<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 948258
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 M FUND, INC.
001 B000000 811-9082
001 C000000 5032326960
002 A000000 RIVER PARK CENTER, 205 SE SPOKANE STREET
002 B000000 PORTLAND
002 C000000 OR
002 D010000 97202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 EDINBURGH OVERSEAS EQUITY FUND
007 C030100 N
007 C010200 2
007 C020200 TURNER CORE GROWTH FUND
007 C030200 N
007 C010300 3
007 C020300 FRONTIER CAPITAL APPRECIATION FUND
007 C030300 N
007 C010400 4
007 C020400 ENHANCED US EQUITY FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
<PAGE> PAGE 2
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
007 C017100 71
007 C017200 72
<PAGE> PAGE 3
007 C017300 73
007 C017400 74
007 C017500 75
007 C017600 76
007 C017700 77
007 C017800 78
007 C017900 79
007 C018000 80
007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
010 A00AA01 INVESTORS BANK & TRUST
010 B00AA01 85-720
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02117
010 C04AA01 9130
011 A00AA01 DELETE
012 A00AA01 INVESTORS BANK & TRUST CO.
012 B00AA01 85-720
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02117
012 C04AA01 9130
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 INSTINET
020 B000001 13-3443395
020 C000001 17
020 A000002 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000002 13-5674085
020 C000002 5
020 A000003 NATWEST SECURITIES CORP.
020 B000003 13-3312778
020 C000003 3
020 A000004 BEAR STEARNS & CO., INC.
020 B000004 13-3299429
020 C000004 3
020 A000005 UBS SECURITIES
<PAGE> PAGE 4
020 B000005 13-2932996
020 C000005 3
020 A000006 WARBURG SECURITIES
020 B000006 13-3340045
020 C000006 3
020 A000007 JAMES CAPEL & CO.
020 B000007 52-1348224
020 C000007 3
020 A000008 PERSHING
020 C000008 2
020 A000009 MORGAN STANLEY & CO., INC.
020 B000009 13-2655998
020 C000009 2
020 A000010 BRIDGE TRADING CO.
020 B000010 43-1450530
020 C000010 2
021 000000 77
022 A000001 INVESTORS BANK & TRUST CO
022 C000001 4905
022 D000001 1249
022 A000002 CANTOR FITZGERALD & CO., INC.
022 B000002 13-3680184
022 C000002 564
022 D000002 371
022 A000003 MORGAN STANLEY & CO INC
022 B000003 13-2655998
022 C000003 535
022 D000003 340
022 A000004 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000004 13-5674085
022 C000004 504
022 D000004 243
022 A000005 JEFFERIES & CO., INC.
022 C000005 321
022 D000005 284
022 A000006 GOLDMAN SACHS & CO.
022 B000006 13-5108880
022 C000006 283
022 D000006 272
022 A000007 SMITH BARNEY, INC.
022 B000007 13-1912900
022 C000007 386
022 D000007 164
022 A000008 LEWCO SECURITIES
022 C000008 404
022 D000008 88
022 A000009 PERSHING
022 C000009 389
022 D000009 38
022 A000010 BEAR STEARNS & CO., INC.
022 B000010 13-3299429
<PAGE> PAGE 5
022 C000010 280
022 D000010 119
023 C000000 12191
023 D000000 4749
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
<PAGE> PAGE 6
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 Y
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 0
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
077 A000000 Y
077 B000000 Y
<PAGE> PAGE 7
077 C000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 FIDELITY & DEPOSIT COMPANY OF MARYLAND
080 C00AA00 500
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 3
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 M FINANCIAL INVESTMENT ADVISERS, INC.
008 B000101 A
008 C000101 801-50553
008 D010101 PORTLAND
008 D020101 OR
008 D030101 97202
008 A000102 EDINBURGH FUND MANAGERS PLC
008 B000102 S
008 C000102 801-20791
008 D010102 ATLANTA
008 D020102 GA
008 D030102 30308
015 A000101 INVESTORS BANK & TRUST CO.
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02117
015 C040101 9130
015 E010101 X
028 A010100 186
028 A020100 0
028 A030100 0
028 A040100 79
028 B010100 448
<PAGE> PAGE 8
028 B020100 0
028 B030100 0
028 B040100 44
028 C010100 249
028 C020100 0
028 C030100 0
028 C040100 42
028 D010100 193
028 D020100 0
028 D030100 0
028 D040100 19
028 E010100 336
028 E020100 0
028 E030100 0
028 E040100 40
028 F010100 275
028 F020100 85
028 F030100 0
028 F040100 276
028 G010100 1687
028 G020100 85
028 G030100 0
028 G040100 500
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 10000
048 A020100 1.050
048 B010100 15000
048 B020100 0.900
048 C010100 75000
048 C020100 0.750
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 100000
048 K020100 0.600
066 A000100 Y
<PAGE> PAGE 9
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 Y
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 5904
071 B000100 3185
071 C000100 4287
071 D000100 74
072 A000100 12
<PAGE> PAGE 10
072 B000100 21
072 C000100 82
072 D000100 0
072 E000100 0
072 F000100 51
072 G000100 129
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 6
072 M000100 7
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 14
072 S000100 5
072 T000100 0
072 U000100 21
072 V000100 0
072 W000100 7
072 X000100 240
072 Y000100 177
072 Z000100 40
072AA000100 0
072BB000100 148
072CC010100 165
072CC020100 0
072DD010100 59
072DD020100 0
072EE000100 0
073 A010100 0.1000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0400
074 A000100 487
074 B000100 0
074 C000100 0
074 D000100 129
074 E000100 0
074 F000100 5382
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 15
074 L000100 10
074 M000100 61
074 N000100 6084
074 O000100 20
<PAGE> PAGE 11
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 30
074 S000100 0
074 T000100 6034
074 U010100 606
074 U020100 0
074 V010100 9.96
074 V020100 0.00
074 W000100 0.0000
074 X000100 7
074 Y000100 0
075 A000100 0
075 B000100 4863
076 000100 0.00
008 A000201 M FINANCIAL INVESTMENT ADVISERS, INC
008 B000201 A
008 C000201 801-50553
008 D010201 PORTLAND
008 D020201 OR
008 D030201 97202
008 A000202 TURNER INVESTMENT PARTNERS INC
008 B000202 S
008 C000202 801-36220
008 D010202 BERWYN
008 D020202 PA
008 D030202 19312
015 A000201 INVESTORS BANK & TRUST CO.
015 B000201 C
015 C010201 BOSTON
015 C020201 MA
015 C030201 02117
015 C040201 9130
015 E010201 X
028 A010200 91
028 A020200 0
028 A030200 0
028 A040200 13
028 B010200 69
028 B020200 18
028 B030200 0
028 B040200 34
028 C010200 163
028 C020200 0
028 C030200 0
028 C040200 102
028 D010200 180
028 D020200 0
<PAGE> PAGE 12
028 D030200 0
028 D040200 17
028 E010200 153
028 E020200 0
028 E030200 0
028 E040200 9
028 F010200 116
028 F020200 331
028 F030200 0
028 F040200 81
028 G010200 772
028 G020200 349
028 G030200 0
028 G040200 256
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.450
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
<PAGE> PAGE 13
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 Y
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 6650
071 B000200 5600
071 C000200 2716
071 D000200 206
072 A000200 12
072 B000200 5
072 C000200 25
072 D000200 0
072 E000200 0
072 F000200 13
072 G000200 109
072 H000200 0
072 I000200 0
072 J000200 0
<PAGE> PAGE 14
072 K000200 0
072 L000200 7
072 M000200 7
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 12
072 S000200 5
072 T000200 0
072 U000200 21
072 V000200 0
072 W000200 7
072 X000200 181
072 Y000200 161
072 Z000200 10
072AA000200 311
072BB000200 0
072CC010200 419
072CC020200 0
072DD010200 11
072DD020200 0
072EE000200 338
073 A010200 0.0400
073 A020200 0.0000
073 B000200 1.3200
073 C000200 0.0000
074 A000200 97
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 3659
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 10
074 K000200 16
074 L000200 5
074 M000200 61
074 N000200 3848
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 28
074 S000200 0
074 T000200 3820
074 U010200 283
<PAGE> PAGE 15
074 U020200 0
074 V010200 13.50
074 V020200 0.00
074 W000200 0.0000
074 X000200 8
074 Y000200 0
075 A000200 0
075 B000200 2922
076 000200 0.00
008 A000301 M FINANCIAL INVESTMENT ADVISERS, INC
008 B000301 A
008 C000301 801-50553
008 D010301 PORTLAND
008 D020301 OR
008 D030301 97202
008 A000302 FRONTIER CAPITAL MANAGEMENT COMPANY, INC
008 B000302 S
008 C000302 801-15724
008 D010302 BOSTON
008 D020302 MA
008 D030302 02110
015 A000301 INVESTORS BANK & TRUST CO.
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02117
015 C040301 9130
015 E010301 X
028 A010300 298
028 A020300 0
028 A030300 0
028 A040300 138
028 B010300 446
028 B020300 1
028 B030300 0
028 B040300 46
028 C010300 1687
028 C020300 0
028 C030300 0
028 C040300 162
028 D010300 4245
028 D020300 0
028 D030300 0
028 D040300 50
028 E010300 6508
028 E020300 0
028 E030300 0
028 E040300 4279
028 F010300 785
028 F020300 390
028 F030300 0
<PAGE> PAGE 16
028 F040300 203
028 G010300 13969
028 G020300 391
028 G030300 0
028 G040300 4878
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.900
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
066 A000300 Y
066 B000300 N
066 C000300 Y
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
<PAGE> PAGE 17
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 Y
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 15174
071 B000300 4695
071 C000300 7678
071 D000300 61
072 A000300 12
072 B000300 62
072 C000300 28
072 D000300 0
072 E000300 0
072 F000300 79
072 G000300 114
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 7
072 M000300 7
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 12
072 S000300 5
<PAGE> PAGE 18
072 T000300 0
072 U000300 21
072 V000300 0
072 W000300 7
072 X000300 252
072 Y000300 151
072 Z000300 -11
072AA000300 522
072BB000300 0
072CC010300 328
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 392
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.3600
073 C000300 0.0000
074 A000300 2678
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 14015
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 18
074 K000300 0
074 L000300 13
074 M000300 61
074 N000300 16785
074 O000300 126
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 31
074 S000300 0
074 T000300 16628
074 U010300 1114
074 U020300 0
074 V010300 14.92
074 V020300 0.00
074 W000300 0.0000
074 X000300 8
074 Y000300 0
075 A000300 0
075 B000300 8807
076 000300 0.00
<PAGE> PAGE 19
008 A000401 M FINANCIAL INVESTMENT ADVISERS, INC
008 B000401 A
008 C000401 801-50553
008 D010401 PORTLAND
008 D020401 OR
008 D030401 97202
008 A000402 FRANKLIN PORTFOLIO ASSOCIATES LLC
008 B000402 S
008 C000402 801-17057
008 D010402 BOSTON
008 D020402 MA
008 D030402 02109
015 A000401 INVESTORS BANK & TRUST CO.
015 B000401 C
015 C010401 BOSTON
015 C020401 MA
015 C030401 02117
015 C040401 9130
015 E010401 X
028 A010400 125
028 A020400 0
028 A030400 0
028 A040400 6
028 B010400 337
028 B020400 1
028 B030400 0
028 B040400 24
028 C010400 90
028 C020400 0
028 C030400 0
028 C040400 18
028 D010400 3718
028 D020400 0
028 D030400 0
028 D040400 31
028 E010400 341
028 E020400 0
028 E030400 0
028 E040400 162
028 F010400 194
028 F020400 243
028 F030400 0
028 F040400 43
028 G010400 4805
028 G020400 244
028 G030400 0
028 G040400 284
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
<PAGE> PAGE 20
048 000400 0.000
048 A010400 25000
048 A020400 0.550
048 B010400 75000
048 B020400 0.450
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 100000
048 K020400 0.300
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 Y
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
<PAGE> PAGE 21
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 6801
071 B000400 1671
071 C000400 3213
071 D000400 52
072 A000400 12
072 B000400 7
072 C000400 58
072 D000400 0
072 E000400 0
072 F000400 18
072 G000400 103
072 H000400 0
072 I000400 0
072 J000400 0
072 K000400 0
072 L000400 7
072 M000400 7
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 12
072 S000400 5
072 T000400 0
072 U000400 21
072 V000400 0
072 W000400 7
072 X000400 180
072 Y000400 154
072 Z000400 39
072AA000400 202
072BB000400 0
<PAGE> PAGE 22
072CC010400 468
072CC020400 0
072DD010400 16
072DD020400 0
072EE000400 53
073 A010400 0.0900
073 A020400 0.0000
073 B000400 0.5300
073 C000400 0.0000
074 A000400 181
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 7106
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 9
074 L000400 20
074 M000400 61
074 N000400 7377
074 O000400 5
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 27
074 S000400 0
074 T000400 7345
074 U010400 487
074 U020400 0
074 V010400 15.09
074 V020400 0.00
074 W000400 0.0000
074 X000400 5
074 Y000400 0
075 A000400 0
075 B000400 3340
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, 1997
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-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 5,269,896
<INVESTMENTS-AT-VALUE> 5,511,009
<RECEIVABLES> 512,534
<ASSETS-OTHER> 60,811
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,084,354
<PAYABLE-FOR-SECURITIES> 19,503
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,866
<TOTAL-LIABILITIES> 50,369
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,061,551
<SHARES-COMMON-STOCK> 605,730
<SHARES-COMMON-PRIOR> 321,541
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 7,124
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 261,247
<ACCUM-APPREC-OR-DEPREC> 240,805
<NET-ASSETS> 6,033,985
<DIVIDEND-INCOME> 82,383
<INTEREST-INCOME> 21,172
<OTHER-INCOME> 0
<EXPENSES-NET> 63,223
<NET-INVESTMENT-INCOME> 40,332
<REALIZED-GAINS-CURRENT> (148,305)
<APPREC-INCREASE-CURRENT> 165,207
<NET-CHANGE-FROM-OPS> 57,234
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 59,442
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 25,490
<NUMBER-OF-SHARES-SOLD> 400,630
<NUMBER-OF-SHARES-REDEEMED> 126,803
<SHARES-REINVESTED> 10,362
<NET-CHANGE-IN-ASSETS> 2,856,788
<ACCUMULATED-NII-PRIOR> 2,033
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 117,784
<GROSS-ADVISORY-FEES> 51,064
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 240,156
<AVERAGE-NET-ASSETS> 4,863,311
<PER-SHARE-NAV-BEGIN> 9.88
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 0.15
<PER-SHARE-DIVIDEND> 0.10
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.04
<PER-SHARE-NAV-END> 9.96
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from M Fund Inc.
financial statements at December 31, 1997
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-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 3,160,186
<INVESTMENTS-AT-VALUE> 3,659,114
<RECEIVABLES> 127,876
<ASSETS-OTHER> 60,811
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,847,801
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,659
<TOTAL-LIABILITIES> 27,659
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,345,905
<SHARES-COMMON-STOCK> 282,925
<SHARES-COMMON-PRIOR> 172,614
<ACCUMULATED-NII-CURRENT> 903
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 25,594
<ACCUM-APPREC-OR-DEPREC> 498,928
<NET-ASSETS> 3,820,142
<DIVIDEND-INCOME> 25,296
<INTEREST-INCOME> 5,189
<OTHER-INCOME> 0
<EXPENSES-NET> 20,459
<NET-INVESTMENT-INCOME> 10,026
<REALIZED-GAINS-CURRENT> 310,733
<APPREC-INCREASE-CURRENT> 418,627
<NET-CHANGE-FROM-OPS> 739,386
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,958
<DISTRIBUTIONS-OF-GAINS> 337,908
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 146,803
<NUMBER-OF-SHARES-REDEEMED> 68,463
<SHARES-REINVESTED> 31,971
<NET-CHANGE-IN-ASSETS> 1,817,211
<ACCUMULATED-NII-PRIOR> 930
<ACCUMULATED-GAINS-PRIOR> 1,581
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,152
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 181,209
<AVERAGE-NET-ASSETS> 2,922,723
<PER-SHARE-NAV-BEGIN> 11.60
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 3.22
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 1.32
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.50
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from M Fund Inc.
financial statements at December 31, 1997
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-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 13,522,084
<INVESTMENTS-AT-VALUE> 14,015,352
<RECEIVABLES> 2,709,544
<ASSETS-OTHER> 60,811
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16,785,707
<PAYABLE-FOR-SECURITIES> 126,358
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,901
<TOTAL-LIABILITIES> 157,259
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,067,147
<SHARES-COMMON-STOCK> 1,114,444
<SHARES-COMMON-PRIOR> 239,998
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 68,033
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 493,268
<NET-ASSETS> 16,628,448
<DIVIDEND-INCOME> 27,626
<INTEREST-INCOME> 62,401
<OTHER-INCOME> 0
<EXPENSES-NET> 101,281
<NET-INVESTMENT-INCOME> (11,254)
<REALIZED-GAINS-CURRENT> 521,608
<APPREC-INCREASE-CURRENT> 328,082
<NET-CHANGE-FROM-OPS> 838,436
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 391,663
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,325,768
<NUMBER-OF-SHARES-REDEEMED> 487,715
<SHARES-REINVESTED> 36,393
<NET-CHANGE-IN-ASSETS> 13,622,505
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 51,513
<GROSS-ADVISORY-FEES> 79,263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 252,045
<AVERAGE-NET-ASSETS> 8,807,186
<PER-SHARE-NAV-BEGIN> 12.52
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 2.76
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.36
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.92
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from M Fund Inc.
financial statements at December 31, 1997
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-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 6,503,077
<INVESTMENTS-AT-VALUE> 7,106,289
<RECEIVABLES> 209,883
<ASSETS-OTHER> 60,811
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,376,983
<PAYABLE-FOR-SECURITIES> 5,124
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,047
<TOTAL-LIABILITIES> 32,171
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,712,187
<SHARES-COMMON-STOCK> 486,792
<SHARES-COMMON-PRIOR> 133,525
<ACCUMULATED-NII-CURRENT> 882
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 28,531
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 603,212
<NET-ASSETS> 7,344,812
<DIVIDEND-INCOME> 58,235
<INTEREST-INCOME> 7,637
<OTHER-INCOME> 0
<EXPENSES-NET> 26,722
<NET-INVESTMENT-INCOME> 39,150
<REALIZED-GAINS-CURRENT> 201,780
<APPREC-INCREASE-CURRENT> 467,676
<NET-CHANGE-FROM-OPS> 708,606
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 39,983
<DISTRIBUTIONS-OF-GAINS> 204,015
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 369,645
<NUMBER-OF-SHARES-REDEEMED> 38,550
<SHARES-REINVESTED> 22,172
<NET-CHANGE-IN-ASSETS> 5,762,671
<ACCUMULATED-NII-PRIOR> 810
<ACCUMULATED-GAINS-PRIOR> 30,766
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18,371
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 181,208
<AVERAGE-NET-ASSETS> 3,340,278
<PER-SHARE-NAV-BEGIN> 11.85
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 3.78
<PER-SHARE-DIVIDEND> 0.09
<PER-SHARE-DISTRIBUTIONS> 0.53
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.09
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of
M Fund, Inc.:
In planning and performing our audit of the financial statements and financial
highlights of M Fund, Inc., for the year ended December 31, 1997, we considered
its internal control, including control activities for safeguarding securities,
in order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control.
The management of M Fund, Inc. is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to an
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. These controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 would not necessarily disclose all
matters in the internal control 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 one or
more internal control components does not reduce to a relatively low level the
risk that errors or fraud in amounts that would be material in relation to the
financial statements 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, including controls
for safeguarding securities, that we consider material weaknesses as defined
above.
This report is intended solely for the information and use of management, the
Board of Directors of M Fund, Inc. and the Securities and Exchange Commission.
Boston, Massachusetts
COOPERS & LYBRAND L.L.P.
February 11, 1998
M Fund, Inc.
Form: N-SAR December 31, 1997
Item 77-Q Incorporated by Reference
- ------------------------------------------------------------------------------
Item 77-Q1 Exhibits
The following exhibits were included in a matter submitted to a vote of security
holders during the year ended 12/31/97 and are being Incorporated by Reference.
The actual filing is identified below.
List of exhibits incorporated by reference:
New Advisory Agreement: Between M Funds, Inc.and M Financial Investment
Advisors, Inc.
New Investment Sub-Advisory Agreements between:
M Financial Investment Advisors, Inc and Edinburgh Fund Managers plc
M Financial Investment Advisors, Inc and Franklin Portfolio Asociates
LLC M Financial Investment Advisors, Inc and Frontier Capital
Management Company, Inc. M Financial Investment Advisors, Inc
and Turner Investment Partners, Inc.
------------------------------------------------------------------------
Form type: DEFS14A
Date Filed: November 21, 1997
Item 77c - Matters submitted to a vote of security holders
M Fund, Inc.
Proxy Voting Results (Unaudited)
A special meeting of the Funds' shareholders was held on December 19, 1997. The
results of votes taken among shareholders on proposals are listed below.
Proposal 1
To ratify the proposal to adopt a New Investment Advisory
Agreement between M Fund, Inc. and M Financial Investment Advisers, Inc.
# of Shares Voted % of Shares
Affirmative 2,280,796 99.60%
Against 0.00%
0
Abstain 9,148 0.40%
----- -----
TOTAL 2,289,944 100.00%
Proposal 2
(Edinburgh Overseas Equity Fund Shareholders)
To ratify the proposal to adopt a New Investment Sub-Advisory Agreement
between M Financial Investment Advisers, Inc. and Edinburgh Fund
Managers, plc.
# of Shares Voted % of Shares
Affirmative 572,464 99.75%
Against 332 0.06%
Abstain 1,117 0.19%
----- -----
TOTAL 573,913 100.00%
Proposal 3
(Turner Core Growth Fund Shareholders)
To ratify the proposal to adopt a New Investment Sub-Advisory Agreement
between M Financial Investment Advisers, Inc. and Turner Investment
Partners, Inc.
# of Shares Voted % of Shares
Affirmative 251,178 100.00%
Against 0.00%
0
Abstain 0.00%
0
TOTAL 251,178 100.00%
Proposal 4
(Frontier Capital Appreciation Fund Shareholders)
To ratify the proposal to adopt a New Investment Sub-Advisory Agreement
between M Financial Investment Advisers, Inc. and Frontier Capital
Management Co., Inc.
# of Shares Voted % of Shares
Affirmative 1,008,432 99.50%
Against 0.05%
528
Abstain 4,532 0.45%
------ -----
TOTAL 1,013,492 100.00%
Proposal 5
(Enhanced U.S. Equity Fund Shareholders)
To ratify the proposal to adopt a New Investment Sub-Advisory Agreement
between M Financial Investment Advisers, Inc. and Franklin Portfolio
Associates LLC.
# of Shares Voted % of Shares
Affirmative 447,861 99.22%
Against 0.00%
0
Abstain 3,500 0.78%
------ -----
TOTAL 451,361 100.00%
Proposal 6
To elect as Directors of M Fund, Inc. the following five nominees.
# of Shares Voted % of Shares
Peter W. Mullin
Affirmative 2,288,227 99.93%
Witheld 0.07%
-----
1,717
TOTAL 2,289,944 100.00%
# of Shares Voted % of Shares
David M. Spungen
Affirmative 2,288,227 99.93%
Witheld 0.07%
-----
1,717
TOTAL 2,289,944 100.00%
# of Shares Voted % of Shares
Gerald Bidwell
Affirmative 2,288,227 99.93%
Witheld 0.07%
-----
1,717
TOTAL 2,289,944 100.00%
# of Shares Voted % of Shares
Neil E.Goldschmidt
Affirmative 2,288,227 99.93%
Witheld 0.07%
-----
1,717
TOTAL 2,289,944 100.00%
# of Shares Voted % of Shares
Philip W. Halpern
Affirmative 2,288,227 99.93%
Witheld 0.07%
-----
1,717
TOTAL 2,289,944 100.00%
Proposal 7
To ratify the selection of Coopers & Lybrand LLP as independant accountants for
M Fund, Inc.
# of Shares Voted % of Shares
Affirmative 2,212,848 96.63%
Against 67,734 2.96%
Abstain 9,362 0.41%
------ -----
TOTAL 2,289,944 100.00%
