  A deep (98.2 ks) Chandra Cycle-1 observation has revealed a wealth of
discrete X-ray sources as well as diffuse emission in the nearby face-on spiral
galaxy M101. From this rich dataset we have created a catalog of the 110
sources from the S3 chip detected with a significance of >3 sigma,
corresponding to a flux of ~1.0E-16 ergs/cm/cm/s and a luminosity of 1.0E36
ergs/s for a distance to M101 of 7.2 Mpc. The sources display a distinct
correlation with the spiral arms and include a variety of X-ray binaries,
supersoft sources, supernova remnants, and other objects of which only ~27 are
likely to be background sources. There are only a few sources in the interarm
regions, and most of these have X-ray colors consistent with that of background
AGNs. The derived log N-log S relation for the sources in M101 (background
subtracted) has a slope of -0.80+/-0.05 over the range of 1.0E36 - 1.0E38
ergs/s. The nucleus is resolved into 2 nearly identical X-ray sources, each
with a 0.5-2.0 keV flux of 4.0E37 ergs/s. One of these sources coincides with
the optical nucleus, and the other coincides with a cluster of stars 110 pc to
the south.
