- --------------------------------------------------------------------------------
MISSISSIPPI OPPORTUNITY FUND
----------------------------
SEMI-ANNUAL REPORT
August 31, 1998
(Unaudited)
INVESTMENT ADVISOR ADMINISTRATOR
------------------ -------------
Vector Money Management, Inc. Countrywide Fund Services, Inc.
4266 I-55 North 312 Walnut Street
Suite 102 P.O. Box 5354
Jackson, MS 39211 Cincinnati, OH 45201-5354
1.601.981.1773 1.800.580.4820
- --------------------------------------------------------------------------------
<PAGE>
Vector Money Management, Inc.
October 26, 1998
Dear Fellow Shareholders,
The first nine months of 1998 have proven to be a challenging period for The
Mississippi Opportunity Fund. As we write this letter, The Mississippi
Opportunity Fund is down 18.1% year to date. Our benchmark, the Russell 2000
index, is down 14.9%, while the S&P 500 index is up 10.5%.
The fund had a stellar year in 1997, taking advantage of the strength displayed
by a number of Mississippi companies. However, 1998 has presented a far more
difficult investment environment for Mississippi stocks. Deflation, a term
rarely heard a year ago, is now recognized as a threat to national and global
prosperity. Falling energy and commodity prices were two of the serious negative
influences impacting Mississippi's commodity oriented economy during 1998. Since
January, crude oil has declined 17.8% in price, corn 23.9%, lumber 5.5%, natural
gas 18.3%, soybeans 22.1%, and steel scrap 40.4%. These declines had
particularly severe impacts on the agrarian, oil services and financial sectors
of the state's economy.
The good news is that relief is on the way. The Federal Reserve has cut
short-term interest rates twice in the last month, and this action is beginning
to have a salutary effect on commodity prices and small and mid capitalization
stocks. It is our expectation that further short term interest rate cuts are on
the way, and we believe that they will continue to be positives for both
commodities and stocks.
Our top ten holdings, in order as of October 26, 1998, are:
COMPANY PRIMARY BUSINESS
------------------------------------------------------------
MCI/Worldcom Telecommunications
------------------------------------------------------------
SkyTel Communications Wireless Message Delivery
------------------------------------------------------------
PSS World Medical Medical Product Distribution
------------------------------------------------------------
Delta & Pine Land Agri-Biotechnology
------------------------------------------------------------
Friede Goldman Oil Services
------------------------------------------------------------
Callon Petroleum Energy Exploration
------------------------------------------------------------
Chem First Specialty Chemicals
------------------------------------------------------------
Parkway Properties Commercial REIT
------------------------------------------------------------
Halter Marine Group Oil Services
------------------------------------------------------------
Saks Consumer Retail
------------------------------------------------------------
As shareholders we have been frustrated with the financial markets over the last
six months. We know, from our research and concentration on the Mississippi
economy, that there is tremendous value to be discovered within the state's
economy. And we remain convinced that as we head into 1999 the fund is
positioned to capture that value.
We encourage you to visit our webpage for daily fund valuations and market
commentaries at www.vectormm.com.
Sincerely,
/s/ Ashby M. Foote III
Ashby M. Foote III
President
MEADOWBROOK OFFICE PARK o 4266 I-55N, SUITE 102 o JACKSON, MISSISSIPPI 39211
601-981-1773 o FAX 601-981-1759
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
STATEMENT OF ASSETS AND LIABILITIES
August 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Investment securities, at market value (Cost $3,425,176) (Note 1) $ 3,497,200
Dividends receivable 2,719
Organization expenses, net (Note 1) 14,366
Receivable from Advisor (Note 3) 8,502
Other assets 10,464
-----------
TOTAL ASSETS 3,533,251
-----------
LIABILITIES
Payable for capital shares redeemed 91,339
Payable to affiliates (Note 3) 4,000
Covered call options, at market value
(premiums received $7,434) (Note 4) 2,500
Other accrued expenses and liabilities 7,463
-----------
TOTAL LIABILITIES 105,302
-----------
NET ASSETS $ 3,427,949
===========
Net assets consist of:
Paid-in capital $ 3,430,677
Accumulated net investment loss (28,850)
Accumulated net realized losses from security transactions (50,836)
Net unrealized appreciation on investments 76,958
-----------
Net assets $ 3,427,949
===========
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) 284,214
===========
Net asset value and redemption price per share (Note 1) $ 12.06
===========
Maximum offering price per share (Note 1) $ 12.50
===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
STATEMENT OF OPERATIONS
Six Months Ended August 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C>
Dividends $ 18,662
-----------
EXPENSES
Investment advisory fees (Note 3) 19,550
Accounting services fees (Note 3) 12,000
Distribution expenses (Note 3) 11,179
Trustees' fees and expenses 9,637
Professional fees 7,787
Administration fees (Note 3) 6,000
Shareholder services and transfer agent fees (Note 3) 6,000
Insurance expense 5,007
Amortization of organization expenses (Note 1) 4,537
Printing of shareholder reports 3,772
Postage and supplies 2,544
Custodian fees 1,742
Pricing expense 610
Registration fees 541
-----------
TOTAL EXPENSES 90,906
Fees waived and expenses reimbursed by the Advisor (Note 3) (43,394)
-----------
NET EXPENSES 47,512
-----------
NET INVESTMENT LOSS (28,850)
-----------
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses from security transactions (55,244)
Net realized gains on option contracts written 2,082
Net change in unrealized appreciation/depreciation on investments (1,140,947)
-----------
NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS (1,194,109)
-----------
NET DECREASE IN NET ASSETS FROM OPERATIONS $(1,222,959)
===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
Periods Ended August 31, 1998 and February 28, 1998
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
AUG. 31, 1998 ENDED
(UNAUDITED) FEB. 28, 1998
----------- -------------
FROM OPERATIONS:
<S> <C> <C>
Net investment loss $ (28,850) $ (36,000)
Net realized gains (losses) on:
Security transactions (55,244) (10,559)
Options contracts written 2,082 12,869
Net change in unrealized appreciation/depreciation on investments (1,140,947) 1,012,122
----------- -----------
Net increase (decrease) in net assets from operations (1,222,959) 978,432
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net realized gains, Class A -- (10,117)
From net realized gains, Class C -- (3,925)
----------- -----------
Decrease in net assets from distributions to shareholders -- (14,042)
----------- -----------
FROM CAPITAL SHARES TRANSACTIONS:
CLASS A
Proceeds from shares sold 869,287 589,562
Net asset value of shares issued in reinvestment
of distributions to shareholders -- 9,839
Net asset value of shares converted from Class C (Note 1) -- 1,077,120
Payments for shares redeemed (218,869) (185,908)
----------- -----------
Net increase in net assets from Class A share transactions 650,418 1,490,613
----------- -----------
CLASS C
Proceeds from shares sold -- 126,494
Net asset value of shares issued in reinvestment
of distributions to shareholders -- 3,477
Net asset value of shares converted to Class A (Note 1) -- (1,077,120)
Payments for shares redeemed -- (6,352)
----------- -----------
Net decrease in net assets from Class C share transactions -- (953,501)
----------- -----------
Net increase in net assets from capital share transactions 650,418 537,112
----------- -----------
TOTAL INCREASE (DECREASE) IN NET ASSETS (572,541) 1,501,502
NET ASSETS:
Beginning of period 4,000,490 2,498,988
----------- -----------
End of period $ 3,427,949 $ 4,000,490
=========== ===========
SUMMARY OF CAPITAL SHARE ACTIVITY:
CLASS A
Shares sold 53,107 40,778
Shares issued in reinvestment of distributions to shareholders -- 624
Shares converted (Note 1) -- 66,203
Shares redeemed (14,805) (15,679)
----------- -----------
Net increase in shares outstanding 38,302 91,926
Shares outstanding, beginning of period 245,912 153,986
----------- -----------
Shares outstanding, end of period 284,214 245,912
=========== ===========
CLASS C
Shares sold -- 8,656
Shares issued in reinvestment of distributions to shareholders -- 223
Shares converted (Note 1) -- (67,152)
Shares redeemed -- (430)
----------- -----------
Net decrease in shares outstanding -- (58,703)
Shares outstanding, beginning of period -- 58,703
----------- -----------
Shares outstanding, end of period -- --
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
FINANCIAL HIGHLIGHTS
Selected Per Share Data and Ratios for a Share
Outstanding Throughout Each Period
<TABLE>
<CAPTION>
CLASS A
---------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR PERIOD
AUG. 31, 1998 ENDED ENDED ENDED
(UNAUDITED) FEB. 28, 1998 FEB. 28, 1997 FEB. 29, 1996 (A)
----------- ------------- ------------- -----------------
<S> <C> <C> <C> <C>
Net asset value at beginning of period $ 16.27 $ 11.78 $ 11.22 $ 10.00
----------- ----------- ----------- -----------
Income (loss) from investment operations:
Net investment loss (0.10) (0.13) (0.10) (0.03)
Net realized and unrealized gains (losses)
on investments (4.11) 4.68 0.76 1.27
----------- ----------- ----------- -----------
Total from investment operations (4.21) 4.55 0.66 1.24
----------- ----------- ----------- -----------
Distributions from net realized gains -- (0.06) (0.10) (0.02)
----------- ----------- ----------- -----------
Net asset value at end of period $ 12.06 $ 16.27 $ 11.78 $ 11.22
=========== =========== =========== ===========
Total return (B) (25.88)% 38.64% 5.92% 12.41%
=========== =========== =========== ===========
Net assets at end of period $ 3,427,949 $ 4,000,490 $ 1,813,797 $ 1,448,527
=========== =========== =========== ===========
Ratio of expenses to average net assets
Before expense reimbursement and waived fees 4.07%(C) 4.88% 5.29% 6.90%(C)
After expense reimbursement and waived fees 2.12%(C) 2.12% 2.11% 2.12%(C)
Ratio of net investment loss to average net assets (1.29)%(C) (1.03)% (4.08)% (5.20)%(C)
Portfolio turnover rate 2% 14% 15% 7%
</TABLE>
(A) Represents the period from the commencement of operations (April 4, 1995)
through February 29, 1996.
(B) Total returns shown exclude the effect of applicable sales loads.
(C) Annualized.
See accompanying notes to financial statements.
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
PORTFOLIO OF INVESTMENTS
August 31, 1998
(Unaudited)
Market
Shares Value
------ -----
COMMON STOCKS - 96.4%
CONSUMER, CYCLICAL - 17.4%
25,000 Back Yard Burgers, Inc. (a) $ 60,937
7,000 Cavalier Homes, Inc. 68,250
4,000 Chromcraft Revington, Inc. (a) 70,500
2,000 Cooper Tire and Rubber Co. 32,000
6,125 Fred's, Inc. 89,578
1,000 Furniture Brands International, Inc. (a) 22,375
1,000 Hancock Fabrics, Inc. 9,500
1,000 Leggett & Platt, Inc. 20,063
2,500 Master Graphics, Inc. (a) 13,750
4,000 Proffitt's, Inc. (a) 102,000
2,250 Southwest Airlines, Inc. 40,078
6,000 Stein Mart, Inc. (a) 53,250
2,000 Sunbeam Corp., Inc. 15,000
-----------
597,281
-----------
INDUSTRIAL - 17.5%
700 Cooper Industries, Inc. 29,794
10,000 Delta & Pine Land Co. (b) 429,375
9,600 Halter & Marine Group, Inc. (a) 86,400
4,500 KLLM Transport Services, Inc. (a) 41,625
600 Standex International Corp. 13,350
-----------
600,544
-----------
FINANCIAL SERVICES - 11.8%
2,800 BancorpSouth, Inc. 48,300
1,500 Community Federal Bancorp, Inc. 21,937
1,500 Eastgroup Properties, Inc. 25,406
1,170 First American Corp. 41,974
1,150 Hancock Holding Co. 52,038
3,000 Parkway Properties, Inc. 81,375
4,000 Trustmark Corp. 69,500
1,549 Union Planters Corp. 62,347
-----------
402,877
-----------
TECHNOLOGY - 9.9%
200 Netscape Communications Corp. (a) 3,613
750 Nichols Research Corp. (a) 15,093
1,000 Powertel, Inc. (a) 10,000
20,000 SkyTel Communications, Inc. (a) 262,500
1,000 Texas Instruments, Inc. 47,687
-----------
338,893
-----------
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
PORTFOLIO OF INVESTMENTS
August 31, 1998
(Unaudited)
Market
Shares Value
------ -----
BASIC MATERIALS - 8.3%
1,500 Birmingham Steel Corp. $ 10,313
6,000 ChemFirst, Inc. 103,125
250 Georgia Pacific Corp. 10,719
250 Georgia Pacific Corp. (Timber Group) 5,031
800 International Paper Co. 29,600
7,000 Mississippi Chemical Corp. 87,938
1,000 Quanex Corp. 21,750
1,500 Stone Container Corp. (a) 15,655
-----------
284,131
-----------
ENERGY - 6.7%
9,000 Callon Petroleum Co. (a) 72,000
7,000 Coho Energy, Inc. (a) 31,500
9,000 Friede Goldman International, Inc. (a) 93,938
3,600 Rowan Companies, Inc. (a) 33,300
-----------
230,738
-----------
CONSUMER, NON-CYCLICAL - 12.8%
1,000 Baxter International, Inc. 53,250
7,500 Cal-Maine Foods, Inc. 34,687
1,500 Health Management Associates, Inc. (a) 27,094
15,375 PSS World Medical, Inc. (a) 236,391
1,000 PhyCor, Inc. (a) 6,938
1,000 Sanderson Farms, Inc. 13,250
1,500 Sara Lee Corp. 67,875
-----------
439,485
-----------
UTILITIES - 12.0%
10,050 WorldCom, Inc. (a)(b) 411,422
-----------
TOTAL COMMON STOCKS (COST $3,233,347) $ 3,305,371
-----------
MONEY MARKET FUNDS - 5.6%
191,829 Performance Trust Money Market Fund $ 191,829
(Cost $191,829) -----------
TOTAL INVESTMENT SECURITIES - 102.0% $ 3,497,200
(Cost $3,425,176)
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.0)% (69,251)
-----------
NET ASSETS - 100.0% $ 3,427,949
===========
(a) Non-income producing security.
(b) Security covers a call option.
See accompanying notes to financial statements.
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
PORTFOLIO OF INVESTMENTS
August 31, 1998
(Unaudited)
Market
Value of Premiums
Contracts Option Received
----------- -----------
COVERED CALL OPTIONS
20 Delta & Pine Land Co.,
11/21/98 at $55 $ 1,000 $ 3,290
20 WorldCom, Inc.,
12/19/98 at $60 1,500 4,144
----------- -----------
$ 2,500 $ 7,434
=========== ===========
See accompanying notes to financial statements.
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS
August 31, 1998
(Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
The Mississippi Opportunity Fund is a non-diversified, open-end series of
Maplewood Investment Trust (the Trust), a registered management investment
company under the Investment Company Act of 1940 (the 1940 Act). The Trust was
organized as a Massachusetts business trust on August 12, 1992. The Fund began
operations on April 4, 1995.
The Fund's investment objective is to provide long-term capital growth by
investing primarily in the common stocks and other equity securities of
publicly-traded companies headquartered in Mississippi, and those companies
having a significant presence in the state.
Prior to February 27, 1998, the Fund offered two classes of shares: Class A
shares (sold subject to a maximum front-end sales load of 3.50% and a
distribution fee of up to 0.50% of average daily net assets) and Class C shares
(sold subject to a distribution fee of up to 1% of average daily net assets). On
February 27, 1998, all outstanding Class C shares were redeemed pursuant to a
mandatory redemption program authorized by the Board of Trustees.
The following is a summary of the Fund's significant accounting policies:
Securities valuation -- The Fund's portfolio securities are valued as of the
close of business of the regular session of the New York Stock Exchange
(currently 4:00 p.m., Eastern time). Securities which are traded
over-the-counter are valued at the last sales price, if available, otherwise, at
the last quoted bid price. Securities traded on a securities exchange are valued
based upon the closing price on the principal exchange where the security is
traded.
Share valuation -- The net asset value per share of the Fund is calculated daily
by dividing the total value of the Fund's assets, less liabilities, by the
number of shares outstanding. The maximum offering price per share is equal to
the net asset value per share plus a sales load equal to 3.63% of the net asset
value (or 3.50% of the offering price). The redemption price per share is equal
to the net asset value per share.
Investment income -- Interest income is accrued as earned. Dividend income is
recorded on the ex-dividend date.
Distributions to shareholders -- Dividends arising from net investment income,
if any, are declared and paid annually to shareholders of the Fund. Net realized
short-term capital gains, if any, may be distributed throughout the year and net
realized long-term capital gains, if any, are distributed at least once each
year. Income distributions and capital gain distributions are determined in
accordance with income tax regulations.
Organization expenses -- Expenses of organization have been capitalized and are
being amortized on a straight-line basis over five years. In the event any of
the initial shares of the Fund are redeemed during the amortization period, the
redemption proceeds will be reduced by a pro rata portion of any unamortized
organization expenses in the same proportion as the number of initial shares
being redeemed bears to the number of initial shares of the Fund outstanding at
the time of the redemption.
Security transactions -- Security transactions are accounted for on trade date.
Securities sold are valued on a specific identification basis.
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS
August 31, 1998
(Unaudited)
Option transactions -- The Fund may write covered call options for which
premiums are received and are recorded as liabilities, and subsequently valued
daily at the closing prices on their primary exchanges. Premiums received from
writing options which expire are treated as realized gains. Premiums received
from writing options which are exercised increase the proceeds used to calculate
the realized gain or loss on the sale of the security. If a closing purchase
transaction is used to terminate the Fund's obligation on a call, a gain or loss
will be realized, depending upon whether the price of the closing purchase
transaction is more or less than the premium previously received on the call
written. If the market price of a stock subject to a call option rises above the
exercise price of the option, the Fund will lose the opportunity for further
appreciation on that security.
Estimates -- The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of income and
expenses during the reporting period. Actual results could differ from those
estimates.
Federal income tax -- It is the Fund's policy to comply with the special
provisions of the Internal Revenue Code applicable to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so qualifies
and distributes at least 90% of its taxable net income, the Fund (but not the
shareholders) will be relieved of federal income tax on the income distributed.
Accordingly, no provision for income taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated
investment companies, it is also the Fund's intention to declare as dividends in
each calendar year at least 98% of its net investment income (earned during the
calendar year) and 98% of its net realized capital gains (earned during the
twelve months ended October 31) plus undistributed amounts from prior years.
The following information is based upon the federal income tax cost of
$3,425,176 for portfolio securities and $7,434 for premiums received for covered
call options as of August 31, 1998:
Gross unrealized appreciation..................... $ 918,540
Gross unrealized depreciation..................... (841,582)
-----------
Net unrealized appreciation....................... $ 76,958
===========
2. INVESTMENT TRANSACTIONS
During the six months ended August 31, 1998, purchases and proceeds from sales
and maturities of investment securities, other than short-term investments,
amounted to $696,836 and $86,043, respectively.
3. TRANSACTIONS WITH AFFILIATES
Certain officers of the Trust are also officers of Vector Money Management, Inc.
(the Advisor), or of Countrywide Fund Services, Inc. (CFS), the administrative
services agent, shareholder servicing and transfer agent and accounting services
agent for the Fund, or of CW Fund Distributors, Inc., the national distributor
of the Fund's shares.
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS
August 31, 1998
(Unaudited)
INVESTMENT ADVISORY AGREEMENT
The Fund's investments are managed by the Advisor under the terms of an
Investment Advisory Agreement. Under the Investment Advisory Agreement, the Fund
pays the Advisor a fee, which is computed and accrued daily and paid monthly, at
an annual rate of 0.875% of its average daily net assets. The Advisor currently
intends to waive its investment advisory fees and reimburse expenses of the Fund
to the extent necessary to limit the total operating expenses of the Fund to
2.125% of average daily net assets. For the six months ended August 31, 1998,
the Advisor waived its investment advisory fees of $19,550 and reimbursed the
Fund $23,844 for other operating expenses.
ADMINISTRATION AGREEMENT
Under the terms of an Administration Agreement, CFS supplies non-investment
related administrative and compliance services for the Fund. CFS supervises the
preparation of tax returns, reports to shareholders, reports to and filings with
the Securities and Exchange Commission and state securities commissions, and
materials for meetings of the Board of Trustees. For these services, CFS
receives a monthly fee at an annual rate of 0.15% on the Fund's average daily
net assets up to $50 million; 0.125% on the next $50 million of such net assets;
and 0.10% on such net assets in excess of $100 million, subject to a $1,000
minimum monthly fee. For the six months ended August 31, 1998, CFS earned $6,000
of fees under the Agreement.
TRANSFER AGENT AND SHAREHOLDER SERVICING AGREEMENT
Under the terms of a Transfer, Dividend Disbursing, Shareholder Service and Plan
Agency Agreement, CFS maintains the records of each shareholder's account,
answers shareholders' inquiries concerning their accounts, processes purchases
and redemptions of the Fund's shares, acts as dividend and distribution
disbursing agent and performs other shareholder service functions. For these
services, CFS receives a monthly fee based on the number of shareholder accounts
in the Fund, subject to a $1,000 minimum monthly fee. For the six months ended
August 31, 1998, CFS earned $6,000 of fees under the Agreement. In addition, the
Fund pays out-of-pocket expenses including, but not limited to, postage and
supplies.
ACCOUNTING SERVICES AGREEMENT
Under the terms of an Accounting Services Agreement, CFS calculates the daily
net asset value per share and maintains the financial books and records of the
Fund. For these services, CFS receives a monthly fee, based on current asset
levels, of $2,000 from the Fund. For the six months ended August 31, 1998, CFS
earned $12,000 of fees under the Agreement. In addition, the Fund pays certain
out-of-pocket expenses incurred by CFS in obtaining valuations of the Fund's
portfolio securities.
DISTRIBUTION PLAN
The Trust has adopted a Distribution Plan (the Plan) for shares of the Fund
pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Fund may
incur certain costs related to the distribution of Fund shares, not to exceed
0.50% of average daily net assets. For the six months ended August 31, 1998, the
Fund incurred $11,179 of distribution expenses.
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS
August 31, 1998
(Unaudited)
4. COVERED CALL OPTIONS
A summary of covered call option contracts during the six months ended August
31, 1998 is as follows:
Number of Option
Contracts Premiums
Options outstanding at beginning of period ............ (30) $ 14,361
Options written ....................................... 90 16,119
Options cancelled in closing purchase transactions .... (30) (14,361)
Options expired ....................................... (50) (8,685)
--- --------
Options outstanding at end of period .................. 40 $ 7,434
=== ========
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000891522
<NAME> MAPLEWOOD INVESTMENT TRUST
<SERIES>
<NUMBER> 5
<NAME> MISSISSIPPI OPPORTUNITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 3,425,176
<INVESTMENTS-AT-VALUE> 3,497,200
<RECEIVABLES> 11,221
<ASSETS-OTHER> 14,366
<OTHER-ITEMS-ASSETS> 10,464
<TOTAL-ASSETS> 3,533,251
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 105,302
<TOTAL-LIABILITIES> 105,302
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,430,677
<SHARES-COMMON-STOCK> 284,214
<SHARES-COMMON-PRIOR> 245,912
<ACCUMULATED-NII-CURRENT> (28,850)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (50,836)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 76,958
<NET-ASSETS> 3,427,949
<DIVIDEND-INCOME> 18,662
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 47,512
<NET-INVESTMENT-INCOME> (28,850)
<REALIZED-GAINS-CURRENT> (53,162)
<APPREC-INCREASE-CURRENT> (1,140,947)
<NET-CHANGE-FROM-OPS> (1,222,959)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53,107
<NUMBER-OF-SHARES-REDEEMED> 14,805
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (572,541)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,326
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,550
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 90,906
<AVERAGE-NET-ASSETS> 4,432,183
<PER-SHARE-NAV-BEGIN> 16.27
<PER-SHARE-NII> (.10)
<PER-SHARE-GAIN-APPREC> (4.11)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.06
<EXPENSE-RATIO> 2.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
