Maplewood Investments
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Quarterly Report

Quarterly Report

Note:  Broker-dealers are required to disclose any material arrangements with the venues listed in each section below, including, but not limited to, any internalization or payment for order flow arrangements.

Note: Broker-dealers are required to disclose any material arrangements with the venues listed in each section below, including, but not limited to, any internalization or payment for order flow arrangements.

MW0

MAPLEWOOD INVESTMENT ADVISORS

12222 MERIT DRIVE, SUITE 1390 DALLAS, TX 75251

SEC Rule 606 Quarterly Report for the Quarter Ending December 31, 2018

Securities Listed on New York Stock Exchange

Summary Statistics:

Non-directed orders as percentage of total customer orders 100.00%

Market orders as percentage of total market orders 92.09%

Limit orders as percentage of total limit orders 4.55%

Other orders as percentage of total other orders 3.37%

Venues Receiving Significant Percentage of Total Non-Directed Orders:

1. Citadel Securities LLC 43.77%

2. G1 Execution Services, LLC 19.53%

3. VIRTU Americas LLC 14.81%

4. National Financial Services LLC 14.14%

5. Two Sigma Securities, LLC 5.56%

6. UBS Securities, LLC 0.84%

7. Cboe EDGX U.S. Equities Exchange 0.51%

8. New York Stock Exchange 0.51%

9. NASDAQ Execution Services, LLC 0.17%

10. Cboe BZX U.S. Equities Exchange 0.17%

Information Concerning Significant Venues :

1. Citadel Securities LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 44.06% Limit orders as percentage of total limit orders 37.04% Other orders as percentage of total other orders 45.00%

2. G1 Execution Services, LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 20.84% Limit orders as percentage of total limit orders 7.41% Other orders as percentage of total other orders 0.00%

3. VIRTU Americas LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 13.16% Limit orders as percentage of total limit orders 25.93% Other orders as percentage of total other orders 45.00%

4. National Financial Services LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 15.36% Limit orders as percentage of total limit orders 0.00% Other orders as percentage of total other orders 0.00%

5. Two Sigma Securities, LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 6.03% Limit orders as percentage of total limit orders 0.00% Other orders as percentage of total other orders 0.00%

6. UBS Securities, LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.55% Limit orders as percentage of total limit orders 0.00% Other orders as percentage of total other orders 10.00%

7. Cboe EDGX U.S. Equities Exchange

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.00% Limit orders as percentage of total limit orders 11.11% Other orders as percentage of total other orders 0.00%

8. New York Stock Exchange

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.00% Limit orders as percentage of total limit orders 11.11% Other orders as percentage of total other orders 0.00%

9. NASDAQ Execution Services, LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.00% Limit orders as percentage of total limit orders 3.70% Other orders as percentage of total other orders 0.00%

10. Cboe BZX U.S. Equities Exchange

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.00% Limit orders as percentage of total limit orders 3.70% Other orders as percentage of total other orders 0.00%

Securities Listed on The Nasdaq Stock Market

Summary Statistics:

Non-directed orders as percentage of total customer orders 100.00%

Market orders as percentage of total market orders 92.43%

Limit orders as percentage of total limit orders 3.51%

Other orders as percentage of total other orders 4.05%

Venues Receiving Significant Percentage of Total Non-Directed Orders:

1. Citadel Securities LLC 50.54%

2. VIRTU Americas LLC 19.73%

3. G1 Execution Services, LLC 15.68%

4. National Financial Services LLC 6.22%

5. Two Sigma Securities, LLC 5.68%

6. UBS Securities, LLC 1.62%

7. NASDAQ Execution Services, LLC 0.54%

Information Concerning Significant Venues :

1. Citadel Securities LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 50.58% Limit orders as percentage of total limit orders 7.69% Other orders as percentage of total other orders 86.67%

2. VIRTU Americas LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 18.13% Limit orders as percentage of total limit orders 76.92% Other orders as percentage of total other orders 6.67%

3. G1 Execution Services, LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 16.96% Limit orders as percentage of total limit orders 0.00% Other orders as percentage of total other orders 0.00%

4. National Financial Services LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 6.73% Limit orders as percentage of total limit orders 0.00% Other orders as percentage of total other orders 0.00%

5. Two Sigma Securities, LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 6.14% Limit orders as percentage of total limit orders 0.00% Other orders as percentage of total other orders 0.00%

6. UBS Securities, LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 1.46% Limit orders as percentage of total limit orders 0.00% Other orders as percentage of total other orders 6.67%

7. NASDAQ Execution Services, LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.00% Limit orders as percentage of total limit orders 15.38% Other orders as percentage of total other orders 0.00%

Securities Listed on NYSE American or Regional Exchanges

Summary Statistics:

Non-directed orders as percentage of total customer orders 100.00%

Market orders as percentage of total market orders 96.34%

Limit orders as percentage of total limit orders 0.91%

Other orders as percentage of total other orders 2.74%

Venues Receiving Significant Percentage of Total Non-Directed Orders:

1. Citadel Securities LLC 55.49%

2. G1 Execution Services, LLC 18.60%

3. VIRTU Americas LLC 16.77%

4. Two Sigma Securities, LLC 6.40%

5. National Financial Services LLC 1.22%

6. UBS Securities, LLC 0.91%

7. NYSE Arca 0.61%

Information Concerning Significant Venues :

1. Citadel Securities LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 56.65% Limit orders as percentage of total limit orders 33.33% Other orders as percentage of total other orders 22.22%

2. G1 Execution Services, LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 18.99% Limit orders as percentage of total limit orders 0.00% Other orders as percentage of total other orders 11.11%

3. VIRTU Americas LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 15.51% Limit orders as percentage of total limit orders 0.00% Other orders as percentage of total other orders 66.67%

4. Two Sigma Securities, LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 6.65% Limit orders as percentage of total limit orders 0.00% Other orders as percentage of total other orders 0.00%

5. National Financial Services LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 1.27% Limit orders as percentage of total limit orders 0.00% Other orders as percentage of total other orders 0.00%

6. UBS Securities, LLC

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.95% Limit orders as percentage of total limit orders 0.00% Other orders as percentage of total other orders 0.00%

7. NYSE Arca

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.00% Limit orders as percentage of total limit orders 66.67% Other orders as percentage of total other orders 0.00%

Exchange - Listed Options

Summary Statistics:

Non-directed orders as percentage of total customer orders 100.00%

Market orders as percentage of total market orders 83.33%

Limit orders as percentage of total limit orders 16.67%

Other orders as percentage of total other orders 0.00%

Venues Receiving Significant Percentage of Total Non-Directed Orders:

1. Cboe Options Exchange 83.33%

2. NYSE Arca Options 16.67%

Information Concerning Significant Venues :

1. Cboe Options Exchange

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 80.00% Limit orders as percentage of total limit orders 100.00% Other orders as percentage of total other orders 0.00%

2. NYSE Arca Options

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 20.00% Limit orders as percentage of total limit orders 0.00% Other orders as percentage of total other orders 0.00%