<PAGE> PAGE 1
000 B000000 10/31/96
000 C000000 0000930363
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FAIRPORT FUNDS
001 B000000 811-8774
001 C000000 8003326459
002 A000000 4000 CHESTER AVENUE
002 B000000 CLEVELAND
002 C000000 OH
002 D010000 44103
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 FAIRPORT MIDWEST GROWTH FUND
007 C030100 N
007 C010200 2
007 C020200 FAIRPORT GROWTH AND INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 FAIRPORT GOVERNMENT SECURITIES FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 ROULSTON & COMPANY, INC.
008 B00AA01 A
008 C00AA01 801-7715
008 D01AA01 CLEVELAND
008 D02AA01 OH
008 D03AA01 44103
010 A00AA01 FPS SERVICES, INC.
010 B00AA01 34910
010 C01AA01 KING OF PRUSSIA
010 C02AA01 PA
010 C03AA01 19406
010 C04AA01 0903
011 A00AA01 ROULSTON RESEARCH CORP.
<PAGE> PAGE 2
011 B00AA01 8-25984
011 C01AA01 CLEVELAND
011 C02AA01 OH
011 C03AA01 44103
012 A00AA01 FPS SERVICES, INC.
012 B00AA01 84-932
012 C01AA01 KING OF PRUSSIA
012 C02AA01 PA
012 C03AA01 19406
012 C04AA01 0903
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 CLEVELAND
013 B02AA01 OH
013 B03AA01 44115
013 B04AA01 1405
014 A00AA01 ROUSLTON RESEARCH CORP.
014 B00AA01 8-25984
015 A00AA01 UMB BANK, N.A.
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64141
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 ROULSTON RESEARCH CORP.
020 B000001 34-1324590
020 C000001 42
020 A000002 MERRILL LYNCH PIERCE FENNER SMITH
020 B000002 13-5674085
020 C000002 36
020 A000003 MIDWEST RESEARCH
020 C000003 32
020 A000004 MCDONALD & CO. SECURITIES
020 B000004 34-0642435
020 C000004 22
020 A000005 DONALDSON LUFKIN & JENRETTE
020 B000005 13-2741729
020 C000005 9
020 A000006 SMITH BARNEY SHEARSON
020 B000006 13-1912900
020 C000006 7
020 A000007 LAWRENCE J. CYRUS
020 B000007 13-2730828
020 C000007 4
020 A000008 BEAR STEARNS & CO.
020 B000008 13-3299429
020 C000008 2
020 A000009 PAINE WEBBER JACKSON & CURTIS
020 B000009 13-2638166
<PAGE> PAGE 3
020 C000009 1
020 A000010 EVEREN RESEARCH
020 C000010 1
021 000000 156
022 A000001 UNITED MISSOURI BANK
022 B000001 44-0201230
022 C000001 911364
022 D000001 0
022 A000002 MERRILL LYNCH PIERCE FENNER SMITH
022 B000002 13-5674085
022 C000002 3779
022 D000002 1799
022 A000003 STIRES O'DONNELL
022 B000003 13-2797580
022 C000003 491
022 D000003 3262
022 A000004 PAINE WEBBER JACKSON & CURTIS
022 B000004 13-2638166
022 C000004 0
022 D000004 2692
022 A000005 LAWRENCE J. CYRUS
022 B000005 13-2730828
022 C000005 1795
022 D000005 773
022 A000006 MCDONALD & CO. SECURITIES
022 B000006 34-0642435
022 C000006 2021
022 D000006 388
022 A000007 EVEREN RESEARCH
022 C000007 2073
022 D000007 0
022 A000008 NATIONAL CITY
022 B000008 61-1085788
022 C000008 715
022 D000008 1055
022 A000009 JEFFERIES & COMPANY, INC.
022 B000009 95-2622900
022 C000009 0
022 D000009 1282
022 A000010 DONALDSON LUFKIN & JENRETTE
022 B000010 13-2741729
022 C000010 531
022 D000010 0
023 C000000 923119
023 D000000 11251
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
<PAGE> PAGE 4
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
042 A00AA00 0
042 B00AA00 0
042 C00AA00 100
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 219
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
<PAGE> PAGE 5
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 250
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 N
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
<PAGE> PAGE 6
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 D000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 THE CHUBB GROUP OF INSURANCE COMPANIES
080 C00AA00 600
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 10
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 635
028 A020100 0
028 A030100 0
028 A040100 1362
028 B010100 516
028 B020100 0
028 B030100 0
028 B040100 1910
028 C010100 866
028 C020100 26
028 C030100 0
028 C040100 1596
028 D010100 721
028 D020100 0
028 D030100 0
028 D040100 1103
028 E010100 1006
028 E020100 0
<PAGE> PAGE 7
028 E030100 0
028 E040100 635
028 F010100 772
028 F020100 0
028 F030100 0
028 F040100 1175
028 G010100 4516
028 G020100 26
028 G030100 0
028 G040100 7781
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 100000
048 A020100 0.750
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 100000
048 K020100 0.500
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
<PAGE> PAGE 8
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 C000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
071 A000100 30566
071 B000100 32074
071 C000100 52687
071 D000100 58
072 A000100 12
072 B000100 134
072 C000100 717
072 D000100 0
072 E000100 0
072 F000100 417
072 G000100 76
072 H000100 0
072 I000100 55
072 J000100 28
072 K000100 0
072 L000100 31
072 M000100 15
072 N000100 41
072 O000100 0
072 P000100 0
072 Q000100 39
072 R000100 25
072 S000100 46
072 T000100 139
072 U000100 3
072 V000100 0
072 W000100 23
072 X000100 938
072 Y000100 170
072 Z000100 83
072AA000100 4516
072BB000100 0
072CC010100 3805
072CC020100 0
072DD010100 91
072DD020100 0
072EE000100 775
073 A010100 0.0240
073 A020100 0.0000
<PAGE> PAGE 9
073 B000100 0.2037
073 C000100 0.0000
074 A000100 1
074 B000100 2555
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 53240
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 1412
074 K000100 12
074 L000100 125
074 M000100 12
074 N000100 57357
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 159
074 S000100 0
074 T000100 57198
074 U010100 3689
074 U020100 0
074 V010100 15.50
074 V020100 0.00
074 W000100 0.0000
074 X000100 1096
074 Y000100 0
075 A000100 0
075 B000100 55470
076 000100 0.00
028 A010200 145
028 A020200 0
028 A030200 0
028 A040200 395
028 B010200 202
028 B020200 0
028 B030200 0
028 B040200 4329
028 C010200 359
028 C020200 120
028 C030200 0
028 C040200 1060
028 D010200 245
028 D020200 0
028 D030200 0
028 D040200 473
<PAGE> PAGE 10
028 E010200 471
028 E020200 0
028 E030200 0
028 E040200 461
028 F010200 211
028 F020200 0
028 F030200 0
028 F040200 273
028 G010200 1633
028 G020200 120
028 G030200 0
028 G040200 6991
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 100000
048 A020200 0.750
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 100000
048 K020200 0.500
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
<PAGE> PAGE 11
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 E000200 Y
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 8032
071 B000200 13272
071 C000200 23609
071 D000200 34
072 A000200 12
072 B000200 43
072 C000200 551
072 D000200 0
072 E000200 0
072 F000200 185
072 G000200 34
072 H000200 0
072 I000200 38
072 J000200 19
072 K000200 0
072 L000200 12
072 M000200 5
072 N000200 27
072 O000200 0
072 P000200 0
072 Q000200 27
072 R000200 10
072 S000200 18
072 T000200 62
072 U000200 3
072 V000200 0
072 W000200 11
072 X000200 451
072 Y000200 81
072 Z000200 224
072AA000200 1857
072BB000200 0
072CC010200 1864
072CC020200 0
072DD010200 255
072DD020200 0
072EE000200 179
<PAGE> PAGE 12
073 A010200 0.1417
073 A020200 0.0000
073 B000200 0.0934
073 C000200 0.0000
074 A000200 1
074 B000200 1771
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 21072
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 685
074 K000200 8
074 L000200 23
074 M000200 12
074 N000200 23572
074 O000200 422
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 79
074 S000200 0
074 T000200 23071
074 U010200 1622
074 U020200 0
074 V010200 14.22
074 V020200 0.00
074 W000200 0.0000
074 X000200 428
074 Y000200 0
075 A000200 0
075 B000200 24569
076 000200 0.00
028 A010300 40
028 A020300 26
028 A030300 0
028 A040300 187
028 B010300 37
028 B020300 27
028 B030300 0
028 B040300 2711
028 C010300 72
028 C020300 22
028 C030300 0
028 C040300 315
028 D010300 37
028 D020300 25
<PAGE> PAGE 13
028 D030300 0
028 D040300 110
028 E010300 103
028 E020300 24
028 E030300 0
028 E040300 141
028 F010300 123
028 F020300 47
028 F030300 0
028 F040300 99
028 G010300 412
028 G020300 171
028 G030300 0
028 G040300 3563
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 100000
048 A020300 0.250
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 100000
048 K020300 0.125
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
<PAGE> PAGE 14
062 K000300 0.0
062 L000300 0.0
062 M000300 96.7
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 5.1
064 A000300 N
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
071 A000300 1542
071 B000300 4367
071 C000300 7264
071 D000300 21
072 A000300 12
072 B000300 435
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 19
072 G000300 10
072 H000300 0
072 I000300 28
072 J000300 9
072 K000300 0
072 L000300 3
072 M000300 2
072 N000300 20
072 O000300 0
072 P000300 0
072 Q000300 25
072 R000300 3
072 S000300 7
072 T000300 19
072 U000300 3
072 V000300 0
072 W000300 5
072 X000300 153
072 Y000300 86
072 Z000300 368
072AA000300 0
072BB000300 98
072CC010300 0
072CC020300 3
<PAGE> PAGE 15
072DD010300 405
072DD020300 0
072EE000300 0
073 A010300 0.5262
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 117
074 B000300 0
074 C000300 0
074 D000300 5562
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 11
074 L000300 60
074 M000300 12
074 N000300 5762
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 10
074 S000300 0
074 T000300 5752
074 U010300 590
074 U020300 0
074 V010300 9.75
074 V020300 0.00
074 W000300 0.0000
074 X000300 87
074 Y000300 0
075 A000300 0
075 B000300 7478
076 000300 0.00
SIGNATURE KELLY DIGAN
TITLE ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930363
<NAME> FAIRPORT FUNDS
<SERIES>
<NUMBER> 1
<NAME> FAIRPORT MIDWEST GROWTH FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 45655008
<INVESTMENTS-AT-VALUE> 55795310
<RECEIVABLES> 1536880
<ASSETS-OTHER> 23795
<OTHER-ITEMS-ASSETS> 754
<TOTAL-ASSETS> 57356739
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 158822
<TOTAL-LIABILITIES> 158822
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42806548
<SHARES-COMMON-STOCK> 3689148
<SHARES-COMMON-PRIOR> 3647473
<ACCUMULATED-NII-CURRENT> (10427)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4261494
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10140302
<NET-ASSETS> 57197917
<DIVIDEND-INCOME> 716743
<INTEREST-INCOME> 134338
<OTHER-INCOME> 0
<EXPENSES-NET> 768463
<NET-INVESTMENT-INCOME> 82618
<REALIZED-GAINS-CURRENT> 4515778
<APPREC-INCREASE-CURRENT> 3805220
<NET-CHANGE-FROM-OPS> 8403616
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 91013
<DISTRIBUTIONS-OF-GAINS> 774801
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 815058
<NUMBER-OF-SHARES-REDEEMED> 835517
<SHARES-REINVESTED> 62134
<NET-CHANGE-IN-ASSETS> 7790223
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 520517
<OVERDISTRIB-NII-PRIOR> 2032
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 417458
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 938413
<AVERAGE-NET-ASSETS> 55470023
<PER-SHARE-NAV-BEGIN> 13.55
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 216
<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0.20
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.50
<EXPENSE-RATIO> 1.38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930363
<NAME> FAIRPORT FUNDS
<SERIES>
<NUMBER> 2
<NAME> FAIRPORT GROWTH & INCOME FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 17777261
<INVESTMENTS-AT-VALUE> 22843333
<RECEIVABLES> 708242
<ASSETS-OTHER> 19487
<OTHER-ITEMS-ASSETS> 833
<TOTAL-ASSETS> 23571895
<PAYABLE-FOR-SECURITIES> 421530
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 79512
<TOTAL-LIABILITIES> 501042
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16110573
<SHARES-COMMON-STOCK> 1622062
<SHARES-COMMON-PRIOR> 1877974
<ACCUMULATED-NII-CURRENT> 35717
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1858491
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5066072
<NET-ASSETS> 23070853
<DIVIDEND-INCOME> 551308
<INTEREST-INCOME> 43022
<OTHER-INCOME> 0
<EXPENSES-NET> 369619
<NET-INVESTMENT-INCOME> 224711
<REALIZED-GAINS-CURRENT> 1856970
<APPREC-INCREASE-CURRENT> 1863728
<NET-CHANGE-FROM-OPS> 3945409
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 254673
<DISTRIBUTIONS-OF-GAINS> 178762
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 361212
<NUMBER-OF-SHARES-REDEEMED> 646096
<SHARES-REINVESTED> 28972
<NET-CHANGE-IN-ASSETS> (11153)
<ACCUMULATED-NII-PRIOR> 65679
<ACCUMULATED-GAINS-PRIOR> 180283
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 184723
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 450714
<AVERAGE-NET-ASSETS> 24568929
<PER-SHARE-NAV-BEGIN> 12.29
<PER-SHARE-NII> 0.139
<PER-SHARE-GAIN-APPREC> 2.04
<PER-SHARE-DIVIDEND> 0.14
<PER-SHARE-DISTRIBUTIONS> 0.10
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.22
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930363
<NAME> FAIRPORT FUND
<SERIES>
<NUMBER> 3
<NAME> FAIRPORT GOVERNMENT SECURITIES FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 5561814
<INVESTMENTS-AT-VALUE> 5561882
<RECEIVABLES> 60324
<ASSETS-OTHER> 22313
<OTHER-ITEMS-ASSETS> 117328
<TOTAL-ASSETS> 5761847
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9547
<TOTAL-LIABILITIES> 9547
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5861145
<SHARES-COMMON-STOCK> 589863
<SHARES-COMMON-PRIOR> 879015
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (108913)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 68
<NET-ASSETS> 5752300
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 434855
<OTHER-INCOME> 0
<EXPENSES-NET> 67226
<NET-INVESTMENT-INCOME> 367629
<REALIZED-GAINS-CURRENT> (97666)
<APPREC-INCREASE-CURRENT> (3304)
<NET-CHANGE-FROM-OPS> 266659
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 405004
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 177063
<NUMBER-OF-SHARES-REDEEMED> 498079
<SHARES-REINVESTED> 31864
<NET-CHANGE-IN-ASSETS> (2894516)
<ACCUMULATED-NII-PRIOR> 37375
<ACCUMULATED-GAINS-PRIOR> (11247)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18674
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 152944
<AVERAGE-NET-ASSETS> 7478245
<PER-SHARE-NAV-BEGIN> 9.84
<PER-SHARE-NII> 0.49
<PER-SHARE-GAIN-APPREC> (0.05)
<PER-SHARE-DIVIDEND> 0.53
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.75
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Ernst & Young LLP
1300 Huntington Building
925 Euclid Avenue
Cleveland, Ohio 44115-1405
Phone: 216-861-5000
The Shareholders and Board of Directors
of Fairport Midwest Growth Fund, Fairport Growth
and Income Fund and Fairport Government
Securities Fund of the Fairport Funds
In planning and performing our audit of the financial statements of Fairport
Midwest Growth Fund, Fairport Growth and Income Fund, and Fairport
Government Securities Fund of the Fairport Funds (the "Funds") for the year
ended October 31, 1996, we considered the Funds' internal control structure,
including procedures for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of Fairport Midwest Growth Fund, Fairport Growth & Income
Fund, and Fairport Government Securities Fund of the Fairport Funds is
responsible for establishing and maintaining a system of internal accounting
control. In fulfilling this responsibility, estimates and judgements by
management are required to assess the expected benefits and related costs
of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against
loss from unauthorized use of disposition and that transactions are executed
in accordance with management's authorization and recorded properly to
permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of the inherent limitations in any system of internal control
structure, errors or irregularities may occur and may not be detected.
Also, projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a condition in
which the design or operation of the specific internal control structure
elements does not reduce to a relatively low level of risk that errors or
irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal control
structure, including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of October 31, 1996.
This report is intended solely for the use of management and the Securities
Exchange Commission.
Cleveland, Ohio
November 27, 1996