M FUND, INC. M International Equity Fund M Large Cap Growth Fund M Capital Appreciation Fund M Large Cap Value Fund Semi-Annual Report June 30, 2021 Beginning in February 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by calling your insurance company. If you own these shares through a financial intermediary, you may contact your financial intermediary. You may elect to receive all future reports in paper free of charge. You can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by sending a request in writing to your insurance company or to your financial intermediary. Your election to receive reports in paper will apply to all funds held with the fund complex. M International Equity Fund SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2021 Value Value Shares (Note 1) Shares (Note 1) COMMON STOCKS—68.0% Australia (Continued) Australia—4.4% 34,520 Cooper Energy, Ltd.†,* . $ 6,731 5,596 Adbri, Ltd.† . $ 14,563 1,227 Corporate Travel Management, 271 Afterpay, Ltd.* . 24,016 Ltd.†,* . 19,775 3,702 AGL Energy, Ltd. 22,766 5,529 Costa Group Holdings, Ltd. 13,549 5,415 ALS, Ltd. 52,955 496 Credit Corp. Group, Ltd. 11,059 1,335 Altium, Ltd. 36,733 2,419 Crown Resorts, Ltd.* . 21,606 23,001 Alumina, Ltd. 28,376 2,552 CSL, Ltd. 545,817 24,812 AMP, Ltd. 20,934 9,383 CSR, Ltd. 40,532 1,732 Ampol, Ltd. 36,642 857 Domino’s Pizza Enterprises, Ltd. 77,453 1,231 Ansell, Ltd. 40,168 8,535 Downer EDI, Ltd. 35,781 8,493 APA Group . 56,687 4,688 Eagers Automotive, Ltd. 58,221 1,714 ARB Corp., Ltd. 55,517 13,551 Eclipx Group, Ltd.* . 23,069 16,116 Ardent Leisure Group, Ltd.*,† . 11,844 2,597 Elders, Ltd. 22,495 3,236 Aristocrat Leisure, Ltd. 104,572 9,649 Endeavour Group, Ltd.*,† . 45,516 785 ASX, Ltd. 45,749 7,109 Estia Health, Ltd.*,† . 13,169 5,956 Atlas Arteria, Ltd. 28,453 1,597 EVENT Hospitality and 27,196 Aurizon Holdings, Ltd. 75,872 Entertainment, Ltd.*,† . 15,139 16,206 AusNet Services . 21,269 13,141 Evolution Mining, Ltd. 44,348 9,677 Austal, Ltd. 14,877 1,312 Flight Centre Travel Group, Ltd.*,† . 14,611 16,565 Australia & New Zealand Banking 12,282 Fortescue Metals Group, Ltd. 214,982 Group, Ltd. 349,705 20,944 G8 Education, Ltd.*,† . 15,786 23,353 Australian Pharmaceutical 9,874 Genworth Mortgage Insurance Industries, Ltd.† . 19,528 Australia, Ltd.* . 16,291 10,095 Bank of Queensland, Ltd. 68,970 3,873 GrainCorp, Ltd., Class A . 14,988 5,183 Bapcor, Ltd. 33,039 9,346 GWA Group, Ltd. 19,415 36,897 Beach Energy, Ltd. 34,312 7,543 Harvey Norman Holdings, Ltd. 31,000 4,696 Bega Cheese, Ltd. 20,743 15,902 Healius, Ltd. 55,216 5,914 Bendigo & Adelaide Bank, Ltd. 46,525 10,246 Humm Group, Ltd.*,† . 7,607 19,147 BHP Group, Ltd. 697,431 9,401 IGO, Ltd. 53,794 5,632 Bingo Industries, Ltd. 14,487 4,268 Iluka Resources, Ltd. 29,287 177 Blackmores, Ltd. 9,753 21,765 Incitec Pivot, Ltd. 38,848 7,397 BlueScope Steel, Ltd. 121,821 5,200 Inghams Group, Ltd.† . 15,521 8,931 Boral, Ltd.* . 49,229 10,589 Insurance Australia Group, Ltd. 40,977 12,498 Brambles, Ltd. 107,226 1,626 InvoCare, Ltd.† . 14,109 849 Breville Group, Ltd.† . 19,044 15,570 IOOF Holdings, Ltd.† . 49,860 1,779 Brickworks, Ltd. 33,447 2,813 IPH, Ltd. 16,455 2,848 carsales.com, Ltd. 42,205 3,090 IRESS, Ltd. 29,917 6,463 Challenger, Ltd. 26,222 2,351 James Hardie Industries Plc . 79,817 2,711 Champion Iron, Ltd.* . 12,971 2,408 JB Hi-Fi, Ltd.† . 91,341 16,096 Cleanaway Waste Management, Ltd. 31,868 5,029 LendLease Crop., Ltd. 43,221 444 Cochlear, Ltd. 83,801 1,418 Lifestyle Communities, Ltd.† . 16,600 748 Codan, Ltd. 10,114 10,522 Link Administration Holdings, Ltd. 39,771 8,123 Coles Group, Ltd. 104,110 7,511 Lynas Rare Earths, Ltd.* . 32,164 10,880 Commonwealth Bank of Australia . 814,885 2,446 Macquarie Group, Ltd. 286,952 5,942 Computershare, Ltd. 75,310 1,204 Magellan Financial Group, Ltd. 48,632 The accompanying notes are an integral part of these financial statements. 1 M International Equity Fund SCHEDULE OF INVESTMENTS (Unaudited) (Continued) June 30, 2021 Value Value Shares (Note 1) Shares (Note 1) Australia (Continued) Australia (Continued) 22,423 Mayne Pharma Group, Ltd.*,† . $ 5,381 5,998 Senex Energy, Ltd.† . $ 15,429 1,182 McMillan Shakespeare, Ltd. 11,479 1,184 Seven Group Holdings, Ltd.† . 18,070 33,345 Medibank Pvt, Ltd. 79,022 62,916 Seven West Media, Ltd.* . 21,941 13,978 Metcash, Ltd.† . 41,826 4,361 Sims, Ltd.† . 54,291 1,851 Mineral Resources, Ltd.† . 74,586 4,234 Sonic Healthcare, Ltd. 121,931 1,365 Monadelphous Group, Ltd. 10,697 21,815 South32, Ltd. 47,935 21,227 National Australia Bank, Ltd. 417,401 3,457 Southern Cross Media Group, Ltd.* . 5,419 879 Netwealth Group, Ltd. 11,305 13,215 Spark Infrastructure Group . 22,299 10,216 New Hope Corp., Ltd.† . 13,254 9,141 SpeedCast International, Ltd.*,†,§ . — 2,024 Newcrest Mining, Ltd. 38,373 9,385 St. Barbara, Ltd. 12,000 2,652 NEXTDC, Ltd.* . 23,588 13,525 Star Entertainment Grp, Ltd. (The)* . 37,428 5,984 Nib Holdings, Ltd. 29,215 4,593 Steadfast Group, Ltd. 15,156 33,934 Nine Entertainment Co. Holdings, 7,077 Suncorp Group, Ltd. 58,965 Ltd. 74,056 4,830 Super Retail Group, Ltd.† . 46,763 13,163 Northern Star Resources, Ltd. 96,544 9,346 Sydney Airport* . 40,582 12,393 NRW Holdings, Ltd.† . 13,616 14,863 Tabcorp Holdings, Ltd. 57,739 6,389 Nufarm, Ltd.* . 21,945 6,444 Tassal Group, Ltd.† . 17,301 18,036 Oil Search, Ltd. 51,534 4,562 Technology One, Ltd. 31,852 11,530 oOh!media, Ltd.* . 15,132 48,961 Telstra Corp., Ltd. 138,061 1,802 Orica, Ltd. 17,947 2,964 TPG Telecom, Ltd.† . 13,915 13,491 Origin Energy, Ltd. 45,630 13,498 Transurban Group . 144,048 7,294 Orora, Ltd. 18,216 6,808 Treasury Wine Estates, Ltd. 59,634 6,797 OZ Minerals, Ltd. 114,590 4,434 United Malt Grp, Ltd. 14,897 3,852 Pendal Group, Ltd.† . 23,284 3,525 Webjet, Ltd.*,† . 12,980 12,923 Perenti Global, Ltd.† . 6,493 6,301 Wesfarmers, Ltd. 279,273 1,594 Perpetual, Ltd. 47,877 7,396 Western Areas, Ltd. 13,256 43,898 Perseus Mining, Ltd.* . 48,065 22,518 Westpac Banking Corp. 435,863 3,992 Platinum Asset Management, Ltd. 14,700 19,506 Whitehaven Coal, Ltd.* . 28,379 2,030 Premier Investments, Ltd. 43,464 6,285 Woodside Petroleum, Ltd. 104,685 1,044 Pro Medicus, Ltd.† . 45,975 9,649 Woolworths Group, Ltd.† . 275,919 4,109 Qantas Airways, Ltd.* . 14,360 4,639 Worley, Ltd. 41,609 8,115 QBE Insurance Group, Ltd. 65,666 647 Xero, Ltd.* . 66,523 10,570 Qube Holdings, Ltd. 25,129 10,297,553 17,985 Ramelius Resources, Ltd. 22,862 1,186 Ramsay Health Care, Ltd. 55,990 Austria—0.3% 355 REA Group, Ltd.† . 45,001 984 ANDRITZ AG† . 55,282 1,390 Reece, Ltd. 24,612 1,218 AT&S Austria Technologie & 10,111 Regis Resources, Ltd.† . 17,895 Systemtechnik AG . 52,715 6,796 Reliance Worldwide Corp., Ltd. 26,808 133 DO & Co. AG†,* . 12,001 26,531 Resolute Mining, Ltd.*,† . 10,048 1,848 Erste Group Bank AG . 67,798 2,618 Rio Tinto, Ltd. 248,641 614 EVN AG . 14,474 4,596 Sandfire Resources, Ltd. 23,541 1,377 FACC AG*,† . 15,332 20,936 Santos, Ltd. 111,320 1,233 IMMOFINANZ AG* . 27,705 2,007 SEEK, Ltd. 49,881 332 Lenzing AG* . 40,627 3,220 Select Harvests, Ltd.† . 16,300 The accompanying notes are an integral part of these financial statements. 2 M International Equity Fund SCHEDULE OF INVESTMENTS (Unaudited) (Continued) June 30, 2021 Value Value Shares (Note 1) Shares (Note 1) Austria (Continued) Canada—7.3% 1,311 OMV AG . $ 74,570 1,800 Absolute Software Corp. $ 26,036 3,082 Raiffeisen Bank International AG . 69,801 6,700 Advantage Energy, Ltd.*,† . ..