We present results from a 47 ks observation of the Andromeda galaxy, M31, using the High Resolution Camera of the Chandra X-Ray Observatory. We detect 142 point sources spanning 3 orders of magnitude in luminosity, from LX = 2 × 1035 to 2 × 1038 ergs s-1 in the 0.1-10 keV band. The X-ray source location accuracy is better than 1'' in the central regions of the galaxy. One source lies within 13 of SN 1885 but does not coincide with the UV absorption feature identified as the supernova remnant. However, there is an optical transient, which is likely an optical nova, at the location of the X-ray source. There is a weak source, LX ~ 4 × 1036 ergs cm2 s-1, coincident with the nucleus of M31 and 14 sources coincident with globular clusters. Our observation has very high efficiency down to luminosities of 1.5 × 1036 ergs s-1 for sources within 5' of the nucleus. Comparing with a ROSAT observation made 11 yr earlier, we find that 0.46 ± 0.26 of the sources with LX 5 × 1036 ergs s-1 are variable. We find no evidence for X-ray pulsars in this region, indicating that the population is likely dominated by low-mass X-ray binaries. The source density radial profile follows a power-law distribution with an exponent of 1.25 ± 0.10 and is inconsistent with the optical surface brightness profile. The X-ray point-source luminosity function is well fitted by a differential broken power law with a break at a luminosity of (4.5) × 1037 ergs s-1. The luminosity function is consistent with a model of an aging population of X-ray binaries.
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