Expense Limitation Letter Agreement
XXXXXXXX & COMPANY, INC.
0000 Xxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxxxx, XX 00000
To: Fairport Funds
0000 Xxxxxx Xxxxxx
Xxxxx 0000
Xxxxxxxxx, XX 00000
You have engaged us to act as the sole investment adviser to the Fairport
Government Securities Fund (the "Fund") of Fairport Funds (the "Trust") pursuant
to an Investment Advisory Agreement dated as of October 25, 2001. Effective
March 1, 2004 through February 28, 2005, we hereby agree to waive all or a
portion of our management fees and/or reimburse the Fund for the expenses it
incurs during that period, but only to the extent necessary to maintain total
annual operating expenses at 1.00% of the Fund's average daily net assets.
You hereby agree that, if we so request, any operating expenses of the Fund
reimbursed by us pursuant to this Agreement shall be repaid to us by the Fund in
the first, second, and third fiscal years following the fiscal year ending
October 31, 2004, if the total annual operating expenses of the Fund for each
such year or years, after giving effect to the repayment, do not exceed 1.00% of
the Fund's average daily net assets for that period (or any lower expense
limitation or limitations to which we may otherwise agree) .
Very truly yours,
Xxxxxxxx & Company, Inc.
By: /S/ Xxxxxxx X. Xxxxxxx
Acceptance
The foregoing Agreement is hereby accepted.
Fairport Funds
By: /S/ Xxxxxxx X. Xxxxxx
