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 Emerging Growth Fund, Fairport International Equity Fund, Fairport
Growth Fund, and Fairport Growth and Income Fund (collectively, the "Equity
Funds") 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 each of the
Equity Funds for the expenses it incurs during that period, but only to the
extent necessary to maintain total annual operating expenses at the percentage
of the Fund's average daily net assets for that period, as indicated below:
Limitation of Fund's Total Annual
---------------------------------
Name of Fund Operating Expenses
------------ ------------------
Fairport Emerging Growth Fund 1.95%
Fairport International Equity Fund 1.95%
Fairport Growth Fund 1.75%
Fairport Growth and Income Fund 1.75%
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
