Reflexive Graded Module

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Let $R=k[x_1,\dots,x_d]$ be a polynomial ring and $M=M_0\oplus M_1\oplus M_2\oplus\cdots$ be a graded $R$-module. Is it true that $M$ is reflexive as an $R$-module if and only if $M_i$ is reflexive as an $R$-module for every $i$?