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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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070 R010400 N
070 R020400 N
071 A000400 1937
071 B000400 848
<PAGE> PAGE 21
071 C000400 1076
071 D000400 79
072 A000400 12
072 B000400 3
072 C000400 22
072 D000400 0
072 E000400 0
072 F000400 6
072 G000400 79
072 H000400 0
072 I000400 0
072 J000400 0
072 K000400 0
072 L000400 4
072 M000400 7
072 N000400 1
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 14
072 S000400 4
072 T000400 0
072 U000400 20
072 V000400 0
072 W000400 7
072 X000400 142
072 Y000400 133
072 Z000400 16
072AA000400 83
072BB000400 0
072CC010400 136
072CC020400 0
072DD010400 16
072DD020400 0
072EE000400 53
073 A010400 0.1200
073 A020400 0.0000
073 B000400 0.4000
073 C000400 0.0000
074 A000400 229
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 1308
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 61
074 L000400 4
<PAGE> PAGE 22
074 M000400 81
074 N000400 1683
074 O000400 10
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 91
074 S000400 0
074 T000400 1582
074 U010400 134
074 U020400 0
074 V010400 11.85
074 V020400 0.00
074 W000400 0.0000
074 X000400 2
074 Y000400 0
075 A000400 0
075 B000400 1147
076 000400 0.00
SIGNATURE DAVID W. SCHUTT
TITLE SECRETARY & TREAS.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from M Fund Inc.
financial statements at December 31, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Edinburgh Overseas Equity Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 2,705,457
<INVESTMENTS-AT-VALUE> 2,781,044
<RECEIVABLES> 359,230
<ASSETS-OTHER> 81,397
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,221,671
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,474
<TOTAL-LIABILITIES> 44,474
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,217,350
<SHARES-COMMON-STOCK> 321,541
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,033
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 117,784
<ACCUM-APPREC-OR-DEPREC> 75,598
<NET-ASSETS> 3,177,197
<DIVIDEND-INCOME> 37,060
<INTEREST-INCOME> 11,445
<OTHER-INCOME> 0
<EXPENSES-NET> 32,079
<NET-INVESTMENT-INCOME> 16,426
<REALIZED-GAINS-CURRENT> (115,841)
<APPREC-INCREASE-CURRENT> 75,598
<NET-CHANGE-FROM-OPS> (23,817)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 18,231
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 338,734
<NUMBER-OF-SHARES-REDEEMED> 21,193
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,137,197
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 25,922
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 181,287
<AVERAGE-NET-ASSETS> 2,482,349
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.12
<PER-SHARE-DIVIDEND> 0.06
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.88
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from M Fund Inc.
financial statements at December 31, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Turner Core Growth Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,806,200
<INVESTMENTS-AT-VALUE> 1,886,501
<RECEIVABLES> 127,637
<ASSETS-OTHER> 81,397
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,095,535
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92,604
<TOTAL-LIABILITIES> 92,604
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,920,119
<SHARES-COMMON-STOCK> 172,614
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 930
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,581
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 80,301
<NET-ASSETS> 2,002,931
<DIVIDEND-INCOME> 17,108
<INTEREST-INCOME> 6,696
<OTHER-INCOME> 0
<EXPENSES-NET> 13,936
<NET-INVESTMENT-INCOME> 9,868
<REALIZED-GAINS-CURRENT> 60,656
<APPREC-INCREASE-CURRENT> 80,301
<NET-CHANGE-FROM-OPS> 150,825
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,844
<DISTRIBUTIONS-OF-GAINS> 59,075
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 358,098
<NUMBER-OF-SHARES-REDEEMED> 187,484
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,982,931
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,040
<INTEREST-EXPENSE> 1,443
<GROSS-EXPENSE> 152,108
<AVERAGE-NET-ASSETS> 1,796,240
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 1.94
<PER-SHARE-DIVIDEND> 0.06
<PER-SHARE-DISTRIBUTIONS> 0.34
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.60
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from M Fund Inc.
financial statements at December 31, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Frontier Capital Appreciation Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 2,531,258
<INVESTMENTS-AT-VALUE> 2,696,444
<RECEIVABLES> 512,337
<ASSETS-OTHER> 81,397
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,290,178
<PAYABLE-FOR-SECURITIES> 139,524
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 144,711
<TOTAL-LIABILITIES> 284,235
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,892,270
<SHARES-COMMON-STOCK> 239,998
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 51,513
<ACCUM-APPREC-OR-DEPREC> 165,186
<NET-ASSETS> 3,005,943
<DIVIDEND-INCOME> 4,615
<INTEREST-INCOME> 12,662
<OTHER-INCOME> 0
<EXPENSES-NET> 23,162
<NET-INVESTMENT-INCOME> (5,885)
<REALIZED-GAINS-CURRENT> 75,231
<APPREC-INCREASE-CURRENT> 165,186
<NET-CHANGE-FROM-OPS> 234,532
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 121,789
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 417,701
<NUMBER-OF-SHARES-REDEEMED> 179,703
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,985,943
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,411
<INTEREST-EXPENSE> 942
<GROSS-EXPENSE> 158,469
<AVERAGE-NET-ASSETS> 1,945,166
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 3.03
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.51
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.52
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from M Fund Inc.
financial statements at December 31, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Enhanced U.S. Equity Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,172,883
<INVESTMENTS-AT-VALUE> 1,308,419
<RECEIVABLES> 293,476
<ASSETS-OTHER> 81,397
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,683,292
<PAYABLE-FOR-SECURITIES> 10,419
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 90,732
<TOTAL-LIABILITIES> 101,151
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,415,029
<SHARES-COMMON-STOCK> 133,525
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 810
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30,766
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 135,536
<NET-ASSETS> 1,582,141
<DIVIDEND-INCOME> 22,371
<INTEREST-INCOME> 3,056
<OTHER-INCOME> 0
<EXPENSES-NET> 9,123
<NET-INVESTMENT-INCOME> 16,304
<REALIZED-GAINS-CURRENT> 83,462
<APPREC-INCREASE-CURRENT> 135,536
<NET-CHANGE-FROM-OPS> 235,302
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16,399
<DISTRIBUTIONS-OF-GAINS> 52,695
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 131,623
<NUMBER-OF-SHARES-REDEEMED> 98
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,562,141
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,289
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 141,946
<AVERAGE-NET-ASSETS> 1,146,822
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 2.25
<PER-SHARE-DIVIDEND> 0.12
<PER-SHARE-DISTRIBUTIONS> 0.40
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.85
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of M-Fund, Inc.:
In planning and performing our audit of the financial statements and
financial highlights of M Fund, Inc. [consisting of Edinburgh Overseas Equity
Fund, Turner Core Growth Fund, Frontier Capital Appreciation Fund and Enhanced
U.S. Equity Fund (collectively "the Fund")] for the period January 4, 1996
(commencement of operations) through December 31, 1996, we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the Fund's financial statements and financial highlights and to
comply with the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit the preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements and
financial highlights being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of December 31, 1996.
This report is intended solely for the information and use of management of the
Fund and the Securities and Exchange Commission.
/s/Coopers & Lybrand L.L.P.
Boston, Massachusetts
February 10, 1997
