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<PAGE> PAGE 13
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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
<PAGE> PAGE 21
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
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 15879
071 B000400 12334
071 C000400 17837
071 D000400 69
072 A000400 12
072 B000400 15
072 C000400 233
072 D000400 0
072 E000400 0
072 F000400 100
072 G000400 117
072 H000400 0
072 I000400 0
072 J000400 0
072 K000400 0
072 L000400 8
072 M000400 9
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 20
072 S000400 13
072 T000400 0
072 U000400 20
072 V000400 0
072 W000400 9
072 X000400 296
<PAGE> PAGE 22
072 Y000400 151
072 Z000400 103
072AA000400 2484
072BB000400 0
072CC010400 1646
072CC020400 0
072DD010400 103
072DD020400 0
072EE000400 1598
073 A010400 0.1031
073 A020400 0.0000
073 B000400 1.6957
073 C000400 0.0000
074 A000400 492
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 22349
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 10
074 L000400 38
074 M000400 20
074 N000400 22909
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 46
074 S000400 0
074 T000400 22863
074 U010400 1090
074 U020400 0
074 V010400 20.97
074 V020400 0.00
074 W000400 0.0000
074 X000400 6
074 Y000400 0
075 A000400 0
075 B000400 18225
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, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Brandes International Equity Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 37,889,494
<INVESTMENTS-AT-VALUE> 47,016,162
<RECEIVABLES> 116,308
<ASSETS-OTHER> 1,468,600
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48,601,070
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93,535
<TOTAL-LIABILITIES> 93,535
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,484,667
<SHARES-COMMON-STOCK> 3,124,537
<SHARES-COMMON-PRIOR> 1,142,006
<ACCUMULATED-NII-CURRENT> 30,820
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 865,583
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,126,465
<NET-ASSETS> 48,507,535
<DIVIDEND-INCOME> 546,241
<INTEREST-INCOME> 61,017
<OTHER-INCOME> 0
<EXPENSES-NET> 295,604
<NET-INVESTMENT-INCOME> 311,654
<REALIZED-GAINS-CURRENT> 2,113,711
<APPREC-INCREASE-CURRENT> 8,515,233
<NET-CHANGE-FROM-OPS> 10,940,598
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 274,130
<DISTRIBUTIONS-OF-GAINS> 1,255,022
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,332,187
<NUMBER-OF-SHARES-REDEEMED> 448,438
<SHARES-REINVESTED> 98,782
<NET-CHANGE-IN-ASSETS> 36,124,219
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 715
<OVERDIST-NET-GAINS-PRIOR> 69,238
<GROSS-ADVISORY-FEES> 229,774
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 461,226
<AVERAGE-NET-ASSETS> 23,911,787
<PER-SHARE-NAV-BEGIN> 10.84
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 5.09
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.51
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.52
<EXPENSE-RATIO> 1.24
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from M Fund Inc.
financial statements at December 31, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 43,179,984
<INVESTMENTS-AT-VALUE> 52,057,771
<RECEIVABLES> 1,062,448
<ASSETS-OTHER> 1,785,844
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 54,906,063
<PAYABLE-FOR-SECURITIES> 1,934,282
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,202
<TOTAL-LIABILITIES> 1,980,484
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,685,413
<SHARES-COMMON-STOCK> 2,307,893
<SHARES-COMMON-PRIOR> 777,818
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 362,379
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,877,787
<NET-ASSETS> 52,925,579
<DIVIDEND-INCOME> 141,048
<INTEREST-INCOME> 53,130
<OTHER-INCOME> 0
<EXPENSES-NET> 153,303
<NET-INVESTMENT-INCOME> 40,875
<REALIZED-GAINS-CURRENT> 2,803,356
<APPREC-INCREASE-CURRENT> 6,750,251
<NET-CHANGE-FROM-OPS> 9,594,482
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 49,484
<DISTRIBUTIONS-OF-GAINS> 3,139,438
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,802,477
<NUMBER-OF-SHARES-REDEEMED> 419,207
<SHARES-REINVESTED> 146,806
<NET-CHANGE-IN-ASSETS> 39,045,525
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 706,166
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 98,552
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 306,871
<AVERAGE-NET-ASSETS> 21,985,283
<PER-SHARE-NAV-BEGIN> 17.84
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 6.92
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 1.85
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.93
<EXPENSE-RATIO> 0.70
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from M Fund Inc.
financial statements at December 31, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 32,853,522
<INVESTMENTS-AT-VALUE> 45,233,627
<RECEIVABLES> 46,266
<ASSETS-OTHER> 2,802,164
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48,082,057
<PAYABLE-FOR-SECURITIES> 46,811
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 115,884
<TOTAL-LIABILITIES> 162,695
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,205,358
<SHARES-COMMON-STOCK> 2,269,038
<SHARES-COMMON-PRIOR> 2,106,530
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,333,899
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,380,105
<NET-ASSETS> 47,919,362
<DIVIDEND-INCOME> 125,727
<INTEREST-INCOME> 79,400
<OTHER-INCOME> 0
<EXPENSES-NET> 410,168
<NET-INVESTMENT-INCOME> (205,041)
<REALIZED-GAINS-CURRENT> 4,195,967
<APPREC-INCREASE-CURRENT> 9,824,763
<NET-CHANGE-FROM-OPS> 13,815,689
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1,374,766
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,233,660
<NUMBER-OF-SHARES-REDEEMED> 1,137,811
<SHARES-REINVESTED> 66,659
<NET-CHANGE-IN-ASSETS> 16,141,467
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1,285,468
<GROSS-ADVISORY-FEES> 321,001
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 525,406
<AVERAGE-NET-ASSETS> 35,700,206
<PER-SHARE-NAV-BEGIN> 15.09
<PER-SHARE-NII> (0.09)
<PER-SHARE-GAIN-APPREC> 6.74
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.62
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.12
<EXPENSE-RATIO> 1.15
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from M Fund Inc.
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Enhanced Equity Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 18,146,765
<INVESTMENTS-AT-VALUE> 22,349,330
<RECEIVABLES> 48,431
<ASSETS-OTHER> 510,988
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,908,749
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45,268
<TOTAL-LIABILITIES> 45,268
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,979,098
<SHARES-COMMON-STOCK> 1,090,315
<SHARES-COMMON-PRIOR> 834,599
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (260)
<ACCUMULATED-NET-GAINS> 681,558
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,202,565
<NET-ASSETS> 22,863,481
<DIVIDEND-INCOME> 233,472
<INTEREST-INCOME> 15,019
<OTHER-INCOME> 0
<EXPENSES-NET> 145,699
<NET-INVESTMENT-INCOME> 102,792
<REALIZED-GAINS-CURRENT> 2,483,769
<APPREC-INCREASE-CURRENT> 1,645,919
<NET-CHANGE-FROM-OPS> 4,232,480
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 103,437
<DISTRIBUTIONS-OF-GAINS> 1,701,245
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 499,080
<NUMBER-OF-SHARES-REDEEMED> 358,954
<SHARES-REINVESTED> 115,591
<NET-CHANGE-IN-ASSETS> 7,781,051
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 100,966
<GROSS-ADVISORY-FEES> 100,168
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 296,112
<AVERAGE-NET-ASSETS> 18,225,066
<PER-SHARE-NAV-BEGIN> 18.07
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 4.60
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 1.80
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.97
<EXPENSE-RATIO> 0.80
</TABLE>
2
Report of Independent Accountants
To the Board of Directors and Shareholders
of M Funds, Inc.:
In planning and performing our audit of the financial statements of Brandes
International Equity Fund, Turner Core Growth Fund, Frontier Capital
Appreciation Fund and Enhanced U.S. Equity Fund (constituting The M Funds, Inc,
hereafter referred to as the "Funds"), for the year ended December 31, 1999, 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 internal control.
The management of the Funds 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 the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in 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
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error 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
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
Boston, Massachusetts PricewaterhouseCoopers LLP
February 10, 2000
