UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-9082

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

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

Bridget McNamara-Fenesy, President, M Fund, Inc. M Financial Plaza, 1125 NW Couch Street, Suite 900 Portland, Oregon 97209
(Name and address of agent for service)

with a Copy to:

Cynthia Beyea
Eversheds Sutherland LLP
700 Sixth Street, N.W.
Washington, D.C. 20001-3980

Registrant’s telephone number, including area code:				(503) 232-6960

Date of fiscal year end:	12/31

Date of reporting period:		6/30/2019

Shares			Value (Note 1)
		COMMON STOCKS—72.3%
		Australia—4.4%
	5,596	Adelaide Brighton, Ltd.	$	15,872
	3,702	AGL Energy, Ltd.		52,006
	8,035	ALS, Ltd.		41,405
	1,335	Altium, Ltd.		32,053
	7,811	Amcor, Plc.		88,781
	21,632	AMP, Ltd.		32,196
	1,231	Ansell, Ltd.		23,204
	16,116	Ardent Leisure Group, Ltd.*		11,880
	4,576	Aristocrat Leisure, Ltd.		98,690
	487	ASX, Ltd.		28,162
	4,297	Atlas Arteria, Ltd.		23,651
	27,196	Aurizon Holdings, Ltd.		103,102
	12,821	Ausdrill, Ltd.		16,427
	9,677	Austal, Ltd.		23,167
	16,565	Australia & New Zealand Banking Group, Ltd.		328,067
	24,262	Australian Agricultural Co., Ltd.*,†		16,948
	23,353	Australian Pharmaceutical Industries, Ltd.		21,641
	16,877	Automotive Holdings Group, Ltd.*		33,176
	9,893	Aveo Group		13,057
	6,621	Bank of Queensland, Ltd.†		44,298
	4,472	Bapcor, Ltd.		17,519
	19,836	Beach Energy, Ltd.		27,643
	3,363	Bega Cheese, Ltd.†		11,285
	2,901	Bendigo & Adelaide Bank, Ltd.		23,584
	23,935	BHP Group, Ltd.		691,635
	165	Blackmores, Ltd.†		10,415
	9,483	BlueScope Steel, Ltd.		80,223
	8,539	Boral, Ltd.		30,693
	9,097	Brambles, Ltd.		82,259
	1,774	Breville Group, Ltd.		20,375
	1,742	Brickworks, Ltd.		19,922
	1,732	Caltex Australia, Ltd.		30,095
	2,491	carsales.com, Ltd.		23,661
	5,928	Challenger, Ltd.		27,634
	16,096	Cleanaway Waste Management, Ltd.		26,329
	6,210	Coca-Cola Amatil, Ltd.		44,556
	400	Cochlear, Ltd.		58,085
	8,123	Coles Group, Ltd.*		76,132
	13,861	Commonwealth Bank of Australia		805,542

Shares			Value (Note 1)
		Australia (Continued)
	3,340	Computershare, Ltd.	$	38,010
	34,520	Cooper Energy, Ltd.*		13,087
	983	Corporate Travel Management, Ltd.†		15,528
	3,820	Costa Group Holdings, Ltd.		10,835
	2,419	Crown Resorts, Ltd.		21,143
	3,245	CSL, Ltd.		489,803
	9,383	CSR, Ltd.		25,756
	14,019	Domain Holdings Australia, Ltd.†		31,298
	4,400	Downer EDI, Ltd.		21,376
	4,297	DuluxGroup, Ltd.		28,116
	4,311	Elders, Ltd.		18,795
	7,109	Estia Health, Ltd.		13,176
	13,141	Evolution Mining, Ltd.		40,224
	7,807	FlexiGroup Ltd/Australia		8,934
	669	Flight Centre Travel Group, Ltd.		19,515
	24,562	Fortescue Metals Group, Ltd.		155,539
	11,060	G8 Education, Ltd.		23,527
	9,874	Genworth Mortgage Insurance Australia, Ltd.†		19,479
	3,873	GrainCorp, Ltd.*		21,671
	9,317	GWA Group, Ltd.		22,370
	9,170	Incitec Pivot, Ltd.		21,953
	7,352	Independence Group NL		24,362
	14,639	Insurance Australia Group Ltd.		84,891
	1,394	InvoCare, Ltd.†		15,649
	8,432	IOOF Holdings, Ltd.†		30,605
	539	IRESS, Ltd.		5,271
	2,408	JB Hi-Fi, Ltd.†		43,700
	86,962	Jupiter Mines, Ltd.		21,063
	2,512	LendLease Group		22,926
	10,414	Link Administration Holdings, Ltd.		36,556
	2,349	Macquarie Group, Ltd.		206,783
	1,171	Magellan Financial Group, Ltd.		41,927
	22,423	Mayne Pharma Group, Ltd.*		8,028
	12,504	Metcash, Ltd.		22,561
	1,851	Mineral Resources, Ltd.		19,466
	19,807	National Australia Bank, Ltd.		371,555
	10,216	New Hope Corp., Ltd.		19,436
	447	Newcrest Mining, Ltd.		10,026
	5,029	NEXTDC, Ltd.*,†		22,914
	5,984	NIB holdings, Ltd.		32,222
	33,934	Nine Entertainment Co. Holdings, Ltd.		44,669

Shares			Value (Note 1)
		Australia (Continued)
	7,157	Northern Star Resources, Ltd.	$	58,536
	11,110	NRW Holdings, Ltd.		19,577
	6,389	Nufarm Ltd/Australia*		18,390
	4,065	Oil Search, Ltd.		20,177
	4,936	oOh!media, Ltd.		13,515
	1,697	Orica, Ltd.		24,149
	10,538	Origin Energy, Ltd.		54,081
	9,118	Orora, Ltd.		20,740
	6,746	OZ Minerals, Ltd.		47,502
	3,547	Pendal Group, Ltd.		17,805
	555	Perpetual, Ltd.†		16,458
	2,030	Premier Investments, Ltd.		21,620
	10,651	Qantas Airways, Ltd.		40,379
	7,304	QBE Insurance Group, Ltd.		60,662
	1,072	Ramsay Health Care, Ltd.		54,368
	6,758	Regis Resources, Ltd.		25,051
	7,268	Reliance Worldwide Corp., Ltd.		17,961
	25,575	Resolute Mining, Ltd.		23,970
	3,594	Rio Tinto, Ltd.		261,804
	4,596	Sandfire Resources NL		21,586
	10,594	Santos, Ltd.		52,658
	10,376	Saracen Mineral Holdings, Ltd.*		26,807
	3,349	SEEK, Ltd.		49,751
	47,993	Senex Energy, Ltd.*		11,961
	62,916	Seven West Media, Ltd.*		20,539
	4,361	Sims Metal Management, Ltd.		33,249
	2,601	Sonic Healthcare, Ltd.		49,485
	9,838	South32, Ltd.		21,963
	10,287	Southern Cross Media Group, Ltd.		9,027
	12,721	Spark Infrastructure Group		21,702
	9,141	SpeedCast International, Ltd.†		22,333
	8,938	St Barbara, Ltd.		18,448
	6,536	Star Entertainment Grp, Ltd. (The)		18,905
	11,105	Steadfast Group, Ltd.		27,365
	3,030	Suncorp Group, Ltd.		28,653
	4,226	Super Retail Group, Ltd.		24,417
	4,242	Sydney Airport		23,944
	6,942	Tabcorp Holdings, Ltd.		21,688
	5,500	Tassal Group, Ltd.		18,920
	4,562	Technology One, Ltd.		25,238
	32,411	Telstra Corp., Ltd.		87,603
	3,218	Transurban Group		33,301
	1,963	Treasury Wine Estates, Ltd.		20,562
	12,616	Vocus Group, Ltd.*		28,963

Shares			Value (Note 1)
		Australia (Continued)
	1,394	Webjet, Ltd.	$	13,310
	8,107	Wesfarmers, Ltd.		205,805
	6,437	Western Areas, Ltd.		8,880
	25,089	Westpac Banking Corp.		499,525
	11,006	Whitehaven Coal, Ltd.		28,280
	5,285	Woodside Petroleum, Ltd.		134,908
	7,616	Woolworths Group, Ltd.		177,675
	2,336	WorleyParsons, Ltd.		24,124
				7,928,435
		Austria—0.3%
	579	ams AG*		22,698
	984	ANDRITZ AG		37,036
	1,218	AT&S Austria Technologie & Systemtechnik AG		22,049
	658	CA Immobilien Anlagen AG		24,167
	133	DO & Co. AG		12,825
	2,245	Erste Group Bank AG*		83,323
	1,377	FACC AG*,†		19,322
	1,233	Immofianz AG*		32,135
	211	Lenzing AG		23,513
	1,814	OMV AG		88,387
	3,082	Raiffeisen Bank International AG		72,299
	1,874	Telekom Austria AG*		14,149
	4,149	UNIQA Insurance Group AG		38,662
	884	Vienna Insurance Group AG Wiener Versicherung Gruppe		22,667
	773	voestalpine AG		23,882
				537,114
		Belgium—0.7%
	366	Ackermans & van Haaren NV		54,894
	2,424	Ageas		125,992
	5,568	AGFA-Gevaert NV*		21,615
	5,947	Anheuser-Busch InBev SA/NV		526,380
	1,086	Bekaert SA†		29,119
	105	Cie d'Entreprises CFE		9,958
	609	Colruyt SA		35,317
	833	D'ieteren SA/NV		38,267
	196	Elia System Operator SA/NV		14,442
	1,410	Euronav NV		13,187
	548	EVS Broadcast Equipment SA		12,743
	202	Galapagos NV*,†		26,059
	197	Gimv NV		12,432
	1,847	KBC Group NV		121,057

Shares			Value (Note 1)
		Belgium (Continued)
	796	Ontex Group NV	$	12,835
	1,637	Proximus SADP		48,248
	214	Sipef NV		10,245
	256	Solvay SA		26,519
	449	Telenet Group Holding NV		25,017
	1,442	UCB SA		119,567
	523	Umicore SA†		16,771
				1,300,664
		Canada—6.9%
	1,800	Absolute Software Corp.		10,969
	1,679	Aecon Group, Inc.		24,578
	607	Ag Growth International, Inc.		25,493
	278	Agnico Eagle Mines, Ltd.		14,253
	5,042	Aimia, Inc.*		14,708
	1,100	Air Canada*		33,339
	6,200	Alacer Gold Corp.*		21,542
	3,318	Alamos Gold, Inc., Class A		20,016
	867	Algonquin Power & Utilities Corp.†		10,507
	2,654	Alimentation Couche-Tard, Inc., Class B		167,016
	1,185	Altus Group, Ltd./Canada†		29,020
	7,137	ARC Resources, Ltd.†		34,934
	989	Aritzia, Inc.*		12,673
	700	Atco, Ltd., Class I		23,594
	1,022	Aurora Cannabis, Inc.†		8,007
	16,677	B2Gold Corp.*		50,685
	6,464	Bank of Montreal		488,274
	8,200	Bank of Nova Scotia (The)		440,447
	2,204	Barrick Gold Corp.		34,788
	3,183	Bausch Health Cos., Inc.*		80,307
	11,400	Baytex Energy Corp.*		17,672
	1,608	BCE, Inc.		73,158
	9,500	Birchcliff Energy, Ltd.		18,861
	7,292	BlackBerry, Ltd.*		54,347
	16,000	Bonavista Energy Corp.*		5,987
	2,062	Boralex, Inc., Class A		31,004
	1,120	Brookfield Asset Management, Inc., Class A		53,582
	785	BRP, Inc.		28,054
	3,678	CAE, Inc.		98,891
	4,802	Cameco Corp.		51,483
	4,900	Canaccord Genuity Group, Inc.		22,450
	400	Canada Goose Holdings, Inc.*,†		15,483

Shares			Value (Note 1)
		Canada (Continued)
	3,635	Canadian Imperial Bank of Commerce†	$	285,848
	4,408	Canadian National Railway Co.		407,964
	14,634	Canadian Natural Resources, Ltd.		394,583
	863	Canadian Pacific Railway, Ltd.		203,257
	732	Canadian Tire Corp., Ltd., Class A		79,754
	500	Canadian Utilities, Ltd., Class A		14,112
	2,480	Canadian Western Bank		56,567
	1,876	Canfor Corp.*		15,228
	2,194	Capital Power Corp.		50,513
	2,300	Cascades, Inc.		18,512
	1,637	CCL Industries, Inc., Class B		80,278
	2,566	Celestica, Inc.*		17,518
	1,967	Cenovus Energy, Inc.		17,349
	5,235	Centerra Gold, Inc.*		36,857
	9,000	CES Energy Solutions Corp.†		16,632
	1,621	CGI, Inc.*		124,625
	4,339	CI Financial Corp.		70,707
	2,372	Cineplex, Inc.†		41,642
	490	Cogeco Communications, Inc.		35,240
	300	Cogeco, Inc.		19,142
	825	Colliers International Group, Inc.		58,986
	122	Constellation Software, Inc.		114,985
	2,837	Cott Corp.		37,869
	3,330	CRH Medical Corp.*		10,019
	4,912	Detour Gold Corp.*		61,965
	500	Dollarama, Inc.		17,590
	1,821	Dorel Industries, Inc., Class B		14,754
	2,200	DREAM Unlimited Corp., Class A		12,213
	6,100	Dundee Precious Metals, Inc.*		22,731
	4,100	ECN Capital Corp.		13,212
	2,616	Eldorado Gold Corp.*,†		15,202
	9,925	Element Fleet Management Corp.		72,455
	663	Emera, Inc.		27,091
	2,520	Enbridge, Inc.		91,021
	7,600	Encana Corp.†		39,000
	2,494	Enerflex, Ltd.		32,471
	7,134	Enerplus Corp.		53,660
	882	Enghouse Systems, Ltd.		23,324
	4,100	Ensign Energy Services, Inc.		13,431
	4,400	Extendicare, Inc.		28,190
	281	Fairfax Financial Holdings, Ltd.		137,922
	2,600	Fiera Capital Corp.		22,395
	3,098	Finning International, Inc.		56,469

Shares			Value (Note 1)
		Canada (Continued)
	2,677	First Capital Realty, Inc.	$	44,687
	4,882	First Majestic Silver Corp.*		38,548
	680	First Quantum Minerals, Ltd.		6,460
	547	FirstService Corp.		52,630
	2,901	Fortis, Inc.		114,551
	206	Franco-Nevada Corp.		17,485
	3,500	Freehold Royalties, Ltd.		22,638
	787	Genworth MI Canada, Inc.†		24,904
	1,045	George Weston, Ltd.		79,296
	1,500	Gibson Energy, Inc.†		26,746
	1,871	Gildan Activewear, Inc.		72,408
	5,700	Gran Tierra Energy, Inc.*		8,923
	1,337	Great Canadian Gaming Corp.*		45,331
	806	Great-West Lifeco, Inc.		18,557
	1,700	Home Capital Group, Inc.*,†		25,171
	7,321	Hudbay Minerals, Inc.		39,636
	5,928	Husky Energy, Inc.		56,177
	2,998	Hydro One, Ltd.#		52,288
	1,537	Ia Financial Corp., Inc.*		62,604
	3,400	IAMGOLD Corp.*		11,502
	800	Imperial Oil, Ltd.		22,151
	2,417	Innergex Renewable Energy, Inc.†		25,729
	159	Intact Financial Corp.		14,694
	4,565	Inter Pipeline, Ltd.†		71,008
	2,045	Interfor Corp.*		21,769
	2,087	Intertape Polymer Group, Inc.		29,340
	1,600	Invesque, Inc.†		11,600
	19,814	Ivanhoe Mines, Ltd., Class A*		62,942
	700	Jamieson Wellness, Inc.		10,749
	500	K-Bro Linen, Inc.†		15,272
	7,152	Kelt Exploration, Ltd.*		21,300
	3,848	Keyera Corp.		99,025
	621	Kinder Morgan Canada, Ltd.#		5,534
	17,698	Kinross Gold Corp.*		68,384
	2,070	Kirkland Lake Gold, Ltd.		89,183
	3,700	Knight Therapeutics, Inc.*		21,812
	800	Laurentian Bank of Canada†		27,478
	1,289	Linamar Corp.†		48,113
	1,322	Loblaw Cos., Ltd.		67,687
	8,900	Lucara Diamond Corp.†		10,738
	13,050	Lundin Mining Corp.		71,850
	8,872	Magna International, Inc.		441,449
	4,800	Major Drilling Group International, Inc.*		15,505
	2,135	Manulife Financial Corp.		38,802

Shares			Value (Note 1)
		Canada (Continued)
	1,530	Maple Leaf Foods, Inc.	$	33,508
	2,600	Martinrea International, Inc.		21,562
	1,895	Medical Facilities Corp.†		17,929
	1,000	Methanex Corp.		45,397
	1,982	Metro, Inc.		74,373
	562	Morneau Shepell, Inc.†		12,690
	470	MTY Food Group, Inc.		23,458
	2,700	Mullen Group, Ltd.†		19,587
	4,527	National Bank of Canada		215,055
	1,740	NFI Group, Inc.†		49,029
	1,156	Norbord, Inc.		28,654
	1,126	North West Co., Inc. (The)†		25,701
	2,067	Northland Power, Inc.		40,249
	664	Nutrien, Ltd.†		35,518
	11,800	OceanaGold Corp.†		32,258
	393	Onex Corp.		23,705
	2,715	Open Text Corp.		112,037
	3,287	Osisko Gold Royalties, Ltd.		34,262
	4,296	Pan American Silver Corp.		55,539
	4,549	Parex Resources, Inc.*		72,983
	700	Park Lawn Corp.		15,379
	1,907	Parkland Fuel Corp.		60,506
	1,760	Pason Systems, Inc.		25,509
	1,170	Pembina Pipeline Corp.		43,555
	4,630	Peyto Exploration & Development Corp.†		13,859
	11,600	Precision Drilling Corp.*		21,791
	300	Premium Brands Holdings Corp.		20,506
	1,000	Quebecor, Inc., Class B		23,817
	700	Recipe Unlimited Corp.		14,112
	1,500	Restaurant Brands International, Inc.†		104,314
	1,345	Richelieu Hardware, Ltd.		22,667
	1,489	Ritchie Bros Auctioneers, Inc.†		49,518
	2,204	Rogers Communications, Inc., Class B†		117,980
	5,300	Rogers Sugar, Inc.†		22,705
	12,100	Royal Bank of Canada		961,588
	1,740	Russel Metals, Inc.		29,364
	1,204	Saputo, Inc.		36,040
	4,547	Secure Energy Services, Inc.†		24,791
	11,834	SEMAFO, Inc.*		46,629
	2,897	Seven Generations Energy, Ltd., Class A*		14,202

Shares			Value (Note 1)
		Canada (Continued)
	5,660	Shaw Communications, Inc., Class B	$	115,486
	1,968	ShawCor, Ltd.		27,531
	40	Shopify, Inc., Class A*		12,022
	1,794	Sienna Senior Living, Inc.†		26,645
	1,359	Sleep Country Canada Holdings, Inc.#,†		19,717
	1,519	SNC-Lavalin Group, Inc.		30,715
	737	Spin Master Corp.*,#		21,313
	3,369	SSR Mining, Inc.*		46,102
	1,600	Stantec, Inc.†		38,401
	400	Stella-Jones, Inc.		14,435
	649	Sun Life Financial, Inc.		26,876
	17,263	Suncor Energy, Inc.		538,501
	3,579	Superior Plus Corp.†		36,513
	7,700	Tamarack Valley Energy, Ltd.*		12,289
	540	TC Energy Corp.†		26,770
	8,602	Teck Resources, Ltd., Class B		198,505
	3,900	Teranga Gold Corp.*		11,942
	1,944	TFI International, Inc.		58,830
	287	Thomson Reuters Corp.		18,515
	3,200	Timbercreek Financial Corp.		23,190
	801	TMX Group, Ltd.		55,722
	6,950	TORC Oil & Gas, Ltd.		21,706
	1,339	Toromont Industries, Ltd.		63,466
	11,126	Toronto-Dominion Bank (The)		650,118
	5,111	Tourmaline Oil Corp.		65,100
	7,036	TransAlta Corp.		45,777
	2,812	TransAlta Renewables, Inc.†		29,740
	12,242	Trican Well Service, Ltd.*		10,937
	3,001	Tricon Capital Group, Inc.		22,916
	15,700	Turquoise Hill Resources, Ltd.*		19,542
	1,000	Uni-Select, Inc.†		9,484
	1,200	Valener, Inc.		23,660
	2,344	Vermilion Energy, Inc.†		50,923
	1,800	Wajax Corp.		21,621
	272	Waste Connections, Inc.		25,984
	1,290	West Fraser Timber Co., Ltd.		58,809
	12,500	Western Forest Products, Inc.†		15,272
	1,506	Wheaton Precious Metals Corp.		36,421
	8,002	Whitecap Resources, Inc.		25,970
	400	Winpak, Ltd.		13,195
	452	WSP Global, Inc.		24,882
	25,721	Yamana Gold, Inc.†		65,208
				12,415,138

Shares			Value (Note 1)
		China—0.0%
	111,000	FIH Mobile, Ltd.*	$	12,362
		Denmark—1.3%
	189	ALK-Abello A/S*		44,053
	2,469	Alm Brand A/S		21,797
	11	AP Moller - Maersk A/S, Class A		12,769
	23	AP Moller - Maersk A/S, Class B		28,529
	907	Bang & Olufsen A/S*		6,317
	641	Carlsberg A/S, Class B		84,976
	555	Chr Hansen Holding A/S†		52,117
	568	Coloplast A/S, Class B		64,188
	805	D/S Norden A/S		11,577
	1,040	Danske Bank A/S		16,438
	1,375	Demant A/S*,†		42,753
	534	Dfds A/S		22,648
	68	Drilling Co. of 1972 A/S (The)*		5,283
	2,005	DSV A/S		196,891
	595	FLSmidth & Co. A/S		26,912
	196	Genmab A/S*		36,040
	1,611	GN Store Nord A/S		75,173
	818	H+H International A/S, Class B*		13,060
	3,142	ISS A/S		94,823
	1,126	Jyske Bank A/S*		39,025
	1,970	Matas A/S		21,368
	266	Nilfisk Holding A/S*		7,432
	362	NNIT A/S#		6,982
	12,082	Novo Nordisk A/S, Class B		615,682
	2,254	Novozymes A/S, Class B		105,109
	727	Orsted A/S#		62,863
	841	Pandora A/S		29,916
	376	Per Aarsleff Holding A/S		13,404
	402	Ringkjoebing Landbobank A/S		26,089
	44	Rockwool International A/S, Class A†		10,088
	186	Rockwool International A/S, Class B		47,491
	1,104	Royal Unibrew A/S		80,561
	1,644	Scandinavian Tobacco Group A/S#		19,160
	198	Schouw & Co. A/S		15,082
	638	SimCorp A/S		61,719
	1,256	Spar Nord Bank A/S		11,040
	555	Sydbank A/S		10,577
	676	Topdanmark A/S		38,125

Shares			Value (Note 1)
		Denmark (Continued)
	837	Tryg A/S	$	27,211
	2,306	Vestas Wind Systems A/S		199,188
				2,304,456
		Finland—1.0%
	1,264	Cargotec Oyj, Class B		47,977
	1,720	Cramo OYJ		40,837
	2,156	Elisa OYJ		105,198
	2,285	Finnair OYJ		18,188
	5,220	Fortum OYJ		115,360
	1,730	Huhtamaki OYJ		71,133
	1,799	Kemira OYJ		26,471
	239	Kesko OYJ, Class A		12,800
	373	Kesko OYJ, Class B		20,749
	2,212	Kone OYJ, Class B		130,542
	1,119	Konecranes OYJ		42,715
	1,568	Metso OYJ		61,602
	3,273	Neste Oyj		111,056
	9,209	Nokia OYJ		45,719
	1,922	Nokian Renkaat OYJ*		60,014
	8,265	Nordea Bank Abp		60,006
	281	Olvi OYJ, Class A		10,928
	7,100	Oriola OYJ, Class B		16,187
	727	Orion OYJ, Class A		26,412
	1,558	Orion OYJ, Class B		57,099
	5,228	Outokumpu OYJ†		17,834
	2,902	Outotec OYJ*		15,324
	7,476	Raisio OYJ		24,695
	873	Revenio Group OYJ		19,854
	3,539	Sampo OYJ, Class A		167,004
	8,204	Stora Enso OYJ		96,413
	390	Tieto OYJ		11,557
	1,160	Tikkurila OYJ†		19,522
	2,646	Tokmanni Group Corp.		24,130
	8,944	UPM-Kymmene OYJ		237,678
	559	Vaisala OYJ, Class A		13,920
	2,116	Valmet OYJ		52,742
	5,634	Wartsila OYJ Abp		81,714
	1,665	YIT OYJ		10,243
				1,873,623
		France—6.4%
	969	Accor SA		41,595
	292	Aeroports de Paris		51,532
	3,912	Air France-KLM*		37,597

Shares			Value (Note 1)
		France (Continued)
	3,207	Air Liquide SA	$	448,724
	3,566	Airbus SE		505,565
	313	Albioma SA		8,293
	966	Alstom SA		44,816
	476	Alten SA†		57,049
	272	Amundi SA#		18,991
	1,401	Arkema SA		130,282
	293	Atos SE		24,495
	368	Aubay		13,119
	10,652	AXA SA		279,796
	570	BioMerieux		47,218
	3,404	BNP Paribas SA		161,659
	5,116	Bollore SA		22,572
	3,865	Bouygues SA		143,142
	3,079	Bureau Veritas SA		76,045
	1,394	Capgemini SE		173,333
	5,158	Carrefour SA†		99,590
	12,773	CGG SA*		24,001
	6,743	Cie de St-Gobain		262,802
	3,063	Cie Generale des Etablissements Michelin SCA		388,522
	585	Cie Plastic Omnium SA		15,253
	961	CNP Assurances		21,811
	2,606	Coface SA		26,284
	874	Credit Agricole SA		10,480
	4,630	Danone SA		392,226
	74	Dassault Systemes SE		11,806
	5,436	Derichebourg SA		20,893
	106	Devoteam SA		12,680
	2,947	Edenred		150,327
	1,777	Eiffage SA		175,673
	6,771	Electricite de France SA		85,347
	1,532	Elior Group SA#		21,061
	4,742	Elis SA		86,004
	11,071	Engie SA		167,935
	288	Eramet		19,145
	329	EssilorLuxottica SA		42,929
	155	Eurofins Scientific SE†		68,561
	993	Euronext NV#		75,144
	1,237	Europcar Mobility Group#,†		8,812
	4,666	Eutelsat Communications SA		87,226
	178	Fnac Darty SA*		13,217
	180	Gaztransport Et Technigaz SA		18,042
	218	Hermes International		157,211
	77	ID Logistics Group*		13,676

Shares			Value (Note 1)
		France (Continued)
	454	Iliad SA†	$	50,984
	688	Imerys SA		36,472
	812	Ingenico Group SA		71,816
	308	Ipsen SA		42,027
	1,041	IPSOS†		27,462
	614	JCDecaux SA		18,600
	685	Kaufman & Broad SA		26,203
	488	Kering SA		288,606
	913	Korian SA		34,737
	948	L'Oreal SA		270,032
	1,721	Lagardere SCA		44,814
	1,064	Lectra		27,283
	3,101	Legrand SA		226,731
	1,845	LVMH Moet Hennessy Louis Vuitton SA		785,263
	444	Mersen SA		17,039
	1,630	Natixis SA		6,559
	993	Neopost SA		21,228
	461	Nexans SA		15,475
	683	Nexity SA		29,512
	31,311	Orange SA		493,646
	525	Orpea		63,339
	200	Pernod-Ricard SA†		36,853
	13,186	Peugeot SA		324,916
	3,099	Publicis Groupe SA		163,613
	179	Remy Cointreau SA		25,809
	2,261	Renault SA		142,150
	5,791	Rexel SA		73,521
	611	Rothschild & Co.		19,801
	873	Rubis SCA		49,158
	2,096	Safran SA		307,096
	2,028	Sanofi		175,051
	174	Sartorius Stedim Biotech		27,443
	3,125	Schneider Electric SE		283,422
	2,540	SCOR SE		111,370
	393	SEB SA		70,652
	6,297	SES SA, ADR		98,454
	411	Societe BIC SA†		31,336
	2,627	Societe Generale SA		66,375
	1,132	Sodexo SA		132,324
	1,621	SPIE SA		30,100
	5,033	STMicroelectronics NV		89,279
	3,853	Suez		55,598
	606	Teleperformance		121,416
	2,268	Television Francaise 1		23,881

Shares			Value (Note 1)
		France (Continued)
	943	Thales SA	$	116,504
	18,666	Total SA		1,045,867
	1,226	Ubisoft Entertainment SA*		95,969
	3,814	Veolia Environnement SA		92,896
	224	Vicat SA		11,131
	3,269	Vinci SA		334,769
	95	Virbac SA*		18,170
	1,081	Vivendi SA		29,759
	328	Worldline SA/France*,#		23,870
				11,588,862
		Germany—5.3%
	1,211	Aareal Bank AG		31,906
	1,377	adidas AG		425,111
	210	ADO Properties SA#		8,687
	1,932	ADVA Optical Networking SE*		14,126
	1,604	Allianz SE, Registered		386,669
	136	Amadeus Fire AG		18,527
	8,773	Aroundtown SA		72,284
	408	Aurubis AG		19,870
	735	Axel Springer SE		51,776
	8,846	BASF SE		642,958
	333	Bauer AG		9,182
	3,459	Bayer AG, Registered		239,691
	4,607	Bayerische Motoren Werke AG		340,982
	474	BayWa AG		13,717
	261	Bechtle AG		29,975
	196	Beiersdorf AG		23,524
	456	Bilfinger SE		14,757
	1,357	Borussia Dortmund GmbH & Co. KGaA		12,769
	2,718	Brenntag AG		133,856
	603	CANCOM SE		32,035
	159	Cewe Stiftung & Co. KGaA		15,730
	6,421	Commerzbank AG*		46,137
	1,367	Continental AG		199,307
	612	Corestate Capital Holding SA*		20,912
	1,506	Covestro AG#		76,565
	1,019	CTS Eventim AG & Co. KGaA		47,414
	10,083	Daimler AG, Registered		560,944
	9,056	Deutsche Bank AG, Registered		69,818
	584	Deutsche Beteiligungs AG		22,545
	1,312	Deutsche Boerse AG		185,589
	696	Deutsche EuroShop AG		19,232
	5,519	Deutsche Lufthansa AG		94,574

Shares			Value (Note 1)
		Germany (Continued)
	1,962	Deutsche Pfandbriefbank AG#	$	23,604
	10,000	Deutsche Post AG, Registered		328,622
	27,548	Deutsche Telekom AG, Registered		476,513
	2,787	Deutsche Wohnen SE		102,267
	3,473	Deutz AG		33,844
	821	Dialog Semiconductor Plc*		33,104
	507	Duerr AG		17,278
	28,452	E.ON SE		309,001
	298	Eckert & Ziegler Strahlen- und Medizintechnik AG		35,105
	601	Elmos Semiconductor AG		15,035
	2,150	Evonik Industries AG		62,610
	1,986	Evotec SE*		55,509
	334	Fielmann AG		24,231
	479	Fraport AG Frankfurt Airport Services Worldwide		41,177
	2,143	Freenet AG		42,876
	2,283	Fresenius Medical Care AG & Co. KGaA		179,228
	2,593	Fresenius SE & Co. KGaA		140,584
	305	FUCHS PETROLUB SE		10,873
	2,497	GEA Group AG		70,983
	620	Gerresheimer AG		45,649
	287	Gesco AG		7,865
	1,432	Grand City Properties SA		32,729
	153	Hannover Rueck SE		24,739
	417	HeidelbergCement AG		33,742
	524	Hella GmbH & Co. KGaA		25,907
	443	Henkel AG & Co. KGaA		40,677
	160	HOCHTIEF AG		19,485
	461	Hornbach Holding AG & Co. KGaA		26,184
	1,048	HUGO BOSS AG		69,713
	487	Indus Holding AG		21,874
	14,412	Infineon Technologies AG		254,832
	3,678	K+S AG, Registered		68,505
	578	KION Group AG		36,438
	2,961	Kloeckner & Co. SE		17,727
	730	LANXESS AG		43,380
	874	LEG Immobilien AG		98,587
	746	Merck KGaA		78,008
	4,159	METRO AG		76,022
	456	MTU Aero Engines AG		108,629

Shares			Value (Note 1)
		Germany (Continued)
	600	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered	$	150,575
	1,083	Nemetschek SE		65,207
	397	Norma Group SE		16,450
	390	OHB SE		14,834
	1,631	OSRAM Licht AG		53,710
	471	PATRIZIA Immobilien AG		9,747
	400	Puma SE		26,676
	1,192	QIAGEN NV*		48,375
	19	Rational AG		13,082
	1,056	Rheinmetall AG		129,264
	549	RHOEN-KLINIKUM AG		16,793
	1,227	Rocket Internet SE*,#		35,383
	641	RTL Group SA		32,829
	1,420	RWE AG		34,990
	1,686	SAF-Holland SA		19,555
	523	Salzgitter AG		14,975
	3,020	SAP SE		414,695
	963	Scout24 AG#		51,160
	2,581	Siemens AG, Registered		306,986
	185	Sixt SE		19,816
	435	Software AG		14,938
	286	STRATEC SE		18,504
	324	Stroeer SE & Co. KGaA		24,334
	1,626	Suedzucker AG		27,530
	1,073	Symrise AG		103,270
	1,795	TAG Immobilien AG*		41,475
	1,202	Takkt AG		17,495
	315	Talanx AG*		13,647
	420	Technotrans SE		10,387
	5,253	Telefonica Deutschland Holding AG		14,676
	2,041	thyssenkrupp AG		29,765
	1,100	TLG Immobilien AG		32,208
	1,060	Uniper SE		32,098
	2,405	United Internet AG, Registered		79,198
	542	Volkswagen AG		93,155
	4,022	Vonovia SE		192,083
	257	Vossloh AG		9,439
	236	Wacker Chemie AG		18,672
	904	Wacker Neuson SE		22,738
	209	Washtec AG		14,212
	1,065	Wirecard AG		179,290
	767	Zeal Network SE		17,234
				9,495,755

Shares			Value (Note 1)
		Hong Kong—1.9%
	145,000	Agritrade Resources, Ltd.	$	20,975
	76,800	AIA Group, Ltd.		828,296
	2,500	ASM Pacific Technology, Ltd.		25,603
	2,700	BOC Aviation, Ltd.#		22,674
	13,000	BOC Hong Kong Holdings, Ltd.		51,173
	10,000	Cafe de Coral Holdings, Ltd.		29,763
	15,000	Chow Sang Sang Holdings International, Ltd.		22,236
	56,000	CITIC Telecom International Holdings, Ltd.		22,223
	6,500	CK Asset Holdings, Ltd.		50,882
	11,000	CK Hutchison Holdings, Ltd.		108,427
	2,000	CK Infrastructure Holdings, Ltd.		16,309
	8,500	CLP Holdings, Ltd.		93,795
	6,000	Dah Sing Banking Group, Ltd.		10,830
	4,800	Dah Sing Financial Holdings, Ltd.		22,428
	52,500	Esprit Holdings, Ltd.*		10,014
	51,000	Far East Consortium International, Ltd./HK		23,503
	58,000	First Pacific Co., Ltd.		23,536
	20,000	Galaxy Entertainment Group, Ltd.		134,798
	40,000	Giordano International, Ltd.		17,512
	142,000	Guotai Junan International Holdings, Ltd.		24,540
	75,000	Haitong International Securities Group, Ltd.		24,482
	4,000	Hang Lung Group, Ltd.		11,086
	6,000	Hang Lung Properties, Ltd.		14,271
	8,300	Hang Seng Bank, Ltd.		206,658
	5,500	Henderson Land Development Co., Ltd.		30,310
	7,500	HKBN, Ltd.		13,518
	19,200	HKR International, Ltd.		9,635
	23,100	Hong Kong & China Gas Co., Ltd.		51,217
	7,487	Hong Kong Exchanges & Clearing, Ltd.		264,336
	14,000	Hongkong & Shanghai Hotels, Ltd. (The)		18,244
	50,000	Hutchison Telecommunications Hong Kong Holdings, Ltd.		11,777
	3,000	Hysan Development Co., Ltd.		15,496
	8,000	IGG, Inc.		8,920
	5,500	Johnson Electric Holdings, Ltd.		11,744
	7,000	Kerry Logistics Network, Ltd.		12,599
	6,000	Kerry Properties, Ltd.		25,193

Shares			Value (Note 1)
		Hong Kong (Continued)
	5,750	L'Occitane International SA	$	11,365
	38,400	Landing International Development, Ltd.*		5,309
	92,000	Li & Fung, Ltd.		16,017
	15,500	Lifestyle International Holdings, Ltd.		22,660
	6,000	Luk Fook Holdings International, Ltd.		18,818
	51,600	Man Wah Holdings, Ltd.		22,723
	480,000	Mason Group Holdings, Ltd.*		7,496
	4,000	MTR Corp., Ltd.		26,934
	49,000	New World Development Co., Ltd.		76,652
	44,000	NewOcean Energy Holdings, Ltd.*		9,970
	5,000	NWS Holdings, Ltd.		10,279
	116,000	Pacific Basin Shipping, Ltd.		21,235
	66,000	PCCW, Ltd.		38,104
	3,000	Power Assets Holdings, Ltd.		21,583
	60,000	Sa Sa International Holdings, Ltd.		17,205
	6,900	Samsonite International SA*,#		15,829
	12,800	Sands China, Ltd.		61,200
	12,000	Shangri-La Asia, Ltd.		15,131
	100,000	Shun Tak Holdings, Ltd.		40,068
	138,000	Singamas Container Holdings, Ltd.		20,669
	8,000	Sino Land Co., Ltd.		13,416
	23,000	SITC International Holdings Co., Ltd.		23,437
	13,500	SmarTone Telecommunications Holdings, Ltd.		12,858
	5,500	Sun Hung Kai Properties, Ltd.		93,290
	27,000	SUNeVision Holdings, Ltd.		23,503
	4,500	Swire Pacific, Ltd., Class A		55,302
	15,000	Swire Pacific, Ltd., Class B		28,419
	3,000	Swire Properties, Ltd.		12,116
	8,000	Techtronic Industries Co., Ltd.		61,241
	12,000	Television Broadcasts, Ltd.		20,062
	30,000	United Laboratories International Holdings, Ltd. (The)		16,091
	4,000	Vitasoy International Holdings, Ltd.		19,228
	1,300	VTech Holdings, Ltd.		11,633
	105,500	WH Group, Ltd.#		106,963
	2,000	Wharf Real Estate Investment Co., Ltd.		14,094
	3,000	Wheelock & Co., Ltd.		21,506
	9,200	Wynn Macau, Ltd.		20,610

Shares			Value (Note 1)
		Hong Kong (Continued)
	34,000	Xinyi Glass Holdings, Ltd.	$	35,690
	6,000	Yue Yuen Industrial Holdings, Ltd.		16,437
				3,374,146
		Ireland—0.5%
	5,093	AIB Group Plc		20,825
	10,939	Bank of Ireland Group Plc		57,169
	3,640	C&C Group Plc		16,184
	3,828	CRH Plc		124,882
	5,700	CRH Plc, SP ADR		186,675
	738	Flutter Entertainment Plc		55,503
	3,273	Glanbia Plc		53,221
	1,946	Irish Continental Group Plc		9,648
	1,159	Kerry Group Plc, Class A		138,379
	1,950	Kingspan Group Plc		105,901
	945	Smurfit Kappa Group Plc		28,594
				796,981
		Israel—0.3%
	669	ADO Group, Ltd.*		10,029
	9,376	Bank Hapoalim BM*		69,516
	9,084	Bank Leumi Le-Israel BM		65,569
	25	Bayside Land Corp.		13,212
	2,356	Cellcom Israel, Ltd.*		6,747
	1,006	Clal Insurance Enterprises Holdings, Ltd.*		16,772
	187	Elbit Systems, Ltd.		27,958
	58	Electra, Ltd./Israel		16,221
	501	Fox Wizel, Ltd.		14,347
	2,147	Harel Insurance Investments & Financial Services, Ltd.		16,081
	275	IDI Insurance Co., Ltd.		10,695
	7,565	Israel Chemicals, Ltd.		39,618
	1,175	Matrix IT, Ltd.		16,907
	2,083	Maytronics, Ltd.		14,335
	1,106	Menora Mivtachim Holdings, Ltd.		16,797
	1,212	Mizrahi Tefahot Bank, Ltd.*		27,940
	2,005	Naphtha Israel Petroleum Corp., Ltd.		13,096
	156	Nice, Ltd.*		21,205
	324	Nice, Ltd., SP ADR*		44,388
	21,016	Oil Refineries, Ltd.*		10,776
	2,397	Partner Communications Co., Ltd.*		10,243
	134	Paz Oil Co., Ltd.		18,826
	403	Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		21,004

Shares			Value (Note 1)
		Israel (Continued)
	6,488	Shikun & Binui, Ltd.*	$	18,907
	1,314	Summit Real Estate Holdings, Ltd.		12,666
	769	Teva Pharmaceutical Industries, Ltd., SP ADR*		7,098
				560,953
		Italy—1.8%
	23,194	A2A SpA		40,246
	1,290	Amplifon SpA		30,159
	9,605	Assicurazioni Generali SpA		180,866
	2,754	Atlantia SpA		71,744
	1,709	Azimut Holding SpA†		32,900
	2,332	Banca Farmafactoring SpA#		12,993
	9,396	Banca Popolare di Sondrio SCPA		20,823
	30,073	Banco BPM SpA*,†		61,211
	10,009	BPER Banca		40,779
	1,912	Brembo SpA†		22,024
	1,230	Buzzi Unicem SpA		24,959
	3,016	Cairo Communication SpA		9,054
	13,512	CIR-Compagnie Industriali Riunite SpA		14,443
	8,425	CNH Industrial NV		86,393
	3,914	Credito Emiliano SpA		18,848
	248,243	Credito Valtellinese SpA*		15,949
	2,404	Davide Campari-Milano SpA		23,550
	253	DiaSorin SpA		29,373
	59,059	Enel SpA		412,338
	28,467	Eni SpA		472,794
	806	ERG SpA		16,497
	8,133	Falck Renewables SpA		34,144
	211	Ferrari NV		34,060
	1,143	Ferrari NV		185,598
	22,449	Fiat Chrysler Automobiles NV*		313,111
	4,440	FinecoBank Banca Fineco SpA		49,528
	725	Gruppo MutuiOnline SpA		12,910
	6,924	Hera SpA		26,486
	375	Interpump Group SpA		11,539
	48,690	Intesa Sanpaolo SpA		104,198
	9,018	Iren SpA		23,441
	7,345	Italgas SpA		49,344
	2,260	Leonardo SpA		28,641
	7,518	Mediobanca Banca di Credito Finanziario SpA		77,503
	7,618	OVS SpA*,#,†		13,080
	2,693	Poste Italiane SpA#		28,356
	5,199	Saipem SpA*		25,864

Shares			Value (Note 1)
		Italy (Continued)
	10,551	Saras SpA	$	15,885
	14,612	Snam SpA		72,625
	4,405	Societa Cattolica di Assicurazioni SC		39,395
	3,313	Tamburi Investment Partners SpA		21,134
	151,273	Telecom Italia SpA/Milano*		82,600
	1,807	Tenaris SA		23,650
	12,686	Terna Rete Elettrica Nazionale SpA		80,781
	4,434	UniCredit SpA		54,584
	19,026	Unione di Banche Italiane SpA†		51,923
	10,854	Unipol Gruppo SpA		52,861
	9,399	UnipolSai Assicurazioni SpA†		24,143
				3,175,327
		Japan—17.1%
	1,200	77 Bank, Ltd. (The)		17,641
	400	ABC-Mart, Inc.		26,045
	5,900	Acom Co., Ltd.		21,233
	1,200	Adastria Co., Ltd.		25,688
	1,500	ADEKA Corp.		22,149
	2,500	Advantest Corp.		68,752
	4,700	Aeon Co., Ltd.		80,691
	1,400	AEON Financial Service Co., Ltd.		22,529
	2,100	AGC, Inc./Japan		72,555
	1,200	Ai Holdings Corp.		19,367
	700	Aica Kogyo Co., Ltd.		23,373
	2,900	Aida Engineering, Ltd.		22,379
	8,600	Aiful Corp.*,†		17,549
	300	Ain Holdings, Inc.		17,447
	2,300	Air Water, Inc.		39,338
	2,300	Aisin Seiki Co., Ltd.		79,145
	2,900	Ajinomoto Co., Inc.		50,245
	1,200	Alconix Corp.†		15,816
	800	Alfresa Holdings Corp.		19,723
	2,600	Alps Alpine Co., Ltd.		43,794
	2,700	Amada Holdings Co., Ltd.		30,377
	1,000	Amano Corp.		27,575
	700	ANA Holdings, Inc.		23,166
	1,500	Anritsu Corp.†		26,059
	1,100	AOKI Holdings, Inc.		10,886
	900	Aoyama Trading Co., Ltd.		17,630
	700	Aozora Bank, Ltd.		16,790
	200	Arata Corp.		6,799
	2,000	Arcland Sakamoto Co., Ltd.		24,468
	1,000	Arcs Co., Ltd.		19,923

Shares			Value (Note 1)
		Japan (Continued)
	1,400	Arisawa Manufacturing Co., Ltd.†	$	11,505
	1,800	Asahi Diamond Industrial Co., Ltd.		10,969
	3,400	Asahi Group Holdings, Ltd.		152,790
	1,000	Asahi Holdings, Inc.		20,285
	1,600	Asahi Intecc Co., Ltd.		39,386
	15,000	Asahi Kasei Corp.		159,788
	10,900	Astellas Pharma, Inc.		155,187
	2,400	Atom Corp.†		21,236
	1,600	Avex, Inc.		20,301
	800	Awa Bank, Ltd. (The)		19,144
	1,100	Azbil Corp.		26,853
	2,000	Bandai Namco Holdings, Inc.		97,018
	600	Bank of Kyoto, Ltd. (The)		23,179
	1,300	Bank of the Ryukyus, Ltd.		13,866
	1,300	Bell System24 Holdings, Inc.		17,942
	1,300	Belluna Co., Ltd.		8,862
	800	Benesse Holdings, Inc.		18,610
	1,500	Bic Camera, Inc.		14,720
	800	BML, Inc.		22,706
	7,200	Bridgestone Corp.†		283,285
	4,000	Broadleaf Co., Ltd.		19,738
	1,400	Brother Industries, Ltd.		26,425
	3,200	Bunka Shutter Co., Ltd.		24,249
	700	Calbee, Inc.		18,880
	900	Canon Electronics, Inc.		15,134
	4,600	Canon, Inc.		134,226
	1,200	Capcom Co., Ltd.		24,063
	1,600	Casio Computer Co., Ltd.		19,856
	1,300	Cawachi, Ltd.		24,067
	1,100	Central Glass Co., Ltd.		24,405
	900	Central Japan Railway Co.		180,142
	3,700	Chiba Bank, Ltd. (The)		18,051
	1,100	Chofu Seisakusho Co., Ltd.		21,772
	3,800	Chubu Electric Power Co., Inc.		53,274
	700	Chudenko Corp.		14,543
	400	Chugai Pharmaceutical Co., Ltd.		26,119
	1,700	Chugoku Electric Power Co., Inc. (The)		21,413
	5,400	Citizen Watch Co., Ltd.		27,697
	2,400	CKD Corp.		24,308
	3,900	CMK Corp.		22,644
	800	Coca-Cola Bottlers Japan Holdings, Inc.†		20,250
	800	cocokara fine, Inc.		41,553
	1,000	Colowide Co., Ltd.†		19,125

Shares			Value (Note 1)
		Japan (Continued)
	900	COMSYS Holdings Corp.	$	22,806
	5,100	Concordia Financial Group, Ltd.		18,969
	2,000	Cosmo Energy Holdings Co., Ltd.		45,022
	1,900	Credit Saison Co., Ltd.		22,222
	900	CyberAgent, Inc.		32,598
	1,700	Dai Nippon Printing Co., Ltd.		36,203
	3,600	Dai-ichi Life Holdings, Inc.		54,260
	2,100	Daicel Corp.		18,660
	3,700	Daido Metal Co., Ltd.		22,719
	600	Daido Steel Co., Ltd.		22,733
	700	Daifuku Co., Ltd.		39,280
	1,000	Daihen Corp.		28,660
	700	Daiho Corp.		17,530
	400	Daiichi Sankyo Co., Ltd.		20,906
	600	Daiichikosho Co., Ltd.		27,881
	1,500	Daikin Industries, Ltd.		195,682
	1,400	Daikyonishikawa Corp.		11,102
	800	Dainichiseika Color & Chemicals Manufacturing Co., Ltd.		22,446
	1,900	Daio Paper Corp.†		22,328
	500	Daito Trust Construction Co., Ltd.		63,697
	5,300	Daiwa House Industry Co., Ltd.		154,406
	9,500	Daiwa Securities Group, Inc.		41,599
	500	Daiwabo Holdings Co., Ltd.		23,791
	2,200	DCM Holdings Co., Ltd.		21,589
	1,200	DeNA Co., Ltd.		22,984
	1,300	Denka Co., Ltd.		38,524
	3,100	Denso Corp.		130,337
	200	Dentsu, Inc.		6,975
	2,400	Dexerials Corp.		15,449
	1,200	DIC Corp.†		31,654
	400	Digital Arts, Inc.		35,246
	400	Disco Corp.		65,594
	1,800	DMG Mori Co., Ltd.†		28,799
	1,100	Doutor Nichires Holdings Co., Ltd.		20,813
	1,100	Dowa Holdings Co., Ltd.		35,250
	1,000	Duskin Co., Ltd.		26,258
	500	DyDo Group Holdings, Inc.		21,472
	1,900	East Japan Railway Co.		177,638
	1,100	Ebara Corp.		29,833
	2,100	EDION Corp.		19,497
	300	Eisai Co., Ltd.		16,948
	600	Eizo Corp.		21,342
	800	Elecom Co., Ltd.		27,083

Shares			Value (Note 1)
		Japan (Continued)
	900	Electric Power Development Co., Ltd.	$	20,435
	500	Exedy Corp.		10,462
	900	Fancl Corp., Class C		22,121
	200	FANUC Corp.		36,971
	400	Fast Retailing Co., Ltd.		241,636
	1,100	FCC Co., Ltd.		22,987
	2,700	Ferrotec Holdings Corp.		21,261
	2,100	Financial Products Group Co., Ltd.		17,335
	400	FP Corp.		24,412
	1,600	Fuji Corp/Aichi		20,331
	1,400	Fuji Electric Co., Ltd.		48,240
	1,500	Fuji Media Holdings, Inc.		20,897
	700	Fuji Oil Holdings, Inc.		21,101
	700	Fuji Seal International, Inc.		21,393
	900	FUJIFILM Holdings Corp.		45,603
	7,900	Fujikura, Ltd.		29,676
	1,600	Fujitsu General, Ltd.		25,406
	2,800	Fujitsu, Ltd.		195,090
	1,000	Fukuoka Financial Group, Inc.		18,244
	600	Fukuyama Transporting Co., Ltd.		21,704
	1,400	Funai Soken Holdings, Inc.		33,865
	900	Furukawa Co., Ltd.		11,653
	1,200	Furukawa Electric Co., Ltd.		35,116
	800	Futaba Corp.		10,425
	500	Fuyo General Lease Co., Ltd.		28,428
	800	Geo Holdings Corp.		10,240
	1,000	Glory, Ltd.		26,379
	1,700	GMO internet, Inc.		30,779
	700	Goldcrest Co., Ltd.		12,323
	200	Goldwin, Inc.		25,061
	5,100	Gree, Inc.†		23,699
	2,200	GS Yuasa Corp.		42,402
	4,900	Gunma Bank, Ltd. (The)		17,134
	600	Gunze, Ltd.		25,794
	1,700	H2O Retailing Corp.		19,584
	5,000	Hachijuni Bank, Ltd. (The)		20,359
	2,400	Hakuhodo DY Holdings, Inc.		40,380
	700	Hamamatsu Photonics KK		27,236
	2,200	Hankyu Hanshin Holdings, Inc.		78,765
	800	Hanwa Co., Ltd.		21,377
	400	Harmonic Drive Systems, Inc.†		15,415
	5,200	Haseko Corp.		52,572
	3,500	Hazama Ando Corp.		23,373

Shares			Value (Note 1)
		Japan (Continued)
	600	Heiwa Real Estate Co., Ltd.	$	12,249
	900	Heiwado Co., Ltd.		15,961
	200	Hikari Tsushin, Inc.		43,575
	3,100	Hiroshima Bank, Ltd. (The)		14,923
	400	Hisamitsu Pharmaceutical Co., Inc.		15,786
	1,000	Hitachi Capital Corp.*		22,214
	1,500	Hitachi Chemical Co., Ltd.		40,709
	1,900	Hitachi Construction Machinery Co., Ltd.		49,379
	700	Hitachi High-Technologies Corp.		35,969
	2,000	Hitachi Metals, Ltd.		22,576
	6,400	Hitachi Zosen Corp.		23,448
	11,500	Hitachi, Ltd.		421,217
	400	Hogy Medical Co., Ltd.†		11,798
	2,900	Hokkaido Electric Power Co., Inc.		16,219
	700	Hokkoku Bank, Ltd. (The)		19,673
	3,000	Hokuetsu Corp.		16,167
	1,800	Hokuhoku Financial Group, Inc.		18,699
	2,300	Hokuriku Electric Power Co.*		16,661
	1,200	Hokuto Corp.		20,224
	11,600	Honda Motor Co., Ltd.		299,643
	500	Horiba, Ltd.		25,785
	3,100	Hosiden Corp.		34,360
	2,400	Hoya Corp.		183,737
	2,300	Hulic Co., Ltd.		18,474
	3,000	Hyakugo Bank, Ltd. (The)		9,266
	1,400	Ibiden Co., Ltd.		24,490
	1,000	IBJ Leasing Co., Ltd.		25,015
	6,700	Ichigo, Inc.		19,637
	600	Idec Corp/Japan		11,241
	3,300	Idemitsu Kosan Co., Ltd.		99,170
	2,200	IHI Corp.		52,993
	1,100	Iida Group Holdings Co., Ltd.		17,753
	900	Inabata & Co., Ltd.		11,511
	7,300	Inpex Corp.		65,765
	1,000	Internet Initiative Japan, Inc.		18,736
	600	Iriso Electronics Co., Ltd.		30,163
	1,900	Isetan Mitsukoshi Holdings, Ltd.		15,402
	1,600	Ishihara Sangyo Kaisha, Ltd.		18,684
	1,500	Isuzu Motors, Ltd.		17,071
	500	Ito En, Ltd.		23,281
	2,500	ITOCHU Corp.		47,779
	3,400	Itoham Yonekyu Holdings, Inc.		23,147
	700	Iwatani Corp.		24,282
	4,100	Iyo Bank, Ltd. (The)		20,687

Shares			Value (Note 1)
		Japan (Continued)
	500	Izumi Co., Ltd.	$	20,197
	1,600	J Front Retailing Co., Ltd.		18,328
	2,300	J Trust Co., Ltd.†		10,304
	1,300	Jaccs Co., Ltd.		25,864
	700	Jafco Co., Ltd.		25,613
	1,400	Japan Airlines Co., Ltd.		44,708
	1,800	Japan Aviation Electronics Industry, Ltd.		26,395
	4,900	Japan Exchange Group, Inc.		77,807
	1,500	Japan Lifeline Co., Ltd.		24,250
	1,100	Japan Petroleum Exploration Co., Ltd.		25,405
	4,300	Japan Post Holdings Co., Ltd.		48,657
	600	Japan Pulp & Paper Co., Ltd.		19,951
	3,000	Japan Securities Finance Co., Ltd.		15,276
	1,300	Japan Steel Works, Ltd. (The)		21,692
	10,300	Japan Tobacco, Inc.†		227,323
	2,800	Japan Wool Textile Co., Ltd. (The)		21,841
	3,600	JFE Holdings, Inc.		52,841
	1,500	JGC Corp.		20,563
	400	JINS, Inc.		22,223
	600	Joshin Denki Co., Ltd.		11,820
	700	JSR Corp.		11,044
	3,800	JTEKT Corp.		46,031
	800	Juroku Bank, Ltd. (The)		16,280
	8,900	JVC Kenwood Corp.		20,637
	45,900	JXTG Holdings, Inc.		227,510
	2,200	K's Holdings Corp.		20,752
	1,900	Kadokawa Dwango*		25,694
	800	Kaga Electronics Co., Ltd.		11,523
	800	Kagome Co., Ltd.		18,587
	7,500	Kajima Corp.		102,815
	1,100	Kakaku.com, Inc.		21,222
	500	Kaken Pharmaceutical Co., Ltd.		23,373
	1,000	Kamigumi Co., Ltd.		23,652
	800	Kanamoto Co., Ltd.		20,672
	2,200	Kandenko Co., Ltd.		18,365
	600	Kaneka Corp.		22,539
	1,700	Kanematsu Corp.		18,827
	4,400	Kansai Electric Power Co.,Inc. (The)		50,381
	1,200	Kansai Paint Co., Ltd.		25,143
	3,400	Kao Corp.		258,906
	400	Kato Sangyo Co., Ltd.		12,132
	300	KAWADA TECHNOLOGIES, Inc.		22,399
	2,100	Kawasaki Heavy Industries, Ltd.		49,337

Shares			Value (Note 1)
		Japan (Continued)
	1,600	Kawasaki Kisen Kaisha, Ltd.*,†	$	19,515
	15,300	KDDI Corp.		389,329
	1,200	Keihan Holdings Co., Ltd.		52,256
	1,300	Keihin Corp.		18,605
	1,500	Keikyu Corp.		25,808
	700	Keio Corp.		46,033
	200	Keisei Electric Railway Co., Ltd.		7,281
	2,500	Keiyo Bank, Ltd. (The)		14,608
	4,600	Kenedix, Inc.		22,911
	900	Kewpie Corp.		19,876
	600	Keyence Corp.		368,019
	400	Kikkoman Corp.		17,400
	1,400	Kintetsu Group Holdings Co., Ltd.		67,004
	900	Kintetsu World Express, Inc.		11,728
	6,400	Kirin Holdings Co., Ltd.		137,925
	800	Kissei Pharmaceutical Co., Ltd.		19,960
	1,500	Kito Corp.		23,109
	2,600	Kitz Corp.		18,183
	1,600	Kiyo Bank, Ltd. (The)		20,361
	1,900	Koa Corp.		24,584
	800	Kobe Bussan Co., Ltd.		38,807
	4,400	Kobe Steel, Ltd.		28,772
	900	Kohnan Shoji Co., Ltd.		18,699
	1,500	Koito Manufacturing Co., Ltd.		79,998
	1,500	Kokuyo Co., Ltd.		20,980
	11,000	Komatsu, Ltd.		265,269
	1,100	KOMEDA Holdings Co., Ltd.		20,722
	1,000	Komeri Co., Ltd.		20,424
	1,400	Komori Corp.		15,180
	700	Konami Holdings Corp.		32,788
	6,900	Konica Minolta, Inc.		67,134
	500	Konoike Transport Co., Ltd.		7,875
	300	Kose Corp.		50,281
	500	Kotobuki Spirits Co., Ltd.		23,466
	4,600	Kubota Corp.†		76,500
	3,100	Kumiai Chemical Industry Co., Ltd.		22,399
	2,700	Kuraray Co., Ltd.		32,230
	400	Kureha Corp.		27,269
	1,100	Kurita Water Industries, Ltd.		27,292
	1,100	KYB Corp.*		31,016
	500	Kyocera Corp.		32,625
	1,500	Kyoei Steel, Ltd.		26,490
	1,700	Kyokuto Kaihatsu Kogyo Co., Ltd.		21,145
	500	KYORIN Holdings, Inc.		8,848

Shares			Value (Note 1)
		Japan (Continued)
	500	Kyoritsu Maintenance Co., Ltd.†	$	23,327
	1,000	Kyowa Exeo Corp.		24,876
	1,100	Kyowa Hakko Kirin Co., Ltd.		19,783
	600	Kyudenko Corp.		18,003
	2,400	Kyushu Electric Power Co., Inc.		23,551
	5,000	Kyushu Financial Group, Inc.		19,756
	1,200	Kyushu Railway Co.		34,949
	800	Lasertec Corp.		31,684
	400	Lawson, Inc.		19,181
	2,600	Leopalace21 Corp.*,†		6,728
	1,000	Life Corp.		20,090
	100	LINE Corp.*		2,796
	1,000	Lintec Corp.		20,823
	1,100	Lion Corp.		20,477
	2,600	LIXIL Group Corp.		41,093
	1,400	LIXIL VIVA Corp.		16,232
	3,900	M3, Inc.		71,225
	700	Mabuchi Motor Co., Ltd.†		23,925
	1,300	Macnica Fuji Electronics Holdings, Inc.		17,182
	900	Macromill, Inc.		10,793
	1,500	Maeda Corp.		11,993
	600	Makino Milling Machine Co., Ltd.		24,180
	900	Makita Corp.		30,552
	3,800	Marubeni Corp.		25,130
	800	Marudai Food Co., Ltd.		15,018
	700	Maruha Nichiro Corp.		20,549
	1,100	Marui Group Co., Ltd.		22,385
	2,200	Marusan Securities Co., Ltd.		11,407
	400	Maruwa Co., Ltd.†		21,852
	1,900	Matsui Securities Co., Ltd.		17,905
	1,700	Maxell Holdings, Ltd.		23,226
	6,700	Mazda Motor Corp.		69,880
	500	McDonald's Holdings Co. Japan, Ltd.		22,028
	9,000	Mebuki Financial Group, Inc.		23,457
	1,000	Medipal Holdings Corp.		22,066
	1,000	Megachips Corp.		12,623
	1,000	Megmilk Snow Brand Co., Ltd.		21,908
	1,700	Meidensha Corp.		26,553
	700	MEIJI Holdings Co., Ltd.		49,993
	1,200	Meiko Electronics Co., Ltd.†		19,623
	500	Meitec Corp.		25,646
	600	Milbon Co., Ltd.		29,050

Shares			Value (Note 1)
		Japan (Continued)
	1,200	Mimasu Semiconductor Industry Co., Ltd.	$	17,897
	5,500	MINEBEA MITSUMI, Inc.		93,099
	900	Miraca Holdings, Inc.		20,452
	1,600	Mirait Holdings Corp.		23,670
	1,000	MISUMI Group, Inc.		25,061
	15,300	Mitsubishi Chemical Holdings Corp.		106,801
	3,600	Mitsubishi Corp.		94,829
	13,000	Mitsubishi Electric Corp.		171,099
	4,500	Mitsubishi Estate Co., Ltd.		83,685
	1,700	Mitsubishi Gas Chemical Co., Inc.		22,642
	300	Mitsubishi Heavy Industries, Ltd.		13,053
	1,000	Mitsubishi Materials Corp.		28,428
	5,200	Mitsubishi Motors Corp.		24,887
	1,500	Mitsubishi Tanabe Pharma Corp.		16,695
	43,600	Mitsubishi UFJ Financial Group, Inc.		207,051
	8,700	Mitsubishi UFJ Lease & Finance Co., Ltd.		46,076
	4,900	Mitsui & Co., Ltd.		79,716
	3,000	Mitsui Chemicals, Inc.		74,210
	2,100	Mitsui E&S Holdings Co., Ltd.*		19,341
	800	Mitsui Fudosan Co., Ltd.		19,385
	1,100	Mitsui Mining & Smelting Co., Ltd.		26,282
	1,900	Mitsui OSK Lines, Ltd.		45,449
	800	Mitsui-Soko Holdings Co., Ltd.		11,509
	900	Miura Co., Ltd.		27,756
	1,000	Mixi, Inc.		20,044
	700	Miyazaki Bank, Ltd. (The)		15,641
	84,900	Mizuho Financial Group, Inc.		122,923
	300	Mochida Pharmaceutical Co., Ltd.		12,758
	400	Modec, Inc.		11,279
	7,000	Monex Group, Inc.†		24,672
	300	Monogatari Corp. (The)†		23,902
	1,100	MonotaRO Co., Ltd.†		26,792
	700	Morinaga Milk Industry Co., Ltd.		27,691
	1,800	MS&AD Insurance Group Holdings, Inc.		57,098
	4,200	Murata Manufacturing Co., Ltd.		188,545
	2,000	Musashi Seimitsu Industry Co., Ltd.		25,692
	1,000	Musashino Bank, Ltd. (The)		18,866
	1,200	Nabtesco Corp.		33,324

Shares			Value (Note 1)
		Japan (Continued)
	600	Nachi-Fujikoshi Corp.	$	24,737
	1,500	Nagase & Co., Ltd.		22,469
	1,300	Nagoya Railroad Co., Ltd.		35,944
	1,200	Nankai Electric Railway Co., Ltd.		29,161
	800	Nanto Bank, Ltd. (The)		17,348
	2,600	NEC Corp.		102,249
	1,100	NET One Systems Co., Ltd.		30,251
	2,000	NGK Insulators, Ltd.		29,143
	2,500	NGK Spark Plug Co., Ltd.		46,886
	700	NH Foods, Ltd.		29,963
	2,400	NHK Spring Co., Ltd.		18,521
	1,300	Nichi-iko Pharmaceutical Co., Ltd.		14,204
	1,200	Nichias Corp.		21,559
	2,800	Nichicon Corp.		22,776
	2,200	NichiiGakkan Co., Ltd.		32,036
	800	Nichirei Corp.		18,973
	1,300	Nidec Corp.		177,550
	1,600	Nifco, Inc.		39,609
	700	Nihon Kohden Corp.		18,945
	1,000	Nihon M&A Center, Inc.		23,967
	1,800	Nihon Parkerizing Co., Ltd.		19,934
	900	Nihon Unisys, Ltd.		30,177
	1,300	Nikkon Holdings Co., Ltd.		29,807
	3,000	Nikon Corp.		42,406
	200	Nintendo Co., Ltd.		73,255
	1,200	Nippo Corp.		23,629
	600	Nippon Carbon Co., Ltd.†		22,984
	1,500	Nippon Chemi-Con Corp.		21,899
	700	Nippon Densetsu Kogyo Co., Ltd.		14,031
	900	Nippon Electric Glass Co., Ltd.		22,781
	1,200	Nippon Express Co., Ltd.		63,776
	900	Nippon Flour Mills Co., Ltd.		14,375
	600	Nippon Gas Co., Ltd.		15,243
	10,300	Nippon Light Metal Holdings Co., Ltd.		22,259
	1,200	Nippon Paper Industries Co., Ltd.		21,236
	1,200	Nippon Seiki Co., Ltd.		20,591
	2,600	Nippon Sheet Glass Co., Ltd.		17,677
	400	Nippon Shokubai Co., Ltd.		26,416
	2,600	Nippon Signal Company, Ltd.		30,168
	900	Nippon Soda Co., Ltd.		22,781
	5,500	Nippon Steel Corp.		94,324
	500	Nippon Steel Trading Corp.		20,591
	3,600	Nippon Suisan Kaisha, Ltd.		22,305

Shares			Value (Note 1)
		Japan (Continued)
	4,000	Nippon Telegraph & Telephone Corp.	$	186,134
	4,900	Nippon Thompson Co., Ltd.		22,042
	5,300	Nippon Yakin Kogyo Co., Ltd.†		11,061
	1,800	Nippon Yusen KK		28,866
	2,200	Nipro Corp.		24,384
	2,000	Nishi-Nippon Financial Holdings, Inc.		14,376
	900	Nishi-Nippon Railroad Co., Ltd.		19,200
	1,000	Nishimatsu Construction Co., Ltd.		19,264
	700	Nishio Rent All Co., Ltd.		19,770
	1,300	Nissan Chemical Corp.		58,540
	27,700	Nissan Motor Co., Ltd.		198,241
	2,700	Nissan Shatai Co., Ltd.		26,245
	1,100	Nissha Co., Ltd.†		11,274
	400	Nisshin Oillio Group, Ltd. (The)		11,186
	2,700	Nisshinbo Holdings, Inc.		20,610
	400	Nissin Foods Holdings Co., Ltd.		25,748
	1,600	Nissin Kogyo Co., Ltd.		21,978
	500	Nitori Holdings Co., Ltd.		66,225
	1,300	Nitto Boseki Co., Ltd.		27,467
	1,400	Nitto Denko Corp.		69,042
	700	Nitto Kogyo Corp.		13,362
	500	Noevir Holdings Co., Ltd.		27,315
	700	NOF Corp.		26,068
	1,100	Nojima Corp.		17,926
	1,500	NOK Corp.		22,455
	1,800	Nomura Co., Ltd.		22,455
	9,400	Nomura Holdings, Inc.		33,079
	1,100	Nomura Real Estate Holdings, Inc.		23,629
	1,500	Nomura Research Institute, Ltd.		24,027
	300	Noritake Co. Ltd/Nagoya Japan		12,563
	700	Noritsu Koki Co., Ltd.		13,647
	1,100	Noritz Corp.		13,151
	7,800	North Pacific Bank, Ltd.		18,521
	1,100	NSD Co., Ltd.		31,781
	5,200	NSK, Ltd.		46,302
	5,100	NTN Corp.		15,137
	5,900	NTT Data Corp.		78,528
	11,900	NTT DOCOMO, Inc.		277,315
	6,000	Obayashi Corp.		59,046
	300	Obic Co., Ltd.		33,947
	2,100	Odakyu Electric Railway Co., Ltd.		51,363
	1,100	Ogaki Kyoritsu Bank, Ltd. (The)		24,129

Shares			Value (Note 1)
		Japan (Continued)
	12,000	Oji Holdings Corp.	$	69,230
	1,000	Okamura Corp.		9,971
	4,600	Okasan Securities Group, Inc.		16,810
	1,800	Oki Electric Industry Co., Ltd.		22,455
	1,100	Okinawa Electric Power Co., Inc. (The)		16,896
	500	OKUMA Corp.		25,646
	700	Okumura Corp.		21,393
	12,400	Olympus Corp.		137,554
	2,400	Omron Corp.		125,103
	3,700	Onward Holdings Co., Ltd.		20,385
	600	Open House Co., Ltd.		24,542
	400	Oracle Corp. Japan		29,198
	8,100	Orient Corp.		8,640
	400	Oriental Land Co., Ltd./Japan		49,492
	15,600	ORIX Corp.		232,665
	2,000	Osaka Gas Co., Ltd.		34,819
	1,100	OSG Corp.		21,670
	700	Otsuka Corp.		28,145
	200	Otsuka Holdings Co., Ltd.		6,522
	1,900	Outsourcing, Inc.		23,015
	800	Pacific Industrial Co., Ltd.		11,479
	900	Pacific Metals Co., Ltd.		18,573
	900	Pan Pacific International Holdings Corp.		57,098
	31,300	Panasonic Corp.		260,584
	3,900	Penta-Ocean Construction Co., Ltd.		19,099
	800	PeptiDream, Inc.*		40,885
	1,300	Persol Holdings Co., Ltd.		30,518
	1,000	Pigeon Corp.		40,208
	1,100	Piolax, Inc.		19,191
	2,500	Press Kogyo Co., Ltd.		11,316
	1,600	Pressance Corp.		21,949
	1,300	Qol Holdings Co., Ltd.		19,943
	1,600	Raito Kogyo Co., Ltd.		20,405
	8,000	Rakuten, Inc.		94,978
	7,700	Recruit Holdings Co., Ltd.		256,679
	900	Relo Group, Inc.		22,647
	11,000	Renesas Electronics Corp.*		54,584
	2,800	Rengo Co., Ltd.		22,464
	4,900	Resona Holdings, Inc.		20,388
	1,100	Resorttrust, Inc.		16,824
	3,000	Ricoh Co., Ltd.		29,940
	400	Ricoh Leasing Co., Ltd.		12,188

Shares			Value (Note 1)
		Japan (Continued)
	400	Rinnai Corp.	$	25,414
	4,000	Riso Kyoiku Co., Ltd.		16,732
	100	Rohm Co., Ltd.		6,715
	900	Royal Holdings Co., Ltd.		22,213
	500	Ryobi, Ltd.		9,428
	200	Ryohin Keikaku Co., Ltd.		36,099
	200	Ryosan Co., Ltd.		4,667
	600	S Foods, Inc.		20,368
	1,300	Saizeriya Co., Ltd.		28,203
	1,300	Sakata INX Corp.		12,178
	2,700	Sala Corp.†		14,500
	1,800	SAMTY Co., Ltd.		27,364
	2,100	San-Ai Oil Co., Ltd.		20,354
	3,000	San-In Godo Bank, Ltd. (The)		19,200
	1,200	Sangetsu Corp.		22,049
	1,200	Sanken Electric Co., Ltd.		25,054
	1,300	Sanki Engineering Co., Ltd.		15,048
	600	Sankyo Co., Ltd.		21,704
	500	Sankyu, Inc.		26,249
	2,200	Santen Pharmaceutical Co., Ltd.		36,424
	2,300	Sanwa Holdings Corp.		24,703
	500	Sanyo Chemical Industries, Ltd.		26,341
	300	Sanyo Denki Co., Ltd.		11,993
	1,200	Sapporo Holdings, Ltd.		25,254
	900	Sato Holdings Corp.		22,831
	400	Sawai Pharmaceutical Co., Ltd.		21,593
	1,000	SBI Holdings, Inc.		24,737
	600	SCREEN Holdings Co., Ltd.		25,015
	600	SCSK Corp.		29,495
	1,000	Secom Co., Ltd.		86,018
	3,000	Seibu Holdings, Inc.		49,974
	1,000	Seikagaku Corp.		11,455
	4,500	Seiko Epson Corp.		71,164
	1,100	Seiko Holdings Corp.		22,364
	1,600	Seino Holdings Co., Ltd.		21,296
	1,400	Seiren Co., Ltd.		19,478
	6,200	Sekisui Chemical Co., Ltd.		93,045
	6,000	Sekisui House, Ltd.		98,808
	8,500	Senshu Ikeda Holdings, Inc.		15,689
	600	Seria Co., Ltd.†		13,852
	5,900	Seven & I Holdings Co., Ltd.		199,631
	7,000	Seven Bank, Ltd.		18,309
	1,900	Sharp Corp.		20,830
	1,000	Shiga Bank, Ltd. (The)		23,197
	1,700	Shikoku Electric Power Co., Inc.		15,705

Shares			Value (Note 1)
		Japan (Continued)
	900	Shima Seiki Manufacturing, Ltd.†	$	26,379
	600	Shimachu Co., Ltd.		13,941
	1,000	Shimadzu Corp.		24,505
	300	Shimamura Co., Ltd.		22,399
	100	Shimano, Inc.		14,868
	3,500	Shimizu Corp.		29,054
	1,400	Shin-Etsu Chemical Co., Ltd.		130,307
	3,100	Shin-Etsu Polymer Co., Ltd.		22,456
	2,800	Shinko Electric Industries Co., Ltd.		23,685
	1,800	Shinsei Bank, Ltd.		27,931
	1,600	Shionogi & Co., Ltd.		92,143
	600	Ship Healthcare Holdings, Inc.		25,878
	2,600	Shiseido Co., Ltd.		195,841
	2,200	Shizuoka Bank, Ltd. (The)		16,202
	2,800	Shizuoka Gas Co., Ltd.		21,322
	600	SHO-BOND Holdings Co., Ltd.		21,147
	1,000	Showa Corp.		13,468
	2,700	Showa Denko KK†		79,386
	1,000	Siix Corp.†		11,798
	2,200	Sinfonia Technology Co., Ltd.		25,139
	3,900	SKY Perfect JSAT Holdings, Inc.		15,193
	2,600	Skylark Holdings Co., Ltd.†		45,361
	200	SMC Corp.		74,517
	1,300	SMS Co., Ltd.		30,446
	2,700	Sodick Co., Ltd.		23,290
	15,400	SoftBank Group Corp.		737,754
	500	Sohgo Security Services Co., Ltd.		23,049
	7,800	Sojitz Corp.		25,032
	1,400	Sompo Holdings, Inc.		54,031
	10,500	Sony Corp.		550,053
	1,100	Sony Financial Holdings, Inc.		26,404
	800	Sotetsu Holdings, Inc.		22,030
	800	Square Enix Holdings Co., Ltd.		25,599
	400	Stanley Electric Co., Ltd.		9,824
	1,600	Star Micronics Co., Ltd.		20,628
	800	Starts Corp., Inc.		18,847
	7,300	Subaru Corp.		177,329
	3,200	SUMCO Corp.†		38,050
	13,500	Sumitomo Chemical Co., Ltd.		62,607
	3,800	Sumitomo Corp.		57,538
	700	Sumitomo Dainippon Pharma Co., Ltd.		13,264
	5,300	Sumitomo Electric Industries, Ltd.		69,534
	1,600	Sumitomo Forestry Co., Ltd.		19,159

Shares			Value (Note 1)
		Japan (Continued)
	1,700	Sumitomo Heavy Industries, Ltd.	$	58,420
	1,100	Sumitomo Metal Mining Co., Ltd.		32,842
	3,600	Sumitomo Mitsui Construction Co., Ltd.		19,934
	4,200	Sumitomo Mitsui Financial Group, Inc.		148,265
	1,200	Sumitomo Mitsui Trust Holdings, Inc.		43,474
	600	Sumitomo Osaka Cement Co., Ltd.		23,819
	1,700	Sumitomo Realty & Development Co., Ltd.		60,674
	3,700	Sumitomo Rubber Industries, Ltd.		42,760
	400	Sumitomo Seika Chemicals Co., Ltd.		12,188
	900	Sumitomo Warehouse Co., Ltd. (The)		11,478
	2,600	Sun Frontier Fudousan Co., Ltd.		24,525
	700	Sundrug Co., Ltd.		18,932
	1,100	Suntory Beverage & Food, Ltd.		47,799
	400	Sushiro Global Holdings, Ltd.		23,856
	400	Suzuken Co., Ltd./Aichi Japan		23,448
	3,200	Suzuki Motor Corp.		150,302
	1,200	Sysmex Corp.		78,212
	1,700	Systena Corp.		27,783
	800	T Hasegawa Co., Ltd.		14,269
	2,400	T&D Holdings, Inc.		26,033
	700	Tachi-S Co., Ltd.		8,986
	2,200	Tadano, Ltd.		22,915
	1,800	Taiheiyo Cement Corp.		54,427
	3,200	Taisei Corp.		116,199
	2,000	Taiyo Yuden Co., Ltd.†		37,193
	1,700	Takara Holdings, Inc.		17,770
	1,600	Takashimaya Co., Ltd.		17,526
	1,500	Takeda Pharmaceutical Co., Ltd.		53,188
	1,200	Takeuchi Manufacturing Co., Ltd.		21,426
	2,100	Tamura Corp.		11,044
	2,100	TDK Corp.		162,445
	600	TechnoPro Holdings, Inc.		31,832
	4,200	Teijin, Ltd.		71,561
	400	Tekken Corp.		11,082
	4,200	Terumo Corp.		125,048
	1,600	THK Co., Ltd.†		38,214
	800	TIS, Inc.		40,736
	2,100	Toagosei Co., Ltd.		22,049

Shares			Value (Note 1)
		Japan (Continued)
	1,500	Tobu Railway Co., Ltd.	$	43,686
	2,200	Tocalo Co., Ltd.		16,039
	3,500	Toda Corp.		19,348
	200	Toei Co., Ltd.		27,788
	500	Toho Gas Co., Ltd.		18,388
	900	Toho Holdings Co., Ltd.		20,151
	900	Toho Zinc Co., Ltd.		20,819
	3,300	Tohoku Electric Power Co., Inc.		33,332
	3,600	Tokai Carbon Co., Ltd.†		37,531
	1,300	Tokai Rika Co., Ltd.		21,427
	4,800	Tokai Tokyo Financial Holdings, Inc.		14,647
	1,100	Tokio Marine Holdings, Inc.		55,084
	1,100	Tokuyama Corp.		29,710
	1,300	Tokyo Broadcasting System Holdings, Inc.		22,186
	700	Tokyo Century Corp.		29,509
	1,500	Tokyo Dome Corp.		14,177
	9,100	Tokyo Electric Power Co. Holdings, Inc.*		47,435
	1,100	Tokyo Electron, Ltd.		154,264
	2,400	Tokyo Gas Co., Ltd.		56,486
	1,400	Tokyo Kiraboshi Financial Group, Inc.		21,958
	800	Tokyo Ohka Kogyo Co., Ltd.		24,969
	2,700	Tokyo Tatemono Co., Ltd.†		29,976
	1,700	Tokyu Construction Co., Ltd.		11,479
	2,900	Tokyu Corp.		51,402
	6,100	Tokyu Fudosan Holdings Corp.		33,664
	5,300	TOMONY Holdings, Inc.		17,795
	1,900	Tomy Co., Ltd.		22,081
	1,500	Topcon Corp.		18,754
	2,600	Toppan Forms Co., Ltd.		20,426
	1,500	Toppan Printing Co., Ltd.		22,747
	1,100	Topre Corp.		18,273
	500	Topy Industries, Ltd.		11,719
	16,200	Toray Industries, Inc.		123,091
	1,200	Toridoll Holdings Corp.		22,906
	1,300	Tosei Corp.		11,720
	1,100	Toshiba Machine Co., Ltd.		25,221
	900	Toshiba TEC Corp.		25,035
	6,500	Tosoh Corp.		91,337
	600	TOTO, Ltd.		23,679
	900	Towa Pharmaceutical Co., Ltd.		22,839
	3,100	Toyo Construction Co., Ltd.		12,105

Shares			Value (Note 1)
		Japan (Continued)
	500	Toyo Ink SC Holdings Co., Ltd.	$	10,792
	1,000	Toyo Seikan Group Holdings, Ltd.		19,830
	1,600	Toyo Tire Corp.		21,029
	2,500	Toyobo Co., Ltd.		29,820
	1,200	Toyoda Gosei Co., Ltd.		23,385
	100	Toyota Industries Corp.		5,500
	22,300	Toyota Motor Corp.		1,383,318
	1,400	Toyota Tsusho Corp.		42,397
	600	TPR Co., Ltd.		10,184
	1,200	Trend Micro, Inc./Japan		53,481
	800	TS Tech Co., Ltd.		21,763
	600	Tsubakimoto Chain Co.		19,561
	700	Tsumura & Co.		19,510
	700	TV Asahi Holdings Corp.		11,284
	1,000	UACJ Corp.		17,029
	2,000	Ube Industries, Ltd.		41,441
	900	Ulvac, Inc.		28,507
	2,300	Unicharm Corp.		69,204
	800	Unipres Corp.		13,134
	1,100	United Super Markets Holdings, Inc.		9,621
	1,100	Unizo Holdings Co., Ltd.		18,814
	2,000	Ushio, Inc.		25,748
	1,300	USS Co., Ltd.		25,598
	400	V Technology Co., Ltd.		18,253
	1,200	Valor Holdings Co., Ltd.		24,887
	1,000	Valqua, Ltd.		20,980
	1,400	Vital KSK Holdings, Inc.†		13,245
	800	Wacoal Holdings Corp.		20,754
	2,000	Wakita & Co., Ltd.		19,329
	400	Welcia Holdings Co., Ltd.		16,269
	1,000	West Japan Railway Co.		80,842
	1,000	Xebio Holdings Co., Ltd.		11,362
	19,800	Yahoo Japan Corp.		58,033
	400	Yakult Honsha Co., Ltd.		23,559
	4,400	Yamada Denki Co., Ltd.		19,467
	2,100	Yamaguchi Financial Group, Inc.		14,336
	900	Yamaha Corp.		42,740
	5,600	Yamaha Motor Co., Ltd.†		99,467
	2,400	Yamato Holdings Co., Ltd.		48,772
	900	Yamato Kogyo Co., Ltd.		26,212
	1,200	Yamazaki Baking Co., Ltd.		18,131
	400	Yaoko Co., Ltd.		18,087
	2,300	Yaskawa Electric Corp.		78,078
	1,800	Yellow Hat, Ltd.		24,008

Shares			Value (Note 1)
		Japan (Continued)
	1,800	Yokogawa Bridge Holdings Corp.	$	28,966
	1,200	Yokogawa Electric Corp.		23,507
	2,500	Yokohama Reito Co., Ltd.†		23,141
	2,100	Yokohama Rubber Co., Ltd. (The)†		38,566
	700	Zenkoku Hosho Co., Ltd.		26,847
	900	Zensho Holdings Co., Ltd.		18,281
	2,300	Zeon Corp.		25,535
	1,700	ZOZO, Inc.		31,835
				30,746,877
		Netherlands—2.0%
	1,275	Aalberts NV		50,120
	1,069	ABN AMRO Group NV, ADR CVA#		22,871
	8,088	Aegon NV		40,264
	1,266	Akzo Nobel NV		118,966
	580	AMG Advanced Metallurgical Group NV†		18,005
	576	Amsterdam Commodities NV		12,274
	780	APERAM SA		22,023
	2,059	Arcadis NV†		39,099
	8,063	ArcelorMittal		144,275
	802	ASM International NV		52,218
	2,296	ASML Holding NV		479,705
	2,293	ASR Nederland NV		93,240
	1,008	BE Semiconductor Industries NV		25,950
	1,770	Boskalis Westminster†		40,877
	954	Coca Cola European Partners		53,101
	900	Corbion NV		29,310
	691	Flow Traders#		20,178
	2,407	Fugro NV, ADR CVA*,†		20,697
	490	GrandVision NV#		11,389
	2,149	Heineken NV		239,818
	531	IMCD NV		48,666
	12,834	ING Groep NV		148,796
	8,807	Koninklijke Ahold Delhaize NV		198,066
	7,677	Koninklijke BAM Groep NV		34,115
	1,175	Koninklijke DSM NV		145,233
	54,875	Koninklijke KPN NV		168,476
	2,981	Koninklijke Philips NV		129,435
	899	Koninklijke Vopak NV		41,452
	1,378	NN Group NV		55,469
	665	OCI NV*		18,254
	1,610	Randstad NV		88,424
	3,730	SBM Offshore NV		72,019

Shares			Value (Note 1)
		Netherlands (Continued)
	1,906	Signify NV#	$	56,350
	640	TKH Group NV, ADR		39,698
	1,381	Tomtom NV*		15,898
	9,584	Unilever NV CVA		583,695
	388	Van Lanschot Kempen NV, ADR		8,806
	3,490	Wolters Kluwer NV		254,062
				3,641,294
		New Zealand—0.1%
	4,903	Air New Zealand, Ltd.		8,729
	3,320	Auckland International Airport, Ltd.		21,969
	6,638	Chorus, Ltd.		25,419
	5,590	Contact Energy, Ltd.		30,043
	2,488	Fisher & Paykel Healthcare Corp., Ltd.		25,841
	6,258	Infratil, Ltd.		19,549
	684	Restaurant Brands New aland, Ltd.*		4,296
	5,933	SKYCITY Entertainment Group, Ltd.		15,106
	3,942	Summerset Group Holdings, Ltd.		14,751
	14,615	Telecom Corp. of New Zealand, Ltd.		39,273
	4,896	Z Energy, Ltd.		20,787
				225,763
		Norway—0.6%
	404	Adevinta ASA, Class B*		4,452
	751	Aker BP ASA		21,534
	4,348	Aker Solutions ASA*		17,778
	11,411	B2Holding ASA		12,554
	426	Bakkafrost P/F		23,771
	1,580	Borregaard ASA		18,300
	6,229	BW LPG, Ltd.*,#		30,406
	5,362	BW Offshore, Ltd.*		32,654
	4,966	DNB ASA		92,387
	12,792	DNO ASA		23,168
	12,646	Equinor ASA		249,719
	4,440	Europris ASA#		13,762
	1,329	FLEX LNG, Ltd.*		15,673
	1,365	Gjensidige Forsikring ASA		27,491
	2,876	Hoegh LNG Holdings, Ltd.		11,834
	3,161	Mowi ASA*		73,907
	13,327	Norsk Hydro ASA		47,650

Shares			Value (Note 1)
		Norway (Continued)
	1,595	Norwegian Finans Holding ASA*	$	11,593
	5,133	Orkla ASA		45,539
	10,139	PGS ASA*		15,814
	397	Salmar ASA		17,261
	2,544	Scatec Solar ASA#		25,424
	404	Schibsted ASA, Class B		10,533
	1,199	SpareBank 1 SR-Bank ASA		14,604
	1,656	Stolt-Nielsen, Ltd.		20,150
	2,911	Storebrand ASA		21,389
	2,103	Subsea 7 SA		25,306
	4,815	Telenor ASA		102,222
	1,294	TGS NOPEC GeophysicalCo. ASA		36,285
	888	Tomra Systems ASA		29,189
	518	Yara International ASA		25,127
				1,117,476
		Portugal—0.1%
	2,841	CTT-Correios de Portugal SA†		6,836
	5,615	Galp Energia SGPS SA		86,355
	3,085	Jeronimo Martins SGPS SA		49,690
	5,953	Navigator Co. SA (The)		22,731
	3,482	NOS SGPS SA		22,885
	20,529	Sonae SGPS SA		19,830
				208,327
		Singapore—0.6%
	35,700	Accordia Golf Trust		13,984
	23,500	Ascendas India Trust		23,622
	4,700	CapitaLand, Ltd.		12,262
	62,200	CITIC Envirotech, Ltd.		14,021
	3,400	City Developments, Ltd.		23,798
	13,900	ComfortDelGro Corp., Ltd.		27,327
	8,000	DBS Group Holdings, Ltd.		153,496
	1,300	Haw Par Corp., Ltd.		13,567
	1,600	Hongkong Land Holdings, Ltd.		10,304
	4,800	Keppel Corp., Ltd.		23,628
	57,577	Keppel Infrastructure Trust		21,490
	19,925	Oversea-Chinese Banking Corp., Ltd.		167,882
	3,200	SATS, Ltd.		12,346
	10,100	Sembcorp Industries, Ltd.		17,990
	18,500	Sembcorp Marine, Ltd.*,†		20,647
	9,000	Singapore Airlines, Ltd.		61,663
	4,000	Singapore Exchange, Ltd.		23,415
	32,900	Singapore Post, Ltd.		23,101

Shares			Value (Note 1)
		Singapore (Continued)
	13,100	Singapore Press Holdings, Ltd.	$	23,625
	8,200	Singapore Technologies Engineering, Ltd.		25,091
	12,000	United Overseas Bank, Ltd.		231,752
	2,400	UOL Group, Ltd.		13,392
	1,800	Venture Corp., Ltd.		21,672
	6,700	Wilmar International, Ltd.		18,322
	15,000	Wing Tai Holdings, Ltd.		22,949
				1,021,346
		Spain—1.8%
	229	Acciona SA†		24,581
	2,154	Acerinox SA†		21,628
	3,454	ACS Actividades de Construccion y Servicios SA		137,896
	723	Aena SME SA#		143,296
	3,239	Amadeus IT Group SA†		256,563
	1,736	Applus Services SA		23,589
	10,337	Banco Bilbao Vizcaya Argentaria SA		57,796
	18,762	Banco de Sabadell SA		19,436
	111,866	Banco Santander SA		519,051
	6,635	Bankia SA		15,678
	5,075	Bankinter SA		34,960
	1,016	Bolsas y Mercados Espanoles SHMSF SA		24,862
	13,771	CaixaBank SA		39,429
	2,897	Cellnex Telecom SA*,#,†		107,193
	796	Cia de Distribucion Integral Logista Holdings SA		18,030
	861	CIE Automotive SA		24,927
	535	Ebro Foods SA		11,449
	3,909	Enagas SA†		104,322
	1,943	Endesa SA†		49,954
	4,660	Ercros SA		10,714
	1,575	Euskaltel SA#		14,596
	3,705	Faes Farma SA		17,463
	1,106	Ferrovial SA		28,309
	4,339	Global Dominion Access SA*,#		22,227
	3,847	Grifols SA		113,735
	364	Grupo Catalana Occidente SA		13,452
	40,766	Iberdrola SA		406,348
	1,575	Indra Sistemas SA*		15,921
	6,499	Industria de Diseno Textil SA		195,466
	21,228	Liberbank SA*		9,153

Shares			Value (Note 1)
		Spain (Continued)
	7,728	Mapfre SA†	$	22,593
	1,460	Melia Hotels International SA		13,945
	2,330	Naturgy Energy Group SA		64,196
	2,459	Prosegur Cia de Seguridad SA		11,548
	3,850	Red Electrica Corp. SA†		80,180
	3,189	Repsol SA		49,987
	9,222	Sacyr SA		22,357
	41,030	Telefonica SA		336,897
	3,839	Tubacex SA		12,092
	8,173	Unicaja Banco SA#		7,296
	157	Vidrala SA		14,782
	582	Viscofan SA		30,482
	1,480	Zardoya Otis SA		11,242
				3,159,621
		Sweden—1.7%
	2,146	AAK AB		40,673
	566	AddLife AB, Class B		17,676
	1,041	AddNode Group AB		17,264
	572	AddTech AB, Class B		17,370
	1,023	AF Poyry AB, Class B†		23,157
	1,926	Alfa Laval AB		42,020
	933	Alimak Group AB#		14,327
	5,483	Arjo AB, Class B		24,799
	1,391	Assa Abloy AB, Class B		31,442
	5,277	Atlas Copco AB, Class A		168,661
	996	Atlas Copco AB, Class B		28,573
	1,206	Axfood AB		23,864
	1,079	Beijer Alma AB		14,362
	2,259	Betsson AB*		13,817
	1,218	Bilia AB		11,018
	1,635	BillerudKorsnas AB		21,753
	475	BioGaia AB, Class B		21,970
	981	Biotage AB		11,504
	2,318	Boliden AB		59,272
	1,253	Bonava AB, Class B		15,733
	1,482	Bravida Holding AB#		13,134
	1,916	Bure Equity AB		32,683
	1,751	Castellum AB		33,479
	447	Catena AB		14,056
	7,868	Cloetta AB, Class B		25,588
	3,565	Dios Fastigheter AB		26,374
	2,421	Dustin Group AB#,†		22,265
	2,954	Electrolux AB, Series B		75,487
	1,639	Elekta AB, Class B		23,774

Shares			Value (Note 1)
		Sweden (Continued)
	5,178	Epiroc AB, Class A	$	53,909
	4,623	Essity AB, Class B		142,083
	1,567	Fabege AB		23,582
	2,158	Fagerhult AB		14,292
	367	Fastighets AB Balder, Class B*		12,291
	2,139	Getinge AB, Class B		33,699
	1,098	Granges AB		12,581
	1,286	Hemfosa Fastigheter AB		12,152
	5,892	Hennes & Mauritz AB, Class B		104,920
	950	Hexagon AB, Class B		52,747
	1,573	Hexpol AB		12,815
	3,175	Hoist Finance AB*,#		15,509
	1,048	Holmen AB, Class B		22,357
	690	Hufvudstaden AB, Class A		11,733
	1,656	Humana AB		10,004
	2,679	Husqvarna AB, Class B		25,059
	588	ICA Gruppen AB		25,277
	773	Indutrade AB		24,706
	631	Intrum AB†		16,199
	3,518	Inwido AB		24,379
	1,080	JM AB†		24,831
	1,219	KNOW IT AB		28,026
	1,646	Kungsleden AB		13,578
	1,742	Lagercrantz Group AB, Class B		24,875
	1,567	Lindab International AB		18,022
	981	Loomis AB, Class B		33,721
	801	Lundin Petroleum AB†		24,834
	2,179	Mekonomen AB*,†		18,150
	755	Millicom International Cellular SA, ADR		42,481
	1,742	Modern Times Group MTG AB*		19,509
	3,284	New Wave Group AB, Class B		22,845
	1,997	Nibe Industrier AB, Class B		29,236
	3,170	Nobia AB		18,468
	1,697	Nobina AB#		10,526
	2,599	Nordic Waterproofing Holding AS#		23,482
	2,782	Peab AB		23,772
	1,578	Platzer Fastigheter Holding AB, Class B		14,614
	4,394	Ratos AB, Class B		12,199
	1,168	Recipharm AB, Class B*		14,263
	5,625	Resurs Holding AB#		33,497
	9,448	Sandvik AB		173,573
	5,565	SAS AB*		7,419

Shares			Value (Note 1)
		Sweden (Continued)
	2,495	Scandi Standard AB	$	17,196
	2,511	Scandic Hotels Group AB#		22,132
	2,942	Securitas AB, Class B		51,609
	11,213	Skandinaviska Enskilda Banken AB, Class A		103,748
	1,322	Skanska AB, Class B		23,874
	3,291	SKF AB, Class B		60,514
	1,698	SkiStar AB		20,882
	2,726	Svenska Cellulosa AB SCA, Class B		23,690
	4,812	Svenska Handelsbanken AB, Class A		47,611
	7,351	Swedbank AB, Class A		110,390
	1,048	Swedish Match AB		44,240
	987	Swedish Orphan Biovitrum AB*		19,010
	3,409	Tele2 AB, Class B		49,743
	3,317	Telefonaktiebolaget LM Ericsson, Class B		31,469
	22,676	Telia Co. AB		100,705
	1,377	Trelleborg AB, Class B		19,551
	1,704	Volvo AB, Class A		26,993
	9,905	Volvo AB, Class B		157,170
	1,004	Wihlborgs Fastigheter AB		14,553
				3,113,390
		Switzerland—5.7%
	10,661	ABB, Ltd., Registered		213,941
	2,548	Adecco Group AG, Registered		153,110
	2,917	Alcon, Inc.*		180,124
	229	Allreal Holding AG, Registered*		39,410
	137	ALSO Holding AG, Registered*		19,591
	47	APG SGA SA		13,312
	1,914	Arbonia AG*		25,332
	14,351	Aryzta AG*,†		16,450
	1,516	Ascom Holding AG, Registered		19,847
	119	Autoneum Holding AG†		17,139
	766	Baloise Holding AG, Registered		135,592
	44	Banque Cantonale Vaudoise, Registered		34,255
	13	Barry Callebaut AG, Registered		26,075
	7	Belimo Holding AG, Registered		43,024
	35	Bell Food Group AG, Registered*		9,698
	76	Berner Kantonalbank AG		18,101
	301	BKW AG		20,104
	157	Bobst Group SA		11,620

Shares			Value (Note 1)
		Switzerland (Continued)
	127	Bossard Holding AG, Registered	$	19,749
	149	Bucher Industries AG, Registered		51,346
	137	Burkhalter Holding AG†		10,806
	456	Cembra Money Bank AG		43,979
	1	Chocoladefabriken Lindt & Spruengli AG, Registered		81,336
	1,267	Cie Financiere Richemont SA, Registered		107,517
	2,765	Clariant AG, Registered*		56,209
	205	Coltene Holding AG, Registered*		18,606
	28	Conzzeta AG		23,749
	3,661	Credit Suisse Group AG, Registered*		43,897
	514	DKSH Holding AG		30,118
	66	dormakaba Holding AG*		47,833
	224	Dufry AG, Registered*		18,972
	1,608	EFG International AG*		11,135
	15	Emmi AG, Registered		14,029
	41	EMS-Chemie Holding AG, Registered		26,607
	336	Flughafen Zurich AG, Registered		63,262
	20	Forbo Holding AG, Registered		35,321
	5,107	GAM Holding AG*		23,605
	349	Geberit AG, Registered		163,024
	50	Georg Fischer AG		47,787
	65	Givaudan SA, Registered		183,507
	566	Helvetia Holding AG		71,025
	136	Hiag Immobilien Holding AG*		16,300
	36	Inficon Holding AG, Registered		21,961
	1,729	Julius Baer Group, Ltd.*		76,974
	223	Kardex AG, Registered*		38,926
	90	Komax Holding AG, Registered†		20,006
	427	Kuehne + Nagel International AG, Registered		63,381
	2,019	LafargeHolcim, Ltd., Registered*		98,592
	1,247	Logitech International SA, Registered*		49,831
	667	Logitech International SA, Registered†		26,520
	742	Lonza Group AG, Registered*		250,374
	63	Luzerner Kantonalbank AG, Registered		28,460
	150	Mobimo Holding AG, Registered*		39,874
	1,480	Mobimo Holding AG, Registered*		15,115

Shares			Value (Note 1)
		Switzerland (Continued)
	22,264	Nestle SA, Registered	$	2,304,855
	13,215	Novartis AG, Registered		1,207,517
	3,595	OC Oerlikon Corp. AG, Registered*		43,897
	153	Panalpina Welttransport Holding AG, Registered*		35,233
	156	Partners Group Holding AG		122,569
	786	PSP Swiss Property AG, Registered		91,869
	78	Rieter Holding AG		11,873
	201	Roche Holding AG		56,334
	4,932	Roche Holding AG		1,387,599
	140	Schindler Holding AG, Registered		30,576
	25	Schweiter Technologies AG		23,535
	123	SFS Group AG*		10,471
	50	SGS SA, Registered		127,382
	97	Siegfried Holding AG, Registered*		33,784
	1,310	Sika AG, Registered		223,567
	324	Sonova Holding AG, Registered		73,615
	47	St Galler Kantonalbank AG, Registered		21,184
	79	Straumann Holding AG, Registered		69,710
	346	Sulzer AG, Registered		37,818
	681	Sunrise Communications Group AG*,#,†		50,820
	76	Swatch Group AG (The)		21,760
	384	Swatch Group AG (The), Registered		20,789
	151	Swiss Life Holding AG, Registered*		74,835
	1,182	Swiss Prime Site AG, Registered*		103,222
	1,421	Swiss Re AG		144,458
	379	Swisscom AG, Registered†		190,277
	247	Swissquote Group Holding SA, Registered†		10,516
	493	Temenos AG, Registered*		88,202
	276	u-blox Holding AG*		23,438
	10,729	UBS Group AG, Registered*		127,491
	94	Valora Holding AG, Registered*,†		23,929
	228	VAT Group AG*,#		28,085
	8	Vetropack Holding AG		17,005
	451	Vifor Pharma AG†		65,164
	706	Vontobel Holding AG, Registered		39,270

Shares			Value (Note 1)
		Switzerland (Continued)
	77	VP Bank AG, Registered	$	12,447
	593	Zehnder Group AG		21,595
	1,165	Zurich Insurance Group AG		405,638
				10,318,787
		United Kingdom—11.8%
	9,130	3i Group Plc		129,106
	8,647	Acacia Mining Plc*		19,470
	1,677	Admiral Group Plc		47,024
	3,921	Aggreko Plc		39,338
	12,432	Alliance Pharma Plc		10,736
	12,069	Anglo American Plc†		344,015
	5,917	Anglo Pacific Group Plc		15,555
	2,109	Antofagasta Plc		24,898
	4,535	Ascential Plc#		20,514
	2,310	Ashmore Group Plc†		14,947
	6,474	Ashtead Group Plc		185,316
	1,721	Associated British Foods Plc		53,831
	7,627	AstraZeneca Plc		623,578
	2,395	AstraZeneca Plc, SP ADR		98,866
	12,101	Auto Trader Group Plc#		84,184
	28,447	Aviva Plc		150,466
	835	Avon Rubber Plc		14,464
	18,848	B&M European Value Retail SA		79,779
	5,299	Babcock International Group Plc†		30,834
	19,453	BAE Systems Plc		122,385
	12,620	Balfour Beatty Plc		38,785
	617	Bank of Georgia Group Plc		11,738
	81,962	Barclays Plc		155,923
	7,150	Barratt Developments Plc		51,993
	6,492	BBA Aviation Plc		23,266
	4,138	BCA Marketplace Plc		12,770
	3,269	Beazley Plc		22,895
	3,131	Bellway Plc		110,737
	2,008	Berkeley Group Holdings Plc		95,143
	13,667	BHP Group Plc		349,731
	4,891	Biffa Plc#		12,795
	1,176	Bodycote Plc		12,343
	8,370	boohoo Group Plc*		22,503
	4,425	Bovis Homes Group Plc		58,050
	212,630	BP Plc		1,481,381
	8,187	Brewin Dolphin Holdings Plc		31,794
	8,878	British American Tobacco Plc		309,939
	4,032	Britvic Plc		45,495
	82,890	BT Group Plc		206,806

Shares			Value (Note 1)
		United Kingdom (Continued)
	3,731	Bunzl Plc	$	98,412
	3,700	Burberry Group Plc		87,492
	3,052	Burford Capital, Ltd.		60,076
	6,186	Cairn Energy Plc*		13,599
	7,063	Capital & Counties Properties Plc		19,428
	7,460	Card Factory Plc		16,664
	993	Carnival Plc		43,872
	21,596	Centamin Plc		31,375
	6,675	Central Asia Metals Plc		18,141
	77,567	Centrica Plc		86,469
	2,609	Chesnara Plc		10,950
	11,045	Cineworld Group Plc†		35,543
	577	Clarkson Plc		18,392
	2,800	Close Brothers Group Plc		50,280
	25,655	Cobham Plc*		34,715
	1,999	Coca-Cola HBC AG*		75,448
	11,710	Compass Group Plc		280,618
	865	Computacenter Plc		14,632
	23,615	ConvaTec Group Plc#		43,725
	3,254	Countryside Properties Plc#		12,331
	612	Cranswick Plc		20,099
	2,507	Crest Nicholson Holdings plc		11,366
	1,039	Croda International Plc		67,557
	13,688	CYBG Plc		33,428
	1,316	Daily Mail & General Trust Plc		13,052
	1,084	Dart Group Plc		11,495
	1,058	DCC Plc		94,321
	2,049	De La Rue Plc		7,936
	5,029	Devro Plc		13,220
	6,669	DFS Furniture Plc		21,512
	12,494	Diageo Plc		536,931
	2,860	Diploma Plc		55,643
	26,929	Direct Line Insurance Group Plc		113,471
	8,128	Diversified Gas & Oil Plc		11,458
	21,706	Dixons Carphone Plc		30,170
	6,832	Drax Group Plc		22,576
	1,548	easyJet Plc		18,739
	4,549	EI Group Plc*		11,358
	6,486	Eland Oil & Gas Plc*		9,720
	9,500	Electrocomponents Plc		76,344
	13,055	Elementis Plc		23,460
	1,355	EMIS Group Plc		20,925
	70,446	EnQuest Plc*		17,669
	5,538	Entertainment One, Ltd.		27,921
	4,422	Equiniti Group Plc#		12,343

Shares			Value (Note 1)
		United Kingdom (Continued)
	489	Euromoney Institutional Investor Plc	$	8,085
	3,432	Evraz Plc		28,993
	7,845	Experian Plc		237,512
	3,093	Ferguson Plc*		219,965
	1,881	Fevertree Drinks Plc		55,372
	31,137	Firstgroup Plc*		38,653
	9,131	G4S Plc		24,120
	1,293	Galliford Try Plc		10,353
	642	Games Workshop Group Plc		40,488
	26,092	GlaxoSmithKline Plc		522,415
	4,280	GlaxoSmithKline Plc, SP ADR		171,286
	93,522	Glencore Plc*		324,653
	1,404	Go-Ahead Group Plc (The)		35,161
	1,480	Grafton Group Plc		15,149
	3,970	Grainger Plc		12,382
	795	Greencore Group Plc		2,211
	5,637	Greene King Plc		44,241
	2,521	Greggs Plc		73,571
	9,789	Gulf Keystone Petroleum, Ltd.*		28,033
	2,921	GVC Holdings Plc		24,179
	4,549	Gym Group Plc (The)#		14,154
	6,271	Halfords Group Plc		17,887
	4,048	Halma Plc		103,843
	2,848	Hargreaves Lansdown Plc		69,407
	25,710	Hays Plc		51,294
	1,995	Headlam Group Plc		12,161
	3,050	Helical Plc		14,273
	11,962	Highland Gold Mining, Ltd.		30,990
	1,984	Hikma Pharmaceuticals Plc		43,387
	734	Hill & Smith Holdings Plc		10,915
	916	Hilton Food Group Plc		11,260
	1,266	Hiscox, Ltd.		27,203
	3,986	Hollywood Bowl Group Plc		11,339
	4,561	HomeServe Plc		68,754
	14,041	Howden Joinery Group Plc		90,405
	61,234	HSBC Holdings Plc		510,832
	3,532	Hunting Plc		22,898
	4,879	Ibstock Plc#		15,056
	1,762	IG Group Holdings Plc		13,072
	5,710	IMI Plc		75,270
	8,898	Imperial Brands Plc		208,689
	3,234	Inchcape Plc		25,299
	3,716	Informa Plc		39,405
	1,175	InterContinental Hotels Group Plc		77,176

Shares			Value (Note 1)
		United Kingdom (Continued)
	390	InterContinental Hotels Group Plc, ADR†	$	26,083
	1,391	Intermediate Capital Group Plc		24,395
	10,061	International Consolidated Airlines Group SA		60,933
	4,161	International Personal Finance Plc		6,341
	1,524	Intertek Group Plc		106,486
	8,515	Investec Plc		55,258
	7,770	IP Group Plc*		7,361
	52,819	ITV Plc		72,444
	4,101	IWG Plc		17,733
	2,074	J D Wetherspoon Plc		37,612
	11,978	J Sainsbury Plc		29,807
	485	James Fisher & Sons Plc		11,813
	7,633	JD Sports Fashion Plc		56,843
	8,054	John Laing Group Plc#		40,279
	1,637	John Menzies Plc		9,438
	10,403	John Wood Group Plc		59,715
	2,379	Johnson Matthey Plc		100,576
	7,194	Johnson Service Group Plc		13,613
	928	JPJ Group Plc*		8,721
	2,812	Jupiter Fund Management Plc		15,088
	2,888	Just Eat Plc*		22,923
	30,973	Just Group Plc*		22,145
	2,164	Kainos Group Plc		17,918
	1,556	Keller Group Plc		12,133
	32,972	Kingfisher Plc		89,985
	1,402	Lancashire Holdings, Ltd.		12,259
	63,390	Legal & General Group Plc		216,953
	430,679	Lloyds Banking Group Plc		309,514
	2,044	London Stock Exchange Group Plc		142,404
	26,048	Man Group PLC/Jersey		51,538
	28,984	Marks & Spencer Group Plc		77,555
	1,885	Marshalls Plc		16,338
	18,395	Marston's Plc		27,262
	8,666	McCarthy & Stone Plc#		15,033
	3,805	Mears Group Plc		12,709
	2,737	Mediclinic International Plc		10,598
	7,048	Meggitt Plc		46,901
	22,767	Melrose Industries Plc		52,289
	8,437	Merlin Entertainments Plc#		48,119
	2,240	Micro Focus International Common Stock Gbp.1		58,714
	5,825	Mitchells & Butlers Plc*		21,194

Shares			Value (Note 1)
		United Kingdom (Continued)
	7,524	Mitie Group Plc	$	13,979
	150	MJ Gleeson Plc		1,387
	4,012	Mondi Plc		91,201
	5,751	Moneysupermarket.com Group Plc		30,112
	7,506	Morgan Advanced Materials Plc		26,500
	1,378	Morgan Sindall Group Plc		21,665
	6,750	National Express Group Plc		34,409
	2,871	National Grid Plc		30,473
	1,154	Next Plc		80,985
	537	NMC Health Plc†		16,388
	3,003	Northgate Plc		13,252
	4,680	On the Beach Group Plc#		28,338
	2,487	OneSavings Bank Plc		11,452
	1,080	Oxford Instruments Plc		17,693
	8,188	Pagegroup Plc		53,344
	5,714	Paragon Banking Group Plc		31,841
	1,213	PayPoint Plc		14,942
	3,815	Pearson Plc†		39,699
	41,805	Pendragon Plc		8,643
	6,124	Pennon Group Plc		57,769
	3,326	Persimmon Plc		84,350
	3,779	Petrofac, Ltd.		20,636
	14,508	Pets at Home Group Plc		34,472
	11,392	Photo-Me International Plc		13,946
	1,840	Playtech Plc		9,968
	2,857	Polypipe Group plc		16,124
	12,985	Premier Oil Plc*,†		12,681
	9,625	Prudential Plc		209,751
	37,344	Quilter Plc#		66,575
	351	Rathbone Brothers Plc		9,896
	2,486	Reckitt Benckiser Group Plc		196,182
	2,345	Redrow Plc		16,200
	10,683	RELX Plc		259,059
	3,910	RELX Plc, SP ADR†		95,443
	2,776	Renew Holdings Plc		14,630
	214	Renishaw Plc		11,572
	18,010	Rentokil Initial Plc		90,915
	10,927	Rightmove Plc		74,199
	7,931	Rio Tinto Plc		491,562
	13,976	Rolls-Royce Holdings Plc*		149,161
	13,857	Rotork Plc		55,714
	8,261	Royal Bank of Scotland Group Plc		23,059
	8,858	Royal Dutch Shell Plc, ADR, Class B		582,325

Shares			Value (Note 1)
		United Kingdom (Continued)
	37,262	Royal Dutch Shell Plc, Class A	$	1,217,329
	10,328	Royal Dutch Shell Plc, Class B		338,525
	9,433	Royal Mail Plc		25,384
	4,095	RSA Insurance Group Plc		29,996
	14,231	Saga Plc		7,189
	13,980	Sage Group Plc (The)		142,457
	2,391	Savills Plc		27,237
	1,179	Schroders Plc		45,667
	11,630	Severfield Plc		10,161
	2,767	Severn Trent Plc		71,966
	7,442	SIG Plc		12,258
	7,497	Smith & Nephew Plc		162,330
	2,377	Smiths Group Plc		47,242
	1,795	Spectris Plc		65,606
	12,936	Speedy Hire Plc		10,350
	734	Spirax-Sarco Engineering Plc		85,617
	10,386	Spirent Communications Plc		20,154
	5,744	Sports Direct International Plc*		20,148
	15,667	SSE Plc		223,236
	8,123	SSP Group Plc		70,766
	4,807	St James's Place Plc		67,029
	5,772	Stagecoach Group Plc		9,302
	20,666	Standard Chartered Plc		187,440
	7,141	Standard Life Aberdeen Plc		26,716
	4,177	SThree Plc		15,118
	6,120	Stobart Group, Ltd.		8,611
	7,781	Stock Spirits Group Plc		21,789
	2,283	Synthomer Plc		10,826
	6,411	Tate & Lyle Plc		60,118
	65,697	Taylor Wimpey Plc		131,614
	978	Telecom Plus Plc		17,512
	40,356	Tesco Plc		116,184
	9,102	TP ICAP Plc		34,631
	5,006	Travis Perkins Plc		81,025
	1,888	TUI AG		18,520
	34,561	Tullow Oil Plc*		91,951
	7,733	U & I Group Plc		13,376
	632	Ultra Electronics Holdings Plc		13,243
	8,051	Unilever Plc		500,431
	8,857	United Utilities Group Plc		88,049
	2,533	Urban & Civic Plc		10,648
	22,594	Vectura Group Plc*		24,777
	5,245	Vesuvius Plc		36,502
	1,157	Victrex Plc		31,796
	386	Vitec Group Plc (The)		5,588

		Expiration Date
	RIGHTS—0.0%
	Spain—0.0%
3,940	Repsol SA (Cost $2,234)		07/09/2019	2,185
9,222	Sacyr SA (Cost $558)		07/05/2019	552
3,454	ACS Actividades de Construccion y Servicios SA (Cost $5,695)		07/11/2019	5,420
	TOTAL RIGHTS (Cost $8,487)			8,157
	PREFERRED STOCKS—0.5%
	Germany—0.5%
462	Bayerische Motoren Werke AG, 6.32%			28,684
387	Draegerwerk AG & Co. KGaA, 1.07%			24,379
1,051	FUCHS PETROLUB SE, 2.41%			41,326
963	Henkel AG & Co. KGaA, 2.10%			94,194
949	Jungheinrich AG, 1.68%			29,244
717	Porsche Automobil Holding SE, 2.99%			46,586
422	Sartorius AG, 0.39%			86,518
252	Sixt SE, 6.58%			18,368
173	STO SE & Co. KGaA, 4.86%			19,377
3,099	Volkswagen AG, 3.19%			522,308
	TOTAL PREFERRED STOCKS (Cost $896,743)			910,984

Shares			Yield			Value (Note 1)
		SHORT-TERM INVESTMENTS—2.9%
	5,274,666	State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $5,274,666)††		2.396	%	$	5,274,666
		TOTAL INVESTMENTS, AT VALUE—101.0% (Cost $168,965,153)					181,882,535
		Liabilities in Excess of Other Assets—(1.0)%					(1,772,806	)
		NET ASSETS—100.0%				$	180,109,729

Notes to the Schedule of Investments:

ADR—American Depositary Receipt

SP ADR—Sponsored American Depositary Receipt

* Non-income producing security

† Denotes all or a portion of security on loan. As of June 30, 2019, the market value of the securities on loan was $5,041,183 (Note 1)

# Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers

†† Represents collateral received from securities lending transactions

Percentages indicated are based on net assets.

At June 30, 2019, industry diversification of the M International Equity Fund's investments as a percentage of net assets was as follows:

Summary of Industry Classifications	Percentage of Net Assets
Mutual Funds		25.2	%
Banks		6.3	%
Oil, Gas and Consumable Fuels		5.1	%
Pharmaceuticals		3.6	%
Insurance		3.1	%
Metals and Mining		3.1	%
Automobiles		2.8	%
Chemicals		2.8	%
Food Products		2.5	%
Machinery		2.5	%
Diversified Telecommunication Services		1.8	%
Capital Markets		1.7	%
Real Estate Management and Development		1.6	%
Electronic Equipment, Instruments & Components		1.5	%
Auto Components		1.4	%
Textiles, Apparel and Luxury Goods		1.4	%
Beverages		1.3	%
Electric Utilities		1.3	%
Hotels, Restaurants & Leisure		1.3	%
Household Durables		1.3	%
Professional Services		1.3	%
Road and Rail		1.3	%
Construction and Engineering		1.2	%
Food and Staples Retailing		1.2	%
Health Care Equipment and Supplies		1.1	%
Personal Products		1.1	%
Trading Companies and Distributors		1.1	%
Wireless Telecommunication Services		1.1	%
Electrical Equipment		1.0	%
IT Services		1.0	%
Specialty Retail		1.0	%
Aerospace & Defense		0.9	%
Media		0.9	%
Semiconductors and Semiconductor Equipment		0.9	%
Building Products		0.8	%
Commercial Services & Supplies		0.8	%
Software		0.8	%
Multi-Utilities		0.6	%
Health Care Providers and Services		0.5	%
Industrial Conglomerates		0.5	%
Multiline Retail		0.5	%
Biotechnology		0.4	%

Summary of Industry Classifications	Percentage of Net Assets
Construction Materials		0.4	%
Diversified Financial Services		0.4	%
Paper and Forest Products		0.4	%
Technology Hardware, Storage & Peripherals		0.4	%
Tobacco		0.4	%
Air Freight and Logistics		0.3	%
Airlines		0.3	%
Containers and Packaging		0.3	%
Energy Equipment and Services		0.3	%
Entertainment		0.3	%
Gas Utilities		0.3	%
Household Products		0.3	%
Life Sciences Tools and Services		0.3	%
Transportation Infrastructure		0.3	%
Consumer Finance		0.2	%
Independent Power and Renewable Electricity Producers		0.2	%
Interactive Media & Services		0.2	%
Internet and Catalog Retail		0.2	%
Leisure Equipment and Products		0.2	%
Marine		0.2	%
Communications Equipment		0.1	%
Distributors		0.1	%
Health Care Technology		0.1	%
Thrifts and Mortgage Finance		0.1	%
Water Utilities		0.1	%
Diversified Consumer Services		0.1	%
Short-Term Investments		2.9	%
Total		101.0	%

Shares			Value (Note 1)
		COMMON STOCKS—99.2%
		Beverages—4.7%
	146,700	Monster Beverage Corp.*	$	9,363,861
		Biotechnology—1.0%
	24,300	Neurocrine Biosciences, Inc.*		2,051,649
		Capital Markets—2.1%
	17,400	MSCI, Inc.		4,154,946
		Health Care Equipment and Supplies—6.5%
	66,150	Abbott Laboratories		5,563,215
	29,425	Becton, Dickinson & Co.		7,415,394
				12,978,609
		Hotels, Restaurants & Leisure—2.2%
	36,900	Royal Caribbean Cruises, Ltd.		4,472,649
		Interactive Media & Services—16.6%
	10,600	Alphabet, Inc., Class A*		11,477,680
	59,000	Facebook, Inc., Class A*		11,387,000
	229,000	Tencent Holdings, Ltd., ADR		10,364,540
				33,229,220
		Internet and Catalog Retail—13.5%
	74,400	Alibaba Group Holding, Ltd., SP ADR*		12,607,080
	4,955	Amazon.com, Inc.*		9,382,937
	2,700	Booking Holdings, Inc.*		5,061,717
				27,051,734
		IT Services—19.7%
	56,365	Automatic Data Processing, Inc.		9,318,825
	19,700	EPAM Systems, Inc.*		3,410,070
	27,675	Global Payments, Inc.		4,431,598
	86,000	PayPal Holdings, Inc.*		9,843,560
	71,500	Visa, Inc., Class A		12,408,825
				39,412,878
		Life Sciences Tools and Services—3.0%
	20,625	Thermo Fisher Scientific, Inc.		6,057,150
		Media—1.9%
	695,700	Sirius XM Holdings, Inc.†		3,882,006

Shares			Value (Note 1)
		COMMON STOCKS—98.5%
		Aerospace & Defense—0.3%
	20,382	Kratos Defense & Security Solutions, Inc.*	$	466,544
		Airlines—9.0%
	10,868	Alaska Air Group, Inc.		694,574
	83,228	American Airlines Group, Inc.		2,714,065
	71,943	Azul SA, ADR*		2,405,774
	238,658	Controladora Vuela Cia de Aviacion SAB de CV, ADR*		2,238,612
	11,859	Hawaiian Holdings, Inc.		325,292
	73,236	JetBlue Airways Corp.*		1,354,134
	79,553	Mesa Air Group, Inc.*		727,114
	65,616	United Continental Holdings, Inc.*		5,744,681
				16,204,246
		Auto Components—2.1%
	21,311	BorgWarner, Inc.		894,636
	92,014	Dana, Inc.		1,834,759
	34,009	Modine Manufacturing Co.*		486,669
	15,624	Stoneridge, Inc.*		492,937
				3,709,001
		Banks—3.5%
	125,831	First BanCorp/Puerto Rico		1,389,174
	54,175	First Horizon National Corp.		808,833
	10,455	IBERIABANK Corp.		793,012
	27,210	Popular, Inc.		1,475,870
	14,935	Texas Capital Bancshares, Inc.*		916,561
	17,878	Webster Financial Corp.		854,032
				6,237,482
		Biotechnology—1.1%
	60,307	Myriad Genetics, Inc.*		1,675,329
	26,194	Sangamo Therapeutics, Inc.*		282,109
				1,957,438
		Building Products—1.1%
	27,224	Trex Co., Inc.*		1,951,961
		Capital Markets—2.6%
	34,408	Artisan Partners Asset Management, Inc., Class A		946,908
	30,595	Greenhill & Co., Inc.		415,786
	23,837	LPL Financial Holdings, Inc.		1,944,384

Shares			Value (Note 1)
		Capital Markets (Continued)
	15,693	Raymond James Financial, Inc.	$	1,326,843
				4,633,921
		Chemicals—3.4%
	11,379	Albemarle Corp.		801,195
	31,743	FMC Corp.		2,633,082
	54,881	Kraton Corp.*		1,705,153
	80,669	Tronox Holdings Plc Class A*		1,030,950
				6,170,380
		Commercial Services & Supplies—1.6%
	58,024	Aqua Metals, Inc.*,†		96,900
	71,252	Covanta Holding Corp.		1,276,124
	94,058	Interface, Inc.		1,441,909
				2,814,933
		Communications Equipment—0.7%
	26,460	Acacia Communications, Inc.*		1,247,854
		Construction and Engineering—3.7%
	17,319	Granite Construction, Inc.		834,429
	50,333	MasTec, Inc.*		2,593,660
	240,001	Tutor Perini Corp.*		3,328,814
				6,756,903
		Construction Materials—1.2%
	7,764	Eagle Materials, Inc.		719,723
	52,377	Forterra, Inc.*,†		260,313
	5,091	Martin Marietta Materials, Inc.		1,171,490
				2,151,526
		Consumer Finance—1.1%
	25,687	Green Dot Corp., Class A*		1,256,094
	27,226	PRA Group, Inc.*		766,140
				2,022,234
		Containers and Packaging—0.5%
	70,133	Graphic Packaging Holding Co.		980,459
		Diversified Consumer Services—1.0%
	99,305	Career Education Corp.*		1,893,746

Shares			Value (Note 1)
		Diversified Financial Services—0.5%
	47,219	Jefferies Financial Group, Inc.	$	908,021
		Diversified Telecommunication Services—1.7%
	51,108	Cogent Communications Holdings, Inc.		3,033,771
		Electrical Equipment—0.5%
	14,481	Encore Wire Corp.		848,297
		Electronic Equipment, Instruments & Components—4.3%
	15,234	Fabrinet*		756,673
	114,209	Flex, Ltd.*		1,092,980
	29,899	Itron, Inc.*		1,870,781
	56,724	Jabil, Inc.		1,792,478
	12,579	Rogers Corp.*		2,170,884
				7,683,796
		Energy Equipment and Services—1.9%
	8,805	Dril-Quip, Inc.*		422,640
	52,821	Ensco Rowan plc, Class A†		450,563
	159,294	Noble Corp. Plc*		297,880
	27,752	TechnipFMC Plc		719,887
	235,872	Transocean, Ltd.*		1,511,939
				3,402,909
		Entertainment—0.5%
	362,529	Global Eagle Entertainment, Inc.*,†		235,644
	63,058	Lions Gate Entertainment Corp., Class B		732,103
				967,747
		Equity Real Estate Investment Trusts (REITs)—0.8%
	56,935	Corporate Office Properties Trust, REIT		1,501,376
		Food Products—0.5%
	44,688	Darling Ingredients, Inc.*		888,844
		Health Care Equipment and Supplies—10.5%
	40,986	Cardiovascular Systems, Inc.*		1,759,529
	10,926	Cooper Cos., Inc. (The)		3,680,860
	16,681	Dexcom, Inc.*		2,499,481

Shares			Value (Note 1)
		Health Care Equipment and Supplies (Continued)
	12,262	Edwards Lifesciences Corp.*	$	2,265,282
	41,134	Insulet Corp.*		4,910,577
	14,358	IntriCon Corp.*		335,403
	4,167	Neuronetics, Inc.*		52,129
	8,225	STERIS Plc*		1,224,538
	34,640	Tandem Diabetes Care, Inc.*		2,234,973
				18,962,772
		Health Care Providers and Services—1.1%
	43,572	Acadia Healthcare Co., Inc.*,†		1,522,841
	68,240	Diplomat Pharmacy, Inc.*		415,582
				1,938,423
		Hotels, Restaurants & Leisure—1.1%
	21,504	Eldorado Resorts, Inc.*		990,689
	12,667	Planet Fitness, Inc., Class A*		917,598
				1,908,287
		Household Durables—1.7%
	27,710	Century Communities, Inc.*		736,532
	13,497	LGI Homes, Inc.*		964,091
	32,758	Universal Electronics, Inc.*		1,343,733
				3,044,356
		Insurance—1.6%
	6,207	Everest Re Group, Ltd.		1,534,246
	21,465	W. R. Berkley Corp.		1,415,188
				2,949,434
		IT Services—5.2%
	8,834	Alliance Data Systems Corp.		1,237,908
	172,410	Brightcove, Inc.*		1,780,995
	11,019	Euronet Worldwide, Inc.*		1,853,837
	11,009	Global Payments, Inc.		1,762,871
	111,183	KBR, Inc.		2,772,904
				9,408,515
		Leisure Equipment and Products—0.8%
	158,478	Vista Outdoor, Inc.*		1,407,285
		Life Sciences Tools and Services—0.7%
	31,790	QIAGEN NV*		1,289,085

Shares			Value (Note 1)
		Machinery—1.4%
	79,339	Meritor, Inc.*	$	1,923,971
	4,517	WABCO Holdings, Inc.*		598,954
				2,522,925
		Marine—0.5%
	12,648	Kirby Corp.*		999,192
		Media—0.7%
	51,205	Cardlytics, Inc.*		1,330,306
		Metals and Mining—4.9%
	26,162	Agnico-Eagle Mines, Ltd.		1,340,541
	150,844	Allegheny Technologies, Inc.*		3,801,269
	8,301	Carpenter Technology Corp.		398,282
	13,156	Compass Minerals International, Inc.		722,922
	237,566	Ferroglobe Plc		403,862
	265,265	Ferroglobe Plc—ENT		—
	164,353	Pan American Silver Corp.		2,121,797
				8,788,673
		Oil, Gas and Consumable Fuels—4.5%
	140,562	Centennial Resource Development, Inc., Class A*		1,066,866
	134,323	Euronav NV*		1,268,009
	98,437	GasLog, Ltd.		1,417,493
	27,093	Golar LNG, Ltd.		500,679
	121,987	Navigator Holdings, Ltd.*		1,141,798
	53,903	Noble Energy, Inc.		1,207,427
	27,718	PDC Energy, Inc.*		999,511
	36,969	SM Energy Co.		462,852
				8,064,635
		Pharmaceuticals—1.8%
	21,054	Aerie Pharmaceuticals, Inc.*		622,146
	49,228	Amneal Pharmaceuticals, Inc.*		352,965
	11,923	Nektar Therapeutics*		424,220
	20,130	Pacira BioSciences, Inc.*		875,454
	370,756	TherapeuticsMD, Inc.*,†		963,965
				3,238,750
		Road and Rail—0.6%
	33,874	Knight-Swift Transportation Holdings, Inc.		1,112,422

Shares			Value (Note 1)
		Semiconductors and Semiconductor Equipment—9.6%
	21,810	Advanced Micro Devices, Inc.*	$	662,370
	25,082	Cree, Inc.*		1,409,107
	23,129	Cypress Semiconductor Corp.		514,389
	25,781	Inphi Corp.*		1,291,628
	66,358	MACOM Technology Solutions Holdings, Inc.*		1,003,996
	28,838	Marvell Technology Group, Ltd.		688,363
	11,895	Maxim Integrated Products, Inc.		711,559
	20,586	Monolithic Power Systems, Inc.		2,795,167
	29,462	Qorvo, Inc.*		1,962,464
	40,166	Semtech Corp.*		1,929,976
	7,471	Silicon Laboratories, Inc.*		772,501
	15,244	Universal Display Corp.		2,866,787
	62,113	Veeco Instruments, Inc.*		759,021
				17,367,328
		Software—4.1%
	36,578	2u, Inc.*		1,376,796
	53,702	Benefitfocus, Inc.*,†		1,458,009
	23,209	Model N, Inc.*		452,575
	97,839	Nuance Communications, Inc.*		1,562,489
	9,197	Nutanix, Inc., Class A*		238,570
	14,055	SS&C Technologies Holdings, Inc.		809,709
	196,268	TiVo Corp.		1,446,495
				7,344,643
		Specialty Retail—0.4%
	9,226	Floor & Decor Holdings, Inc., Class A*		386,570
	65,516	Tailored Brands, Inc.†		378,027
				764,597
		Textiles, Apparel and Luxury Goods—0.2%
	9,608	Capri Holdings, Ltd.*		333,205
		Trading Companies and Distributors—2.8%
	35,146	Beacon Roofing Supply, Inc.*		1,290,561
	50,475	BMC Stock Holdings, Inc.*		1,070,070
	24,160	DXP Enterprises, Inc./TX*		915,422

			Expiration Date
		RIGHTS—0.0%
	862,686	Pan American Silver Corp. (Cost $212,401)	02/22/2029				0
Par Amount			Yield
		SHORT-TERM INVESTMENTS—2.3%
$	4,113,515	State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $4,113,515)††		2.395	%		4,113,515
		TOTAL INVESTMENTS, AT VALUE—100.8% (Cost $137,712,939)					181,826,552
		Liabilities in Excess of Other Assets—(0.8)%					(1,457,556	)
		NET ASSETS—100.0%				$	180,368,996

Notes to the Schedule of Investments:

ADR—American Depositary Receipt

ENT—Entitlement

REIT—Real Estate Investment Trust

* Non-income producing security

† Denotes all or a portion of security on loan. As of June 30, 2019, the market value of the securities on loan was $3,924,677 (Note 1)

†† Represents collateral received from securities lending transactions

Percentages indicated are based on net assets.

At June 30, 2019, industry sector diversification of the M Capital Appreciation Fund's investments as a percentage of net assets was as follows:

Summary of Sector Classifications	Percentage of Net Assets
Information Technology		23.9	%
Industrials		21.9	%
Health Care		15.2	%
Materials		10.0	%
Financials		9.3	%
Consumer Discretionary		7.2	%
Energy		6.4	%
Communication Services		3.3	%
Real Estate		0.8	%
Consumer Staples		0.5	%
Short-Term Investments		2.3	%
Total		100.8	%

Shares			Value (Note 1)
		COMMON STOCKS—98.0%
		Aerospace & Defense—1.4%
	4,983	Curtiss-Wright Corp.	$	633,489
	3,331	Spirit AeroSystems Holdings, Inc., Class A		271,044
	1,737	Teledyne Technologies, Inc.*		475,712
				1,380,245
		Airlines—2.4%
	44,804	JetBlue Airways Corp.*		828,426
	4,709	Southwest Airlines Co.		239,123
	13,762	United Continental Holdings, Inc.*		1,204,863
				2,272,412
		Banks—7.6%
	9,048	BankUnited, Inc.		305,280
	27,435	Citigroup, Inc.		1,921,273
	37,128	Citizens Financial Group, Inc.		1,312,846
	28,258	First Hawaiian, Inc.		731,034
	3,734	IBERIABANK Corp.		283,224
	3,494	JPMorgan Chase & Co.		390,629
	16,937	Popular, Inc.		918,663
	18,295	Wells Fargo & Co.		865,719
	5,216	Wintrust Financial Corp.		381,603
				7,110,271
		Beverages—2.6%
	15,879	Coca-Cola Co. (The)		808,559
	5,691	Monster Beverage Corp.*		363,256
	10,300	PepsiCo, Inc.		1,350,639
				2,522,454
		Capital Markets—0.8%
	16,956	Morgan Stanley		742,842
		Chemicals—1.4%
	6,007	Cabot Corp.		286,594
	46,272	Huntsman Corp.		945,800
	3,020	Trinseo SA		127,867
				1,360,261
		Construction and Engineering—0.7%
	7,854	EMCOR Group, Inc.		691,937

Shares			Value (Note 1)
		Consumer Finance—2.3%
	43,191	Ally Financial, Inc.	$	1,338,489
	851	Capital One Financial Corp.		77,220
	2,641	Discover Financial Services		204,915
	44,179	Navient Corp.		603,043
				2,223,667
		Diversified Consumer Services—0.1%
	124	Graham Holdings Co., Class B		85,564
	876	H&R Block, Inc.		25,667
				111,231
		Diversified Financial Services—1.6%
	14,971	AXA Equitable Holdings, Inc.		312,894
	21,986	Voya Financial, Inc.		1,215,826
				1,528,720
		Diversified Telecommunication Services—3.7%
	22,480	AT&T, Inc.		753,305
	48,425	Verizon Communications, Inc.		2,766,520
				3,519,825
		Electric Utilities—3.2%
	30,380	Exelon Corp.		1,456,417
	10,507	PNM Resources, Inc.		534,912
	18,725	Portland General Electric Co.		1,014,333
				3,005,662
		Electrical Equipment—0.6%
	2,763	Emerson Electric Co.		184,348
	5,079	Regal Beloit Corp.		415,005
				599,353
		Electronic Equipment, Instruments & Components—1.2%
	13,495	Avnet, Inc.		610,919
	17,526	Jabil, Inc.		553,821
				1,164,740
		Entertainment—0.9%
	5,046	Electronic Arts, Inc.*		510,958
	11,794	Viacom, Inc., Class B		352,287
				863,245

Shares			Value (Note 1)
		Equity Real Estate Investment Trusts (REITs)—2.9%
	18,495	American Campus Communities, Inc., REIT	$	853,729
	4,130	Corporate Office Properties Trust, REIT		108,908
	2,373	Douglas Emmett, Inc., REIT		94,540
	22,795	Paramount Group, Inc., REIT		319,358
	40,992	Park Hotels & Resorts, Inc., REIT		1,129,740
	23,605	VEREIT, Inc., REIT		212,681
				2,718,956
		Food Products—2.6%
	3,846	General Mills, Inc.		201,992
	8,024	Ingredion, Inc.		661,900
	2,642	Mondelez International, Inc.		142,404
	7,290	Pilgrim's Pride Corp.*		185,093
	16,474	Tyson Foods, Inc., Class A		1,330,110
				2,521,499
		Gas Utilities—0.5%
	5,168	Southwest Gas Holdings, Inc.		463,156
		Health Care Equipment and Supplies—0.9%
	2,085	Medtronic Plc		203,058
	5,067	Varian Medical Systems, Inc.*		689,771
				892,829
		Health Care Providers and Services—2.4%
	4,405	Humana, Inc.		1,168,647
	8,534	McKesson Corp.		1,146,884
				2,315,531
		Hotels, Restaurants & Leisure—2.9%
	9,165	Norwegian Cruise Line Holdings, Ltd.*		491,519
	14,487	Starbucks Corp.		1,214,445
	1,574	Wyndham Destinations, Inc.		69,098
	8,898	Yum! Brands, Inc.		984,742
				2,759,804
		Household Products—0.7%
	6,483	Colgate-Palmolive Co.		464,637
	1,944	Procter & Gamble Co. (The)		213,159
				677,796

Shares			Value (Note 1)
		Independent Power and Renewable Electricity Producers—1.3%
	73,901	AES Corp./VA	$	1,238,581
		Industrial Conglomerates—0.8%
	5,407	Carlisle Cos., Inc.		759,197
		Insurance—8.9%
	9,283	AFLAC, Inc.		508,801
	652	Alleghany Corp.*		444,084
	3,166	Allstate Corp. (The)		321,950
	10,207	Arch Capital Group, Ltd.*		378,476
	8,543	CNO Financial Group, Inc.		142,497
	5,397	Hanover Insurance Group, Inc. (The)		692,435
	24,654	Hartford Financial Services Group, Inc. (The)		1,373,721
	6,480	Lincoln National Corp.		417,636
	5,951	MetLife, Inc.		295,586
	41,820	Old Republic International Corp.		935,932
	9,314	Principal Financial Group, Inc.		539,467
	11,188	Prudential Financial, Inc.		1,129,988
	8,273	Reinsurance Group of America, Inc.		1,290,836
				8,471,409
		Interactive Media & Services—0.7%
	3,508	Facebook, Inc., Class A*		677,044
		Internet and Catalog Retail—2.2%
	256	Booking Holdings, Inc.*		479,926
	30,815	eBay, Inc.		1,217,193
	2,682	Expedia Group, Inc.		356,786
				2,053,905
		IT Services—0.9%
	641	Booz Allen Hamilton Holding Corp.		42,441
	929	MAXIMUS, Inc.		67,390
	3,677	VeriSign, Inc.*		769,081
				878,912
		Life Sciences Tools and Services—2.0%
	8,268	Agilent Technologies, Inc.		617,371
	16,547	Bruker Corp.		826,523
	292	Mettler-Toledo International, Inc.*		245,280
	1,219	Waters Corp.*		262,378
				1,951,552

Shares			Value (Note 1)
		Machinery—1.4%
	3,116	Allison Transmission Holdings, Inc.	$	144,427
	653	Crane Co.		54,486
	701	Cummins, Inc.		120,109
	3,788	Hillenbrand, Inc.		149,891
	785	Oshkosh Corp.		65,540
	11,208	PACCAR, Inc.		803,165
				1,337,618
		Media—1.3%
	4,939	AMC Networks, Inc., Class A*		269,126
	1,399	Nexstar Media Group, Inc., Class A		141,299
	7,361	Sinclair Broadcast Group, Inc., Class A		394,770
	28,225	TEGNA, Inc.		427,609
				1,232,804
		Metals and Mining—1.6%
	25,912	Cleveland-Cliffs, Inc.†		276,481
	6,360	Reliance Steel & Aluminum Co.		601,783
	19,806	Steel Dynamics, Inc.		598,141
				1,476,405
		Multi-Utilities—0.9%
	8,497	CenterPoint Energy, Inc.		243,269
	1,358	CMS Energy Corp.		78,642
	9,356	MDU Resources Group, Inc.		241,385
	5,208	Public Service Enterprise Group, Inc.		306,334
				869,630
		Oil, Gas and Consumable Fuels—8.1%
	20,616	Chevron Corp.		2,565,455
	22,354	ConocoPhillips		1,363,594
	8,255	Exxon Mobil Corp.		632,581
	13,247	HollyFrontier Corp.		613,071
	9,898	PBF Energy, Inc., Class A		309,807
	8,849	Peabody Energy Corp.		213,261
	10,699	Phillips 66		1,000,785
	11,566	Valero Energy Corp.		990,165
				7,688,719
		Paper and Forest Products—0.5%
	11,393	Domtar Corp.		507,330

Shares			Value (Note 1)
		Personal Products—0.2%
	2,901	Nu Skin Enterprises, Inc., Class A	$	143,077
		Pharmaceuticals—8.7%
	9,305	Eli Lilly & Co.		1,030,901
	1,649	Jazz Pharmaceuticals Plc*		235,082
	20,703	Johnson & Johnson		2,883,514
	15,393	Merck & Co., Inc.		1,290,703
	64,929	Pfizer, Inc.		2,812,724
	112	Taro Pharmaceutical Industries, Ltd.		9,567
				8,262,491
		Professional Services—2.0%
	12,852	ManpowerGroup, Inc.		1,241,503
	10,906	Robert Half International, Inc.		621,751
				1,863,254
		Real Estate Management and Development—2.0%
	19,614	CBRE Group, Inc., Class A*		1,006,198
	6,466	Jones Lang LaSalle, Inc.		909,702
				1,915,900
		Semiconductors and Semiconductor Equipment—0.3%
	4,983	Intel Corp.		238,536
		Software—3.8%
	13,505	Cadence Design Systems, Inc.*		956,289
	9,023	Citrix Systems, Inc.		885,517
	288	Intuit, Inc.		75,263
	2,383	j2 Global, Inc.†		211,825
	8,295	Manhattan Associates, Inc.*		575,092
	4,034	Oracle Corp.		229,817
	1,117	Synopsys, Inc.*		143,747
	15,833	Teradata Corp.*		567,613
				3,645,163
		Technology Hardware, Storage & Peripherals—1.4%
	6,260	Hewlett Packard Enterprise Co.		93,587
	60,674	HP, Inc.		1,261,413
				1,355,000
		Textiles, Apparel and Luxury Goods—0.7%
	3,958	Deckers Outdoor Corp.*		696,489

At June 30, 2019, industry sector diversification of the M Large Cap Value Fund's investments as a percentage of net assets was as follows:

Summary of Sector Classifications	Percentage of Net Assets
Financials		22.9	%
Health Care		14.1	%
Industrials		9.9	%
Energy		8.1	%
Consumer Staples		7.9	%
Information Technology		7.6	%
Communication Services		7.3	%
Consumer Discretionary		5.9	%
Utilities		5.9	%
Real Estate		4.9	%
Materials		3.5	%
Short-Term Investments		0.4	%
Total		98.4	%

	M International Equity Fund			M Large Cap Growth Fund		M Capital Appreciation Fund		M Large Cap Value Fund
Assets:
Investments, at value (Note 1)/*—see accompanying Schedule of Investments	$	136,349,121		$	202,167,960	$	181,826,552	$	93,628,175
Affiliated investment company, at value (Note 1)***—see accompanying Schedule of Investments		45,533,414			—		—		—
Cash		1,249,406			1,309,097		3,038,562		298,683
Cash denominated in foreign currencies****		668,088			—		—		—
Receivable from:
Securities sold		306,041			341,944		132,197		5,265,860
Capital stock subscriptions		899,212			12,456		584,979		16,684
Dividends and interest		998,524			84,146		121,655		130,529
Prepaid expenses		23,756			23,968		22,139		12,122
Total assets		186,027,562			203,939,571		185,726,084		99,352,053
Liabilities:
Payable for:
Securities purchased		482,819			—		1,045,378		3,642,482
Capital stock redemptions		9,211			71,630		18,623		24,494
M Financial Group—compliance expense (Note 2)		802			906		856		438
Investment Adviser, net (Note 2)		47,892			94,560		128,042		33,812
Payable upon return of securities loaned (Note 1)		5,274,666			3,400,234		4,113,515		416,994
Accrued expenses and other liabilities		102,443			44,850		50,674		34,925
Total liabilities		5,917,833			3,612,180		5,357,088		4,153,145
Net assets	$	180,109,729		$	200,327,391	$	180,368,996	$	95,198,908
Net assets consist of:
Paid-in capital	$	240,984,100		$	116,096,709	$	127,040,090	$	85,555,094
Total distributable earnings (loss)		(60,874,371	)		84,230,682		53,328,906		9,643,814
Net assets	$	180,109,729		$	200,327,391	$	180,368,996	$	95,198,908
Shares outstanding#		15,128,368			7,121,598		7,286,349		7,512,630
Net asset value, offering price and redemption price per share	$	11.91		$	28.13	$	24.75	$	12.67
* Cost of investments	$	127,020,664		$	126,481,168	$	137,712,939	$	86,606,737
** Includes securities on loan with market values of .	$	5,041,183		$	3,299,705	$	3,924,677	$	415,009
*** Cost of affiliated investment	$	41,944,489		$	—	$	—	$	—
**** Cost of cash denominated in foreign currencies	$	665,770		$	—	$	—	$	—

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

	M International Equity Fund			M Large Cap Growth Fund			M Capital Appreciation Fund			M Large Cap Value Fund
Investment income:
Dividends—Unaffiliated*	$	2,874,127		$	541,501		$	793,597		$	1,079,886
Dividends—Affiliated		279,142			—			—			—
Securities lending income		19,759			—			8,429			90
Interest		1,293			2,706			6,017			2,235
Total investment income		3,174,321			544,207			808,043			1,082,211
Expenses:
Investment advisory fee (Note 2)		334,031			555,352			782,100			208,973
Custody, fund accounting, transfer agent and administration fees		201,560			82,048			94,472			59,782
Professional fees		19,928			17,807			17,515			14,665
Printing and shareholder reporting		15,624			14,856			14,757			9,243
Compliance expenses (Note 2)		2,754			2,882			2,731			1,438
Directors' fees and expenses		15,319			15,138			14,477			7,694
Other		18,418			18,294			17,072			9,523
Total expenses		607,634			706,377			943,124			311,318
Less: Expenses waived/reimbursed by the Adviser (Note 2)		(54,160	)		—			—			(6,966	)
Net expenses		553,474			706,377			943,124			304,352
Net investment income (loss)		2,620,847			(162,170	)		(135,081	)		777,859
Realized and unrealized gain (loss):
Net realized gain on:
Unaffiliated investment transactions		244,034			8,888,429			9,632,354			3,027,001
Affiliated investment transactions		278,850			—			—			—
Foreign currency transactions		2,469			413			—			—
Net realized gain		525,353			8,888,842			9,632,354			3,027,001
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		14,262,417			30,628,603			18,283,116			8,614,495
Affiliated investments		3,370,339			—			—			—
Foreign currency translation		7,932			10			—			—
Net change in unrealized appreciation		17,640,688			30,628,613			18,283,116			8,614,495
Net realized and unrealized gain		18,166,041			39,517,455			27,915,470			11,641,496
Net increase in net assets resulting from operations	$	20,786,888		$	39,355,285		$	27,780,389		$	12,419,355
* Net of foreign taxes withheld of:	$	290,693		$	4,584		$	6,204		$	1,244

	M International Equity Fund						M Large Cap Growth Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (decrease) in net assets from:
Operations:
Net investment income (loss)	$	2,620,847		$	3,197,738		$	(162,170	)	$	(220,775	)
Net realized gain on investments and foreign currency transactions		525,353			4,049,201			8,888,842			12,484,721
Net change in unrealized appreciation (depreciation) on investments and foreign currency		17,640,688			(51,505,741	)		30,628,613			(19,727,540	)
Net increase (decrease) in net assets resulting from operations		20,786,888			(44,258,802	)		39,355,285			(7,463,594	)
Distributions to shareholders		(59,581	)		(2,892,319	)		(1,114,223	)		(20,800,775	)
Total distributions to shareholders		(59,581	)		(2,892,319	)		(1,114,223	)		(20,800,775	)
Fund share transactions (Note 4):
Proceeds from shares sold		14,226,789			23,957,439			10,419,390			24,766,078
Net asset value of shares issued on reinvestment of distributions		59,581			2,892,319			1,114,223			20,800,774
Cost of shares repurchased		(24,826,623	)		(53,942,909	)		(17,669,500	)		(42,459,412	)
Net increase (decrease) in net assets resulting from Fund share transactions		(10,540,253	)		(27,093,151	)		(6,135,887	)		3,107,440
Total change in net assets		10,187,054			(74,244,272	)		32,105,175			(25,156,929	)
Net assets:
Beginning of period		169,922,675			244,166,947			168,222,216			193,379,145
End of period	$	180,109,729		$	169,922,675		$	200,327,391		$	168,222,216

	M Capital Appreciation Fund						M Large Cap Value Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (decrease) in net assets from:
Operations:
Net investment income (loss)	$	(135,081	)	$	(287,987	)	$	777,859		$	1,412,592
Net realized gain on investments and foreign currency transactions		9,632,354			30,145,749			3,027,001			5,251,745
Net change in unrealized appreciation (depreciation) on investments and foreign currency		18,283,116			(54,755,163	)		8,614,495			(18,210,129	)
Net increase (decrease) in net assets resulting from operations		27,780,389			(24,897,401	)		12,419,355			(11,545,792	)
Distributions to shareholders		(1,220,165	)		(35,192,975	)		(45,169	)		(8,355,547	)
Total distributions to shareholders		(1,220,165	)		(35,192,975	)		(45,169	)		(8,355,547	)
Fund share transactions (Note 4):
Proceeds from shares sold		12,607,635			16,496,331			6,162,938			12,484,184
Net asset value of shares issued on reinvestment of distributions		1,220,165			35,192,975			45,169			8,355,547
Cost of shares repurchased		(16,026,282	)		(44,875,896	)		(8,820,264	)		(15,002,622	)
Net increase (decrease) in net assets resulting from Fund share transactions		(2,198,482	)		6,813,410			(2,612,157	)		5,837,109
Total change in net assets		24,361,742			(53,276,966	)		9,762,029			(14,064,230	)
Net assets:
Beginning of period		156,007,254			209,284,220			85,436,879			99,501,109
End of period	$	180,368,996		$	156,007,254		$	95,198,908		$	85,436,879

	M International Equity Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of period	$	10.60		$	13.58		$	11.12		$	11.26		$	11.93
Income from investment operations:
Net investment income‡		0.17			0.19			0.17			0.17			0.19
Net realized and unrealized gain (loss) on investments		1.14			(2.99	)		2.50			(0.18	)		(0.66	)
Total from investment operations		1.31			(2.80	)		2.67			(0.01	)		(0.47	)
Less distributions to shareholders:
From net investment income		—	†		(0.18	)		(0.21	)		(0.13	)		(0.20	)
Total distributions		—			(0.18	)		(0.21	)		(0.13	)		(0.20	)
Net asset value, end of period	$	11.91		$	10.60		$	13.58		$	11.12		$	11.26
Total Return⁺		12.40	%*		(20.57	)%		24.05	%		(0.05	)%		(3.94	)%
Ratios/Supplemental Data:
Net assets, end of period (000's)	$	180,110		$	169,923		$	244,167		$	193,909		$	228,015
Net expenses to average daily net assets		0.63	%**		0.92	%•		0.90	%		0.94	%		0.95	%
Net investment income to average daily net assets		2.98	%**		1.50	%		1.33	%		1.51	%		1.51	%
Without the waiver/reimbursement of expenses by the adviser, the ratios of net expenses and net investment income to average daily net assets would have been:
Expenses		0.69	%		0.98	%•		N/A			0.97	%		0.96	%
Net investment income		2.92	%		1.43	%		N/A			1.48	%		1.50	%
Portfolio turnover rate		8	%		117	%?		10	%		20	%		27	%

‡ Calculation based on average shares outstanding.

* Not annualized.

** Annualized for periods less than one year.

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

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

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

	M Large Cap Growth Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of period	$	22.85		$	27.01		$	19.97		$	21.66		$	23.95
Income from investment operations:
Net investment loss‡		(0.02	)		(0.03	)		(0.05	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss) on investments		5.46			(1.12	)		7.83			(0.45	)		1.96
Total from investment operations		5.44			(1.15	)		7.78			(0.50	)		1.91
Less distributions to shareholders:
From net investment income		—			—			—			—			(0.01	)
From net realized capital gains		(0.16	)		(3.01	)		(0.74	)		(1.19	)		(4.19	)
Total distributions		(0.16	)		(3.01	)		(0.74	)		(1.19	)		(4.20	)
Net asset value, end of period	$	28.13		$	22.85		$	27.01		$	19.97		$	21.66
Total Return⁺		23.81	%*		(4.95	)%		38.97	%		(2.32	)%		7.70	%
Ratios/Supplemental Data:
Net assets, end of period (000's)	$	200,327		$	168,222		$	193,379		$	157,766		$	180,624
Net expenses to average daily net assets		0.75	%**		0.75	%		0.73	%		0.78	%		0.76	%
Net investment loss to average daily net assets		(0.17	)%**		(0.11	)%		(0.20	)%		(0.26	)%		(0.20	)%
Portfolio turnover rate		19	%		34	%		49	%		36	%		69	%

‡ Calculation based on average shares outstanding.

* Not annualized.

** Annualized for periods less than one year.

	M Capital Appreciation Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of period	$	21.14		$	31.24		$	29.28		$	25.15		$	30.22
Income from investment operations:
Net investment loss‡		(0.02	)		(0.05	)		(0.01	)		(0.09	)		(0.10	)
Net realized and unrealized gain (loss) on investments		3.80			(4.23	)		5.55			5.38			(1.77	)
Total from investment operations		3.78			(4.28	)		5.54			5.29			(1.87	)
Less distributions to shareholders:
From net investment income		—			(0.09	)		—			—			—
From net realized capital gains		(0.17	)		(5.73	)		(3.58	)		(1.16	)		(3.20	)
Total distributions		(0.17	)		(5.82	)		(3.58	)		(1.16	)		(3.20	)
Net asset value, end of period	$	24.75		$	21.14		$	31.24		$	29.28		$	25.15
Total Return⁺		17.91	%*		(14.15	)%		19.02	%		21.06	%		(6.58	)%
Ratios/Supplemental Data:
Net assets, end of period (000's)	$	180,369		$	156,007		$	209,284		$	197,217		$	182,298
Net expenses to average daily net assets		1.09	%**		1.07	%		1.05	%		1.08	%		1.07	%
Net investment loss to average daily net assets		(0.16	)%**		(0.15	)%		(0.04	)%		(0.35	)%		(0.34	)%
Portfolio turnover rate		12	%		26	%		20	%		19	%		23	%

‡ Calculation based on average shares outstanding.

* Not annualized.

** Annualized for periods less than one year.

	M Large Cap Value Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of period	$	11.06		$	13.93		$	12.89		$	11.96		$	13.36
Income from investment operations:
Net investment income‡		0.10			0.20			0.21			0.22			0.18
Net realized and unrealized gain (loss) on investments		1.51			(1.88	)		1.73			0.94			(0.24	)
Total from investment operations		1.61			(1.68	)		1.94			1.16			(0.06	)
Less distributions to shareholders:
From net investment income		—			(0.20	)		(0.21	)		(0.23	)		(0.17	)
From return of capital		—			—			—			—			(0.01	)
From net realized capital gains		—			(0.99	)		(0.69	)		—			(1.16	)
Total distributions		—			(1.19	)		(0.90	)		(0.23	)		(1.34	)
Net asset value, end of period	$	12.67		$	11.06		$	13.93		$	12.89		$	11.96
Total Return⁺		14.61	%*		(12.07	)%		14.99	%		9.73	%#		(0.66	)%
Ratios/Supplemental Data:
Net assets, end of period (000's)	$	95,199		$	85,437		$	99,501		$	91,189		$	95,170
Net expenses to average daily net assets		0.66	%**		0.64	%		0.64	%		0.68	%		0.69	%
Net investment income to average daily net assets		1.67	%**		1.47	%		1.57	%		1.85	%		1.32	%
Without the waiver/reimbursement of expenses by the adviser, the ratios of net expenses and net investment income to average daily net assets would have been:
Expenses		0.67	%		0.66	%		0.64	%		0.68	%		N/A
Net investment income		1.66	%		1.45	%		1.56	%		1.85	%		N/A
Portfolio turnover rate		61	%		82	%		75	%		54	%		66	%

‡ Calculation based on average shares outstanding.

* Not annualized.

** Annualized for periods less than one year.

# 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.

M Fund, Inc. (the "Corporation") was incorporated in Maryland on August 11, 1995 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of June 30, 2019, the Corporation consisted of four separate diversified investment portfolios: M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund (each singularly a "Fund" or collectively the "Funds"), each of which is a separate mutual fund.

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

M International Equity Fund

M International Equity Fund seeks to achieve its investment objective through exposure to a broad and diverse group of securities of non-U.S. companies in countries with developed and emerging markets with a greater emphasis on small capitalization, value and high profitability companies as compared to their representation in the Non-U.S. Universe. For purposes of the Fund, Dimensional Fund Advisors LP ("DFA") defines the Non-U.S. Universe as a market capitalization weighted portfolio of non-U.S. companies in developed and emerging markets that have been authorized for investment as approved markets by the DFA's Investment Committee. The Fund may pursue its investment objective by investing its assets directly and/or indirectly by investing its assets in the Emerging Markets Core Equity Portfolio of DFA Investment Dimensions Group Inc. (the "Underlying Fund").

M Large Cap Growth Fund

M Large Cap Growth Fund will normally invest at least 80% of its total assets in U.S. large-cap equity securities, including, but not limited to, common stocks, preferred stocks and American Depositary Receipts. The Fund may invest up to 20% of its assets in equity securities of foreign issuers. DSM Capital Partners LLC ("DSM"), the Fund's sub-adviser defines "large-cap" as capitalizations of $10 billion or more. The Fund will generally contain 25 to 35 equity securities. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice. DSM uses a "bottom-up," idea-driven approach and focuses on a long-term (e.g., three-year minimum) investment horizon. DSM seeks to invest in growing businesses with solid fundamentals, attractive profitability and successful management. Candidate companies will typically have projected revenue and earnings growth in excess of 10% and will often have higher returns on equity and assets than average S&P 500 companies. Generally, these businesses will be generating free cash flow and will have financial returns that are stable or rising, driven by improving business fundamental all as determined by DSM.

M Capital Appreciation Fund

M Capital Appreciation Fund invests in common stock of U.S. companies of all sizes, with emphasis on stocks of companies with capitalizations that are consistent with the capitalizations of those companies found in the Russell 2500 Index. The Fund's sub-adviser, Frontier Capital Management Company, LLC ("Frontier") seeks to invest in companies with unrecognized earnings potential. Earnings per share, growth and price appreciation are important factors. Wall Street analysts do not usually widely follow small to mid-sized companies like those in which the Fund

invests and institutional investors usually do not own a large percentage of them. The cornerstone of Frontier's investment process is internally generated fundamental research. Stocks are sold if earnings growth potential is realized, when the fundamental reasons for purchase are no longer valid, or when a more attractive situation is identified.

M Large Cap Value Fund

M Large Cap Value Fund will normally invest at least 80% of its total assets in the large-capitalization segment of the U.S. stock market. AJO, LP ("AJO"), the Fund's sub-adviser, defines "large-capitalization" as capitalizations of $5 billion or more. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice. AJO uses a systematic, disciplined, quantitative investment process. AJO is value-oriented, but believes superior results are best achieved by combining value, management, momentum and sentiment. AJO focuses on well-managed companies with quality cash profits, relatively low market valuations, positive price and earnings momentum and favorable investor sentiment. It optimizes portfolios to diversify multi-faceted risk. The Fund is fully invested, sector-neutral and well diversified in terms of industry, fundamental characteristics and various statistical measures of risk. AJO seeks to minimize implementation shortfall, defined as the difference between valuation price and execution price, including commissions, spreads, market impact and opportunity cost.

1. Significant Accounting Policies

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

Use of Estimates

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

Portfolio Valuation

Equity securities and other similar investments traded on a recognized U.S. securities exchange (other than the National Association of Securities Dealers Automated Quotation System "NASDAQ") are valued at the last sale price on the exchange on which the securities are traded. If no sale occurs, equity securities and other similar investments traded on a U.S. exchange (other than NASDAQ) are valued at the most recent bid price. Equity securities and other similar investments traded on NASDAQ are valued at the NASDAQ Official Closing Price. If no sale occurs, equity securities and other similar investments traded on NASDAQ are valued at the most recent bid price. Equity securities and other similar investments traded on a non-U.S. exchange are generally valued according to the latest closing values on that exchange prior to the close of the New York Stock Exchange. However, if an event which may change the value of a security occurs after the time that the closing value on the non-U.S. exchange

was determined, the Board of Directors may decide to value the security based on fair value. The Board of Directors has approved the use of an independent fair value service for foreign securities, which may provide a fair value price on trading days when the S&P 500 Index moves more than 1%. The use of a fair value price may cause the value of the security on the books of the Fund to be significantly different from the closing value on the non-U.S. exchange and may affect the calculation of the Fund's NAV. Over-the-counter securities are valued at the last sale price on the valuation date or, if no sale occurs, at the most recent bid price. Short-term obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Amortized cost valuation involves initially valuing a security at its cost, and thereafter, assuming a constant accretion or amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. Securities for which a pricing service supplies no quotations or quotations are not deemed to be representative of market value or for which there are no readily available market quotations are valued at fair value as determined in good faith by the Pricing Committee appointed by the Board of Directors (excluding debt securities with a remaining maturity of sixty days or less). Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the fair value hierarchy.

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

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

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

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

The valuation techniques used by the Funds to measure fair value during the period ended June 30, 2019 maximized the use of observable inputs and minimized the use of unobservable inputs.

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

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

As of June 30, 2019, all of the Funds had (i) all long-term investments classified as Level 1, as represented on the Schedule of Investments; and (ii) all short-term investments classified as Level 2.

The Funds did not have significant transfers in and out of Level 1, Level 2 or Level 3 of the fair value hierarchy during the period ended June 30, 2019.

Securities Transactions, Investment Income and Expenses

Securities transactions are recorded as of the trade date. Realized gains or losses from securities sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis and consists of interest accrued and, if applicable, discount earned less premiums amortized. Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the Fund is informed of the ex-dividend date. Investment income is recorded net of foreign taxes withheld where the recovery of such taxes is uncertain. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Most expenses of the Corporation can be directly attributed to a Fund. Expenses that cannot be directly attributed are apportioned among Funds by the Corporation based on average net assets of each Fund.

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

Dividends and Distributions to Shareholders

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

Securities Lending

The Funds participate in a securities lending program under the terms of a Securities Lending Agency Agreement with State Street Bank and Trust Company, which serves as the Funds' securities lending agent. Each Fund may loan its portfolio securities in an amount up to 33 1/3 of its total assets. The Funds receive cash (U.S. currency) as collateral against the loaned securities. Such collateral is invested by the securities lending agent in a money market mutual fund that meets the quality and diversification requirements in accordance with Rule 2a-7 under the 1940 Act. All collateral received will be in an amount at least equal to 102% (for loans of U.S. securities) or 105% (for loans of non-U.S. securities) of the market value of the loaned securities at the inception of each loan. The market value

of the loaned securities is determined each day at the close of business of the Funds and any change in the amount of collateral is delivered to or paid by the Fund the next day. The collateral value does not include the calculated mark, which is the amount charged/returned to the borrower daily to maintain 102%/105% of market value. There is a day lag in receiving the mark, which may at times result in a collateral percentage above or below 102%/105%.

The collateral received is recorded on a lending Fund's statement of assets and liabilities, along with the related obligation to return the collateral. A Fund may also record realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. Upon an event of default under the Securities Agency Lending Agreement, there is a risk of delay in the recovery of the securities or loss of rights in the collateral. If the borrower fails to return loaned securities and cash collateral is insufficient to cover the value of loaned securities (provided that the insufficiency is not due to investment losses), the securities lending agent has agreed, at its option, to pay the amount of any shortfall in collateral to the Funds; or to replace the securities. Any dividends or interest payable by the issuers of the loaned portfolio securities, during the time that the securities are on loan, are paid to the borrowers of those securities. Dividend or interest payments that are made to borrowers of the loaned securities are reimbursed by the borrowers to the Funds. Such reimbursement amounts do not comprise qualified dividend income under the Internal Revenue Code of 1986, as amended.

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

The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2019.

	Gross		Gross Amounts Offset in the		Net Amounts of Assets Presented in the		Gross Amount Not Offset in the Statement of Assets and Liabilities
Fund	Amounts of Recognized Assets		Statement Assets and Liabilities		Statement Assets and Liabilities		Financial Instruments		Cash Collateral Received		Net Amount
M International Equity Fund	$	5,274,666	$	—	$	5,274,666	$	—	$	5,274,666	$	—
M Large Cap Growth Fund	$	3,400,234	$	—	$	3,400,234	$	—	$	3,400,234	$	—
M Capital Appreciation Fund	$	4,113,515	$	—	$	4,113,515	$	—	$	4,113,515	$	—
M Large Cap Value Fund	$	416,994	$	—	$	416,994	$	—	$	416,994	$	—

The following table presents the remaining contractual maturity of the Securities Lending Agency Agreement as of June 30, 2019.

Fund	Security Type	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
M International Equity Fund	Common Stocks	$	5,274,666	$	—	$	—	$	—	$	5,274,666
M Large Cap Growth Fund	Common Stocks	$	3,400,234	$	—	$	—	$	—	$	3,400,234
M Capital Appreciation Fund	Common Stocks	$	4,113,515	$	—	$	—	$	—	$	4,113,515
M Large Cap Value Fund	Common Stocks	$	416,994	$	—	$	—	$	—	$	416,994

Federal Income Taxes

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and by distributing substantially all of its earnings to its shareholders. Therefore, no provision for federal income or excise tax is necessary.

The Funds evaluate the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Funds did not have any unrecognized tax benefits as of June 30, 2019, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the six-month period ended June 30, 2019, the Funds did not incur any such interest or penalties. The Funds' tax returns are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years, December 2016 through December 2018. No examination of any of the Funds' tax filings is currently in progress.

2. Advisory Fee and Other Transactions with Affiliates

The Corporation has entered into an investment advisory agreement (the "Advisory Agreement") with M Financial Investment Advisers, Inc. (the "Adviser"), a wholly-owned subsidiary of M Financial Group. The Advisory

Agreement provides that the Funds will pay the Adviser a fee at an annual rate of the value of each Fund's average daily net assets as follows:

Fund				Total Advisory Fees
M International Equity Fund				0.15% on all assets plus (and only with respect
				to Fund assets which are not invested in a mutual
				fund that is advised by the Fund's sub-adviser):
				0.32% on the first $100 million
				0.27% on the amounts thereafter
M Large Cap Growth Fund				0.65% of the first $50 million
				0.60% of the next $50 million
				0.55% on the amounts above $100 million
M Capital Appreciation Fund				0.90%
M Large Cap Value Fund*				0.45% of the first $250 million
				0.35% of the next $250 million
				0.30% of the next $250 million
				0.275% on the amounts thereafter

* Beginning on October 1, 2016, the Sub-Adviser for the Fund waived 5% of its sub-advisory fee. Consequently, the Adviser waived a portion of the fee payable by the Fund. For the six months ended June 30, 2019, the fee payable to the Adviser for the Fund was 0.435% on the first $250 million, 0.34% on the next $250 million, 0.2925% on the next $250 million and 0.2688% thereafter on the Fund's average daily net assets. For the six months ended June 30, 2019, the Advisor waived $6,966 otherwise payable by M Large Cap Value Fund.

Prior to May 1, 2019 and for the period May 1, 2019 through April 30, 2020, the Adviser has contractually agreed to reimburse each Fund for any expenses (other than advisory fees, brokerage or other portfolio transaction expenses or expenses for litigation, indemnification, taxes or other extraordinary expenses) to the extent that such expenses exceed 0.25% of a Fund's annualized average daily net assets. For the six months ended June 30, 2019, the Adviser reimbursed $54,160 of other expenses for the M International Equity Fund.

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

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

Fund				Total Sub-Advisory Fees
M International Equity Fund				0.32% on the first $100 million
				0.27% on the amounts thereafter

Fund				Total Sub-Advisory Fees
				Sub-adviser shall not receive any sub-advisory fee for its sub-advisory services to the M International Equity Fund with respect to assets of the M International Equity Fund invested in any other mutual fund advised by the Sub-Adviser.
M Large Cap Growth Fund				0.50% on the first $50 million
				0.45% on the next $50 million
				0.40% on the amounts above $100 million
M Capital Appreciation Fund				0.75%
M Large Cap Value Fund*				0.30% on the first $250 million
				0.20% on the next $250 million
				0.15% on the next $250 million
				0.125% on the amounts thereafter

* Beginning on October 1, 2016, the Sub-Adviser waived 5% of its sub-advisory fee. For the six months ended June 30, 2019, the fee payable to the Sub-Adviser for the Fund was 0.285% on the first $250 million, 0.19% on the next $250 million, 0.1425% on the next $250 million and 0.1188% thereafter on the Fund's average daily net assets. For the six months ended June 30, 2019, the Sub-Adviser waived $6,966 otherwise payable by the Adviser.

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

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

The Corporation pays no compensation to its officers. At June 30, 2019, the Corporation pays each Non-Interested Director $1,500 per meeting attended. The Corporation pays each non-interested Director an annual retainer of $20,000. Each member of the Audit Committee receives $1,500 per meeting of the Audit Committee that he attends. The Chairman of the Board and Audit Committee Chair receive an additional $10,000 annually. CCO compensation is paid to M Financial Group pursuant to an employee leasing agreement between the Corporation and M Financial Group and is included under compliance expenses on the Funds' Statements of Operations.

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities or is under common management. The Company which is an affiliate of the M International Equity Fund as of December 31, 2018 is noted in the Fund's Schedule of Investments. During the six months ended June 30, 2019, purchases and sales

transactions, income earned from investments and shares held of investment companies managed by Dimensional Fund Advisors LP for the M International Equity Fund were as follows:

Affiliated Investment Companies				Value, Beginning of Year				Purchases at Cost				Proceeds from Sales				Net Realized Gain/(Loss) on Sales				Change in Unrealized Appreciation/ (Depreciation)				Value, June 30, 2019				Dividend Income				Other Distributions				Shares, June 30, 2019
DFA Emerging Markets Core Equity Portfolio				$	40,791,410			$	5,800,815			$	(4,708,000	)		$	278,850			$	3,370,339			$	45,533,414			$	279,142			$	—				2,175,509

3. Purchases and Sales of Securities

Cost of purchases and proceeds from sales of investment securities, excluding short-term investments, for the six months ended June 30, 2019, were as follows:

	Non-U.S. Government Securities
	Purchases		Sales
M International Equity Fund	$	14,106,511	$	23,696,378
M Large Cap Growth Fund		35,500,968		43,335,113
M Capital Appreciation Fund		20,091,167		25,867,138
M Large Cap Value Fund		55,642,315		57,900,540

4. Paid-in Capital

Changes in the capital shares outstanding were as follows:

	M International Equity Fund						M Large Cap Growth Fund
	Six Months Ended June 30, 2019			Year Ended December 31, 2018			Six Months Ended June 30, 2019			Year Ended December 31, 2018
Shares sold		1,240,194			1,891,021			410,504			912,017
Shares repurchased		(2,148,561	)		(4,116,778	)		(693,057	)		(1,535,156	)
Distributions reinvested		5,172			277,574			40,561			828,020
Net increase (decrease)		(903,195	)		(1,948,183	)		(241,992	)		204,881
Fund Shares:
Beginning of period		16,031,563			17,979,746			7,363,590			7,158,709
End of period		15,128,368			16,031,563			7,121,598			7,363,590

	M Capital Appreciation Fund						M Large Cap Value Fund
	Six Months Ended June 30, 2019			Year Ended December 31, 2018			Six Months Ended June 30, 2019			Year Ended December 31, 2018
Shares sold		534,005			543,866			501,869			928,969
Shares repurchased		(679,261	)		(1,438,588	)		(714,640	)		(1,099,557	)
Distributions reinvested		51,246			1,576,310			3,654			748,428
Net increase (decrease)		(94,010	)		681,588			(209,117	)		577,840
Fund Shares:
Beginning of period		7,380,359			6,698,771			7,721,747			7,143,907
End of period		7,286,349			7,380,359			7,512,630			7,721,747

5. Financial Instruments

Foreign Investments and Foreign Currency

Each of the Funds may invest in securities of companies that are organized under the laws of a foreign country and (i) are unlisted or listed primarily on a non-U.S. exchange; or (ii) are listed on a U.S. exchange or over-the-counter as a sponsored or unsponsored American Depositary Receipt ("foreign issuers"). M International Equity Fund may also invest in non-U.S. dollar denominated securities and securities of foreign issuers represented by European Depositary Receipts ("EDRs"), International Depositary Receipts ("IDRs") and Global Depositary Receipts ("GDRs"). The value of all assets and liabilities expressed in foreign currencies are translated into U.S. dollars at the exchange rates captured as of twelve noon Eastern Time each business day other than market holidays or early closures. Purchases and sales of investment securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of such transactions. Net realized foreign currency gains and losses result from changes in exchange rates, including foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amount actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial trade date and subsequent sale trade date is included in realized gains and losses on investment transactions. M International Equity Fund does not isolate that portion of the results for changes in foreign currency exchange rates from the fluctuations arising from changes in market prices of securities held at year end.

Investments in non-U.S. dollar denominated securities or in the securities of foreign issuers may be affected by changes in currency rates, changes in foreign or U.S. laws or restrictions applicable to such investments and in exchange control regulations (e.g., currency blockage). Some foreign stock markets may have substantially less volume than, for example, the New York Stock Exchange, and securities of some foreign issuers may be less liquid than securities of comparable domestic issuers. Commissions and dealer mark-ups on transactions in foreign investments may be higher than for similar transactions in the United States. In addition, clearance and settlement procedures for such securities may be different in foreign countries and, in certain markets, on certain occasions such procedures have been unable to keep pace with the volume of securities transactions.

Foreign issuers are not generally subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. There may be less publicly available information about a foreign issuer than about a domestic one. In addition, there is generally less government regulation of stock exchanges, brokers, and listed and unlisted issuers in foreign countries than in the United States. Furthermore, with respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, imposition of withholding taxes on dividend or interest payments, limitations on the removal of funds or other assets of the Funds, or political or social instability or diplomatic developments which could affect investments in those countries. Individual foreign economies also may differ favorably or unfavorably from the United States economy in such respects as growth of gross national product, rate of inflation, capital reinvestment and resource self-sufficiency.

Because investment in foreign issuers will usually involve currencies of foreign countries, and because the Funds may be exposed to currency exposure independent of their securities positions, the value of the assets of the Funds invested in foreign issuers as measured in U.S. dollars will be affected by changes in foreign currency exchange rates. To the extent that a Fund's assets consist of investments denominated in a particular currency, the Fund is at risk of adverse developments affecting the value of such currency.

Currency exchange rates may fluctuate significantly over short periods of time causing, along with other factors, a Fund's net asset value to fluctuate as well. Currency exchange rates generally are determined by the forces of supply and demand in the foreign exchange markets and the relative merits of investments in different countries, actual or anticipated changes in interest rates and other complex factors, as seen from an international perspective. Currency exchange rates also can be affected unpredictably by intervention by U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political developments in the U.S. or abroad. To the extent that a substantial portion of a Fund's total assets, adjusted to reflect the Fund's net position after giving effect to currency transactions, is denominated in the currencies of foreign countries, the Fund will be more susceptible to the risk of adverse economic and political developments within those countries.

6. Beneficial Interest

Shares of the Funds are owned by insurance companies through their separate accounts that are used primarily to fund variable annuity contracts and variable life insurance contracts. As of June 30, 2019, John Hancock Variable Life Insurance Co., Pacific Life Insurance Co., Pruco Life Insurance Co. of Arizona and Security Life of Denver (an indirect, wholly owned subsidiary of Voya Financial, Inc.) each owned 5% or more of the Funds' shares. John Hancock Variable Life Insurance Co. and Pacific Life Insurance Co. may each be deemed a control person of each Fund because their separate accounts hold more than 25% of the shares of each Fund.

As of June 30, 2019 the ownership of each Fund was as follows:

	Percentage of Ownership⁽¹⁾
	John Hancock Variable Life Insurance Co.			Pacific Life Insurance Co.			Pruco Life Insurance Co. Of Arizona			Voya-Security Life of Denver
M International Equity Fund		40.8	%		39.2	%		6.5	%		6.4	%
M Large Cap Growth Fund		52.0	%		31.8	%		6.3	%		1.7	%
M Capital Appreciation Fund		44.8	%		40.7	%		2.1	%		5.0	%
M Large Cap Value Fund		53.0	%		29.7	%		6.2	%		1.7	%

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

7. Tax Information

At June 30, 2019, aggregated gross unrealized appreciation for investment securities in which there is an excess of value over tax cost and aggregate gross unrealized depreciation for investment securities in which there is an excess of tax cost over value were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized Depreciation			Tax Basis Net Unrealized Appreciation/ Depreciation
M International Equity Fund	$	163,759,891	$	16,926,581	$	(4,078,603	)	$	12,847,978
M Large Cap Growth Fund		123,167,356		76,738,304		(1,137,934	)		75,600,370
M Capital Appreciation Fund		133,626,970		66,189,142		(22,103,074	)		44,086,068
M Large Cap Value Fund		86,242,705		9,214,579		(2,246,103	)		6,968,476

8. Disclosure of Certain Commitments and Contingencies

In the normal course of business, the Corporation may enter into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The maximum exposure to the Corporation under these arrangements is unknown, as it involves future claims that may be made against the Corporation that have not yet occurred. However, based on experience, the Corporation believes that the current risk of loss is remote.

9. Subsequent Events

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

APPROVAL OF AN AMENDMENT TO THE INVESTMENT ADVISORY AGREEMENT IN CONNECTION WITH THE CHANGE IN SUB-ADVISER OF THE M INTERNATIONAL EQUITY FUND

The Board of Directors (the "Board") of M Fund, Inc. (the "Corporation"), including the Independent Directors, unanimously approved an amendment to the Investment Advisory Agreement (the "Amendment") between M Financial Investment Advisers, Inc. (the "Adviser"), a wholly-owned subsidiary of M Financial Group, and the Corporation in connection with the change in sub-adviser of the M International Equity Fund at its meeting held on November 15, 2018. The terms of the Investment Advisory Agreement following the Amendment were substantially similar to those under the previous Investment Advisory Agreement, except that: (i) the advisory fee for the M International Equity Fund decreased due to the change in sub-adviser; and (ii) the date of the Amendment is different. The Amendment provides that the M International Equity Fund shall compensate the Adviser at the annual rate of 0.15% plus 0.32% of first $100 million of the average daily net assets of the Fund and 0.27% of assets in excess of $100 million of the average daily net assets of the M International Equity Fund. It was noted that the 0.32% and 0.27% fees exclude assets invested in the Emerging Markets Core Equity Portfolio (the "Underlying Fund"), a mutual fund advised by DFA. The Adviser will retain 0.15% of the fee and pay the remainder to the sub-adviser. The Board considered information provided by the Adviser earlier in the meeting. In considering whether to approve the Amendment, the Board, including the Independent Directors, noted that the factors for the approval of the Amendment were discussed in detail in connection with the approval of the continuation of the Investment Advisory Agreement. The Board noted that the considerations in connection with the approval of the Amendment were the same.

Based upon such information as it considered necessary to the exercise of its reasonable business judgment, and after deliberation and consideration of the information provided, the Board concluded that it was fair and reasonable and in the best interests of the M International Equity Fund's shareholders to approve the Amendment. The Board also determined that the terms of the Amendment were fair and reasonable with respect to the M International Equity Fund, in the best interests of the M International Equity Fund's shareholders, and similar to those that could have been obtained through arm's length negotiations.

APPROVAL OF A NEW INVESTMENT SUB-ADVISORY AGREEMENT IN CONNECTION WITH THE CHANGE IN SUB-ADVISER OF THE M INTERNATIONAL EQUITY FUND

The Board approved a new Sub-Advisory Agreement with Dimensional Fund Advisors LP, ("DFA") on behalf of the M International Equity Fund at its meeting held on November 15, 2018 (the "New Sub-Advisory Agreement"). The Board considered the New Sub-Advisory Agreement in connection with a change in the sub-adviser for the M International Equity Fund from Northern Cross to DFA. In considering whether to approve the New Sub-Advisory Agreement, the Board noted that the Adviser was recommending the change of sub-adviser and the approval of the New Sub-Advisory Agreement as in the best interest of the M International Equity Fund and its shareholders. The Board also considered information provided by the Adviser and by DFA. In considering whether to approve the New Sub-Advisory Agreement, the Board, including the Independent Directors, did not identify any single factor

as determinative. Matters considered by the Board, including the Independent Directors, in connection with their approval of the New Sub-Advisory Agreement included the following:

Capability, Nature and Quality of Services. The Board reviewed in detail the capability, nature, extent and quality of the services to be provided by DFA under the terms of the New Sub-Advisory Agreement. The Board considered the experience of DFA as an investment manager. The Board also reviewed the personnel at DFA that would be responsible for providing sub-advisory services to the M International Equity Fund. The Board concluded that DFA had significant operational experience and the capability, resources and personnel necessary to manage the M International Equity Fund and that the information provided supported the approval of the New Sub-Advisory Agreement.

Compliance History. The Board considered the regulatory compliance history of DFA. DFA certified that it has not had any material violations of its policies and procedures or its Code of Ethics for the two-year period ended October 31, 2018 and there are no pending inquiries by the SEC or any other regulatory agency. Based upon information provided to it, the Board concluded that it was satisfied with the adequacy of DFA's compliance program and that the information provided supported the approval of the New Sub-Advisory Agreement.

Investment Performance. The Board considered the information about the performance of DFA's International Equity Strategy, including information that compared the performance of the strategy to the performance of the relevant benchmark, the MSCI ACWI ex USA. The strategy exceeded its benchmark for the three-, five- and since inception time periods through September 30, 2018. The Board concluded that the strategy's performance supported the approval of the New Sub-Advisory Agreement.

Advisory Fees. The Board considered the advisory fees that would be payable to DFA. The Board compared the level of the proposed advisory fee for the M International Equity Fund to those of other funds with similar strategies. The Board noted that the M International Equity Fund's management fee includes 0.15% payable to the Adviser as an Advisory fee; plus 0.32% on the first $100 million of assets under management; plus 0.27% on amounts over $100 million. It was noted that the 0.32% and 0.27% fees exclude assets invested in the Underlying Fund. Information and charts showing advisory fees for comparable funds were presented to the Board. DFA's proposed fees were less than 17 of the 30 managers in the peer group. The Board considered the profitability and "fall-out" benefits, if any, to be received by DFA and considered that DFA does not engage in soft dollar transactions. The Board used this information as a guide to help assess the reasonableness of the M International Equity Fund's proposed advisory fee. The Board concluded that the proposed advisory fees payable to DFA were fair and reasonable and supported the approval of the New Sub-Advisory Agreement.

Economies of Scale. The Board considered the benefit to investors of economies of scale. The Board noted that DFA's fees decrease at certain breakpoints. The Board also noted that as M International Equity Fund assets increase, fixed operating costs are spread over a larger asset base resulting in lower per share allocation of such costs. The Board concluded that the proposed advisory fees payable to DFA were fair and reasonable and supports the approval of the DFA Sub-Advisory Agreement.

Operating Expenses. The Board reviewed the operating expenses of M International Equity Fund. The Board noted that in addition to DFA's advisory fee, the M International Equity Fund was also responsible for payment of a portion of the Company's operating expenses. The Board also considered comparative total fund expenses of the

M International Equity Fund, taking into account the proposed decrease to the advisory fee. The Board noted that the total fund expenses were projected to be 0.20% of average daily net assets, which was lower than 17 of the 30 other managers in the peer group. The Board noted that the Adviser has contractually agreed to reimburse the M International Equity Fund for expenses (other than advisory fees and extraordinary expenses) incurred by the M International Equity Fund to the extent that they exceed 0.25% of the M International Equity Fund's average daily net assets. The Board concluded that the operating expenses of the M International Equity Fund will continue to be fair and reasonable and support the approval of the New Sub-Advisory Agreement.

Brokerage Transactions. The Board considered DFA's intended brokerage selection process on behalf of the M International Equity Fund. The Board noted that DFA does not intend to engage in soft dollar transactions on behalf of the M International Equity Fund. The Board noted that the M International Equity Fund's CCO had reviewed DFA's written policies and procedures for fair trading and best execution. The Board concluded that it was satisfied with DFA's brokerage selection and best execution policies and procedures.

Based upon such information as it considered necessary to the exercise of its reasonable business judgment, and after deliberation and consideration of the information provided, including the factors summarized above, the Board concluded that it was fair and reasonable and in the best interests of the M International Equity Fund's shareholders to approve the New Sub-Advisory Agreement. The Board also determined that the terms of the New Sub-Advisory Agreement were fair and reasonable with respect to the M International Equity Fund, in the best interests of the M International Equity Fund's shareholders, and similar to those that could have been obtained through arm's length negotiations.

CONSIDERATIONS IN APPROVING INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

The Board meets on a quarterly basis to review the ongoing operations of the Corporation and the Funds (as defined below), and at each meeting, considers matters bearing on (1) the Investment Advisory Agreement (the "Advisory Agreement") between the Corporation and the Adviser, and (2) the Investment Sub-Advisory Agreements (each, a "Sub-Advisory Agreement" and collectively, the "Sub-Advisory Agreements") between the Adviser, on behalf of the M International Equity Fund, M Capital Appreciation Fund, M Large Cap Growth Fund and M Large Cap Value Fund (each, a "Fund" and collectively, the "Funds"), and DFA, Frontier Capital Management Company, LLC ("Frontier"), DSM Capital LLC ("DSM") and AJO, LP ("AJO"), respectively (each, a "Sub-Adviser" and collectively, the "Sub-Advisers"). The independent directors meet with the entire Board and hold separate executive sessions to the extent that the independent directors believe that such sessions are necessary..

At each quarterly meeting, the Board specifically reviews the investment performance of each Fund (reflecting the advisory services provided by the applicable Sub-Adviser), in both absolute terms and relative to each Fund's relevant benchmark index. The Board considers this performance in light of general economic conditions. Finally, the Board receives quarterly performance reports and Sub-Adviser evaluations from Strategic Capital Investment Advisors, Inc. ("Strategic Capital"), as summarized below.

In addition to investment performance, the quarterly reviews specifically address and consider other matters that bear upon and are part of the annual evaluation and approval, such as compliance (including code of ethics violations) matters.

These quarterly on-going reviews and monitoring form an important basis for the annual review and approval discussed below.

The Board utilizes the services of Strategic Capital to help choose and evaluate each of the Corporation's Sub-Advisers. Strategic Capital is an independent, third-party vendor that provides consulting services to institutional investors. The Adviser engages Strategic Capital primarily to evaluate existing Sub-Adviser performance and assist in searches for new sub-advisers, when necessary.

Strategic Capital provides the Board with Fund performance information quarterly. Strategic Capital also provides the Board with Sub-Adviser evaluations based upon on-going qualitative assessments and quantitative analysis. This evaluation provides the Board with an in-depth understanding of each Sub-Adviser's investment philosophy, process, capabilities and resources.

ANNUAL REVIEW AND APPROVAL OF THE INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

At a meeting held on March 14, 2019, the Board, including the Independent Directors, unanimously approved the continuance of the Advisory Agreement and the Sub-Advisory Agreements. At this meeting, the Board evaluated, among other things, written information provided by the Adviser and each Sub-Adviser, as well as answers to questions posed by the Board to representatives of the Adviser (including answers provided at other Board meetings).

The Adviser and Sub-Advisers furnished information concerning a variety of aspects of the operation of the Funds including, (1) the capability of the Adviser and each Sub-Adviser to provide advisory services (including number and experience of personnel, administrative systems, and financial strength); (2) the nature, extent, and quality of services to be provided by the Adviser and each Sub-Adviser; (3) the Adviser's and each Sub-Adviser's regulatory compliance history; (4) the investment performance of each Fund, including the Adviser and each Sub-Adviser; (5) advisory fees, considering the services provided; the costs and expenses of the Adviser or each Sub-Adviser; fees throughout the industry; the level of profit realized by the Adviser or each Sub-Adviser under the Advisory Agreements; and any collateral or "fall-out" benefits to the Adviser, each Sub-Adviser, or a Fund; (6) the extent to which economies of scale would be realized as the Corporation and the Funds grow and whether shareholders benefit from these economies of scale; and (7) each Sub-Adviser's choice of brokers and dealers for portfolio transactions and the cost for such transactions.

Below is a discussion of the information considered by the Board, as well as the Board's conclusions with respect to the Advisory Agreement and Sub-Advisory Agreements presented to the Board for its approval at its March 14, 2019 Board meeting.

Applicable rules of the U.S. Securities and Exchange Commission ("SEC") and relevant case law instruct mutual fund directors to consider a number of specific factors in approving and re-approving Advisory and Sub-Advisory Agreements. Those rules are designed for the typical situation where the adviser or sub-adviser is the sponsor (or an affiliate of the sponsor) of the fund and therefore the relationship is not an "arms-length" one (that is, since the advisor may have a strong or undue influence over the fund, the two parties are not in equal bargaining positions). Here, however, the Corporation and the Sub-Advisers are independent of each other, and there is no other material business arrangement between them, so that there is truly an "arms-length" bargaining position. In these

circumstances, the SEC permits a fund's board to view certain otherwise applicable factors as not relevant or less material with respect to such "non-sponsor advisers" (see SEC Release No. 33-8433, June 23, 2004). Here, in accordance with such SEC guidance, factors that may be irrelevant (or less material than others) include the Sub-Advisers' costs and profits. In addition, there may be few, or fewer and less significant, collateral or "fall-out" benefits for the Sub-Advisers.

The following discussion is not intended to be all-inclusive. The Board was presented with and considered a significant amount of information and a variety of factors in connection with its review of the Advisory Agreement and the Sub-Advisory Agreements. The Board did not find it practicable to, and did not, quantify or otherwise assign relative weights to the specific factors considered in reaching their conclusions and determinations to approve the continuance of the Advisory Agreement and the Sub-Advisory Agreements. Nor did the Board identify any particular item of information or factor that was controlling. The approval determinations were made on the basis of each director's business judgment after consideration of all of the factors taken as a whole, although individual directors may have given different weights to certain factors and assigned various degrees of materiality to conclusions made.

1. THE CAPABILITY OF THE ADVISER AND EACH SUB-ADVISER TO PROVIDE ADVISORY SERVICES AND THE NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED

The Board reviewed in detail the capability of the Adviser and each Sub-Adviser to provide advisory services to the Funds under the terms of the Advisory Agreement and Sub-Advisory Agreements. The Board reviewed the personnel at the Adviser and each Sub-Adviser responsible for providing advisory and sub-advisory services to the Funds.

The Board reviewed in detail the nature and extent of the services provided by the Adviser and Sub-Advisers under the terms of the Advisory Agreement and Sub-Advisory Agreements, and the quality of those services over the past year (and longer). The Board considered the experience of the Adviser and each Sub-Adviser as an investment manager. Regarding the Adviser, the Board noted that the Adviser has been registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act") since 1995. As of December 31, 2017, the Adviser had approximately $746 million in assets under management, all of which were assets of the Corporation. The Adviser delegates the day-to-day investment of the Funds to the Sub-Advisers. The Adviser monitors the general business activity of the Sub-Advisers through a variety of quarterly and annual questionnaires and on-site compliance meetings and reports significant changes and developments to the Board at least quarterly. The Board noted that a complete description of the services provided by the Adviser and the experience of its officers was contained in its Form ADV, which was included in the Board Materials. It was noted that the Adviser's organizational chart is also included in the Board Materials. The Board concluded that the Adviser has the operational experience, capability, resources and personnel necessary to continue to manage the Funds.

M Large Cap Growth Fund

The Board noted that DSM was founded in 2001 and has managed the M Large Cap Growth Fund since October 2009. As of December 31, 2018, DSM had approximately $6.0 billion of assets under management. The Fund is managed by one of DSM's founders and principals, Daniel Strickberger, with the support of a team of research analysts/portfolio managers. DSM's second founder and principal, Steve Memishian, serves as DSM's

COO. DSM has a complete operations group comprised of traders, compliance and client service professionals, who also handle trade settlement, reconciliation and billing. The Board concluded that DSM has significant operational experience and the capability, resources and personnel necessary to continue to manage the Fund.

M Capital Appreciation Fund

The Board noted that Frontier has been registered as an investment adviser under the Advisers Act since 1981 and has managed the M Capital Appreciation Fund since its inception in January 1996. Frontier had $12.7 billion in assets under management as of December 31, 2018. Mike Cavaretta, one of Frontier's principals, has been primarily responsible for the management of the Fund since its inception. The Board noted that Frontier has significant investment operations and support staff, which include a dedicated back office, compliance and marketing professionals, analysts and portfolio managers. The Board concluded that Frontier has significant operational experience and the capability, resources and personnel necessary to continue to manage the Fund.

M Large Cap Value Fund

The Board noted that AJO was founded in 1984 and has managed the M Large Cap Value Fund since May 2013. AJO had approximately $19.8 billion in assets under management as of December 31, 2018. A team of investment professionals, led by Ted Aronson, AJO's founder and managing principal, manages the Fund. AJO also has a dedicated CCO and compliance staff, as well as mid- and back- office professionals. The Board noted that the Adviser has direct access to Mr. Aronson and other principals and professionals at the firm. The Board concluded that AJO has significant operational experience and the capability, resources and personnel necessary to continue to manage the Fund.

2. REGULATORY COMPLIANCE HISTORY OF ADVISER AND SUB-ADVISERS

The Board considered the regulatory compliance history of the Adviser and each Sub-Adviser, which is reviewed quarterly by the Adviser and any material violations are brought to the attention of the Corporation's Chief Compliance Officer and the Board. Neither the Adviser, nor any of the Sub-Advisers had any material violations of any of their respective policies and procedures or their Codes of Ethics during the year ended December 31, 2018. Based upon information provided to it, the Board concluded that it was satisfied with the adequacy of the Adviser's and Sub-Advisers' compliance programs.

3. THE INVESTMENT PERFORMANCE OF EACH FUND, THE ADVISER AND EACH SUB-ADVISER

The Board noted that investment performance for each Fund is primarily determined by the investment decisions of each Sub-Adviser. The Board also noted that the Adviser has the responsibility to manage each Sub-Advisory relationship and make decisions about when to recommend a change in Sub-Adviser. The Board noted that management monitors each Fund's performance on an on-going basis and the Board reviews performance quarterly. The Board concluded that the Adviser is appropriately managing each Sub-Advisory relationship.

The Board reviewed the investment performance of each Fund for the one-, three-, five- and 10-year periods ended December 31, 2018 and for the period from the inception of each Fund through December 31, 2018.

M Large Cap Growth Fund

The Board considered the investment performance of M Large Cap Growth Fund while it has been managed by DSM. The Fund lagged its benchmark, the Russell 1000 Growth Index, for the one-, three-, and five-year periods, but exceeded the benchmark for the 10-year period and from inception to December 31, 2018. It was noted that the investment performance provided included 13 years of management by the Fund's previous sub-adviser, which was replaced largely due to poor investment performance. The Board stated that it places no weight on the Fund's performance prior to DSM assuming investment management responsibilities. The Board concluded that it was satisfied with DSM's investment performance.

M Capital Appreciation Fund

The Board considered the investment performance of M Capital Appreciation Fund. The Fund exceeded its benchmark, the Russell 2500 Index, for the three-, five- and 10-year periods ended December 31, 2018 and for the period from the inception of the Fund through December 31, 2018, but lagged for the one-year period. The Board noted that it was satisfied with Frontier's investment performance.

M Large Cap Value Fund

The Board considered the investment performance of the M Large Cap Value Fund, while it has been managed by AJO. The Fund lagged its benchmark, the Russell 1000 Value Index, for the one-, three-, five- and 10-year and since inception periods ended December 31, 2018, and for the period since AJO began managing the Fund. AJO has managed the Fund for the past five and a half years, so the 10-year performance and "since inception" performance includes 10 years of management by the Fund's previous sub-adviser. The previous sub-adviser was replaced, in part, due to poor investment performance. The Board considered the Fund's recent performance under AJO's management as relevant and does not consider longer-term performance attributable to the Fund's prior sub-adviser. The Adviser has increased its oversight of AJO's investment performance. The Board stated that it would also monitor AJO's performance more closely each quarter. The Board concluded that performance was adequate and that a change in sub-adviser is not advisable at this time.

4. ADVISORY FEES PAYABLE TO THE ADVISER AND SUB-ADVISERS

The Board considered the advisory fees payable to the Adviser and Sub-Advisers. The Board noted that each Fund pays a management fee to the Adviser and the Adviser retains 0.15% of the management fee and pays the balance of the management fee to the applicable Sub-Adviser. The Board considered the profitability of the Adviser and noted that no "fall-out" or collateral benefits were reported except the differentiation in the marketplace allowed by the relationship because M Member Firms were able to offer the Funds to their clients while the majority of their competitors were not. The Board concluded that the management fees and the portion of the management fees retained by the Adviser were fair and reasonable.

The Board reviewed a comparison of each Fund's advisory fees to those of other funds with similar strategies. The Board noted that because of the availability of information for comparisons, advisory fees presented are for the year ended December 31, 2017.

M Large Cap Growth Fund

The Board noted that based upon the Fund's assets, the management fee was 0.59% of its average daily net assets, of which 0.15% was retained by the Adviser and the remainder was paid to DSM. DSM's sub-advisory fee was less than 59 of the 89 other managers in the peer group and the sub-advisory fee it charges to the Fund is lower than its standard fee structure for separately-managed accounts in its large cap growth strategy. The Board reviewed DSM's financial statements. The Board noted that no "fall-out" benefits to DSM, the Adviser or the Corporation resulting from the Sub-Advisory relationship were reported; however, DSM does engage in soft-dollar transactions on behalf of the Fund and other accounts. The Board concluded that DSM's fees were fair and reasonable.

M Capital Appreciation Fund

The Board noted that the Fund's management fee was 0.90% of average daily net assets, of which 0.15% was retained by the Adviser and the remainder was paid to Frontier. Frontier's sub-advisory fee was higher than 36 and the same as three of the other 43 funds in its peer group, but still falls within a reasonable range of its peers. Frontier manages approximately 30 separate accounts in the capital appreciation strategy, and all but three pay the same fee that the Fund pays. The Board noted that no "fall-out" benefits to Frontier, the Adviser or the Corporation resulting from the Sub-Advisory relationship were reported, however, Frontier does engage in soft dollar transactions on behalf of the Fund and its other accounts. The Board concluded that Frontier's fees were fair and reasonable.

M Large Cap Value Fund

The Board noted that the Fund's management fee was 0.45% of average daily net assets, of which 0.15% was retained by the Adviser and the remainder was paid to AJO. AJO's sub-advisory fee is less than 61 and the same as three of the 74 other managers in its peer group. The Board noted that AJO has a most-favored-nation policy and has no fixed-fee clients pay more than the lowest fixed fee charged for a similar strategy of similar asset size. The Board noted that no "fall-out" benefits to AJO, the Adviser or the Corporation resulting from the Sub-Advisory relationship were reported, and AJO does not engage in soft dollar transactions on behalf of the Fund. The Board concluded that AJO's fees were fair and reasonable.

5. THE EXTENT TO WHICH ECONOMIES OF SCALE WOULD BE REALIZED AS EACH FUND GROWS AND WHETHER SHAREHOLDERS BENEFIT FROM THESE ECONOMIES OF SCALE

The Board considered the benefit to investors of economies of scale. The Board noted that the portion of the management fee retained by the Adviser does not decrease at breakpoints, but instead remains fixed at 0.15% of the average daily net assets of each Fund. The Board noted that the sub-advisory fees payable for the M Large Cap Growth Fund and M Large Cap Value Fund to DSM and AJO, respectively, decrease at breakpoints while the sub-advisory fees payable for the M Capital Appreciation Fund to Frontier do not decrease at breakpoints. The Board noted that as assets in each of the Funds increase, fixed operating co sts are spread over a larger asset base resulting in a lower per share allocation of such costs. The Board concluded that these economies of scale benefit shareholders.

6. THE OPERATING EXPENSES OF THE FUNDS

The Board considered the operating expenses of each Fund. The Board noted that in addition to the advisory fee, each Fund is also responsible for payment of a portion of the Corporation's operating expenses. The Board considered comparative total fund expenses of each Fund compared to its respective peer group.

The Board noted that the Adviser has contractually agreed to reimburse each Fund for any expenses (other than advisory fees, brokerage or other portfolio transaction expenses or expenses for litigation, indemnification, taxes or other extraordinary expenses) incurred by the Fund to the extent that such expenses exceed 0.25% of the Fund's average daily net assets. The Board noted that due primarily to the portfolio transition of the M International Fund from Northern Cross to DFA, the Adviser reimbursed $101,000 in 2018 and, based on current projected year-end asset levels, reimbursement of approximately $60,000 is expected in 2019. The Board concluded that the Corporation's operating expenses were fair and reasonable.

The Board reviewed a comparison of each Fund's operating expenses to those of other funds with similar strategies. The Board noted that because of the availability of information for comparisons, operating fees presented are for the year ended December 31, 2017.

M Large Cap Growth Fund

The Board noted that M Large Cap Growth Fund's portion of the Corporation's operating fees totaled 0.16% of the Fund's average daily net assets. Total Fund expenses were 0.75% of daily net assets, which was lower than 61 and the same as two of the 89 other funds in the peer group. The Board concluded that the operating expenses of the Fund were fair and reasonable.

M Capital Appreciation Fund

The Board noted that the M Capital Appreciation Fund's portion of the Corporation's operating expenses totaled 0.17% of the Fund's average daily net assets. Total Fund expenses were 1.07% of average daily net assets, which was higher than 25 and the same as one other of the 43 funds in the peer group, but still falls within a reasonable range of its peers. The Board concluded that the operating expenses were fair and reasonable.

M Large Cap Value Fund

The Board noted that the M Large Cap Value Fund's portion of the Corporation's operating expenses totaled 0.21% of the Fund's average daily net assets. Total Fund operating expenses were 0.64% of average daily net assets, which was lower than 59 and the same as two of the other 75 managers in the peer group. The Board concluded that the operating expenses of the Fund were fair and reasonable.

7. THE SUB-ADVISERS' PROCESS FOR SELECTION OF BROKERS AND DEALERS FOR PORTFOLIO TRANSACTIONS AND THE COST FOR SUCH TRANSACTIONS.

The Board considered the brokerage transactions on behalf of the Funds. The Board noted that the trading and execution for the Funds is handled at the Sub-Adviser level. The Board noted that the Corporation's Chief Compliance Officer reviews each Sub-Adviser's written policies and procedures for fair-trading and best execution

at least annually. The Board also noted that it is presented with quarterly reports of each Sub-Adviser's soft-dollar commission information.

The Board considered each Sub-Adviser's process for choosing brokers for each Fund.

M Large Cap Growth Fund

The Board noted that DSM's CCO works closely with its head trader and an outside compliance firm to review broker rotation and to ensure that all DSM clients receive similar execution over time. Brokers are evaluated by DSM's head trader based on stated criteria, such as execution, price, responsiveness, reporting, etc. DSM's analysts also rate each approved broker on the quality of industry conferences provided by the broker, as well as their company research. These evaluations result in an average overall score for each broker. The CCO and head trader meet to discuss the evaluations and to prepare a soft-dollar budget for the year based on evaluation results. DSM presents soft dollar information to the Board each quarter. The Board concluded that it was satisfied with DSM's policies and procedures for broker selection and best execution.

M Capital Appreciation Fund

The Board noted that the following three considerations are paramount to every decision Frontier makes regarding the selection of brokers and dealers to execute transactions for clients: (i) best execution; (ii) adherence to fiduciary duty; and (iii) compliance with the law. All decisions as to which broker or dealer will be selected to execute a particular transaction for a client account are made by a member of the trading desk. Frontier presents soft dollar information to the Board each quarter. The Board concluded that it was satisfied with Frontier's policies and procedures for broker selection and best execution.

M Large Cap Value Fund

The Board noted that AJO selects brokers based on a number of stated criteria. AJOs Trade Management Oversight Committee periodically conducts a large-scale trading review to adjust the broker roster by terminating poor performers and introducing new brokers. New brokers are selected based on responses to a comprehensive questionnaire and are chosen largely for their thoughtful approach to trading and ability to incorporate transaction-cost analysis in their process. The Board noted that AJO does not engage in soft dollar transactions on behalf of the Fund. The Board concluded that it was satisfied with AJO's policies and procedures for broker selection and execution.

CONCLUSIONS

Based upon such information as it considered necessary to the exercise of its reasonable business judgment, and after deliberation and consideration of the information provided, including the factors summarized above, the Board concluded that the terms of the Advisory Agreement and each Sub-Advisory Agreement were fair and reasonable and in the best interests of the Corporation, the Funds and each Fund's shareholders and similar to those that could have been obtained through arm's length negotiations. The Board then approved the continuation of the Advisory Agreement and each Sub-Advisory Agreement.

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 to June 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Annualized Expense Ratio			Expenses Paid During Period* (January 1, 2019 to June 30, 2019)
M International Equity Fund
Actual	$	1,000.00	$	1,124.00		0.63	%	$	3.32
Hypothetical (5% return before expenses)		1,000.00		1,021.70		0.63	%		3.16
M Large Cap Growth Fund
Actual		1,000.00		1,238.10		0.75	%		4.16
Hypothetical (5% return before expenses)		1,000.00		1,021.10		0.75	%		3.76
M Capital Appreciation Fund
Actual		1,000.00		1,179.10		1.09	%		5.89
Hypothetical (5% return before expenses)		1,000.00		1,019.40		1.09	%		5.46
M Large Cap Value Fund
Actual		1,000.00		1,146.10		0.66	%		3.51
Hypothetical (5% return before expenses)		1,000.00		1,021.50		0.66	%		3.31

* Expenses are calculated using each Fund's annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days). In addit ion to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying fund in which it invests. Such indirect expenses are not included in the above expense ratios.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) (the “1940 Act”) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) (the “1934 Act”) as of the Evaluation Date.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

M Fund, Inc.


By:	/s/ Bridget McNamara-Fenesy
	Bridget McNamara-Fenesy
	President/Principal Executive Officer

Date:	August 27, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Bridget McNamara-Fenesy
	Bridget McNamara-Fenesy
	President/Principal Executive Officer

Date:	August 27, 2019

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

Date:	August 27, 2019

Shares			Value (Note 1)
		AFFILIATED INVESTMENT COMPANY—25.3%
		United States—25.3%
	2,175,509	DFA Emerging Markets Core Equity Portfolio (Cost $41,944,489)	$	45,533,414

Shares			Value (Note 1)
		Pharmaceuticals—6.9%
	177,300	Elanco Animal Health, Inc.*	$	5,992,740
	69,800	Zoetis, Inc.		7,921,602
				13,914,342
		Software—19.3%
	50,350	Adobe, Inc.*		14,835,628
	20,500	Intuit, Inc.		5,357,265
	97,164	Microsoft Corp.		13,016,089
	26,750	Palo Alto Networks, Inc.*		5,450,580
				38,659,562
		Specialty Retail—1.8%
	20,800	Burlington Stores, Inc.*		3,539,120
		TOTAL COMMON STOCKS (Cost $123,080,934)		198,767,726

Shares			Value (Note 1)
		Wireless Telecommunication Services—0.3%
	152,129	Gogo, Inc.*,†	$	605,473
		TOTAL COMMON STOCKS (Cost $133,387,023)		177,713,037

Shares			Value (Note 1)
		Thrifts and Mortgage Finance—1.7%
	1,609	Essent Group, Ltd.*	$	75,607
	63,906	MGIC Investment Corp.*		839,725
	31,641	Radian Group, Inc.		722,997
				1,638,329
		Tobacco—1.8%
	21,353	Philip Morris International, Inc.		1,676,851
		Trading Companies and Distributors—0.6%
	2,845	HD Supply Holdings, Inc.*		114,597
	8,696	WESCO International, Inc.*		440,452
				555,049

		Yield
	SHORT-TERM INVESTMENTS—0.4%
416,994	State Street Navigator Securities Lending Prime Portfolio (Money Market) (Cost $416,994)††		2.396	%		416,994
	TOTAL SHORT-TERM INVESTMENTS (Cost $416,994)					416,994
	TOTAL INVESTMENTS, AT VALUE—98.4% (Cost $86,606,737)					93,628,175
	Other Assets in Excess of Liabilities—1.6%					1,570,733
	NET ASSETS—100.0%				$	95,198,908