<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0001049236
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 MAXFUND TRUST
001 B000000 811-8499
001 C000000 2166871000
002 A000000 1301 EAST NINTH STEET, SUITE 3600
002 B000000 CLEVELAND
002 C000000 OH
002 D010000 44114
002 D020000 1800
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 MAXUS OHIO HEARTLAND FUND
007 C030100 N
007 C010200 2
007 C020200 MAXUS AGGRESSIVE VALUE FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 MAXUS ASSET MANAGEMENT INC.
008 B00AA01 A
008 C00AA01 801-11184
008 D01AA01 CLEVELAND
008 D02AA01 OH
008 D03AA01 44114
008 D04AA01 1800
011 A00AA01 MAXUS SECURITIES CORP.
011 B00AA01 8-18203
011 C01AA01 CLEVELAND
011 C02AA01 OH
011 C03AA01 44114
011 C04AA01 1800
012 A00AA01 MUTUAL SHAREHOLDER SERVICES, LLC
<PAGE> PAGE 2
012 B00AA01 84-5821
012 C01AA01 CLEVELAND
012 C02AA01 OH
012 C03AA01 44114
012 C04AA01 1800
013 A00AA01 MCCURDY & ASSOCIATES CPS'S INC.
013 B01AA01 WESTLAKE
013 B02AA01 OH
013 B03AA01 44145
014 A00AA01 MAXUS SECURITIES CORP.
014 B00AA01 8-18203
015 A00AA01 FIRSTAR BANK
015 B00AA01 C
015 C01AA01 CINCINNATI
015 C02AA01 OH
015 C03AA01 45201
015 C04AA01 1118
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 5
019 C00AA00 MAXUSFUNDS
020 A000001 MAXUS SECURITIES CORP.
020 B000001 34-1151660
020 C000001 68
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 68
022 A000001 MAXUS SECURITIES CORP.
022 B000001 34-1151660
022 C000001 7141
022 D000001 4050
022 A000002 MCDONALD & COMP
022 B000002 34-1391952
022 C000002 32
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
<PAGE> PAGE 3
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 7173
023 D000000 4050
024 00AA00 N
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 Y
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 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 N
054 M00AA00 Y
<PAGE> PAGE 4
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INSUR. OF PITTSBURG
080 C00AA00 2450
081 A00AA00 Y
081 B00AA00 3
082 A00AA00 Y
082 B00AA00 50
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 245
028 A020100 0
028 A030100 0
028 A040100 32
028 B010100 20
028 B020100 0
028 B030100 0
028 B040100 4
028 C010100 17
028 C020100 0
028 C030100 0
028 C040100 32
028 D010100 9
028 D020100 0
028 D030100 0
028 D040100 54
028 E010100 4
028 E020100 0
028 E030100 0
028 E040100 18
028 F010100 4
028 F020100 0
028 F030100 0
028 F040100 160
028 G010100 299
028 G020100 0
028 G030100 0
028 G040100 300
028 H000100 0
<PAGE> PAGE 5
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 6
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 150000
048 A020100 1.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
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 150000
048 K020100 0.750
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 1000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
<PAGE> PAGE 6
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
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 N
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
<PAGE> PAGE 7
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 865
071 B000100 654
071 C000100 1971
071 D000100 33
072 A000100 12
072 B000100 4
072 C000100 36
072 D000100 0
072 E000100 0
072 F000100 21
072 G000100 0
072 H000100 0
072 I000100 6
072 J000100 5
072 K000100 0
072 L000100 0
072 M000100 2
072 N000100 3
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 7
072 S000100 4
072 T000100 6
072 U000100 3
072 V000100 0
072 W000100 2
072 X000100 59
072 Y000100 0
072 Z000100 -19
072AA000100 21
072BB000100 0
072CC010100 254
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 17
074 D000100 0
074 E000100 0
074 F000100 1891
<PAGE> PAGE 8
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 18
074 K000100 0
074 L000100 4
074 M000100 9
074 N000100 1939
074 O000100 15
074 P000100 2
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 31
074 S000100 0
074 T000100 1891
074 U010100 146
074 U020100 114
074 V010100 7.26
074 V020100 7.31
074 W000100 0.0000
074 X000100 941
074 Y000100 0
075 A000100 0
075 B000100 2047
076 000100 0.00
028 A010200 1087
028 A020200 0
028 A030200 0
028 A040200 381
028 B010200 751
028 B020200 0
028 B030200 0
028 B040200 4
028 C010200 300
028 C020200 0
028 C030200 0
028 C040200 145
028 D010200 277
028 D020200 0
028 D030200 0
028 D040200 138
028 E010200 936
028 E020200 0
028 E030200 0
028 E040200 175
028 F010200 1364
028 F020200 401
028 F030200 0
028 F040200 792
<PAGE> PAGE 9
028 G010200 4715
028 G020200 401
028 G030200 0
028 G040200 1635
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 32
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 150000
048 A020200 1.000
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 150000
048 K020200 0.750
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 1000
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
<PAGE> PAGE 10
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
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
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
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 Y
070 K020200 Y
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
<PAGE> PAGE 11
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 13019
071 B000200 7615
071 C000200 7938
071 D000200 96
072 A000200 12
072 B000200 53
072 C000200 63
072 D000200 0
072 E000200 0
072 F000200 92
072 G000200 0
072 H000200 0
072 I000200 24
072 J000200 9
072 K000200 0
072 L000200 1
072 M000200 2
072 N000200 8
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 7
072 S000200 8
072 T000200 32
072 U000200 3
072 V000200 0
072 W000200 5
072 X000200 191
072 Y000200 0
072 Z000200 -75
072AA000200 602
072BB000200 0
072CC010200 816
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 499
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.2353
073 C000200 0.0000
074 A000200 0
<PAGE> PAGE 12
074 B000200 0
074 C000200 1821
074 D000200 0
074 E000200 10795
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 212
074 M000200 9
074 N000200 12837
074 O000200 182
074 P000200 14
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 230
074 S000200 0
074 T000200 12411
074 U010200 1636
074 U020200 584
074 V010200 5.58
074 V020200 5.62
074 W000200 0.0000
074 X000200 1187
074 Y000200 0
075 A000200 0
075 B000200 9089
076 000200 0.00
SIGNATURE ROBERT CURTIN
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> MAXUS OHIO HEARTLAND - INVESTOR SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 2,526,908
<INVESTMENTS-AT-VALUE> 1,907,612
<RECEIVABLES> 31,313
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,938,925
<PAYABLE-FOR-SECURITIES> 14,875
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,282
<TOTAL-LIABILITIES> 48,157
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,518,561
<SHARES-COMMON-STOCK> 145,601
<SHARES-COMMON-PRIOR> 151,283
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8,497)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (619,296)
<NET-ASSETS> 1,056,751
<DIVIDEND-INCOME> 35,745
<INTEREST-INCOME> 3,890
<OTHER-INCOME> 0
<EXPENSES-NET> 58,878
<NET-INVESTMENT-INCOME> (19,243)
<REALIZED-GAINS-CURRENT> 20,704
<APPREC-INCREASE-CURRENT> (253,998)
<NET-CHANGE-FROM-OPS> (252,537)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 298,416
<NUMBER-OF-SHARES-REDEEMED> (486,397)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (96,552)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (29,201)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 20,556
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 58,878
<AVERAGE-NET-ASSETS> 2,047,092
<PER-SHARE-NAV-BEGIN> 8.16
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> (0.83)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 7.26
<EXPENSE-RATIO> 2.88
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> MAXUS OHIO HEARTLAND - INSTITUTIONAL SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 2,526,908
<INVESTMENTS-AT-VALUE> 1,907,612
<RECEIVABLES> 31,313
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,938,925
<PAYABLE-FOR-SECURITIES> 14,875
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,282
<TOTAL-LIABILITIES> 48,157
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,518,561
<SHARES-COMMON-STOCK> 114,156
<SHARES-COMMON-PRIOR> 102,395
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8,497)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (619,296)
<NET-ASSETS> 834,017
<DIVIDEND-INCOME> 35,745
<INTEREST-INCOME> 3,890
<OTHER-INCOME> 0
<EXPENSES-NET> 52,635
<NET-INVESTMENT-INCOME> (13,000)
<REALIZED-GAINS-CURRENT> 20,704
<APPREC-INCREASE-CURRENT> (253,998)
<NET-CHANGE-FROM-OPS> (246,294)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 188,675
<NUMBER-OF-SHARES-REDEEMED> (16,692)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (96,552)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (29,201)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 20,556
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 52,635
<AVERAGE-NET-ASSETS> 807,848
<PER-SHARE-NAV-BEGIN> 8.18
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> (0.83)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 7.31
<EXPENSE-RATIO> 2.38
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> MAXUS AGGRESSIVE FUND - INVESTOR SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 11,908,557
<INVESTMENTS-AT-VALUE> 12,616,410
<RECEIVABLES> 220,936
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,837,346
<PAYABLE-FOR-SECURITIES> 182,063
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 244,476
<TOTAL-LIABILITIES> 426,539
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,675,095
<SHARES-COMMON-STOCK> 1,635,679
<SHARES-COMMON-PRIOR> 658,099
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 27,859
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 707,853
<NET-ASSETS> 9,128,271
<DIVIDEND-INCOME> 62,965
<INTEREST-INCOME> 52,766
<OTHER-INCOME> 0
<EXPENSES-NET> 190,708
<NET-INVESTMENT-INCOME> (74,977)
<REALIZED-GAINS-CURRENT> 602,160
<APPREC-INCREASE-CURRENT> 816,427
<NET-CHANGE-FROM-OPS> 1,343,610
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (241,873)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,623,372
<NUMBER-OF-SHARES-REDEEMED> (1,114,259)
<SHARES-REINVESTED> 243,090
<NET-CHANGE-IN-ASSETS> 8,095,544
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 12
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 92,017
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 190,708
<AVERAGE-NET-ASSETS> 9,089,093
<PER-SHARE-NAV-BEGIN> 4.80
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 1.08
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.24)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 5.58
<EXPENSE-RATIO> 2.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> MAXUS AGGRESSIVE FUND - INSTITUTIONAL SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 11,908,557
<INVESTMENTS-AT-VALUE> 12,616,410
<RECEIVABLES> 220,936
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,837,346
<PAYABLE-FOR-SECURITIES> 182,063
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 244,476
<TOTAL-LIABILITIES> 426,539
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,675,095
<SHARES-COMMON-STOCK> 584,310
<SHARES-COMMON-PRIOR> 553,029
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 27,859
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 707,853
<NET-ASSETS> 3,282,536
<DIVIDEND-INCOME> 62,965
<INTEREST-INCOME> 52,766
<OTHER-INCOME> 0
<EXPENSES-NET> 158,675
<NET-INVESTMENT-INCOME> (42,944)
<REALIZED-GAINS-CURRENT> 602,160
<APPREC-INCREASE-CURRENT> 816,427
<NET-CHANGE-FROM-OPS> 1,375,643
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (128,732)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,362,244
<NUMBER-OF-SHARES-REDEEMED> (691,841)
<SHARES-REINVESTED> 79,131
<NET-CHANGE-IN-ASSETS> 8,095,544
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 12
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 92,017
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 158,675
<AVERAGE-NET-ASSETS> 2,812,287
<PER-SHARE-NAV-BEGIN> 4.82
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 1.08
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.24)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 5.62
<EXPENSE-RATIO> 1.60
</TABLE>
Board of Trustees
MaxFund Trust:
In planning and performing our audit of the financial statements
of MaxFund Trust for the year ended December 31, 1999, we
considered its internal control structure, including procedures
for safe- guarding 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 struc
ture.
The management of MaxFund Trust 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 transactions are executed in accordance with
management's authorization and recorded properly to permit prepa
ration of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control struc
ture, errors or irregularities may occur and may 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 struc
ture that might be material weaknesses under standards estab
lished by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or opera
tion of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregu
larities 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 mat
ters involving the internal control structure, including
procedures 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
management and the Securities and Exchange Commission.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio
January 20, 2000
