<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0000756976
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 MAXUS INCOME FUND
001 B000000 811-4144
001 C000000 2166871000
002 A000000 1301 EAST NINTH STREET, 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 N
007 B000000 0
007 C010100 1
007 C010200 2
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 A000001 MAXUS ASSET MANAGEMENT INC.
008 B000001 A
008 C000001 801-11184
008 D010001 CLEVELAND
008 D020001 OH
008 D030001 44114
008 D040001 1800
011 A000001 MAXUS SECURITIES CORP.
011 B000001 8-18203
011 C010001 CLEVELAND
011 C020001 OH
011 C030001 44114
011 C040001 1800
012 A000001 MUTUAL SHAREHOLDER SERVICES, LLC
012 B000001 84-5821
012 C010001 CLEVELAND
012 C020001 OH
012 C030001 44114
<PAGE> PAGE 2
012 C040001 1800
013 A000001 MCCURDY & ASSOCIATES CPA'S, INC.
013 B010001 WESTLAKE
013 B020001 OH
013 B030001 44145
014 A000001 MAXUS SECURITIES CORP.
014 B000001 8-18203
015 A000001 FIRSTAR BANK
015 B000001 C
015 C010001 CINCINNATI
015 C020001 OH
015 C030001 45201
015 C040001 1118
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 5
019 C000000 MAXUSFUNDS
020 A000001 MAXUS SECURITIES CORP.
020 B000001 34-1151660
020 C000001 139
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 139
022 A000001 EVEREN SECURITIES
022 B000001 34-1542819
022 C000001 1000
022 D000001 0
022 A000002 MAXUS SECURITIES CORP.
022 B000002 34-1151660
022 C000002 36
022 D000002 924
022 A000003 SMITH BARNEY
022 B000003 13-1912900
022 C000003 0
022 D000003 283
022 A000004 DAIN RAUSCHER
022 C000004 0
022 D000004 559
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
<PAGE> PAGE 3
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 1036
023 D000000 1766
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
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
028 A010000 2579
028 A020000 150
028 A030000 0
028 A040000 2615
028 B010000 469
028 B020000 141
028 B030000 0
028 B040000 1238
028 C010000 754
028 C020000 136
028 C030000 0
028 C040000 1706
028 D010000 392
028 D020000 137
028 D030000 0
028 D040000 407
028 E010000 650
028 E020000 139
028 E030000 0
028 E040000 434
028 F010000 1644
028 F020000 399
028 F030000 0
<PAGE> PAGE 4
028 F040000 3858
028 G010000 6488
028 G020000 1102
028 G030000 0
028 G040000 10258
028 H000000 0
028 A01AA00 646
028 A02AA00 187
028 A03AA00 0
028 A04AA00 719
028 B01AA00 539
028 B02AA00 184
028 B03AA00 0
028 B04AA00 481
028 C01AA00 810
028 C02AA00 182
028 C03AA00 0
028 C04AA00 1134
028 D01AA00 1303
028 D02AA00 186
028 D03AA00 0
028 D04AA00 837
028 E01AA00 718
028 E02AA00 0
028 E03AA00 0
028 E04AA00 473
028 F01AA00 336
028 F02AA00 401
028 F03AA00 0
028 F04AA00 612
028 G01AA00 4352
028 G02AA00 1140
028 G03AA00 0
028 G04AA00 4256
028 H00AA00 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
<PAGE> PAGE 5
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 162
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 150000
048 A020000 1.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 150000
048 K020000 0.750
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
<PAGE> PAGE 6
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.7
062 Q000000 0.0
062 R000000 99.3
063 A000000 0
063 B000000 16.2
064 A000000 N
065 000000 N
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 Y
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
<PAGE> PAGE 7
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 16619
071 B000000 18504
071 C000000 32625
071 D000000 51
072 A000000 12
072 B000000 590
072 C000000 2666
072 D000000 0
072 E000000 0
072 F000000 334
072 G000000 0
072 H000000 0
072 I000000 41
072 J000000 18
072 K000000 3
072 L000000 10
072 M000000 4
072 N000000 18
072 O000000 0
<PAGE> PAGE 8
072 P000000 0
072 Q000000 0
072 R000000 17
072 S000000 14
072 T000000 162
072 U000000 0
072 V000000 0
072 W000000 16
072 X000000 637
072 Y000000 0
072 Z000000 2619
072AA000000 0
072BB000000 1135
072CC010000 0
072CC020000 3218
072DD010000 2510
072DD020000 123
072EE000000 0
073 A010000 0.8191
073 A020000 0.8313
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 2
074 D000000 192
074 E000000 7717
074 F000000 19323
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 305
074 K000000 0
074 L000000 197
074 M000000 0
074 N000000 27736
074 O000000 218
074 P000000 30
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 925
074 S000000 0
074 T000000 26563
074 U010000 2605
074 U020000 275
074 V010000 9.22
074 V020000 9.23
074 W000000 0.0000
074 X000000 769
<PAGE> PAGE 9
074 Y000000 0
075 A000000 0
075 B000000 33295
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A000000 NATIONAL UNION FIRE INSUR. OF PITTSBURG
080 C000000 2450
081 A000000 Y
081 B000000 3
082 A000000 Y
082 B000000 50
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE ROBERT W. CURTIN
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> INVESTOR SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 31,024,902
<INVESTMENTS-AT-VALUE> 27,234,056
<RECEIVABLES> 501,763
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,735,819
<PAYABLE-FOR-SECURITIES> 218,345
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 954,214
<TOTAL-LIABILITIES> 1,172,559
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,489,191
<SHARES-COMMON-STOCK> 2,604,985
<SHARES-COMMON-PRIOR> 3,738,530
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,135,085)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,790,846)
<NET-ASSETS> 24,023,054
<DIVIDEND-INCOME> 2,665,774
<INTEREST-INCOME> 590,369
<OTHER-INCOME> 0
<EXPENSES-NET> 636,983
<NET-INVESTMENT-INCOME> 2,619,160
<REALIZED-GAINS-CURRENT> (1,147,730)
<APPREC-INCREASE-CURRENT> (3,217,742)
<NET-CHANGE-FROM-OPS> (1,733,667)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,387,557
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,297,893
<NUMBER-OF-SHARES-REDEEMED> (21,895,450)
<SHARES-REINVESTED> (1,906,114)
<NET-CHANGE-IN-ASSETS> (13,512,491)
<ACCUMULATED-NII-PRIOR> (133,597)
<ACCUMULATED-GAINS-PRIOR> (778,547)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 333,569
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 636,983
<AVERAGE-NET-ASSETS> 33,294,567
<PER-SHARE-NAV-BEGIN> 10.61
<PER-SHARE-NII> 0.86
<PER-SHARE-GAIN-APPREC> (1.43)
<PER-SHARE-DIVIDEND> (0.82)
<PER-SHARE-DISTRIBUTIONS> (0.82)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.22
<EXPENSE-RATIO> 1.91
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> INSTITUTIONAL SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 31,024,902
<INVESTMENTS-AT-VALUE> 27,234,056
<RECEIVABLES> 501,763
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,735,819
<PAYABLE-FOR-SECURITIES> 218,345
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 954,214
<TOTAL-LIABILITIES> 1,172,559
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,489,191
<SHARES-COMMON-STOCK> 275,360
<SHARES-COMMON-PRIOR> 41,416
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,135,085)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,790,846)
<NET-ASSETS> 2,540,206
<DIVIDEND-INCOME> 2,665,774
<INTEREST-INCOME> 590,369
<OTHER-INCOME> 0
<EXPENSES-NET> 475,423
<NET-INVESTMENT-INCOME> 2,780,720
<REALIZED-GAINS-CURRENT> (1,147,730)
<APPREC-INCREASE-CURRENT> (3,217,742)
<NET-CHANGE-FROM-OPS> (1,572,107)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 123,034
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,354,889
<NUMBER-OF-SHARES-REDEEMED> (110,118)
<SHARES-REINVESTED> 28,351
<NET-CHANGE-IN-ASSETS> (13,512,491)
<ACCUMULATED-NII-PRIOR> (133,597)
<ACCUMULATED-GAINS-PRIOR> (778,547)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 333,569
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 475,423
<AVERAGE-NET-ASSETS> 1,058,628
<PER-SHARE-NAV-BEGIN> 10.62
<PER-SHARE-NII> 0.87
<PER-SHARE-GAIN-APPREC> (1.43)
<PER-SHARE-DIVIDEND> (0.83)
<PER-SHARE-DISTRIBUTIONS> (0.83)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.23
<EXPENSE-RATIO> 1.41
</TABLE>
Board of Trustees
Maxus Income Fund:
In planning and performing our audit of the financial statements
of Maxus Income Fund for the year ended December 31, 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 struc
ture.
The management of Maxus Income Fund is responsible for establish
ing 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 man
agement 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 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
