================================================================================
MISSISSIPPI OPPORTUNITY FUND
----------------------------
ANNUAL REPORT
February 28, 1999
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, Ohio 45201-5354
1.601.981.1773 1.800.543.8721
================================================================================
<PAGE>
The Mississippi Opportunity Fund
- --------------------------------------------------------------------------------
Investment Advisor Shareholder Service
Vector Money Management, Inc. P.O. Box 5354
4266 I-55 North, Suite 102 Cincinnati, Ohio 45201-5354
Jackson, Mississippi 39211 (800) 543.8721
April 19, 1999
Dear Fellow Shareholder,
The fiscal year 1999 was an extraordinary one for the financial markets. It was
pivotal in the sense that the old threat of inflation gave way to a new reality
of deflation. The catalyst for this dramatic change of perspective was the
default by Russia in late August on much of their government debt. The
collapsing price of oil, Russia's primary source of hard currency, forced their
hand and put severe stress on other oil exporting nations as well as energy
companies worldwide. The world's central bankers reacted by providing some
relief in the form of lower short-term interest rates.
The deflation that hammered Russia and the oil sector also had a negative impact
on the farm belt, where agricultural prices dropped across the board during the
period. In addition, fiscal 1999 saw another year where large capitalization
stocks dramatically outperformed small and mid-capitalization stocks. The
Russell 2000 Index (down 14.00%) trailed the S&P 500 Index (up 19.74%) by 33.74%
during the course of the year. While The Mississippi Opportunity Fund performed
extremely well in 1997 and through spring 1998, it was doubly challenged the
remainder of the fiscal year by the difficult environment for both
commodity-based industries and mid/small capitalization stocks. The Fund ended
the fiscal year down 18.57%. Twenty-one of the twenty-three companies
headquartered in Mississippi saw their equity share price decline during 1998.
Technology was the bright spot, with WorldCom's successful acquisition of MCI,
SkyTel's continuing progress with advanced messaging and Delta & Pine Land's
continuing advances in biotechnology.
Sincerely,
/s/ Ashby M. Foote III
Ashby M. Foote III
President
Vector Money Management
<PAGE>
Comparison of the Change in Value of a $10,000 Investment in
the Mississippi Opportunity Fund, the S&P 500 Index and the Russell 2000 Index
MISSISSIPPI S&P 500 INDEX: RUSSELL 2000 INDEX:
OPPORTUNITY FUND: (w/ reinvested divds) (w/ reinvested divds)
----------------- --------------------- ---------------------
02/28/99 $12,967 $26,618 $15,830
Past performance is not predictive of future performance.
----------------------------
Mississippi Opportunity Fund
Average Annual Total Returns
1 Year Since Inception*
(21.42)% 6.88%
----------------------------
* Fund inception was April 4, 1995
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
STATEMENT OF ASSETS AND LIABILITIES
February 28, 1999
ASSETS:
Investment securities, at market value (cost $2,904,255) $3,280,867
Dividends receivable 1,606
Receivable for capital shares sold 48
Receivable from Advisor 9,216
Organization expenses, net (note 1) 9,829
Other assets 2,828
----------
TOTAL ASSETS 3,304,394
----------
LIABILITIES:
Bank overdraft 7,158
Covered call options, at market value 57,250
(premiums received $30,314) (note 4)
Payable for capital shares redeemed 4,000
Payable to affiliates (note 3) 57,177
Other accrued expenses and liabilities 20,343
----------
TOTAL LIABILITIES 145,928
----------
NET ASSETS $3,158,466
==========
NET ASSETS CONSIST OF:
Paid-in capital $2,781,400
Accumulated net realized gains from
security transactions 27,390
Net unrealized appreciation on investments 349,676
----------
NET ASSETS $3,158,466
==========
Shares of beneficial interest outstanding (unlimited
number of shares authorized, no par value) 238,573
==========
Net asset value and redemption price per share (note 1) $ 13.24
==========
Maximum offering price per share (note 1) $ 13.72
==========
See accompanying notes to financial statements.
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
STATEMENT OF OPERATIONS
For the Year Ended February 28, 1999
INVESTMENT INCOME:
Dividends $ 34,963
---------
EXPENSES:
Investment advisory fees (note 3) 34,546
Accounting services fees (note 3) 24,000
Trustees' fees and expenses 22,401
Distribution expense (note 3) 19,752
Professional fees 13,865
Transfer agent fees (note 3) 12,000
Administrative fees (note 3) 12,000
Insurance expense 11,257
Amortization of organization expenses (note 1) 9,074
Postage and supplies 5,902
Custodian fees 4,652
Shareholder report costs 4,082
Registration fees 1,285
Pricing costs 1,251
---------
TOTAL EXPENSES 176,067
Fees waived and expenses reimbursed by the Advisor (note 3) (92,121)
---------
NET EXPENSES 83,946
---------
NET INVESTMENT LOSS (48,983)
---------
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains from security transactions 96,243
Net realized losses from option contracts written (68,870)
Net decrease in unrealized appreciation on investments (868,229)
---------
NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS (840,856)
---------
NET DECREASE IN NET ASSETS FROM OPERATIONS $(889,839)
=========
See accompanying notes to financial statements.
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended February 28, 1999 and 1998
<TABLE>
<CAPTION>
YEAR YEAR
ENDED ENDED
FEB. 28, 1999 FEB. 28, 1998
------------- -------------
FROM OPERATIONS:
<S> <C> <C>
Net investment loss $ (48,983) $ (36,000)
Net realized gains (losses) on:
Security transactions 96,243 (10,559)
Option contracts written (68,870) 12,869
Net increase (decrease) in unrealized appreciation on investments (868,229) 1,012,122
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS (889,839) 978,432
----------- -----------
FROM DISTRIBUTIONS TO SHAREHOLDERS:
From net realized gains, Class A (2,309) (10,117)
From net realized gains, Class C -- (3,925)
----------- -----------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS (2,309) (14,042)
----------- -----------
FROM CAPITAL SHARE TRANSACTIONS:
CLASS A:
Proceeds from shares sold 948,401 589,562
Net asset value of shares issued in
reinvestment of distributions to shareholders 2,267 9,839
Net asset value of shares converted from Class C (note 1) -- 1,077,120
Payment for shares redeemed (900,544) (185,908)
----------- -----------
NET INCREASE IN NET ASSETS FROM CLASS A SHARE TRANSACTIONS 50,124 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)
Payment for shares redeemed -- (6,352)
----------- -----------
NET DECREASE IN NET ASSETS FROM CLASS C SHARE TRANSACTIONS -- (953,501)
----------- -----------
TOTAL INCREASE (DECREASE) IN NET ASSETS (842,024) 1,501,502
NET ASSETS:
Beginning of year 4,000,490 2,498,988
----------- -----------
End of year $ 3,158,466 $ 4,000,490
=========== ===========
SUMMARY OF CAPITAL SHARE ACTIVITY:
CLASS A:
Shares sold 59,013 40,778
Shares issued in reinvestment of distributions to shareholders 158 624
Shares converted (note 1) -- 66,203
Shares redeemed (66,510) (15,679)
----------- -----------
Net increase (decrease) in shares outstanding (7,339) 91,926
Shares outstanding, beginning of year 245,912 153,986
----------- -----------
Shares outstanding, end of year 238,573 245,912
=========== ===========
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 year -- 58,703
----------- -----------
Shares outstanding, end of year -- --
=========== ===========
</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>
YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
FEBRUARY 28, FEBRUARY 28, FEBRUARY 28, FEBRUARY 29,
1999 1998 1997 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 (0.21) (0.13) (0.10) (0.03)
Net realized and unrealized gains (losses) on investments (2.81) 4.68 0.76 1.27
----------- ----------- ----------- -----------
TOTAL FROM INVESTMENT OPERATIONS (3.02) 4.55 0.66 1.24
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net realized gains from security transactions (0.01) (0.06) (0.10) (0.02)
----------- ----------- ----------- -----------
NET ASSET VALUE AT END OF PERIOD $ 13.24 $ 16.27 $ 11.78 $ 11.22
=========== =========== =========== ===========
TOTAL RETURN (B) (18.57)% 38.64% 5.92% 12.41%
=========== =========== =========== ===========
NET ASSETS AT END OF PERIOD $ 3,158,466 $ 4,000,490 $ 1,813,797 $ 1,448,527
=========== =========== =========== ===========
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before expense reimbursements and waived fees 4.46% 4.88% 5.29% 6.90%(C)
After expense reimbursements and waived fees (note 3) 2.13% 2.12% 2.11% 2.12%(C)
RATIO OF NET INVESTMENT LOSS TO AVERAGE NET ASSETS (1.24)% (1.03)% (4.08)% (5.20)%(C)
PORTFOLIO TURNOVER RATE 19% 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
February 28, 1999
Market
Shares Value
------ -----
COMMON STOCKS - 102.5%
UTILITIES - 21.0%
8,050 MCI WorldCom, Inc. (a)(b) $ 664,125
----------
CONSUMER, CYCLICAL - 19.0%
22,000 Back Yard Burgers, Inc. (a) 44,000
5,000 Cavalier Homes, Inc. 50,000
4,000 Chromcraft Revington, Inc. (a) 57,250
2,000 Cooper Tire and Rubber Co. 39,500
6,125 Fred's, Inc. 85,750
1,000 Furniture Brands International, Inc. (a) 21,375
1,000 Leggett & Platt, Inc. 20,938
2,500 Master Graphics, Inc. (a) 15,312
4,000 Saks, Inc. (a) 143,750
2,250 Southwest Airlines, Inc. 67,781
6,000 Stein Mart, Inc. (a) 54,750
----------
600,406
----------
TECHNOLOGY - 15.1%
750 Nichols Research Corp. (a) 13,219
1,000 Powertel, Inc. (a) 13,000
20,000 SkyTel Communications, Inc. (a)(b) 360,000
1,000 Texas Instruments, Inc. (b) 89,187
----------
475,406
----------
FINANCIAL SERVICES - 13.2%
2,800 BancorpSouth, Inc. 47,075
1,500 Community Federal Bancorp, Inc. 20,250
1,500 Eastgroup Properties, Inc. 26,250
1,170 First American Corp. 47,458
1,150 Hancock Holding Co. 52,325
1,500 Lamar Capital Corp. 13,125
3,000 Parkway Properties, Inc. 79,125
4,000 Trustmark Corp. 84,750
1,000 Union Planters Corp. 45,188
----------
415,546
----------
INDUSTRIAL - 10.4%
700 Cooper Industries, Inc. 30,625
7,000 Delta & Pine Land Co. 226,625
10,000 Halter & Marine Group, Inc. (a) 40,000
4,500 KLLM Transport Services, Inc. (a) 32,625
----------
329,875
----------
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
PORTFOLIO OF INVESTMENTS
February 28, 1999
Market
Shares Value
------ -----
CONSUMER, NON-CYCLICAL - 8.9%
1,000 Baxter International, Inc. $ 70,375
4,500 Cal-Maine Foods, Inc. 23,625
1,500 Health Management Associates, Inc. (a) 19,406
10,000 PSS World Medical, Inc. (a) 113,750
2,000 Sara Lee Corp. 54,375
----------
281,531
----------
BASIC MATERIALS - 8.0%
5,000 ChemFirst, Inc. 95,000
250 Georgia Pacific Corp. 18,313
800 International Paper Co. 33,600
6,000 Mississippi Chemical Corp. 61,500
1,000 Quanex Corp. 17,500
1,485 Smurfit-Stone Container Corp. (a) 26,823
----------
252,736
----------
ENERGY - 6.9%
8,000 Callon Petroleum Co. (a) 75,000
7,000 Coho Energy, Inc. (a) 4,156
10,000 Friede Goldman International, Inc. (a) 106,875
3,600 Rowan Companies, Inc. (a) 31,050
----------
217,081
----------
TOTAL COMMON STOCKS - 102.5% 3,236,706
(Cost $2,860,094) ----------
MONEY MARKET FUNDS - 1.4%
Performance Trust Money Market Fund 44,161
(Cost $44,161) ----------
TOTAL INVESTMENT SECURITIES - 103.9% 3,280,867
(Cost $2,904,255)
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.9)% (122,401)
----------
NET ASSETS - 100.0% $3,158,466
==========
(a) Non-income producing security.
(b) Security covers a call option.
See accompanying notes to financial statements.
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
SCHEDULE OF OPEN OPTIONS WRITTEN
February 28, 1999
Market Option
Value of Premiums
Contracts Options Received
- --------- ---------- ----------
COVERED CALL OPTIONS
20 MCI WorldCom, Inc.,
03/20/99 at $65 $ 36,250 $ 8,531
20 MCI WorldCom, Inc.,
03/20/99 at $75 18,000 9,271
30 Skytel Communications, Inc.,
03/20/99 at $25 0 4,885
10 Texas Instruments, Inc.,
04/17/99 at $99 3,000 7,627
---------- ----------
$ 57,250 $ 30,314
========== ==========
See accompanying notes to financial statements.
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS
February 28, 1999
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
February 28, 1999
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
$2,904,255 for portfolio securities and $30,314 for premiums received for
covered call options as of February 28, 1999:
Gross unrealized appreciation......................... $1,182,068
Gross unrealized depreciation......................... (832,392)
----------
Net unrealized appreciation........................... $ 349,676
==========
Reclassification of capital accounts -- On February 28, 1999, the Fund
reclassified $48,983 of accumulated net investment loss against paid-in capital.
The reclassification, a result of permanent differences between financial
statement and income tax reporting requirements, had no effect on net assets or
net asset value per share.
2. INVESTMENT TRANSACTIONS
During the year ended February 28, 1999, cost of purchases and proceeds from
sales and maturities of investment securities, other than short-term
investments, amounted to $816,740 and $730,686, respectively.
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS
February 28, 1999
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.
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 year ended February 28, 1999, the
Advisor waived its investment advisory fees of $34,546 and reimbursed the Fund
$57,575 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.
TRANSFER AGENT 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. 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. 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 year ended February 28, 1999, the
Fund incurred $19,752 of distribution expenses.
<PAGE>
MISSISSIPPI OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS
February 28, 1999
4. COVERED CALL OPTIONS
A summary of covered call option contracts during the year ended February 28,
1999 is as follows:
Number of Option
Contracts Premiums
--------- --------
Options outstanding at beginning of year ............. 30 $ 14,361
Options written ...................................... 280 99,932
Options cancelled in closing purchase transactions ... (140) (71,300)
Options expired ...................................... (90) (12,679)
-------- --------
Options outstanding at end of year ................... 80 $ 30,314
======== ========
5. MANDATORY REDEMPTION OF CAPITAL SHARES
On April 2, 1999, all outstanding capital shares of the Fund were redeemed
pursuant to a mandatory redemption program authorized by the Board of Trustees
on March 22, 1999.
<PAGE>
KPMG
[LOGO]
Two Nationwide Plaza Telephone 614-249-2300
Columbus, OH 43215 Fax 614-249-2348
Independent Auditors' Report
----------------------------
The Board of Trustees and Shareholders
The Maplewood Investment Trust:
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of the Mississippi Opportunity Fund (the Fund), a
series of the Maplewood Investment Trust, as of February 28, 1999, and the
related statement of operations for the year then ended, statement of changes in
net assets for each of the years in the two-year period ended February 28, 1999
and financial highlights for each of the years in the three-year period ended
February 28, 1999 and for the period April 4, 1995 (commencement of operations)
to February 29, 1996. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
February 28, 1999 by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above, present fairly, in all material respects, the financial position of the
Mississippi Opportunity Fund as of February 28, 1999, and the results of its
operations for the year then ended, the changes in net assets for each of the
years in the two-year period ended February 28, 1999 and financial highlights
for each of the years in the three-year period ended February 28, 1999 and for
the period April 4, 1995 (commencement of operations) to February 29, 1996 in
conformity with generally accepted accounting principles.
As discussed in note 5 to the financial statements, on April 2, 1999, all
outstanding capital shares of the Mississippi Opportunity Fund were redeemed
pursuant to a mandatory redemption program authorized by the Board of Trustees
on March 22, 1999.
/s/ KPMG LLP
Columbus, Ohio
April 9, 1999
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000891522
<NAME> MAPLEWOOD INVESTMENT TRUST
<SERIES>
<NUMBER> 5
<NAME> MISSISSIPPI OPPORTUNITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 2,904,255
<INVESTMENTS-AT-VALUE> 3,280,867
<RECEIVABLES> 10,870
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 12,657
<TOTAL-ASSETS> 3,304,394
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 145,928
<TOTAL-LIABILITIES> 145,928
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,781,400
<SHARES-COMMON-STOCK> 238,573
<SHARES-COMMON-PRIOR> 245,912
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 27,390
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 349,676
<NET-ASSETS> 3,158,466
<DIVIDEND-INCOME> 34,963
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 83,946
<NET-INVESTMENT-INCOME> (48,983)
<REALIZED-GAINS-CURRENT> 27,373
<APPREC-INCREASE-CURRENT> (868,229)
<NET-CHANGE-FROM-OPS> (889,839)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,309
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 59,013
<NUMBER-OF-SHARES-REDEEMED> 66,510
<SHARES-REINVESTED> 158
<NET-CHANGE-IN-ASSETS> (842,024)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,326
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 34,546
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 176,067
<AVERAGE-NET-ASSETS> 3,948,117
<PER-SHARE-NAV-BEGIN> 16.27
<PER-SHARE-NII> (.21)
<PER-SHARE-GAIN-APPREC> (2.81)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.24
<EXPENSE-RATIO> 2.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
