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<PAGE> PAGE 2
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SIGNATURE MARCUS L. COLLINS
TITLE SECRETARY
The Board of Trustees of
The Maplewood Investment Trust:
In planning and performing our audit of the financial statements of The
Maplewood Investment Trust for the year ended February 28, 1999, we considered
its internal control, including control activities 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 internal control.
The management of The Maplewood Investment Trust is responsible for establishing
and maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all matters
in internal control 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 one or more
internal control components does not reduce to a relatively low level the risk
that misstatements caused by error or fraud 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 internal control and
its operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of February 28, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of The Maplewood Investment Trust, and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
/s/ KPMG Peat Marwick LLP
Columbus, Ohio
April 9, 1999
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