UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-9082 |
M Fund, Inc. |
(Exact name of registrant as specified in charter) |
M Financial Plaza 1125 NW Couch Street, Suite 900 Portland, Oregon | 97209 |
(Address of principal executive offices) | (Zip code) |
Bridget McNamara-Fenesy, President, M Fund, Inc. M Financial Plaza, 1125 NW Couch Street, Suite 900 Portland, Oregon 97209 |
(Name and address of agent for service) |
with a Copy to: |
Cynthia Beyea |
Eversheds Sutherland LLP |
700 Sixth Street, N.W. |
Washington, D.C. 20001-3980 |
Registrant's telephone number, including area code: | (503) 232-6960 |
Date of fiscal year end: | 12/31 | ||
Date of reporting period: | 12/31/2020 |
Item 1. Reports to Stockholders.
(a) | A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended, for the period January 1, 2020 through December 31, 2020, is filed herewith. | |
(b) | Not applicable. |
M FUND, INC.
M International Equity Fund
M Large Cap Growth Fund
M Capital Appreciation Fund
M Large Cap Value Fund
Annual Report
December 31, 2020
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 Fund, Inc.
PRESIDENT'S LETTER
Dear Contract Owners:
We are pleased to share the financial condition of M Fund, Inc. (the "Corporation") as presented in the following Annual Report dated December 31, 2020. Total assets under management at year end 2020 were $758.1 million.
Sub-Advisers to the portfolios, under the direction of M Financial Investment Advisers, Inc., the investment adviser to the Corporation, have prepared the attached discussion of results for each portfolio of the Corporation for the year ended December 31, 2020.
Sub-Advisers to the portfolios of the Corporation are: Dimensional Fund Advisors ("DFA") LP for the M International Equity Fund, DSM Capital Partners LLC for the M Large Cap Growth Fund, Frontier Capital Management Company, LLC for the M Capital Appreciation Fund and Brandywine Global Investment Management, LLC for the M Large Cap Value Fund.
On behalf of the Corporation's Board of Directors, M Financial Investment Advisers, Inc. and the Corporation's participating insurance carriers, we thank you for your business and remain committed to providing opportunities that add value to our investors in the upcoming year.
Sincerely,
BRIDGET MCNAMARA-FENESY
President
M Fund, Inc.
M INTERNATIONAL EQUITY FUND
Performance
For the twelve months ended December 31, 2020, the M International Equity Fund had a return of 8.9% (net of management fees) versus a total return (including reinvestment of dividends) of 10.6% for its benchmark, the MSCI ACWI (All Country World Index) ex USA Index1.
Market Environment/Conditions
In US dollar terms, global ex US equity markets returned 11.12%, as reflected by the MSCI All Country World ex USA IMI (net dividends), for the year. Developed ex US markets returned 8.32% as measured by the MSCI World ex USA IMI (net dividends) and emerging markets returned 18.39% as measured by the MSCI Emerging Markets IMI (net dividends). In developed markets, all currencies appreciated versus the US dollar. In emerging markets, currency performance versus the US dollar was mixed. Most currencies generally depreciated versus the US dollar, but some, notably the Taiwan dollar and Chinese renminbi, appreciated.
Theoretical and empirical research suggests that investors can systematically pursue higher expected returns by targeting the size, relative price, and profitability dimensions in equity markets. Dimensional Fund Advisors integrates these dimensions to emphasize stocks with smaller market capitalizations, lower relative prices, and higher profitability.
Along the market capitalization dimension, small caps (MSCI All Country World ex USA Small Cap Index, net dividends) outperformed large caps (MSCI All Country World ex USA Index, net dividends) by 3.6% for the year. Mid caps (MSCI All Country World ex USA Mid Cap Index, net dividends), a subset of the MSCI All Country World ex USA Index universe, underperformed small caps (MSCI All Country World ex USA Small Cap Index, net dividends) by 3.9% and underperformed large caps (MSCI All Country World ex USA Index, net dividends) by 0.4%.
Along the relative price dimension, large cap value stocks (MSCI All Country World ex USA Value Index, net dividends) underperformed large cap growth stocks (MSCI All Country World ex USA Growth Index, net dividends) by 23.0%, and small cap value stocks (MSCI All Country World ex USA Small Cap Value Index, net dividends) underperformed small cap growth stocks (MSCI All Country World ex USA Small Cap Growth Index, net dividends) by 19.0%.
High profitability stocks outperformed low profitability stocks within large caps and underperformed within small caps.2
Performance of the premiums may vary depending on the particular segment of the market under analysis.
Fund Review/Current Positioning
The M International Equity Fund underperformed the MSCI All Country World ex USA Index (net dividends) by 1.7% for the period.
With low relative price (value) stocks underperforming high relative price (growth) stocks, the Fund's greater emphasis on value stocks detracted from performance relative to the benchmark. Conversely, the Fund's inclusion of and emphasis on small cap stocks had a positive impact on performance relative to the benchmark (which is composed primarily of large and mid cap stocks), as small caps outperformed large caps.
2
Dimensional Fund Advisors LP
Investment Sub-Adviser to the M International Equity Fund
Performance represented is net of fees. The foregoing reflects the thoughts and opinions of Dimensional Fund Advisors LP exclusively and is subject to change without notice. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Strategies discussed are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance. Portfolio characteristics are as of December 31, 2020. Please note that all indices are unmanaged and are not available for direct investment.
The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Fund's trading intent. Information about the Fund's holdings, asset allocation or country diversification is historical and is not an indication of future Fund composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.
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COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
THE M INTERNATIONAL EQUITY FUND, MSCI AC WORLD ex USA
The M International Equity Fund's total return is calculated net of Investment Advisory Fees and operating expenses. Performance figures represent past performance and are not indicative of future performance of the M International Equity Fund or Index. Share value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original investment. Please note that all indices are unmanaged, do not incur expenses, and are not available for direct investment. Persons who invest in the M International Equity Fund through a variable annuity or variable life insurance contract should note this graph does not reflect separate account expenses deducted by the insurance company.
* 12/31/10 to 12/31/20
+ MSCI EAFE—Effective May 1, 2014, the Fund changed its benchmark index from the MSCI EAFE Index to the MSCI AC World ex US Index. The MSCI AC World ex US Index is more representative of the Fund's investment portfolio than its previous index.
MSCI ACWI (ALL COUNTRY WORLD INDEX) ex USA INDEX
1 The MSCI ACWI (All Country World Index) ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the US. Investors cannot invest directly in an Index.
2 Profitability is measured as operating income before depreciation and amortization minus interest expense, scaled by book.
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M LARGE CAP GROWTH FUND
Performance
For the twelve months ended December 31, 2020, the M Large Cap Growth Fund had a return of 28.9% (net of management fees) versus a total return (including reinvestment of dividends) of 38.5% for its benchmark, the Russell 1000 Growth Index1.
Market Environment/Conditions
Without a doubt, the speed and severity of the global economic downturn caused by COVID-19 was unprecedented. The virus observed no borders, and as a result, the entire global economy transitioned from a slow expansion to a deep recession in record time. However, with significant stimulus from Washington, extremely low interest rates courtesy of the Federal Reserve, and most importantly, the development of vaccines, the markets recovered. Before coronavirus became a factor earlier this year, the portfolio had appreciated approximately 9% through mid-February. By the end of March, due to the impact of the virus, the portfolio had declined nearly 24% from the beginning of the year. Since then, through year-end, the portfolio appreciated more than 68%, well above its value in mid-February.
Global economic optimism is growing as the vaccination process has begun, with millions around the world already having received vaccines. Although the process is in the early stages, the light at the end of the tunnel is bright and should help to drive the confidence necessary to sustain the global economic recovery, especially in employment intensive industries such as hotels, restaurants and airlines. Early on DSM expects there will be a strong economic rebound from the currently very depressed levels. However, similar to the decade after the Global Financial Crisis in 2008/9, DSM sees the period after the COVID-19 recovery to be characterized by low inflation, low interest rates and slow economic growth that may, despite its slow start, develop into a longer growth cycle than the majority of previous economic growth periods.
Importantly, DSM continues to believe that Value will underperform Growth going forward. While over the near term it is possible that "Old Era" Value names may recover post-COVID and possibly outperform Growth over a limited period of time, DSM believes Value benchmarks will continue to face revenue and profit pressures from the ongoing evolution of digital/internet technologies. Additionally, Value stocks are generally more cyclical, operate in more competitive industries and have greater capital requirements. Finally, Value stocks in both Europe and the US often have high P/Es due to their dividend yield, yet these valuations are often not justified by the underlying business fundamentals of the companies.
Fund Review/Current Positioning
The majority of the Fund is invested in the information technology, communication services and consumer discretionary sectors, with smaller weightings in health care, financials and consumer staples. Within these sectors, a significant portion of the portfolio is invested in digital companies that utilize the internet to provide their services. These companies are well-positioned to serve both business and consumer customers in a very broad range of industries, often globally. DSM believes this mix of businesses provides diversified economic and end market/customer exposure. Importantly digital/internet-based businesses have largely executed well during this severe recessionary period. Without question, the rise of digital technology has been, and will likely continue to be, an important contributor to the growth of global economies and a driver of equity markets.
For the year, the M Large Cap Growth Fund underperformed the benchmark primarily as a result of stock selection in the consumer discretionary and information technology sectors. DSM's stock selection in consumer
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staples and underweight of the industrials sector versus the benchmark benefitted performance. By security, the top five contributors to the Fund's performance for the year included PayPal Holdings, Adobe, Amazon.com, Microsoft and Tencent Holdings. The five positions which contributed the least in the period were Royal Caribbean Cruises, Elanco Animal Health, Palo Alto Networks, Booking Holdings and Becton Dickinson. It is worth noting that the performance of the benchmark in 2020 was significantly enhanced by holding Apple and Tesla, however DSM prefers to stick with its proven valuation discipline and will not invest in equities they believe are clearly overvalued.
Given its reasonable valuation, substantial revenue and earnings growth, low interest rates, and the possibility of an improving global economy, DSM believes the portfolio has significant appreciation potential. Over time, businesses appreciate in value as their earnings grow. DSM's portfolio earnings have grown largely as expected before the pandemic and they believe growth in the mid-to-high teens, or perhaps more, is possible beginning in 2021.
DSM Capital Partners LLC
Investment Sub-Adviser to the M Large Cap Growth Fund
Performance represented is net of fees. The foregoing reflects the thoughts and opinions of DSM Capital Partners LLC exclusively and is subject to change without notice. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Strategies discussed are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance. Portfolio characteristics are as of December 31, 2020. Please note that all indices are unmanaged and are not available for direct investment.
This commentary may include statements that constitute "forward looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Fund, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Fund's trading intent. Information about the Fund's holdings, asset allocation or country diversification is historical and is not an indication of future Fund composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.
6
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
THE M LARGE CAP GROWTH FUND AND THE RUSSELL 1000 GROWTH INDEX (Unaudited)
The M Large Cap Growth Fund's total return is calculated net of Investment Advisory Fees and operating expenses. Performance figures represent past performance and are not indicative of future performance of the M Large Cap Growth Fund or Index. Share value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original investment. Please note that all indices are unmanaged, do not incur expenses, and are not available for direct investment. Persons who invest in the M Large Cap Growth Fund through a variable annuity or variable life insurance contract should note this graph does not reflect separate account expenses deducted by the insurance company.
* 12/31/10 to 12/31/20
RUSSELL 1000 GROWTH INDEX
1 The Russell 1000 Growth Total Return Index includes dividends reinvested in the Russell 1000 Growth Index as reported by the Russell Company. The Russell 1000 Growth Index is a capitalization weighted index containing over 600 widely held securities with growth characteristics. DSM uses the Russell 1000 Growth Index as a benchmark because its average market capitalization is similar to that of the M Large Cap Growth Fund, and it is an industry standard. Characteristics of any benchmark may differ materially from accounts managed by DSM. Investors cannot invest directly in an Index.
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M CAPITAL APPRECIATION FUND
Performance
For the twelve months ended December 31, 2020, the M Capital Appreciation Fund had a return of 17.7% (net of management fees) versus a total return (including reinvestment of dividends) of 20.0% for its benchmark, the Russell 2500® Index1.
Market Environment/Conditions
U.S. equities ended 2020 with a record setting rally into year end. Growth stocks led the market with a Russell 2500® Growth Index return of 40.5% versus a Russell 2500® Value return of 4.9%. While growth has continued to outperform, the market has started to shift moderately away from "Growth at Any Price" to more fundamental drivers.
The sudden emergence of Covid-19 in January 2020 set the tone for the investment year. A sharp sell-off in risk-based assets globally, as borders were closed and economies halted, was followed by an equally aggressive recovery in asset valuations during the Summer and early Fall as both the United States and European Union governments put in place an unprecedented amount of stimulus spending. News of successful vaccines further propelled the market to new highs as investors began to look through a resurgence of Covid-19 cases in late 2020 toward an expected return to some sense of normalcy by mid-2021. During much of 2020, investors again flocked to highly expensive, momentum growth stocks as they sought certainty of growth over the attractive valuations of more economically sensitive areas of the market. But as news of the vaccine spread and expectations for a normalization of economic activity ensued, investor sentiment shifted demonstrably toward more fundamentally driven valuation.
As we enter 2021, we are encouraged by the potential for increased visibility on a global basis with continued stimulus spending and the expected rollout of an effective vaccine. As demand trends normalize, we would expect the broadening of the market witnessed in the latter half of 2020 to continue, which would be positive for the performance of the Fund given the valuation overlay of our investment process. We remain focused on purchasing stocks that will generate long-term earnings power selling at an attractive valuation.
Fund Review/Current Positioning
The Fund generated positive sector allocation for the year with the overweighted technology sector increasing 57% versus the Index return of 20%, and the underweighted financials and real estate sectors declining 3% and 4%, respectively. However, poor stock selection, primarily in the consumer discretionary and industrials sectors offset these gains.
The results within the consumer discretionary and industrials sectors can be attributed almost entirely to airlines or suppliers to the airline industry, such as Allegheny Technologies. Under the new Russell industry classifications, domestic airlines fall under consumer discretionary while international airlines and suppliers fall under industrials.
Airlines represented four of the ten lowest contributors to performance. Airline stocks accounted for the majority of negative stock selection and on an absolute basis impacted performance by over 1000 basis points. The impact of Covid-19 was sudden and pronounced for the airline industry as both domestic and international travel ground to a halt with little warning. Given the heavy capital investment and fixed costs inherent in the business, this abrupt drop in revenues resulted in substantial losses, which required financial assistance from the government in the form of debt and further equity dilution as companies sought to remain solvent. Leading up to the onset of Covid-19, the airline industry had been a successful contrarian investment for the Fund for almost 10 years. During that time, the industry had witnessed major consolidation to only a few key players, new capital discipline and focus on return
8
thresholds, and a return of pricing power as the companies monetized previously untapped profit centers such as baggage fees and change fees. In fact, prior to the onset of Covid-19, the Fund's largest position, United Airlines, had reported record revenues and earnings for 2019 and guided analysts to a meaningful higher level of earnings in 2021. As late as early February, we were optimistic about the prospects for our various holdings in this space. Unfortunately, the fundamental backdrop of an improved industry and record profitability quickly faded with the onset of the pandemic and in a matter of weeks investors transitioned from talking about new levels of profitability to debating the likelihood of bankruptcy. As part of our investment due diligence, we pursued these same questions and rebalanced the Fund to reflect those stocks we felt most confident would survive the pandemic. Over the course of the prior ten years, we had navigated similar viral threats, but Covid-19 proved to be an event that far surpassed the scenarios we used for benchmarking risk. As a result of our analysis, we retained some capital in airlines but also shifted capital to other areas of the market that had been hit equally hard, such as auto suppliers and casinos. Those trades have proven to be successful for the Fund thus far.
The Fund's energy holdings also hurt stock selection, primarily as a result of the performance of Transocean Ltd. (-87%), one of the largest deepwater drillers. OPEC estimated that oil demand would be slashed by 10% in 2020 as a result of Covid. With a sudden glut of oil inventories, the need for exploration and development has largely vanished, leading to a drastic reduction in expectations for Transocean's prospects over the coming years. Coming into 2020, we had been encouraged by early signs of a recovery in deepwater drilling after close to five years of inactivity. These expectations were quickly dashed. We have now sold Transocean, but continue to hold other energy companies with stronger cash flows and balance sheet dynamics as a way to remain exposed to the long-term optionality on the price of oil.
Finally, health care was a source of poor stock selection; however, this performance can be attributed mostly to the returns of stocks the Fund does not own. As discussed earlier, we believe the sudden uncertainty created by the pandemic further drove investors to expensive, momentum driven stocks, many of which reside in the health care and technology sectors. Two of our top ten contributing stocks, DexCom (+69%) and Insulet (+49%), were from health care, but were not weighted heavily enough to offset the price appreciation of stocks outside the Fund in the biotechnology and health care service areas.
While the Fund was unable to overcome the sudden shock from airlines and energy, the performance outside these areas was encouraging for the year and leaves us well positioned heading into 2021.
Technology remained a bright spot, with four of the top ten contributors coming from this area. The Fund's exposure to semiconductors generated meaningful returns with Monolithic Power (+108%), Cree (+130%) and MACOM (+107%) all exceeding estimates through the course of the year as global investments in power management, electric vehicles and data centers remain relatively unaffected by the pandemic.
Basic materials also outperformed due to the Fund's ownership of Pan American Silver (+47%), the largest publicly traded silver miner. We believe a long-lasting impact from the unprecedented stimulus spending throughout 2020 and into 2021 will be inflationary pressures and potential debasement of fiat currencies. Furthermore, silver relative to gold has been selling at multi-year lows leading to a marked reduction in capital investment across the industry. The combination of these two factors presents a compelling backdrop for silver in general at a time when Pan American Silver is beginning to harvest the value of the portfolio it has built over the past several years. The company now controls some of the lowest cost deposits in the world.
Within financials, the Fund outperformed largely due to its underweight to banks. Banks were hit particularly hard in the pandemic as expectations for interest rates declined and the yield curve flattened. Furthermore, concerns about potential default rates ballooned with the shuttering of the economy. Bank valuations became very attractive, reaching the lowest level since the financial crisis. As a result, we added some new bank positions as well as
9
increased our weighting in existing positions. The Fund's holdings in asset managers and investment banks were mostly shielded from the headwinds faced by banks, and thus performed better.
Frontier Capital Management Co., LLC
Investment Sub-Adviser to the M Capital Appreciation Fund
Performance represented is net of fees. The foregoing reflects the thoughts and opinions of Frontier exclusively and is subject to change without notice. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Strategies discussed are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance. Portfolio characteristics are as of December 31, 2020. Please note that all indices are unmanaged and are not available for direct investment.
This commentary may include statements that constitute "forward looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Fund, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Fund's trading intent. Information about the Fund's holdings, asset allocation or country diversification is historical and is not an indication of future Fund composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.
10
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
THE M CAPITAL APPRECIATION FUND AND RUSSELL 2500 STOCK INDEX (Unaudited)
The M Capital Appreciation Fund's total return is calculated net of Investment Advisory Fees and operating expenses. Performance figures represent past performance and are not indicative of future performance of the M Capital Appreciation Fund or Index. Share value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original investment. Please note that all indices are unmanaged, do not incur expenses, and are not available for direct investment. Persons who invest in the M Capital Appreciation Fund through a variable annuity or variable life insurance contract should note this graph does not reflect separate account expenses deducted by the insurance company.
* 12/31/10 to 12/31/20
RUSSELL 2500® INDEX
1 The Russell 2500® Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. The Russell 2500® Index is a subset of the Russell 3000® Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership. Investors cannot invest directly in an Index.
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M LARGE CAP VALUE FUND
Performance
Since the time that Brandywine Global Investment Management, LLC began managing the M Large Cap Value Fund on May 1, 2020, the Fund had a return of 25.2% (net of management fees) versus a total return of 30.1% for its benchmark, the Russell 1000® Value Index.
Market Environment/Conditions
Broad U.S. equity markets ended a tumultuous 2020 at all-time highs despite worsening coronavirus trends. The potential of a more transmittable mutation also highlights the risks to the U.S. and global economy, however, the markets continued to look past rising infections and weaker near-term economic data toward a post-vaccine recovery. The recovery in the labor market slowed near the end of the year with an increase in mitigation efforts nationwide to confront surging COVID-19 cases. Recent weekly unemployment claims remain elevated and the December unemployment rate was unchanged at 6.7%. Consumer confidence fell further in December impacted by rising infections, but vaccine rollouts underscore a modest rise in consumers expectations for the future. After surging following the pent-up demand for more space after the spring lockdowns, housing lost momentum in the past several months. Pending home sales declined for a 3rd consecutive month in November as a lack of affordable homes is constraining demand. There were no major changes to monetary policy changes after the Federal Reserve (Fed) made an emergency 100 bps rate cut in the first quarter. The Fed kept rates near zero through the end of the year and expects to continue accommodative monetary policy for the foreseeable future. If the vaccines are effective at boosting the economy as expected one potential modification later in 2021 is a gradual tapering of monthly asset purchases.
The beginning of 2020 was marked with a price war in energy initiated by Saudi Arabia against Russia. Following the initial shutdown of the country and most of the world crude oil futures experienced an unprecedented dislocation in mid-April even going negative. The year concluded with a 21% gain in crude oil during the last quarter bolstering expectations for a post pandemic recovery in global oil demand. Heavy doses of fiscal stimulus throughout the year helped produce something of a V shaped recovery with a slight overall positive return in the benchmark for the full year. The recovery was predominantly concentrated in a narrow band of high valuation growthier companies as well as low quality stocks that did not qualify to be held in our portfolio. Valuations in this group of large companies were pushed even higher throughout most of the year. Our process focuses on low valuation stocks with favorable price trends and a bias toward higher quality companies. These factors were all head winds to our strategy.
Fund Review/Current Positioning
The Fund lagged during this year as markets recovered from the steep sell off in March and culminated with a big risk on rally at the end of the year. Higher beta and smaller market caps generally outperform during "risk on" periods as was the case near the end of the year. Growth factors outperformed value factors by a wide margin throughout much of the calendar year, however we witnessed a changeover in the fourth quarter. Previously beaten down value stocks reversed sharply particularly within energy, financials, and cyclicals, however still lagged substantially for the full year.
From a factor perspective, the higher quality bias in the Fund was a detractor during this time period of post sell off recovery. Additionally, our focus on lower valuation companies was a big headwind during a period dominated by higher growth factors. Our approach of focusing on companies that reduce their share base was the biggest
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positive factor for our strategy since those companies issuing shares lagged the most as did companies with high dividend yields in the low interest rate environment.
The biggest detraction to the strategy was from the Communication Services sector mostly driven from The Walt Disney Company. We sold out of this position over a year ago after a large share issuance. The company remained too expensive to qualify after earnings fell early in the year. The strong performance in this very highly valued company was driven from the growth in the company's streaming service which continued to outpace street projections. Higher yielding diversified telecommunications companies also continued to languish throughout the year which detracted on both an absolute and relative basis and were sold due to low price momentum. Expense for building out 5G networks and the increased demand put on their existing service from people working and schooling remotely. The price of oil was up over 20% in the fourth quarter anticipating a future uptick in global economic activity as vaccinations are expected to ramp up. We had reduced our positioning in this strategy at the beginning of the calendar year, however had remained underweight since the inception of this fund. We began increasing our weight in the sector once the price momentum factor stabilized for many of these companies however the sizeable underweight hurt performance. Conversely, a large overweight in biotechnology companies within healthcare also hurt performance. Larger pharmaceutical companies made decisions to stop funding projects early in the year during the big downturn as companies hunkered down to conserve resources and evaluate capital projects.
Interest rates remain extremely low, however the yield curve steepened later in the year and the financial sector performed strongly with the prospects of businesses reopening the need for project financing. A lot of low valuation low momentum smaller banks and consumer finance companies snapped back and led the rebound in sector. The portfolio also benefited from a substantial underweight in the slower growth and more defensive utilities sector.
During the fourth quarter, the strategy had the largest quarterly turnover since the financial crisis at nearly 25%. We held back on some trades for tracking error purposes since the inception of this account but completed those trades by the end of the year. We begin the new year with a pronounced drop in the predicted tracking error in the portfolio. Throughout the volatility of last year our unadjusted process was pushing the portfolio toward the upper range of 4%. We kept the portfolio in the 3.5% — 3.8% range and after the final changes in December the strategy is just below 3.2% on a predicted basis.
The sells drive the overall positioning changes in the portfolio. We ended the year with a substantial reduction in the strong performing industrials sector. Most of the holdings were sold on higher valuations except for the two weak defense companies. The portfolio was incepted with a meaningful overweight in the sector and ended the year with the second largest underweight relative to the index. Large reductions in both energy and financial weightings were driven initially by the quantitative factors rather than from valuations. These sectors along with the Consumer Discretionary sector are dominated by a lot of smaller companies that were greatly impacted from the effects of businesses being forced to close while the country tried to get control over the spread of the novel coronavirus. Once price momentum stabilized as the year went on, they moved back into our universe. In the energy sector the price of the underlying commodity drove down valuations in the beginning of the year and we needed to see price stability there as well before we would add back to those industries. The change in the consumer discretionary sector flipped it from a sizeable underweight at the inception of the strategy to now being the fourth largest overweight. The net reductions in the communication services and information technology sectors are examples of poor performing mega cap companies that lagged and were sold. Conversely the reductions from price momentum in the consumer staples and utilities sectors were driven from defensive sectors lagging during the strong market rally at the end of the year.
We begin the new year with large overweights in health care and technology and once again in the financial sector as well. Conversely, we continue to be underweight the higher yielding utilities, real estate and consumer staples sectors as well as industrials.
13
Our strategy tends to lag during tight periods of narrow leadership when valuations are ignored. The extreme events of this year drove the underperformance of the portfolio, however the same growth factors that have driven market returns over much of this extended bull market, underperformed in the fourth quarter as the markets surged higher. The spread in large cap valuations between growth and value narrowed slightly however continue to be well above average and remain much higher than even the extremes from the tech bubble. We see this rotation in leadership and a broadening of market participation as positives for value investing and our approach. We remain confident in our bottom-up stock selection and investment process and believe the quality bias of the portfolio in conjunction with the value profile will once again produce excess returns in line with long term historical patterns
Brandywine Global Investment Management, LLC
Investment Sub-Adviser to M Large Cap Value Fund
Performance represented is net of fees. The foregoing reflects the thoughts and opinions of Brandywine exclusively and is subject to change without notice. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Strategies discussed are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance. Portfolio characteristics are as of December 31, 2020. Please note that all indices are unmanaged and are not available for direct investment.
This commentary may include statements that constitute "forward looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Fund, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Fund's trading intent. Information about the Fund's holdings, asset allocation or country diversification is historical and is not an indication of future Fund composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.
14
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
THE M LARGE CAP VALUE FUND AND THE RUSSELL 1000 VALUE INDEX (Unaudited)
The M Large Cap Value Fund's total return is calculated net of Investment Advisory Fees and operating expenses. Performance figures represent past performance and are not indicative of future performance of the M Large Cap Value Fund or Index. Share value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original investment. Please note that all indices are unmanaged, do not incur expenses, and are not available for direct investment. Persons who invest in the M Large Cap Value Fund through a variable annuity or variable life insurance contract should note this graph does not reflect separate account expenses deducted by the insurance company.
* 12/31/10 to 12/31/20
RUSSELL 1000 VALUE INDEX
4 The Russell 1000® Value Index is a market capitalization-weighted index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth. Investors cannot invest directly in an Index
15
M International Equity Fund
SCHEDULE OF INVESTMENTS
December 31, 2020
Shares | Value (Note 1) | ||||||||||
COMMON STOCKS—68.3% | |||||||||||
Australia—4.6% | |||||||||||
5,596 | Adbri, Ltd.§ | $ | 14,482 | ||||||||
774 | Afterpay, Ltd.*,§ | 70,957 | |||||||||
3,702 | AGL Energy, Ltd.§ | 34,134 | |||||||||
8,035 | ALS, Ltd.§ | 59,580 | |||||||||
1,335 | Altium, Ltd.§ | 34,944 | |||||||||
6,817 | Alumina, Ltd.§ | 9,655 | |||||||||
24,812 | AMP, Ltd.§ | 29,863 | |||||||||
1,732 | Ampol, Ltd.§ | 37,986 | |||||||||
1,231 | Ansell, Ltd.§ | 33,069 | |||||||||
5,640 | APA Group§ | 41,993 | |||||||||
820 | Appen, Ltd.§ | 15,696 | |||||||||
1,712 | ARB Corp., Ltd.†,§ | 40,675 | |||||||||
16,116 | Ardent Leisure Group, Ltd.*,†,§ | 8,584 | |||||||||
3,236 | Aristocrat Leisure, Ltd.§ | 77,440 | |||||||||
785 | ASX, Ltd.§ | 43,606 | |||||||||
5,956 | Atlas Arteria, Ltd.§ | 29,881 | |||||||||
27,196 | Aurizon Holdings, Ltd.§ | 81,846 | |||||||||
9,677 | Austal, Ltd.§ | 19,940 | |||||||||
16,565 | Australia & New Zealand Banking Group, Ltd.§ | 290,272 | |||||||||
23,353 | Australian Pharmaceutical Industries, Ltd.§ | 22,151 | |||||||||
7,187 | Bank of Queensland, Ltd.†,§ | 42,915 | |||||||||
5,183 | Bapcor, Ltd.§ | 31,195 | |||||||||
19,836 | Beach Energy, Ltd.†,§ | 27,617 | |||||||||
4,696 | Bega Cheese, Ltd.†,§ | 18,520 | |||||||||
5,914 | Bendigo & Adelaide Bank, Ltd.†,§ | 42,522 | |||||||||
23,935 | BHP Group, Ltd.§ | 779,776 | |||||||||
5,632 | Bingo Industries, Ltd.†,§ | 10,604 | |||||||||
177 | Blackmores, Ltd.*,†,§ | 10,313 | |||||||||
9,483 | BlueScope Steel, Ltd.§ | 128,137 | |||||||||
8,931 | Boral, Ltd.§ | 34,112 | |||||||||
9,097 | Brambles, Ltd.§ | 74,530 | |||||||||
1,849 | Breville Group, Ltd.§ | 36,622 | |||||||||
1,779 | Brickworks, Ltd.§ | 26,359 | |||||||||
2,491 | carsales.com, Ltd.§ | 38,455 | |||||||||
6,463 | Challenger, Ltd.§ | 32,125 | |||||||||
16,096 | Cleanaway Waste Management, Ltd.§ | 29,257 | |||||||||
6,210 | Coca-Cola Amatil, Ltd.§ | 61,933 | |||||||||
444 | Cochlear, Ltd.§ | 64,745 | |||||||||
8,123 | Coles Group, Ltd.§ | 113,654 | |||||||||
11,972 | Commonwealth Bank of Australia§ | 758,656 | |||||||||
3,340 | Computershare, Ltd.§ | 37,608 |
Shares | Value (Note 1) | ||||||||||
Australia (Continued) | |||||||||||
34,520 | Cooper Energy, Ltd.*,†,§ | $ | 10,387 | ||||||||
1,227 | Corporate Travel Management, Ltd.*,†,§ | 16,578 | |||||||||
4,775 | Costa Group Holdings, Ltd.§ | 15,032 | |||||||||
1,104 | Credit Corp. Group, Ltd.§ | 25,322 | |||||||||
2,419 | Crown Resorts, Ltd.§ | 17,975 | |||||||||
3,152 | CSL, Ltd.§ | 688,736 | |||||||||
9,383 | CSR, Ltd.†,§ | 37,867 | |||||||||
6,105 | Domain Holdings Australia, Ltd.§ | 21,213 | |||||||||
857 | Domino's Pizza Enterprises, Ltd.§ | 57,442 | |||||||||
5,189 | Downer EDI, Ltd.§ | 21,355 | |||||||||
4,688 | Eagers Automotive, Ltd.†,§ | 48,078 | |||||||||
2,597 | Elders, Ltd.§ | 19,748 | |||||||||
7,109 | Estia Health, Ltd.†,§ | 9,707 | |||||||||
1,597 | EVENT Hospitality and Entertainment, Ltd.§ | 11,653 | |||||||||
13,141 | Evolution Mining, Ltd.§ | 49,940 | |||||||||
1,312 | Flight Centre Travel Group, Ltd.*,†,§ | 16,062 | |||||||||
24,562 | Fortescue Metals Group, Ltd.§ | 444,089 | |||||||||
20,944 | G8 Education, Ltd.†,§ | 19,071 | |||||||||
9,874 | Genworth Mortgage Insurance Australia, Ltd.†,§ | 18,205 | |||||||||
3,873 | GrainCorp, Ltd., Class A§ | 12,550 | |||||||||
9,317 | GWA Group, Ltd.†,§ | 25,201 | |||||||||
7,543 | Harvey Norman Holdings, Ltd.†,§ | 27,289 | |||||||||
15,902 | Healius, Ltd.§ | 45,741 | |||||||||
10,246 | Humm Group, Ltd.§ | 8,896 | |||||||||
9,401 | IGO, Ltd.§ | 46,292 | |||||||||
21,765 | Incitec Pivot, Ltd.*,§ | 38,391 | |||||||||
5,200 | Inghams Group, Ltd.†,§ | 12,515 | |||||||||
10,589 | Insurance Australia Group Ltd.§ | 38,418 | |||||||||
1,626 | InvoCare, Ltd.†,§ | 14,365 | |||||||||
15,570 | IOOF Holdings, Ltd.†,§ | 42,308 | |||||||||
2,813 | IPH, Ltd.†,§ | 13,952 | |||||||||
3,090 | IRESS, Ltd.†,§ | 25,301 | |||||||||
1,653 | James Hardie Industries Plc*,§ | 48,897 | |||||||||
2,408 | JB Hi-Fi, Ltd.†,§ | 90,294 | |||||||||
2,949 | LendLease Crop., Ltd.§ | 29,814 | |||||||||
10,428 | Link Administration Holdings, Ltd.§ | 44,653 | |||||||||
2,446 | Macquarie Group, Ltd.§ | 261,362 | |||||||||
1,204 | Magellan Financial Group, Ltd.§ | 50,124 | |||||||||
22,423 | Mayne Pharma Group, Ltd.*,§ | 5,976 | |||||||||
1,182 | McMillan Shakespeare, Ltd.§ | 11,302 | |||||||||
13,978 | Metcash, Ltd.†,§ | 36,452 |
The accompanying notes are an integral part of these financial statements.
16
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Australia (Continued) | |||||||||||
1,851 | Mineral Resources, Ltd.§ | $ | 53,486 | ||||||||
1,365 | Monadelphous Group, Ltd.†,§ | 14,192 | |||||||||
21,227 | National Australia Bank, Ltd.§ | 370,332 | |||||||||
10,216 | New Hope Corp., Ltd.†,§ | 11,147 | |||||||||
2,024 | Newcrest Mining, Ltd.§ | 40,320 | |||||||||
2,652 | NEXTDC, Ltd.*,§ | 25,118 | |||||||||
5,984 | nib holdings, Ltd.§ | 27,565 | |||||||||
33,934 | Nine Entertainment Co. Holdings, Ltd.§ | 60,745 | |||||||||
8,096 | Northern Star Resources, Ltd.§ | 78,336 | |||||||||
12,393 | NRW Holdings, Ltd.†,§ | 27,941 | |||||||||
6,389 | Nufarm, Ltd.*,†,§ | 20,216 | |||||||||
5,539 | Oil Search, Ltd.§ | 15,851 | |||||||||
11,530 | oOh!media, Ltd.†,§ | 14,769 | |||||||||
1,802 | Orica, Ltd.§ | 21,074 | |||||||||
10,538 | Origin Energy, Ltd.§ | 38,730 | |||||||||
7,294 | Orora, Ltd.†,§ | 15,195 | |||||||||
6,746 | OZ Minerals, Ltd.§ | 98,286 | |||||||||
3,547 | Pendal Group, Ltd.§ | 17,877 | |||||||||
12,923 | Perenti Global, Ltd.§ | 13,672 | |||||||||
1,594 | Perpetual, Ltd.§ | 42,766 | |||||||||
43,898 | Perseus Mining, Ltd.*,§ | 43,519 | |||||||||
2,030 | Premier Investments, Ltd.†,§ | 36,822 | |||||||||
1,044 | Pro Medicus, Ltd.†,§ | 27,594 | |||||||||
13,316 | Qantas Airways, Ltd.*,§ | 49,857 | |||||||||
8,115 | QBE Insurance Group, Ltd.§ | 53,424 | |||||||||
10,482 | Qube Holdings, Ltd.§ | 23,778 | |||||||||
17,985 | Ramelius Resources, Ltd.§ | 23,091 | |||||||||
1,186 | Ramsay Health Care, Ltd.§ | 56,896 | |||||||||
6,866 | Regis Resources, Ltd.†,§ | 19,635 | |||||||||
26,531 | Resolute Mining, Ltd.*,§ | 16,101 | |||||||||
3,594 | Rio Tinto, Ltd.§ | 315,678 | |||||||||
4,596 | Sandfire Resources, Ltd.§ | 18,974 | |||||||||
12,603 | Santos, Ltd.§ | 60,951 | |||||||||
13,467 | Saracen Mineral Holdings, Ltd.*,§ | 49,507 | |||||||||
2,007 | SEEK, Ltd.§ | 44,187 | |||||||||
3,217 | Select Harvests, Ltd.†,§ | 12,952 | |||||||||
47,993 | Senex Energy, Ltd.*,†,§ | 11,647 | |||||||||
62,916 | Seven West Media, Ltd.*,§ | 16,025 | |||||||||
4,361 | Sims, Ltd.†,§ | 45,285 | |||||||||
2,121 | Sonic Healthcare, Ltd.§ | 52,688 | |||||||||
21,815 | South32, Ltd.§ | 41,596 | |||||||||
3,457 | Southern Cross Media Group, Ltd.*,†,§ | 5,974 | |||||||||
13,152 | Spark Infrastructure Group†,§ | 21,412 |
Shares | Value (Note 1) | ||||||||||
Australia (Continued) | |||||||||||
9,141 | SpeedCast International, Ltd.*,†,§ | $ | 1,044 | ||||||||
9,197 | St. Barbara, Ltd.§ | 16,788 | |||||||||
6,536 | Star Entertainment Grp, Ltd. (The)§ | 18,568 | |||||||||
11,526 | Steadfast Group, Ltd.§ | 35,489 | |||||||||
2,942 | Suncorp Group, Ltd.§ | 22,120 | |||||||||
4,830 | Super Retail Group, Ltd.†,§ | 39,239 | |||||||||
5,066 | Sydney Airport*,§ | 25,054 | |||||||||
14,863 | Tabcorp Holdings, Ltd.§ | 44,732 | |||||||||
6,444 | Tassal Group, Ltd.†,§ | 16,701 | |||||||||
4,562 | Technology One, Ltd.†,§ | 28,818 | |||||||||
32,411 | Telstra Corp., Ltd.§ | 74,523 | |||||||||
8,658 | Transurban Group§ | 91,264 | |||||||||
4,162 | Treasury Wine Estates, Ltd.§ | 30,191 | |||||||||
4,434 | United Malt Grp, Ltd.§ | 14,028 | |||||||||
12,616 | Vocus Group, Ltd.*,§ | 39,325 | |||||||||
3,525 | Webjet, Ltd.†,§ | 13,801 | |||||||||
8,107 | Wesfarmers, Ltd.§ | 315,243 | |||||||||
6,467 | Western Areas, Ltd.†,§ | 13,126 | |||||||||
22,518 | Westpac Banking Corp.§ | 335,978 | |||||||||
19,506 | Whitehaven Coal, Ltd.†,§ | 24,748 | |||||||||
6,285 | Woodside Petroleum, Ltd.§ | 110,226 | |||||||||
7,616 | Woolworths Group, Ltd.§ | 230,981 | |||||||||
4,639 | Worley, Ltd.§ | 41,108 | |||||||||
443 | Xero, Ltd.*,§ | 50,434 | |||||||||
9,563,702 | |||||||||||
Austria—0.3% | |||||||||||
984 | ANDRITZ AG§ | 45,078 | |||||||||
1,218 | AT&S Austria Technologie & Systemtechnik AG§ | 38,944 | |||||||||
658 | CA Immobilien Anlagen AG§ | 25,077 | |||||||||
133 | DO & Co. AG*,†,§ | 10,797 | |||||||||
2,245 | Erste Group Bank AG*,§ | 67,777 | |||||||||
614 | EVN AG§ | 13,438 | |||||||||
1,377 | FACC AG*,†,§ | 14,315 | |||||||||
1,233 | IMMOFINANZ AG*,§ | 25,572 | |||||||||
491 | Lenzing AG*,†,§ | 49,861 | |||||||||
1,311 | OMV AG§ | 52,927 | |||||||||
3,082 | Raiffeisen Bank International AG*,§ | 62,246 | |||||||||
1,417 | S IMMO AG§ | 29,365 | |||||||||
127 | Schoeller-Bleckmann Oilfield Equipment AG§ | 4,784 | |||||||||
1,874 | Telekom Austria AG§ | 14,475 | |||||||||
4,149 | UNIQA Insurance Group AG§ | 32,449 |
The accompanying notes are an integral part of these financial statements.
17
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Austria (Continued) | |||||||||||
884 | Vienna Insurance Group AG Wiener Versicherung Gruppe§ | $ | 22,510 | ||||||||
1,881 | voestalpine AG§ | 67,657 | |||||||||
577,272 | |||||||||||
Belgium—0.7% | |||||||||||
366 | Ackermans & van Haaren NV§ | 55,040 | |||||||||
2,424 | Ageas SA/NV§ | 129,193 | |||||||||
5,568 | AGFA-Gevaert NV*,§ | 26,528 | |||||||||
5,947 | Anheuser-Busch InBev SA/NV§ | 415,591 | |||||||||
156 | Argenx SE*,§ | 45,985 | |||||||||
840 | Barco NV§ | 18,305 | |||||||||
1,086 | Bekaert SA§ | 36,121 | |||||||||
991 | bpost SA*,§ | 10,285 | |||||||||
105 | Cie d'Entreprises CFE*,§ | 10,743 | |||||||||
333 | D'ieteren SA/NV§ | 27,622 | |||||||||
196 | Elia Group SA/NV§ | 23,357 | |||||||||
609 | Etablissements Franz Colruyt NV§ | 36,083 | |||||||||
1,410 | Euronav NV§ | 11,372 | |||||||||
2,756 | Euronav SA*,† | 22,048 | |||||||||
548 | EVS Broadcast Equipment SA§ | 11,182 | |||||||||
1,400 | Fagron§ | 32,515 | |||||||||
202 | Galapagos NV*,§ | 19,876 | |||||||||
401 | Gimv NV§ | 24,504 | |||||||||
1,847 | KBC Group NV*,§ | 129,451 | |||||||||
9 | Lotus Bakeries NV§ | 40,466 | |||||||||
216 | Melexis NV§ | 21,082 | |||||||||
2,034 | Ontex Group NV*,†,§ | 27,359 | |||||||||
1,080 | Orange Belgium SA§ | 28,772 | |||||||||
1,637 | Proximus SADP§ | 32,468 | |||||||||
214 | Sipef NV*,§ | 11,297 | |||||||||
256 | Solvay SA§ | 30,339 | |||||||||
449 | Telenet Group Holding NV§ | 19,260 | |||||||||
688 | Tessenderlo Group SA*,§ | 27,452 | |||||||||
852 | UCB SA§ | 88,064 | |||||||||
1,277 | Umicore SA§ | 61,346 | |||||||||
1,473,706 | |||||||||||
Canada—6.7% | |||||||||||
1,800 | Absolute Software Corp. | 21,424 | |||||||||
6,700 | Advantage Oil & Gas, Ltd.* | 9,001 | |||||||||
1,679 | Aecon Group, Inc. | 21,579 | |||||||||
607 | Ag Growth International, Inc.† | 14,215 | |||||||||
279 | Agnico Eagle Mines, Ltd. | 19,637 | |||||||||
1,070 | Agnico-Eagle Mines, Ltd. | 75,446 |
Shares | Value (Note 1) | ||||||||||
Canada (Continued) | |||||||||||
5,042 | Aimia, Inc.* | $ | 16,359 | ||||||||
1,100 | Air Canada* | 19,677 | |||||||||
7,282 | Alamos Gold, Inc., Class A | 63,615 | |||||||||
900 | Alaris Equity Partners Income | 10,683 | |||||||||
880 | Algonquin Power & Utilities Corp.† | 14,483 | |||||||||
5,308 | Alimentation Couche-Tard, Inc., Class B | 180,895 | |||||||||
1,600 | AltaGas, Ltd.† | 23,531 | |||||||||
1,185 | Altus Group, Ltd. | 45,747 | |||||||||
7,137 | ARC Resources, Ltd. | 33,641 | |||||||||
989 | Aritzia, Inc.* | 20,038 | |||||||||
700 | Atco, Ltd., Class I | 20,067 | |||||||||
84 | Aurora Cannabis, Inc.*,† | 700 | |||||||||
16,677 | B2Gold Corp. | 93,414 | |||||||||
850 | Badger Daylighting, Ltd.† | 25,395 | |||||||||
5,455 | Bank of Montreal | 414,750 | |||||||||
8,200 | Bank of Nova Scotia (The)† | 443,208 | |||||||||
3,661 | Barrick Gold Corp. | 83,404 | |||||||||
3,183 | Bausch Health Cos., Inc.* | 66,041 | |||||||||
1,608 | BCE, Inc.† | 68,759 | |||||||||
9,500 | Birchcliff Energy, Ltd.† | 13,210 | |||||||||
7,292 | BlackBerry, Ltd.* | 48,350 | |||||||||
2,062 | Boralex, Inc., Class A | 76,525 | |||||||||
1,680 | Brookfield Asset Management, Inc., Class A | 69,449 | |||||||||
785 | BRP, Inc. | 51,858 | |||||||||
2,078 | CAE, Inc. | 57,578 | |||||||||
4,802 | Cameco Corp.† | 64,321 | |||||||||
1,985 | Canaccord Genuity Group, Inc. | 17,403 | |||||||||
400 | Canada Goose Holdings, Inc.*,† | 11,891 | |||||||||
3,035 | Canadian Imperial Bank of Commerce | 259,223 | |||||||||
4,408 | Canadian National Railway Co. | 484,606 | |||||||||
14,634 | Canadian Natural Resources, Ltd. | 351,680 | |||||||||
863 | Canadian Pacific Railway, Ltd.† | 299,348 | |||||||||
532 | Canadian Tire Corp., Ltd., Class A† | 69,934 | |||||||||
500 | Canadian Utilities, Ltd., Class A† | 12,212 | |||||||||
1,880 | Canadian Western Bank | 42,270 | |||||||||
1,876 | Canfor Corp.* | 33,868 | |||||||||
2,194 | Capital Power Corp.† | 60,292 | |||||||||
6,100 | Cardinal Energy, Ltd. | 3,930 | |||||||||
6,100 | Cascades, Inc. | 69,727 | |||||||||
1,637 | CCL Industries, Inc., Class B | 74,320 | |||||||||
6,166 | Celestica, Inc.* | 49,748 |
The accompanying notes are an integral part of these financial statements.
18
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Canada (Continued) | |||||||||||
1,967 | Cenovus Energy, Inc. | $ | 11,976 | ||||||||
5,235 | Centerra Gold, Inc. | 60,621 | |||||||||
9,000 | CES Energy Solutions Corp.† | 9,050 | |||||||||
1,621 | CGI, Inc.* | 128,608 | |||||||||
4,339 | CI Financial Corp. | 53,790 | |||||||||
2,372 | Cineplex, Inc.† | 17,274 | |||||||||
490 | Cogeco Communications, Inc. | 37,671 | |||||||||
300 | Cogeco, Inc. | 19,321 | |||||||||
825 | Colliers International Group, Inc.† | 73,420 | |||||||||
122 | Constellation Software, Inc. | 158,423 | |||||||||
5,812 | Corus Entertainment, Inc., Class B† | 19,542 | |||||||||
3,354 | Crescent Point Energy Corp.† | 7,826 | |||||||||
3,330 | CRH Medical Corp.* | 7,796 | |||||||||
1,100 | Dollarama, Inc. | 44,833 | |||||||||
1,821 | Dorel Industries, Inc., Class B* | 21,359 | |||||||||
1,100 | DREAM Unlimited Corp., Class A | 18,364 | |||||||||
6,100 | Dundee Precious Metals, Inc. | 43,849 | |||||||||
4,100 | ECN Capital Corp. | 20,840 | |||||||||
4,401 | Eldorado Gold Corp.* | 58,327 | |||||||||
9,925 | Element Fleet Management Corp. | 104,326 | |||||||||
663 | Emera, Inc. | 28,178 | |||||||||
5,807 | Enbridge, Inc. | 185,746 | |||||||||
1,682 | Endeavour Mining Corp.* | 39,140 | |||||||||
2,494 | Enerflex, Ltd. | 12,853 | |||||||||
7,134 | Enerplus Corp.† | 22,306 | |||||||||
882 | Enghouse Systems, Ltd. | 42,718 | |||||||||
7,100 | Ensign Energy Services, Inc. | 5,076 | |||||||||
4,400 | Extendicare, Inc.† | 22,952 | |||||||||
281 | Fairfax Financial Holdings, Ltd. | 95,775 | |||||||||
2,600 | Fiera Capital Corp.† | 21,815 | |||||||||
3,098 | Finning International, Inc. | 65,786 | |||||||||
4,882 | First Majestic Silver Corp.*,† | 65,508 | |||||||||
3,380 | First Quantum Minerals, Ltd. | 60,675 | |||||||||
547 | FirstService Corp.† | 74,867 | |||||||||
2,952 | Fortis, Inc. | 120,594 | |||||||||
10,041 | Fortuna Silver Mines, Inc.* | 82,512 | |||||||||
206 | Franco-Nevada Corp. | 25,829 | |||||||||
3,500 | Freehold Royalties, Ltd. | 14,326 | |||||||||
787 | Genworth MI Canada, Inc. | 26,839 | |||||||||
1,045 | George Weston, Ltd. | 78,057 | |||||||||
1,500 | Gibson Energy, Inc.† | 24,228 | |||||||||
571 | Gildan Activewear, Inc. | 15,965 | |||||||||
5,700 | Gran Tierra Energy, Inc.* | 2,105 |
Shares | Value (Note 1) | ||||||||||
Canada (Continued) | |||||||||||
806 | Great-West Lifeco, Inc. | $ | 19,218 | ||||||||
1,700 | Home Capital Group, Inc.*,† | 39,665 | |||||||||
7,321 | Hudbay Minerals, Inc. | 51,245 | |||||||||
5,928 | Husky Energy, Inc.† | 29,340 | |||||||||
2,998 | Hydro One, Ltd.# | 67,478 | |||||||||
1,537 | iA Financial Corp., Inc. | 66,629 | |||||||||
3,400 | IAMGOLD Corp.*,† | 12,474 | |||||||||
511 | IGM Financial, Inc. | 13,854 | |||||||||
800 | Imperial Oil, Ltd.† | 15,184 | |||||||||
2,417 | Innergex Renewable Energy, Inc.† | 51,971 | |||||||||
359 | Intact Financial Corp. | 42,508 | |||||||||
3,165 | Inter Pipeline, Ltd.† | 29,514 | |||||||||
2,045 | Interfor Corp.* | 38,188 | |||||||||
2,087 | Intertape Polymer Group, Inc.† | 39,579 | |||||||||
1,600 | Invesque, Inc.† | 2,928 | |||||||||
16,154 | Ivanhoe Mines, Ltd., Class A* | 87,058 | |||||||||
700 | Jamieson Wellness, Inc. | 19,869 | |||||||||
500 | K-Bro Linen, Inc. | 15,308 | |||||||||
7,152 | Kelt Exploration, Ltd.* | 10,114 | |||||||||
3,848 | Keyera Corp.† | 68,381 | |||||||||
17,698 | Kinross Gold Corp. | 129,860 | |||||||||
4,203 | Kirkland Lake Gold, Ltd.† | 173,680 | |||||||||
3,700 | Knight Therapeutics, Inc.* | 15,551 | |||||||||
800 | Laurentian Bank of Canada† | 19,609 | |||||||||
889 | Linamar Corp. | 47,087 | |||||||||
1,322 | Loblaw Cos., Ltd. | 65,233 | |||||||||
8,900 | Lucara Diamond Corp.*,† | 3,636 | |||||||||
13,050 | Lundin Mining Corp. | 115,850 | |||||||||
7,072 | Magna International, Inc. | 500,635 | |||||||||
4,800 | Major Drilling Group International, Inc.* | 28,998 | |||||||||
8,035 | Manulife Financial Corp. | 142,975 | |||||||||
1,530 | Maple Leaf Foods, Inc. | 33,920 | |||||||||
1,800 | Martinrea International, Inc. | 21,013 | |||||||||
1,895 | Medical Facilities Corp. | 10,481 | |||||||||
4,700 | MEG Energy Corp.*,† | 16,431 | |||||||||
1,000 | Methanex Corp.† | 45,950 | |||||||||
1,382 | Metro, Inc. | 61,668 | |||||||||
562 | Morneau Shepell, Inc.† | 13,700 | |||||||||
470 | MTY Food Group, Inc.† | 21,397 | |||||||||
2,700 | Mullen Group, Ltd. | 23,120 | |||||||||
4,527 | National Bank of Canada† | 254,784 | |||||||||
14,800 | New Gold, Inc.* | 32,556 | |||||||||
1,740 | NFI Group, Inc.† | 32,930 | |||||||||
1,156 | Norbord, Inc. | 49,913 |
The accompanying notes are an integral part of these financial statements.
19
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Canada (Continued) | |||||||||||
1,126 | North West Co., Inc. (The)† | $ | 28,696 | ||||||||
2,067 | Northland Power, Inc.† | 74,161 | |||||||||
664 | Nutrien, Ltd. | 31,945 | |||||||||
1,935 | Nutrien, Ltd. | 93,190 | |||||||||
11,800 | OceanaGold Corp.* | 22,805 | |||||||||
793 | Onex Corp.† | 45,515 | |||||||||
2,715 | Open Text Corp. | 123,368 | |||||||||
3,318 | Osisko Gold Royalties, Ltd.† | 42,045 | |||||||||
1,520 | Ovintiv, Inc. | 21,841 | |||||||||
4,296 | Pan American Silver Corp. | 148,161 | |||||||||
4,549 | Parex Resources, Inc.* | 62,612 | |||||||||
700 | Park Lawn Corp. | 15,365 | |||||||||
1,907 | Parkland Corp. | 60,510 | |||||||||
1,760 | Pason Systems, Inc.† | 10,895 | |||||||||
1,360 | Pembina Pipeline Corp.† | 32,160 | |||||||||
377 | Pembina Pipeline Corp. | 8,920 | |||||||||
4,630 | Peyto Exploration & Development Corp.† | 10,621 | |||||||||
900 | PrairieSky Royalty, Ltd.† | 7,134 | |||||||||
580 | Precision Drilling Corp.*,† | 9,537 | |||||||||
300 | Premium Brands Holdings Corp. | 23,740 | |||||||||
2,837 | Primo Water Corp. | 44,486 | |||||||||
1,764 | Quebecor, Inc., Class B | 45,399 | |||||||||
1,200 | Real Matters, Inc.*,† | 18,110 | |||||||||
700 | Recipe Unlimited Corp. | 9,211 | |||||||||
1,500 | Restaurant Brands International, Inc. | 91,716 | |||||||||
1,345 | Richelieu Hardware, Ltd. | 34,911 | |||||||||
1,489 | Ritchie Bros Auctioneers, Inc. | 103,501 | |||||||||
2,204 | Rogers Communications, Inc., Class B | 102,607 | |||||||||
5,300 | Rogers Sugar, Inc.† | 23,358 | |||||||||
12,100 | Royal Bank of Canada | 994,217 | |||||||||
1,740 | Russel Metals, Inc.† | 31,071 | |||||||||
1,204 | Saputo, Inc. | 33,701 | |||||||||
4,547 | Secure Energy Services, Inc.† | 8,788 | |||||||||
10,397 | Seven Generations Energy, Ltd., Class A* | 53,990 | |||||||||
4,613 | Shaw Communications, Inc., Class B† | 80,960 | |||||||||
1,968 | ShawCor, Ltd. | 5,442 | |||||||||
140 | Shopify, Inc., Class A* | 158,084 | |||||||||
34 | Shopify, Inc., Class A* | 38,486 | |||||||||
1,794 | Sienna Senior Living, Inc.† | 19,929 | |||||||||
1,359 | Sleep Country Canada Holdings, Inc.# | 28,260 |
Shares | Value (Note 1) | ||||||||||
Canada (Continued) | |||||||||||
1,519 | SNC-Lavalin Group, Inc.† | $ | 25,931 | ||||||||
5,381 | SSR Mining, Inc.* | 108,051 | |||||||||
1,600 | Stantec, Inc.† | 51,888 | |||||||||
400 | Stella-Jones, Inc. | 14,543 | |||||||||
999 | Sun Life Financial, Inc. | 44,421 | |||||||||
600 | Sun Life Financial, Inc. | 26,676 | |||||||||
14,810 | Suncor Energy, Inc. | 248,404 | |||||||||
3,579 | Superior Plus Corp. | 34,246 | |||||||||
7,700 | Tamarack Valley Energy, Ltd.* | 7,682 | |||||||||
546 | TC Energy Corp. | 22,198 | |||||||||
439 | TC Energy Corp. | 17,876 | |||||||||
8,602 | Teck Resources, Ltd., Class B | 156,105 | |||||||||
3,900 | Teranga Gold Corp.* | 41,852 | |||||||||
1,944 | TFI International, Inc. | 100,079 | |||||||||
287 | Thomson Reuters Corp. | 23,489 | |||||||||
3,200 | Timbercreek Financial Corp. | 21,746 | |||||||||
801 | TMX Group, Ltd. | 80,006 | |||||||||
227 | Topicus.com, Inc.*,§ | 857 | |||||||||
6,950 | TORC Oil & Gas, Ltd. | 14,906 | |||||||||
2,171 | Torex Gold Resources, Inc.* | 32,559 | |||||||||
1,339 | Toromont Industries, Ltd. | 93,832 | |||||||||
11,275 | Toronto-Dominion Bank (The) | 637,048 | |||||||||
5,111 | Tourmaline Oil Corp. | 68,902 | |||||||||
7,036 | TransAlta Corp. | 53,451 | |||||||||
2,812 | TransAlta Renewables, Inc.† | 48,071 | |||||||||
3,800 | Transcontinental, Inc., Class A† | 61,229 | |||||||||
12,242 | Trican Well Service, Ltd.*,† | 16,157 | |||||||||
3,001 | Tricon Residential ,Inc.† | 26,947 | |||||||||
1,570 | Turquoise Hill Resources, Ltd.*,† | 19,525 | |||||||||
1,000 | Uni-Select, Inc. | 6,371 | |||||||||
2,344 | Vermilion Energy, Inc. | 10,460 | |||||||||
1,800 | Wajax Corp. | 24,167 | |||||||||
272 | Waste Connections, Inc. | 27,890 | |||||||||
200 | Waste Connections, Inc. | 20,514 | |||||||||
1,290 | West Fraser Timber Co., Ltd. | 82,879 | |||||||||
12,500 | Western Forest Products, Inc. | 12,570 | |||||||||
1,519 | Wheaton Precious Metals Corp. | 63,438 | |||||||||
14,502 | Whitecap Resources, Inc.† | 55,369 | |||||||||
400 | Winpak, Ltd. | 13,456 | |||||||||
452 | WSP Global, Inc.† | 42,821 | |||||||||
19,921 | Yamana Gold, Inc. | 113,776 | |||||||||
14,031,836 |
The accompanying notes are an integral part of these financial statements.
20
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
China—0.0% | |||||||||||
3,000 | Wharf Holdings, Ltd. (The)§ | $ | 8,080 | ||||||||
Denmark—1.7% | |||||||||||
126 | ALK-Abello A/S*,§ | 51,800 | |||||||||
2,469 | Alm Brand A/S*,§ | 29,668 | |||||||||
894 | Ambu A/S, Class B†,§ | 38,601 | |||||||||
20 | AP Moller—Maersk A/S, Class A§ | 41,502 | |||||||||
23 | AP Moller—Maersk A/S, Class B§ | 51,288 | |||||||||
2,721 | Bang & Olufsen A/S*,†,§ | 14,986 | |||||||||
641 | Carlsberg A/S, Class B§ | 102,764 | |||||||||
555 | Chr Hansen Holding A/S*,§ | 57,103 | |||||||||
568 | Coloplast A/S, Class B§ | 86,769 | |||||||||
805 | D/S Norden A/S§ | 14,508 | |||||||||
3,111 | Danske Bank A/S*,§ | 51,591 | |||||||||
1,375 | Demant A/S*,§ | 54,279 | |||||||||
1,284 | Dfds A/S*,§ | 57,964 | |||||||||
68 | Drilling Co. of 1972 A/S (The)*,†,§ | 2,143 | |||||||||
1,168 | DSV PANALPINA A/S§ | 195,471 | |||||||||
1,244 | FLSmidth & Co. A/S*,§ | 47,675 | |||||||||
196 | Genmab A/S*,§ | 79,278 | |||||||||
1,611 | GN Store Nord A/S§ | 128,037 | |||||||||
771 | H Lundbeck A/S§ | 26,411 | |||||||||
818 | H+H International A/S, Class B*,§ | 17,560 | |||||||||
3,142 | ISS A/S*,§ | 54,303 | |||||||||
1,478 | Jyske Bank A/S, Registered*,§ | 56,106 | |||||||||
1,970 | Matas A/S*,§ | 27,925 | |||||||||
266 | Nilfisk Holding A/S*,§ | 5,744 | |||||||||
362 | NNIT A/S#,§ | 7,199 | |||||||||
12,082 | Novo Nordisk A/S, Class B§ | 845,081 | |||||||||
2,254 | Novozymes A/S, Class B§ | 129,359 | |||||||||
727 | Orsted A/S#,§ | 148,690 | |||||||||
1,611 | Pandora A/S§ | 179,978 | |||||||||
376 | Per Aarsleff Holding A/S§ | 19,034 | |||||||||
807 | Ringkjoebing Landbobank A/S§ | 73,451 | |||||||||
44 | Rockwool International A/S, Class A§ | 14,828 | |||||||||
131 | Rockwool International A/S, Class B§ | 49,053 | |||||||||
1,104 | Royal Unibrew A/S§ | 127,997 | |||||||||
1,644 | Scandinavian Tobacco Group A/S, Class A#,§ | 27,995 | |||||||||
336 | Schouw & Co. A/S§ | 33,969 | |||||||||
638 | SimCorp A/S§ | 94,764 | |||||||||
1,256 | Spar Nord Bank A/S*,§ | 12,352 | |||||||||
1,818 | Sydbank A/S*,§ | 40,127 |
Shares | Value (Note 1) | ||||||||||
Denmark (Continued) | |||||||||||
676 | Topdanmark A/S§ | $ | 29,369 | ||||||||
837 | Tryg A/S§ | 26,399 | |||||||||
1,231 | Vestas Wind Systems A/S§ | 291,345 | |||||||||
615 | Zealand Pharma A/S*,†,§ | 22,341 | |||||||||
3,466,807 | |||||||||||
Finland—1.1% | |||||||||||
1,769 | Ahlstrom-Munksjo Oyj†,§ | 39,114 | |||||||||
1,559 | Cargotec Oyj, Class B§ | 64,374 | |||||||||
1,769 | Elisa OyJ§ | 96,567 | |||||||||
25,135 | Finnair Oyj*,†,§ | 23,238 | |||||||||
3,720 | Fortum Oyj§ | 89,489 | |||||||||
1,418 | Huhtamaki Oyj§ | 73,192 | |||||||||
1,799 | Kemira Oyj§ | 28,186 | |||||||||
956 | Kesko Oyj, Class A§ | 23,359 | |||||||||
2,664 | Kesko Oyj, Class B§ | 68,449 | |||||||||
578 | Kojamo Oyj§ | 12,754 | |||||||||
2,212 | Kone Oyj, Class B§ | 179,503 | |||||||||
1,119 | Konecranes Oyj§ | 39,317 | |||||||||
3,137 | Metsa Board Oyj§ | 32,862 | |||||||||
9,643 | Metso Outotec Oyj§ | 96,565 | |||||||||
1,568 | Neles Oyj§ | 20,787 | |||||||||
3,273 | Neste Oyj§ | 236,440 | |||||||||
9,209 | Nokia Oyj*,§ | 35,121 | |||||||||
1,922 | Nokian Renkaat Oyj§ | 67,167 | |||||||||
12,077 | Nordea Bank Abp*,§ | 98,381 | |||||||||
281 | Olvi Oyj, Class A§ | 16,645 | |||||||||
7,100 | Oriola Oyj, Class B§ | 16,497 | |||||||||
727 | Orion Oyj, Class A§ | 33,119 | |||||||||
1,558 | Orion Oyj, Class B†,§ | 71,418 | |||||||||
10,116 | Outokumpu Oyj*,§ | 39,765 | |||||||||
7,476 | Raisio Oyj , Class V§ | 29,128 | |||||||||
873 | Revenio Group Oyj§ | 53,385 | |||||||||
2,447 | Sampo Oyj, Class A§ | 103,776 | |||||||||
8,204 | Stora Enso Oyj, Class R§ | 156,685 | |||||||||
1,519 | Terveystalo Oyj#,§ | 18,629 | |||||||||
390 | TietoEVRY Oyj§ | 12,711 | |||||||||
1,160 | Tikkurila Oyj§ | 35,283 | |||||||||
1,633 | Tokmanni Group Corp.§ | 32,295 | |||||||||
5,579 | UPM-Kymmene Oyj§ | 207,565 | |||||||||
775 | Uponor Oyj§ | 17,190 | |||||||||
559 | Vaisala Oyj, Class A§ | 27,561 | |||||||||
2,116 | Valmet Oyj§ | 60,494 | |||||||||
5,634 | Wartsila Oyj Abp§ | 56,054 | |||||||||
6,293 | YIT Oyj†,§ | 37,902 | |||||||||
2,350,967 |
The accompanying notes are an integral part of these financial statements.
21
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
France—5.7% | |||||||||||
1,053 | Accor SA*,§ | $ | 38,362 | ||||||||
162 | Aeroports de Paris*,§ | 21,029 | |||||||||
2,147 | Air France-KLM*,†,§ | 13,448 | |||||||||
2,627 | Air Liquide SA§ | 431,166 | |||||||||
3,566 | Airbus SE*,§ | 391,723 | |||||||||
370 | Akka Technologies*,†,§ | 11,661 | |||||||||
947 | Albioma SA§ | 54,412 | |||||||||
966 | Alstom SA*,§ | 54,781 | |||||||||
476 | Alten SA*,§ | 53,919 | |||||||||
272 | Amundi SA*,#,§ | 22,210 | |||||||||
1,401 | Arkema SA§ | 160,138 | |||||||||
820 | Atos SE*,†,§ | 74,983 | |||||||||
368 | Aubay§ | 15,441 | |||||||||
10,652 | AXA SA§ | 255,551 | |||||||||
1,320 | Beneteau SA§ | 15,292 | |||||||||
234 | BioMerieux§ | 32,999 | |||||||||
4,935 | BNP Paribas SA*,§ | 260,293 | |||||||||
5,145 | Bollore SA§ | 21,276 | |||||||||
3,865 | Bouygues SA§ | 159,012 | |||||||||
3,079 | Bureau Veritas SA*,§ | 81,898 | |||||||||
1,394 | Capgemini SE§ | 216,169 | |||||||||
5,418 | Carrefour SA§ | 92,901 | |||||||||
20,011 | CGG SA*,§ | 19,814 | |||||||||
6,743 | Cie de Saint-Gobain*,§ | 309,187 | |||||||||
1,377 | Cie Generale des Etablissements Michelin SCA§ | 176,723 | |||||||||
585 | Cie Plastic Omnium SA§ | 20,309 | |||||||||
961 | CNP Assurances*,§ | 15,491 | |||||||||
2,606 | Coface SA*,§ | 26,333 | |||||||||
4,116 | Credit Agricole SA*,§ | 51,974 | |||||||||
4,080 | Danone SA§ | 268,162 | |||||||||
135 | Dassault Systemes SE§ | 27,424 | |||||||||
5,436 | Derichebourg SA*,§ | 39,068 | |||||||||
3,010 | Edenred§ | 170,785 | |||||||||
1,777 | Eiffage SA*,§ | 171,771 | |||||||||
6,771 | Electricite de France SA*,§ | 107,246 | |||||||||
1,532 | Elior Group SA#,§ | 10,348 | |||||||||
4,742 | Elis SA*,§ | 79,429 | |||||||||
11,071 | Engie SA*,§ | 169,511 | |||||||||
601 | Eramet SA*,†,§ | 31,557 | |||||||||
752 | EssilorLuxottica SA§ | 117,279 | |||||||||
1,550 | Eurofins Scientific SE*,§ | 130,055 | |||||||||
739 | Euronext NV#,§ | 81,425 | |||||||||
1,237 | Europcar Mobility Group*,#,†,§ | 1,135 | |||||||||
4,666 | Eutelsat Communications SA§ | 52,808 |
Shares | Value (Note 1) | ||||||||||
France (Continued) | |||||||||||
846 | Faurecia SE*,§ | $ | 43,371 | ||||||||
178 | Fnac Darty SA*,§ | 11,468 | |||||||||
180 | Gaztransport Et Technigaz SA§ | 17,418 | |||||||||
218 | Hermes International§ | 234,428 | |||||||||
77 | ID Logistics Group*,§ | 21,302 | |||||||||
190 | Iliad SA§ | 39,032 | |||||||||
743 | Imerys SA§ | 35,115 | |||||||||
308 | Ipsen SA§ | 25,609 | |||||||||
1,041 | IPSOS§ | 35,227 | |||||||||
530 | Jacquet Metal Service SA§ | 8,963 | |||||||||
614 | JCDecaux SA*,†,§ | 14,025 | |||||||||
685 | Kaufman & Broad SA§ | 30,651 | |||||||||
428 | Kering SA§ | 311,155 | |||||||||
1,526 | Korian SA*,§ | 58,478 | |||||||||
793 | L'Oreal SA§ | 301,306 | |||||||||
1,721 | Lagardere SCA*,§ | 43,192 | |||||||||
1,064 | Lectra§ | 32,606 | |||||||||
2,297 | Legrand SA§ | 205,014 | |||||||||
1,624 | LVMH Moet Hennessy Louis Vuitton SE§ | 1,014,725 | |||||||||
971 | Maisons du Monde SA*,#,§ | 17,749 | |||||||||
444 | Mersen SA*,§ | 13,435 | |||||||||
1,630 | Natixis SA*,§ | 5,610 | |||||||||
812 | Nexans SA*,§ | 59,002 | |||||||||
1,827 | Nexity SA§ | 79,214 | |||||||||
31,311 | Orange SA§ | 372,651 | |||||||||
525 | Orpea SA*,§ | 69,188 | |||||||||
534 | Pernod-Ricard SA§ | 102,362 | |||||||||
9,537 | Peugeot SA*,†,§ | 261,000 | |||||||||
3,391 | Publicis Groupe SA§ | 168,985 | |||||||||
993 | Quadient SA§ | 19,176 | |||||||||
101 | Remy Cointreau SA§ | 18,772 | |||||||||
2,261 | Renault SA*,§ | 98,933 | |||||||||
5,791 | Rexel SA*,§ | 91,316 | |||||||||
931 | Rothschild & Co.*,§ | 29,319 | |||||||||
410 | Rubis SCA§ | 19,037 | |||||||||
1,755 | Safran SA*,§ | 248,895 | |||||||||
2,623 | Sanofi§ | 253,436 | |||||||||
174 | Sartorius Stedim Biotech§ | 62,017 | |||||||||
1,900 | Schneider Electric SE§ | 274,826 | |||||||||
2,540 | SCOR SE*,§ | 82,072 | |||||||||
393 | SEB SA§ | 71,589 | |||||||||
6,297 | SES SA§ | 59,564 | |||||||||
411 | Societe BIC SA§ | 23,237 | |||||||||
2,627 | Societe Generale SA*,§ | 54,726 |
The accompanying notes are an integral part of these financial statements.
22
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
France (Continued) | |||||||||||
716 | Sodexo SA§ | $ | 60,607 | ||||||||
206 | SOITEC*,§ | 40,137 | |||||||||
344 | Sopra Steria Group*,§ | 55,596 | |||||||||
1,621 | SPIE SA*,†,§ | 35,313 | |||||||||
5,033 | STMicroelectronics NV§ | 186,474 | |||||||||
3,853 | Suez SA§ | 76,374 | |||||||||
889 | Technicolor SA, Registered*,§ | 1,978 | |||||||||
606 | Teleperformance§ | 200,957 | |||||||||
2,268 | Television Francaise 1*,†,§ | 18,273 | |||||||||
943 | Thales SA§ | 86,381 | |||||||||
15,282 | TOTAL SE§ | 659,236 | |||||||||
198 | Trigano SA†,§ | 35,043 | |||||||||
956 | Ubisoft Entertainment SA*,§ | 92,118 | |||||||||
2,046 | Valeo SA§ | 80,804 | |||||||||
3,814 | Veolia Environnement SA§ | 93,311 | |||||||||
436 | Vicat SA§ | 18,192 | |||||||||
3,938 | Vinci SA§ | 391,837 | |||||||||
95 | Virbac SA*,§ | 27,622 | |||||||||
1,864 | Vivendi SA§ | 60,111 | |||||||||
1,604 | Worldline SA*,#,§ | 155,143 | |||||||||
11,971,201 | |||||||||||
Germany—5.1% | |||||||||||
696 | 1&1 Drillisch AG§ | 17,381 | |||||||||
1,887 | Aareal Bank AG*,§ | 45,125 | |||||||||
1,127 | adidas AG*,§ | 410,262 | |||||||||
295 | ADLER Group SA*,#,§ | 10,451 | |||||||||
1,932 | ADVA Optical Networking SE*,§ | 16,666 | |||||||||
1,767 | Allianz SE, Registered§ | 432,335 | |||||||||
12,733 | Aroundtown SA§ | 95,217 | |||||||||
408 | Aurubis AG§ | 31,737 | |||||||||
4,459 | BASF SE§ | 352,105 | |||||||||
333 | Bauer AG*,§ | 4,281 | |||||||||
5,917 | Bayer AG, Registered§ | 347,788 | |||||||||
4,607 | Bayerische Motoren Werke AG§ | 406,642 | |||||||||
474 | BayWa AG§ | 19,140 | |||||||||
261 | Bechtle AG§ | 56,919 | |||||||||
592 | Befesa SA#,§ | 37,397 | |||||||||
435 | Beiersdorf AG§ | 50,152 | |||||||||
1,136 | Bilfinger SE§ | 35,893 | |||||||||
1,357 | Borussia Dortmund GmbH & Co. KGaA*,§ | 8,976 | |||||||||
1,982 | Brenntag AG§ | 153,385 | |||||||||
603 | CANCOM SE§ | 33,218 | |||||||||
226 | Carl Zeiss Meditec AG§ | 30,073 |
Shares | Value (Note 1) | ||||||||||
Germany (Continued) | |||||||||||
3,791 | CECONOMY AG*,§ | $ | 26,248 | ||||||||
159 | Cewe Stiftung & Co. KGAA§ | 17,987 | |||||||||
6,421 | Commerzbank AG*,§ | 41,319 | |||||||||
270 | CompuGroup Medical SE & Co. KgaA§ | 25,929 | |||||||||
967 | Continental AG§ | 143,289 | |||||||||
612 | Corestate Capital Holding SA*,§ | 10,916 | |||||||||
1,919 | Covestro AG#,§ | 118,369 | |||||||||
1,019 | CTS Eventim AG & Co. KGaA*,§ | 67,729 | |||||||||
8,269 | Daimler AG, Registered§ | 583,890 | |||||||||
9,056 | Deutsche Bank AG, Registered*,§ | 98,593 | |||||||||
584 | Deutsche Beteiligungs AG§ | 23,618 | |||||||||
1,312 | Deutsche Boerse AG§ | 222,739 | |||||||||
696 | Deutsche EuroShop AG*,§ | 15,691 | |||||||||
5,519 | Deutsche Lufthansa AG, Registered*,§ | 72,942 | |||||||||
3,746 | Deutsche Pfandbriefbank AG*,#,§ | 40,175 | |||||||||
10,000 | Deutsche Post AG, Registered§ | 494,877 | |||||||||
32,806 | Deutsche Telekom AG, Registered§ | 599,518 | |||||||||
1,745 | Deutsche Wohnen SE§ | 93,153 | |||||||||
3,473 | Deutz AG*,§ | 21,640 | |||||||||
821 | Dialog Semiconductor Plc*,§ | 44,833 | |||||||||
1,375 | Duerr AG§ | 56,119 | |||||||||
28,452 | E.ON SE§ | 315,106 | |||||||||
1,192 | Eckert & Ziegler Strahlen- und Medizintechnik AG§ | 65,306 | |||||||||
168 | Elmos Semiconductor SE§ | 5,638 | |||||||||
2,150 | Evonik Industries AG§ | 70,046 | |||||||||
334 | Fielmann AG*,§ | 27,116 | |||||||||
479 | Fraport AG Frankfurt Airport Services Worldwide*,§ | 28,892 | |||||||||
2,143 | Freenet AG§ | 45,023 | |||||||||
2,283 | Fresenius Medical Care AG & Co. KGaA§ | 190,423 | |||||||||
2,593 | Fresenius SE & Co. KGaA§ | 119,817 | |||||||||
305 | FUCHS PETROLUB SE§ | 14,104 | |||||||||
2,497 | GEA Group AG§ | 89,347 | |||||||||
620 | Gerresheimer AG§ | 66,478 | |||||||||
287 | Gesco AG§ | 6,416 | |||||||||
1,489 | Grand City Properties SA§ | 38,130 | |||||||||
336 | Hannover Rueck SE§ | 53,390 | |||||||||
243 | Hapag-Lloyd AG#,§ | 27,290 | |||||||||
417 | HeidelbergCement AG§ | 31,193 | |||||||||
6,593 | Heidelberger Druckmaschinen AG*,§ | 6,395 |
The accompanying notes are an integral part of these financial statements.
23
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Germany (Continued) | |||||||||||
524 | Hella GmbH & Co. KGaA*,§ | $ | 33,896 | ||||||||
348 | HelloFresh SE*,§ | 26,893 | |||||||||
674 | Henkel AG & Co. KGaA§ | 64,881 | |||||||||
160 | HOCHTIEF AG§ | 15,554 | |||||||||
461 | Hornbach Holding AG & Co. KGaA§ | 44,327 | |||||||||
1,048 | HUGO BOSS AG§ | 34,949 | |||||||||
38 | Hypoport SE*,§ | 23,915 | |||||||||
721 | Indus Holding AG§ | 28,277 | |||||||||
14,412 | Infineon Technologies AG§ | 553,084 | |||||||||
788 | Jenoptik AG§ | 24,186 | |||||||||
6,571 | K+S AG, Registered§ | 62,414 | |||||||||
642 | KION Group AG§ | 55,816 | |||||||||
2,961 | Kloeckner & Co. SE*,§ | 28,953 | |||||||||
434 | Koenig & Bauer AG*,§ | 12,642 | |||||||||
500 | Krones AG§ | 40,333 | |||||||||
730 | LANXESS AG§ | 55,979 | |||||||||
698 | LEG Immobilien AG§ | 108,217 | |||||||||
444 | Merck KGaA§ | 76,108 | |||||||||
4,159 | METRO AG§ | 46,731 | |||||||||
373 | MTU Aero Engines AG§ | 97,185 | |||||||||
600 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered§ | 177,697 | |||||||||
1,083 | Nemetschek SE§ | 79,932 | |||||||||
33 | New Work SE§ | 11,292 | |||||||||
1,039 | Norma Group SE§ | 53,169 | |||||||||
390 | OHB SE*,§ | 18,393 | |||||||||
471 | PATRIZIA AG§ | 15,106 | |||||||||
1,490 | ProSiebenSat.1 Media SE*,§ | 25,043 | |||||||||
656 | Puma SE*,§ | 73,964 | |||||||||
1,192 | QIAGEN NV*,§ | 61,825 | |||||||||
51 | Rational AG§ | 47,454 | |||||||||
824 | Rheinmetall AG§ | 87,082 | |||||||||
641 | RTL Group SA*,§ | 31,126 | |||||||||
3,858 | RWE AG§ | 162,945 | |||||||||
959 | S&T AG*,§ | 22,461 | |||||||||
1,686 | SAF-Holland SE*,§ | 23,087 | |||||||||
523 | Salzgitter AG*,§ | 13,869 | |||||||||
2,279 | SAP SE§ | 299,480 | |||||||||
963 | Scout24 AG#,§ | 78,890 | |||||||||
2,133 | Siemens AG, Registered§ | 305,289 | |||||||||
1,066 | Siemens Energy AG*,§ | 39,123 | |||||||||
279 | Siltronic AG§ | 43,664 | |||||||||
185 | Sixt SE*,§ | 22,148 |
Shares | Value (Note 1) | ||||||||||
Germany (Continued) | |||||||||||
435 | Software AG§ | $ | 17,722 | ||||||||
638 | Stabilus SA§ | 44,975 | |||||||||
286 | STRATEC SE§ | 42,887 | |||||||||
324 | Stroeer SE & Co. KGaA§ | 32,091 | |||||||||
1,626 | Suedzucker AG§ | 23,188 | |||||||||
731 | Symrise AG§ | 96,684 | |||||||||
1,795 | TAG Immobilien AG*,§ | 56,745 | |||||||||
1,202 | Takkt AG*,§ | 15,655 | |||||||||
315 | Talanx AG*,§ | 12,201 | |||||||||
420 | Technotrans SE*,§ | 12,826 | |||||||||
5,253 | Telefonica Deutschland Holding AG§ | 14,480 | |||||||||
2,041 | thyssenkrupp AG*,§ | 20,263 | |||||||||
1,060 | Uniper SE§ | 36,574 | |||||||||
2,405 | United Internet AG, Registered§ | 101,343 | |||||||||
542 | Volkswagen AG§ | 112,661 | |||||||||
4,022 | Vonovia SE§ | 293,292 | |||||||||
257 | Vossloh AG*,§ | 12,983 | |||||||||
236 | Wacker Chemie AG§ | 33,663 | |||||||||
904 | Wacker Neuson SE*,§ | 19,341 | |||||||||
209 | Washtec AG*,§ | 11,146 | |||||||||
117 | Zeal Network SE§ | 6,570 | |||||||||
10,759,496 | |||||||||||
Hong Kong—1.7% | |||||||||||
60,200 | AIA Group, Ltd.§ | 741,524 | |||||||||
2,500 | ASM Pacific Technology, Ltd.§ | 33,001 | |||||||||
9,400 | Bank of East Asia, Ltd. (The)§ | 20,148 | |||||||||
2,700 | BOC Aviation, Ltd.#,§ | 23,352 | |||||||||
13,000 | BOC Hong Kong Holdings, Ltd.§ | 39,507 | |||||||||
10,000 | Cafe de Coral Holdings, Ltd.§ | 21,548 | |||||||||
26,181 | Cathay Pacific Airways, Ltd.*,§ | 24,215 | |||||||||
15,000 | Chow Sang Sang Holdings International, Ltd.§ | 17,033 | |||||||||
56,000 | CITIC Telecom International Holdings, Ltd.§ | 17,630 | |||||||||
6,500 | CK Asset Holdings, Ltd.§ | 33,433 | |||||||||
22,500 | CK Hutchison Holdings, Ltd.§ | 157,122 | |||||||||
2,000 | CK Infrastructure Holdings, Ltd.§ | 10,749 | |||||||||
8,500 | CLP Holdings, Ltd.§ | 78,687 | |||||||||
6,000 | Dah Sing Banking Group, Ltd.§ | 6,162 | |||||||||
4,800 | Dah Sing Financial Holdings, Ltd.§ | 13,537 | |||||||||
52,500 | Esprit Holdings, Ltd.*,§ | 7,656 | |||||||||
54,449 | Far East Consortium International, Ltd.§ | 20,233 | |||||||||
111,000 | FIH Mobile, Ltd.*,§ | 13,609 |
The accompanying notes are an integral part of these financial statements.
24
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Hong Kong (Continued) | |||||||||||
58,000 | First Pacific Co., Ltd.§ | $ | 18,512 | ||||||||
4,000 | Galaxy Entertainment Group, Ltd.§ | 31,112 | |||||||||
40,000 | Giordano International, Ltd.§ | 5,883 | |||||||||
7,000 | Great Eagle Holdings, Ltd.§ | 19,240 | |||||||||
142,000 | Guotai Junan International Holdings, Ltd.§ | 19,064 | |||||||||
108,000 | Haitong International Securities Group, Ltd.§ | 26,072 | |||||||||
4,000 | Hang Lung Group, Ltd.§ | 9,951 | |||||||||
6,000 | Hang Lung Properties, Ltd.§ | 15,880 | |||||||||
8,300 | Hang Seng Bank, Ltd.§ | 143,418 | |||||||||
5,500 | Henderson Land Development Co., Ltd.§ | 21,472 | |||||||||
7,500 | HKBN, Ltd.§ | 11,612 | |||||||||
19,200 | HKR International, Ltd.§ | 7,928 | |||||||||
56,000 | HKT Trust & HKT, Ltd.§ | 72,695 | |||||||||
41,055 | Hong Kong & China Gas Co., Ltd.§ | 61,427 | |||||||||
7,706 | Hong Kong Exchanges & Clearing, Ltd.§ | 423,833 | |||||||||
14,179 | Hongkong & Shanghai Hotels, Ltd. (The)§ | 12,625 | |||||||||
50,000 | Hutchison Telecommunications Hong Kong Holdings, Ltd.§ | 7,480 | |||||||||
9,000 | Hysan Development Co., Ltd.§ | 33,101 | |||||||||
41,000 | IGG, Inc.§ | 43,080 | |||||||||
5,500 | Johnson Electric Holdings, Ltd.§ | 13,628 | |||||||||
7,000 | Kerry Logistics Network, Ltd.§ | 15,381 | |||||||||
6,000 | Kerry Properties, Ltd.§ | 15,206 | |||||||||
5,750 | L'Occitane International SA§ | 14,353 | |||||||||
38,400 | Landing International Development, Ltd.*,§ | 995 | |||||||||
15,500 | Lifestyle International Holdings, Ltd.*,§ | 12,320 | |||||||||
6,000 | Luk Fook Holdings International, Ltd.§ | 14,487 | |||||||||
51,600 | Man Wah Holdings, Ltd.§ | 112,382 | |||||||||
480,000 | Mason Group Holdings, Ltd.*,§ | 1,856 | |||||||||
11,000 | Melco International Development, Ltd.§ | 21,421 | |||||||||
4,185 | MTR Corp., Ltd.§ | 23,410 | |||||||||
10,000 | NagaCorp, Ltd.§ | 13,117 | |||||||||
12,000 | New World Development Co., Ltd.§ | 55,910 | |||||||||
44,000 | NewOcean Energy Holdings, Ltd.*,§ | 3,976 |
Shares | Value (Note 1) | ||||||||||
Hong Kong (Continued) | |||||||||||
17,000 | NWS Holdings, Ltd.§ | $ | 15,816 | ||||||||
181,000 | Pacific Basin Shipping, Ltd.§ | 34,177 | |||||||||
7,128 | Pacific Century Premium Developments, Ltd.*,§ | 754 | |||||||||
29,000 | Pacific Textiles Holdings, Ltd.§ | 19,045 | |||||||||
59,789 | PCCW, Ltd.§ | 36,007 | |||||||||
5,500 | Power Assets Holdings, Ltd.§ | 29,834 | |||||||||
4,800 | PRADA SpA*,§ | 31,746 | |||||||||
63,195 | Sa Sa International Holdings, Ltd.*,§ | 9,867 | |||||||||
6,900 | Samsonite International SA*,#,§ | 12,259 | |||||||||
12,800 | Sands China, Ltd.§ | 56,264 | |||||||||
12,000 | Shangri-La Asia, Ltd.*,§ | 10,703 | |||||||||
100,000 | Shun Tak Holdings, Ltd.§ | 30,586 | |||||||||
138,000 | Singamas Container Holdings, Ltd.§ | 9,827 | |||||||||
8,352 | Sino Land Co., Ltd.§ | 10,885 | |||||||||
23,000 | SITC International Holdings Co., Ltd.§ | 49,795 | |||||||||
25,000 | SJM Holdings, Ltd.§ | 28,008 | |||||||||
13,500 | SmarTone Telecommunications Holdings, Ltd.§ | 7,214 | |||||||||
5,500 | Sun Hung Kai Properties, Ltd.§ | 71,006 | |||||||||
27,000 | SUNeVision Holdings, Ltd.§ | 24,607 | |||||||||
4,500 | Swire Pacific, Ltd., Class A§ | 25,022 | |||||||||
15,000 | Swire Pacific, Ltd., Class B§ | 14,053 | |||||||||
6,200 | Swire Properties, Ltd.§ | 18,068 | |||||||||
8,000 | Techtronic Industries Co., Ltd.§ | 114,545 | |||||||||
12,000 | Television Broadcasts, Ltd.§ | 12,365 | |||||||||
30,000 | United Laboratories International Holdings, Ltd. (The)§ | 21,322 | |||||||||
12,000 | Vitasoy International Holdings, Ltd.§ | 46,841 | |||||||||
1,300 | VTech Holdings, Ltd.§ | 10,089 | |||||||||
105,500 | WH Group, Ltd.#,§ | 88,463 | |||||||||
5,000 | Wharf Real Estate Investment Co., Ltd.§ | 26,071 | |||||||||
9,200 | Wynn Macau, Ltd.*,§ | 15,469 | |||||||||
34,000 | Xinyi Glass Holdings, Ltd.§ | 95,148 | |||||||||
14,500 | Yue Yuen Industrial Holdings, Ltd.§ | 30,207 | |||||||||
3,588,036 | |||||||||||
Ireland—0.5% | |||||||||||
5,093 | AIB Group Plc*,†,§ | 10,477 | |||||||||
10,939 | Bank of Ireland Group Plc*,§ | 44,438 |
The accompanying notes are an integral part of these financial statements.
25
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Ireland (Continued) | |||||||||||
10,801 | Cairn Homes Plc*,†,§ | $ | 12,882 | ||||||||
3,828 | CRH Plc*,§ | 161,818 | |||||||||
6,965 | CRH Plc, SP ADR | 296,570 | |||||||||
460 | Flutter Entertainment Plc*,§ | 94,223 | |||||||||
2,024 | Glanbia Plc§ | 25,675 | |||||||||
1,946 | Irish Continental Group Plc*,†,§ | 10,698 | |||||||||
526 | Kerry Group Plc, Class A§ | 76,199 | |||||||||
2,044 | Kingspan Group Plc*,§ | 143,490 | |||||||||
4,774 | Smurfit Kappa Group Plc§ | 222,036 | |||||||||
1,098,506 | |||||||||||
Israel—0.4% | |||||||||||
734 | Airport City, Ltd.*,§ | 11,146 | |||||||||
568 | Alony Hetz Properties & Investments, Ltd.§ | 7,959 | |||||||||
2,317 | Amot Investments, Ltd.§ | 13,005 | |||||||||
6,983 | Bank Hapoalim BM*,§ | 47,921 | |||||||||
9,084 | Bank Leumi Le-Israel BM§ | 53,618 | |||||||||
2,500 | Bayside Land Corp.§ | 20,405 | |||||||||
22,557 | Bezeq The Israeli Telecommunication Corp., Ltd.*,§ | 22,654 | |||||||||
2,356 | Cellcom Israel, Ltd.*,§ | 11,691 | |||||||||
1,006 | Clal Insurance Enterprises Holdings, Ltd.*,§ | 15,746 | |||||||||
187 | Elbit Systems, Ltd.† | 24,460 | |||||||||
58 | Electra, Ltd.§ | 31,758 | |||||||||
432 | First International Bank of Israel, Ltd.§ | 11,472 | |||||||||
501 | Fox Wizel, Ltd.§ | 50,290 | |||||||||
2,147 | Harel Insurance Investments & Financial Services, Ltd.*,§ | 19,829 | |||||||||
7,565 | ICL Group, Ltd.§ | 38,612 | |||||||||
275 | IDI Insurance Co., Ltd.§ | 8,335 | |||||||||
464 | Isracard, Ltd.§ | 1,568 | |||||||||
6,033 | Israel Discount Bank, Ltd., Class A§ | 23,275 | |||||||||
1,175 | Matrix IT, Ltd.§ | 26,652 | |||||||||
2,083 | Maytronics, Ltd.§ | 31,311 | |||||||||
1,106 | Menora Mivtachim Holdings, Ltd.*,§ | 20,743 | |||||||||
1,212 | Mizrahi Tefahot Bank, Ltd.§ | 28,091 | |||||||||
2,005 | Naphtha Israel Petroleum Corp., Ltd.*,§ | 9,608 | |||||||||
156 | Nice, Ltd.*,§ | 44,064 | |||||||||
168 | Nice, Ltd., SP ADR*,† | 47,635 | |||||||||
417 | Nova Measuring Instruments, Ltd.*,§ | 29,529 |
Shares | Value (Note 1) | ||||||||||
Israel (Continued) | |||||||||||
21,016 | Oil Refineries, Ltd.*,§ | $ | 4,765 | ||||||||
2,397 | Partner Communications Co., Ltd.*,§ | 13,298 | |||||||||
134 | Paz Oil Co., Ltd.§ | 14,374 | |||||||||
403 | Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.§ | 28,240 | |||||||||
6,806 | Shikun & Binui, Ltd.*,§ | 39,700 | |||||||||
700 | Strauss Group, Ltd.§ | 21,005 | |||||||||
1,314 | Summit Real Estate Holdings, Ltd.§ | 19,626 | |||||||||
3,070 | Teva Pharmaceutical Industries, Ltd., SP ADR* | 29,625 | |||||||||
862 | Tower Semiconductor, Ltd.* | 22,257 | |||||||||
844,267 | |||||||||||
Italy—1.7% | |||||||||||
23,194 | A2A SpA§ | 36,929 | |||||||||
548 | ACEA SpA§ | 11,450 | |||||||||
1,290 | Amplifon SpA*,§ | 53,457 | |||||||||
6,692 | Anima Holding SpA#,§ | 31,572 | |||||||||
7,266 | Assicurazioni Generali SpA§ | 126,460 | |||||||||
2,754 | Atlantia SpA*,§ | 49,443 | |||||||||
5,171 | Autogrill SpA*,†,§ | 34,492 | |||||||||
1,709 | Azimut Holding SpA§ | 37,057 | |||||||||
2,332 | Banca Farmafactoring SpA*,#,§ | 14,137 | |||||||||
623 | Banca Generali SpA*,§ | 20,710 | |||||||||
9,396 | Banca Popolare di Sondrio SCPA*,§ | 25,039 | |||||||||
30,073 | Banco BPM SpA*,†,§ | 66,026 | |||||||||
26,017 | BPER Banca*,§ | 47,115 | |||||||||
732 | Brunello Cucinelli SpA*,†,§ | 31,780 | |||||||||
1,230 | Buzzi Unicem SpA§ | 29,379 | |||||||||
3,016 | Cairo Communication SpA*,†,§ | 4,636 | |||||||||
1,300 | Carel Industries SpA#,§ | 30,487 | |||||||||
4,487 | Cerved Group SpA*,§ | 40,950 | |||||||||
27,159 | CIR SpA-Compagnie Industriali*,§ | 14,616 | |||||||||
12,944 | CNH Industrial NV*,§ | 164,025 | |||||||||
3,914 | Credito Emiliano SpA*,§ | 21,172 | |||||||||
2,482 | Credito Valtellinese SpA*,§ | 34,958 | |||||||||
253 | DiaSorin SpA§ | 52,674 | |||||||||
59,059 | Enel SpA§ | 596,399 | |||||||||
15,027 | Eni SpA§ | 155,549 | |||||||||
806 | ERG SpA§ | 23,006 | |||||||||
741 | Ferrari NV§ | 171,351 | |||||||||
22,449 | Fiat Chrysler Automobiles NV*,§ | 401,432 | |||||||||
18,781 | Fincantieri SpA*,†,§ | 12,506 | |||||||||
4,947 | FinecoBank Banca Fineco SpA*,§ | 80,733 | |||||||||
725 | Gruppo MutuiOnline SpA§ | 30,737 |
The accompanying notes are an integral part of these financial statements.
26
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Italy (Continued) | |||||||||||
6,924 | Hera SpA§ | $ | 25,342 | ||||||||
192 | IMA Industria Macchine Automatiche SpA*,†,§ | 15,926 | |||||||||
1,991 | Infrastrutture Wireless Italiane SpA#,§ | 24,135 | |||||||||
1,134 | Interpump Group SpA§ | 56,025 | |||||||||
96,164 | Intesa Sanpaolo SpA*,§ | 224,354 | |||||||||
9,018 | Iren SpA§ | 23,399 | |||||||||
7,345 | Italgas SpA§ | 46,871 | |||||||||
2,260 | Leonardo SpA†,§ | 16,139 | |||||||||
7,518 | Mediobanca Banca di Credito Finanziario SpA§ | 68,711 | |||||||||
1,242 | Moncler SpA*,§ | 75,968 | |||||||||
7,618 | OVS SpA*,#,†,§ | 9,798 | |||||||||
1,752 | Pirelli & C SpA*,#,†,§ | 9,478 | |||||||||
2,693 | Poste Italiane SpA#,§ | 27,342 | |||||||||
442 | Recordati Industria Chimica e Farmaceutica SpA§ | 24,430 | |||||||||
5,199 | Saipem SpA†,§ | 13,878 | |||||||||
10,551 | Saras SpA*,†,§ | 7,608 | |||||||||
14,612 | Snam SpA§ | 82,055 | |||||||||
5,594 | Societa Cattolica di Assicurazioni SC*,†,§ | 31,316 | |||||||||
3,313 | Tamburi Investment Partners SpA§ | 27,865 | |||||||||
2,650 | Technogym SpA*,#,§ | 29,697 | |||||||||
151,273 | Telecom Italia SpA§ | 69,665 | |||||||||
29,205 | Telecom Italia SpA§ | 15,112 | |||||||||
1,807 | Tenaris SA§ | 14,598 | |||||||||
9,476 | Terna Rete Elettrica Nazionale SpA§ | 72,299 | |||||||||
7,682 | UniCredit SpA*,§ | 71,088 | |||||||||
11,000 | Unipol Gruppo SpA*,§ | 52,477 | |||||||||
9,399 | UnipolSai Assicurazioni SpA§ | 24,891 | |||||||||
3,610,744 | |||||||||||
Japan—16.0% | |||||||||||
1,200 | 77 Bank, Ltd. (The)§ | 16,456 | |||||||||
1,500 | ADEKA Corp.§ | 26,303 | |||||||||
1,500 | Advantest Corp.§ | 112,615 | |||||||||
4,700 | Aeon Co., Ltd.§ | 154,280 | |||||||||
1,400 | AEON Financial Service Co., Ltd.§ | 16,944 | |||||||||
2,100 | Aeon Mall Co., Ltd.§ | 34,781 | |||||||||
2,100 | AGC, Inc.†,§ | 73,340 | |||||||||
700 | Aica Kogyo Co., Ltd.§ | 24,255 | |||||||||
2,900 | Aida Engineering, Ltd.§ | 27,194 | |||||||||
8,600 | Aiful Corp.*,§ | 20,709 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
300 | Ain Holdings, Inc.§ | $ | 18,545 | ||||||||
2,300 | Air Water, Inc.§ | 41,036 | |||||||||
1,600 | Aisin Seiki Co., Ltd.§ | 48,084 | |||||||||
2,900 | Ajinomoto Co., Inc.§ | 65,719 | |||||||||
1,200 | Alconix Corp.§ | 17,023 | |||||||||
800 | Alfresa Holdings Corp.§ | 14,669 | |||||||||
2,600 | Alps Alpine Co., Ltd.§ | 34,319 | |||||||||
2,700 | Amada Co., Ltd.§ | 29,822 | |||||||||
1,000 | Amano Corp.§ | 23,955 | |||||||||
700 | ANA Holdings, Inc.*,§ | 15,476 | |||||||||
1,500 | Anritsu Corp.†,§ | 33,392 | |||||||||
1,100 | AOKI Holdings, Inc.†,§ | 5,510 | |||||||||
900 | Aoyama Trading Co., Ltd.*,§ | 4,691 | |||||||||
700 | Aozora Bank, Ltd.§ | 12,932 | |||||||||
500 | Arata Corp.§ | 23,760 | |||||||||
2,000 | Arcland Sakamoto Co., Ltd.§ | 33,188 | |||||||||
1,000 | Arcs Co., Ltd.§ | 22,488 | |||||||||
1,400 | Arisawa Manufacturing Co., Ltd.§ | 13,039 | |||||||||
1,800 | Asahi Diamond Industrial Co., Ltd.§ | 7,845 | |||||||||
3,400 | Asahi Group Holdings, Ltd.†,§ | 140,143 | |||||||||
1,000 | Asahi Holdings, Inc.§ | 35,587 | |||||||||
1,600 | Asahi Intecc Co., Ltd.§ | 58,409 | |||||||||
15,000 | Asahi Kasei Corp.§ | 154,284 | |||||||||
10,900 | Astellas Pharma, Inc.§ | 168,508 | |||||||||
2,400 | Atom Corp.§ | 20,247 | |||||||||
1,600 | Avex, Inc.§ | 17,753 | |||||||||
800 | Awa Bank, Ltd. (The)§ | 18,225 | |||||||||
1,100 | Azbil Corp.§ | 60,168 | |||||||||
2,000 | Bandai Namco Holdings, Inc.§ | �� | 173,101 | ||||||||
600 | Bank of Kyoto, Ltd. (The)§ | 31,414 | |||||||||
1,300 | Bank of the Ryukyus, Ltd.§ | 9,666 | |||||||||
1,300 | Bell System24 Holdings, Inc.§ | 20,402 | |||||||||
1,300 | Belluna Co., Ltd.§ | 14,320 | |||||||||
1,000 | Benefit One, Inc.§ | 29,616 | |||||||||
800 | Benesse Holdings, Inc.§ | 15,618 | |||||||||
1,500 | Bic Camera, Inc.§ | 16,659 | |||||||||
7,200 | Bridgestone Corp.†,§ | 236,513 | |||||||||
4,000 | Broadleaf Co., Ltd.†,§ | 26,390 | |||||||||
1,400 | Brother Industries, Ltd.§ | 28,901 | |||||||||
3,200 | Bunka Shutter Co., Ltd.§ | 30,199 | |||||||||
700 | Calbee, Inc.§ | 21,084 | |||||||||
900 | Canon Electronics, Inc.§ | 13,084 | |||||||||
4,600 | Canon, Inc.†,§ | 88,336 | |||||||||
1,200 | Capcom Co., Ltd.§ | 78,019 | |||||||||
1,600 | Casio Computer Co., Ltd.§ | 29,310 |
The accompanying notes are an integral part of these financial statements.
27
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,100 | Central Glass Co., Ltd.§ | $ | 24,028 | ||||||||
900 | Central Japan Railway Co.§ | 127,834 | |||||||||
3,700 | Chiba Bank, Ltd. (The)§ | 20,405 | |||||||||
3,800 | Chubu Electric Power Co., Inc.§ | 45,754 | |||||||||
700 | Chudenko Corp.§ | 14,998 | |||||||||
1,200 | Chugai Pharmaceutical Co., Ltd.§ | 64,067 | |||||||||
1,700 | Chugoku Electric Power Co., Inc. (The)§ | 20,028 | |||||||||
2,300 | Chugoku Marine Paints, Ltd.§ | 23,236 | |||||||||
5,400 | Citizen Watch Co., Ltd.§ | 15,421 | |||||||||
800 | Coca-Cola Bottlers Japan Holdings, Inc.†,§ | 12,499 | |||||||||
200 | cocokara fine, Inc.†,§ | 14,796 | |||||||||
1,000 | Colowide Co., Ltd.§ | 15,850 | |||||||||
900 | COMSYS Holdings Corp.§ | 28,058 | |||||||||
5,100 | Concordia Financial Group, Ltd.§ | 18,089 | |||||||||
2,000 | Cosmo Energy Holdings Co., Ltd.§ | 35,686 | |||||||||
1,900 | Credit Saison Co., Ltd.§ | 22,065 | |||||||||
900 | CyberAgent, Inc.§ | 62,094 | |||||||||
1,700 | Dai Nippon Printing Co., Ltd.§ | 30,664 | |||||||||
3,600 | Dai-ichi Life Holdings, Inc.§ | 54,684 | |||||||||
2,100 | Daicel Corp.§ | 15,404 | |||||||||
3,700 | Daido Metal Co., Ltd.§ | 18,333 | |||||||||
600 | Daido Steel Co., Ltd.§ | 25,106 | |||||||||
700 | Daifuku Co., Ltd.§ | 86,643 | |||||||||
1,000 | Daihen Corp.§ | 48,695 | |||||||||
700 | Daiho Corp.§ | 24,697 | |||||||||
600 | Daiichikosho Co., Ltd.§ | 20,720 | |||||||||
1,500 | Daikin Industries, Ltd.§ | 334,075 | |||||||||
1,400 | Daikyonishikawa Corp.§ | 11,322 | |||||||||
1,900 | Daio Paper Corp.§ | 36,917 | |||||||||
900 | Daiseki Co., Ltd.§ | 26,417 | |||||||||
400 | Daishi Hokuetsu Financial Group, Inc.§ | 8,666 | |||||||||
500 | Daito Trust Construction Co., Ltd.§ | 46,764 | |||||||||
5,300 | Daiwa House Industry Co., Ltd.§ | 158,203 | |||||||||
9,500 | Daiwa Securities Group, Inc.§ | 43,329 | |||||||||
500 | Daiwabo Holdings Co., Ltd.§ | 44,522 | |||||||||
2,200 | DCM Holdings Co., Ltd.§ | 25,078 | |||||||||
1,200 | DeNA Co., Ltd.§ | 21,420 | |||||||||
1,300 | Denka Co., Ltd.§ | 50,828 | |||||||||
1,500 | Denso Corp.§ | 89,309 | |||||||||
1,500 | Dentsu Group, Inc.†,§ | 44,636 | |||||||||
2,400 | Dexerials Corp.§ | 31,412 | |||||||||
1,200 | DIC Corp.†,§ | 30,437 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
400 | Digital Arts, Inc.§ | $ | 36,923 | ||||||||
1,800 | DMG Mori Co., Ltd.†,§ | 27,450 | |||||||||
1,100 | Doutor Nichires Holdings Co., Ltd.§ | 15,825 | |||||||||
1,100 | Dowa Holdings Co., Ltd.§ | 40,053 | |||||||||
600 | DTS Corp.§ | 12,371 | |||||||||
1,000 | Duskin Co., Ltd.§ | 27,868 | |||||||||
1,100 | Eagle Industry Co., Ltd.§ | 10,575 | |||||||||
1,900 | East Japan Railway Co.§ | 127,185 | |||||||||
1,100 | Ebara Corp.§ | 35,976 | |||||||||
2,100 | EDION Corp.§ | 21,333 | |||||||||
1,300 | Eisai Co., Ltd.§ | 93,014 | |||||||||
600 | Eizo Corp.§ | 21,182 | |||||||||
900 | Electric Power Development Co., Ltd.§ | 12,481 | |||||||||
22,400 | ENEOS Holdings, Inc.§ | 80,531 | |||||||||
1,000 | Exedy Corp.§ | 12,296 | |||||||||
500 | Ezaki Glico Co., Ltd.§ | 21,984 | |||||||||
900 | Fancl Corp.§ | 35,944 | |||||||||
400 | FANUC Corp.§ | 98,487 | |||||||||
400 | Fast Retailing Co., Ltd.§ | 358,938 | |||||||||
1,100 | FCC Co., Ltd.§ | 19,039 | |||||||||
2,700 | Ferrotec Holdings Corp.§ | 46,185 | |||||||||
2,100 | Financial Products Group Co., Ltd.§ | 10,316 | |||||||||
900 | Foster Electric Co., Ltd.§ | 11,118 | |||||||||
800 | FP Corp.§ | 33,590 | |||||||||
1,100 | Fudo Tetra Corp.§ | 18,623 | |||||||||
1,600 | Fuji Corp.§ | 42,242 | |||||||||
1,400 | Fuji Electric Co., Ltd.§ | 50,522 | |||||||||
700 | Fuji Oil Holdings, Inc.§ | 19,979 | |||||||||
700 | Fuji Seal International, Inc.§ | 13,742 | |||||||||
900 | FUJIFILM Holdings Corp.§ | 47,466 | |||||||||
7,900 | Fujikura, Ltd.*,§ | 36,510 | |||||||||
600 | Fujitsu General, Ltd.§ | 16,269 | |||||||||
2,800 | Fujitsu, Ltd.§ | 405,337 | |||||||||
1,000 | Fukuoka Financial Group, Inc.§ | 17,924 | |||||||||
600 | Fukuyama Transporting Co., Ltd.§ | 25,301 | |||||||||
900 | Furukawa Co., Ltd.§ | 10,713 | |||||||||
1,200 | Furukawa Electric Co., Ltd.§ | 32,409 | |||||||||
1,200 | Furuno Electric Co., Ltd.§ | 14,142 | |||||||||
800 | Futaba Corp.§ | 6,925 | |||||||||
500 | Fuyo General Lease Co., Ltd.§ | 33,310 | |||||||||
800 | Geo Holdings Corp.§ | 9,389 | |||||||||
1,000 | Glory, Ltd.§ | 20,197 | |||||||||
900 | GMO internet, Inc.§ | 25,858 | |||||||||
700 | Goldcrest Co., Ltd.§ | 10,911 |
The accompanying notes are an integral part of these financial statements.
28
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
400 | Goldwin, Inc.†,§ | $ | 26,384 | ||||||||
3,100 | Gree, Inc.§ | 18,170 | |||||||||
1,000 | GS Yuasa Corp.§ | 28,791 | |||||||||
4,900 | Gunma Bank, Ltd. (The)§ | 15,199 | |||||||||
600 | Gunze, Ltd.§ | 19,560 | |||||||||
900 | H.U. Group Holdings, Inc.†,§ | 24,259 | |||||||||
1,700 | H2O Retailing Corp.§ | 11,528 | |||||||||
5,000 | Hachijuni Bank, Ltd. (The)§ | 16,738 | |||||||||
2,400 | Hakuhodo DY Holdings, Inc.§ | 32,990 | |||||||||
500 | Hamamatsu Photonics KK§ | 28,627 | |||||||||
2,200 | Hankyu Hanshin Holdings, Inc.§ | 73,353 | |||||||||
800 | Hanwa Co., Ltd.§ | 21,523 | |||||||||
5,200 | Haseko Corp.§ | 59,707 | |||||||||
3,500 | Hazama Ando Corp.§ | 24,473 | |||||||||
1,200 | Heiwa Corp.§ | 16,557 | |||||||||
600 | Heiwa Real Estate Co., Ltd.§ | 21,709 | |||||||||
900 | Heiwado Co., Ltd.§ | 19,339 | |||||||||
200 | Hikari Tsushin, Inc.§ | 46,765 | |||||||||
3,100 | Hirogin Holdings, Inc.§ | 17,441 | |||||||||
900 | HIS Co., Ltd.*,§ | 13,972 | |||||||||
400 | Hisamitsu Pharmaceutical Co., Inc.§ | 23,782 | |||||||||
1,000 | Hitachi Capital Corp.§ | 24,182 | |||||||||
1,900 | Hitachi Construction Machinery Co., Ltd.§ | 54,178 | |||||||||
2,000 | Hitachi Metals, Ltd.§ | 30,466 | |||||||||
6,400 | Hitachi Zosen Corp.§ | 35,383 | |||||||||
9,500 | Hitachi, Ltd.§ | 374,864 | |||||||||
400 | Hogy Medical Co., Ltd.§ | 13,017 | |||||||||
2,900 | Hokkaido Electric Power Co., Inc.†,§ | 10,549 | |||||||||
700 | Hokkoku Bank, Ltd. (The)§ | 17,783 | |||||||||
3,000 | Hokuetsu Corp.§ | 11,938 | |||||||||
1,800 | Hokuhoku Financial Group, Inc.§ | 17,218 | |||||||||
2,300 | Hokuriku Electric Power Co.§ | 15,099 | |||||||||
1,200 | Hokuto Corp.§ | 24,322 | |||||||||
7,300 | Honda Motor Co., Ltd.§ | 203,876 | |||||||||
500 | Horiba, Ltd.§ | 29,374 | |||||||||
3,100 | Hosiden Corp.§ | 29,855 | |||||||||
600 | House Foods Group, Inc.§ | 22,782 | |||||||||
2,400 | Hoya Corp.§ | 331,750 | |||||||||
2,300 | Hulic Co., Ltd.†,§ | 25,294 | |||||||||
3,000 | Hyakugo Bank, Ltd. (The)§ | 8,714 | |||||||||
1,400 | Ibiden Co., Ltd.§ | 65,070 | |||||||||
6,700 | Ichigo, Inc.§ | 20,168 | |||||||||
600 | Idec Corp.§ | 10,637 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,200 | Idemitsu Kosan Co., Ltd.§ | $ | 26,423 | ||||||||
2,200 | IHI Corp.§ | 43,798 | |||||||||
1,100 | Iida Group Holdings Co., Ltd.§ | 22,239 | |||||||||
900 | Inabata & Co., Ltd.§ | 12,595 | |||||||||
4,200 | Infomart Corp.§ | 40,113 | |||||||||
10,600 | Inpex Corp.§ | 57,283 | |||||||||
2,000 | Internet Initiative Japan, Inc.§ | 39,431 | |||||||||
1,900 | Isetan Mitsukoshi Holdings, Ltd.§ | 11,265 | |||||||||
1,600 | Ishihara Sangyo Kaisha, Ltd.§ | 9,689 | |||||||||
1,500 | Isuzu Motors, Ltd.§ | 14,281 | |||||||||
500 | Ito En, Ltd.§ | 31,638 | |||||||||
2,500 | ITOCHU Corp.§ | 72,003 | |||||||||
3,400 | Itoham Yonekyu Holdings, Inc.§ | 22,193 | |||||||||
700 | Iwatani Corp.§ | 43,173 | |||||||||
4,100 | Iyo Bank, Ltd. (The)§ | 25,868 | |||||||||
500 | Izumi Co., Ltd.§ | 18,125 | |||||||||
2,300 | J Trust Co., Ltd.†,§ | 4,528 | |||||||||
1,600 | J. Front Retailing Co., Ltd.§ | 12,672 | |||||||||
1,300 | Jaccs Co., Ltd.§ | 23,057 | |||||||||
700 | Jafco Co., Ltd.§ | 34,977 | |||||||||
1,400 | Japan Airlines Co., Ltd.*,§ | 27,124 | |||||||||
1,800 | Japan Aviation Electronics Industry, Ltd.§ | 27,616 | |||||||||
3,600 | Japan Exchange Group, Inc.§ | 92,049 | |||||||||
1,500 | Japan Lifeline Co., Ltd.§ | 23,682 | |||||||||
1,100 | Japan Petroleum Exploration Co., Ltd.§ | 20,000 | |||||||||
4,300 | Japan Post Holdings Co., Ltd.§ | 33,500 | |||||||||
1,000 | Japan Post Insurance Co., Ltd.§ | 20,499 | |||||||||
600 | Japan Pulp & Paper Co., Ltd.§ | 21,098 | |||||||||
3,000 | Japan Securities Finance Co., Ltd.§ | 15,721 | |||||||||
1,300 | Japan Steel Works, Ltd. (The)§ | 38,826 | |||||||||
10,300 | Japan Tobacco, Inc.†,§ | 209,899 | |||||||||
1,700 | Japan Wool Textile Co., Ltd. (The)†,§ | 16,470 | |||||||||
3,600 | JFE Holdings, Inc.*,§ | 34,572 | |||||||||
1,500 | JGC Holding Corp.§ | 14,109 | |||||||||
400 | JINS Holdings, Inc.§ | 26,304 | |||||||||
600 | Joshin Denki Co., Ltd.§ | 15,850 | |||||||||
700 | JSR Corp.§ | 19,552 | |||||||||
3,800 | JTEKT Corp.§ | 29,582 | |||||||||
800 | Juroku Bank, Ltd. (The)§ | 14,632 | |||||||||
8,900 | JVCKenwood Corp.§ | 13,725 | |||||||||
2,200 | K's Holdings Corp.§ | 30,600 | |||||||||
400 | Kadokawa Corp.§ | 14,530 |
The accompanying notes are an integral part of these financial statements.
29
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
800 | Kagome Co., Ltd.†,§ | $ | 28,243 | ||||||||
4,900 | Kajima Corp.§ | 65,757 | |||||||||
1,100 | Kakaku.com, Inc.§ | 30,202 | |||||||||
500 | Kaken Pharmaceutical Co., Ltd.§ | 19,348 | |||||||||
1,000 | Kamigumi Co., Ltd.§ | 18,276 | |||||||||
1,300 | Kanamoto Co., Ltd.§ | 27,977 | |||||||||
2,200 | Kandenko Co., Ltd.§ | 18,665 | |||||||||
600 | Kaneka Corp.§ | 21,079 | |||||||||
1,700 | Kanematsu Corp.§ | 21,259 | |||||||||
4,400 | Kansai Electric Power Co., Inc. (The)§ | 41,839 | |||||||||
1,200 | Kansai Paint Co., Ltd.§ | 36,975 | |||||||||
3,100 | Kao Corp.§ | 239,676 | |||||||||
400 | Kato Sangyo Co., Ltd.§ | 13,561 | |||||||||
300 | KAWADA TECHNOLOGIES, Inc.§ | 12,467 | |||||||||
2,100 | Kawasaki Heavy Industries, Ltd.*,§ | 47,455 | |||||||||
1,600 | Kawasaki Kisen Kaisha, Ltd.*,†,§ | 32,834 | |||||||||
16,000 | KDDI Corp.§ | 475,158 | |||||||||
400 | Keihan Holdings Co., Ltd.§ | 19,197 | |||||||||
1,500 | Keikyu Corp.§ | 25,798 | |||||||||
700 | Keio Corp.§ | 54,349 | |||||||||
200 | Keisei Electric Railway Co., Ltd.§ | 6,782 | |||||||||
2,500 | Keiyo Bank, Ltd. (The)§ | 10,112 | |||||||||
4,600 | Kenedix, Inc.†,§ | 33,410 | |||||||||
900 | Kewpie Corp.§ | 19,813 | |||||||||
400 | Keyence Corp.§ | 225,113 | |||||||||
1,100 | KH Neochem Co., Ltd.§ | 29,208 | |||||||||
400 | Kikkoman Corp.§ | 27,782 | |||||||||
900 | Kintetsu Group Holdings Co., Ltd.§ | 39,496 | |||||||||
1,700 | Kintetsu World Express, Inc.§ | 40,313 | |||||||||
5,200 | Kirin Holdings Co., Ltd.†,§ | 122,774 | |||||||||
800 | Kissei Pharmaceutical Co., Ltd.§ | 17,363 | |||||||||
1,500 | Kito Corp.§ | 22,466 | |||||||||
2,600 | Kitz Corp.§ | 15,822 | |||||||||
1,600 | Kiyo Bank, Ltd. (The)§ | 23,002 | |||||||||
1,800 | Kobe Bussan Co., Ltd.§ | 55,560 | |||||||||
4,400 | Kobe Steel, Ltd.*,§ | 23,552 | |||||||||
900 | Kohnan Shoji Co., Ltd.§ | 28,080 | |||||||||
1,500 | Koito Manufacturing Co., Ltd.§ | 102,020 | |||||||||
1,500 | Kokuyo Co., Ltd.†,§ | 20,344 | |||||||||
11,000 | Komatsu, Ltd.§ | 301,429 | |||||||||
1,100 | KOMEDA Holdings Co., Ltd.§ | 19,899 | |||||||||
1,000 | Komeri Co., Ltd.§ | 28,269 | |||||||||
1,400 | Komori Corp.§ | 9,823 | |||||||||
700 | Konami Holdings Corp.§ | 39,400 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
6,900 | Konica Minolta, Inc.§ | $ | 26,421 | ||||||||
1,200 | Konoike Transport Co., Ltd.§ | 11,939 | |||||||||
100 | Kose Corp.§ | 17,090 | |||||||||
3,200 | Kubota Corp.†,§ | 69,910 | |||||||||
400 | Kumagai Gumi Co., Ltd.§ | 10,110 | |||||||||
2,700 | Kuraray Co., Ltd.†,§ | 28,837 | |||||||||
400 | Kureha Corp.§ | 28,229 | |||||||||
700 | Kurita Water Industries, Ltd.§ | 26,794 | |||||||||
1,100 | Kyocera Corp.§ | 67,514 | |||||||||
1,500 | Kyoei Steel, Ltd.§ | 20,812 | |||||||||
1,700 | Kyokuto Kaihatsu Kogyo Co., Ltd.§ | 23,140 | |||||||||
500 | KYORIN Holdings, Inc.§ | 9,407 | |||||||||
1,000 | Kyowa Exeo Corp.§ | 28,230 | |||||||||
600 | Kyudenko Corp.§ | 19,377 | |||||||||
2,400 | Kyushu Electric Power Co., Inc.§ | 20,781 | |||||||||
5,000 | Kyushu Financial Group, Inc.§ | 20,642 | |||||||||
1,200 | Kyushu Railway Co.§ | 25,924 | |||||||||
600 | Lasertec Corp.§ | 70,580 | |||||||||
400 | Lawson, Inc.§ | 18,640 | |||||||||
1,000 | Lintec Corp.§ | 22,177 | |||||||||
1,100 | Lion Corp.§ | 26,654 | |||||||||
2,600 | LIXIL Corp.§ | 56,470 | |||||||||
2,800 | M3, Inc.§ | 264,844 | |||||||||
700 | Mabuchi Motor Co., Ltd.§ | 30,600 | |||||||||
1,300 | Macnica Fuji Electronics Holdings, Inc.§ | 25,571 | |||||||||
900 | Macromill, Inc.§ | 5,853 | |||||||||
3,800 | Maeda Corp.§ | 33,936 | |||||||||
800 | Maeda Kosen Co., Ltd.§ | 21,061 | |||||||||
400 | Maeda Road Construction Co., Ltd.§ | 6,725 | |||||||||
600 | Makino Milling Machine Co., Ltd.§ | 21,721 | |||||||||
900 | Makita Corp.§ | 45,178 | |||||||||
6,900 | Marubeni Corp.§ | 45,990 | |||||||||
800 | Marudai Food Co., Ltd.§ | 13,123 | |||||||||
700 | Maruha Nichiro Corp.§ | 15,087 | |||||||||
2,200 | Marui Group Co., Ltd.§ | 38,707 | |||||||||
700 | Maruichi Steel Tube, Ltd.§ | 15,558 | |||||||||
2,200 | Marusan Securities Co., Ltd.§ | 9,887 | |||||||||
700 | Matsumotokiyoshi Holdings Co., Ltd.§ | 29,878 | |||||||||
1,700 | Maxell Holdings, Ltd.*,§ | 21,215 | |||||||||
6,700 | Mazda Motor Corp.§ | 45,068 | |||||||||
500 | McDonald's Holdings Co. Japan, Ltd.†,§ | 24,214 |
The accompanying notes are an integral part of these financial statements.
30
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
9,000 | Mebuki Financial Group, Inc.§ | $ | 17,839 | ||||||||
1,000 | Medipal Holdings Corp.§ | 18,798 | |||||||||
1,000 | Megachips Corp.§ | 27,218 | |||||||||
1,000 | Megmilk Snow Brand Co., Ltd.§ | 21,391 | |||||||||
1,700 | Meidensha Corp.§ | 38,309 | |||||||||
700 | MEIJI Holdings Co., Ltd.§ | 49,223 | |||||||||
1,200 | Meiko Electronics Co., Ltd.§ | 22,469 | |||||||||
500 | Meitec Corp.§ | 25,998 | |||||||||
600 | Milbon Co., Ltd.§ | 38,275 | |||||||||
1,200 | Mimasu Semiconductor Industry Co., Ltd.§ | 30,060 | |||||||||
2,200 | MINEBEA MITSUMI, Inc.§ | 43,769 | |||||||||
1,600 | Mirait Holdings Corp.§ | 27,402 | |||||||||
1,000 | MISUMI Group, Inc.§ | 32,844 | |||||||||
15,300 | Mitsubishi Chemical Holdings Corp.§ | 93,074 | |||||||||
5,500 | Mitsubishi Corp.§ | 135,635 | |||||||||
13,000 | Mitsubishi Electric Corp.§ | 196,798 | |||||||||
4,500 | Mitsubishi Estate Co., Ltd.§ | 72,672 | |||||||||
1,700 | Mitsubishi Gas Chemical Co., Inc.§ | 39,142 | |||||||||
1,000 | Mitsubishi Heavy Industries, Ltd.§ | 30,648 | |||||||||
900 | Mitsubishi Logistics Corp.§ | 27,068 | |||||||||
1,000 | Mitsubishi Materials Corp.§ | 21,133 | |||||||||
5,200 | Mitsubishi Motors Corp.*,§ | 10,963 | |||||||||
51,700 | Mitsubishi UFJ Financial Group, Inc.§ | 228,960 | |||||||||
8,700 | Mitsubishi UFJ Lease & Finance Co., Ltd.§ | 41,984 | |||||||||
6,000 | Mitsui & Co., Ltd.§ | 110,078 | |||||||||
2,500 | Mitsui Chemicals, Inc.§ | 73,445 | |||||||||
2,100 | Mitsui E&S Holdings Co., Ltd.*,§ | 7,139 | |||||||||
3,000 | Mitsui Fudosan Co., Ltd.§ | 63,234 | |||||||||
1,900 | Mitsui Mining & Smelting Co., Ltd.§ | 70,079 | |||||||||
1,200 | Mitsui OSK Lines, Ltd.§ | 36,731 | |||||||||
800 | Mitsui-Soko Holdings Co., Ltd.§ | 17,863 | |||||||||
300 | Miura Co., Ltd.§ | 16,758 | |||||||||
1,000 | Mixi, Inc.§ | 24,858 | |||||||||
700 | Miyazaki Bank, Ltd. (The)§ | 14,972 | |||||||||
9,790 | Mizuho Financial Group, Inc.§ | 124,794 | |||||||||
1,000 | Mizuho Leasing Co., Ltd.§ | 30,122 | |||||||||
300 | Mochida Pharmaceutical Co., Ltd.§ | 11,420 | |||||||||
400 | Modec, Inc.†,§ | 7,276 | |||||||||
7,000 | Monex Group, Inc.§ | 26,358 | |||||||||
300 | Monogatari Corp. (The)§ | 36,577 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
800 | MonotaRO Co., Ltd.§ | $ | 40,677 | ||||||||
700 | Morinaga Milk Industry Co., Ltd.§ | 34,479 | |||||||||
1,800 | MS&AD Insurance Group Holdings, Inc.§ | 54,886 | |||||||||
4,200 | Murata Manufacturing Co., Ltd.§ | 378,257 | |||||||||
2,000 | Musashi Seimitsu Industry Co., Ltd.§ | 31,775 | |||||||||
1,000 | Musashino Bank, Ltd. (The)§ | 14,509 | |||||||||
1,200 | Nabtesco Corp.†,§ | 52,677 | |||||||||
600 | Nachi-Fujikoshi Corp.§ | 24,921 | |||||||||
1,500 | Nagase & Co., Ltd.§ | 21,988 | |||||||||
1,300 | Nagoya Railroad Co., Ltd.§ | 34,328 | |||||||||
1,200 | Nankai Electric Railway Co., Ltd.§ | 30,555 | |||||||||
800 | Nanto Bank, Ltd. (The)§ | 13,589 | |||||||||
2,600 | NEC Corp.§ | 139,211 | |||||||||
1,100 | NET One Systems Co., Ltd.§ | 38,906 | |||||||||
800 | Nexon Co., Ltd.§ | 24,638 | |||||||||
2,000 | NGK Insulators, Ltd.§ | 30,925 | |||||||||
2,500 | NGK Spark Plug Co., Ltd.§ | 42,802 | |||||||||
700 | NH Foods, Ltd.§ | 30,812 | |||||||||
2,400 | NHK Spring Co., Ltd.§ | 16,508 | |||||||||
1,300 | Nichi-iko Pharmaceutical Co., Ltd.§ | 12,274 | |||||||||
1,200 | Nichias Corp.§ | 28,637 | |||||||||
800 | Nichirei Corp.§ | 22,489 | |||||||||
500 | Nidec Corp.§ | 62,997 | |||||||||
1,600 | Nifco, Inc.§ | 62,831 | |||||||||
700 | Nihon Kohden Corp.§ | 26,081 | |||||||||
1,000 | Nihon M&A Center, Inc.§ | 66,920 | |||||||||
1,800 | Nihon Parkerizing Co., Ltd.§ | 18,724 | |||||||||
900 | Nihon Unisys, Ltd.§ | 35,322 | |||||||||
1,700 | Nikkiso Co., Ltd.†,§ | 16,564 | |||||||||
1,300 | Nikkon Holdings Co., Ltd.§ | 26,088 | |||||||||
3,000 | Nikon Corp.§ | 18,970 | |||||||||
500 | Nintendo Co., Ltd.§ | 319,095 | |||||||||
900 | Nippn Corp.§ | 14,057 | |||||||||
1,200 | Nippo Corp.§ | 32,956 | |||||||||
600 | Nippon Carbon Co., Ltd.†,§ | 22,959 | |||||||||
700 | Nippon Densetsu Kogyo Co., Ltd.§ | 14,518 | |||||||||
900 | Nippon Electric Glass Co., Ltd.§ | 19,705 | |||||||||
1,200 | Nippon Express Co., Ltd.§ | 80,734 | |||||||||
600 | Nippon Gas Co., Ltd.§ | 32,373 | |||||||||
1,520 | Nippon Light Metal Holdings Co., Ltd.§ | 28,269 | |||||||||
1,200 | Nippon Paper Industries Co., Ltd.§ | 13,936 |
The accompanying notes are an integral part of these financial statements.
31
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,200 | Nippon Sanso Holdings Corp.§ | $ | 22,326 | ||||||||
1,200 | Nippon Seiki Co., Ltd.§ | 13,577 | |||||||||
2,600 | Nippon Sheet Glass Co., Ltd.*,§ | 12,058 | |||||||||
300 | Nippon Shinyaku Co., Ltd.§ | 19,703 | |||||||||
400 | Nippon Shokubai Co., Ltd.§ | 22,501 | |||||||||
2,600 | Nippon Signal Co., Ltd.§ | 23,734 | |||||||||
900 | Nippon Soda Co., Ltd.§ | 26,858 | |||||||||
5,500 | Nippon Steel Corp.*,§ | 71,334 | |||||||||
500 | Nippon Steel Trading Corp.§ | 18,155 | |||||||||
3,600 | Nippon Suisan Kaisha, Ltd.§ | 14,876 | |||||||||
8,000 | Nippon Telegraph & Telephone Corp.§ | 205,130 | |||||||||
530 | Nippon Yakin Kogyo Co., Ltd.§ | 8,873 | |||||||||
1,800 | Nippon Yusen KK§ | 41,994 | |||||||||
2,200 | Nipro Corp.§ | 25,904 | |||||||||
2,000 | Nishi-Nippon Financial Holdings, Inc.§ | 12,894 | |||||||||
900 | Nishi-Nippon Railroad Co., Ltd.§ | 26,645 | |||||||||
1,000 | Nishimatsu Construction Co., Ltd.§ | 20,537 | |||||||||
700 | Nishio Rent All Co., Ltd.§ | 14,706 | |||||||||
800 | Nissan Chemical Corp.§ | 50,141 | |||||||||
17,400 | Nissan Motor Co., Ltd.*,§ | 94,660 | |||||||||
1,100 | Nissha Co., Ltd.†,§ | 16,004 | |||||||||
800 | Nisshin Oillio Group, Ltd. (The)§ | 23,537 | |||||||||
5,700 | Nisshinbo Holdings, Inc.†,§ | 41,616 | |||||||||
400 | Nissin Foods Holdings Co., Ltd.§ | 34,279 | |||||||||
500 | Nitori Holdings Co., Ltd.§ | 104,823 | |||||||||
1,400 | Nitto Denko Corp.§ | 125,710 | |||||||||
700 | Nitto Kogyo Corp.§ | 13,902 | |||||||||
500 | Noevir Holdings Co., Ltd.§ | 22,154 | |||||||||
700 | NOF Corp.§ | 35,593 | |||||||||
1,100 | Nojima Corp.§ | 30,210 | |||||||||
1,500 | NOK Corp.§ | 16,158 | |||||||||
1,800 | Nomura Co., Ltd.§ | 14,918 | |||||||||
14,300 | Nomura Holdings, Inc.§ | 75,700 | |||||||||
1,100 | Nomura Real Estate Holdings, Inc.§ | 24,468 | |||||||||
1,500 | Nomura Research Institute, Ltd.§ | 53,597 | |||||||||
300 | Noritake Co., Ltd.§ | 8,732 | |||||||||
700 | Noritsu Koki Co., Ltd.§ | 16,536 | |||||||||
1,100 | Noritz Corp.§ | 17,205 | |||||||||
7,800 | North Pacific Bank, Ltd.§ | 16,581 | |||||||||
800 | NSD Co., Ltd.§ | 17,262 | |||||||||
2,900 | NSK, Ltd.§ | 25,342 | |||||||||
10,800 | NTN Corp.*,§ | 27,949 | |||||||||
5,900 | NTT Data Corp.§ | 80,851 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
600 | Obara Group, Inc.§ | $ | 22,917 | ||||||||
6,000 | Obayashi Corp.§ | 51,977 | |||||||||
100 | Obic Co., Ltd.§ | 20,112 | |||||||||
2,100 | Odakyu Electric Railway Co., Ltd.§ | 66,012 | |||||||||
1,100 | Ogaki Kyoritsu Bank, Ltd. (The)§ | 22,482 | |||||||||
12,000 | Oji Holdings Corp.§ | 68,355 | |||||||||
1,000 | Okamura Corp.§ | 8,968 | |||||||||
4,600 | Okasan Securities Group, Inc.§ | 16,753 | |||||||||
1,800 | Oki Electric Industry Co., Ltd.§ | 15,907 | |||||||||
1,155 | Okinawa Electric Power Co., Inc. (The)§ | 15,583 | |||||||||
500 | OKUMA Corp.§ | 28,034 | |||||||||
700 | Okumura Corp.§ | 17,355 | |||||||||
8,100 | Olympus Corp.§ | 177,310 | |||||||||
500 | Omron Corp.§ | 44,624 | |||||||||
3,700 | Onward Holdings Co., Ltd.§ | 7,431 | |||||||||
1,200 | Open House Co., Ltd.§ | 44,138 | |||||||||
200 | Oracle Corp. Japan§ | 26,025 | |||||||||
8,100 | Orient Corp.§ | 9,116 | |||||||||
11,000 | ORIX Corp.§ | 170,709 | |||||||||
2,000 | Osaka Gas Co., Ltd.§ | 40,970 | |||||||||
1,100 | OSG Corp.§ | 21,072 | |||||||||
700 | Otsuka Corp.§ | 36,885 | |||||||||
200 | Otsuka Holdings Co., Ltd.†,§ | 8,575 | |||||||||
1,900 | Outsourcing, Inc.§ | 25,512 | |||||||||
1,600 | Pacific Industrial Co., Ltd.§ | 16,646 | |||||||||
900 | Pacific Metals Co., Ltd.§ | 19,500 | |||||||||
3,600 | Pan Pacific International Holdings Corp.§ | 83,156 | |||||||||
28,200 | Panasonic Corp.§ | 325,849 | |||||||||
1,500 | Park24 Co., Ltd.*,§ | 26,111 | |||||||||
3,900 | Penta-Ocean Construction Co., Ltd.§ | 33,566 | |||||||||
800 | PeptiDream, Inc.*,§ | 40,659 | |||||||||
1,300 | Persol Holdings Co., Ltd.§ | 23,499 | |||||||||
1,000 | Pigeon Corp.†,§ | 41,332 | |||||||||
500 | Pilot Corp.†,§ | 14,081 | |||||||||
1,100 | Piolax, Inc.§ | 16,906 | |||||||||
2,500 | Press Kogyo Co., Ltd.§ | 7,427 | |||||||||
1,600 | Pressance Corp.†,§ | 27,562 | |||||||||
1,100 | Prima Meat Packers, Ltd.§ | 34,932 | |||||||||
1,300 | Qol Holdings Co., Ltd.§ | 14,191 | |||||||||
1,600 | Raito Kogyo Co., Ltd.§ | 28,184 | |||||||||
7,700 | Recruit Holdings Co., Ltd.§ | 322,965 | |||||||||
900 | Relo Group, Inc.§ | 21,829 |
The accompanying notes are an integral part of these financial statements.
32
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
11,000 | Renesas Electronics Corp.*,§ | $ | 115,422 | ||||||||
2,800 | Rengo Co., Ltd.§ | 23,454 | |||||||||
4,900 | Resona Holdings, Inc.§ | 17,254 | |||||||||
1,100 | Resorttrust, Inc.§ | 15,762 | |||||||||
5,100 | Ricoh Co., Ltd.§ | 33,485 | |||||||||
400 | Ricoh Leasing Co., Ltd.§ | 11,910 | |||||||||
400 | Rinnai Corp.§ | 46,468 | |||||||||
4,000 | Riso Kyoiku Co., Ltd.§ | 11,837 | |||||||||
100 | Rohm Co., Ltd.§ | 9,700 | |||||||||
1,100 | Round One Corp.§ | 9,913 | |||||||||
900 | Royal Holdings Co., Ltd.*,†,§ | 16,080 | |||||||||
500 | Ryobi, Ltd.*,§ | 6,088 | |||||||||
2,000 | Ryohin Keikaku Co., Ltd.§ | 40,859 | |||||||||
200 | Ryosan Co., Ltd.§ | 3,619 | |||||||||
600 | S Foods, Inc.§ | 19,573 | |||||||||
1,300 | Sakata INX Corp.†,§ | 14,610 | |||||||||
2,700 | Sala Corp.†,§ | 14,943 | |||||||||
1,800 | SAMTY Co., Ltd.§ | 31,347 | |||||||||
2,100 | San-Ai Oil Co., Ltd.§ | 22,764 | |||||||||
3,000 | San-In Godo Bank, Ltd. (The)§ | 14,403 | |||||||||
1,200 | Sangetsu Corp.§ | 18,057 | |||||||||
1,200 | Sanken Electric Co., Ltd.§ | 52,084 | |||||||||
1,300 | Sanki Engineering Co., Ltd.§ | 15,324 | |||||||||
600 | Sankyo Co., Ltd.§ | 16,233 | |||||||||
500 | Sankyu, Inc.§ | 18,971 | |||||||||
2,200 | Santen Pharmaceutical Co., Ltd.§ | 35,738 | |||||||||
2,300 | Sanwa Holdings Corp.§ | 26,781 | |||||||||
500 | Sanyo Chemical Industries, Ltd.§ | 26,729 | |||||||||
300 | Sanyo Denki Co., Ltd.§ | 16,152 | |||||||||
1,200 | Sapporo Holdings, Ltd.†,§ | 23,192 | |||||||||
900 | Sato Holdings Corp.§ | 19,457 | |||||||||
400 | Sawai Pharmaceutical Co., Ltd.§ | 18,148 | |||||||||
1,000 | SBI Holdings, Inc.§ | 23,757 | |||||||||
300 | SCREEN Holdings Co., Ltd.§ | 22,173 | |||||||||
200 | SCSK Corp.§ | 11,448 | |||||||||
400 | Secom Co., Ltd.§ | 36,931 | |||||||||
2,100 | Sega Sammy Holdings, Inc.§ | 33,140 | |||||||||
3,000 | Seibu Holdings, Inc.§ | 29,463 | |||||||||
1,000 | Seikagaku Corp.§ | 9,864 | |||||||||
4,500 | Seiko Epson Corp.§ | 66,888 | |||||||||
700 | Seiko Holdings Corp.§ | 8,968 | |||||||||
1,600 | Seino Holdings Co., Ltd.§ | 22,583 | |||||||||
1,400 | Seiren Co., Ltd.†,§ | 21,201 | |||||||||
6,200 | Sekisui Chemical Co., Ltd.§ | 117,618 | |||||||||
3,700 | Sekisui House, Ltd.§ | 75,382 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
8,500 | Senshu Ikeda Holdings, Inc.§ | $ | 12,196 | ||||||||
600 | Seria Co., Ltd.§ | 21,991 | |||||||||
6,900 | Seven & i Holdings Co., Ltd.§ | 245,030 | |||||||||
7,000 | Seven Bank, Ltd.§ | 14,799 | |||||||||
800 | SG Holdings Co., Ltd.§ | 21,838 | |||||||||
1,900 | Sharp Corp.†,§ | 28,842 | |||||||||
600 | Shibuya Corp.§ | 20,576 | |||||||||
1,000 | Shiga Bank, Ltd. (The)§ | 20,439 | |||||||||
1,700 | Shikoku Electric Power Co., Inc.§ | 11,130 | |||||||||
900 | Shima Seiki Manufacturing, Ltd.§ | 15,312 | |||||||||
1,000 | Shimadzu Corp.§ | 38,950 | |||||||||
100 | Shimano, Inc.§ | 23,354 | |||||||||
3,500 | Shimizu Corp.§ | 25,562 | |||||||||
1,400 | Shin-Etsu Chemical Co., Ltd.§ | 245,089 | |||||||||
2,000 | Shin-Etsu Polymer Co., Ltd.§ | 18,294 | |||||||||
1,900 | Shinko Electric Industries Co., Ltd.§ | 43,567 | |||||||||
1,700 | Shinmaywa Industries, Ltd.§ | 14,580 | |||||||||
1,800 | Shinsei Bank, Ltd.§ | 22,337 | |||||||||
800 | Shionogi & Co., Ltd.§ | 43,729 | |||||||||
600 | Ship Healthcare Holdings, Inc.§ | 33,409 | |||||||||
2,600 | Shiseido Co., Ltd.§ | 180,353 | |||||||||
2,200 | Shizuoka Bank, Ltd. (The)§ | 16,206 | |||||||||
2,800 | Shizuoka Gas Co., Ltd.§ | 28,080 | |||||||||
2,200 | Showa Denko KK†,§ | 47,143 | |||||||||
1,000 | Siix Corp.§ | 14,968 | |||||||||
1,100 | Sinfonia Technology Co., Ltd.§ | 14,952 | |||||||||
3,900 | SKY Perfect JSAT Holdings, Inc.§ | 19,231 | |||||||||
2,600 | Skylark Holdings Co., Ltd.*,†,§ | 40,168 | |||||||||
100 | SMC Corp.§ | 61,072 | |||||||||
1,300 | SMS Co., Ltd.§ | 49,810 | |||||||||
2,700 | Sodick Co., Ltd.†,§ | 23,083 | |||||||||
11,900 | SoftBank Corp.§ | 149,186 | |||||||||
11,100 | SoftBank Group Corp.§ | 869,303 | |||||||||
500 | Sohgo Security Services Co., Ltd.§ | 25,951 | |||||||||
7,800 | Sojitz Corp.§ | 17,450 | |||||||||
2,000 | Sompo Holdings, Inc.§ | 81,583 | |||||||||
10,500 | Sony Corp.§ | 1,055,709 | |||||||||
800 | Sotetsu Holdings, Inc.§ | 19,233 | |||||||||
400 | Square Enix Holdings Co., Ltd.§ | 24,273 | |||||||||
400 | Stanley Electric Co., Ltd.§ | 12,908 | |||||||||
1,600 | Star Micronics Co., Ltd.§ | 25,635 | |||||||||
800 | Starts Corp., Inc.§ | 22,245 | |||||||||
5,100 | Subaru Corp.§ | 102,192 | |||||||||
3,600 | SUMCO Corp.§ | 79,041 | |||||||||
13,500 | Sumitomo Chemical Co., Ltd.§ | 54,388 |
The accompanying notes are an integral part of these financial statements.
33
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
3,800 | Sumitomo Corp.§ | $ | 50,371 | ||||||||
1,500 | Sumitomo Dainippon Pharma Co., Ltd.§ | 22,130 | |||||||||
5,300 | Sumitomo Electric Industries, Ltd.§ | 70,308 | |||||||||
1,600 | Sumitomo Forestry Co., Ltd.§ | 33,384 | |||||||||
1,700 | Sumitomo Heavy Industries, Ltd.§ | 42,116 | |||||||||
1,100 | Sumitomo Metal Mining Co., Ltd.§ | 48,903 | |||||||||
3,600 | Sumitomo Mitsui Construction Co., Ltd.§ | 14,985 | |||||||||
5,600 | Sumitomo Mitsui Financial Group, Inc.§ | 173,281 | |||||||||
1,200 | Sumitomo Mitsui Trust Holdings, Inc.§ | 37,209 | |||||||||
900 | Sumitomo Osaka Cement Co., Ltd.§ | 26,417 | |||||||||
1,700 | Sumitomo Realty & Development Co., Ltd.§ | 52,528 | |||||||||
3,700 | Sumitomo Rubber Industries, Ltd.†,§ | 31,885 | |||||||||
400 | Sumitomo Seika Chemicals Co., Ltd.§ | 15,933 | |||||||||
900 | Sumitomo Warehouse Co., Ltd. (The)§ | 11,528 | |||||||||
2,600 | Sun Frontier Fudousan Co., Ltd.§ | 22,509 | |||||||||
700 | Sundrug Co., Ltd.§ | 27,936 | |||||||||
1,100 | Suntory Beverage & Food, Ltd.†,§ | 38,933 | |||||||||
1,600 | Sushiro Global Holdings, Ltd.§ | 61,109 | |||||||||
400 | Suzuken Co., Ltd.§ | 14,468 | |||||||||
3,200 | Suzuki Motor Corp.§ | 148,566 | |||||||||
1,200 | Sysmex Corp.§ | 144,317 | |||||||||
1,700 | Systena Corp.§ | 35,668 | |||||||||
800 | T Hasegawa Co., Ltd.§ | 16,835 | |||||||||
2,400 | T&D Holdings, Inc.§ | 28,403 | |||||||||
700 | Tachi-S Co., Ltd.§ | 7,986 | |||||||||
2,200 | Tadano, Ltd.§ | 18,862 | |||||||||
1,800 | Taiheiyo Cement Corp.§ | 45,286 | |||||||||
3,200 | Taisei Corp.§ | 110,738 | |||||||||
200 | Taisho Pharmaceutical Holdings Co., Ltd.§ | 13,484 | |||||||||
1,600 | Taiyo Yuden Co., Ltd.§ | 75,091 | |||||||||
1,600 | Takashimaya Co., Ltd.†,§ | 13,755 | |||||||||
5,800 | Takeda Pharmaceutical Co., Ltd.§ | 210,260 | |||||||||
1,200 | Takeuchi Manufacturing Co., Ltd.§ | 28,311 | |||||||||
2,100 | Tamura Corp.§ | 11,665 | |||||||||
2,100 | TDK Corp.§ | 316,741 | |||||||||
600 | TechnoPro Holdings, Inc.§ | 49,803 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
4,200 | Teijin, Ltd.§ | $ | 79,195 | ||||||||
400 | Tekken Corp.§ | 7,099 | |||||||||
4,200 | Terumo Corp.§ | 175,664 | |||||||||
1,600 | THK Co., Ltd.§ | 51,754 | |||||||||
1,200 | TIS, Inc.§ | 24,610 | |||||||||
3,100 | Toagosei Co., Ltd.†,§ | 36,583 | |||||||||
1,500 | Tobu Railway Co., Ltd.§ | 44,867 | |||||||||
2,200 | Tocalo Co., Ltd.§ | 30,276 | |||||||||
3,500 | Toda Corp.§ | 23,252 | |||||||||
600 | Toho Co., Ltd§ | 25,307 | |||||||||
500 | Toho Gas Co., Ltd.§ | 33,219 | |||||||||
1,500 | Toho Holdings Co., Ltd.§ | 26,399 | |||||||||
3,300 | Tohoku Electric Power Co., Inc.§ | 27,349 | |||||||||
3,600 | Tokai Carbon Co., Ltd.†,§ | 45,169 | |||||||||
1,300 | Tokai Rika Co., Ltd.§ | 22,027 | |||||||||
4,800 | Tokai Tokyo Financial Holdings, Inc.§ | 14,220 | |||||||||
200 | Token Corp.§ | 15,848 | |||||||||
1,900 | Tokio Marine Holdings, Inc.§ | 98,426 | |||||||||
1,100 | Tokuyama Corp.§ | 24,753 | |||||||||
700 | Tokyo Century Corp.§ | 55,605 | |||||||||
1,500 | Tokyo Dome Corp.§ | 18,862 | |||||||||
9,100 | Tokyo Electric Power Co. Holdings, Inc.*,§ | 24,017 | |||||||||
1,100 | Tokyo Electron, Ltd.§ | 410,285 | |||||||||
2,400 | Tokyo Gas Co., Ltd.§ | 55,792 | |||||||||
1,400 | Tokyo Kiraboshi Financial Group, Inc.§ | 15,060 | |||||||||
500 | Tokyo Ohka Kogyo Co., Ltd.†,§ | 35,203 | |||||||||
800 | Tokyo Seimitsu Co., Ltd.§ | 37,663 | |||||||||
2,000 | Tokyo Steel Manufacturing Co., Ltd.†,§ | 12,942 | |||||||||
2,700 | Tokyo Tatemono Co., Ltd.†,§ | 37,277 | |||||||||
1,700 | Tokyu Construction Co., Ltd.§ | 8,164 | |||||||||
1,600 | Tokyu Corp.§ | 19,905 | |||||||||
6,100 | Tokyu Fudosan Holdings Corp.§ | 32,602 | |||||||||
5,300 | TOMONY Holdings, Inc.§ | 16,162 | |||||||||
1,900 | Tomy Co., Ltd.§ | 16,728 | |||||||||
1,500 | Topcon Corp.§ | 18,672 | |||||||||
2,600 | Toppan Forms Co., Ltd.§ | 26,662 | |||||||||
1,500 | Toppan Printing Co., Ltd.§ | 21,180 | |||||||||
1,100 | Topre Corp.§ | 16,890 | |||||||||
500 | Topy Industries, Ltd.*,§ | 5,733 | |||||||||
16,200 | Toray Industries, Inc.§ | 96,128 | |||||||||
1,300 | Tosei Corp.§ | 14,913 |
The accompanying notes are an integral part of these financial statements.
34
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,200 | Toshiba Corp.§ | $ | 33,605 | ||||||||
6,500 | Tosoh Corp.§ | 101,845 | |||||||||
600 | TOTO, Ltd.§ | 36,107 | |||||||||
900 | Towa Pharmaceutical Co., Ltd.§ | 16,722 | |||||||||
3,100 | Toyo Construction Co., Ltd.§ | 13,197 | |||||||||
500 | Toyo Ink SC Holdings Co., Ltd.§ | 9,599 | |||||||||
1,000 | Toyo Seikan Group Holdings, Ltd.§ | 10,986 | |||||||||
1,600 | Toyo Tire Corp.†,§ | 24,373 | |||||||||
2,500 | Toyobo Co., Ltd.§ | 33,485 | |||||||||
700 | Toyota Industries Corp.§ | 55,639 | |||||||||
20,300 | Toyota Motor Corp.§ | 1,556,583 | |||||||||
1,400 | Toyota Tsusho Corp.§ | 56,644 | |||||||||
600 | TPR Co., Ltd.§ | 8,248 | |||||||||
1,200 | Trend Micro, Inc.*,†,§ | 69,086 | |||||||||
300 | Trusco Nakayama Corp.†,§ | 8,447 | |||||||||
800 | TS Tech Co., Ltd.§ | 24,769 | |||||||||
600 | Tsubakimoto Chain Co.§ | 15,768 | |||||||||
2,600 | Tsugami Corp.†,§ | 39,338 | |||||||||
700 | Tsumura & Co.§ | 21,043 | |||||||||
700 | TV Asahi Holdings Corp.§ | 11,496 | |||||||||
1,000 | UACJ Corp.§ | 18,358 | |||||||||
2,000 | Ube Industries, Ltd.§ | 36,454 | |||||||||
900 | Ulvac, Inc.§ | 38,558 | |||||||||
900 | Unicharm Corp.§ | 42,702 | |||||||||
800 | Unipres Corp.§ | 7,533 | |||||||||
800 | United Arrows, Ltd.§ | 11,859 | |||||||||
1,100 | United Super Markets Holdings, Inc.§ | 12,052 | |||||||||
2,000 | Ushio, Inc.§ | 26,043 | |||||||||
1,300 | USS Co., Ltd.§ | 26,298 | |||||||||
400 | V Technology Co., Ltd.§ | 22,847 | |||||||||
1,200 | Valor Holdings Co., Ltd.§ | 30,747 | |||||||||
1,000 | Valqua, Ltd.§ | 19,924 | |||||||||
1,400 | Vital KSK Holdings, Inc.§ | 11,028 | |||||||||
800 | Wacoal Holdings Corp.§ | 16,115 | |||||||||
800 | Welcia Holdings Co., Ltd.§ | 30,181 | |||||||||
1,000 | West Japan Railway Co.§ | 52,571 | |||||||||
1,000 | Xebio Holdings Co., Ltd.§ | 7,984 | |||||||||
400 | Yakult Honsha Co., Ltd.§ | 20,164 | |||||||||
4,400 | Yamada Denki Co., Ltd.§ | 23,379 | |||||||||
2,100 | Yamaguchi Financial Group, Inc.§ | 11,909 | |||||||||
500 | Yamaha Corp.§ | 29,473 | |||||||||
5,600 | Yamaha Motor Co., Ltd.§ | 114,509 | |||||||||
2,400 | Yamato Holdings Co., Ltd.§ | 61,305 | |||||||||
900 | Yamato Kogyo Co., Ltd.§ | 24,164 |
Shares | Value (Note 1) | ||||||||||
Japan (Continued) | |||||||||||
1,200 | Yamazaki Baking Co., Ltd.†,§ | $ | 20,053 | ||||||||
400 | Yaoko Co., Ltd.§ | 27,883 | |||||||||
1,400 | Yaskawa Electric Corp.§ | 69,747 | |||||||||
1,200 | Yellow Hat, Ltd.§ | 19,539 | |||||||||
600 | Yokogawa Bridge Holdings Corp.§ | 12,720 | |||||||||
1,200 | Yokogawa Electric Corp.§ | 23,950 | |||||||||
2,500 | Yokohama Reito Co., Ltd.§ | 20,896 | |||||||||
2,100 | Yokohama Rubber Co., Ltd. (The)†,§ | 31,296 | |||||||||
19,800 | Z Holdings Corp.§ | 120,090 | |||||||||
700 | Zenkoku Hosho Co., Ltd.§ | 32,194 | |||||||||
900 | Zensho Holdings Co., Ltd.§ | 23,470 | |||||||||
2,300 | Zeon Corp.§ | 33,177 | |||||||||
600 | ZOZO, Inc.§ | 14,839 | |||||||||
33,627,851 | |||||||||||
Netherlands—2.1% | |||||||||||
1,275 | Aalberts NV§ | 56,510 | |||||||||
1,069 | ABN AMRO Bank NV, CVA*,#,§ | 10,486 | |||||||||
722 | Accell Group NV*,§ | 22,813 | |||||||||
31 | Adyen NV*,#,§ | 72,134 | |||||||||
13,837 | Aegon NV§ | 55,259 | |||||||||
1,266 | Akzo Nobel NV§ | 135,993 | |||||||||
5,987 | Altice Europe NV*,§ | 38,979 | |||||||||
580 | AMG Advanced Metallurgical Group NV†,§ | 17,258 | |||||||||
576 | Amsterdam Commodities NV§ | 14,709 | |||||||||
1,393 | APERAM SA§ | 58,138 | |||||||||
2,059 | Arcadis NV*,†,§ | 68,073 | |||||||||
6,749 | ArcelorMittal SA*,§ | 154,880 | |||||||||
802 | ASM International NV§ | 175,335 | |||||||||
2,066 | ASML Holding NV§ | 998,419 | |||||||||
2,865 | ASR Nederland NV§ | 115,872 | |||||||||
1,377 | Basic-Fit NV*,#,§ | 50,310 | |||||||||
1,008 | BE Semiconductor Industries NV§ | 60,724 | |||||||||
1,770 | Boskalis Westminster*,§ | 48,774 | |||||||||
954 | Coca-Cola European Partners Plc§ | 46,063 | |||||||||
1,543 | Corbion NV§ | 86,798 | |||||||||
691 | Flow Traders#,§ | 22,842 | |||||||||
2,215 | Fugro NV, CVA*,§ | 20,481 | |||||||||
490 | GrandVision NV*,#,§ | 15,276 | |||||||||
2,032 | Heineken NV§ | 226,608 | |||||||||
531 | IMCD NV§ | 67,468 | |||||||||
14,743 | ING Groep NV*,§ | 139,666 | |||||||||
2,027 | Intertrust NV*,#,§ | 34,398 |
The accompanying notes are an integral part of these financial statements.
35
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Netherlands (Continued) | |||||||||||
10,441 | Koninklijke Ahold Delhaize NV§ | $ | 294,856 | ||||||||
7,677 | Koninklijke BAM Groep NV*,†,§ | 16,009 | |||||||||
816 | Koninklijke DSM NV§ | 140,569 | |||||||||
46,675 | Koninklijke KPN NV§ | 141,508 | |||||||||
3,041 | Koninklijke Philips NV*,§ | 162,743 | |||||||||
899 | Koninklijke Vopak NV§ | 47,142 | |||||||||
1,514 | NN Group NV§ | 66,234 | |||||||||
1,110 | OCI NV*,§ | 21,400 | |||||||||
10,631 | PostNL NV*,§ | 36,264 | |||||||||
1,111 | Prosus NV*,§ | 119,514 | |||||||||
1,610 | Randstad NV*,§ | 104,804 | |||||||||
4,503 | SBM Offshore NV§ | 85,333 | |||||||||
2,451 | Signify NV*,#,§ | 103,839 | |||||||||
839 | Sligro Food Group NV*,§ | 17,372 | |||||||||
1,271 | TKH Group NV§ | 61,423 | |||||||||
1,381 | TomTom NV*,§ | 14,307 | |||||||||
388 | Van Lanschot Kempen NV*,§ | 9,959 | |||||||||
2,640 | Wolters Kluwer NV§ | 222,824 | |||||||||
4,480,366 | |||||||||||
New Zealand—0.3% | |||||||||||
15,320 | Air New Zealand, Ltd.*,†,§ | 19,832 | |||||||||
3,965 | Auckland International Airport, Ltd.*,§ | 21,669 | |||||||||
6,975 | Chorus, Ltd.§ | 39,692 | |||||||||
5,590 | Contact Energy, Ltd.§ | 35,882 | |||||||||
1,501 | EBOS Group, Ltd.§ | 30,988 | |||||||||
2,488 | Fisher & Paykel Healthcare Corp., Ltd.§ | 59,083 | |||||||||
3,759 | Freightways, Ltd.§ | 27,230 | |||||||||
11,453 | Heartland Group Holdings, Ltd.§ | 13,676 | |||||||||
13,666 | Infratil, Ltd.§ | 71,751 | |||||||||
1,307 | Mainfreight, Ltd.§ | 65,345 | |||||||||
684 | Restaurant Brands New Zealand, Ltd.*,§ | 5,684 | |||||||||
6,574 | SKYCITY Entertainment Group, Ltd.§ | 15,179 | |||||||||
15,090 | Spark New Zealand, Ltd.§ | 51,020 | |||||||||
4,002 | Summerset Group Holdings, Ltd.§ | 36,131 | |||||||||
6,133 | Z Energy, Ltd.*,†,§ | 14,118 | |||||||||
507,280 | |||||||||||
Norway—0.6% | |||||||||||
751 | Aker BP ASA§ | 18,931 | |||||||||
4,348 | Aker Solutions ASA*,§ | 8,339 |
Shares | Value (Note 1) | ||||||||||
Norway (Continued) | |||||||||||
2,299 | Austevoll Seafood ASA§ | $ | 23,512 | ||||||||
11,411 | B2Holding ASA*,§ | 9,873 | |||||||||
438 | Bakkafrost P/F*,§ | 31,283 | |||||||||
480 | Bonheur ASA§ | 13,547 | |||||||||
1,580 | Borregaard ASA§ | 26,141 | |||||||||
1,094 | BW Energy, Ltd.*,§ | 3,521 | |||||||||
6,229 | BW LPG, Ltd.#,§ | 42,759 | |||||||||
5,362 | BW Offshore, Ltd.§ | 23,301 | |||||||||
4,966 | DNB ASA*,§ | 97,775 | |||||||||
12,792 | DNO ASA*,§ | 10,212 | |||||||||
1,270 | Entra ASA#,†,§ | 28,804 | |||||||||
12,646 | Equinor ASA§ | 209,830 | |||||||||
4,440 | Europris ASA#,§ | 26,477 | |||||||||
1,329 | FLEX LNG, Ltd.§ | 11,646 | |||||||||
768 | Grieg Seafood ASA†,§ | 7,612 | |||||||||
2,876 | Hoegh LNG Holdings, Ltd.§ | 5,136 | |||||||||
3,161 | Mowi ASA§ | 70,403 | |||||||||
13,327 | Norsk Hydro ASA§ | 61,489 | |||||||||
1,595 | Norwegian Finans Holding ASA*,§ | 13,511 | |||||||||
5,186 | Odfjell Drilling, Ltd.*,§ | 10,364 | |||||||||
2,546 | Orkla ASA§ | 25,831 | |||||||||
10,139 | PGS ASA*,§ | 6,112 | |||||||||
397 | Salmar ASA§ | 23,210 | |||||||||
1,776 | Sbanken ASA*,#,§ | 14,271 | |||||||||
2,544 | Scatec Solar ASA#,§ | 99,981 | |||||||||
404 | Schibsted ASA, Class B*,§ | 15,098 | |||||||||
1,199 | SpareBank 1 SR-Bank ASA*,§ | 12,754 | |||||||||
4,353 | Storebrand ASA*,§ | 32,587 | |||||||||
2,103 | Subsea 7 SA*,§ | 21,540 | |||||||||
4,815 | Telenor ASA§ | 81,545 | |||||||||
1,294 | TGS NOPEC Geophysical Co. ASA§ | 19,756 | |||||||||
888 | TOMRA Systems ASA§ | 43,759 | |||||||||
1,273 | Veidekke ASA§ | 16,373 | |||||||||
518 | Yara International ASA§ | 21,505 | |||||||||
1,188,788 | |||||||||||
Portugal—0.1% | |||||||||||
3,185 | Altri SGPS SA†,§ | 20,086 | |||||||||
2,841 | CTT-Correios de Portugal SA*,§ | 8,115 | |||||||||
6,510 | Energias de Portugal SA§ | 41,022 | |||||||||
932 | EDP Renovaveis SA§ | 25,874 | |||||||||
5,078 | Galp Energia SGPS SA§ | 54,320 | |||||||||
1,861 | Jeronimo Martins SGPS SA§ | 31,472 | |||||||||
5,953 | Navigator Co. SA (The)*,§ | 18,174 |
The accompanying notes are an integral part of these financial statements.
36
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Portugal (Continued) | |||||||||||
3,482 | NOS SGPS SA§ | $ | 12,198 | ||||||||
10,709 | REN—Redes Energeticas Nacionais SGPS SA§ | 31,002 | |||||||||
20,529 | Sonae SGPS SA§ | 16,595 | |||||||||
258,858 | |||||||||||
Singapore—0.5% | |||||||||||
35,700 | Accordia Golf Trust§ | 575 | |||||||||
23,500 | Ascendas India Trust§ | 24,530 | |||||||||
14,400 | CapitaLand, Ltd.§ | 35,693 | |||||||||
3,400 | City Developments, Ltd.§ | 20,516 | |||||||||
23,400 | ComfortDelGro Corp., Ltd.§ | 29,597 | |||||||||
3,900 | Dairy Farm International Holdings, Ltd.§ | 16,250 | |||||||||
9,260 | DBS Group Holdings, Ltd.§ | 175,152 | |||||||||
18,300 | First Resources, Ltd.§ | 17,704 | |||||||||
132,400 | Golden Agri-Resources, Ltd.§ | 15,908 | |||||||||
11,200 | GuocoLand, Ltd.§ | 12,958 | |||||||||
1,300 | Haw Par Corp., Ltd.§ | 10,537 | |||||||||
5,500 | Hongkong Land Holdings, Ltd.§ | 22,721 | |||||||||
1,000 | Jardine Cycle & Carriage, Ltd.§ | 14,774 | |||||||||
4,800 | Keppel Corp., Ltd.§ | 19,513 | |||||||||
57,577 | Keppel Infrastructure Trust§ | 23,733 | |||||||||
14,800 | NetLink NBN Trust§ | 10,810 | |||||||||
20,861 | Oversea-Chinese Banking Corp., Ltd.§ | 158,600 | |||||||||
3,200 | SATS, Ltd.*,†,§ | 9,620 | |||||||||
10,100 | Sembcorp Industries, Ltd.§ | 13,080 | |||||||||
160,601 | Sembcorp Marine, Ltd.*,†,§ | 17,325 | |||||||||
13,999 | Singapore Airlines, Ltd.*,§ | 45,248 | |||||||||
4,000 | Singapore Exchange, Ltd.§ | 28,153 | |||||||||
32,900 | Singapore Post, Ltd.§ | 17,568 | |||||||||
33,100 | Singapore Press Holdings, Ltd.†,§ | 28,373 | |||||||||
8,200 | Singapore Technologies Engineering, Ltd.§ | 23,675 | |||||||||
9,400 | United Overseas Bank, Ltd.§ | 160,476 | |||||||||
6,300 | UOL Group, Ltd.§ | 36,835 | |||||||||
1,800 | Venture Corp., Ltd.§ | 26,557 | |||||||||
6,700 | Wilmar International, Ltd.§ | 23,592 | |||||||||
15,000 | Wing Tai Holdings, Ltd.§ | 22,160 | |||||||||
29,500 | Yangzijiang Shipbuilding Holdings, Ltd.§ | 21,337 | |||||||||
1,083,570 |
Shares | Value (Note 1) | ||||||||||
Spain—1.5% | |||||||||||
229 | Acciona SA†,§ | $ | 32,827 | ||||||||
2,154 | Acerinox SA§ | 23,794 | |||||||||
3,120 | ACS Actividades de Construccion y Servicios SA§ | 103,587 | |||||||||
723 | Aena SME SA*,#,§ | 126,248 | |||||||||
3,239 | Amadeus IT Group SA§ | 234,496 | |||||||||
4,833 | Applus Services SA*,§ | 53,302 | |||||||||
10,337 | Banco Bilbao Vizcaya Argentaria SA§ | 50,673 | |||||||||
11,316 | Banco Bilbao Vizcaya Argentaria SA, SP ADR† | 55,901 | |||||||||
71,163 | Banco de Sabadell SA§ | 31,330 | |||||||||
116,729 | Banco Santander SA*,§ | 362,429 | |||||||||
6,635 | Bankia SA§ | 11,760 | |||||||||
5,075 | Bankinter SA§ | 27,462 | |||||||||
13,771 | CaixaBank SA§ | 35,388 | |||||||||
730 | Cellnex Telecom SA#,§ | 43,825 | |||||||||
796 | Cia de Distribucion Integral Logista Holdings SA§ | 15,432 | |||||||||
861 | CIE Automotive SA†,§ | 23,226 | |||||||||
318 | Construcciones y Auxiliar de Ferrocarriles SA*,†,§ | 15,257 | |||||||||
535 | Ebro Foods SA§ | 12,384 | |||||||||
3,909 | Enagas SA§ | 85,835 | |||||||||
1,943 | Endesa SA†,§ | 53,275 | |||||||||
4,660 | Ercros SA§ | 12,244 | |||||||||
1,575 | Euskaltel SA#,§ | 16,830 | |||||||||
3,810 | Faes Farma SA§ | 16,227 | |||||||||
1,149 | Ferrovial SA§ | 31,750 | |||||||||
4,339 | Global Dominion Access SA*,#,§ | 19,937 | |||||||||
2,653 | Grifols SA†,§ | 77,450 | |||||||||
364 | Grupo Catalana Occidente SA§ | 12,969 | |||||||||
49,880 | Iberdrola SA§ | 713,361 | |||||||||
4,293 | Indra Sistemas SA*,†,§ | 36,647 | |||||||||
6,499 | Industria de Diseno Textil SA§ | 206,941 | |||||||||
21,228 | Liberbank SA*,§ | 6,545 | |||||||||
7,728 | Mapfre SA§ | 15,122 | |||||||||
1,581 | Mediaset Espana Comunicacion SA*,§ | 8,272 | |||||||||
4,190 | Melia Hotels International SA*,†,§ | 29,167 | |||||||||
2,330 | Naturgy Energy Group SA§ | 54,374 | |||||||||
2,459 | Prosegur Cia de Seguridad SA§ | 7,328 | |||||||||
3,850 | Red Electrica Corp. SA§ | 79,160 | |||||||||
3,618 | Repsol SA†,§ | 36,473 | |||||||||
9,839 | Sacyr SA§ | 24,217 |
The accompanying notes are an integral part of these financial statements.
37
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Spain (Continued) | |||||||||||
826 | Siemens Gamesa Renewable Energy SA§ | $ | 33,532 | ||||||||
42,738 | Telefonica SA†,§ | 170,873 | |||||||||
2,374 | Telefonica SA*,§ | 9,413 | |||||||||
3,839 | Tubacex SA*,§ | 6,429 | |||||||||
8,173 | Unicaja Banco SA*,#,†,§ | 7,147 | |||||||||
172 | Vidrala SA§ | 19,967 | |||||||||
582 | Viscofan SA†,§ | 41,340 | |||||||||
1,480 | Zardoya Otis SA§ | 10,348 | |||||||||
3,102,494 | |||||||||||
Sweden—2.1% | |||||||||||
984 | AAK AB§ | 19,844 | |||||||||
1,552 | AcadeMedia AB#,†,§ | 16,029 | |||||||||
1,720 | Adapteo Oyj*,§ | 19,846 | |||||||||
1,041 | AddNode Group AB*,§ | 36,156 | |||||||||
2,288 | AddTech AB Class B§ | 30,293 | |||||||||
1,023 | AF Poyry AB*,§ | 31,284 | |||||||||
1,926 | Alfa Laval AB*,§ | 52,932 | |||||||||
933 | Alimak Group AB#,§ | 14,850 | |||||||||
556 | Annehem Fastigheter AB, Class B* | 2,139 | |||||||||
5,483 | Arjo AB, Class B§ | 41,868 | |||||||||
2,763 | Assa Abloy AB, Class B§ | 67,960 | |||||||||
5,277 | Atlas Copco AB, Class A§ | 269,870 | |||||||||
996 | Atlas Copco AB, Class B§ | 44,747 | |||||||||
3,696 | Attendo AB*,#,§ | 19,932 | |||||||||
1,217 | Avanza Bank Holding AB§ | 34,269 | |||||||||
1,206 | Axfood AB§ | 28,110 | |||||||||
1,079 | Beijer Alma AB†,§ | 17,173 | |||||||||
2,259 | Betsson AB*,§ | 20,227 | |||||||||
1,218 | Bilia AB, Class A*,§ | 15,002 | |||||||||
1,635 | BillerudKorsnas AB§ | 28,966 | |||||||||
475 | BioGaia AB, Class B§ | 31,002 | |||||||||
981 | Biotage AB*,§ | 16,603 | |||||||||
2,318 | Boliden AB§ | 82,029 | |||||||||
1,253 | Bonava AB, Class B*,§ | 11,980 | |||||||||
1,482 | Bravida Holding AB#,§ | 19,751 | |||||||||
1,916 | Bure Equity AB§ | 68,615 | |||||||||
1,751 | Castellum AB§ | 44,397 | |||||||||
447 | Catena AB§ | 20,927 | |||||||||
7,868 | Cloetta AB, Class B§ | 23,439 | |||||||||
1,370 | Coor Service Management Holding AB*,#,§ | 12,052 | |||||||||
3,565 | Dios Fastigheter AB§ | 33,270 | |||||||||
2,657 | Dometic Group AB*,#,§ | 35,153 |
Shares | Value (Note 1) | ||||||||||
Sweden (Continued) | |||||||||||
2,421 | Dustin Group AB#,§ | $ | 18,822 | ||||||||
2,954 | Electrolux AB, Series B§ | 68,663 | |||||||||
6,341 | Electrolux Professional AB, Class B*,§ | 35,998 | |||||||||
1,639 | Elekta AB, Class B§ | 21,995 | |||||||||
5,178 | Epiroc AB, Class A§ | 94,124 | |||||||||
4,623 | Essity AB, Class B§ | 148,571 | |||||||||
659 | Evolution Gaming Group AB#,§ | 66,814 | |||||||||
1,567 | Fabege AB§ | 24,622 | |||||||||
2,158 | Fagerhult AB*,§ | 11,930 | |||||||||
367 | Fastighets AB Balder, Class B*,§ | 19,174 | |||||||||
2,139 | Getinge AB, Class B§ | 49,927 | |||||||||
1,494 | Granges AB*,§ | 18,197 | |||||||||
5,892 | Hennes & Mauritz AB, Class B*,§ | 123,074 | |||||||||
1,573 | Hexpol AB§ | 16,811 | |||||||||
3,175 | Hoist Finance AB*,#,†,§ | 14,063 | |||||||||
1,048 | Holmen AB, Class B§ | 50,238 | |||||||||
690 | Hufvudstaden AB, Class A§ | 11,418 | |||||||||
2,679 | Husqvarna AB, Class B§ | 34,657 | |||||||||
588 | ICA Gruppen AB§ | 29,380 | |||||||||
2,319 | Indutrade AB*,§ | 49,715 | |||||||||
631 | Intrum AB†,§ | 16,402 | |||||||||
3,518 | Inwido AB*,§ | 51,306 | |||||||||
1,080 | JM AB§ | 38,121 | |||||||||
16,366 | Klovern AB, Class B†,§ | 30,918 | |||||||||
1,219 | KNOW IT AB*,§ | 46,143 | |||||||||
1,646 | Kungsleden AB§ | 18,019 | |||||||||
5,226 | Lagercrantz Group AB, Class B§ | 48,262 | |||||||||
1,567 | Lindab International AB§ | 32,441 | |||||||||
981 | Loomis AB§ | 26,952 | |||||||||
801 | Lundin Energy AB§ | 21,630 | |||||||||
2,179 | Mekonomen AB*,§ | 24,121 | |||||||||
755 | Millicom International Cellular SA, ADR*,§ | 29,690 | |||||||||
1,742 | Modern Times Group MTG AB, Class B*,§ | 31,228 | |||||||||
3,170 | Nobia AB*,§ | 25,361 | |||||||||
1,697 | Nobina AB*,#,§ | 14,174 | |||||||||
502 | Nolato AB, Class B*,§ | 50,759 | |||||||||
2,599 | Nordic Waterproofing Hold AB*,§ | 51,841 | |||||||||
1,681 | Nyfosa AB*,§ | 16,738 | |||||||||
609 | Pandox AB*,§ | 10,737 | |||||||||
2,782 | Peab AB, Class B*,§ | 30,298 | |||||||||
1,578 | Platzer Fastigheter Holding AB, Class B†,§ | 20,598 |
The accompanying notes are an integral part of these financial statements.
38
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Sweden (Continued) | |||||||||||
4,394 | Ratos AB, Class B§ | $ | 20,537 | ||||||||
1,634 | Recipharm AB, Class B*,§ | 43,680 | |||||||||
5,625 | Resurs Holding AB*,#,§ | 30,753 | |||||||||
6,434 | Samhallsbyggnadsbolaget i Norden AB†,§ | 22,396 | |||||||||
5,773 | Sandvik AB*,§ | 141,117 | |||||||||
55,650 | SAS AB*,§ | 12,382 | |||||||||
2,495 | Scandi Standard AB*,§ | 20,768 | |||||||||
2,942 | Securitas AB, Class B§ | 47,441 | |||||||||
11,213 | Skandinaviska Enskilda Banken AB, Class A*,§ | 115,106 | |||||||||
1,322 | Skanska AB, Class B§ | 33,666 | |||||||||
3,291 | SKF AB, Class B§ | 85,268 | |||||||||
1,698 | SkiStar AB*,§ | 21,945 | |||||||||
7,778 | SSAB AB, Class B*,§ | 24,818 | |||||||||
2,726 | Svenska Cellulosa AB SCA, Class B*,§ | 47,543 | |||||||||
6,847 | Svenska Handelsbanken AB, Class A*,§ | 68,701 | |||||||||
6,163 | Swedbank AB, Class A*,§ | 108,358 | |||||||||
1,048 | Swedish Match AB§ | 81,411 | |||||||||
987 | Swedish Orphan Biovitrum AB*,§ | 19,805 | |||||||||
3,409 | Tele2 AB, Class B§ | 45,060 | |||||||||
12,901 | Telefonaktiebolaget LM Ericsson, Class B§ | 152,995 | |||||||||
17,123 | Telia Co. AB§ | 70,857 | |||||||||
458 | Thule Group AB (The)*, #,§ | 17,118 | |||||||||
1,377 | Trelleborg AB, Class B*,§ | 30,629 | |||||||||
1,704 | Volvo AB, Class A*,§ | 40,441 | |||||||||
14,105 | Volvo AB, Class B*,§ | 331,923 | |||||||||
811 | Wallenstam AB, Class B§ | 12,869 | |||||||||
1,004 | Wihlborgs Fastigheter AB§ | 22,670 | |||||||||
4,424,904 | |||||||||||
Switzerland—5.6% | |||||||||||
10,661 | ABB, Ltd., Registered§ | 298,202 | |||||||||
2,213 | Adecco Group AG, Registered§ | 148,387 | |||||||||
2,917 | Alcon, Inc.*,§ | 194,738 | |||||||||
309 | Allreal Holding AG, Registered§ | 71,013 | |||||||||
137 | ALSO Holding AG, Registered*,§ | 39,136 | |||||||||
579 | ams AG*,§ | 12,649 | |||||||||
47 | APG SGA SA*,§ | 10,495 | |||||||||
1,914 | Arbonia AG*,§ | 30,595 | |||||||||
14,351 | Aryzta AG*,†,§ | 11,038 | |||||||||
590 | Ascom Holding AG, Registered*,§ | 8,724 |
Shares | Value (Note 1) | ||||||||||
Switzerland (Continued) | |||||||||||
119 | Autoneum Holding AG*,†,§ | $ | 21,622 | ||||||||
56 | Bachem Holding AG, Registered Class B§ | 24,887 | |||||||||
605 | Baloise Holding AG, Registered§ | 108,051 | |||||||||
440 | Banque Cantonale Vaudoise, Registered§ | 47,846 | |||||||||
13 | Barry Callebaut AG, Registered§ | 30,880 | |||||||||
7 | Belimo Holding AG, Registered§ | 60,799 | |||||||||
35 | Bell Food Group AG, Registered§ | 9,411 | |||||||||
76 | Berner Kantonalbank AG, Registered§ | 19,575 | |||||||||
301 | BKW AG§ | 33,788 | |||||||||
157 | Bobst Group SA, Registered§ | 9,476 | |||||||||
127 | Bossard Holding AG, Registered§ | 25,643 | |||||||||
85 | Bucher Industries AG, Registered§ | 38,813 | |||||||||
50 | Burckhardt Compression Holding AG§ | 17,396 | |||||||||
137 | Burkhalter Holding AG§ | 10,231 | |||||||||
456 | Cembra Money Bank AG§ | 55,454 | |||||||||
1 | Chocoladefabriken Lindt & Spruengli AG, Registered§ | 99,931 | |||||||||
1,569 | Cie Financiere Richemont SA, Registered§ | 141,779 | |||||||||
2,253 | Clariant AG, Registered§ | 47,868 | |||||||||
205 | Coltene Holding AG, Registered*,§ | 19,913 | |||||||||
40 | Conzzeta AG, Registered§ | 49,224 | |||||||||
5,213 | Credit Suisse Group AG, Registered*,§ | 67,063 | |||||||||
93 | Daetwyler Holding AG§ | 27,057 | |||||||||
514 | DKSH Holding AG§ | 38,434 | |||||||||
66 | dormakaba Holding AG§ | 37,450 | |||||||||
320 | Dufry AG, Registered*,§ | 19,923 | |||||||||
1,608 | EFG International AG*,†,§ | 10,602 | |||||||||
15 | Emmi AG, Registered§ | 15,441 | |||||||||
41 | EMS-Chemie Holding AG, Registered§ | 39,551 | |||||||||
456 | Flughafen Zurich AG, Registered*,§ | 80,658 | |||||||||
20 | Forbo Holding AG, Registered§ | 34,347 | |||||||||
5,107 | GAM Holding AG*,§ | 12,476 | |||||||||
223 | Geberit AG, Registered§ | 139,526 | |||||||||
50 | Georg Fischer AG, Registered§ | 64,348 | |||||||||
37 | Givaudan SA, Registered§ | 155,854 | |||||||||
566 | Helvetia Holding AG, Registered§ | 59,978 | |||||||||
136 | Hiag Immobilien Holding AG*,§ | 16,831 |
The accompanying notes are an integral part of these financial statements.
39
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Switzerland (Continued) | |||||||||||
298 | Huber + Suhner AG, Registered§ | $ | 23,576 | ||||||||
547 | Implenia AG, Registered§ | 14,848 | |||||||||
109 | Ina Invest Holding AG*,§ | 2,403 | |||||||||
36 | Inficon Holding AG, Registered§ | 32,840 | |||||||||
23 | Interroll Holding AG, Registered§ | 69,997 | |||||||||
1,729 | Julius Baer Group, Ltd.§ | 100,151 | |||||||||
80 | Jungfraubahn Holding AG, Registered*,§ | 12,395 | |||||||||
223 | Kardex AG, Registered§ | 48,732 | |||||||||
90 | Komax Holding AG, Registered*,§ | 17,915 | |||||||||
427 | Kuehne + Nagel International AG, Registered§ | 96,797 | |||||||||
2,019 | LafargeHolcim, Ltd., Registered*,§ | 110,797 | |||||||||
580 | Landis+Gyr Group AG*,§ | 45,444 | |||||||||
167 | Liechtensteinische Landesbank AG§ | 9,903 | |||||||||
765 | Logitech International SA, Registered§ | 74,196 | |||||||||
667 | Logitech International SA, Registered† | 64,826 | |||||||||
517 | Lonza Group AG, Registered§ | 332,051 | |||||||||
63 | Luzerner Kantonalbank AG, Registered*,†,§ | 28,530 | |||||||||
1,480 | Mobilezone Holding AG, Registered§ | 16,845 | |||||||||
219 | Mobimo Holding AG, Registered*,§ | 70,830 | |||||||||
22,264 | Nestle SA, Registered§ | 2,621,116 | |||||||||
12,302 | Novartis AG, Registered§ | 1,161,934 | |||||||||
5,439 | OC Oerlikon Corp. AG, Registered§ | 56,413 | |||||||||
136 | Orior AG§ | 11,581 | |||||||||
108 | Partners Group Holding AG§ | 126,154 | |||||||||
699 | PSP Swiss Property AG, Registered§ | 93,471 | |||||||||
78 | Rieter Holding AG, Registered§ | 8,481 | |||||||||
201 | Roche Holding AG§ | 70,358 | |||||||||
4,932 | Roche Holding AG§ | 1,720,814 | |||||||||
140 | Schindler Holding AG, Registered§ | 37,684 | |||||||||
25 | Schweiter Technologies AG§ | 41,337 | |||||||||
123 | SFS Group AG§ | 14,582 | |||||||||
32 | SGS SA, Registered§ | 96,469 | |||||||||
97 | Siegfried Holding AG, Registered*,§ | 71,334 | |||||||||
910 | Sika AG, Registered§ | 248,432 | |||||||||
326 | Sonova Holding AG, Registered*,§ | 83,926 |
Shares | Value (Note 1) | ||||||||||
Switzerland (Continued) | |||||||||||
88 | St. Galler Kantonalbank AG, Registered§ | $ | 41,319 | ||||||||
52 | Straumann Holding AG, Registered§ | 60,561 | |||||||||
746 | Sulzer AG, Registered§ | 77,957 | |||||||||
76 | Swatch Group AG (The)§ | 20,714 | |||||||||
384 | Swatch Group AG (The), Registered§ | 20,269 | |||||||||
151 | Swiss Life Holding AG, Registered*,§ | 70,291 | |||||||||
1,182 | Swiss Prime Site AG, Registered§ | 116,205 | |||||||||
1,421 | Swiss Re AG§ | 133,686 | |||||||||
379 | Swisscom AG, Registered§ | 204,163 | |||||||||
247 | Swissquote Group Holding SA, Registered§ | 24,000 | |||||||||
493 | Temenos AG, Registered§ | 68,791 | |||||||||
276 | u-blox Holding AG*,§ | 18,339 | |||||||||
10,729 | UBS Group AG, Registered*,§ | 150,060 | |||||||||
94 | Valora Holding AG, Registered*,§ | 18,450 | |||||||||
228 | VAT Group AG*, #,§ | 56,827 | |||||||||
400 | Vetropack Holding AG, Registered*,§ | 26,969 | |||||||||
451 | Vifor Pharma AG§ | 71,096 | |||||||||
706 | Vontobel Holding AG, Registered§ | 55,590 | |||||||||
77 | VP Bank AG, Registered§ | 9,737 | |||||||||
934 | Zurich Insurance Group AG§ | 395,867 | |||||||||
11,795,156 | |||||||||||
United Kingdom—9.3% | |||||||||||
6,126 | 3i Group Plc§ | 97,872 | |||||||||
217 | 4imprint Group Plc*,§ | 7,640 | |||||||||
917 | Admiral Group Plc§ | 36,454 | |||||||||
7,159 | Aggreko Plc§ | 61,334 | |||||||||
12,432 | Alliance Pharma Plc§ | 14,889 | |||||||||
8,094 | Anglo American Plc§ | 269,589 | |||||||||
5,917 | Anglo Pacific Group Plc§ | 10,340 | |||||||||
2,109 | Antofagasta Plc†,§ | 41,571 | |||||||||
4,535 | Ascential Plc*,†,§ | 23,906 | |||||||||
2,310 | Ashmore Group Plc†,§ | 13,634 | |||||||||
3,862 | Ashtead Group Plc§ | 181,741 | |||||||||
210 | ASOS Plc*,§ | 13,760 | |||||||||
1,721 | Associated British Foods Plc*,§ | 53,321 | |||||||||
7,627 | AstraZeneca Plc§ | 762,006 | |||||||||
2,395 | AstraZeneca Plc, SP ADR† | 119,726 | |||||||||
8,970 | Auto Trader Group Plc#,§ | 73,156 |
The accompanying notes are an integral part of these financial statements.
40
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
3,592 | Avast Plc#,§ | $ | 26,423 | ||||||||
28,447 | Aviva Plc§ | 127,590 | |||||||||
835 | Avon Rubber Plc§ | 36,164 | |||||||||
12,786 | B&M European Value Retail SA§ | 90,293 | |||||||||
5,299 | Babcock International Group Plc*,§ | 20,357 | |||||||||
19,453 | BAE Systems Plc§ | 130,106 | |||||||||
12,620 | Balfour Beatty Plc*,†,§ | 46,686 | |||||||||
617 | Bank of Georgia Group Plc*,§ | 10,300 | |||||||||
81,962 | Barclays Plc*,§ | 164,498 | |||||||||
4,700 | Barratt Developments Plc*,§ | 43,118 | |||||||||
3,269 | Beazley Plc†,§ | 16,209 | |||||||||
1,766 | Bellway Plc§ | 71,470 | |||||||||
735 | Berkeley Group Holdings Plc (The)§ | 47,710 | |||||||||
13,667 | BHP Group Plc†,§ | 360,178 | |||||||||
4,891 | Biffa Plc*, #,§ | 15,284 | |||||||||
1,176 | Bodycote Plc†,§ | 12,073 | |||||||||
8,370 | boohoo Group Plc*,†,§ | 39,469 | |||||||||
129,795 | BP Plc§ | 447,113 | |||||||||
8,187 | Brewin Dolphin Holdings Plc†,§ | 34,363 | |||||||||
8,878 | British American Tobacco Plc§ | 330,217 | |||||||||
589 | British American Tobacco Plc, SP ADR | 22,082 | |||||||||
4,032 | Britvic Plc§ | 44,794 | |||||||||
82,890 | BT Group Plc§ | 150,036 | |||||||||
3,731 | Bunzl Plc§ | 124,715 | |||||||||
2,743 | Burberry Group Plc*,§ | 67,188 | |||||||||
4,834 | Burford Capital, Ltd.†,§ | 47,032 | |||||||||
3,640 | C&C Group Plc*,§ | 11,332 | |||||||||
13,077 | Cairn Energy Plc*,†,§ | 37,624 | |||||||||
40,000 | Capita Plc*,§ | 21,469 | |||||||||
7,460 | Card Factory Plc*,§ | 4,362 | |||||||||
993 | Carnival Plc§ | 18,493 | |||||||||
21,596 | Centamin Plc§ | 36,157 | |||||||||
6,675 | Central Asia Metals Plc§ | 21,959 | |||||||||
77,567 | Centrica Plc*,§ | 49,480 | |||||||||
2,609 | Chesnara Plc§ | 10,636 | |||||||||
33,167 | Cineworld Group Plc†,§ | 28,754 | |||||||||
577 | Clarkson Plc§ | 21,315 | |||||||||
2,322 | Clinigen Group Plc§ | 21,433 | |||||||||
2,800 | Close Brothers Group Plc§ | 52,946 | |||||||||
33,791 | Coats Group Plc*,§ | 31,283 | |||||||||
1,369 | Coca-Cola HBC AG*,§ | 44,526 | |||||||||
11,710 | Compass Group Plc§ | 218,513 | |||||||||
865 | Computacenter Plc§ | 28,992 | |||||||||
24,383 | ConvaTec Group Plc#,§ | 66,219 |
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
3,254 | Countryside Properties Plc#,§ | $ | 20,896 | ||||||||
624 | Cranswick Plc§ | 30,048 | |||||||||
4,845 | Crest Nicholson Holdings Plc*,§ | 21,630 | |||||||||
1,039 | Croda International Plc§ | 93,870 | |||||||||
914 | CVS Group Plc*,§ | 18,779 | |||||||||
1,316 | Daily Mail & General Trust Plc, Class A§ | 13,413 | |||||||||
712 | DCC Plc§ | 50,609 | |||||||||
2,945 | De La Rue Plc*,†,§ | 6,807 | |||||||||
5,029 | Devro Plc§ | 10,567 | |||||||||
6,669 | DFS Furniture Plc*,§ | 20,098 | |||||||||
12,494 | Diageo Plc§ | 493,777 | |||||||||
2,860 | Diploma Plc§ | 85,818 | |||||||||
21,750 | Direct Line Insurance Group Plc§ | 94,544 | |||||||||
21,706 | Dixons Carphone Plc*,§ | 34,574 | |||||||||
3,416 | Domino's Pizza Group Plc§ | 14,772 | |||||||||
10,792 | Drax Group Plc†,§ | 55,537 | |||||||||
7,877 | DS Smith Plc*,§ | 40,552 | |||||||||
1,548 | easyJet Plc†,§ | 17,659 | |||||||||
8,196 | Electrocomponents Plc§ | 97,655 | |||||||||
13,055 | Elementis Plc*,§ | 20,439 | |||||||||
1,355 | EMIS Group Plc§ | 20,046 | |||||||||
70,446 | EnQuest Plc*,†,§ | 10,805 | |||||||||
2,921 | Entain Plc*,§ | 45,341 | |||||||||
4,422 | Equiniti Group Plc*, #,§ | 6,681 | |||||||||
5,759 | Essentra Plc*,§ | 24,144 | |||||||||
1,262 | Euromoney Institutional Investor Plc†,§ | 18,280 | |||||||||
3,432 | Evraz Plc§ | 22,147 | |||||||||
6,412 | Experian Plc§ | 244,329 | |||||||||
1,729 | FDM Group Holdings Plc†,§ | 26,623 | |||||||||
1,779 | Ferguson Plc§ | 216,346 | |||||||||
5,122 | Ferrexpo Plc§ | 19,827 | |||||||||
1,881 | Fevertree Drinks Plc§ | 65,140 | |||||||||
39,520 | Firstgroup Plc*,§ | 39,443 | |||||||||
5,744 | Frasers Group Plc*,§ | 35,153 | |||||||||
9,131 | G4S Plc*,§ | 31,692 | |||||||||
2,798 | Galliford Try Holdings Plc*,§ | 4,729 | |||||||||
563 | Games Workshop Group Plc§ | 86,154 | |||||||||
928 | Gamesys Group Plc§ | 14,510 | |||||||||
1,706 | Gamma Communications Plc§ | 38,381 | |||||||||
26,092 | GlaxoSmithKline Plc§ | 478,085 | |||||||||
3,080 | GlaxoSmithKline Plc, SP ADR | 113,344 | |||||||||
81,942 | Glencore Plc*,§ | 261,387 |
The accompanying notes are an integral part of these financial statements.
41
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
1,404 | Go-Ahead Group Plc (The)*,§ | $ | 18,906 | ||||||||
1,480 | Grafton Group Plc*,§ | 18,681 | |||||||||
3,970 | Grainger Plc§ | 15,408 | |||||||||
6,489 | Greencore Group Plc§ | 10,254 | |||||||||
2,159 | Greggs Plc*,§ | 52,905 | |||||||||
9,789 | Gulf Keystone Petroleum, Ltd.*,§ | 16,394 | |||||||||
4,549 | Gym Group Plc (The)*, #,§ | 13,530 | |||||||||
6,271 | Halfords Group Plc§ | 22,885 | |||||||||
1,732 | Halma Plc§ | 58,034 | |||||||||
1,823 | Hargreaves Lansdown Plc§ | 38,058 | |||||||||
25,710 | Hays Plc*,§ | 50,317 | |||||||||
1,995 | Headlam Group Plc*,§ | 9,763 | |||||||||
3,050 | Helical Plc§ | 15,504 | |||||||||
1,984 | Hikma Pharmaceuticals Plc§ | 68,342 | |||||||||
2,154 | Hill & Smith Holdings Plc§ | 41,599 | |||||||||
2,081 | Hilton Food Group Plc§ | 31,724 | |||||||||
1,266 | Hiscox, Ltd.*,§ | 17,455 | |||||||||
5,513 | Hochschild Mining Plc†,§ | 15,719 | |||||||||
3,986 | Hollywood Bowl Group Plc§ | 11,155 | |||||||||
2,726 | HomeServe Plc§ | 38,241 | |||||||||
14,041 | Howden Joinery Group Plc*,§ | 132,589 | |||||||||
61,234 | HSBC Holdings Plc*,§ | 319,502 | |||||||||
2,249 | HSBC Holdings Plc, SP ADR*,† | 58,272 | |||||||||
3,532 | Hunting Plc§ | 10,785 | |||||||||
4,879 | Ibstock Plc*, #,§ | 13,788 | |||||||||
1,762 | IG Group Holdings Plc§ | 20,779 | |||||||||
4,894 | IMI Plc§ | 78,367 | |||||||||
8,898 | Imperial Brands Plc§ | 186,959 | |||||||||
3,234 | Inchcape Plc*,§ | 28,489 | |||||||||
14,920 | Indivior Plc*,§ | 22,325 | |||||||||
3,716 | Informa Plc*,§ | 27,924 | |||||||||
605 | InterContinental Hotels Group Plc*,§ | 39,302 | |||||||||
390 | InterContinental Hotels Group Plc, ADR* | 25,397 | |||||||||
1,391 | Intermediate Capital Group Plc§ | 32,870 | |||||||||
10,061 | International Consolidated Airlines Group SA§ | 22,019 | |||||||||
4,161 | International Personal Finance Plc*,§ | 4,608 | |||||||||
1,064 | Intertek Group Plc§ | 82,223 | |||||||||
8,515 | Investec Plc§ | 22,014 | |||||||||
35,770 | IP Group Plc*,§ | 48,518 | |||||||||
25,901 | ITV Plc*,§ | 37,863 |
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
4,101 | IWG Plc*,§ | $ | 19,269 | ||||||||
11,978 | J. Sainsbury Plc§ | 36,952 | |||||||||
2,074 | J.D. Wetherspoon Plc*,§ | 31,683 | |||||||||
1,083 | James Fisher & Sons Plc§ | 14,039 | |||||||||
1,809 | James Halstead Plc§ | 12,053 | |||||||||
5,549 | JD Sports Fashion Plc*,§ | 65,374 | |||||||||
1,084 | JET2 Plc*,§ | 21,020 | |||||||||
8,054 | John Laing Group Plc#,§ | 36,589 | |||||||||
1,637 | John Menzies Plc*,†,§ | 5,881 | |||||||||
10,403 | John Wood Group Plc*,§ | 44,167 | |||||||||
1,891 | Johnson Matthey Plc§ | 62,780 | |||||||||
7,194 | Johnson Service Group Plc*,§ | 13,727 | |||||||||
8,912 | Jupiter Fund Management Plc§ | 34,215 | |||||||||
239 | Just Eat Takeaway.Com NV*, #,†,§ | 26,941 | |||||||||
349 | Just Eat Takeaway.com NV*, #,§ | 39,438 | |||||||||
30,973 | Just Group Plc*,§ | 29,737 | |||||||||
2,164 | Kainos Group Plc§ | 35,982 | |||||||||
1,556 | Keller Group Plc§ | 14,835 | |||||||||
32,972 | Kingfisher Plc*,§ | 122,008 | |||||||||
1,402 | Lancashire Holdings, Ltd.§ | 14,045 | |||||||||
32,778 | Legal & General Group Plc§ | 120,481 | |||||||||
590 | Liontrust Asset Management Plc§ | 10,562 | |||||||||
430,679 | Lloyds Banking Group Plc*,§ | 217,098 | |||||||||
647 | London Stock Exchange Group Plc§ | 79,752 | |||||||||
9,625 | M&G Plc§ | 26,072 | |||||||||
26,048 | Man Group Plc§ | 49,447 | |||||||||
28,984 | Marks & Spencer Group Plc*,§ | 54,127 | |||||||||
1,885 | Marshalls Plc*,§ | 19,318 | |||||||||
18,395 | Marston's Plc*,§ | 19,082 | |||||||||
8,666 | McCarthy & Stone Plc*, #,§ | 14,187 | |||||||||
3,805 | Mears Group Plc*,§ | 8,028 | |||||||||
5,349 | Mediclinic International Plc§ | 20,753 | |||||||||
7,048 | Meggitt Plc*,§ | 45,029 | |||||||||
22,767 | Melrose Industries Plc*,§ | 55,525 | |||||||||
2,240 | Micro Focus International Plc*,§ | 12,947 | |||||||||
5,825 | Mitchells & Butlers Plc*,§ | 19,261 | |||||||||
24,076 | Mitie Group Plc*,†,§ | 13,505 | |||||||||
150 | MJ Gleeson Plc*,§ | 1,596 | |||||||||
4,012 | Mondi Plc§ | 94,691 | |||||||||
5,751 | Moneysupermarket.com Group Plc§ | 20,506 | |||||||||
7,506 | Morgan Advanced Materials Plc§ | 31,948 | |||||||||
1,378 | Morgan Sindall Group Plc§ | 28,660 | |||||||||
6,750 | National Express Group Plc*,§ | 21,934 | |||||||||
3,714 | National Grid Plc§ | 44,236 |
The accompanying notes are an integral part of these financial statements.
42
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
1,752 | National Grid Plc, SP ADR | $ | 103,421 | ||||||||
8,261 | Natwest Group Plc*,§ | 19,106 | |||||||||
900 | Next Plc*,§ | 87,275 | |||||||||
4,257 | Ninety One Plc§ | 13,488 | |||||||||
537 | NMC Health Plc*,†,§ | 111 | |||||||||
4,680 | On the Beach Group Plc#,§ | 23,891 | |||||||||
4,865 | OSB Group Plc* | 28,182 | |||||||||
1,080 | Oxford Instruments Plc*,§ | 29,278 | |||||||||
8,188 | Pagegroup Plc*,§ | 50,150 | |||||||||
5,714 | Paragon Banking Group Plc§ | 38,298 | |||||||||
1,213 | PayPoint Plc†,§ | 10,822 | |||||||||
3,815 | Pearson Plc†,§ | 35,337 | |||||||||
41,805 | Pendragon Plc*,§ | 7,450 | |||||||||
6,124 | Pennon Group Plc§ | 79,779 | |||||||||
2,597 | Persimmon Plc§ | 98,370 | |||||||||
3,779 | Petrofac, Ltd.*,†,§ | 7,138 | |||||||||
14,508 | Pets at Home Group Plc§ | 82,551 | |||||||||
2,200 | Phoenix Group Holdings Plc§ | 21,091 | |||||||||
11,392 | Photo-Me International Plc*,§ | 7,600 | |||||||||
8,181 | Playtech Plc*,§ | 45,049 | |||||||||
2,561 | Plus500, Ltd.§ | 50,801 | |||||||||
2,857 | Polypipe Group plc*,†,§ | 23,482 | |||||||||
33,266 | Premier Oil Plc*,†,§ | 8,934 | |||||||||
6,783 | Provident Financial Plc*,§ | 28,689 | |||||||||
9,625 | Prudential Plc§ | 177,661 | |||||||||
4,468 | QinetiQ Group Plc§ | 19,646 | |||||||||
26,994 | Quilter Plc#,§ | 56,758 | |||||||||
351 | Rathbone Brothers Plc§ | 7,398 | |||||||||
1,747 | Reckitt Benckiser Group Plc§ | 156,244 | |||||||||
3,003 | Redde Northgate Plc§ | 10,835 | |||||||||
3,865 | Redrow Plc*,§ | 30,289 | |||||||||
10,683 | RELX Plc§ | 262,769 | |||||||||
3,910 | RELX Plc, SP ADR† | 96,421 | |||||||||
2,776 | Renew Holdings Plc§ | 21,188 | |||||||||
214 | Renishaw Plc*,§ | 16,855 | |||||||||
18,010 | Rentokil Initial Plc*,§ | 125,596 | |||||||||
787 | Rhi Magnesita NV§ | 37,769 | |||||||||
10,927 | Rightmove Plc*,§ | 97,307 | |||||||||
7,931 | Rio Tinto Plc§ | 593,428 | |||||||||
25,358 | Rolls-Royce Holdings Plc*,§ | 38,607 | |||||||||
13,857 | Rotork Plc§ | 60,641 | |||||||||
8,858 | Royal Dutch Shell Plc, ADR, Class B | 297,717 | |||||||||
41,803 | Royal Dutch Shell Plc, Class B§ | 720,195 | |||||||||
9,433 | Royal Mail Plc*,§ | 43,598 | |||||||||
4,095 | RSA Insurance Group Plc§ | 38,143 |
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
3,036 | Sabre Insurance Group Plc#,§ | $ | 11,536 | ||||||||
948 | Saga Plc*,†,§ | 3,316 | |||||||||
8,113 | Sage Group Plc (The)§ | 64,622 | |||||||||
5,321 | Savills Plc*,†,§ | 69,092 | |||||||||
508 | Schroders Plc§ | 23,203 | |||||||||
5,266 | Senior Plc*,§ | 6,430 | |||||||||
11,630 | Severfield Plc§ | 11,110 | |||||||||
2,120 | Severn Trent Plc§ | 66,398 | |||||||||
9,302 | SIG Plc*,†,§ | 4,009 | |||||||||
5,193 | Signature Aviation Plc*,§ | 27,310 | |||||||||
4,652 | Smith & Nephew Plc§ | 97,143 | |||||||||
2,936 | Smiths Group Plc§ | 60,766 | |||||||||
1,263 | Spectris Plc§ | 48,716 | |||||||||
12,936 | Speedy Hire Plc*,§ | 12,598 | |||||||||
525 | Spirax-Sarco Engineering Plc§ | 81,142 | |||||||||
7,170 | Spire Healthcare Group Plc#,§ | 15,322 | |||||||||
10,386 | Spirent Communications Plc§ | 37,425 | |||||||||
14,775 | SSE Plc§ | 304,529 | |||||||||
5,335 | SSP Group Plc†,§ | 24,228 | |||||||||
3,870 | St. James's Place Plc§ | 60,041 | |||||||||
4,286 | St. Modwen Properties Plc§ | 23,285 | |||||||||
5,772 | Stagecoach Group Plc§ | 5,843 | |||||||||
20,666 | Standard Chartered Plc*,§ | 132,517 | |||||||||
7,141 | Standard Life Aberdeen Plc§ | 27,681 | |||||||||
4,177 | SThree Plc*,§ | 17,039 | |||||||||
6,935 | Stobart Group, Ltd.*,†,§ | 2,469 | |||||||||
7,781 | Stock Spirits Group Plc§ | 28,606 | |||||||||
8,653 | Synthomer Plc§ | 53,240 | |||||||||
8,202 | TalkTalk Telecom Group Plc§ | 11,040 | |||||||||
6,411 | Tate & Lyle Plc§ | 59,180 | |||||||||
19,770 | Taylor Wimpey Plc*,§ | 44,947 | |||||||||
978 | Telecom Plus Plc§ | 19,147 | |||||||||
65,167 | Tesco Plc†,§ | 205,742 | |||||||||
5,954 | TI Fluid Systems Plc*, #,†,§ | 19,911 | |||||||||
11,956 | TP ICAP Plc§ | 39,089 | |||||||||
5,006 | Travis Perkins Plc*,§ | 92,361 | |||||||||
1,888 | TUI AG†,§ | 11,853 | |||||||||
42,736 | Tullow Oil Plc*,†,§ | 17,128 | |||||||||
4,191 | Tyman Plc*,§ | 20,018 | |||||||||
7,733 | U & I Group Plc§ | 6,524 | |||||||||
1,424 | Ultra Electronics Holdings Plc§ | 40,372 | |||||||||
8,051 | Unilever Plc§ | 484,649 | |||||||||
9,584 | Unilever Plc | 580,322 | |||||||||
7,319 | United Utilities Group Plc§ | 90,021 | |||||||||
2,533 | Urban & Civic Plc§ | 11,917 |
The accompanying notes are an integral part of these financial statements.
43
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
20,856 | Vectura Group Plc*,§ | $ | 35,824 | ||||||||
5,245 | Vesuvius Plc§ | 38,507 | |||||||||
1,157 | Victrex Plc§ | 37,153 | |||||||||
13,688 | Virgin Money UK Plc*,§ | 25,568 | |||||||||
6,329 | Vistry Group Plc*,§ | 80,365 | |||||||||
386 | Vitec Group Plc (The)*,†,§ | 4,840 | |||||||||
207,108 | Vodafone Group Plc§ | 340,824 | |||||||||
6,400 | Volution Group Plc*,§ | 24,423 | |||||||||
5,138 | Watkin Jones Plc§ | 12,867 | |||||||||
3,058 | Weir Group Plc (The)*,§ | 83,295 | |||||||||
1,764 | WH Smith Plc†,§ | 36,464 | |||||||||
762 | Whitbread Plc*,§ | 32,331 | |||||||||
30,704 | William Hill Plc*,§ | 113,312 |
Shares | Value (Note 1) | ||||||||||
United Kingdom (Continued) | |||||||||||
28,949 | Wm Morrison Supermarkets Plc§ | $ | 70,221 | ||||||||
13,599 | WPP Plc§ | 147,754 | |||||||||
510 | XP Power, Ltd.§ | 32,809 | |||||||||
19,585,230 | |||||||||||
TOTAL COMMON STOCKS (Cost $119,837,759) | 143,399,117 | ||||||||||
AFFILIATED INVESTMENT COMPANY—30.6% | |||||||||||
United States—30.6% | |||||||||||
2,641,819 | DFA Emerging Markets Core Equity Portfolio, Class I‡‡ (Cost $51,471,653) | 64,116,944 |
Expiration Date | |||||||||||||||||||
WARRANTS—0.0% | |||||||||||||||||||
France—0.0% | |||||||||||||||||||
889 | Technicolor SA*,† | 09/22/2024 | 282 | ||||||||||||||||
Switzerland—0.0% | |||||||||||||||||||
3,138 | Cie Financiere Richemont SA* | 11/22/2023 | 815 | ||||||||||||||||
TOTAL WARRANTS (Cost $0) | 1,097 | ||||||||||||||||||
RIGHTS—0.0% | |||||||||||||||||||
Spain—0.0% | |||||||||||||||||||
3,618 | Repsol SA*,† | 01/26/2021 | 1,241 | ||||||||||||||||
3,810 | Faes Farma SA*,§ | 01/25/2021 | 772 | ||||||||||||||||
TOTAL RIGHTS (Cost $2,044) | 2,013 | ||||||||||||||||||
PREFERRED STOCKS—0.3% | |||||||||||||||||||
Germany—0.3% | |||||||||||||||||||
462 | Bayerische Motoren Werke AG, 4.52%§ | 31,157 | |||||||||||||||||
387 | Draegerwerk AG & Co. KGaA, 0.30%§ | 29,719 | |||||||||||||||||
1,051 | FUCHS PETROLUB SE, 2.07%§ | 59,661 | |||||||||||||||||
683 | Henkel AG & Co. KGaA, 2.01%§ | 76,963 | |||||||||||||||||
949 | Jungheinrich AG, 1.30%§ | 42,375 | |||||||||||||||||
717 | Porsche Automobil Holding SE, 3.96%§ | 49,422 | |||||||||||||||||
422 | Sartorius AG, 0.10%§ | 176,878 | |||||||||||||||||
252 | Sixt SE, 0.08%§ | 17,677 | |||||||||||||||||
173 | STO SE & Co. KGaA, 0.00%§ | 27,352 | |||||||||||||||||
1,012 | Volkswagen AG, 3.35%§ | 188,546 | |||||||||||||||||
699,750 | |||||||||||||||||||
TOTAL PREFERRED STOCK (Cost $508,549) | 699,750 |
The accompanying notes are an integral part of these financial statements.
44
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | 7-Day Yield | Value (Note 1 | |||||||||||||||||
SHORT-TERM INVESTMENTS—1.4% | |||||||||||||||||||
2,877,797 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $2,877,797)†† | 0.090 | % | $ | 2,877,797 | ||||||||||||||
TOTAL INVESTMENTS, AT VALUE—100.6% (Cost $174,697,802) |
| 211,096,718 | |||||||||||||||||
Liabilities in Excess of Other Assets—(0.6)% |
| (1,170,276 | ) | ||||||||||||||||
NET ASSETS—100.0% | $ | 209,926,442 |
Notes to the Schedule of Investments:
ADR—American Depositary Receipt
SP ADR—Sponsored American Depositary Receipt
* Non-income producing security.
# Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The aggregate value of securities exempt from registration under Rule 144A of the Securities Act of 1933 at December 31, 2020, amounts to approximately $2,752,005, and represents 1.31% of net assets.
† Denotes all or a portion of security on loan. As of December 31, 2020, the market value of the securities on loan was $8,317,715 (Note 1).
‡‡ Affiliated issuer. Assets with a total aggregate market value of $64,116,944, or 30.6% of net assets, were affiliated with the Fund as of December 31, 2020 (Note 2).
†† Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $5,951,486.
§ Fair valued security—Represents fair value as measured based on the Portfolio Valuation policies specified in Note 1. Fair value is based on a fair value factor being applied to quoted market prices for the foreign securities based on the pre-determined threshold. As of December 31, 2020, the total value of the fair valued securities was $128,058,318.
Percentages indicated are based on net assets.
The accompanying notes are an integral part of these financial statements.
45
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
At December 31, 2020, industry diversification of the M International Equity Fund's investments as a percentage of net assets was as follows:
Summary of Industry Classifications (Unaudited) | Percentage of Net Assets | ||||||
Mutual Funds | 30.6 | % | |||||
Banks | 5.1 | % | |||||
Pharmaceuticals | 3.6 | % | |||||
Metals and Mining | 3.5 | % | |||||
Machinery | 2.8 | % | |||||
Chemicals | 2.6 | % | |||||
Oil, Gas and Consumable Fuels | 2.6 | % | |||||
Insurance | 2.5 | % | |||||
Food Products | 2.3 | % | |||||
Automobiles | 2.2 | % | |||||
Capital Markets | 1.7 | % | |||||
Real Estate Management and Development | 1.6 | % | |||||
Semiconductors and Semiconductor Equipment | 1.6 | % | |||||
Diversified Telecommunication Services | 1.5 | % | |||||
Electric Utilities | 1.4 | % | |||||
Household Durables | 1.4 | % | |||||
IT Services | 1.4 | % | |||||
Textiles, Apparel and Luxury Goods | 1.4 | % | |||||
Electronic Equipment, Instruments & Components | 1.3 | % | |||||
Food and Staples Retailing | 1.3 | % | |||||
Health Care Equipment and Supplies | 1.3 | % | |||||
Auto Components | 1.2 | % | |||||
Professional Services | 1.2 | % | |||||
Trading Companies and Distributors | 1.2 | % | |||||
Beverages | 1.1 | % | |||||
Construction and Engineering | 1.1 | % | |||||
Specialty Retail | 1.1 | % | |||||
Electrical Equipment | 1.0 | % | |||||
Hotels, Restaurants & Leisure | 1.0 | % | |||||
Personal Products | 1.0 | % | |||||
Road and Rail | 1.0 | % | |||||
Wireless Telecommunication Services | 1.0 | % | |||||
Building Products | 0.9 | % | |||||
Aerospace & Defense | 0.7 | % | |||||
Commercial Services & Supplies | 0.7 | % | |||||
Media | 0.7 | % | |||||
Software | 0.7 | % | |||||
Multi-Utilities | 0.6 | % | |||||
Air Freight and Logistics | 0.5 | % | |||||
Biotechnology | 0.5 | % | |||||
Construction Materials | 0.5 | % | |||||
Entertainment | 0.5 | % |
The accompanying notes are an integral part of these financial statements.
46
M International Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Summary of Industry Classifications (Unaudited) | Percentage of Net Assets | ||||||
Health Care Providers and Services | 0.5 | % | |||||
Industrial Conglomerates | 0.5 | % | |||||
Multiline Retail | 0.5 | % | |||||
Paper and Forest Products | 0.5 | % | |||||
Diversified Financial Services | 0.4 | % | |||||
Life Sciences Tools and Services | 0.4 | % | |||||
Tobacco | 0.4 | % | |||||
Containers and Packaging | 0.3 | % | |||||
Gas Utilities | 0.3 | % | |||||
Household Products | 0.3 | % | |||||
Independent Power and Renewable Electricity Producers | 0.3 | % | |||||
Interactive Media & Services | 0.3 | % | |||||
Leisure Equipment and Products | 0.3 | % | |||||
Marine | 0.3 | % | |||||
Transportation Infrastructure | 0.3 | % | |||||
Airlines | 0.2 | % | |||||
Consumer Finance | 0.2 | % | |||||
Energy Equipment and Services | 0.2 | % | |||||
Health Care Technology | 0.2 | % | |||||
Internet and Catalog Retail | 0.2 | % | |||||
Technology Hardware, Storage & Peripherals | 0.2 | % | |||||
Communications Equipment | 0.1 | % | |||||
Distributors | 0.1 | % | |||||
Diversified Consumer Services | 0.1 | % | |||||
Thrifts and Mortgage Finance | 0.1 | % | |||||
Water Utilities | 0.1 | % | |||||
Short-Term Investments | 1.4 | % | |||||
Total | 100.6 | % |
The accompanying notes are an integral part of these financial statements.
47
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS
December 31, 2020
Shares | Value (Note 1) | ||||||||||
COMMON STOCKS—99.5% | |||||||||||
Beverages—2.5% | |||||||||||
64,650 | Monster Beverage Corp.* | $ | 5,978,832 | ||||||||
Biotechnology—1.7% | |||||||||||
41,200 | Neurocrine Biosciences, Inc.* | 3,949,020 | |||||||||
Health Care Equipment and Supplies—1.4% | |||||||||||
95,300 | Boston Scientific Corp.* | 3,426,035 | |||||||||
Health Care Providers and Services—2.2% | |||||||||||
14,750 | UnitedHealth Group, Inc. | 5,172,530 | |||||||||
Insurance—3.0% | |||||||||||
33,150 | Aon Plc, Class A | 7,003,600 | |||||||||
Interactive Media & Services—16.7% | |||||||||||
9,940 | Alphabet, Inc., Class A* | 17,421,242 | |||||||||
40,600 | Facebook, Inc., Class A* | 11,090,296 | |||||||||
152,600 | Tencent Holdings, Ltd., ADR | 10,970,414 | |||||||||
39,481,952 | |||||||||||
Internet and Catalog Retail—14.9% | |||||||||||
56,000 | Alibaba Group Holding, Ltd., SP ADR* | 13,032,880 | |||||||||
4,955 | Amazon.com, Inc.* | 16,138,088 | |||||||||
67,500 | JD.com, Inc., ADR* | 5,933,250 | |||||||||
35,104,218 |
Shares | Value (Note 1) | ||||||||||
IT Services—25.0% | |||||||||||
32,600 | Automatic Data Processing, Inc. | $ | 5,744,120 | ||||||||
21,600 | EPAM Systems, Inc.* | 7,740,360 | |||||||||
35,550 | Global Payments, Inc. | 7,658,181 | |||||||||
65,500 | GoDaddy, Inc., Class A* | 5,433,225 | |||||||||
20,450 | Mastercard, Inc., Class A | 7,299,423 | |||||||||
76,100 | PayPal Holdings, Inc.* | 17,822,620 | |||||||||
33,200 | Visa, Inc., Class A | 7,261,836 | |||||||||
58,959,765 | |||||||||||
Media—3.6% | |||||||||||
1,324,450 | Sirius XM Holdings, Inc.† | 8,436,746 | |||||||||
Pharmaceuticals—2.4% | |||||||||||
33,750 | Zoetis, Inc. | 5,585,625 | |||||||||
Software—23.5% | |||||||||||
38,640 | Adobe, Inc.* | 19,324,637 | |||||||||
22,800 | Fortinet, Inc.* | 3,386,484 | |||||||||
29,400 | Intuit, Inc. | 11,167,590 | |||||||||
97,164 | Microsoft Corp. | 21,611,217 | |||||||||
55,489,928 | |||||||||||
Specialty Retail—2.6% | |||||||||||
23,500 | Burlington Stores, Inc.* | 6,146,425 | |||||||||
TOTAL COMMON STOCKS (Cost $119,178,031) | 234,734,676 |
7-Day Yield | |||||||||||||||||||
SHORT-TERM INVESTMENTS—0.0% | |||||||||||||||||||
169 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $169)†† | 0.09 | % | 169 | |||||||||||||||
TOTAL INVESTMENTS, AT VALUE—99.5% (Cost $119,178,200) | 234,734,845 | ||||||||||||||||||
Other Assets in Excess of Liabilities—0.5% | 1,287,294 | ||||||||||||||||||
NET ASSETS—100.0% | $ | 236,022,139 |
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 December 31, 2020, the market value of the securities on loan was $7,171,231 (Note 1)
†† Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $7,439,340.
Percentages indicated are based on net assets.
The accompanying notes are an integral part of these financial statements.
48
M Large Cap Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
At December 31, 2020, industry sector diversification of the M Large Cap Growth Fund's investments as a percentage of net assets was as follows:
Summary of Sector Classifications (Unaudited) | Percentage of Net Assets | ||||||
Information Technology | 48.5 | % | |||||
Communication Services | 20.3 | % | |||||
Consumer Discretionary | 17.5 | % | |||||
Health Care | 7.7 | % | |||||
Financials | 3.0 | % | |||||
Consumer Staples | 2.5 | % | |||||
Short-Term Investments | 0.0 | % | |||||
Total | 99.5 | % |
The accompanying notes are an integral part of these financial statements.
49
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS
December 31, 2020
Shares | Value (Note 1) | ||||||||||
COMMON STOCKS—97.5% | |||||||||||
Aerospace & Defense—1.3% | |||||||||||
73,825 | Kratos Defense & Security Solutions, Inc.* | $ | 2,025,020 | ||||||||
19,312 | Parsons Corp.* | 703,150 | |||||||||
2,728,170 | |||||||||||
Airlines—2.9% | |||||||||||
14,819 | Alaska Air Group, Inc. | 770,588 | |||||||||
54,062 | Azul SA, ADR* | 1,233,695 | |||||||||
273,499 | Controladora Vuela Cia de Aviacion SAB de CV, ADR* | 3,396,858 | |||||||||
56,793 | JetBlue Airways Corp.* | 825,770 | |||||||||
6,226,911 | |||||||||||
Auto Components—4.2% | |||||||||||
34,311 | BorgWarner, Inc. | 1,325,777 | |||||||||
191,103 | Dana, Inc.* | 3,730,331 | |||||||||
3,513 | LCI Industries | 455,566 | |||||||||
44,149 | Modine Manufacturing Co.* | 554,511 | |||||||||
74,621 | Stoneridge, Inc.* | 2,255,793 | |||||||||
31,433 | Veoneer, Inc.*,† | 669,523 | |||||||||
8,991,501 | |||||||||||
Banks—4.0% | |||||||||||
112,741 | Bancorp, Inc. (The)* | 1,538,915 | |||||||||
21,641 | BankUnited, Inc. | 752,674 | |||||||||
149,183 | First BanCorp | 1,375,467 | |||||||||
20,750 | Pinnacle Financial Partners, Inc. | 1,336,300 | |||||||||
27,400 | Popular, Inc. | 1,543,168 | |||||||||
28,745 | Webster Financial Corp. | 1,211,602 | |||||||||
13,704 | Wintrust Financial Corp. | 837,177 | |||||||||
8,595,303 | |||||||||||
Beverages—0.3% | |||||||||||
13,823 | MGP Ingredients, Inc. | 650,510 | |||||||||
Biotechnology—2.1% | |||||||||||
14,706 | ACADIA Pharmaceuticals, Inc.* | 786,183 | |||||||||
7,443 | BioMarin Pharmaceutical, Inc.* | 652,677 | |||||||||
7,935 | Exact Sciences Corp.* | 1,051,308 | |||||||||
70,101 | Karyopharm Therapeutics, Inc.* | 1,085,164 | |||||||||
23,830 | Sangamo Therapeutics, Inc.* | 371,867 | |||||||||
3,822 | United Therapeutics Corp.* | 580,141 | |||||||||
4,527,340 |
Shares | Value (Note 1) | ||||||||||
Building Products—2.3% | |||||||||||
4,249 | American Woodmark Corp.* | $ | 398,768 | ||||||||
29,369 | Builders FirstSource, Inc.* | 1,198,549 | |||||||||
38,690 | Trex Co., Inc.* | 3,239,127 | |||||||||
4,836,444 | |||||||||||
Capital Markets—3.5% | |||||||||||
23,341 | Artisan Partners Asset Management, Inc., Class A | 1,174,986 | |||||||||
32,805 | Carlyle Group, Inc. (The)† | 1,031,389 | |||||||||
11,120 | Evercore Inc., Class A | 1,219,197 | |||||||||
23,502 | LPL Financial Holdings, Inc. | 2,449,378 | |||||||||
2,934 | PJT Partners, Inc., Class A | 220,783 | |||||||||
14,192 | Raymond James Financial, Inc. | 1,357,749 | |||||||||
7,453,482 | |||||||||||
Chemicals—4.2% | |||||||||||
16,702 | Albemarle Corp. | 2,463,879 | |||||||||
29,233 | FMC Corp. | 3,359,749 | |||||||||
27,972 | Huntsman Corp. | 703,216 | |||||||||
51,534 | Livent Corp.*,† | 970,900 | |||||||||
102,930 | Tronox Holdings PLC, Class A* | 1,504,837 | |||||||||
9,002,581 | |||||||||||
Commercial Services & Supplies—1.6% | |||||||||||
129,361 | Covanta Holding Corp. | 1,698,510 | |||||||||
123,406 | Interface, Inc. | 1,295,763 | |||||||||
25,630 | KAR Auction Services, Inc. | 476,974 | |||||||||
3,471,247 | |||||||||||
Construction and Engineering—5.3% | |||||||||||
27,390 | AECOM* | 1,363,474 | |||||||||
69,806 | Granite Construction, Inc. | 1,864,518 | |||||||||
33,877 | MasTec, Inc.* | 2,309,734 | |||||||||
26,603 | Quanta Services, Inc. | 1,915,948 | |||||||||
294,568 | Tutor Perini Corp.* | 3,814,656 | |||||||||
11,268,330 | |||||||||||
Construction Materials—1.3% | |||||||||||
13,752 | Eagle Materials, Inc. | 1,393,765 | |||||||||
4,679 | Martin Marietta Materials, Inc. | 1,328,696 | |||||||||
2,722,461 | |||||||||||
Consumer Finance—1.0% | |||||||||||
19,568 | Green Dot Corp., Class A* | 1,091,894 | |||||||||
28,560 | PRA Group, Inc.* | 1,132,690 | |||||||||
2,224,584 |
The accompanying notes are an integral part of these financial statements.
50
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Containers and Packaging—0.3% | |||||||||||
34,472 | Graphic Packaging Holding Co. | $ | 583,956 | ||||||||
Diversified Consumer Services—1.7% | |||||||||||
52,116 | Adtalem Global Education, Inc.* | 1,769,338 | |||||||||
147,874 | Perdoceo Education Corp.* | 1,867,649 | |||||||||
3,636,987 | |||||||||||
Diversified Telecommunication Services—0.5% | |||||||||||
18,816 | Cogent Communications Holdings, Inc. | 1,126,514 | |||||||||
Electrical Equipment—0.8% | |||||||||||
13,809 | Encore Wire Corp. | 836,411 | |||||||||
10,279 | EnerSys | 853,774 | |||||||||
1,690,185 | |||||||||||
Electronic Equipment, Instruments & Components—4.9% | |||||||||||
13,340 | Fabrinet* | 1,035,051 | |||||||||
120,686 | Flex, Ltd.* | 2,169,934 | |||||||||
26,412 | FLIR Systems, Inc. | 1,157,638 | |||||||||
9,530 | II-VI, Inc.* | 723,899 | |||||||||
7,844 | Insight Enterprises, Inc.* | 596,850 | |||||||||
5,309 | Itron, Inc.* | 509,133 | |||||||||
52,927 | Jabil, Inc. | 2,250,985 | |||||||||
13,849 | Rogers Corp.* | 2,150,611 | |||||||||
10,594,101 | |||||||||||
Entertainment—0.4% | |||||||||||
89,126 | Lions Gate Entertainment Corp., Class B* | 925,128 | |||||||||
Equity Real Estate Investment Trusts (REITs)—1.6% | |||||||||||
65,753 | Corporate Office Properties Trust, REIT | 1,714,838 | |||||||||
23,583 | NETSTREIT Corp. | 459,633 | |||||||||
69,896 | SITE Centers Corp. | 707,348 | |||||||||
19,373 | STAG Industrial, Inc.† | 606,762 | |||||||||
3,488,581 | |||||||||||
Food Products—1.1% | |||||||||||
41,500 | Darling Ingredients, Inc.* | 2,393,720 |
Shares | Value (Note 1) | ||||||||||
Health Care Equipment and Supplies—6.2% | |||||||||||
1,700 | ABIOMED, Inc.* | $ | 551,140 | ||||||||
27,051 | Cardiovascular Systems, Inc.* | 1,183,752 | |||||||||
8,496 | Cooper Cos., Inc. (The) | 3,086,767 | |||||||||
2,636 | DexCom, Inc.* | 974,582 | |||||||||
15,051 | Insulet Corp.* | 3,847,487 | |||||||||
10,528 | Merit Medical Systems, Inc.* | 584,409 | |||||||||
58,542 | SmileDirectClub, Inc.*,† | 698,991 | |||||||||
4,663 | STERIS PLC | 883,825 | |||||||||
14,988 | Tandem Diabetes Care, Inc.* | 1,434,052 | |||||||||
13,245,005 | |||||||||||
Health Care Providers and Services—1.0% | |||||||||||
44,464 | Acadia Healthcare Co., Inc.* | 2,234,761 | |||||||||
Hotels, Restaurants & Leisure—2.9% | |||||||||||
26,751 | Boyd Gaming Corp.* | 1,148,153 | |||||||||
44,261 | Caesars Entertainment, Inc.* | 3,287,264 | |||||||||
21,493 | Planet Fitness, Inc., Class A* | 1,668,502 | |||||||||
6,103,919 | |||||||||||
Household Durables—1.8% | |||||||||||
30,527 | Century Communities, Inc.* | 1,336,472 | |||||||||
10,041 | LGI Homes, Inc.* | 1,062,840 | |||||||||
29,222 | Universal Electronics, Inc.* | 1,532,986 | |||||||||
3,932,298 | |||||||||||
Insurance—2.9% | |||||||||||
21,396 | Argo Group International Holdings, Ltd. | 935,005 | |||||||||
5,687 | Everest Re Group, Ltd. | 1,331,270 | |||||||||
11,914 | Fidelity National Financial, Inc. | 465,718 | |||||||||
19,063 | James River Group Holdings, Ltd. | 936,947 | |||||||||
9,465 | Trupanion, Inc.* | 1,133,055 | |||||||||
20,539 | WR Berkley Corp. | 1,364,200 | |||||||||
6,166,195 | |||||||||||
IT Services—4.0% | |||||||||||
12,998 | Alliance Data Systems Corp. | 963,152 | |||||||||
158,336 | Brightcove, Inc.* | 2,913,382 | |||||||||
99,512 | KBR, Inc. | 3,077,906 | |||||||||
6,503 | Perficient, Inc.* | 309,868 | |||||||||
6,177 | WEX, Inc.* | 1,257,205 | |||||||||
8,521,513 |
The accompanying notes are an integral part of these financial statements.
51
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Leisure Equipment and Products—0.5% | |||||||||||
58,040 | Mattel, Inc.*,† | $ | 1,012,798 | ||||||||
Life Sciences Tools and Services—0.9% | |||||||||||
18,898 | Luminex Corp. | 436,922 | |||||||||
22,070 | QIAGEN NV*,† | 1,166,399 | |||||||||
8,230 | Quanterix Corp.* | 382,695 | |||||||||
1,986,016 | |||||||||||
Machinery—1.0% | |||||||||||
76,404 | Meritor, Inc.* | 2,132,436 | |||||||||
Marine—0.3% | |||||||||||
13,193 | Kirby Corp.* | 683,793 | |||||||||
Media—1.1% | |||||||||||
16,713 | Cardlytics, Inc.*,† | 2,386,115 | |||||||||
Metals and Mining—4.2% | |||||||||||
23,796 | Agnico-Eagle Mines, Ltd. | 1,677,856 | |||||||||
123,689 | Alamos Gold, Inc., Class A | 1,082,279 | |||||||||
48,850 | Allegheny Technologies, Inc.* | 819,214 | |||||||||
21,558 | Carpenter Technology Corp. | 627,769 | |||||||||
265,265 | Ferroglobe Plc—ENT*,§ | — | |||||||||
138,673 | Pan American Silver Corp. | 4,785,605 | |||||||||
8,992,723 | |||||||||||
Oil, Gas and Consumable Fuels—1.7% | |||||||||||
161,925 | Euronav SA*,† | 1,295,400 | |||||||||
25,336 | Golar LNG, Ltd. | 244,239 | |||||||||
135,760 | Navigator Holdings, Ltd.* | 1,486,572 | |||||||||
67,418 | WPX Energy, Inc.* | 549,457 | |||||||||
3,575,668 | |||||||||||
Pharmaceuticals—1.2% | |||||||||||
59,900 | Aerie Pharmaceuticals, Inc.* | 809,249 | |||||||||
30,749 | Pacira BioSciences, Inc.* | 1,840,020 | |||||||||
2,649,269 | |||||||||||
Professional Services—0.2% | |||||||||||
12,302 | Upwork, Inc.* | 424,665 | |||||||||
Road and Rail—0.8% | |||||||||||
39,764 | Knight-Swift Transportation Holdings, Inc. | 1,662,930 |
Shares | Value (Note 1) | ||||||||||
Semiconductors and Semiconductor Equipment—11.0% | |||||||||||
43,537 | Cree, Inc.* | $ | 4,610,568 | ||||||||
71,439 | MACOM Technology Solutions Holdings, Inc.*,† | 3,932,003 | |||||||||
44,930 | Marvell Technology Group, Ltd. | 2,135,972 | |||||||||
6,771 | MKS Instruments, Inc. | 1,018,697 | |||||||||
6,763 | Monolithic Power Systems, Inc. | 2,476,814 | |||||||||
17,505 | Qorvo, Inc.* | 2,910,556 | |||||||||
35,460 | Semtech Corp.* | 2,556,311 | |||||||||
7,974 | Silicon Laboratories, Inc.* | 1,015,409 | |||||||||
17,215 | Ultra Clean Holdings, Inc.* | 536,247 | |||||||||
10,391 | Universal Display Corp. | 2,387,852 | |||||||||
23,580,429 | |||||||||||
Software—6.5% | |||||||||||
61,305 | 2U, Inc.*,† | 2,452,813 | |||||||||
94,169 | Benefitfocus, Inc.* | 1,363,567 | |||||||||
5,905 | fuboTV, Inc.*,† | 165,340 | |||||||||
21,835 | Medallia, Inc.*,† | 725,359 | |||||||||
21,212 | Model N, Inc.* | 756,844 | |||||||||
7,140 | New Relic, Inc.* | 466,956 | |||||||||
80,634 | Nuance Communications, Inc.* | 3,555,153 | |||||||||
3,602 | Pegasystems, Inc. | 480,003 | |||||||||
22,822 | SS&C Technologies Holdings, Inc. | 1,660,300 | |||||||||
7,855 | Workiva, Inc.* | 719,675 | |||||||||
80,610 | Xperi Holding Corp. | 1,684,749 | |||||||||
14,030,759 | |||||||||||
Specialty Retail—0.6% | |||||||||||
13,689 | Floor & Decor Holdings, Inc., Class A* | 1,271,024 | |||||||||
Technology Hardware, Storage & Peripherals—0.3% | |||||||||||
15,166 | NCR Corp.* | 569,787 | |||||||||
Trading Companies and Distributors—3.1% | |||||||||||
31,616 | Beacon Roofing Supply, Inc.* | 1,270,647 | |||||||||
60,220 | BMC Stock Holdings, Inc.* | 3,232,610 | |||||||||
151,691 | MRC Global, Inc.* | 1,005,711 | |||||||||
14,338 | WESCO International, Inc.* | 1,125,533 | |||||||||
6,634,501 | |||||||||||
TOTAL COMMON STOCKS (Cost $124,975,944) | 208,934,640 |
The accompanying notes are an integral part of these financial statements.
52
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Expiration Date | Value (Note 1) | |||||||||||||||||
RIGHTS—0.3% | |||||||||||||||||||
815,348 | Pan American Silver Corp., CVR*,† (Cost $198,908) | 02/22/2029 | $ | 672,662 | |||||||||||||||
7-Day Yield | |||||||||||||||||||
SHORT-TERM INVESTMENTS—1.2% | |||||||||||||||||||
2,465,614 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $2,465,614)†† | 0.090 | % | 2,465,614 | |||||||||||||||
TOTAL INVESTMENTS, AT VALUE—99.0% (Cost $127,640,466) | 212,072,916 | ||||||||||||||||||
Other Assets in Excess of Liabilities—1.0% | 2,218,071 | ||||||||||||||||||
NET ASSETS—100.0% | $ | 214,290,987 |
Notes to the Schedule of Investments:
ADR—American Depositary Receipt
CVR—Contingent Voting Rights
ENT—Entitlement
REIT—Real Estate Investment Trust
* Non-income producing security
§ Fair valued security—Represents fair value as measured based on the Portfolio Valuation policies specified in Note 1. As of December 31, 2020, the total value of the fair valued securities was $0.
† Denotes all or a portion of security on loan. As of December 31, 2020, the market value of the securities on loan was $8,961,082 (Note 1)
†† Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $6,784,514.
Percentages indicated are based on net assets.
The accompanying notes are an integral part of these financial statements.
53
M Capital Appreciation Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
At December 31, 2020, industry sector diversification of the M Capital Appreciation Fund's investments as a percentage of net assets was as follows:
Summary of Sector Classifications (Unaudited) | Percentage of Net Assets | ||||||
Information Technology | 26.7 | % | |||||
Industrials | 19.5 | % | |||||
Consumer Discretionary | 11.6 | % | |||||
Health Care | 11.5 | % | |||||
Financials | 11.4 | % | |||||
Materials | 10.3 | % | |||||
Communication Services | 2.1 | % | |||||
Energy | 1.7 | % | |||||
Real Estate | 1.6 | % | |||||
Consumer Staples | 1.4 | % | |||||
Short-Term Investments | 1.2 | % | |||||
Total | 99.0 | % |
The accompanying notes are an integral part of these financial statements.
54
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS
December 31, 2020
Shares | Value (Note 1) | ||||||||||
COMMON STOCKS—98.3% | |||||||||||
Aerospace & Defense—0.7% | |||||||||||
700 | BWX Technologies, Inc. | $ | 42,196 | ||||||||
3,400 | General Dynamics Corp. | 505,988 | |||||||||
3,000 | Textron, Inc. | 144,990 | |||||||||
693,174 | |||||||||||
Air Freight and Logistics—1.4% | |||||||||||
8,100 | United Parcel Service, Inc., Class B | 1,364,040 | |||||||||
Auto Components—0.2% | |||||||||||
2,700 | Gentex Corp. | 91,611 | |||||||||
700 | Lear Corp. | 111,321 | |||||||||
202,932 | |||||||||||
Automobiles—1.3% | |||||||||||
51,800 | Ford Motor Co. | 455,322 | |||||||||
18,900 | General Motors Co. | 786,996 | |||||||||
1,242,318 | |||||||||||
Banks—11.9% | |||||||||||
116,100 | Bank of America Corp. | 3,518,991 | |||||||||
5,600 | Citizens Financial Group, Inc. | 200,256 | |||||||||
1,800 | Comerica, Inc. | 100,548 | |||||||||
1,365 | Commerce Bancshares, Inc. | 89,680 | |||||||||
700 | Cullen/Frost Bankers, Inc. | 61,061 | |||||||||
1,800 | East West Bancorp, Inc. | 91,278 | |||||||||
9,400 | Fifth Third Bancorp | 259,158 | |||||||||
11,600 | Huntington Bancshares, Inc. | 146,508 | |||||||||
36,500 | JPMorgan Chase & Co. | 4,638,055 | |||||||||
12,900 | KeyCorp | 211,689 | |||||||||
5,600 | PNC Financial Services Group, Inc. (The) | 834,400 | |||||||||
12,700 | Regions Financial Corp. | 204,724 | |||||||||
700 | Signature Bank | 94,703 | |||||||||
700 | SVB Financial Group* | 271,481 | |||||||||
17,289 | U.S. Bancorp | 805,495 | |||||||||
2,100 | Zions Bancorp NA | 91,224 | |||||||||
11,619,251 | |||||||||||
Biotechnology—2.6% | |||||||||||
2,400 | Alexion Pharmaceuticals, Inc.* | 374,976 | |||||||||
6,900 | Amgen, Inc. | 1,586,448 | |||||||||
1,200 | Regeneron Pharmaceuticals, Inc.* | 579,732 | |||||||||
2,541,156 |
Shares | Value (Note 1) | ||||||||||
Building Products—1.0% | |||||||||||
700 | Allegion Plc | $ | 81,466 | ||||||||
1,600 | Fortune Brands Home & Security, Inc. | 137,152 | |||||||||
9,600 | Johnson Controls International Plc | 447,264 | |||||||||
3,500 | Masco Corp. | 192,255 | |||||||||
1,400 | Owens Corning | 106,064 | |||||||||
964,201 | |||||||||||
Capital Markets—5.0% | |||||||||||
1,500 | Ameriprise Financial, Inc. | 291,495 | |||||||||
11,700 | Bank of New York Mellon Corp. (The) | 496,548 | |||||||||
1,800 | BlackRock, Inc. | 1,298,772 | |||||||||
4,100 | Goldman Sachs Group, Inc. (The) | 1,081,211 | |||||||||
1,000 | LPL Financial Holdings, Inc. | 104,220 | |||||||||
2,100 | Nasdaq, Inc. | 278,754 | |||||||||
2,700 | Northern Trust Corp. | 251,478 | |||||||||
1,800 | Raymond James Financial, Inc. | 172,206 | |||||||||
1,900 | SEI Investments Co. | 109,193 | |||||||||
4,700 | State Street Corp. | 342,066 | |||||||||
2,900 | T. Rowe Price Group, Inc. | 439,031 | |||||||||
4,864,974 | |||||||||||
Chemicals—1.5% | |||||||||||
1,200 | Albemarle Corp. | 177,024 | |||||||||
1,500 | Celanese Corp. | 194,910 | |||||||||
4,800 | Corteva, Inc. | 185,856 | |||||||||
1,600 | Eastman Chemical Co. | 160,448 | |||||||||
1,700 | FMC Corp. | 195,381 | |||||||||
2,300 | Huntsman Corp. | 57,822 | |||||||||
4,400 | LyondellBasell Industries NV, Class A | 403,304 | |||||||||
5,000 | Mosaic Co. (The) | 115,050 | |||||||||
1,489,795 | |||||||||||
Communications Equipment—2.4% | |||||||||||
2,000 | Ciena Corp.* | 105,700 | |||||||||
48,200 | Cisco Systems, Inc. | 2,156,950 | |||||||||
3,900 | Juniper Networks, Inc. | 87,789 | |||||||||
2,350,439 | |||||||||||
Construction and Engineering—0.1% | |||||||||||
1,800 | Quanta Services, Inc. | 129,636 |
The accompanying notes are an integral part of these financial statements.
55
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Consumer Finance—1.3% | |||||||||||
5,000 | Ally Financial, Inc. | $ | 178,300 | ||||||||
6,000 | Capital One Financial Corp. | 593,100 | |||||||||
2,400 | Discover Financial Services | 217,272 | |||||||||
7,700 | Synchrony Financial | 267,267 | |||||||||
1,255,939 | |||||||||||
Containers and Packaging—1.2% | |||||||||||
20,700 | Amcor Plc | 243,639 | |||||||||
900 | Avery Dennison Corp. | 139,599 | |||||||||
1,500 | Berry Global Group, Inc.* | 84,285 | |||||||||
1,700 | Crown Holdings, Inc.* | 170,340 | |||||||||
5,200 | International Paper Co. | 258,544 | |||||||||
1,200 | Packaging Corp. of America | 165,492 | |||||||||
2,000 | Sealed Air Corp. | 91,580 | |||||||||
1,100 | Sonoco Products Co. | 65,175 | |||||||||
1,218,654 | |||||||||||
Distributors—0.3% | |||||||||||
1,900 | Genuine Parts Co. | 190,817 | |||||||||
4,000 | LKQ Corp.* | 140,960 | |||||||||
331,777 | |||||||||||
Diversified Consumer Services—0.1% | |||||||||||
2,300 | Service Corp. International | 112,930 | |||||||||
Diversified Financial Services—0.3% | |||||||||||
5,900 | Equitable Holdings, Inc. | 150,981 | |||||||||
3,600 | Jefferies Financial Group, Inc. | 88,560 | |||||||||
1,700 | Voya Financial, Inc. | 99,977 | |||||||||
339,518 | |||||||||||
Diversified Telecommunication Services—2.9% | |||||||||||
48,400 | Verizon Communications, Inc. | 2,843,500 | |||||||||
Electric Utilities—0.9% | |||||||||||
12,900 | Exelon Corp. | 544,638 | |||||||||
3,300 | NRG Energy, Inc. | 123,915 | |||||||||
2,200 | OGE Energy Corp. | 70,092 | |||||||||
1,900 | Pinnacle West Capital Corp. | 151,905 | |||||||||
890,550 | |||||||||||
Electrical Equipment—0.8% | |||||||||||
6,900 | Emerson Electric Co. | 554,553 | |||||||||
700 | Hubbell, Inc. | 109,753 | |||||||||
1,800 | Sensata Technologies Holding Plc* | 94,932 | |||||||||
759,238 |
Shares | Value (Note 1) | ||||||||||
Electronic Equipment, Instruments & Components—0.7% | |||||||||||
1,000 | Arrow Electronics, Inc.* | $ | 97,300 | ||||||||
1,900 | CDW Corp. | 250,401 | |||||||||
8,300 | Corning, Inc. | 298,800 | |||||||||
1,900 | Jabil, Inc. | 80,807 | |||||||||
727,308 | |||||||||||
Food Products—1.8% | |||||||||||
7,300 | Archer-Daniels-Midland Co. | 367,993 | |||||||||
1,800 | Bunge, Ltd. | 118,044 | |||||||||
6,400 | Conagra Brands, Inc. | 232,064 | |||||||||
1,000 | Darling Ingredients, Inc.* | 57,680 | |||||||||
800 | Ingredion, Inc. | 62,936 | |||||||||
1,300 | JM Smucker Co. (The) | 150,280 | |||||||||
16,200 | Kraft Heinz Co. (The) | 561,492 | |||||||||
3,900 | Tyson Foods, Inc., Class A | 251,316 | |||||||||
1,801,805 | |||||||||||
Gas Utilities—0.1% | |||||||||||
2,700 | UGI Corp. | 94,392 | |||||||||
Health Care Equipment and Supplies—0.2% | |||||||||||
2,900 | Hologic, Inc.* | 211,207 | |||||||||
Health Care Providers and Services—8.7% | |||||||||||
2,400 | AmerisourceBergen Corp. | 234,624 | |||||||||
2,900 | Anthem, Inc. | 931,161 | |||||||||
3,500 | Cardinal Health, Inc. | 187,460 | |||||||||
4,100 | Cigna Corp. | 853,538 | |||||||||
1,600 | DaVita, Inc.* | 187,840 | |||||||||
4,000 | HCA Healthcare, Inc. | 657,840 | |||||||||
1,700 | Henry Schein, Inc.* | 113,662 | |||||||||
1,500 | Humana, Inc. | 615,405 | |||||||||
1,100 | Laboratory Corp. of America Holdings* | 223,905 | |||||||||
2,100 | McKesson Corp. | 365,232 | |||||||||
700 | Molina Healthcare, Inc.* | 148,876 | |||||||||
1,600 | Quest Diagnostics, Inc. | 190,672 | |||||||||
10,390 | UnitedHealth Group, Inc. | 3,643,565 | |||||||||
900 | Universal Health Services, Inc., Class B | 123,750 | |||||||||
8,477,530 | |||||||||||
Hotels, Restaurants & Leisure—0.0% | |||||||||||
500 | Hyatt Hotels Corp., Class A | 37,125 |
The accompanying notes are an integral part of these financial statements.
56
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Household Durables—1.2% | |||||||||||
4,800 | DR Horton, Inc. | $ | 330,816 | ||||||||
3,700 | Lennar Corp., Class A | 282,051 | |||||||||
900 | Mohawk Industries, Inc.* | 126,855 | |||||||||
5,600 | Newell Brands, Inc. | 118,888 | |||||||||
3,600 | PulteGroup, Inc. | 155,232 | |||||||||
1,400 | Toll Brothers, Inc. | 60,858 | |||||||||
800 | Whirlpool Corp. | 144,392 | |||||||||
1,219,092 | |||||||||||
Independent Power and Renewable Electricity Producers—0.3% | |||||||||||
8,700 | AES Corp. (The) | 204,450 | |||||||||
5,600 | Vistra Energy Corp. | 110,096 | |||||||||
314,546 | |||||||||||
Industrial Conglomerates—1.5% | |||||||||||
7,600 | 3M Co. | 1,328,404 | |||||||||
600 | Carlisle Cos., Inc. | 93,708 | |||||||||
1,422,112 | |||||||||||
Insurance—6.2% | |||||||||||
9,300 | Aflac, Inc. | 413,571 | |||||||||
4,000 | Allstate Corp. (The) | 439,720 | |||||||||
1,100 | American Financial Group, Inc. | 96,382 | |||||||||
800 | Assurant, Inc. | 108,976 | |||||||||
6,000 | Chubb, Ltd. | 923,520 | |||||||||
400 | Everest Re Group, Ltd. | 93,636 | |||||||||
1,200 | First American Financial Corp. | 61,956 | |||||||||
2,700 | Globe Life, Inc. | 256,392 | |||||||||
4,800 | Hartford Financial Services Group, Inc. (The) | 235,104 | |||||||||
2,500 | Lincoln National Corp. | 125,775 | |||||||||
3,500 | Loews Corp. | 157,570 | |||||||||
160 | Markel Corp.* | 165,328 | |||||||||
11,900 | MetLife, Inc. | 558,705 | |||||||||
2,600 | Old Republic International Corp. | 51,246 | |||||||||
400 | Primerica, Inc. | 53,572 | |||||||||
3,700 | Principal Financial Group, Inc. | 183,557 | |||||||||
7,700 | Progressive Corp. (The) | 761,376 | |||||||||
5,200 | Prudential Financial, Inc. | 405,964 | |||||||||
5,900 | Travelers Cos., Inc. (The) | 828,183 | |||||||||
2,300 | WR Berkley Corp. | 152,766 | |||||||||
6,073,299 | |||||||||||
Internet and Catalog Retail—0.5% | |||||||||||
9,500 | eBay, Inc. | 477,375 |
Shares | Value (Note 1) | ||||||||||
IT Services—2.3% | |||||||||||
7,000 | Cognizant Technology Solutions Corp., Class A | $ | 573,650 | ||||||||
2,500 | Genpact, Ltd. | 103,400 | |||||||||
10,400 | International Business Machines Corp. | 1,309,152 | |||||||||
1,100 | Leidos Holdings, Inc. | 115,632 | |||||||||
4,600 | Western Union Co. (The) | 100,924 | |||||||||
2,202,758 | |||||||||||
Leisure Equipment and Products—0.1% | |||||||||||
900 | Brunswick Corp. | 68,616 | |||||||||
500 | Polaris, Inc. | 47,640 | |||||||||
116,256 | |||||||||||
Life Sciences Tools and Services—0.2% | |||||||||||
300 | Bio-Rad Laboratories, Inc., Class A* | 174,882 | |||||||||
Machinery—2.2% | |||||||||||
900 | AGCO Corp. | 92,781 | |||||||||
1,900 | Cummins, Inc. | 431,490 | |||||||||
1,900 | Dover Corp. | 239,875 | |||||||||
1,100 | ITT, Inc. | 84,722 | |||||||||
800 | Oshkosh Corp. | 68,856 | |||||||||
4,600 | PACCAR, Inc. | 396,888 | |||||||||
1,500 | Parker-Hannifin Corp. | 408,615 | |||||||||
2,200 | Pentair Plc | 116,798 | |||||||||
700 | Snap-on, Inc. | 119,798 | |||||||||
2,500 | Westinghouse Air Brake Technologies Corp. | 183,000 | |||||||||
2,142,823 | |||||||||||
Media—3.1% | |||||||||||
53,100 | Comcast Corp., Class A | 2,782,440 | |||||||||
2,100 | Discovery, Inc., Class A*,† | 63,189 | |||||||||
3,800 | Fox Corp., Class A | 110,656 | |||||||||
3,800 | Interpublic Group of Cos., Inc. (The) | 89,376 | |||||||||
3,045,661 | |||||||||||
Metals and Mining—1.1% | |||||||||||
10,600 | Newmont Corp. | 634,834 | |||||||||
4,000 | Nucor Corp. | 212,760 | |||||||||
800 | Reliance Steel & Aluminum Co. | 95,800 | |||||||||
2,700 | Steel Dynamics, Inc. | 99,549 | |||||||||
1,042,943 | |||||||||||
Multi-Utilities—0.5% | |||||||||||
8,900 | Public Service Enterprise Group, Inc. | 518,870 |
The accompanying notes are an integral part of these financial statements.
57
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | Value (Note 1) | ||||||||||
Multiline Retail—2.3% | |||||||||||
3,300 | Dollar General Corp. | $ | 693,990 | ||||||||
3,200 | Dollar Tree, Inc.* | 345,728 | |||||||||
6,600 | Target Corp. | 1,165,098 | |||||||||
2,204,816 | |||||||||||
Oil, Gas and Consumable Fuels—2.8% | |||||||||||
3,400 | Cheniere Energy, Inc.* | 204,102 | |||||||||
7,700 | EOG Resources, Inc. | 383,999 | |||||||||
26,000 | Exxon Mobil Corp. | 1,071,720 | |||||||||
5,800 | Phillips 66 | 405,652 | |||||||||
5,400 | Valero Energy Corp. | 305,478 | |||||||||
16,000 | Williams Cos., Inc. (The) | 320,800 | |||||||||
2,691,751 | |||||||||||
Pharmaceuticals—10.7% | |||||||||||
10,900 | Eli Lilly & Co. | 1,840,356 | |||||||||
600 | Jazz Pharmaceuticals Plc* | 99,030 | |||||||||
24,200 | Johnson & Johnson | 3,808,596 | |||||||||
29,800 | Merck & Co., Inc. | 2,437,640 | |||||||||
60,900 | Pfizer, Inc. | 2,241,729 | |||||||||
10,427,351 | |||||||||||
Professional Services—0.1% | |||||||||||
1,500 | Robert Half International, Inc. | 93,720 | |||||||||
Real Estate Management and Development—0.4% | |||||||||||
4,500 | CBRE Group, Inc., Class A* | 282,240 | |||||||||
700 | Jones Lang LaSalle, Inc. | 103,859 | |||||||||
386,099 | |||||||||||
Road and Rail—1.1% | |||||||||||
300 | AMERCO | 136,188 | |||||||||
9,000 | CSX Corp. | 816,750 | |||||||||
1,900 | Knight-Swift Transportation Holdings, Inc. | 79,458 | |||||||||
1,032,396 | |||||||||||
Semiconductors and Semiconductor Equipment—5.4% | |||||||||||
12,100 | Applied Materials, Inc. | 1,044,230 | |||||||||
4,700 | Broadcom, Inc. | 2,057,895 | |||||||||
1,200 | KLA Corp. | 310,692 | |||||||||
1,400 | Lam Research Corp. | 661,178 | |||||||||
12,700 | Micron Technology, Inc.* | 954,786 | |||||||||
1,300 | Qorvo, Inc.* | 216,151 | |||||||||
5,244,932 |
Shares | Value (Note 1) | ||||||||||
Software—2.8% | |||||||||||
1,400 | CDK Global, Inc. | $ | 72,562 | ||||||||
6,700 | NortonLifeLock, Inc. | 139,226 | |||||||||
39,000 | Oracle Corp. | 2,522,910 | |||||||||
2,734,698 | |||||||||||
Specialty Retail—3.2% | |||||||||||
900 | Advance Auto Parts, Inc. | 141,759 | |||||||||
270 | AutoZone, Inc.* | 320,069 | |||||||||
3,500 | Best Buy Co., Inc. | 349,265 | |||||||||
1,300 | CarMax, Inc.* | 122,798 | |||||||||
9,700 | Lowe's Cos., Inc. | 1,556,947 | |||||||||
900 | O'Reilly Automotive, Inc.* | 407,313 | |||||||||
1,300 | Tractor Supply Co. | 182,754 | |||||||||
900 | Williams-Sonoma, Inc. | 91,656 | |||||||||
3,172,561 | |||||||||||
Technology Hardware, Storage & Peripherals—0.8% | |||||||||||
17,100 | Hewlett Packard Enterprise Co. | 202,635 | |||||||||
17,000 | HP, Inc. | 418,030 | |||||||||
2,900 | NetApp, Inc. | 192,096 | |||||||||
812,761 | |||||||||||
Textiles, Apparel and Luxury Goods—0.1% | |||||||||||
100 | Deckers Outdoor Corp.* | 28,678 | |||||||||
2,700 | Hanesbrands, Inc. | 39,366 | |||||||||
1,600 | Skechers U.S.A., Inc., Class A* | 57,504 | |||||||||
125,548 | |||||||||||
Tobacco—1.5% | |||||||||||
18,100 | Philip Morris International, Inc. | 1,498,499 | |||||||||
Trading Companies and Distributors—0.5% | |||||||||||
900 | United Rentals, Inc.* | 208,719 | |||||||||
600 | WW Grainger, Inc. | 245,004 | |||||||||
453,723 | |||||||||||
TOTAL COMMON STOCKS (Cost $79,573,749) | 96,192,861 | ||||||||||
EXCHANGE-TRADED FUND—1.2% | |||||||||||
8,468 | iShares Russell 1000 Value ETF (Cost $1,139,260)† | 1,157,830 |
The accompanying notes are an integral part of these financial statements.
58
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
Shares | 7-Day Yield | Value (Note 1) | |||||||||||||||||
SHORT-TERM INVESTMENTS—0.0% | |||||||||||||||||||
44,774 | State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $44,774)†† | 0.090 | % | $ | 44,774 | ||||||||||||||
TOTAL INVESTMENTS, AT VALUE—99.5% (Cost $80,757,783) | 97,395,465 | ||||||||||||||||||
Other Assets in Excess of Liabilities—0.5% | 489,371 | ||||||||||||||||||
NET ASSETS—100.0% |
| $ | 97,884,836 |
Notes to the Schedule of Investments:
* Non-income producing security
† Denotes all or a portion of security on loan. As of December 31, 2020, the market value of the securities on loan was $1,015,229 (Note 1)
†† Represents cash collateral received from securities lending transactions. Non-cash collateral amounted to $1,058,653.
Percentages indicated are based on net assets.
The accompanying notes are an integral part of these financial statements.
59
M Large Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2020
At December 31, 2020, industry sector diversification of the M Large Cap Value Fund's investments as a percentage of net assets was as follows:
Summary of Sector Classifications (Unaudited) | Percentage of Net Assets | ||||||
Financials | 25.9 | % | |||||
Health Care | 22.3 | % | |||||
Information Technology | 14.4 | % | |||||
Consumer Discretionary | 9.4 | % | |||||
Industrials | 9.3 | % | |||||
Communication Services | 6.0 | % | |||||
Materials | 3.8 | % | |||||
Consumer Staples | 3.4 | % | |||||
Energy | 2.7 | % | |||||
Utilities | 1.9 | % | |||||
Real Estate | 0.4 | % | |||||
Short-Term Investments | 0.0 | % | |||||
Total | 99.5 | % |
The accompanying notes are an integral part of these financial statements.
60
M Fund, Inc.
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2020
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 | $ | 146,979,774 | $ | 234,734,845 | $ | 212,072,916 | $ | 97,395,465 | |||||||||||
Affiliated investment company, at value (Note 1)***—see accompanying Schedule of Investments | 64,116,944 | — | — | — | |||||||||||||||
Cash (Note 1) | 160,595 | 1,450,265 | 4,448,176 | 566,651 | |||||||||||||||
Cash denominated in foreign currencies**** | 620,678 | — | — | — | |||||||||||||||
Receivable from: | |||||||||||||||||||
Securities sold | 304,909 | — | 680,388 | — | |||||||||||||||
Capital stock subscriptions | 46,068 | 47,727 | 3,826 | 10,004 | |||||||||||||||
Dividends and interest | 775,429 | 35,908 | 139,723 | 92,663 | |||||||||||||||
Total assets | 213,004,397 | 236,268,745 | 217,345,029 | 98,064,783 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Payable for: | |||||||||||||||||||
Investment Adviser, net (Note 2) | 54,169 | 114,470 | 151,227 | 47,617 | |||||||||||||||
Capital stock redemptions | 40,429 | 49,797 | 121,433 | 34,146 | |||||||||||||||
Securities purchased | 233 | — | 240,411 | — | |||||||||||||||
Payable upon return of securities loaned (Note 1) | 2,877,797 | 169 | 2,465,614 | 44,774 | |||||||||||||||
Accrued expenses and other liabilities | 105,327 | 82,170 | 75,357 | 53,410 | |||||||||||||||
Total liabilities | 3,077,955 | 246,606 | 3,054,042 | 179,947 | |||||||||||||||
Net assets | $ | 209,926,442 | $ | 236,022,139 | $ | 214,290,987 | $ | 97,884,836 | |||||||||||
Net assets consist of: | |||||||||||||||||||
Paid-in capital | $ | 247,865,334 | $ | 114,349,615 | $ | 128,205,773 | $ | 93,134,820 | |||||||||||
Total distributable earnings (loss) | (37,938,892 | ) | 121,672,524 | 86,085,214 | 4,750,016 | ||||||||||||||
Net assets | $ | 209,926,442 | $ | 236,022,139 | $ | 214,290,987 | $ | 97,884,836 | |||||||||||
Shares outstanding# | 15,746,688 | 7,050,585 | 7,449,425 | 8,141,988 | |||||||||||||||
Net asset value, offering price and redemption price per share | $ | 13.33 | $ | 33.48 | $ | 28.77 | $ | 12.02 | |||||||||||
* Cost of investments | $ | 123,226,149 | $ | 119,178,200 | $ | 127,640,466 | $ | 80,757,783 | |||||||||||
** Includes securities on loan with market values of | $ | 8,317,715 | $ | 7,171,231 | $ | 8,961,082 | $ | 1,015,229 | |||||||||||
*** Cost of affiliated investment | $ | 51,471,653 | $ | — | $ | — | $ | — | |||||||||||
**** Cost of cash denominated in foreign currencies | $ | 610,530 | $ | — | $ | — | $ | — |
# The number of authorized shares with a par value of $0.001 per share, for each of the M International Equity Fund, the M Large Cap Growth Fund, the M Capital Appreciation Fund and the M Large Cap Value Fund is 100,000,000.
The accompanying notes are an integral part of these financial statements.
M Fund, Inc.
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2020
M International Equity Fund | M Large Cap Growth Fund | M Capital Appreciation Fund | M Large Cap Value Fund | ||||||||||||||||
Investment income: | |||||||||||||||||||
Dividends-Unaffiliated* | $ | 3,140,475 | $ | 841,536 | $ | 1,501,396 | $ | 2,350,228 | |||||||||||
Dividends-Affiliated | 1,003,665 | — | — | — | |||||||||||||||
Securities lending income | 29,857 | 4,178 | 13,964 | 417 | |||||||||||||||
Interest | — | 179 | 495 | 206 | |||||||||||||||
Total investment income | 4,173,997 | 845,893 | 1,515,855 | 2,350,851 | |||||||||||||||
Expenses: | |||||||||||||||||||
Investment advisory fee (Note 2) | 654,470 | 1,252,812 | 1,467,789 | 370,362 | |||||||||||||||
Custody, fund accounting, transfer agent and administration fees | 319,645 | 223,681 | 204,957 | 136,070 | |||||||||||||||
Professional fees | 42,898 | 41,426 | 37,001 | 30,353 | |||||||||||||||
Directors' fees and expenses | 37,197 | 45,365 | 35,104 | 18,334 | |||||||||||||||
Printing and shareholder reporting | 22,811 | 24,120 | 18,904 | 17,982 | |||||||||||||||
Compliance expenses | 20,630 | 25,114 | 19,272 | 9,976 | |||||||||||||||
Other | 44,438 | 47,967 | 43,665 | 23,634 | |||||||||||||||
Total expenses | 1,142,089 | 1,660,485 | 1,826,692 | 606,711 | |||||||||||||||
Less: Expenses waived/reimbursed by the Advisor (Note 2) | (51,182 | ) | — | — | (30,712 | ) | |||||||||||||
Net expenses | 1,090,907 | 1,660,485 | 1,826,692 | 575,999 | |||||||||||||||
Net investment income (loss) | 3,083,090 | (814,592 | ) | (310,837 | ) | 1,774,852 | |||||||||||||
Realized and unrealized gain (loss): | |||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||
Unaffiliated investment transactions | 1,753,110 | 29,598,504 | 3,766,804 | (11,815,864 | ) | ||||||||||||||
Affiliated investment transactions | 121,801 | — | — | — | |||||||||||||||
Foreign currency transactions | 33,676 | — | — | — | |||||||||||||||
Net realized gain (loss) | 1,908,587 | 29,598,504 | 3,766,804 | (11,815,864 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||
Unaffiliated investments | 5,447,194 | 25,934,642 | 30,852,530 | 6,932,860 | |||||||||||||||
Affiliated investments | 7,068,110 | — | — | — | |||||||||||||||
Foreign currency translation | 43,231 | — | — | — | |||||||||||||||
Net change in unrealized appreciation | 12,558,535 | 25,934,642 | 30,852,530 | 6,932,860 | |||||||||||||||
Net realized and unrealized gain (loss) | 14,467,122 | 55,533,146 | 34,619,334 | (4,883,004 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 17,550,212 | $ | 54,718,554 | $ | 34,308,497 | $ | (3,108,152 | ) | ||||||||||
* Net of foreign taxes withheld of: | $ | 337,863 | $ | — | $ | 55,723 | $ | 256 |
The accompanying notes are an integral part of these financial statements.
M Fund, Inc.
STATEMENTS OF CHANGES IN NET ASSETS
M International Equity Fund | M Large Cap Growth Fund | ||||||||||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||||||||
Increase (decrease) in net assets from: | |||||||||||||||||||
Operations: | |||||||||||||||||||
Net investment income (loss) | $ | 3,083,090 | $ | 4,204,036 | $ | (814,592 | ) | $ | (485,496 | ) | |||||||||
Net realized gain on investments and foreign currency transactions | 1,908,587 | 910,778 | 29,598,504 | 14,507,291 | |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency | 12,558,535 | 28,621,876 | 25,934,642 | 44,563,824 | |||||||||||||||
Net increase in net assets resulting from operations | 17,550,212 | 33,736,690 | 54,718,554 | 58,585,619 | |||||||||||||||
Distributions to shareholders | (3,020,968 | ) | (4,603,394 | ) | (26,882,948 | ) | (12,037,996 | ) | |||||||||||
Tax return of capital | — | (534,529 | ) | — | — | ||||||||||||||
Total distributions to shareholders | (3,020,968 | ) | (5,137,923 | ) | (26,882,948 | ) | (12,037,996 | ) | |||||||||||
Fund share transactions (Note 4): | |||||||||||||||||||
Proceeds from shares sold | 17,865,249 | 23,231,173 | 15,187,273 | 15,225,573 | |||||||||||||||
Net asset value of shares issued on reinvestment of distributions | 3,020,968 | 5,137,923 | 26,882,948 | 12,037,996 | |||||||||||||||
Cost of shares repurchased | (21,461,880 | ) | (30,917,677 | ) | (44,498,570 | ) | (31,418,526 | ) | |||||||||||
Net decrease in net assets resulting from Fund share transactions | (575,663 | ) | (2,548,581 | ) | (2,428,349 | ) | (4,154,957 | ) | |||||||||||
Total change in net assets | 13,953,581 | 26,050,186 | 25,407,257 | 42,392,666 | |||||||||||||||
Net assets: | |||||||||||||||||||
Beginning of year | 195,972,861 | 169,922,675 | 210,614,882 | 168,222,216 | |||||||||||||||
End of year | $ | 209,926,442 | $ | 195,972,861 | $ | 236,022,139 | $ | 210,614,882 |
The accompanying notes are an integral part of these financial statements.
63
M Fund, Inc.
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
M Capital Appreciation Fund | M Large Cap Value Fund | ||||||||||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||||||||
Increase (decrease) in net assets from: | |||||||||||||||||||
Operations: | |||||||||||||||||||
Net investment income (loss) | $ | (310,837 | ) | $ | (257,703 | ) | $ | 1,774,852 | $ | 1,634,872 | |||||||||
Net realized gain (loss) on investments and foreign currency transactions | 3,766,804 | 16,144,156 | (11,815,864 | ) | 5,147,314 | ||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency | 30,852,530 | 27,749,423 | 6,932,860 | 11,297,879 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 34,308,497 | 43,635,876 | (3,108,152 | ) | 18,080,065 | ||||||||||||||
Distributions to shareholders | (4,405,395 | ) | (14,576,865 | ) | (2,730,257 | ) | (4,761,268 | ) | |||||||||||
Total distributions to shareholders | (4,405,395 | ) | (14,576,865 | ) | (2,730,257 | ) | (4,761,268 | ) | |||||||||||
Fund share transactions (Note 4): | |||||||||||||||||||
Proceeds from shares sold | 24,481,431 | 17,731,442 | 11,851,096 | 10,052,063 | |||||||||||||||
Net asset value of shares issued on reinvestment of distributions | 4,405,395 | 14,576,865 | 2,730,257 | 4,761,268 | |||||||||||||||
Cost of shares repurchased | (25,874,157 | ) | (35,999,356 | ) | (10,748,201 | ) | (13,678,914 | ) | |||||||||||
Net increase (decrease) in net assets resulting from Fund share transactions | 3,012,669 | (3,691,049 | ) | 3,833,152 | 1,134,417 | ||||||||||||||
Total change in net assets | 32,915,771 | 25,367,962 | (2,005,257 | ) | 14,453,214 | ||||||||||||||
Net assets: | |||||||||||||||||||
Beginning of year | 181,375,216 | 156,007,254 | 99,890,093 | 85,436,879 | |||||||||||||||
End of year | $ | 214,290,987 | $ | 181,375,216 | $ | 97,884,836 | $ | 99,890,093 |
The accompanying notes are an integral part of these financial statements.
64
M Fund, Inc.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)
M International Equity Fund | |||||||||||||||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | |||||||||||||||||||
Net asset value, beginning of year | $ | 12.42 | $ | 10.60 | $ | 13.58 | $ | 11.12 | $ | 11.26 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||
Net investment income‡ | 0.20 | 0.27 | 0.19 | 0.17 | 0.17 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.90 | 1.88 | (2.99 | ) | 2.50 | (0.18 | ) | ||||||||||||||||
Total from investment operations | 1.10 | 2.15 | (2.80 | ) | 2.67 | (0.01 | ) | ||||||||||||||||
Less distributions to shareholders: | |||||||||||||||||||||||
From net investment income | (0.19 | ) | (0.30 | ) | (0.18 | ) | (0.21 | ) | (0.13 | ) | |||||||||||||
From return of capital | — | (0.03 | ) | — | — | — | |||||||||||||||||
Total distributions | (0.19 | ) | (0.33 | ) | (0.18 | ) | (0.21 | ) | (0.13 | ) | |||||||||||||
Net asset value, end of year | $ | 13.33 | $ | 12.42 | $ | 10.60 | $ | 13.58 | $ | 11.12 | |||||||||||||
Total Return+ | 8.90 | % | 20.32 | % | (20.57 | )% | 24.05 | % | (0.05 | )% | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||
Net assets, end of year (000's) | $ | 209,926 | $ | 195,973 | $ | 169,923 | $ | 244,167 | $ | 193,909 | |||||||||||||
Net expenses to average daily net assets | 0.62 | %• | 0.63 | %• | 0.92 | %• | 0.90 | % | 0.94 | % | |||||||||||||
Net investment income to average daily net assets | 1.77 | % | 2.34 | % | 1.50 | % | 1.33 | % | 1.51 | % | |||||||||||||
Without the waiver/reimbursement of expenses by the adviser, the ratios of net expenses and net investment income to average daily net assets would have been: | |||||||||||||||||||||||
Expenses | 0.65 | %• | 0.68 | %• | 0.98 | %• | N/A | 0.97 | % | ||||||||||||||
Net investment income | 1.74 | %• | 2.30 | %• | 1.43 | %• | N/A | 1.48 | % | ||||||||||||||
Portfolio turnover rate | 10 | % | 13 | % | 117 | %? | 10 | % | 20 | % |
‡ Calculation based on average shares outstanding.
+ Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.
• In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying fund in which it invests. Such indirect expenses are not included in the above 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.
65
M Fund, Inc.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)
M Large Cap Growth Fund | |||||||||||||||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | |||||||||||||||||||
Net asset value, beginning of year | $ | 29.33 | $ | 22.85 | $ | 27.01 | $ | 19.97 | $ | 21.66 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||
Net investment loss‡ | (0.12 | ) | (0.07 | ) | (0.03 | ) | (0.05 | ) | (0.05 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 8.46 | 8.31 | (1.12 | ) | 7.83 | (0.45 | ) | ||||||||||||||||
Total from investment operations | 8.34 | 8.24 | (1.15 | ) | 7.78 | (0.50 | ) | ||||||||||||||||
Less distributions to shareholders: | |||||||||||||||||||||||
From net realized capital gains | (4.19 | ) | (1.76 | ) | (3.01 | ) | (0.74 | ) | (1.19 | ) | |||||||||||||
Net asset value, end of year | $ | 33.48 | $ | 29.33 | $ | 22.85 | $ | 27.01 | $ | 19.97 | |||||||||||||
Total Return+ | 28.89 | % | 36.09 | % | (4.95 | )% | 38.97 | % | (2.32 | )% | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||
Net assets, end of year (000's) | $ | 236,022 | $ | 210,615 | $ | 168,222 | $ | 193,379 | $ | 157,766 | |||||||||||||
Net expenses to average daily net assets | 0.78 | % | 0.77 | % | 0.75 | % | 0.73 | % | 0.78 | % | |||||||||||||
Net investment loss to average daily net assets | (0.38 | )% | (0.25 | )% | (0.11 | )% | (0.20 | )% | (0.26 | )% | |||||||||||||
Portfolio turnover rate | 31 | % | 22 | % | 34 | % | 49 | % | 36 | % |
‡ Calculation based on average shares outstanding.
+ Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.
The accompanying notes are an integral part of these financial statements.
66
M Fund, Inc.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)
M Capital Appreciation Fund | |||||||||||||||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | |||||||||||||||||||
Net asset value, beginning of year | $ | 25.05 | $ | 21.14 | $ | 31.24 | $ | 29.28 | $ | 25.15 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||
Net investment loss‡ | (0.04 | ) | (0.04 | ) | (0.05 | ) | (0.01 | ) | (0.09 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 4.35 | 6.11 | (4.23 | ) | 5.55 | 5.38 | |||||||||||||||||
Total from investment operations | 4.31 | 6.07 | (4.28 | ) | 5.54 | 5.29 | |||||||||||||||||
Less distributions to shareholders: | |||||||||||||||||||||||
From net investment income | — | — | (0.09 | ) | — | — | |||||||||||||||||
From net realized capital gains | (0.59 | ) | (2.16 | ) | (5.73 | ) | (3.58 | ) | (1.16 | ) | |||||||||||||
Total distributions | (0.59 | ) | (2.16 | ) | (5.82 | ) | (3.58 | ) | (1.16 | ) | |||||||||||||
Net asset value, end of year | $ | 28.77 | $ | 25.05 | $ | 21.14 | $ | 31.24 | $ | 29.28 | |||||||||||||
Total Return+ | 17.73 | % | 28.85 | % | (14.15 | )% | 19.02 | % | 21.06 | % | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||
Net assets, end of year (000's) | $ | 214,291 | $ | 181,375 | $ | 156,007 | $ | 209,284 | $ | 197,217 | |||||||||||||
Net expenses to average daily net assets | 1.10 | % | 1.10 | % | 1.07 | % | 1.05 | % | 1.08 | % | |||||||||||||
Net investment loss to average daily net assets | (0.19 | )% | (0.15 | )% | (0.15 | )% | (0.04 | )% | (0.35 | )% | |||||||||||||
Portfolio turnover rate | 32 | % | 20 | % | 26 | % | 20 | % | 19 | % |
‡ Calculation based on average shares outstanding.
+ Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.
The accompanying notes are an integral part of these financial statements.
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M Fund, Inc.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)
M Large Cap Value Fund | |||||||||||||||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | |||||||||||||||||||
Net asset value, beginning of year | $ | 12.80 | $ | 11.06 | $ | 13.93 | $ | 12.89 | $ | 11.96 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||
Net investment income‡ | 0.23 | 0.22 | 0.20 | 0.21 | 0.22 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.66 | ) | 2.16 | (1.88 | ) | 1.73 | 0.94 | ||||||||||||||||
Total from investment operations | (0.43 | ) | 2.38 | (1.68 | ) | 1.94 | 1.16 | ||||||||||||||||
Less distributions to shareholders: | |||||||||||||||||||||||
From net investment income | (0.22 | ) | (0.22 | ) | (0.20 | ) | (0.21 | ) | (0.23 | ) | |||||||||||||
From net realized capital gains | (0.13 | ) | (0.42 | ) | (0.99 | ) | (0.69 | ) | — | ||||||||||||||
Total distributions | (0.35 | ) | (0.64 | ) | (1.19 | ) | (0.90 | ) | (0.23 | ) | |||||||||||||
Net asset value, end of year | $ | 12.02 | $ | 12.80 | $ | 11.06 | $ | 13.93 | $ | 12.89 | |||||||||||||
Total Return+ | (3.16 | )% | 21.52 | % | (12.07 | )% | 14.99 | % | 9.73 | %# | |||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||
Net assets, end of year (000's) | $ | 97,885 | $ | 99,890 | $ | 85,437 | $ | 99,501 | $ | 91,189 | |||||||||||||
Net expenses to average daily net assets | 0.68 | % | 0.68 | % | 0.64 | % | 0.64 | % | 0.68 | % | |||||||||||||
Net investment income to average daily net assets | 2.09 | % | 1.73 | % | 1.47 | % | 1.57 | % | 1.85 | % | |||||||||||||
Without the waiver/reimbursement of expenses by the adviser, the ratios of net expenses and net investment income to average daily net assets would have been: | |||||||||||||||||||||||
Expenses | 0.72 | % | 0.69 | % | 0.66 | % | 0.64 | % | 0.68 | % | |||||||||||||
Net investment income | 2.06 | % | 1.72 | % | 1.45 | % | 1.56 | % | 1.85 | % | |||||||||||||
Portfolio turnover rate | 157 | %? | 107 | % | 82 | % | 75 | % | 54 | % |
‡ Calculation based on average shares outstanding.
+ Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower.
# Includes adjustments in accordance with accounting principles generally accepted in the United States and consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder processing.
? The increase in portfolio turnover rate during the period was primarily attributable to portfolio adjustments made in response to a change in the Fund's sub-adviser.
The accompanying notes are an integral part of these financial statements.
68
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS
M Fund, Inc. (the "Corporation") was incorporated in Maryland on August 11, 1995 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of December 31, 2020, the Corporation consisted of four separate diversified investment portfolios: M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund (each singularly a "Fund" or collectively the "Funds"), each of which is a separate mutual fund.
The Corporation offers shares of the Funds to certain insurance company separate accounts, which serve as the underlying funding vehicles for certain variable annuity and variable life insurance policies. These annuities and insurance policies are offered primarily by members of M Financial Holdings Incorporated ("M Financial Group") and are issued by certain life insurance companies.
M International Equity Fund
M International Equity Fund seeks to achieve its investment objective through exposure to a broad and diverse group of securities of non-U.S. companies in countries with developed and emerging markets with a greater emphasis on small capitalization, value and/or high profitability companies as compared to their representation in the Non-U.S. Universe. For purposes of the Fund, Dimensional Fund Advisors LP ("DFA") defines the Non-U.S. Universe as a market capitalization weighted portfolio of non-U.S. companies in developed and emerging markets that have been authorized for investment as approved markets by the DFA's Investment Committee. The Fund may pursue its investment objective by investing its assets directly and/or indirectly by investing its assets in the DFA Emerging Markets Core Equity Portfolio of DFA Investment Dimensions Group Inc. (the "Underlying Fund"). The Underlying Fund purchases a broad and diverse group of securities associated with emerging markets, which may include frontier markets (emerging market countries in an earlier stage of development), with a greater emphasis on small capitalization, value, and/or high profitability companies. As of the date of this report, it is anticipated that a significant portion of the Fund's assets will be invested indirectly through the Underlying Fund.
The Fund's increased exposure to small capitalization, value, and/or high profitability companies may be achieved by decreasing the allocation of the Fund's assets to the largest growth and/or low profitability companies relative to their weight in the Non-U.S. Universe, which would result in a greater weight allocation to small capitalization, value, and/or high profitability companies. DFA considers an equity issuer to be a growth company primarily because it has a high price in relation to its book value. Securities are considered value stocks primarily because a company's shares have a low price in relation to their book value. In assessing growth and value, DFA may consider additional factors such as price to cash flow or price to earnings ratios. In assessing profitability, DFA may consider different ratios, such as that of earnings or profits from operations relative to book value or assets. The criteria DFA uses for assessing growth, value, or profitability are subject to change from time to time. DFA determines company size on a country or region-specific basis and based primarily on market capitalization. DFA may adjust the representation in the Fund of an eligible company, or exclude a company, after considering such factors as free float, momentum, trading strategies, liquidity, size, value, profitability, investment characteristics, and other factors that DFA determines to be appropriate. In assessing a company's investment characteristics, DFA may consider ratios such as recent changes in assets or book value scaled by assets or book value. The criteria DFA uses for assessing a company's investment characteristics are subject to change from time to time.
The Fund will normally invest at least 80% of its total assets in equity securities of issuers located in at least three countries other than the United States. These countries may include, but are not limited to, the nations of Western
69
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
Europe, North and South America, Australia, Africa and Asia. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice. The Fund may invest up to 40% of its total assets in emerging markets.
The Fund may gain exposure to companies associated with approved markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer's domicile country. The Fund may purchase or sell futures contracts and options on futures contracts for foreign or U.S. equity securities and indices, to adjust market exposure based on actual or expected cash inflows to or outflows from the Fund. The Fund does not intend to sell futures contracts to establish short positions in individual securities or to use derivatives for purposes of speculation or leveraging investment returns.
M Large Cap Growth Fund
M Large Cap Growth Fund will normally invest at least 80% of its total assets in domestic equity securities of U.S. large capitalization securities. Domestic equity securities, as determined by DSM Capital Partners LLC ("DSM"), the Fund's sub-adviser, in its discretion, include, but are not limited to common stocks, preferred stocks, securities convertible into common stocks, rights and warrants. Shares of foreign domiciled issuers that primarily trade on a U.S. exchange are generally considered by DSM to be domestic equity securities. Also, as determined by DSM, issuers that issue domestic equity securities may be domiciled and/or headquartered anywhere in the world. The Fund may generally invest up to 20% of its assets in equity securities of foreign issuers, including American Depositary Receipts and similar securities. DSM defines "large cap" as capitalizations of $10 billion or more. The Fund will generally contain 25 to 35 equity securities.
This strategy to invest at least 80% of its total assets in domestic equity securities of U.S. large capitalization securities is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.
DSM uses a "bottom-up," idea-driven approach and focuses on a long-term (e.g., three-year minimum) investment horizon.
DSM seeks to invest in growing businesses with solid fundamentals, attractive profitability and successful management. Candidate companies will typically have projected revenue and earnings growth in excess of 10% and will often have higher returns on equity and assets than average S&P 500 companies. Generally, these businesses will be generating free cash flow and will have financial returns that are stable or rising, driven by improving business fundamentals, all as determined by DSM.
In its stock valuation work, DSM focuses primarily on P/E ratios. P/E is the ratio of a company's share price to its per-share earnings. DSM will generally only buy a stock that it believes has a forward four-quarter P/E ratio that will rise over the next three years. To accomplish this, a target P/E ratio that DSM believes is reasonable and rational and is reflective of a fair valued stock three years from now is selected. DSM will typically buy when the company's stock clears two hurdles: 1. it must have attractive fundamental business characteristics that translate into a reasonably predictable and growing stream of earnings and 2. it must have a P/E on forward four quarters earnings that is normally 8% to 10% below the target P/E three years from the calculation point In order to determine a target P/E, DSM takes into consideration a number of qualitative and quantitative factors. Among the qualitative factors are barriers to entry, number of competitors, economic cyclicality, customer loyalty, price competition, global reach, government involvement and management quality. Among the quantitative factors are historic revenue and EPS growth, projected revenue and
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M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
EPS growth, margins, return on assets, return on equity, capital expenditures relative to net income and the historic range of P/E over the last five years. Once a target P/E has been agreed upon, it may occasionally be adjusted.
M Capital Appreciation Fund
M Capital Appreciation Fund principally invests in common stock of U.S. companies of all sizes, with emphasis on stocks of companies with capitalizations that are consistent with the capitalizations of those companies found in the Russell 2500® Index. As of December 31, 2020, the market capitalization range of companies in the Russell 2500® Index was between approximately $0.1 billion and $30.6 billion. The Fund may invest up to 15% of the value of its total assets in equity securities of foreign issuers.
The Fund's sub-adviser, Frontier Capital Management Company, LLC ("Frontier") seeks long-term capital appreciation by employing a Growth-At-A-Reasonable-Price approach to identify, in its view, the best risk/reward investment ideas in the U.S. small- and mid-capitalization equity universe. Frontier purchases companies that, in its view, have above-average earnings growth potential and are available at reasonable valuations. Frontier's philosophy combines rigorous bottom-up fundamental analysis with a proven investment process.
Frontier may sell stocks for a number of reasons, including when price objectives are reached, fundamental conditions have changed so that future earnings progress is likely to be adversely affected, or a stock is fully invested and an attractive, new opportunity causes the sale of a current holding with less appreciation potential. Frontier does not sell stocks solely on changes to a company's market capitalization.
M Large Cap Value Fund
M Large Cap Value Fund invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, if any, in issuers domiciled, or having their principal activities, in the United States, at the time of investment or other instruments with similar economic characteristics. In addition, the Fund normally invests at least 80% of its net assets in equity securities of large capitalization companies. Brandywine Global Investment Management, LLC ("Brandywine"), the Fund's sub-adviser, defines "large capitalization" companies as those companies with market capitalizations similar to companies in the Russell 1000® Index (the "Index"). As of December 31, 2020, the market capitalization range of companies in the Index was between approximately $624 million and $2.2 trillion. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.
The Fund invests primarily in equity securities that, in Brandywine's opinion, are undervalued or out of favor. Brandywine invests in securities that meet its value criteria, primarily price-to-earnings, price-to-book, price momentum and share change and quality, based on both quantitative and fundamental analysis. The Fund expects to hold approximately 175-250 stocks under normal market conditions.
Brandywine bases portfolio price targets on quantitative criteria determined in its sell process. Brandywine's systems update these quantitatively determined buy and sell limits on a daily basis. Buy candidates must have a price that qualifies the stock as a value such that the price-to-earnings ratio is in the lower 40% of its universe or the price-to-book is in the lower 25% of its universe at time of purchase. Additionally, the current price compared to the price nine months ago must place it above the lower quartile of other universe stocks when ranked by nine month price momentum and the change in shares outstanding over the past year must place it below the upper quartile.
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M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
Sell candidates will have a price that when compared to earnings and book place the stock above the median on a price-to-earnings basis and above the 40th percentile on a price-to-book basis. If a stock's price declines relative to the universe such that it falls to the lower 10% of stocks as ranked on nine month price momentum or the company issues sufficient shares to rank among the top 10% largest issuers (as a percentage of shares outstanding) in the year, the holding will be a sell candidate. Additionally, a stock will be sold if the capitalization falls 20% below the minimum purchase capitalization criteria.
Brandywine may modify buy and sell trigger points and decisions only due to tracking error considerations, trading opportunities or limitations such as position, industry or sector size. Brandywine does not violate its buy and sell rules based on analyst affinity for the stock. Its investment process requires disciplined buy and sell decisions rules with carefully outlined exceptions.
If a security experiences a severe fundamental deterioration event that is not captured in the price change, share change or valuation rules, Brandywine will initiate a sell. The rank order of the most common occurrences are price momentum, valuation expansion into the sell range, share issuance or fundamental deterioration.
1. Significant Accounting Policies
The following is a summary of significant accounting policies for the Funds. Such policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") for investment companies and are consistently followed by the Funds in the preparation of the financial statements.
Use of Estimates
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Portfolio Valuation
Equity securities and other similar investments traded on a recognized U.S. securities exchange (other than the National Association of Securities Dealers Automated Quotation System "NASDAQ") are valued at the last sale price on the exchange on which the securities are traded. If no sale occurs, equity securities and other similar investments traded on a U.S. exchange (other than NASDAQ) are valued at the most recent bid price. Equity securities and other similar investments traded on NASDAQ are valued at the NASDAQ Official Closing Price. If no sale occurs, equity securities and other similar investments traded on NASDAQ are valued at the most recent bid price. Equity securities and other similar investments traded on a non-U.S. exchange are generally valued according to the latest closing values on that exchange prior to the close of the New York Stock Exchange. However, if an event which may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, the Board of Directors may decide to value the security based on fair value. The Board of Directors has approved the use of an independent fair value service for foreign securities, which may provide a fair value
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M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
1. Significant Accounting Policies (Continued)
price on trading days when the S&P 500 Index moves more than 0.5%. The use of a fair value price may cause the value of the security on the books of the Fund to be significantly different from the closing value on the non-U.S. exchange and may affect the calculation of the Fund's NAV. Over-the-counter securities are valued at the last sale price on the valuation date or, if no sale occurs, at the most recent bid price. Short-term obligations maturing in sixty days or less are valued at amortized cost, which approximates market value.
Amortized cost valuation involves initially valuing a security at its cost, and thereafter, assuming a constant accretion or amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. Securities for which a pricing service supplies no quotations or quotations are not deemed to be representative of market value or for which there are no readily available market quotations are valued at fair value as determined in good faith by the Pricing Committee appointed by the Board of Directors (excluding debt securities with a remaining maturity of sixty days or less). Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the fair value hierarchy.
Fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is utilized to maximize the use of observable data inputs and minimize the use of unobservable data inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use to price the asset or liability, including assumptions about risk. Observable inputs are inputs that reflect the assumptions market participants would use to price the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use to price the asset or liability based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
• Level 1—quoted prices in active markets for identical investments;
• Level 2—quoted prices in markets that are not active or other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
• Level 3—significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments).
The valuation techniques used by the Funds to measure fair value during the year ended December 31, 2020 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.
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M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (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 December 31, 2020, the M Large Cap Growth Fund and the M Large Cap Value Fund, had (i) all long-term investments classified as Level 1, as represented on the Schedule of Investments; and (ii) all short-term investments classified as Level 2.
As of December 31, 2020, the M Capital Appreciation Fund had: (i) all long-term investments classified as Level 1, as represented on the Schedule of Investments, with the exception of Ferro-globe Plc—ENT which was classified as Level 3 and had no value and (iii) all short-term investments classified as Level 2.
The following is a summary of the inputs used as of December 31, 2020 in valuing the M International Equity Fund investments:
Assets Valuation Input
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||
Common Stocks | |||||||||||||||||||
Australia | $ | — | $ | 9,563,702 | $ | — | $ | 9,563,702 | |||||||||||
Austria | — | 577,272 | — | 577,272 | |||||||||||||||
Belgium | 22,048 | 1,451,658 | — | 1,473,706 | |||||||||||||||
Canada | 14,030,979 | 857 | — | 14,031,836 | |||||||||||||||
China | — | 8,080 | — | 8,080 | |||||||||||||||
Denmark | — | 3,466,807 | — | 3,466,807 | |||||||||||||||
Finland | — | 2,350,967 | — | 2,350,967 | |||||||||||||||
France | — | 11,971,201 | — | 11,971,201 | |||||||||||||||
Germany | — | 10,759,496 | — | 10,759,496 | |||||||||||||||
Hong Kong | — | 3,588,036 | — | 3,588,036 | �� | ||||||||||||||
Ireland | 296,570 | 801,936 | — | 1,098,506 | |||||||||||||||
Israel | 123,977 | 720,290 | — | 844,267 | |||||||||||||||
Italy | — | 3,610,744 | — | 3,610,744 | |||||||||||||||
Japan | — | 33,627,851 | — | 33,627,851 | |||||||||||||||
Netherlands | — | 4,480,366 | — | 4,480,366 | |||||||||||||||
New Zealand | — | 507,280 | — | 507,280 | |||||||||||||||
Norway | — | 1,188,788 | — | 1,188,788 | |||||||||||||||
Portugal | — | 258,858 | — | 258,858 | |||||||||||||||
Singapore | — | 1,083,570 | — | 1,083,570 | |||||||||||||||
Spain | 55,901 | 3,046,593 | — | 3,102,494 | |||||||||||||||
Sweden | 2,139 | 4,422,765 | — | 4,424,904 |
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M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
1. Significant Accounting Policies (Continued)
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||
Switzerland | $ | 64,826 | $ | 11,730,330 | $ | — | $ | 11,795,156 | |||||||||||
United Kingdom | 1,444,882 | 18,140,348 | — | 19,585,230 | |||||||||||||||
Total Common Stocks | 16,041,322 | 127,357,795 | — | 143,399,117 | |||||||||||||||
Affiliated Investment Company | |||||||||||||||||||
United States | 64,116,944 | — | — | 64,116,944 | |||||||||||||||
Warrants | |||||||||||||||||||
France | 282 | — | — | 282 | |||||||||||||||
Switzerland | 815 | — | — | 815 | |||||||||||||||
Total Warrants | 1,097 | — | — | 1,097 | |||||||||||||||
Right | |||||||||||||||||||
Spain | 1,241 | 772 | — | 2,013 | |||||||||||||||
Preferred Stocks | |||||||||||||||||||
Germany | — | 699,750 | — | 699,750 | |||||||||||||||
Short-Term Investments | |||||||||||||||||||
Investments in Security Lending Collateral | — | 2,877,797 | — | 2,877,797 | |||||||||||||||
Total | $ | 80,160,604 | $ | 130,936,114 | $ | — | $ | 211,096,718 |
At December 31, 2020, Level 2 Common Stocks were priced using a fair value factor applied to quoted market prices.
Securities Transactions, Investment Income and Expenses
Securities transactions are recorded as of the trade date. Realized gains or losses from securities sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis and consists of interest accrued and, if applicable, discount earned less premiums amortized. Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the Fund is informed of the ex-dividend date. Investment income is recorded net of foreign taxes withheld where the recovery of such taxes is uncertain. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Expenses of the Corporation that can be directly attributed to a particular fund are charged to that Fund. Expenses that cannot be directly attributed are apportioned among Funds by the Corporation based on average net assets of each Fund.
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.
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M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
1. Significant Accounting Policies (Continued)
Dividends and Distributions to Shareholders
Each Fund declares and pays dividends from net investment income, if any, and distributes net short-term capital gains, if any, on an annual basis. Each Fund also distributes, at least annually, substantially all of the long-term capital gains in excess of available capital losses, if any, which it realizes for each taxable year. Distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Securities Lending
The Funds participate in a securities lending program under the terms of a Securities Lending Agency Agreement with State Street Bank and Trust Company, which serves as the Funds' securities lending agent. Each Fund may loan its portfolio securities in an amount up to 33 1/3 of its total assets. The Funds receive cash (U.S. currency) and non-cash (U.S. Treasuries and Agencies) as collateral against the loaned securities. Cash collateral is invested by the securities lending agent in a money market mutual fund that meets the quality and diversification requirements in accordance with Rule 2a-7 under the 1940 Act. All collateral received will be in an amount at least equal to 102% (for loans of U.S. securities) or 105% (for loans of non-U.S. securities) of the market value of the loaned securities at the inception of each loan. The market value of the loaned securities is determined each day at the close of business of the Funds and any change in the amount of collateral is delivered to or paid by the Fund the next day. The collateral value does not include the calculated mark, which is the amount charged/returned to the borrower daily to maintain 102%/105% of market value. There is a day lag in receiving the mark, which may at times result in a collateral percentage above or below 102%/105%.
The collateral received is recorded on a lending Fund's statement of assets and liabilities, along with the related obligation to return the collateral. A Fund may also record realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. Upon an event of default under the Securities Agency Lending Agreement, there is a risk of delay in the recovery of the securities or loss of rights in the collateral. If the borrower fails to return loaned securities and collateral is insufficient to cover the value of loaned securities (provided that the insufficiency is not due to investment losses), the securities lending agent has agreed, at its option, to pay the amount of any shortfall in collateral to the Funds; or to replace the securities. Any dividends or interest payable by the issuers of the loaned portfolio securities, during the time that the securities are on loan, are paid to the borrowers of those securities. Dividend or interest payments that are made to borrowers of the loaned securities are reimbursed by the borrowers to the Funds. Such reimbursement amounts do not comprise qualified dividend income under the Internal Revenue Code of 1986, as amended.
Income generated from the investment of collateral, less negotiated rebate fees paid to the borrower through the securities lending agent, is the source of the Fund's securities lending income, 70% of which is paid to the Fund, 30% of which is paid to the custodian as securities lending agent.
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M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
1. Significant Accounting Policies (Continued)
The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2020.
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 | $ | 2,877,797 | $ | — | $ | 2,877,797 | $ | — | $ | 2,877,797 | $ | — | |||||||||||||||
M Large Cap Growth Fund | 169 | — | 169 | — | 169 | — | |||||||||||||||||||||
M Capital Appreciation Fund | 2,465,614 | — | 2,465,614 | — | 2,465,614 | — | |||||||||||||||||||||
M Large Cap Value Fund | 44,774 | — | 44,774 | — | 44,774 | — |
The following table presents the remaining contractual maturity of the Securities Lending Agency Agreement as of December 31, 2020.
Fund | Security Type | Overnight and Continuous | Up to 30 days | 30-90 days | Greater Than 90 days | Total | |||||||||||||||||||||
M International Equity Fund | Common Stocks | $ | 2,877,797 | $ | — | $ | — | $ | — | $ | 2,877,797 | ||||||||||||||||
M Large Cap Growth Fund | Common Stocks | 169 | — | — | — | 169 | |||||||||||||||||||||
M Capital Appreciation Fund | Common Stocks | 2,465,614 | — | — | — | 2,465,614 | |||||||||||||||||||||
M Large Cap Value Fund | Common Stocks | 44,774 | — | — | — | 44,774 |
In addition, the Funds received non-cash collateral in the form of U.S. Government obligations, which the Funds cannot sell or repledge, and accordingly are not reflected in the Schedules of Investments as follows:
Fund | Value of Securities Loaned with Non-Cash Collateral | Value of Non-Cash Collateral | |||||||||
M International Equity Fund | $ | 5,587,031 | $ | 5,951,486 | |||||||
M Large Cap Growth Fund | 7,171,072 | 7,439,340 | |||||||||
M Capital Appreciation Fund | 6,615,376 | 6,784,514 | |||||||||
M Large Cap Value Fund | 971,056 | 1,058,653 |
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.
77
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
1. Significant Accounting Policies (Continued)
The Funds evaluate the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Funds did not have any unrecognized tax benefits as of December 31, 2020, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the year ended December 31, 2020, 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 2017 through December 2019. No examination of any of the Funds tax filings is currently in progress.
Significant Concentrations
The Funds maintain a demand deposit in excess of Federal Deposit Insurance Company ("FDIC") Insurance limits. As a result, the Fund is exposed to credit risk in the event of insolvency or other failure of the institution to meet its obligations. The Funds manage this risk by dealing with a major financial institution and monitoring its credit worthiness.
2. Advisory Fee and Other Transactions with Affiliates
The Corporation has entered into an investment advisory agreement (the "Advisory Agreement") with M Financial Investment Advisers, Inc. (the "Adviser"), a wholly-owned subsidiary of M Financial Group. The Advisory Agreement provides that the Funds will pay the Adviser a fee at an annual rate of the value of each Fund's average daily net assets as follows:
Fund | Total Advisory Fees | ||||||
M International Equity Fund | 0.15% on all assets plus (and only with | ||||||
respect to Fund assets which are not invested | |||||||
in a mutual fund that is advised by the Fund's | |||||||
sub-adviser): | |||||||
0.32% 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 thereafter | |||||||
M Capital Appreciation Fund | For the period January 1, 2020 through | ||||||
June 30, 2020: | |||||||
0.90% | |||||||
For the period July 1, 2020 through | |||||||
December 31, 2020: | |||||||
0.90% of the first $125 million | |||||||
0.80% on the amounts thereafter |
78
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
2. Advisory Fee and Other Transactions with Affiliates (Continued)
Fund | Total Advisory Fees | ||||||
M Large Cap Value Fund* | For the period January 1, 2020 through | ||||||
April 30, 2020: | |||||||
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 | |||||||
For the period May 1, 2020 through | |||||||
December 31, 2020: | |||||||
0.43% |
* Begining on October 1, 2016, the previous Sub-Adviser for the Fund waived 5% of its sub-advisory fee. Beginning on October 1, 2019, the previous Sub-Adviser for the Fund waived an additional 2.5% of its sub-advisory fee for a total waiver of 7.5%. Consequently, the Adviser waived a portion of the fee payable by the Fund. For the period January 1, 2020 through April 30, 2020, the fee payable to the Adviser for the Fund was 0.4275% on the first $250 million, 0.335% on the next $250 million, 0.2888% on the next $250 million and 0.2656% on the amounts thereafter on the Fund's average daily net assets. For the period January 1, 2020 through April 30, 2020, the Advisor waived $ 6,388 otherwise payable by M Large Cap Value Fund.
Prior to May 1, 2020 and for the period May 1, 2020 to April 30, 2021, the Adviser has contractually agreed to reimburse each Fund for any expenses (other than advisory fees, brokerage or other portfolio transaction expenses or expenses for litigation, indemnification, taxes or other extraordinary expenses) to the extent that such expenses exceed 0.25% of a Fund's annualized average daily net assets. For the year ended December 31, 2020, the Adviser reimbursed $51,182 of other expenses for the M International Equity Fund and $24,324 of other expenses for the M Large Cap Value Fund.
The Adviser has engaged Dimensional Fund Advisors LP, DSM Capital Partners LLC, Frontier Capital Management Company, LLC and Brandywine Global Investment Management, LLC to act as sub-advisers to provide day-to-day portfolio management for the M International Equity Fund, the M Large Cap Growth Fund, the M Capital Appreciation Fund and the M Large Cap Value Fund, respectively. Brandywine Global Investment Management, LLC replaced AJO, LP as the sub-adviser for the M Large Cap Value Fund effective May 1, 2020.
79
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
2. Advisory Fee and Other Transactions with Affiliates (Continued)
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 | |||||||
| 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 thereafter | |||||||
M Capital Appreciation Fund | For the period January 1, 2020 through | ||||||
June 30, 2020: | |||||||
0.75% | |||||||
For the period July 1, 2020 through | |||||||
December 31, 2020: | |||||||
0.75% of the first $125 million | |||||||
0.65% on the amounts thereafter | |||||||
M Large Cap Value Fund* | For the period January 1, 2020 through | ||||||
April 30, 2020: | |||||||
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 | |||||||
For the period May 1, 2020 through | |||||||
December 31, 2020: | |||||||
0.28% |
* Beginning on October 1, 2016, the previous Sub-Adviser waived 5% of its sub-advisory fee. Beginning on October 1, 2019, the previous Sub-Adviser for the Fund waived an additional 2.5% of its sub-advisory fee for a total waiver of 7.5%. For the period January 1, 2020 through April 30, 2020, the fee payable to the Sub-Adviser for the Fund was 0.2775% on the first $250 million, 0.185% on the next $250 million, 0.1388% on the next $250 million and 0.1156% on the amounts thereafter on the Fund's average daily net assets. For the period January 1, 2020 through April 30, 2020, the previous Sub-Adviser waived $6,388 otherwise payable by the Adviser.
The sub-advisory fees are paid by the Adviser out of the investment advisory fees disclosed above.
80
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
2. Advisory Fee and Other Transactions with Affiliates (Continued)
M Holdings Securities, Inc. acts as distributor (the "Distributor") for each of the Funds. The Distributor is a wholly-owned subsidiary of M Financial Group. No fees are charged by the Distributor for its services.
The Corporation pays no compensation to its officers. As of December 31, 2020, 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
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, 2020 is noted in the Fund's Schedule of Investments. During the year ended December 31, 2020, purchases and sales transactions, income earned from investments and shares held of investment companies managed by Dimensional Fund Advisors LP for the M International Equity Fund were as follows:
Affiliated Investment Company | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain on Sales | Change in Unrealized (Depreciation) | Value, End of Period | Dividend Income | Shares End of Period | |||||||||||||||||||||||||||
DFA Emerging Markets Core Equity Portfolio | $ | 50,269,148 | $ | 8,437,885 | $ | (1,780,000 | ) | $ | 121,801 | $ | 7,068,110 | $ | 64,116,944 | $ | 1,003,665 | 2,641,819 |
The DFA Emerging Markets Core Equity Portfolio is registered under the 1940 Act as an open-end management investment company. The M International Equity Fund may redeem its investment from the DFA Emerging Markets Core Equity Portfolio at any time if the Advisor determines that it is in the best interest of the M International Equity Fund and its shareholders to do so.
The performance of the M International Equity Fund will be directly affected by the performance of the DFA Emerging Markets Core Equity Portfolio. The financial statements of the DFA Emerging Markets Core Equity Portfolio, including the portfolio of investments, can be found at the Securities and Exchange Commission's website www.sec.gov and should be read in conjunction with the M International Equity Fund's financial statements. As of December 31, 2020, the percentage of M International Equity Fund net assets invested in the DFA Emerging Markets Core Equity Portfolio was 30.6%.
3. Purchases and Sales of Securities
Cost of purchases and proceeds from sales of investment securities, excluding short-term investments, for the year ended December 31, 2020, were as follows:
Non-U.S. Government Securities | |||||||||||
Purchases | Sales | ||||||||||
M International Equity Fund | $ | 17,325,610 | $ | 17,831,588 | |||||||
M Large Cap Growth Fund | 65,011,687 | 95,581,960 | |||||||||
M Capital Appreciation Fund | 52,133,477 | 56,070,270 | |||||||||
M Large Cap Value Fund | 137,086,075 | 132,843,471 |
81
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
4. Paid-in Capital
Changes in the capital shares outstanding were as follows:
M International Equity Fund | M Large Cap Growth Fund | ||||||||||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||||||||
Shares sold | 1,612,840 | 1,996,591 | 495,406 | 579,461 | |||||||||||||||
Shares repurchased | (1,871,283 | ) | (2,663,562 | ) | (1,441,807 | ) | (1,172,776 | ) | |||||||||||
Distributions reinvested | 227,140 | 413,399 | 816,854 | 409,857 | |||||||||||||||
Net decrease | (31,303 | ) | (253,572 | ) | (129,547 | ) | (183,458 | ) | |||||||||||
Fund Shares: | |||||||||||||||||||
Beginning of year | 15,777,991 | 16,031,563 | 7,180,132 | 7,363,590 | |||||||||||||||
End of year | 15,746,688 | 15,777,991 | 7,050,585 | 7,180,132 | |||||||||||||||
M Capital Appreciation Fund | M Large Cap Value Fund | ||||||||||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||||||||
Shares sold | 1,183,802 | 738,415 | 1,095,070 | 808,025 | |||||||||||||||
Shares repurchased | (1,160,096 | ) | (1,465,804 | ) | (998,357 | ) | (1,097,583 | ) | |||||||||||
Distributions reinvested | 186,379 | 586,370 | 241,561 | 371,525 | |||||||||||||||
Net increase (decrease) | 210,085 | (141,019 | ) | 338,274 | 81,967 | ||||||||||||||
Fund Shares: | |||||||||||||||||||
Beginning of year | 7,239,340 | 7,380,359 | 7,803,714 | 7,721,747 | |||||||||||||||
End of year | 7,449,425 | 7,239,340 | 8,141,988 | 7,803,714 |
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
82
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
5. Financial Instruments (Continued)
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 markups on transactions in foreign investments may be higher than for similar transactions in the United States. In addition, clearance and settlement procedures for such securities may be different in foreign countries and, in certain markets, on certain occasions such procedures have been unable to keep pace with the volume of securities transactions.
Foreign issuers are not generally subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. There may be less publicly available information about a foreign issuer than about a domestic one. In addition, there is generally less government regulation of stock exchanges, brokers, and listed and unlisted issuers in foreign countries than in the United States. Furthermore, with respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, imposition of withholding taxes on dividend or interest payments, limitations on the removal of funds or other assets of the Funds, or political or social instability or diplomatic developments which could affect investments in those countries. Individual foreign economies also may differ favorably or unfavorably from the United States economy in such respects as growth of gross national product, rate of inflation, capital reinvestment and resource self-sufficiency.
Because investment in foreign issuers will usually involve currencies of foreign countries, and because the Funds may be exposed to currency exposure independent of their securities positions, the value of the assets of the Funds invested in foreign issuers as measured in U.S. dollars will be affected by changes in foreign currency exchange rates. To the extent that a Fund's assets consist of investments denominated in a particular currency, the Fund is at risk of adverse developments affecting the value of such currency.
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.
83
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
5. Financial Instruments (Continued)
Risks Related to COVID-19 Pandemic
Beginning in January 2020, global financial markets have experienced, and may continue to experience, significant volatility resulting from the spread of a virus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of COVID-19 have adversely affected, and may continue to adversely affect, the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Funds' performance.
6. Beneficial Interest
Shares of the Funds are owned by insurance companies through their separate accounts that are used primarily to fund variable annuity contracts and variable life insurance contracts. As of December 31, 2020, John Hancock Variable Life Insurance Co., Pacific Life Insurance Co., Pruco Life Insurance Co. of Arizona and Security Life of Denver (an indirect, wholly owned subsidiary of Voya Financial, Inc.) each owned 5% or more of the Funds' shares. John Hancock Variable Life Insurance Co. and Pacific Life Insurance Co. may each be deemed a control person of each Fund because their separate accounts hold more than 25% of the shares of each Fund.
As of December 31, 2020 the ownership of each Fund was as follows:
Percentage of Ownership(1) | |||||||||||||||||||
John Hancock Variable Life Insurance Co. | Pacific Life Insurance Co. | Pruco Life Insurance Co. Of Arizona | Voya-Security Life of Denver | ||||||||||||||||
M International Equity Fund | 39.5 | % | 40.2 | % | 6.3 | % | 5.8 | % | |||||||||||
M Large Cap Growth Fund | 52.3 | % | 31.8 | % | 6.5 | % | 1.5 | % | |||||||||||
M Capital Appreciation Fund | 48.0 | % | 36.6 | % | 1.9 | % | 6.4 | % | |||||||||||
M Large Cap Value Fund | 53.3 | % | 29.9 | % | 5.0 | % | 1.6 | % |
(1) The balance of the Funds' shares are owned by shareholders with less than 5% beneficial interest.
7. Tax Information
At December 31, 2020, 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 | ||||||||||||||||
M International Equity Fund | $ | 175,114,114 | $ | 46,136,302 | $ | (10,153,698 | ) | $ | 35,982,604 | ||||||||||
M Large Cap Growth Fund | 119,276,980 | 115,575,978 | (118,113 | ) | 115,457,865 | ||||||||||||||
M Capital Appreciation Fund | 128,261,891 | 90,650,927 | (6,839,902 | ) | 83,811,025 | ||||||||||||||
M Large Cap Value Fund | 81,517,093 | 16,079,416 | (201,044 | ) | 15,878,372 |
84
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
7. Tax Information (Continued)
The tax character of distributions paid during 2020 and 2019 was as follows:
December 31, 2020 Amount | December 31, 2019 Amount | ||||||||||
M International Equity Fund | |||||||||||
Distributions paid from: | |||||||||||
Ordinary Income | $ | 3,020,968 | $ | 4,603,394 | |||||||
Return Of Capital | — | 534,529 | |||||||||
Total Distributions | $ | 3,020,968 | $ | 5,137,923 | |||||||
M Large Cap Growth Fund | |||||||||||
Distributions paid from: | |||||||||||
Long-Term Capital Gain | $ | 26,882,948 | $ | 12,037,996 | |||||||
Total Distributions | $ | 26,882,948 | $ | 12,037,996 | |||||||
M Capital Appreciation Fund | |||||||||||
Distributions paid from: | |||||||||||
Ordinary Income | $ | — | $ | 482,485 | |||||||
Long-Term Capital Gain | 4,405,395 | 14,094,380 | |||||||||
Total Distributions | $ | 4,405,395 | $ | 14,576,865 | |||||||
M Large Cap Value Fund | |||||||||||
Distributions paid from: | |||||||||||
Ordinary Income | $ | 1,757,583 | $ | 1,603,328 | |||||||
Long-Term Capital Gain | 972,674 | 3,157,940 | |||||||||
Total Distributions | $ | 2,730,257 | $ | 4,761,268 |
At December 31, 2020, the components of distributable earnings on a tax basis were as follows:
Undistributed Ordinary Income | Undistributed Long-Term Gain | Capital Loss Carryforwards | Late Year Ordinary and Post October Loss Deferrals | Unrealized Appreciation Depreciation | Total Distributable Earnings | ||||||||||||||||||||||
M International Equity Fund | $ | 178,175 | $ | — | $ | (74,149,164 | ) | $ | — | $ | 36,032,097 | $ | (37,938,892 | ) | |||||||||||||
M Large Cap Growth Fund | — | 6,214,659 | — | — | 115,457,865 | 121,672,524 | |||||||||||||||||||||
M Capital Appreciation Fund | — | 2,274,189 | — | — | 83,811,025 | 86,085,214 | |||||||||||||||||||||
M Large Cap Value Fund | 7,706 | — | (11,136,062 | ) | — | 15,878,372 | 4,750,016 |
85
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
7. Tax Information (Continued)
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sale adjustments and Passive Foreign Investment Company Un-Reversed Inclusions ("PFIC") adjustments.
Net capital loss carryforwards may be applied against any net realized taxable gains in each succeeding year, or until their respective expirations dates, whichever occurs first. At December 31, 2020, M International Equity Fund had available, for federal tax purposes, unused short-term capital losses of $16,903,642 and unused long-term capital losses of $57,245,522 permitted to be carried for an unlimited period. In addition, at December 31, 2020 M International Equity Fund used capital loss carryforwards of $1,826,487.
M Large Cap Value Fund had available, for federal tax purposes, unused short-term capital losses of $6,146,597 and unused long-term capital losses of $4,989,465 permitted to be carried for an unlimited period.
Dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. Temporary differences do not require reclassification.
During the year ended December 31, 2020, the Funds reclassified for book purposes, amounts arising from permanent book/tax difference primarily relating to realized foreign currency gains and losses, return of capital distributions from non-REIT securities, capital gain distributions from REITs, ordinary losses, partnerships and passive foreign investment company gains and losses.
Permanent differences incurred during the year ended December 31, 2020, resulting from differences in book and tax accounting, have been reclassified at year-end between undistributed net investment income (loss), undistributed (accumulated) net realized gain (loss) and paid-in capital as follows, with no impact to the net asset value per share:
Total Distributable Earnings | Paid-in Capital | ||||||||||
M International Equity Fund | $ | 246 | $ | (246 | ) | ||||||
M Large Cap Growth Fund | 814,592 | (814,592 | ) | ||||||||
M Capital Appreciation Fund | 354,419 | (354,419 | ) | ||||||||
M Large Cap Value Fund | — | — |
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.
86
M Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Continued)
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.
87
Report of Independent Registered Public Accounting Firm
To the Board of Directors of M Fund, Inc.
and the Shareholders of
M International Equity Fund,
M Large Cap Growth Fund,
M Capital Appreciation Fund and
M Large Cap Value Fund
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund, each a series of shares of beneficial interest in M Fund, Inc. (the "Funds"), including the schedules of investments, as of December 31, 2020, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the financial highlights for each of the years in the five-year period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2020, and the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and their financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, brokers, or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
BBD, LLP
We have served as the auditor of one or more of the Funds in the M Fund, Inc. since 2008.
Philadelphia, Pennsylvania
February 24, 2021
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M Fund, Inc.
SUPPLEMENTAL INFORMATION (Unaudited)
Director's and Officer's Tables
Interested Directors:
Name, Address, and Age | Position(s) Held with Fund | Term of Office(1) and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director | Other Directorships Held by Director for the Past 5 Years | ||||||||||||||||||
Peter W. Mullin(2) 1125 NW Couch St., Suite 900 Portland, OR 97209 80 | Director | Indefinite 25 Years | Chairman Emeritus, MullinTBG, Inc. (insurance agency) from 2008 to Present. Founding Chairman, Mullin, Barens, Sanford (life insurance & executive benefits) from 2012 to Present. | 4 | N/A |
(1) In accordance with the Corporation's current by-laws, each Director serves for an indefinite term until the date such Director resigns, retires or is removed by the Board of Directors or shareholders in accordance with the Corporation's Articles of Incorporation.
(2) Mr. Mullin is deemed to be Interested Person as defined by the 1940 Act, for the following reasons:
• Mr. Mullin has the power to vote 16.8% of the stock of M Financial Group, which controls the Adviser;
• Mr. Mullin is a Director of M Financial Group
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M Fund, Inc.
SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
Director's and Officer's Tables (Continued)
Independent Directors:
Name, Address, and Age | Position(s) Held with Fund | Term of Office(1) and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director | Other Directorships Held by Director for the Past 5 Years | ||||||||||||||||||
Wayne Pierson 1125 NW Couch St., Suite 900 Portland, OR 97209 70 | Director, Chair of the Board and Governance Committee Chair | Indefinite Eight Years | President (2005 to present), Acorn Investors LLC (investment holding company); Principal Clifford Capital Partners LLC, 2010 to present (investment manager). | 4 | Director, Oaktree Capital Group, 2007-2019 (investment manager). | ||||||||||||||||||
Bruce W. Madding 1125 NW Couch St., Suite 900 Portland, OR 97209 69 | Director and Audit Committee Chair | Indefinite 12 Years | Chief Executive Officer, C.M. Capital Corp., 2011 to March 2021; Chief Investment Officer, C.M. Capital Corp., 2011 to 2018. | 4 | Vice-Chair and Director, C.M. Capital Corp., March 2021 to present. | ||||||||||||||||||
Nancy Crouse 1125 NW Couch St., Suite 900 Portland, OR 97209 62 | Director | Indefinite One Year | Senior Vice president and Portfolio Manager, Nuveen Investments, 2005 to 2016 (investment manager). | 4 | Director and Treasurer, Women's Economic Ventures (non-profit). | ||||||||||||||||||
Mary Moran Zeven 1125 NW Couch St., Suite 900 Portland, OR 97209 59 | Director | Indefinite One Year | Director, Graduate Program in Banking and Financial Law, Boston University School of Law, 2019 to present; Senior Vice President and Senior Managing Counsel, State Street Bank and Trust Company 2000 to 2019 (custodial bank). | 4 | N/A |
(1) In accordance with the Corporation's current by-laws, each Director serves for an indefinite term until the date such Director resigns, retires or is removed by the Board of Directors or shareholders in accordance with the Corporation's Articles of Incorporation
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M Fund, Inc.
SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
Director's and Officer's Tables (Continued)
The Officers of the Corporation are listed below together with their respective positions with the Corporation, their principal occupations during the past five years and any positions held with affiliates of the Corporation:
Name, Address and Age | Position(s) Held with the Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | ||||||||||||
Bridget McNamara-Fenesy 1125 NW Couch St., Suite 900 Portland, OR 97209 62 | President | One Year Four Years | President and CEO, M Securities Holdings, Inc. 2017-present; Vice President, M Securities Holdings, Inc. 2016-2017; Interim Chief Compliance Officer, M Securities Holdings, Inc. March 2016-September 2016; President, Two Gaits Consulting 2001-2016. | ||||||||||||
Valerie Pimenta 1125 NW Couch St., Suite 900 Portland, OR 97209 43 | Vice President | One Year Three Years | Vice President and Chief Operation Officer, M Holdings Securities, Inc., 2017-present; Vice President of Legal and Compliance, Fisher Investments, 2002-2017. | ||||||||||||
David Lees 1125 NW Couch St., Suite 900 Portland, OR 97209 55 | Secretary and Treasurer | One Year 14 Years | Accounting Director, M Financial Group, 2007-present; Secretary and Treasurer, M Financial Investment Advisers, Inc., 2007 to present; Secretary and Treasurer, M Financial Wealth Partners, Inc., and M Financial Asset Management, Inc., 2016-present. | ||||||||||||
Dean Beckley 1125 NW Couch St., Suite 900 Portland, OR 97209 49 | Chief Information Security Officer | One Year Four Years | Director, Cyber Security & IT Operations, M Financial Group, 2016-present; Director, Technology of M Benefit Solutions, 2013-2016; Senior Project Manager of M Financial Group, 2009-2013. |
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M Fund, Inc.
SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
Schedules of Portfolio Holdings
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds' Form N-PORT is available on the Corporation's website at www.mfin.com/m-funds and on the SEC's website at www.sec.gov. The Funds' Form N-PORT may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Proxy Voting Policies and Procedures and Proxy Voting Record
A description of the Corporation's proxy voting policies and procedures and the Corporation's proxy voting record for the most recent twelve-month period ending June 30 are available (1) without charge, upon request, by calling the Corporation toll-free at 1-888-736-2878; and (2) on Form N-PX on the SEC's website at www.sec.gov.
Tax Disclosures
For corporate shareholders, a portion of the ordinary dividends paid during the Fund's year ended December 31, 2020 qualified for the dividends received deduction as follows.
Fund | Dividend Received Deduction | ||||||
M International Equity Fund | 0.01 | % | |||||
M Large Cap Growth Fund | 0.00 | % | |||||
M Capital Appreciation Fund | 0.00 | % | |||||
M Large Cap Value Fund | 100.00 | % |
Pursuant to Internal Revenue Section 852(b), M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund paid $26,882,948, $4,405,395 and $972,674, respectively, which have been designated as capital gains distributions for the fiscal year ended December 31, 2020.
M International Equity Fund
In accordance with federal tax law, the Fund elects to provide each shareholder with their portion of the Fund's foreign taxes paid and the income sourced from foreign securities. Accordingly, the Fund made the following designations regarding its fiscal year ended December 31, 2020:
• the total amount of foreign taxes creditable was $260,428
• the total amount of income sourced from foreign countries was $3,479,580
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M Fund, Inc.
HYPOTHETICAL EXPENSE EXAMPLE (Unaudited)
As an indirect shareholder of a Fund, you incur ongoing costs, including management fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2020 to December 31, 2020.
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.
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M Fund, Inc.
HYPOTHETICAL EXPENSE EXAMPLE (Unaudited) (Continued)
Beginning Account Value July 1, 2020 | Ending Account Value December 31, 2020 | Annualized Expense Ratio | Expenses Paid During Period* (July 1, 2020 to December 31, 2020) | ||||||||||||||||
M International Equity Fund | |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,264.00 | 0.62 | % | $ | 3.53 | |||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.00 | 0.62 | % | 3.15 | ||||||||||||||
M Large Cap Growth Fund | |||||||||||||||||||
Actual | 1,000.00 | 1,184.50 | 0.78 | % | 4.28 | ||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.20 | 0.78 | % | 3.96 | ||||||||||||||
M Capital Appreciation Fund | |||||||||||||||||||
Actual | 1,000.00 | 1,386.50 | 1.07 | % | 6.42 | ||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.80 | 1.07 | % | 5.43 | ||||||||||||||
M Large Cap Value Fund | |||||||||||||||||||
Actual | 1,000.00 | 1,188.60 | 0.68 | % | 3.74 | ||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.70 | 0.68 | % | 3.46 |
* Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (366 days). In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying fund in which it invests. Such indirect expenses are not included in the above expense ratios.
94
Item 2. Code of Ethics.
As of December 31, 2020, the Registrant has adopted a code of ethics that applies to the Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial and Accounting Officer. For the year ended December 31, 2020, there were no amendments to a provision of its code of ethics, nor were there any waivers (including implicit waivers) granted from a provision of the code of ethics. A copy of the registrant’s code of ethics is filed with this Form N-CSR under Item 13(a)(1).
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Directors has determined that the Registrant has two audit committee financial experts serving on its audit committee. The audit committee financial experts serving on the Registrant’s audit committee are Bruce Madding and Wayne Pierson, who are “independent” as defined in Item 3 of Form N-CSR. Mr. Madding serves as the Chairman of the Registrant’s audit committee.
Item 4. Principal Accountant Fees and Services.
BBD, LLP served as the principal accountant for the Registrant for the fiscal years ended December 31, 2019 and December 31, 2020.
(a) | AUDIT FEES: The aggregate fees billed for professional services rendered by its principal accountant, BBD, LLP for the audit of the Registrant’s annual financial statements for the fiscal years ended December 31, 2019 and December 31, 2020 were $86,500 and $86,500, respectively. |
(b) | AUDIT RELATED FEES: No such fees were billed to the Registrant by BBD, LLP for the fiscal years ended December 31, 2019 and December 31, 2020. |
(c) | TAX FEES: The aggregate fees billed for professional services rendered by BBD, LLP for tax compliance, tax advice, and tax planning for the fiscal years ended December 31, 2019 and December 31, 2020 were $10,500 and $10,500, respectively. Such services included the review of the Fund’s tax and excise returns. |
(d) | ALL OTHER FEES: No such fees were billed to the Registrant by BBD, LLP for the fiscal years ended December 31, 2019 and December 31, 2020. |
(e) | (1) The Registrant’s audit committee pre-approves all audit and non-audit services to be performed by the Registrant’s accountant before the accountant is engaged by the Registrant to perform such services. |
(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) | Not applicable |
(c) | 100% |
(d) | Not applicable |
(f) | Not applicable. |
(g) | The aggregate fees billed by the Registrant’s principal accountant, BBD, LLP, for non-audit services rendered to the Registrant, the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entities controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant for the fiscal years ended December 31, 2019 and December 31, 2020 were $10,500 and $10,500, respectively. |
(h) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | A schedule of investments is contained in the Registrant’s annual report, which is attached to this report in response to Item 1. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) The Registrant's Principal Executive Officer and Principal Financial Officer concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) (the “1940 Act”) were effective as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"), based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) (the “1934 Act”) as of the Evaluation Date.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
M Fund, Inc. | ||
By: | /s/ Bridget McNamara-Fenesy | |
Bridget McNamara-Fenesy | ||
President/Principal Executive Officer | ||
Date: | March 3, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Bridget McNamara-Fenesy | |
Bridget McNamara-Fenesy | ||
President/Principal Executive Officer | ||
Date: | March 3, 2021 |
By: | /s/ David Lees | |
David Lees | ||
Treasurer/Principal Financial | ||
and Accounting Officer | ||
Date: | March 3, 2021 |