<PAGE> PAGE 1
000 B000000 06/30/1999
000 C000000 0001053115
000 D000000 N
000 E000000 F
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 HUGHES VALUE FUND
001 B000000 811-08617
001 C000000 6092343903
002 A000000 741 COX ROAD
002 B000000 MOORESTOWN
002 C000000 NJ
002 D010000 08057
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 HUGHES VALUE FUND
007 C030100 N
007 C010200 2
007 C020200 HUGHES MARKET NEUTRAL 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 HUGHES INVESTMENT ADVISORS LLC.
008 B00AA01 A
008 C00AA01 801-55128
008 D01AA01 MOORESTOWN
008 D02AA01 NJ
008 D03AA01 08057
010 A00AA01 MAXUS INFORMATION SYSTEMS
010 B00AA01 84-1594
010 C01AA01 CLEVELAND
010 C02AA01 OH
010 C03AA01 44114
011 A00AA01 MAXUS SECURITIES CORP
011 B00AA01 8-18203
011 C01AA01 CLEVELAND
011 C02AA01 OH
<PAGE> PAGE 2
011 C03AA01 44114
012 A00AA01 MAXUS INFORMATION SYSTEMS
012 B00AA01 84-1594
012 C01AA01 CLEVELAND
012 C02AA01 OH
012 C03AA01 44114
013 A00AA01 DEANGELIS & HIGGINS LLC
013 B01AA01 CRANBURY
013 B02AA01 NJ
013 B03AA01 08512
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 2
019 C00AA00 HUGHESFUND
020 A000001 DISCOVERAGE BROKERAGE
020 B000001 94-3170569
020 C000001 2
020 A000002 LEHMAN BROTHERS
020 C000002 3
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 2
022 C000001 0
022 D000001 0
022 C000002 0
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
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 0
023 D000000 0
024 00AA00 N
<PAGE> PAGE 3
026 A000000 N
026 B000000 N
026 C000000 Y
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
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 RELIANCE INSURANCE COMPANY
080 C00AA00 100
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
015 A000101 FIFTH THRID BANK
015 B000101 C
015 C010101 CINCINNATI
015 C020101 OH
015 C030101 45263
015 E010101 X
028 A010100 15
028 A020100 0
028 A030100 0
028 A040100 0
028 B010100 0
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 30
<PAGE> PAGE 4
028 C020100 0
028 C030100 0
028 C040100 0
028 D010100 0
028 D020100 0
028 D030100 0
028 D040100 0
028 E010100 0
028 E020100 0
028 E030100 0
028 E040100 100
028 F010100 0
028 F020100 0
028 F030100 0
028 F040100 0
028 G010100 45
028 G020100 0
028 G030100 0
028 G040100 100
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 1.000
048 A010100 0
048 A020100 0.000
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 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
<PAGE> PAGE 5
053 B000100 Y
054 A000100 N
054 B000100 N
054 C000100 N
054 D000100 Y
054 E000100 Y
054 F000100 N
054 G000100 N
054 H000100 N
054 I000100 Y
054 J000100 N
054 K000100 N
054 L000100 N
054 M000100 N
054 N000100 N
054 O000100 N
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 2000
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
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 D000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
<PAGE> PAGE 6
070 B010100 N
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 530
071 B000100 444
071 C000100 141
071 D000100 314
072 A000100 12
072 B000100 0
072 C000100 1
072 D000100 0
072 E000100 0
072 F000100 1
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 0
<PAGE> PAGE 7
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 1
072 Y000100 1
072 Z000100 1
072AA000100 13
072BB000100 0
072CC010100 6
072CC020100 0
072DD010100 1
072DD020100 0
072EE000100 0
073 A010100 0.0552
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 10
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 156
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 0
074 M000100 0
074 N000100 166
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 0
074 S000100 0
074 T000100 166
074 U010100 14
074 U020100 0
074 V010100 12.05
074 V020100 0.00
<PAGE> PAGE 8
074 W000100 0.0000
074 X000100 2
074 Y000100 0
075 A000100 0
075 B000100 129
076 000100 0.00
015 A000201 UMB BANK
015 B000201 C
015 C010201 KANSAS CITY
015 C020201 MO
015 C030201 64141
015 E010201 X
028 A010200 0
028 A020200 0
028 A030200 0
028 A040200 0
028 B010200 0
028 B020200 0
028 B030200 0
028 B040200 0
028 C010200 0
028 C020200 0
028 C030200 0
028 C040200 0
028 D010200 400
028 D020200 0
028 D030200 0
028 D040200 0
028 E010200 0
028 E020200 0
028 E030200 0
028 E040200 100
028 F010200 0
028 F020200 0
028 F030200 0
028 F040200 178
028 G010200 400
028 G020200 0
028 G030200 0
028 G040200 278
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 1.000
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
<PAGE> PAGE 9
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
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
054 A000200 N
054 B000200 N
054 C000200 N
054 D000200 Y
054 E000200 Y
054 F000200 N
054 G000200 N
054 H000200 N
054 I000200 Y
054 J000200 N
054 K000200 N
054 L000200 N
054 M000200 N
054 N000200 N
054 O000200 N
055 A000200 N
055 B000200 N
056 000200 N
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 2000
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 D000200 Y
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
<PAGE> PAGE 11
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 579
071 B000200 546
071 C000200 300
071 D000200 182
072 A000200 3
072 B000200 0
072 C000200 1
072 D000200 0
072 E000200 0
072 F000200 1
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 1
072 Y000200 1
072 Z000200 1
072AA000200 0
072BB000200 23
072CC010200 0
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 20
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 80
<PAGE> PAGE 12
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 0
074 M000200 0
074 N000200 100
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 0
074 S000200 0
074 T000200 100
074 U010200 11
074 U020200 0
074 V010200 9.49
074 V020200 0.00
074 W000200 0.0000
074 X000200 2
074 Y000200 0
075 A000200 0
075 B000200 361
076 000200 0.00
SIGNATURE GREGORY B. GETTS
TITLE FUND ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> HUGHES VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 149,674
<INVESTMENTS-AT-VALUE> 156,152
<RECEIVABLES> 0
<ASSETS-OTHER> 144
<OTHER-ITEMS-ASSETS> 9,776
<TOTAL-ASSETS> 166,072
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145,552
<SHARES-COMMON-STOCK> 13,777
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 864
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,178
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,478
<NET-ASSETS> 166,072
<DIVIDEND-INCOME> 1,126
<INTEREST-INCOME> 290
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 1,416
<REALIZED-GAINS-CURRENT> 13,178
<APPREC-INCREASE-CURRENT> 6,477
<NET-CHANGE-FROM-OPS> 21,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (552)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,730
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 47
<NET-CHANGE-IN-ASSETS> 66,072
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 129,438
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 1.97
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.05
<EXPENSE-RATIO> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> HUGHES MARKET NEUTRAL FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 79,924
<INVESTMENTS-AT-VALUE> 79,924
<RECEIVABLES> 0
<ASSETS-OTHER> 176
<OTHER-ITEMS-ASSETS> 19,555
<TOTAL-ASSETS> 99,652
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,315
<SHARES-COMMON-STOCK> 10,502
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,098
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,761)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 99,652
<DIVIDEND-INCOME> 816
<INTEREST-INCOME> 282
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 1,098
<REALIZED-GAINS-CURRENT> (22,761)
<APPREC-INCREASE-CURRENT> (29)
<NET-CHANGE-FROM-OPS> (21,692)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 40,000
<NUMBER-OF-SHARES-REDEEMED> (29,498)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 99,623
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 361,436
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> (0.48)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.49
<EXPENSE-RATIO> 0.00
</TABLE>
Board of Directors
Hughes Funds, Inc.
In planning and performing our audit of the financial statements of Hughes
Funds, Inc. for the year ended June 30, 1999 we considered its internal control
structure, including procedures 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 NSAR, not
to provide assurance on the internal control structure.
The management of Hughes Funds, Inc. is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgements 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 that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, 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 structure 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 the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and may 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 structure, including procedures for safeguarding
securities, that we consider to be a material weakness as defined above as of
June 30, 1999.
This report is intended for the use of management and the Securities and
Exchange Commission and should not be used for any other purpose.
DeAngelis & Higgins, L.L.C.
39 North Main Street
Cranbury, New Jersey
August 27, 1999
