<PAGE> PAGE 1
000 B000000 06/30/1999
000 C000000 0001069527
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 VALUE TREND FUNDS
001 B000000 811-09041
001 C000000 8005900898
002 A000000 411 WEST MADISON AVENUE
002 B000000 EL CAJON
002 C000000 CA
002 D010000 92020
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 VALUE TREND LINKS FUND
007 C030100 N
007 C010200 2
007 C020200 VALUE TREND LARGE CAP 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
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A00AA01 VALUE TREND CAPITAL MGMT, LP
008 B00AA01 A
008 C00AA01 801-56657
008 D01AA01 EL CAJON
008 D02AA01 CA
<PAGE> PAGE 2
008 D03AA01 92020
010 A00AA01 MAXUS INFORMATION SYSTEMS INC
010 B00AA01 84-1594
010 C01AA01 CLEVELAND
010 C02AA01 OH
010 C03AA01 44114
012 A00AA01 MAXUS INFORMATION SYSTEMS INC
012 B00AA01 84-1594
012 C01AA01 CLEVELAND
012 C02AA01 OH
012 C03AA01 44114
013 A00AA01 MCCURDY & ASSOCIATES CPA'S INC
013 B01AA01 WESTLAKE
013 B02AA01 OH
013 B03AA01 44145
015 A00AA01 FIFTH THIRD BANK
015 B00AA01 C
015 C01AA01 CINCINNATI
015 C02AA01 OH
015 C03AA01 45263
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 2
019 C00AA00 VALUETREND
020 A000001 QUAKER
020 B000001 23-2616596
020 C000001 1
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020 C000003 0
020 C000004 0
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<PAGE> PAGE 3
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026 G020000 N
026 H000000 N
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050 00AA00 N
051 00AA00 N
052 00AA00 N
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054 C00AA00 Y
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<PAGE> PAGE 4
054 F00AA00 Y
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 Y
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 Y
054 M00AA00 Y
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077 A000000 Y
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080 C00AA00 100
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083 B00AA00 0
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085 B00AA00 N
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
070 F020100 N
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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045 000200 Y
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<PAGE> PAGE 10
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070 E020200 N
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070 F020200 N
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070 G020200 N
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070 H020200 N
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE GREGORY B. GETTS
TITLE ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> LINKS FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 392,898
<INVESTMENTS-AT-VALUE> 433,764
<RECEIVABLES> 461
<ASSETS-OTHER> 739
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 434,964
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 464
<TOTAL-LIABILITIES> 464
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 404,052
<SHARES-COMMON-STOCK> 39,690
<SHARES-COMMON-PRIOR> 5000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,418)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 40,866
<NET-ASSETS> 434,500
<DIVIDEND-INCOME> 263
<INTEREST-INCOME> 1,453
<OTHER-INCOME> 0
<EXPENSES-NET> 2,084
<NET-INVESTMENT-INCOME> (368)
<REALIZED-GAINS-CURRENT> (10,418)
<APPREC-INCREASE-CURRENT> 40,866
<NET-CHANGE-FROM-OPS> 30,080
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34,864
<NUMBER-OF-SHARES-REDEEMED> (174)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 384,500
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,084
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,084
<AVERAGE-NET-ASSETS> 292,055
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.96
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.95
<EXPENSE-RATIO> 1.43
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> LARGE CAP FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 270,268
<INVESTMENTS-AT-VALUE> 305,068
<RECEIVABLES> 178
<ASSETS-OTHER> 5,840
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 311,086
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 301
<TOTAL-LIABILITIES> 301
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 285,844
<SHARES-COMMON-STOCK> 28,335
<SHARES-COMMON-PRIOR> 5,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9,859)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,800
<NET-ASSETS> 310,785
<DIVIDEND-INCOME> 156
<INTEREST-INCOME> 1,117
<OTHER-INCOME> 0
<EXPENSES-NET> 1,532
<NET-INVESTMENT-INCOME> (259)
<REALIZED-GAINS-CURRENT> (9,859)
<APPREC-INCREASE-CURRENT> 34,800
<NET-CHANGE-FROM-OPS> 24,682
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23,335
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 260,785
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,532
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,532
<AVERAGE-NET-ASSETS> 229,968
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.98
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.97
<EXPENSE-RATIO> 1.33
</TABLE>
Board of Trustees
Value Trend Funds
In planning and performing our audit of the financial statements of the Value
Trend Funds (comprising of Value Trend Large Cap Fund and Value Trend Links
Fund) 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 N-SAR, not
to provide assurance on the internal control structure.
The management of the Value Trend Funds 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 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 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 material weaknesses as defined
above as of June 30, 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
July 17, 1999
