SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                  FORM 10-QSB

(Mark One)

|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE
ACT OF 1934

For the quarter period ended        June 30, 2001

                                       OR

| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the transition period from                To

                         Commission file number 0-13754


                            MAXUS REALTY TRUST, INC.
       (Exact name of small business issuer as specified in its charter)

         Missouri                                      43-1339136
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

104 Armour, North Kansas City, Missouri                    64116
(Address of principal executive offices)                 (Zip Code)

Trust's telephone number, including area code          (816) 303-4500

Indicate by check mark  whether the Trust (1) has filed all reports  required to
be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during
the preceding 12 months (or for such shorter  period that the Trust was required
to file such reports),  and (2) has been subject to such filing requirements for
the past 90 days. Yes |X|  No | |

                                       1

<PAGE>
                                     INDEX
                                                                           Page
PART I -   FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS:
           Balance Sheets                                                    3
           Statements of Operations                                          4
           Statements of Cash Flows                                          5

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
           OF OPERATIONS                                                     6

PART II -  OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS                                                12
ITEM 2.    CHANGES IN SECURITIES                                            12
ITEM 3.    DEFAULTS UPON SENIOR SECURITIES                                  12
ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS              12
ITEM 5.    OTHER INFORMATION                                                12
ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K                                 12

SIGNATURES                                                                  13
EXHIBIT INDEX                                                               14

                                       2

<PAGE>

PART 1 - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                            MAXUS REALTY TRUST, INC.
                                 BALANCE SHEETS

<TABLE>
<CAPTION>
<S>                                                               <C>        <C>
                                                             June 30, 2001   Dec. 31, 2000
                                                              (Unaudited)
ASSETS:
Investment property
   Land                                                      $  2,322,000      2,322,000
   Buildings and improvements                                  16,970,000     16,460,000
                                                             ------------    -----------
                                                               19,292,000     18,782,000

   Less accumulated depreciation                               (6,620,000)    (6,324,000)
                                                              -----------    -----------
                                                               12,672,000     12,458,000
   Investment property held for sale                                 --        3,242,000
                                                              -----------    -----------
           Total investment property                           12,672,000     15,700,000

Cash and cash equivalents                                       3,976,000        817,000
Accounts receivable                                               384,000        367,000
Prepaid expenses and other assets                                  72,000         88,000
Deferred expenses, less accumulated amortization                  392,000        470,000
                                                             ------------   ------------
           Total assets                                      $ 17,496,000     17,442,000
                                                             ============   ============

LIABILITIES AND SHAREHOLDERS' EQUITY:

Liabilities:
   Mortgage notes payable                                    $  6,252,000      6,698,000
   Accounts payable and accrued expenses                          212,000        387,000
   Real estate taxes payable                                       58,000        212,000
   Refundable tenant deposits                                      90,000         96,000
                                                             ------------   ------------
           Total liabilities                                    6,612,000      7,393,000
                                                             ============   ============
Shareholders' equity:
   Common stock, $1 par value: authorized 5,000,000 shares
    1,039,624 shares issued and outstanding                     1,040,000      1,040,000
   Additional paid-in-capital                                  15,463,000     15,463,000
   Distributions in excess of accumulated earnings             (5,619,000)    (6,454,000)
                                                             ------------   ------------
           Total shareholders' equity                          10,884,000     10,049,000
                                                             ------------   ------------
                                                             $ 17,496,000     17,442,000
                                                             ============   ============
</TABLE>

See accompanying notes to financial statements

                                        3
<PAGE>

                            MAXUS REALTY TRUST, INC.
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
<S>                                    <C>            <C>         <C>       <C>
                                         Three Months Ended      Six Months Ended
                                       June 30,     June 30,    June 30,     June 30,
                                        2001          2000        2001        2000
Revenues:
   Rental                               $  775,000   671,000   1,628,000   1,328,000
   Other                                    58,000    57,000     120,000     125,000
                                        ----------  --------  ----------  ----------
Total revenues                             833,000   728,000   1,748,000   1,453,000
                                        ----------  --------  ----------  ----------
Expenses:
   Depreciation and amortization           181,000   126,000     396,000     304,000
   Repairs and maintenance, including
      common area maintenance              138,000    78,000     287,000     160,000
   Real estate taxes                       106,000   115,000     231,000     244,000
   Interest expense                        132,000    96,000     273,000     191,000
   Professional fees                        38,000    84,000      88,000     202,000
   General and administrative               52,000    16,000      95,000      45,000
   Utilities                                83,000    70,000     193,000     138,000
   Property management fees -
      related parties                       31,000    24,000      62,000      49,000
   Other operating expenses                 31,000    10,000      52,000      47,000
                                        ----------  --------  ----------  ----------
         Total expenses                    792,000   619,000   1,677,000   1,380,000
                                        ----------  --------  ----------  ----------
         Income before gain on sale         41,000   109,000      71,000      73,000
   Gain on sale of Franklin Par          1,138,000      --     1,138,000        --
                                        ----------  --------  ----------  ----------
           Net income                   $1,179,000   109,000   1,209,000      73,000
                                        ==========  ========  ==========  ==========

Per share data (basic and diluted):
   Net income before gain on sale       $      .04       .11         .07         .08
   Gain on sale of Franklin Park              1.09      --          1.09        --
                                        ----------  --------  ----------  ----------
           Total                              1.13       .11        1.16         .08
                                        ==========  ========  ==========  ==========
    Dividends                           $      .20       .16         .36         .16
                                        ----------  --------  ----------  ----------
   Weighted average shares
     outstanding                         1,039,624   961,679   1,039,624     914,151
                                        ==========  ========  ==========  ==========
</TABLE>

See accompanying notes to financial statements.

                                        4

<PAGE>

                            MAXUS REALTY TRUST, INC.
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<CAPTION>
<S>                                                                      <C>           <C>
                                                                           Six Months Ended
                                                                         June 30,       June 30,
                                                                           2001          2000
Cash flows from operating activities:
   Net income                                                         $ 1,209,000        73,000
   Adjustments to reconcile net income to net
     cash used in operating activities:
       Gain on sale of Franklin Park                                   (1,138,000)         --
       Depreciation and amortization                                      396,000       304,000
       Changes in accounts affecting operations:
           Accounts receivable                                            (17,000)      (43,000)


           Prepaid expenses, other assets and deferred expenses            28,000      (136,000)
           Accounts payable and other liabilities                        (329,000)     (264,000)
           Refundable tenant deposits                                      (6,000)         --
                                                                      -----------    ----------

                Net cash provided by (used in) operating activities       143,000       (66,000)
                                                                      -----------    ----------
Cash flows from investing activities:
       Capital expenditures                                              (510,000)      (49,000)
       Proceeds from sale of Franklin Park, net                         4,346,000          --
                                                                      -----------    ----------

                Net cash provided by (used in) investing activities     3,836,000       (49,000)
                                                                      -----------    ----------

Cash flows from financing activities:
       Principal payments on mortgage notes payable                      (446,000)      (56,000)
       Issuance of common stock                                              --       1,384,000
       Dividends paid                                                    (374,000)     (166,000)
                                                                      -----------    ----------
               o $.16 per share paid 3/21/01
               o $.20 per share paid 6/21/01

               Net cash provided by (used in) financing activities       (820,000)    1,162,000
                                                                      -----------    ----------
               Net increase in cash and cash equivalents                3,159,000     1,047,000

Cash and cash equivalents, beginning of period                            817,000       208,000
                                                                      -----------    ----------

Cash and cash equivalents, end of period                              $ 3,976,000     1,255,000
                                                                      ===========    ==========

Supplemental disclosure of cash flow information -
   cash paid during the quarter for interest                          $   232,000       190,000
                                                                      ===========    ==========
</TABLE>

See accompanying notes to financial statements


                                        5
<PAGE>

                            MAXUS REALTY TRUST, INC.
                    NOTES TO UNAUDITED FINANCIAL STATEMENTS
                SIX MONTHS ENDED JUNE 30, 2001 AND JUNE 30, 2000

(1) Summary of Significant Accounting Policies

Refer to the financial  statements  of Maxus Realty Trust,  Inc. (the "Trust" or
"Registrant")  for the year ended December 31, 2000,  which are contained in the
Trust's  Annual  Report on Form  10-KSB,  for a  description  of the  accounting
policies which have been continued without change.  Also, refer to the footnotes
to those statements for additional  details of the Trust's financial  condition.
The  details  in those  notes  have not  changed  except  as a result  of normal
transactions  in the  interim.  In the opinion of  management,  all  adjustments
(which include only normal  recurring  adjustments)  necessary to present fairly
the financial position,  results of operations and changes in financial position
at June 30, 2001 and for all periods  presented  have been made. The results for
the  three-month  and six month periods ended June 30, 2001 are not  necessarily
indicative of the results which may be expected for the entire year.

Certain reclassifications have been made to the prior quarter amounts to conform
to the current quarter presentation.

ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS

This  10-QSB  contains  forward-looking  information  (as defined in the Private
Securities  Litigation  Reform Act of 1995) that involves risk and  uncertainty,
including trends in the real estate  investment  market,  projected  leasing and
sales,  and  future  prospects  for  the  Trust.  Actual  results  could  differ
materially from those contemplated by such statements.

DESCRIPTION OF BUSINESS

Maxus Realty Trust,  Inc., a Missouri  corporation  invests in  income-producing
real  properties,  primarily  commercial and light  industrial  properties.  The
Trust's   portfolio  is  comprised  of  Atrium  at  Alpha  Business   Center,  a
multi-tenant  office  building  located in  Bloomington,  Minnesota  ("Atrium at
Alpha");  Applied  Communications,  Inc. Office Building, a single-tenant office
building located in Omaha, Nebraska ("ACI Building"); Franklin Park Distribution
Center,  a  warehouse  and  distribution  facility in  Franklin  Park,  Illinois
("Franklin  Park");  and North Winn Apartments,  an apartment complex located in
Kansas City, Missouri ("North Winn"). These properties generated 36%,43%, 2% and
19% of total rental revenues, respectively, for the quarter ended June 30, 2001.

On January 11, 2001,  the  Registrant  entered into a contract to sell  Franklin
Park  to  an  unrelated  third  party,  Vanguard  Archives,  Inc.,  an  Illinois
corporation ("Vanguard"), for a sale price of $4,550,000. The sale closed on May
2, 2001 and resulted in a net book gain of approximately $1,138,000 and provided
more than $4,346,000 in net sale proceeds.  Management  intends to evaluate uses
for the net sale proceeds  including  investing in  additional  income-producing
real estate  properties,  working  capital  purposes and increased  dividends to
shareholders.

LIQUIDITY AND CAPITAL RESOURCES

Cash on hand as of June 30, 2001, was $3,976,000, an increase of $3,159,000 from
December  31,  2000.  The  increase  in cash is  attributable  primarily  to the
proceeds  from  the  sale of  Franklin  Park as  described  in  "Description  of
Business"  above.  The increase is  partially  offset by a reduction in mortgage
notes payable of $446,000 due primarily to the line of credit being paid down to
$0 on May 3, 2001. The increase is also partially offset by dividends paid March
21, 2001,  and June 21, 2001 in the  aggregate  amount of  $374,000.  Management
believes  the Trust's  current  cash  position  and the  properties'  ability to
provide operating cash flow should enable the Trust to fund anticipated  capital
expenditures  and service  debt in 2001.  Expenditures  for leasing  capital are
dependent on the timing and actual dollars negotiated for leases.

                                       6
<PAGE>

LIQUIDITY AND CAPITAL RESOURCES  - CONTINUED

The anticipated capital expenditures by property for 2001 are as follows:

                                                         TOTAL

Atrium at Alpha.........................               $240,000
Applied Communications Inc. Bldg........                550,000
North Winn..............................                350,000
                                                        -------
                                                      $1140,000

The  anticipated  capital  expenditures  at the Atrium at Alpha Business  Center
include tenant  alterations and lease commissions for new and renewal tenants as
well as capital funds for window  replacements.  At the Applied  Communications,
Inc.  Building,  $350,000  had been  placed in escrow as of December  31,  2000.
$225,000 has been paid out as of June 30, 2001.  The remainder is anticipated to
be paid out in 2001 for tenant  improvements  in accordance  with the lease with
the building's only tenant.  In addition, the Partnership anticipates  replacing
the  roof in the  third quarter of this year at an anticipated cost of $200,000.
At the North Winn Apartments, anticipated capital expenditures  include  various
renovation  projects  to  improve  the  physical condition  of the  property.  A
portion  of these  funds  are held in escrow in conjunction with the acquisition
financing of the property.

CONTINGENCIES

The Trust's  multi-tenant office building located in Bloomington,  Minnesota has
been classified in the Minneapolis Airport Committee's (the "MAC") Safety Zone A
in the future  expansion of the  Minneapolis  Airport.  The expansion  runway is
anticipated to be completed in 2003. The MAC began buying out impacted buildings
during 1999. Safety Zone A is adjacent to the Federal Aviation Authority's noise
buy out  zone.  The MAC has not  indicated  whether  or not it will  buy out the
Trust's building.  The Trust is monitoring  whether the increased noise from the
new runway will have an impact on future  leasing of the building.  If the Trust
determines  there is a negative  impact,  the Trust will petition the MAC to buy
the  building.  If the building  continues to be classified in Safety Zone A, it
will be classified as  nonconforming  use.  Given the  preliminary  state of the
future expansion, management is unable at this time to determine what impact, if
any, this matter will have on the Trust.

RESULTS OF OPERATIONS

The  results of  operations  for the  Trust's  properties  for the three and six
months  ended  June  30,  2001  and 2000 are  detailed  in the  schedule  below.
Administrative expenses, including professional fees, of the Trust are excluded.

FUNDS FROM OPERATIONS

The white paper on Funds from  Operations  approved by the board of governors of
NAREIT in March 1999 defines funds from operations as net income (loss)(computed
in accordance  with GAAP),  excluding  gains (or losses) from sales of property,
plus real estate related  depreciation and  amortization,  and after adjustments
for   unconsolidated   partnerships   and   joint   ventures.   Adjustment   for
unconsolidated  partnerships  and joint ventures are calculated to reflect funds
from operations on the same basis. In 1999,  NAREIT  clarified the definition of
Funds from Operations to include non-recurring events, except for those that are
defined as  "extraordinary  items" under GAAP and gains and losses from sales of
depreciable operating property.

The Trust  computes  Funds from  Operations  in accordance  with the  guidelines
established  by the  white  paper  which may  differ  from the  methodology  for
calculating Funds from Operations utilized by other equity REITs, and,

                                       7
<PAGE>
FUNDS FROM OPERATIONS - CONTINUED

accordingly, may not be comparable to such other REITs. Funds from Operations do
not represent  amounts  available for management's  discretionary use because of
needed capital replacement or expansion, debt service obligations, distributions
or other  commitments and  uncertainties.  Funds from  Operations  should not be
considered as an alternative to net income  (determined in accordance with GAAP)
as an  indication  of the Trust's  financial  performance  or to cash flows from
operating  activities  (determined in accordance  with GAAP) as a measure of the
Trust's  liquidity,  nor is it indicative of funds available to fund the Trust's
cash needs including its ability to make distributions. The Trust believes Funds
from  Operations is helpful to investors as a measure of the  performance of the
Trust  because,  along  with cash  flows from  operating  activities,  financing
activities and investing activities, it provides investors with an understanding
of the  ability  of the  Trust  to incur  and  service  debt  and  make  capital
expenditures.

<TABLE>
<CAPTION>
<S>                                           <C>              <C>             <C>           <C>
                                              ATRIUM AT ALPHA  FRANKLIN PARK   ACI BUILDING  NORTH WINN
                                                                      (in thousands)
                                                   For the three months ended June 30, 2001 and 2000

2001   Revenues                                 $  342.2        $    21.1          $301.3        152.1
       Expenses                                    272.2             47.3           248.8        191.4
                                                --------        ---------          ------       -------
       Net Income                                   70.0            (26.2)           52.5        (39.3)
       Depreciation and Amortization                94.5              0.0            46.9         35.3
                                                --------        ---------          ------       -------
       Funds from Operations                       164.5            (26.2)           99.4         (4.0)
                                                ========        =========          ======       =======

2000   Revenues                                 $  321.7        $    97.6          $302.9           --
       Expenses                                    254.2             70.1           201.2           --
                                                --------        ---------          ------       -------
       Net Income                                   67.5             27.5           101.7           --
       Depreciation and Amortization                70.6              4.0            44.1           --
                                                --------        ---------          ------       -------
       Funds from Operations                       138.1             31.5           145.8           --
                                                ========        =========          ======       =======
</TABLE>
<TABLE>
                                              ATRIUM AT ALPHA  FRANKLIN PARK   ACI BUILDING  NORTH WINN
                                                                      (in thousands)
                                                   For the six months ended June 30, 2001 and 2000


<CAPTION>
<S>                                    <C>            <C>         <C>       <C>
2001   Revenues                                 $  690.4        $    128.2         $607.5        304.8
       Expenses                                    555.7             145.3          500.9        383.5
                                                --------        ----------         ------       -------
       Net Income (loss)                           134.7             (17.1)         106.6        (78.7)
       Depreciation and Amortization               188.1              37.6           93.8         68.3
                                                --------        ----------         ------       -------
       Funds from Operations                       322.8              20.5          200.4        (10.4)
                                                ========        ==========         ======       =======

2000   Revenues                                 $  634.3        $    211.2         $601.8           --
       Expense                                     529.1             210.8          405.7           --
                                                --------        ----------         ------       ------
       Net Income (loss)                           105.2                .4          196.1           --
       Depreciation and Amortization               166.0              40.4           89.1           --
                                                --------        ----------         ------       ------
       Funds from Operations                       271.2              40.8          285.2           --
                                                ========        ==========         ======       ======
</TABLE>
                                       8
<PAGE>

COMPARISONS BY PROPERTY

Revenues  at the Atrium at Alpha for the quarter  ended June 30, 2001  increased
$20,500  compared  to the same  period  in 2000.  The  increase  in  revenue  is
primarily  due to an increase in rental rates of $11,900 and decrease in vacancy
loss of $9,400 offset by an increase in concessions of $4,900. Operating expense
for the  quarter  ended June 30,  2001  increased  $18,000  compared to the same
period in 2000.  The  increase  in  operating  expense was  primarily  due to an
increase in  depreciation  and  amortization  of $23,900 offset by a decrease in
repairs and maintenance of $6,400.

Revenues at the Atrium at Alpha for the six months ended June 30, 2001 increased
by $56,100, primarily due to an increase in rental rates of $45,200 and decrease
in  vacancy  loss of  $13,400  offset by a increase  in  concessions  of $4,900.
Operating  expenses for the six months ended June 30, 2001 increased by $26,600,
primarily due to an increase in  depreciation  and  amortization  of $22,100 and
utilities of $9,100 offset by a decrease in repairs and maintenance of $10,500.

At  Franklin  Park,  revenues  for the three and six months  ended June 30, 2001
decreased $76,500 and $83,000 respectively compared to the same periods in 2000.
The  decrease  in  revenue  is  primarily  due to a  decrease  in rental  income
resulting from the sale of Franklin Park on May 2, 2001.  Operating  expense for
the three and six months  ended June 30,  2001  decreased  $22,800,  and $65,500
respectively  compared to the same  periods in 2000.  The decrease in expense is
primarily due to the sale of Franklin Park, combined with a decrease in interest
expense of $40,900 for the six month period.

Revenues at the ACI  Building  for the three and six months  ended June 30, 2001
remained constant with the same period in 2000.  Operating expense for the three
months  ended June 30,  2001  increased  $47,600  compared to the same period in
2000.  The increase in  operating  expense was  primarily  due to an increase in
interest expense of $27,800,  general and administrative  expenses of $7,200 and
repairs and  maintenance of $6,600.  Operating  expense for the six months ended
June 30,  2001  increased  $95,200  compared  to the same  period  in 2000.  The
increase  in  operating  expense  was  primarily  due to an increase in interest
expense  of $53,200,  general and administrative  expenses of $6,600 and repairs
and maintenance of $21,400. The remainder of the increase was due to an increase
in a number of expense categories, none of which was significant.

The occupancy levels at June 30 were as follows:

                                         OCCUPANCY LEVELS AT JUNE 30,
                                                 2001     2000
         Atrium at Alpha                         86%      86%
         Franklin Park                           N/A      57%
         ACI Building                           100%     100%
         North Winn                              91%      N/A

During the quarter ended June 30, 2001,  the occupancy  level at Atrium at Alpha
remained  constant  with March 31, 2001 at 86%.  One new tenant  which  occupied
1,347  square  feet  signed  a  lease  in  May of 2001.  No tenants vacated. Two
tenants' leases expired,  for a total of 9,153 square feet. One of these tenants
renewed their lease for a total of 3,050 square feet. The property has one major
tenant  occupying  16% of the  building.  The lease  for this tenant  expires in
December 2003.

Franklin Park was sold on May 2, 2001.

The ACI Building has a single tenant  occupying 100% of the building.  The lease
expires in August 2008.

                                       9
<PAGE>

COMPARISONS BY PROPERTY-CONTINUED

During  the  quarter  ended June 30,  2001,  the  occupancy  level at North Winn
decreased from 92% at March 31, 2001, to 91% at June 30, 2001.

The Trust reviews long-lived assets for impairment whenever events or changes in
circumstances  indicate  that  the  carrying  amount  of a  property  may not be
recoverable.  The Trust  considers a history of operating  losses or a change in
occupancy to be primary indicators of potential impairment.  The Trust deems the
property  to be impaired if a forecast of  undiscounted  future  operating  cash
flows directly related to a property,  including disposal value, if any, is less
than its carrying amount. If the property is determined to be impaired, the loss
is measured as the amount by which the carrying  amount of the property  exceeds
its fair value.  Fair value is based on quoted market prices in active  markets,
if available.  If quoted market  prices are not  available,  an estimate of fair
value is based on the best information  available,  including prices for similar
properties or the results of valuation techniques such as discounting  estimated
future cash flows.  Considerable  management  judgment is  necessary to estimate
fair value.  Accordingly,  actual  results  could vary  significantly  from such
estimates.

Pro Forma Results

The table below  presents the pro-forma  results of  operations  with North Winn
Apartments and without Franklin Park for the three and six months ended June 30,
2001 and 2000. North Winn was purchased in August,  2000. Franklin Park was sold
May 2, 2001. These pro forma operating results are not necessarily indicative of
what the actual results would have been had North Winn Apartments been purchased
and Franklin Park been sold at the beginning of the earliest period presented.

<TABLE>
<CAPTION>
<S>                                          <C>              <C>               <C>              <C>
                                                  Three Months Ended              Six Months Ended
                                               June 30,       June 30,          June 30,         June 30,
                                                 2001           2000              2001            2000

Revenues                                    $  812,000        775,000         1,620,000        1,533,000
Depreciation and amortizatio                   181,000        149,000           358,000          322,000
Repairs and maintenance, including
   common area maintenance                     137,000        122,000           286,000          237,000
Interest expense                               133,000        111,000           273,000          223,000
General and administrative                      43,000         36,000            81,000           76,000
Other                                          251,000        314,000           534,000          660,000
                                            ----------      ---------         ---------        ---------
        Total expenses                         745,000        732,000         1,532,000        1,518,000
                                            ----------      ---------         ---------        ---------
Net income before
   gain on sale                             $   67,000         43,000            88,000          15,000
                                            ==========      =========         =========        =========
Net income per share:
   before gain on sale                      $      .06            .04               .08             .02
                                            ==========      =========         =========        =========
</TABLE>

                                       10
<PAGE>

COMPARISON OF CONSOLIDATED RESULTS

For the three months ended June 30, 2001, the Trust's consolidated revenues were
$833,000.  Revenues  increased  $105,000  (14.4%) compared to the same period in
2000. The increase in  consolidated  revenues is primarily due to an increase in
rental  income of  $97,000,  of which North Winn  (purchased  in  August,  2000)
contributed  $152,000,  and  Atrium at Alpha  contributed  $12,000,  offset by a
decrease  in rental  income of $82,000  due to the sale of  Franklin  Park.  The
Trust's consolidated  revenues for the six month period ended June 30, 2001 were
$1,748,000, an increase of $295,000 (20.3%) compared to the same period in 2000.
The increase is  primarily  due to the  increase in revenue  resulting  from the
acquisition of North Winn of $305,000.

For the three months ended June 30, 2001, the Trust's consolidated expenses were
$792,000.  Expenses  increased  $173,000  (27.9%) compared to the same period in
2000. The increase in consolidated  expenses is due primarily to the purchase of
North Winn in August, 2000. Increased operating expenses related to the purchase
of North Winn were $158,000. The Trust's consolidated expenses for the six month
period ended June 30, 2001 were $1,677,000.  Expenses increased $297,000 (21.5%)
compared to the same period in 2000. $383,500 of the increase in expense was due
to the  operating  expenses  of North Winn which were  incurred  in 2001 but not
2000. The increase was partially offset by a  decrease in  expenses at  Franklin
Park of $98,000.

The net income for the quarter  ended June 30, 2001 was  $1,179,000 or $1.13 per
share.  The net income for the quarter  ended June 30, 2000 was $109,000 or $.11
per share, primarily due to the sale of Franklin Park.

Cash flow  provided by  operating  activities  was $143,000 for the period ended
June 30,  2001  compared  to the same  period  in 2000,  in which  cash  used in
operating activities was $66,000. Cash flow provided by investing activities was
$3,836,000  for the  period  ended June 30,  2001  compared  to $49,000  used in
investing  activities  in 2000.  The increase in cash flow provided by investing
activities  was due primarily to proceeds from the sale of Franklin  Park.  Cash
flow used in  financing  activities  was  $820,000 for the period ended June 30,
2001  compared to the same period in 2000,  in which cash  provided by financing
activities  was  $1,162,000.  The  primary  cause of the  decrease  in cash flow
provided by  financing  activities  was  $1,384,000  provided by the issuance of
common stock in 2000. No stock was issued in 2001.

MARKET RISK

The Trust has  considered  the provision of Financial  Reporting  Release No. 48
"Disclosure of Accounting  Policies for  Derivative  Financial  Instruments  and
Derivative Commodity Instruments, and Disclosure of Quantitative and Qualitative
Information  about Market Risk  Inherent in  Derivative  Financial  Instruments,
Other Financial Instruments and Derivative Commodity Instruments". The Trust had
no holdings of derivative  financial or commodity  instruments at June 30, 2001.

The Trust does not believe  that it has any material  exposure to interest  rate
risk.  The debt on the ACI  building  matures  in 2010,  the debt on North  Winn
matures in 2007,  and the line of credit  matures  in 2001.  The debt on the ACI
building  is at a fixed  rated of 8.63%.  The debt on North Winn and the line of
credit are each variable.  The current  interest rate for the debt on North Winn
is 5.455%.  The line of credit  was paid down to $0 on May 3, 2001.  A 100 basis
point  increase in the  variable  rate debt on an annual  basis would impact net
income by approximately $20,000.

INFLATION

The  effects  of  inflation  did not have a  material  impact  upon the  Trust's
operations in the periods ended June 30, 2001, or in fiscal 2000.

                                       11
<PAGE>

PART II  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         None

ITEM 2.  CHANGES IN SECURITIES

         None

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         None

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         On May 8, 2001, the Trust held its Annual Meeting of Shareholders.  The
         results  of the  matters  submitted  to a  vote  of  shareholders  were
         reported on the Form 10QSB (File No.  000-13754)  filed by the Trust on
         May 10, 2001.

ITEM 5.  OTHER INFORMATION

         On July 12,  2001,  the Board of Trustees of the Trust  declared a cash
         dividend of $0.20 per share  payable to the holders of record on August
         31,  2001 of the  Trust's  $1.00 par  value,  common  stock.  The Board
         anticipates  that the dividend will be paid on September 21, 2001.  The
         Trust's Board of Trustees has  reinstated  the quarterly  cash dividend
         and anticipates declaring a $.20 per share cash dividend each quarter.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K
         (a) Exhibits

             See Exhibits Index on Page 16

         (b) Reports on Form 8-K

             The  following  reports on Form 8-K were filed by the Trust  during
             the second  quarter  of 2001:  On May 7,  2001,  the Trust  filed a
             report on Form 8-K (File No.  000-13754) which reported the sale of
             one of its properties. (Item 2.)

                                       12

<PAGE>


SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934, the Trust has duly caused this report to be signed on its behalf by
the undersigned, there unto duly authorized.

                                  MAXUS REALTY TRUST, INC.

Date: August 14, 2001         By: /s/ Daniel W. Pishny
                                      Daniel W. Pishny
                                      President

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below on August 14,  2001, by  the following  persons on  behalf
of the Trust and in the capacities indicated.


                                  /s/ John W. Alvey
                                      John W. Alvey
                                      Vice President
                                      Chief Financial and Accounting Officer


                                       13

<PAGE>

EXHIBIT INDEX

Exhibit
Number           Description

  3.1            Articles of Incorporation dated June 12, 1984, as amended,  are
                 incorporated  by reference  to Exhibit 3.1 to the  Registrant's
                 Quarterly  Report on Form 10-Q for the quarter  ended March 31,
                 2000,  as filed  pursuant to Rule 13a-13  under the  Securities
                 Exchange Act of 1934 (File No. 000-13754).

  3.2            Bylaws of the  Registrant,  as  amended,  are  incorporated  by
                 reference to Exhibit 3.2, to the Registrant's  Quarterly Report
                 on Form 10-Q for the  quarter  ended March 31,  2000,  as filed
                 pursuant to Rule 13a-13  under the  Securities  Exchange Act of
                 1934 (File No. 000-13754).

                                       14