||||
16,547 | Bruker Corp. | 826,523 | |||||||||
292 | Mettler-Toledo International, Inc.* | 245,280 | |||||||||
1,219 | Waters Corp.* | 262,378 | |||||||||
1,951,552 |
The accompanying notes are an integral part of these financial statements.
40
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Machinery—1.4% | |||||||||||
3,116 | Allison Transmission Holdings, Inc. | $ | 144,427 | ||||||||
653 | Crane Co. | 54,486 | |||||||||
701 | Cummins, Inc. | 120,109 | |||||||||
3,788 | Hillenbrand, Inc. | 149,891 | |||||||||
785 | Oshkosh Corp. | 65,540 | |||||||||
11,208 | PACCAR, Inc. | 803,165 | |||||||||
1,337,618 | |||||||||||
Media—1.3% | |||||||||||
4,939 | AMC Networks, Inc., Class A* | 269,126 | |||||||||
1,399 | Nexstar Media Group, Inc., Class A | 141,299 | |||||||||
7,361 | Sinclair Broadcast Group, Inc., Class A | 394,770 | |||||||||
28,225 | TEGNA, Inc. | 427,609 | |||||||||
1,232,804 | |||||||||||
Metals and Mining—1.6% | |||||||||||
25,912 | Cleveland-Cliffs, Inc.† | 276,481 | |||||||||
6,360 | Reliance Steel & Aluminum Co. | 601,783 | |||||||||
19,806 | Steel Dynamics, Inc. | 598,141 | |||||||||
1,476,405 | |||||||||||
Multi-Utilities—0.9% | |||||||||||
8,497 | CenterPoint Energy, Inc. | 243,269 | |||||||||
1,358 | CMS Energy Corp. | 78,642 | |||||||||
9,356 | MDU Resources Group, Inc. | 241,385 | |||||||||
5,208 | Public Service Enterprise Group, Inc. | 306,334 | |||||||||
869,630 | |||||||||||
Oil, Gas and Consumable Fuels—8.1% | |||||||||||
20,616 | Chevron Corp. | 2,565,455 | |||||||||
22,354 | ConocoPhillips | 1,363,594 | |||||||||
8,255 | Exxon Mobil Corp. | 632,581 | |||||||||
13,247 | HollyFrontier Corp. | 613,071 | |||||||||
9,898 | PBF Energy, Inc., Class A | 309,807 | |||||||||
8,849 | Peabody Energy Corp. | 213,261 | |||||||||
10,699 | Phillips 66 | 1,000,785 | |||||||||
11,566 | Valero Energy Corp. | 990,165 | |||||||||
7,688,719 | |||||||||||
Paper and Forest Products—0.5% | |||||||||||
11,393 | Domtar Corp. | 507,330 |
Shares | Value (Note 1) | ||||||||||
Personal Products—0.2% | |||||||||||
2,901 | Nu Skin Enterprises, Inc., Class A | $ | 143,077 | ||||||||
Pharmaceuticals—8.7% | |||||||||||
9,305 | Eli Lilly & Co. | 1,030,901 | |||||||||
1,649 | Jazz Pharmaceuticals Plc* | 235,082 | |||||||||
20,703 | Johnson & Johnson | 2,883,514 | |||||||||
15,393 | Merck & Co., Inc. | 1,290,703 | |||||||||
64,929 | Pfizer, Inc. | 2,812,724 | |||||||||
112 | Taro Pharmaceutical Industries, Ltd. | 9,567 | |||||||||
8,262,491 | |||||||||||
Professional Services—2.0% | |||||||||||
12,852 | ManpowerGroup, Inc. | 1,241,503 | |||||||||
10,906 | Robert Half International, Inc. | 621,751 | |||||||||
1,863,254 | |||||||||||
Real Estate Management and Development—2.0% | |||||||||||
19,614 | CBRE Group, Inc., Class A* | 1,006,198 | |||||||||
6,466 | Jones Lang LaSalle, Inc. | 909,702 | |||||||||
1,915,900 | |||||||||||
Semiconductors and Semiconductor Equipment—0.3% | |||||||||||
4,983 | Intel Corp. | 238,536 | |||||||||
Software—3.8% | |||||||||||
13,505 | Cadence Design Systems, Inc.* | 956,289 | |||||||||
9,023 | Citrix Systems, Inc. | 885,517 | |||||||||
288 | Intuit, Inc. | 75,263 | |||||||||
2,383 | j2 Global, Inc.† | 211,825 | |||||||||
8,295 | Manhattan Associates, Inc.* | 575,092 | |||||||||
4,034 | Oracle Corp. | 229,817 | |||||||||
1,117 | Synopsys, Inc.* | 143,747 | |||||||||
15,833 | Teradata Corp.* | 567,613 | |||||||||
3,645,163 | |||||||||||
Technology Hardware, Storage & Peripherals—1.4% | |||||||||||
6,260 | Hewlett Packard Enterprise Co. | 93,587 | |||||||||
60,674 | HP, Inc. | 1,261,413 | |||||||||
1,355,000 | |||||||||||
Textiles, Apparel and Luxury Goods—0.7% | |||||||||||
3,958 | Deckers Outdoor Corp.* | 696,489 |
The accompanying notes are an integral part of these financial statements.
41
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
Shares | Value (Note 1) | ||||||||||
Thrifts and Mortgage Finance—1.7% | |||||||||||
1,609 | Essent Group, Ltd.* | $ | 75,607 | ||||||||
63,906 | MGIC Investment Corp.* | 839,725 | |||||||||
31,641 | Radian Group, Inc. | 722,997 | |||||||||
1,638,329 | |||||||||||
Tobacco—1.8% | |||||||||||
21,353 | Philip Morris International, Inc. | 1,676,851 | |||||||||
Trading Companies and Distributors—0.6% | |||||||||||
2,845 | HD Supply Holdings, Inc.* | 114,597 | |||||||||
8,696 | WESCO International, Inc.* | 440,452 | |||||||||
555,049 |
Shares | Value (Note 1) | ||||||||||
Wireless Telecommunication Services—0.7% | |||||||||||
2,206 | T-Mobile US, Inc.* | $ | 163,553 | ||||||||
15,393 | Telephone & Data Systems, Inc. | 467,947 | |||||||||
631,500 | |||||||||||
TOTAL COMMON STOCKS (Cost $86,189,743) | 93,211,181 |
Yield | |||||||||||||||||||
SHORT-TERM INVESTMENTS—0.4% | |||||||||||||||||||
416,994 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $416,994)†† | 2.396 | % | 416,994 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $416,994) | 416,994 | ||||||||||||||||||
TOTAL INVESTMENTS, AT VALUE—98.4% (Cost $86,606,737) | 93,628,175 | ||||||||||||||||||
Other Assets in Excess of Liabilities—1.6% | 1,570,733 | ||||||||||||||||||
NET ASSETS—100.0% | $ | 95,198,908 |
Notes to the Schedule of Investments:
REIT—Real Estate Investment Trust
* Non-income producing security
† Denotes all or a portion of security on loan. As of June 30, 2019, the market value of the securities on loan was $415,009 (Note 1)
†† Represents collateral received from securities lending transactions
Percentages indicated are based on net assets.
The accompanying notes are an integral part of these financial statements.
42
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2019
At June 30, 2019, 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 | 22.9 | % | |||||
Health Care | 14.1 | % | |||||
Industrials | 9.9 | % | |||||
Energy | 8.1 | % | |||||
Consumer Staples | 7.9 | % | |||||
Information Technology | 7.6 | % | |||||
Communication Services | 7.3 | % | |||||
Consumer Discretionary | 5.9 | % | |||||
Utilities | 5.9 | % | |||||
Real Estate | 4.9 | % | |||||
Materials | 3.5 | % | |||||
Short-Term Investments | 0.4 | % | |||||
Total | 98.4 | % |
The accompanying notes are an integral part of these financial statements.
43
M Fund, Inc.
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
June 30, 2019
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 | $ | 136,349,121 | $ | 202,167,960 | $ | 181,826,552 | $ | 93,628,175 | |||||||||||
Affiliated investment company, at value (Note 1)***—see accompanying Schedule of Investments | 45,533,414 | — | — | — | |||||||||||||||
Cash | 1,249,406 | 1,309,097 | 3,038,562 | 298,683 | |||||||||||||||
Cash denominated in foreign currencies**** | 668,088 | — | — | — | |||||||||||||||
Receivable from: | |||||||||||||||||||
Securities sold | 306,041 | 341,944 | 132,197 | 5,265,860 | |||||||||||||||
Capital stock subscriptions | 899,212 | 12,456 | 584,979 | 16,684 | |||||||||||||||
Dividends and interest | 998,524 | 84,146 | 121,655 | 130,529 | |||||||||||||||
Prepaid expenses | 23,756 | 23,968 | 22,139 | 12,122 | |||||||||||||||
Total assets | 186,027,562 | 203,939,571 | 185,726,084 | 99,352,053 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Payable for: | |||||||||||||||||||
Securities purchased | 482,819 | — | 1,045,378 | 3,642,482 | |||||||||||||||
Capital stock redemptions | 9,211 | 71,630 | 18,623 | 24,494 | |||||||||||||||
M Financial Group—compliance expense (Note 2) | 802 | 906 | 856 | 438 | |||||||||||||||
Investment Adviser, net (Note 2) | 47,892 | 94,560 | 128,042 | 33,812 | |||||||||||||||
Payable upon return of securities loaned (Note 1) | 5,274,666 | 3,400,234 | 4,113,515 | 416,994 | |||||||||||||||
Accrued expenses and other liabilities | 102,443 | 44,850 | 50,674 | 34,925 | |||||||||||||||
Total liabilities | 5,917,833 | 3,612,180 | 5,357,088 | 4,153,145 | |||||||||||||||
Net assets | $ | 180,109,729 | $ | 200,327,391 | $ | 180,368,996 | $ | 95,198,908 | |||||||||||
Net assets consist of: | |||||||||||||||||||
Paid-in capital | $ | 240,984,100 | $ | 116,096,709 | $ | 127,040,090 | $ | 85,555,094 | |||||||||||
Total distributable earnings (loss) | (60,874,371 | ) | 84,230,682 | 53,328,906 | 9,643,814 | ||||||||||||||
Net assets | $ | 180,109,729 | $ | 200,327,391 | $ | 180,368,996 | $ | 95,198,908 | |||||||||||
Shares outstanding# | 15,128,368 | 7,121,598 | 7,286,349 | 7,512,630 | |||||||||||||||
Net asset value, offering price and redemption price per share | $ | 11.91 | $ | 28.13 | $ | 24.75 | $ | 12.67 | |||||||||||
* Cost of investments | $ | 127,020,664 | $ | 126,481,168 | $ | 137,712,939 | $ | 86,606,737 | |||||||||||
** Includes securities on loan with market values of . | $ | 5,041,183 | $ | 3,299,705 | $ | 3,924,677 | $ | 415,009 | |||||||||||
*** Cost of affiliated investment | $ | 41,944,489 | $ | — | $ | — | $ | — | |||||||||||
**** Cost of cash denominated in foreign currencies | $ | 665,770 | $ | — | $ | — | $ | — |
# The number of authorized shares with a par value of $0.001 per share, for each of the M International Equity Fund, the M Larg e 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.
44
M Fund, Inc.
STATEMENTS OF OPERATIONS (Unaudited)
For the Period Ended June 30, 2019
M International Equity Fund | M Large Cap Growth Fund | M Capital Appreciation Fund | M Large Cap Value Fund | ||||||||||||||||
Investment income: | |||||||||||||||||||
Dividends—Unaffiliated* | $ | 2,874,127 | $ | 541,501 | $ | 793,597 | $ | 1,079,886 | |||||||||||
Dividends—Affiliated | 279,142 | — | — | — | |||||||||||||||
Securities lending income | 19,759 | — | 8,429 | 90 | |||||||||||||||
Interest | 1,293 | 2,706 | 6,017 | 2,235 | |||||||||||||||
Total investment income | 3,174,321 | 544,207 | 808,043 | 1,082,211 | |||||||||||||||
Expenses: | |||||||||||||||||||
Investment advisory fee (Note 2) | 334,031 | 555,352 | 782,100 | 208,973 | |||||||||||||||
Custody, fund accounting, transfer agent and administration fees | 201,560 | 82,048 | 94,472 | 59,782 | |||||||||||||||
Professional fees | 19,928 | 17,807 | 17,515 | 14,665 | |||||||||||||||
Printing and shareholder reporting | 15,624 | 14,856 | 14,757 | 9,243 | |||||||||||||||
Compliance expenses (Note 2) | 2,754 | 2,882 | 2,731 | 1,438 | |||||||||||||||
Directors' fees and expenses | 15,319 | 15,138 | 14,477 | 7,694 | |||||||||||||||
Other | 18,418 | 18,294 | 17,072 | 9,523 | |||||||||||||||
Total expenses | 607,634 | 706,377 | 943,124 | 311,318 | |||||||||||||||
Less: Expenses waived/reimbursed by the Adviser (Note 2) | (54,160 | ) | — | — | (6,966 | ) | |||||||||||||
Net expenses | 553,474 | 706,377 | 943,124 | 304,352 | |||||||||||||||
Net investment income (loss) | 2,620,847 | (162,170 | ) | (135,081 | ) | 777,859 | |||||||||||||
Realized and unrealized gain (loss): | |||||||||||||||||||
Net realized gain on: | |||||||||||||||||||
Unaffiliated investment transactions | 244,034 | 8,888,429 | 9,632,354 | 3,027,001 | |||||||||||||||
Affiliated investment transactions | 278,850 | — | — | — | |||||||||||||||
Foreign currency transactions | 2,469 | 413 | — | — | |||||||||||||||
Net realized gain | 525,353 | 8,888,842 | 9,632,354 | 3,027,001 | |||||||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||
Unaffiliated investments | 14,262,417 | 30,628,603 | 18,283,116 | 8,614,495 | |||||||||||||||
Affiliated investments | 3,370,339 | — | — | — | |||||||||||||||
Foreign currency translation | 7,932 | 10 | — | — | |||||||||||||||
Net change in unrealized appreciation | 17,640,688 | 30,628,613 | 18,283,116 | 8,614,495 | |||||||||||||||
Net realized and unrealized gain | 18,166,041 | 39,517,455 | 27,915,470 | 11,641,496 | |||||||||||||||
Net increase in net assets resulting from operations | $ | 20,786,888 | $ | 39,355,285 | $ | 27,780,389 | $ | 12,419,355 | |||||||||||
* Net of foreign taxes withheld of: | $ | 290,693 | $ | 4,584 | $ | 6,204 | $ | 1,244 |
The accompanying notes are an integral part of these financial statements.
45
M Fund, Inc.
STATEMENTS OF CHANGES IN NET ASSETS
M International Equity Fund | M Large Cap Growth Fund | ||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Year Ended December 31, 2018 | Six Months Ended June 30, 2019 (Unaudited) | Year Ended December 31, 2018 | ||||||||||||||||
Increase (decrease) in net assets from: | |||||||||||||||||||
Operations: | |||||||||||||||||||
Net investment income (loss) | $ | 2,620,847 | $ | 3,197,738 | $ | (162,170 | ) | $ | (220,775 | ) | |||||||||
Net realized gain on investments and foreign currency transactions | 525,353 | 4,049,201 | 8,888,842 | 12,484,721 | |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency | 17,640,688 | (51,505,741 | ) | 30,628,613 | (19,727,540 | ) | |||||||||||||
Net increase (decrease) in net assets resulting from operations | 20,786,888 | (44,258,802 | ) | 39,355,285 | (7,463,594 | ) | |||||||||||||
Distributions to shareholders | (59,581 | ) | (2,892,319 | ) | (1,114,223 | ) | (20,800,775 | ) | |||||||||||
Total distributions to shareholders | (59,581 | ) | (2,892,319 | ) | (1,114,223 | ) | (20,800,775 | ) | |||||||||||
Fund share transactions (Note 4): | |||||||||||||||||||
Proceeds from shares sold | 14,226,789 | 23,957,439 | 10,419,390 | 24,766,078 | |||||||||||||||
Net asset value of shares issued on reinvestment of distributions | 59,581 | 2,892,319 | 1,114,223 | 20,800,774 | |||||||||||||||
Cost of shares repurchased | (24,826,623 | ) | (53,942,909 | ) | (17,669,500 | ) | (42,459,412 | ) | |||||||||||
Net increase (decrease) in net assets resulting from Fund share transactions | (10,540,253 | ) | (27,093,151 | ) | (6,135,887 | ) | 3,107,440 | ||||||||||||
Total change in net assets | 10,187,054 | (74,244,272 | ) | 32,105,175 | (25,156,929 | ) | |||||||||||||
Net assets: | |||||||||||||||||||
Beginning of period | 169,922,675 | 244,166,947 | 168,222,216 | 193,379,145 | |||||||||||||||
End of period | $ | 180,109,729 | $ | 169,922,675 | $ | 200,327,391 | $ | 168,222,216 |
The accompanying notes are an integral part of these financial statements.
46
M Fund, Inc.
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
M Capital Appreciation Fund | M Large Cap Value Fund | ||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Year Ended December 31, 2018 | Six Months Ended June 30, 2019 (Unaudited) | Year Ended December 31, 2018 | ||||||||||||||||
Increase (decrease) in net assets from: | |||||||||||||||||||
Operations: | |||||||||||||||||||
Net investment income (loss) | $ | (135,081 | ) | $ | (287,987 | ) | $ | 777,859 | $ | 1,412,592 | |||||||||
Net realized gain on investments and foreign currency transactions | 9,632,354 | 30,145,749 | 3,027,001 | 5,251,745 | |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency | 18,283,116 | (54,755,163 | ) | 8,614,495 | (18,210,129 | ) | |||||||||||||
Net increase (decrease) in net assets resulting from operations | 27,780,389 | (24,897,401 | ) | 12,419,355 | (11,545,792 | ) | |||||||||||||
Distributions to shareholders | (1,220,165 | ) | (35,192,975 | ) | (45,169 | ) | (8,355,547 | ) | |||||||||||
Total distributions to shareholders | (1,220,165 | ) | (35,192,975 | ) | (45,169 | ) | (8,355,547 | ) | |||||||||||
Fund share transactions (Note 4): | |||||||||||||||||||
Proceeds from shares sold | 12,607,635 | 16,496,331 | 6,162,938 | 12,484,184 | |||||||||||||||
Net asset value of shares issued on reinvestment of distributions | 1,220,165 | 35,192,975 | 45,169 | 8,355,547 | |||||||||||||||
Cost of shares repurchased | (16,026,282 | ) | (44,875,896 | ) | (8,820,264 | ) | (15,002,622 | ) | |||||||||||
Net increase (decrease) in net assets resulting from Fund share transactions | (2,198,482 | ) | 6,813,410 | (2,612,157 | ) | 5,837,109 | |||||||||||||
Total change in net assets | 24,361,742 | (53,276,966 | ) | 9,762,029 | (14,064,230 | ) | |||||||||||||
Net assets: | |||||||||||||||||||
Beginning of period | 156,007,254 | 209,284,220 | 85,436,879 | 99,501,109 | |||||||||||||||
End of period | $ | 180,368,996 | $ | 156,007,254 | $ | 95,198,908 | $ | 85,436,879 |
The accompanying notes are an integral part of these financial statements.
47
M Fund, Inc.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
M International Equity Fund | |||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||||||||||||
Net asset value, beginning of period | $ | 10.60 | $ | 13.58 | $ | 11.12 | $ | 11.26 | $ | 11.93 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||
Net investment income‡ | 0.17 | 0.19 | 0.17 | 0.17 | 0.19 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.14 | (2.99 | ) | 2.50 | (0.18 | ) | (0.66 | ) | |||||||||||||||
Total from investment operations | 1.31 | (2.80 | ) | 2.67 | (0.01 | ) | (0.47 | ) | |||||||||||||||
Less distributions to shareholders: | |||||||||||||||||||||||
From net investment income | — | † | (0.18 | ) | (0.21 | ) | (0.13 | ) | (0.20 | ) | |||||||||||||
Total distributions | — | (0.18 | ) | (0.21 | ) | (0.13 | ) | (0.20 | ) | ||||||||||||||
Net asset value, end of period | $ | 11.91 | $ | 10.60 | $ | 13.58 | $ | 11.12 | $ | 11.26 | |||||||||||||
Total Return+ | 12.40 | %* | (20.57 | )% | 24.05 | % | (0.05 | )% | (3.94 | )% | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||
Net assets, end of period (000's) | $ | 180,110 | $ | 169,923 | $ | 244,167 | $ | 193,909 | $ | 228,015 | |||||||||||||
Net expenses to average daily net assets | 0.63 | %** | 0.92 | %• | 0.90 | % | 0.94 | % | 0.95 | % | |||||||||||||
Net investment income to average daily net assets | 2.98 | %** | 1.50 | % | 1.33 | % | 1.51 | % | 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 | 0.69 | % | 0.98 | %• | N/A | 0.97 | % | 0.96 | % | ||||||||||||||
Net investment income | 2.92 | % | 1.43 | % | N/A | 1.48 | % | 1.50 | % | ||||||||||||||
Portfolio turnover rate | 8 | % | 117 | %? | 10 | % | 20 | % | 27 | % |
‡ 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.
48
M Fund, Inc.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
M Large Cap Growth Fund | |||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||||||||||||
Net asset value, beginning of period | $ | 22.85 | $ | 27.01 | $ | 19.97 | $ | 21.66 | $ | 23.95 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||
Net investment loss‡ | (0.02 | ) | (0.03 | ) | (0.05 | ) | (0.05 | ) | (0.05 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 5.46 | (1.12 | ) | 7.83 | (0.45 | ) | 1.96 | ||||||||||||||||
Total from investment operations | 5.44 | (1.15 | ) | 7.78 | (0.50 | ) | 1.91 | ||||||||||||||||
Less distributions to shareholders: | |||||||||||||||||||||||
From net investment income | — | — | — | — | (0.01 | ) | |||||||||||||||||
From net realized capital gains | (0.16 | ) | (3.01 | ) | (0.74 | ) | (1.19 | ) | (4.19 | ) | |||||||||||||
Total distributions | (0.16 | ) | (3.01 | ) | (0.74 | ) | (1.19 | ) | (4.20 | ) | |||||||||||||
Net asset value, end of period | $ | 28.13 | $ | 22.85 | $ | 27.01 | $ | 19.97 | $ | 21.66 | |||||||||||||
Total Return+ | 23.81 | %* | (4.95 | )% | 38.97 | % | (2.32 | )% | 7.70 | % | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||
Net assets, end of period (000's) | $ | 200,327 | $ | 168,222 | $ | 193,379 | $ | 157,766 | $ | 180,624 | |||||||||||||
Net expenses to average daily net assets | 0.75 | %** | 0.75 | % | 0.73 | % | 0.78 | % | 0.76 | % | |||||||||||||
Net investment loss to average daily net assets | (0.17 | )%** | (0.11 | )% | (0.20 | )% | (0.26 | )% | (0.20 | )% | |||||||||||||
Portfolio turnover rate | 19 | % | 34 | % | 49 | % | 36 | % | 69 | % |
‡ 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.
49
M Fund, Inc.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
M Capital Appreciation Fund | |||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||||||||||||
Net asset value, beginning of period | $ | 21.14 | $ | 31.24 | $ | 29.28 | $ | 25.15 | $ | 30.22 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||
Net investment loss‡ | (0.02 | ) | (0.05 | ) | (0.01 | ) | (0.09 | ) | (0.10 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 3.80 | (4.23 | ) | 5.55 | 5.38 | (1.77 | ) | ||||||||||||||||
Total from investment operations | 3.78 | (4.28 | ) | 5.54 | 5.29 | (1.87 | ) | ||||||||||||||||
Less distributions to shareholders: | |||||||||||||||||||||||
From net investment income | — | (0.09 | ) | — | — | — | |||||||||||||||||
From net realized capital gains | (0.17 | ) | (5.73 | ) | (3.58 | ) | (1.16 | ) | (3.20 | ) | |||||||||||||
Total distributions | (0.17 | ) | (5.82 | ) | (3.58 | ) | (1.16 | ) | (3.20 | ) | |||||||||||||
Net asset value, end of period | $ | 24.75 | $ | 21.14 | $ | 31.24 | $ | 29.28 | $ | 25.15 | |||||||||||||
Total Return+ | 17.91 | %* | (14.15 | )% | 19.02 | % | 21.06 | % | (6.58 | )% | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||
Net assets, end of period (000's) | $ | 180,369 | $ | 156,007 | $ | 209,284 | $ | 197,217 | $ | 182,298 | |||||||||||||
Net expenses to average daily net assets | 1.09 | %** | 1.07 | % | 1.05 | % | 1.08 | % | 1.07 | % | |||||||||||||
Net investment loss to average daily net assets | (0.16 | )%** | (0.15 | )% | (0.04 | )% | (0.35 | )% | (0.34 | )% | |||||||||||||
Portfolio turnover rate | 12 | % | 26 | % | 20 | % | 19 | % | 23 | % |
‡ 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.
50
M Fund, Inc.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
M Large Cap Value Fund | |||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||||||||||||
Net asset value, beginning of period | $ | 11.06 | $ | 13.93 | $ | 12.89 | $ | 11.96 | $ | 13.36 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||
Net investment income‡ | 0.10 | 0.20 | 0.21 | 0.22 | 0.18 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.51 | (1.88 | ) | 1.73 | 0.94 | (0.24 | ) | ||||||||||||||||
Total from investment operations | 1.61 | (1.68 | ) | 1.94 | 1.16 | (0.06 | ) | ||||||||||||||||
Less distributions to shareholders: | |||||||||||||||||||||||
From net investment income | — | (0.20 | ) | (0.21 | ) | (0.23 | ) | (0.17 | ) | ||||||||||||||
From return of capital | — | — | — | — | (0.01 | ) | |||||||||||||||||
From net realized capital gains | — | (0.99 | ) | (0.69 | ) | — | (1.16 | ) | |||||||||||||||
Total distributions | — | (1.19 | ) | (0.90 | ) | (0.23 | ) | (1.34 | ) | ||||||||||||||
Net asset value, end of period | $ | 12.67 | $ | 11.06 | $ | 13.93 | $ | 12.89 | $ | 11.96 | |||||||||||||
Total Return+ | 14.61 | %* | (12.07 | )% | 14.99 | % | 9.73 | %# | (0.66 | )% | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||
Net assets, end of period (000's) | $ | 95,199 | $ | 85,437 | $ | 99,501 | $ | 91,189 | $ | 95,170 | |||||||||||||
Net expenses to average daily net assets | 0.66 | %** | 0.64 | % | 0.64 | % | 0.68 | % | 0.69 | % | |||||||||||||
Net investment income to average daily net assets | 1.67 | %** | 1.47 | % | 1.57 | % | 1.85 | % | 1.32 | % | |||||||||||||
Without the waiver/reimbursement of expenses by the adviser, the ratios of net expenses and net investment income to average daily net assets would have been: | |||||||||||||||||||||||
Expenses | 0.67 | % | 0.66 | % | 0.64 | % | 0.68 | % | N/A | ||||||||||||||
Net investment income | 1.66 | % | 1.45 | % | 1.56 | % | 1.85 | % | N/A | ||||||||||||||
Portfolio turnover rate | 61 | % | 82 | % | 75 | % | 54 | % | 66 | % |
‡ 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.
51
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
M Fund, Inc. (the "Corporation") was incorporated in Maryland on August 11, 1995 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of June 30, 2019, 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 high profitability companies as compared to their representation in the Non-U.S. Universe. For purposes of the Fund, Dimensional Fund Advisors LP ("DFA") 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 Emerging Markets Core Equity Portfolio of DFA Investment Dimensions Group Inc. (the "Underlying Fund").
M Large Cap Growth Fund
M Large Cap Growth Fund will normally invest at least 80% of its total assets in U.S. large-cap equity securities, including, but not limited to, common stocks, preferred stocks and American Depositary Receipts. The Fund may invest up to 20% of its assets in equity securities of foreign issuers. DSM Capital Partners LLC ("DSM"), the Fund's sub-adviser defines "large-cap" as capitalizations of $10 billion or more. The Fund will generally contain 25 to 35 equity securities. 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. 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 fundamental all as determined by DSM.
M Capital Appreciation Fund
M Capital Appreciation Fund 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. The Fund's sub-adviser, Frontier Capital Management Company, LLC ("Frontier") seeks to invest in companies with unrecognized earnings potential. Earnings per share, growth and price appreciation are important factors. Wall Street analysts do not usually widely follow small to mid-sized companies like those in which the Fund
52
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
invests and institutional investors usually do not own a large percentage of them. The cornerstone of Frontier's investment process is internally generated fundamental research. Stocks are sold if earnings growth potential is realized, when the fundamental reasons for purchase are no longer valid, or when a more attractive situation is identified.
M Large Cap Value Fund
M Large Cap Value Fund will normally invest at least 80% of its total assets in the large-capitalization segment of the U.S. stock market. AJO, LP ("AJO"), the Fund's sub-adviser, defines "large-capitalization" as capitalizations of $5 billion or more. 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. AJO uses a systematic, disciplined, quantitative investment process. AJO is value-oriented, but believes superior results are best achieved by combining value, management, momentum and sentiment. AJO focuses on well-managed companies with quality cash profits, relatively low market valuations, positive price and earnings momentum and favorable investor sentiment. It optimizes portfolios to diversify multi-faceted risk. The Fund is fully invested, sector-neutral and well diversified in terms of industry, fundamental characteristics and various statistical measures of risk. AJO seeks to minimize implementation shortfall, defined as the difference between valuation price and execution price, including commissions, spreads, market impact and opportunity cost.
1. Significant Accounting Policies
The following is a summary of significant accounting policies for the Funds. Such policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") for investment companies and are consistently followed by the Funds in the preparation of the financial statements.
Use of Estimates
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Portfolio Valuation
Equity securities and other similar investments traded on a recognized U.S. securities exchange (other than the National Association of Securities Dealers Automated Quotation System "NASDAQ") are valued at the last sale price on the exchange on which the securities are traded. If no sale occurs, equity securities and other similar investments traded on a U.S. exchange (other than NASDAQ) are valued at the most recent bid price. Equity securities and other similar investments traded on NASDAQ are valued at the NASDAQ Official Closing Price. If no sale occurs, equity securities and other similar investments traded on NASDAQ are valued at the most recent bid price. Equity securities and other similar investments traded on a non-U.S. exchange are generally valued according to the latest closing values on that exchange prior to the close of the New York Stock Exchange. However, if an event which may change the value of a security occurs after the time that the closing value on the non-U.S. exchange
53
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
1. Significant Accounting Policies (Continued)
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 1%. 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, 2019 maximized the use of observable inputs and minimized the use of unobservable inputs.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
54
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
1. Significant Accounting Policies (Continued)
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, 2019, all of the Funds 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 Funds did not have significant transfers in and out of Level 1, Level 2 or Level 3 of the fair value hierarchy during the period ended June 30, 2019.
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. Most expenses of the Corporation can be directly attributed to a Fund. Expenses that cannot be directly attributed are apportioned among Funds by the Corporation based on average net assets of each Fund.
Additionally, the Funds may invest in mutual funds, which are subject to management fees and other fees that may increase the costs of investing in mutual funds versus the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Funds' Statements of Operations or in the expense ratios included in the financial highlights.
Dividends and Distributions to Shareholders
Each Fund declares and pays dividends from net investment income, if any, and distributes net short-term capital gains, if any, on an annual basis. Each Fund also distributes, at least annually, substantially all of the long-term capital gains in excess of available capital losses, if any, which it realizes for each taxable year. Distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Securities Lending
The Funds participate in a securities lending program under the terms of a Securities Lending Agency Agreement with State Street Bank and Trust Company, which serves as the Funds' securities lending agent. Each Fund may loan its portfolio securities in an amount up to 33 1/3 of its total assets. The Funds receive cash (U.S. currency) as collateral against the loaned securities. Such 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
55
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
1. Significant Accounting Policies (Continued)
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 cash 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 cash collateral, less negotiated rebate fees paid to the borrower through the securities lending agent, is the source of the Fund's securities lending income, 70% of which is paid to the Fund, 30% of which is paid to the custodian as securities lending agent.
The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2019.
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 | $ | 5,274,666 | $ | — | $ | 5,274,666 | $ | — | $ | 5,274,666 | $ | — | |||||||||||||||
M Large Cap Growth Fund | $ | 3,400,234 | $ | — | $ | 3,400,234 | $ | — | $ | 3,400,234 | $ | — | |||||||||||||||
M Capital Appreciation Fund | $ | 4,113,515 | $ | — | $ | 4,113,515 | $ | — | $ | 4,113,515 | $ | — | |||||||||||||||
M Large Cap Value Fund | $ | 416,994 | $ | — | $ | 416,994 | $ | — | $ | 416,994 | $ | — |
56
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
1. Significant Accounting Policies (Continued)
The following table presents the remaining contractual maturity of the Securities Lending Agency Agreement as of June 30, 2019.
Fund | Security Type | Overnight and Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total | |||||||||||||||||||||
M International Equity Fund | Common Stocks | $ | 5,274,666 | $ | — | $ | — | $ | — | $ | 5,274,666 | ||||||||||||||||
M Large Cap Growth Fund | Common Stocks | $ | 3,400,234 | $ | — | $ | — | $ | — | $ | 3,400,234 | ||||||||||||||||
M Capital Appreciation Fund | Common Stocks | $ | 4,113,515 | $ | — | $ | — | $ | — | $ | 4,113,515 | ||||||||||||||||
M Large Cap Value Fund | Common Stocks | $ | 416,994 | $ | — | $ | — | $ | — | $ | 416,994 |
Federal Income Taxes
Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and by distributing substantially all of its earnings to its shareholders. Therefore, no provision for federal income or excise tax is necessary.
The Funds evaluate the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Funds did not have any unrecognized tax benefits as of June 30, 2019, 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, 2019, 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 2016 through December 2018. No examination of any of the Funds' tax filings is currently in progress.
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
57
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
2. Advisory Fee and Other Transactions with Affiliates (Continued)
Agreement provides that the Funds will pay the Adviser a fee at an annual rate of the value of each Fund's average daily net assets as follows:
Fund | Total Advisory Fees | ||||||
M International Equity Fund | 0.15% on all assets plus (and only with respect | ||||||
to Fund assets which are not invested in a mutual | |||||||
fund that is advised by the Fund's sub-adviser): | |||||||
0.32% on the first $100 million | |||||||
0.27% on the amounts thereafter | |||||||
M Large Cap Growth Fund | 0.65% of the first $50 million | ||||||
0.60% of the next $50 million | |||||||
0.55% on the amounts above $100 million | |||||||
M Capital Appreciation Fund | 0.90% | ||||||
M Large Cap Value Fund* | 0.45% of the first $250 million | ||||||
0.35% of the next $250 million | �� | ||||||
0.30% of the next $250 million | |||||||
0.275% on the amounts thereafter |
* Beginning on October 1, 2016, the Sub-Adviser for the Fund waived 5% of its sub-advisory fee. Consequently, the Adviser waived a portion of the fee payable by the Fund. For the six months ended June 30, 2019, the fee payable to the Adviser for the Fund was 0.435% on the first $250 million, 0.34% on the next $250 million, 0.2925% on the next $250 million and 0.2688% thereafter on the Fund's average daily net assets. For the six months ended June 30, 2019, the Advisor waived $6,966 otherwise payable by M Large Cap Value Fund.
Prior to May 1, 2019 and for the period May 1, 2019 through April 30, 2020, the Adviser has contractually agreed to reimburse each Fund for any expenses (other than advisory fees, brokerage or other portfolio transaction expenses or expenses for litigation, indemnification, taxes or other extraordinary expenses) to the extent that such expenses exceed 0.25% of a Fund's annualized average daily net assets. For the six months ended June 30, 2019, the Adviser reimbursed $54,160 of other expenses for the M International Equity Fund.
The Adviser has engaged Dimensional Fund Advisors LP, DSM Capital Partners LLC, Frontier Capital Management Company, LLC and AJO, LP to act as sub-advisers to provide day-to-day portfolio management for the M International Equity Fund, the M Large Cap Growth Fund, the M Capital Appreciation Fund and the M Large Cap Value Fund, respectively.
As compensation for their services, each sub-adviser receives a fee based on the average daily net assets of the applicable Fund at the following annual rates:
Fund | Total Sub-Advisory Fees | ||||||
M International Equity Fund | 0.32% on the first $100 million | ||||||
0.27% on the amounts thereafter |
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M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
2. Advisory Fee and Other Transactions with Affiliates (Continued)
Fund | Total Sub-Advisory Fees | ||||||
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% | ||||||
M Large Cap Value Fund* | 0.30% on the first $250 million | ||||||
0.20% on the next $250 million | |||||||
0.15% on the next $250 million | |||||||
0.125% on the amounts thereafter |
* Beginning on October 1, 2016, the Sub-Adviser waived 5% of its sub-advisory fee. For the six months ended June 30, 2019, the fee payable to the Sub-Adviser for the Fund was 0.285% on the first $250 million, 0.19% on the next $250 million, 0.1425% on the next $250 million and 0.1188% thereafter on the Fund's average daily net assets. For the six months ended June 30, 2019, the Sub-Adviser waived $6,966 otherwise payable by the Adviser.
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 the Distributor for its services.
The Corporation pays no compensation to its officers. At June 30, 2019, 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 receives $1,500 per meeting of the Audit Committee that he attends. The Chairman of the Board and Audit Committee Chair receive an additional $10,000 annually. CCO compensation is paid to M Financial Group pursuant to an employee leasing agreement between the Corporation and M Financial Group and is included under compliance expenses on the Funds' Statements of Operations.
An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities or is under common management. The Company which is an affiliate of the M International Equity Fund as of December 31, 2018 is noted in the Fund's Schedule of Investments. During the six months ended June 30, 2019, purchases and sales
59
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
2. Advisory Fee and Other Transactions with Affiliates (Continued)
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 Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, June 30, 2019 | Dividend Income | Other Distributions | Shares, June 30, 2019 | ||||||||||||||||||||||||||||||
DFA Emerging Markets Core Equity Portfolio | $ | 40,791,410 | $ | 5,800,815 | $ | (4,708,000 | ) | $ | 278,850 | $ | 3,370,339 | $ | 45,533,414 | $ | 279,142 | $ | — | 2,175,509 |
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, 2019, were as follows:
Non-U.S. Government Securities | |||||||||||
Purchases | Sales | ||||||||||
M International Equity Fund | $ | 14,106,511 | $ | 23,696,378 | |||||||
M Large Cap Growth Fund | 35,500,968 | 43,335,113 | |||||||||
M Capital Appreciation Fund | 20,091,167 | 25,867,138 | |||||||||
M Large Cap Value Fund | 55,642,315 | 57,900,540 |
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, 2019 | Year Ended December 31, 2018 | Six Months Ended June 30, 2019 | Year Ended December 31, 2018 | ||||||||||||||||
Shares sold | 1,240,194 | 1,891,021 | 410,504 | 912,017 | |||||||||||||||
Shares repurchased | (2,148,561 | ) | (4,116,778 | ) | (693,057 | ) | (1,535,156 | ) | |||||||||||
Distributions reinvested | 5,172 | 277,574 | 40,561 | 828,020 | |||||||||||||||
Net increase (decrease) | (903,195 | ) | (1,948,183 | ) | (241,992 | ) | 204,881 | ||||||||||||
Fund Shares: | |||||||||||||||||||
Beginning of period | 16,031,563 | 17,979,746 | 7,363,590 | 7,158,709 | |||||||||||||||
End of period | 15,128,368 | 16,031,563 | 7,121,598 | 7,363,590 |
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M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
4. Paid-in Capital (Continued)
M Capital Appreciation Fund | M Large Cap Value Fund | ||||||||||||||||||
Six Months Ended June 30, 2019 | Year Ended December 31, 2018 | Six Months Ended June 30, 2019 | Year Ended December 31, 2018 | ||||||||||||||||
Shares sold | 534,005 | 543,866 | 501,869 | 928,969 | |||||||||||||||
Shares repurchased | (679,261 | ) | (1,438,588 | ) | (714,640 | ) | (1,099,557 | ) | |||||||||||
Distributions reinvested | 51,246 | 1,576,310 | 3,654 | 748,428 | |||||||||||||||
Net increase (decrease) | (94,010 | ) | 681,588 | (209,117 | ) | 577,840 | |||||||||||||
Fund Shares: | |||||||||||||||||||
Beginning of period | 7,380,359 | 6,698,771 | 7,721,747 | 7,143,907 | |||||||||||||||
End of period | 7,286,349 | 7,380,359 | 7,512,630 | 7,721,747 |
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.
61
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
5. Financial Instruments (Continued)
Foreign issuers are not generally subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. There may be less publicly available information about a foreign issuer than about a domestic one. In addition, there is generally less government regulation of stock exchanges, brokers, and listed and unlisted issuers in foreign countries than in the United States. Furthermore, with respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, imposition of withholding taxes on dividend or interest payments, limitations on the removal of funds or other assets of the Funds, or political or social instability or diplomatic developments which could affect investments in those countries. Individual foreign economies also may differ favorably or unfavorably from the United States economy in such respects as growth of gross national product, rate of inflation, capital reinvestment and resource self-sufficiency.
Because investment in foreign issuers will usually involve currencies of foreign countries, and because the Funds may be exposed to currency exposure independent of their securities positions, the value of the assets of the Funds invested in foreign issuers as measured in U.S. dollars will be affected by changes in foreign currency exchange rates. To the extent that a Fund's assets consist of investments denominated in a particular currency, the Fund is at risk of adverse developments affecting the value of such currency.
Currency exchange rates may fluctuate significantly over short periods of time causing, along with other factors, a Fund's net asset value to fluctuate as well. Currency exchange rates generally are determined by the forces of supply and demand in the foreign exchange markets and the relative merits of investments in different countries, actual or anticipated changes in interest rates and other complex factors, as seen from an international perspective. Currency exchange rates also can be affected unpredictably by intervention by U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political developments in the U.S. or abroad. To the extent that a substantial portion of a Fund's total assets, adjusted to reflect the Fund's net position after giving effect to currency transactions, is denominated in the currencies of foreign countries, the Fund will be more susceptible to the risk of adverse economic and political developments within those countries.
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, 2019, 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.
62
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
6. Beneficial Interest (Continued)
As of June 30, 2019 the ownership of each Fund was as follows:
Percentage of Ownership(1) | |||||||||||||||||||
John Hancock Variable Life Insurance Co. | Pacific Life Insurance Co. | Pruco Life Insurance Co. Of Arizona | Voya-Security Life of Denver | ||||||||||||||||
M International Equity Fund | 40.8 | % | 39.2 | % | 6.5 | % | 6.4 | % | |||||||||||
M Large Cap Growth Fund | 52.0 | % | 31.8 | % | 6.3 | % | 1.7 | % | |||||||||||
M Capital Appreciation Fund | 44.8 | % | 40.7 | % | 2.1 | % | 5.0 | % | |||||||||||
M Large Cap Value Fund | 53.0 | % | 29.7 | % | 6.2 | % | 1.7 | % |
(1) The balance of the Funds' shares are owned by shareholders with less than 5% beneficial interest.
7. Tax Information
At June 30, 2019, 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 | $ | 163,759,891 | $ | 16,926,581 | $ | (4,078,603 | ) | $ | 12,847,978 | ||||||||||
M Large Cap Growth Fund | 123,167,356 | 76,738,304 | (1,137,934 | ) | 75,600,370 | ||||||||||||||
M Capital Appreciation Fund | 133,626,970 | 66,189,142 | (22,103,074 | ) | 44,086,068 | ||||||||||||||
M Large Cap Value Fund | 86,242,705 | 9,214,579 | (2,246,103 | ) | 6,968,476 |
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.
63
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS
APPROVAL OF AN AMENDMENT TO THE INVESTMENT ADVISORY AGREEMENT IN CONNECTION WITH THE CHANGE IN SUB-ADVISER OF THE M INTERNATIONAL EQUITY FUND
The Board of Directors (the "Board") of M Fund, Inc. (the "Corporation"), including the Independent Directors, unanimously approved an amendment to the Investment Advisory Agreement (the "Amendment") between M Financial Investment Advisers, Inc. (the "Adviser"), a wholly-owned subsidiary of M Financial Group, and the Corporation in connection with the change in sub-adviser of the M International Equity Fund at its meeting held on November 15, 2018. The terms of the Investment Advisory Agreement following the Amendment were substantially similar to those under the previous Investment Advisory Agreement, except that: (i) the advisory fee for the M International Equity Fund decreased due to the change in sub-adviser; and (ii) the date of the Amendment is different. The Amendment provides that the M International Equity Fund shall compensate the Adviser at the annual rate of 0.15% plus 0.32% of first $100 million of the average daily net assets of the Fund and 0.27% of assets in excess of $100 million of the average daily net assets of the M International Equity Fund. It was noted that the 0.32% and 0.27% fees exclude assets invested in the Emerging Markets Core Equity Portfolio (the "Underlying Fund"), a mutual fund advised by DFA. The Adviser will retain 0.15% of the fee and pay the remainder to the sub-adviser. The Board considered information provided by the Adviser earlier in the meeting. In considering whether to approve the Amendment, the Board, including the Independent Directors, noted that the factors for the approval of the Amendment were discussed in detail in connection with the approval of the continuation of the Investment Advisory Agreement. The Board noted that the considerations in connection with the approval of the Amendment were the same.
Based upon such information as it considered necessary to the exercise of its reasonable business judgment, and after deliberation and consideration of the information provided, the Board concluded that it was fair and reasonable and in the best interests of the M International Equity Fund's shareholders to approve the Amendment. The Board also determined that the terms of the Amendment were fair and reasonable with respect to the M International Equity Fund, in the best interests of the M International Equity Fund's shareholders, and similar to those that could have been obtained through arm's length negotiations.
APPROVAL OF A NEW INVESTMENT SUB-ADVISORY AGREEMENT IN CONNECTION WITH THE CHANGE IN SUB-ADVISER OF THE M INTERNATIONAL EQUITY FUND
The Board approved a new Sub-Advisory Agreement with Dimensional Fund Advisors LP, ("DFA") on behalf of the M International Equity Fund at its meeting held on November 15, 2018 (the "New Sub-Advisory Agreement"). The Board considered the New Sub-Advisory Agreement in connection with a change in the sub-adviser for the M International Equity Fund from Northern Cross to DFA. In considering whether to approve the New Sub-Advisory Agreement, the Board noted that the Adviser was recommending the change of sub-adviser and the approval of the New Sub-Advisory Agreement as in the best interest of the M International Equity Fund and its shareholders. The Board also considered information provided by the Adviser and by DFA. In considering whether to approve the New Sub-Advisory Agreement, the Board, including the Independent Directors, did not identify any single factor
64
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
as determinative. Matters considered by the Board, including the Independent Directors, in connection with their approval of the New Sub-Advisory Agreement included the following:
Capability, Nature and Quality of Services. The Board reviewed in detail the capability, nature, extent and quality of the services to be provided by DFA under the terms of the New Sub-Advisory Agreement. The Board considered the experience of DFA as an investment manager. The Board also reviewed the personnel at DFA that would be responsible for providing sub-advisory services to the M International Equity Fund. The Board concluded that DFA had significant operational experience and the capability, resources and personnel necessary to manage the M International Equity Fund and that the information provided supported the approval of the New Sub-Advisory Agreement.
Compliance History. The Board considered the regulatory compliance history of DFA. DFA certified that it has not had any material violations of its policies and procedures or its Code of Ethics for the two-year period ended October 31, 2018 and there are no pending inquiries by the SEC or any other regulatory agency. Based upon information provided to it, the Board concluded that it was satisfied with the adequacy of DFA's compliance program and that the information provided supported the approval of the New Sub-Advisory Agreement.
Investment Performance. The Board considered the information about the performance of DFA's International Equity Strategy, including information that compared the performance of the strategy to the performance of the relevant benchmark, the MSCI ACWI ex USA. The strategy exceeded its benchmark for the three-, five- and since inception time periods through September 30, 2018. The Board concluded that the strategy's performance supported the approval of the New Sub-Advisory Agreement.
Advisory Fees. The Board considered the advisory fees that would be payable to DFA. The Board compared the level of the proposed advisory fee for the M International Equity Fund to those of other funds with similar strategies. The Board noted that the M International Equity Fund's management fee includes 0.15% payable to the Adviser as an Advisory fee; plus 0.32% on the first $100 million of assets under management; plus 0.27% on amounts over $100 million. It was noted that the 0.32% and 0.27% fees exclude assets invested in the Underlying Fund. Information and charts showing advisory fees for comparable funds were presented to the Board. DFA's proposed fees were less than 17 of the 30 managers in the peer group. The Board considered the profitability and "fall-out" benefits, if any, to be received by DFA and considered that DFA does not engage in soft dollar transactions. The Board used this information as a guide to help assess the reasonableness of the M International Equity Fund's proposed advisory fee. The Board concluded that the proposed advisory fees payable to DFA were fair and reasonable and supported the approval of the New Sub-Advisory Agreement.
Economies of Scale. The Board considered the benefit to investors of economies of scale. The Board noted that DFA's fees decrease at certain breakpoints. The Board also noted that as M International Equity Fund assets increase, fixed operating costs are spread over a larger asset base resulting in lower per share allocation of such costs. The Board concluded that the proposed advisory fees payable to DFA were fair and reasonable and supports the approval of the DFA Sub-Advisory Agreement.
Operating Expenses. The Board reviewed the operating expenses of M International Equity Fund. The Board noted that in addition to DFA's advisory fee, the M International Equity Fund was also responsible for payment of a portion of the Company's operating expenses. The Board also considered comparative total fund expenses of the
65
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
M International Equity Fund, taking into account the proposed decrease to the advisory fee. The Board noted that the total fund expenses were projected to be 0.20% of average daily net assets, which was lower than 17 of the 30 other managers in the peer group. The Board noted that the Adviser has contractually agreed to reimburse the M International Equity Fund for expenses (other than advisory fees and extraordinary expenses) incurred by the M International Equity Fund to the extent that they exceed 0.25% of the M International Equity Fund's average daily net assets. The Board concluded that the operating expenses of the M International Equity Fund will continue to be fair and reasonable and support the approval of the New Sub-Advisory Agreement.
Brokerage Transactions. The Board considered DFA's intended brokerage selection process on behalf of the M International Equity Fund. The Board noted that DFA does not intend to engage in soft dollar transactions on behalf of the M International Equity Fund. The Board noted that the M International Equity Fund's CCO had reviewed DFA's written policies and procedures for fair trading and best execution. The Board concluded that it was satisfied with DFA's brokerage selection and best execution policies and procedures.
Based upon such information as it considered necessary to the exercise of its reasonable business judgment, and after deliberation and consideration of the information provided, including the factors summarized above, the Board concluded that it was fair and reasonable and in the best interests of the M International Equity Fund's shareholders to approve the New Sub-Advisory Agreement. The Board also determined that the terms of the New Sub-Advisory Agreement were fair and reasonable with respect to the M International Equity Fund, in the best interests of the M International Equity Fund's shareholders, and similar to those that could have been obtained through arm's length negotiations.
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 DFA, Frontier Capital Management Company, LLC ("Frontier"), DSM Capital LLC ("DSM") and AJO, LP ("AJO"), 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.
66
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
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 14, 2019, the Board, including the Independent Directors, unanimously approved the continuance of the Advisory Agreement and the Sub-Advisory Agreements. At this meeting, the Board evaluated, among other things, written information provided by the Adviser and each Sub-Adviser, as well as answers to questions posed by the Board to representatives of the Adviser (including answers provided at other Board meetings).
The Adviser and Sub-Advisers furnished information concerning a variety of aspects of the operation of the Funds including, (1) the capability of the Adviser and each Sub-Adviser to provide advisory services (including number and experience of personnel, administrative systems, and financial strength); (2) the nature, extent, and quality of services to be provided by the Adviser and each Sub-Adviser; (3) the Adviser's and each Sub-Adviser's regulatory compliance history; (4) the investment performance of each Fund, including the Adviser and each Sub-Adviser; (5) advisory fees, considering the services provided; the costs and expenses of the Adviser or each Sub-Adviser; fees throughout the industry; the level of profit realized by the Adviser or each Sub-Adviser under the Advisory 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 14, 2019 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
67
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
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.
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, 2017, the Adviser had approximately $746 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 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, 2018, DSM had approximately $6.0 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. DSM's second founder and principal, Steve Memishian, serves as DSM's
68
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
COO. DSM has a complete operations group comprised of traders, compliance and client service professionals, who also handle trade settlement, reconciliation and billing. 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 $12.7 billion in assets under management as of December 31, 2018. Mike Cavaretta, one of Frontier's principals, has been primarily responsible for the management of the Fund since its inception. 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. The Board concluded that Frontier has significant operational experience and the capability, resources and personnel necessary to continue to manage the Fund.
M Large Cap Value Fund
The Board noted that AJO was founded in 1984 and has managed the M Large Cap Value Fund since May 2013. AJO had approximately $19.8 billion in assets under management as of December 31, 2018. A team of investment professionals, led by Ted Aronson, AJO's founder and managing principal, manages the Fund. AJO also has a dedicated CCO and compliance staff, as well as mid- and back- office professionals. The Board noted that the Adviser has direct access to Mr. Aronson and other principals and professionals at the firm. The Board concluded that AJO has significant operational experience and the capability, resources and personnel necessary to continue to manage the Fund.
2. REGULATORY COMPLIANCE HISTORY OF ADVISER AND SUB-ADVISERS
The Board considered the regulatory compliance history of the Adviser and each Sub-Adviser, which is reviewed quarterly by the Adviser and any material violations are brought to the attention of the Corporation's Chief Compliance Officer and the Board. Neither the Adviser, nor any of the Sub-Advisers had any material violations of any of their respective policies and procedures or their Codes of Ethics during the year ended December 31, 2018. 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 that management monitors each Fund's performance on an on-going basis and the Board reviews performance quarterly. The Board concluded that the Adviser is 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, 2018 and for the period from the inception of each Fund through December 31, 2018.
69
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
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-, and five-year periods, but exceeded the benchmark for the 10-year period and from inception to December 31, 2018. It was noted that the investment performance provided included 13 years of management by the Fund's previous sub-adviser, which was replaced largely due to poor investment performance. The Board stated that it places no weight on the Fund's performance prior to DSM assuming investment management responsibilities. The Board concluded that it was satisfied with DSM's investment performance.
M Capital Appreciation Fund
The Board considered the investment performance of M Capital Appreciation Fund. The Fund exceeded its benchmark, the Russell 2500 Index, for the three-, five- and 10-year periods ended December 31, 2018 and for the period from the inception of the Fund through December 31, 2018, but lagged for the one-year period. The Board noted that it was satisfied with Frontier's investment performance.
M Large Cap Value Fund
The Board considered the investment performance of the M Large Cap Value Fund, while it has been managed by AJO. The Fund lagged its benchmark, the Russell 1000 Value Index, for the one-, three-, five- and 10-year and since inception periods ended December 31, 2018, and for the period since AJO began managing the Fund. AJO has managed the Fund for the past five and a half years, so the 10-year performance and "since inception" performance includes 10 years of management by the Fund's previous sub-adviser. The previous sub-adviser was replaced, in part, due to poor investment performance. The Board considered the Fund's recent performance under AJO's management as relevant and does not consider longer-term performance attributable to the Fund's prior sub-adviser. The Adviser has increased its oversight of AJO's investment performance. The Board stated that it would also monitor AJO's performance more closely each quarter. The Board concluded that performance was adequate and that a change in sub-adviser is not advisable at this time.
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 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. The Board noted that because of the availability of information for comparisons, advisory fees presented are for the year ended December 31, 2017.
70
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
M Large Cap Growth Fund
The Board noted that based upon the Fund's assets, the management fee was 0.59% of its average daily net assets, of which 0.15% was retained by the Adviser and the remainder was paid to DSM. DSM's sub-advisory fee was less than 59 of the 89 other managers in the peer group and the sub-advisory fee it 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, the Adviser 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 noted that the Fund's management fee was 0.90% of average daily net assets, of which 0.15% was retained by the Adviser and the remainder was paid to Frontier. Frontier's sub-advisory fee was higher than 36 and the same as three of the other 43 funds in its peer group, but still falls within a reasonable range of its peers. Frontier manages approximately 30 separate accounts in the capital appreciation strategy, and all but three pay the same fee that the Fund pays. The Board noted that no "fall-out" benefits to Frontier, the Adviser 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.
M Large Cap Value Fund
The Board noted that the Fund's management fee was 0.45% of average daily net assets, of which 0.15% was retained by the Adviser and the remainder was paid to AJO. AJO's sub-advisory fee is less than 61 and the same as three of the 74 other managers in its peer group. The Board noted that AJO has a most-favored-nation policy and has no fixed-fee clients pay more than the lowest fixed fee charged for a similar strategy of similar asset size. The Board noted that no "fall-out" benefits to AJO, the Adviser or the Corporation resulting from the Sub-Advisory relationship were reported, and AJO does not engage in soft dollar transactions on behalf of the Fund. The Board concluded that AJO'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 Large Cap Growth Fund and M Large Cap Value Fund to DSM and AJO, respectively, decrease at breakpoints while the sub-advisory fees payable for the M Capital Appreciation Fund to Frontier do not decrease at breakpoints. The Board noted that as assets in each of the Funds increase, fixed operating co sts 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.
71
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
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 considered comparative total fund expenses of each Fund compared to its respective peer group.
The Board noted that 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) 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 due primarily to the portfolio transition of the M International Fund from Northern Cross to DFA, the Adviser reimbursed $101,000 in 2018 and, based on current projected year-end asset levels, reimbursement of approximately $60,000 is expected in 2019. The Board concluded that the Corporation's operating expenses were fair and reasonable.
The Board reviewed a comparison of each Fund's operating expenses to those of other funds with similar strategies. The Board noted that because of the availability of information for comparisons, operating fees presented are for the year ended December 31, 2017.
M Large Cap Growth Fund
The Board noted that M Large Cap Growth Fund's portion of the Corporation's operating fees totaled 0.16% of the Fund's average daily net assets. Total Fund expenses were 0.75% of daily net assets, which was lower than 61 and the same as two of the 89 other funds in the peer group. The Board concluded that the operating expenses of the Fund were fair and reasonable.
M Capital Appreciation Fund
The Board noted that the M Capital Appreciation Fund's portion of the Corporation's operating expenses totaled 0.17% of the Fund's average daily net assets. Total Fund expenses were 1.07% of average daily net assets, which was higher than 25 and the same as one other of the 43 funds in the peer group, but still falls within a reasonable range of its peers. The Board concluded that the operating expenses were fair and reasonable.
M Large Cap Value Fund
The Board noted that the M Large Cap Value Fund's portion of the Corporation's operating expenses totaled 0.21% of the Fund's average daily net assets. Total Fund operating expenses were 0.64% of average daily net assets, which was lower than 59 and the same as two of the other 75 managers in the peer group. The Board concluded that the operating expenses of the Fund were fair and reasonable.
7. THE SUB-ADVISERS' PROCESS FOR SELECTION OF BROKERS AND DEALERS FOR PORTFOLIO TRANSACTIONS AND THE COST FOR SUCH TRANSACTIONS.
The Board considered the brokerage transactions on behalf of the Funds. The Board noted that the trading and execution for the Funds is handled at the Sub-Adviser level. The Board noted that the Corporation's Chief Compliance Officer reviews each Sub-Adviser's written policies and procedures for fair-trading and best execution
72
BOARD OF DIRECTORS REPORT
CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
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 considered each Sub-Adviser's process for choosing brokers for each Fund.
M Large Cap Growth Fund
The Board noted that DSM's CCO works closely with its head trader and an outside compliance firm to review broker rotation and to ensure that all DSM clients receive similar execution over time. Brokers are evaluated by DSM's head trader based on stated criteria, such as execution, price, responsiveness, reporting, etc. DSM's analysts also rate each approved broker on the quality of industry conferences provided by the broker, as well as their company research. These evaluations result in an average overall score for each broker. The CCO and head trader meet to discuss the evaluations and to prepare a soft-dollar budget for the year based on evaluation results. DSM presents soft dollar information to the Board each quarter. 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 noted that the following three considerations are paramount to every decision Frontier makes regarding the selection of brokers and dealers to execute transactions for clients: (i) best execution; (ii) adherence to fiduciary duty; and (iii) compliance with the law. All decisions as to which broker or dealer will be selected to execute a particular transaction for a client account are made by a member of the trading desk. Frontier presents soft dollar information to the Board each quarter. The Board concluded that it was satisfied with Frontier's policies and procedures for broker selection and best execution.
M Large Cap Value Fund
The Board noted that AJO selects brokers based on a number of stated criteria. AJOs Trade Management Oversight Committee periodically conducts a large-scale trading review to adjust the broker roster by terminating poor performers and introducing new brokers. New brokers are selected based on responses to a comprehensive questionnaire and are chosen largely for their thoughtful approach to trading and ability to incorporate transaction-cost analysis in their process. The Board noted that AJO does not engage in soft dollar transactions on behalf of the Fund. The Board concluded that it was satisfied with AJO's policies and procedures for broker selection and execution.
CONCLUSIONS
Based upon such information as it considered necessary to the exercise of its reasonable business judgment, and after deliberation and consideration of the information provided, including the factors summarized above, the Board concluded that the terms of the Advisory Agreement and each Sub-Advisory Agreement were fair and reasonable and in the best interests of the Corporation, the Funds and each Fund's shareholders and similar to those that could have been obtained through arm's length negotiations. The Board then approved the continuation of the Advisory Agreement and each Sub-Advisory Agreement.
73
M Fund, Inc.
SUPPLEMENTAL INFORMATION (Unaudited)
Quarterly Form N-Q Portfolio Schedule
Each Fund will file its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") on Form N-Q at the end of the first and third fiscal quarters within 60 days of the end of the quarter to which it relates. The Corporation's Form N-Q will be available on the Corporation's website at www.mfin.com and on the SEC's website at www.sec.gov.
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.
74
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, 2019 to June 30, 2019.
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.
75
M Fund, Inc.
HYPOTHETICAL EXPENSE EXAMPLE (Unaudited) (Continued)
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Annualized Expense Ratio | Expenses Paid During Period* (January 1, 2019 to June 30, 2019) | ||||||||||||||||
M International Equity Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,124.00 | 0.63 | % | $ | 3.32 | |||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.70 | 0.63 | % | 3.16 | ||||||||||||||
M Large Cap Growth Fund | |||||||||||||||||||
Actual | 1,000.00 | 1,238.10 | 0.75 | % | 4.16 | ||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.10 | 0.75 | % | 3.76 | ||||||||||||||
M Capital Appreciation Fund | |||||||||||||||||||
Actual | 1,000.00 | 1,179.10 | 1.09 | % | 5.89 | ||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.40 | 1.09 | % | 5.46 | ||||||||||||||
M Large Cap Value Fund | |||||||||||||||||||
Actual | 1,000.00 | 1,146.10 | 0.66 | % | 3.51 | ||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.50 | 0.66 | % | 3.31 |
* Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days). In addit ion 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.
76
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 Registrant’s most recent fiscal quarter of 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.
(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. |
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By: | /s/ Bridget McNamara-Fenesy |
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| Bridget McNamara-Fenesy |
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| President/Principal Executive Officer |
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Date: | August 27, 2019 |
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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 |
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| Bridget McNamara-Fenesy |
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| President/Principal Executive Officer |
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Date: | August 27, 2019 |
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By: | /s/ David Lees |
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| David Lees |
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| Treasurer/Principal Financial and Accounting Officer |
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Date: | August 27, 2019 |
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