ROULSTON & COMPANY, INC. 3636 Euclid Avenue, Suite 3000 Cleveland, OH 44115Limitation Letter Agreement • March 19th, 2004 • Fairport Funds
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.
