FUND/PLAN SERVICES, INC.
3200 Horizon Drive
King of Prussia, PA 19406-0903
July 25, 1997
Securities and Exchange Commission
Judiciary Plaza
Public Filing Desk
450 Fifth Street, NW
Washington, DC 20549
Re: Fairport Funds (the "Registrant")
File No.: 811-8774
To the Staff of the Commission:
Pursuant to Rule 497(e) under the Securities Act of 1933, as
amended, enclosed for filing on behalf of the Registrant is the
EDGAR transmission of the Supplement to the Prospectus and Statement of
Additional Information dated February 28, 1997 as Supplemented on March 20,
1997 and on April 11, 1997.
The purpose of this filing is to revise the current Prospectus and
Statement of Additional Information by incorportating non-material changes.
Should you have any questions, comments or require further
information, I can be reached directly at 610-239-4747.
Thank you for your continued courtesy and cooperation.
Sincerely,
Kelly Digan
Assistant Compliance Administrator
cc: Chuck Kiraly
Kristen H. Ives
<PAGE>
Filed Pursuant to Rule
497(e) under the
Securities Act of 1933.
Registration No.811-8774
FAIRPORT FUNDS
Supplement dated July 25, 1997 to
Prospectus dated February 28, 1997
Capitalized terms used in this Supplement have the meaning assigned
to them in the Prospectus.
The third paragraph under the heading "The Adviser" on page 10 of the
Prospectus is deleted and is hereby replaced with the following:
Joseph A. Harrison, C.F.A., Executive Vice President and Director of
Investments for Roulston since 1991, and D. Keith Lockyer, Vice
President and Portfolio Manager of Roulston, manage the portfolio of
the Government Securities Fund. Mr. Harrison and Elmer L. Meszaros
manage the portfolio of the Growth and Income Fund. Mr. Meszaros has
been an analyst with Roulston since July, 1975, and began managing
the portfolio of the Growth and Income Fund with Mr. Harrison as of
July, 1997. Norman F. Klopp, C.F.A., Executive Vice President of
Roulston since 1991, manages the portfolio of the Midwest Growth
Fund. Since 1964, Mr. Klopp has been an analyst with Roulston.
The sixth paragraph under the heading "The Adviser" on page 10 of the
Prospectus is deleted and is hereby replaced with the following:
Mr. Scott D. Roulston, President and a Trustee of the Trust, is the
President and a Director of both Roulston and the Distributor. Mr.
Kevin M. Crotty is Treasurer of the Trust, and Director of Finance
of Roulston and the Distributor. Mr. Charles A. Kiraly, Manager of
Mutual Fund Administration of Roulston, is the Secretary and
Assistant Treasurer of the Trust.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH
THE PROSPECTUS FOR FUTURE REFERENCE
<PAGE>
FAIRPORT FUNDS
Supplement dated July 25, 1997 to
Statement of Additional Information dated
February 28, 1997, as Supplemented on March 20, 1997
and on April 11, 1997
Capitalized terms used in this Supplement have the meaning assigned
to them in the Statement of Additional Information.
The table under the heading "MANAGEMENT OF THE TRUST - Trustees and
Officers of the Trust" on pages 11 and 12 of the Statement of Additional
Information is deleted and is hereby replaced with the following:
Name, Positions(s) Principal Occupation(s)
Address Held During Past Five Years
Business and Age With the Trust
*Scott D. Roulston Trustee and President and Director of Roulston &
4000 Chester Avenue President Company, Inc. and Roulston Research
Cleveland, Ohio 44103 Corp. since 1990.
Age: 39
Thomas V. Chema Trustee Partner, Arter & Hadden (law firm)
1100 Huntington since April, 1989; since June, 1995,
Building President, Gateway Consultants Group,
Cleveland, Ohio 44115 Inc. (sports and related public
facilities consulting); from June,
Age: 50 1990, to June, 1995, Executive
Director of Gateway Economic
Development Corp. of Greater
Cleveland (sports and related
facilities public development
company).
David B. Gale Trustee Executive Director of North American
1700 East 13th Street Association of State and Provincial
Suite 4PE Association of State and Provincial
Cleveland, Ohio 44114 Lotteries (non-profit association of
Lotteries (non-profit association of
Age: 44 sanctioned lotteries) since March,
1995; President of DBG Consulting,
Inc. (management consulting firm)
since December, 1994; from August,
1993 to November 1994, Vice
President and General Manager of
Media Drop-In Productions, Inc.
(marketing/promotions firm); from
August, 1987 to August, 1993, Vice
President and General Manager of BABN
Technologies, Inc. (printing
production facility). <PAGE>
<PAGE>
Name, Positions(s) Principal Occupation(s)
Address Held During Past Five Years
Business and Age With the Trust
David H. Gunning Trustee President of Parkwood Corporation
1001 Lakeside Avenue (personal services corporation) since
Cleveland, Ohio June, 1997; Chairman, President and
44114 Chief Executive Officer of Capitol
American Financial Corporation
Age: 54 (insurance company) from February,
1993 to February, 1997; prior
thereto, partner of Jones, Day,
Reavis & Pogue (law firm).
*Ivan J. Winfield Trustee Associate Professor, Baldwin Wallace
30901 Ainsworth Drive College since 1995; from 1980 to 1994
Pepperpike, Ohio Managing Partner, Coopers & Lybrand,
44124 Northeast Ohio (certified public
accounting firm).
Age: 62
Kevin M. Crotty Treasurer Since June, 1997, Director of Finance
4000 Chester Avenue of Roulston & Company, Inc. and an
Cleveland, Ohio 44103 employee of Roulston & Company, Inc.
employee of Roulston & Company, Inc
Age: 35 since November, 1996; from October,
1993 to October, 1996, Accounting
Manager of Philanthropic and Tax
Planning Department of Premier
Industrial Corporation (electronic
component distributor); from
September, 1989 to October, 1993,
employee of Carnegie Capital
Management Company (investment
management firm).
Charles A. Kiraly Secretary and Since May, 1997, Manager of Mutual
4000 Chester Avenue Assistant Fund Administration and an employee
Cleveland, Ohio 44130 Treasurer of Roulston & Company, Inc. since
Age 27 April, 1996; prior thereto, Senior
Dealer Services Representative at
BISYS Fund Services, Ohio, Inc.;
employee at BISYS Fund Services,
Ohio, Inc. since May, 1993. 1992
graduate of Ohio University, BBA in
Business Administration.
Kristin Hay Ives,Esq. Assistant Partner of the law firm of Baker &
Capitol Square, Suite Secretary Hostetler LLP, Counsel to the Trust.
2100
65 East State Street
Columbus, Ohio 43215
Age: 37
The following sentence is added immediately following the table and
the footnote under the heading "Compensation Table" on page 13 of the
Statement of Additional Information:
Mr. Gale was not a Trustee of the Trust until June 26, 1997,
and therefore did not receive any compensation from the Trust during
the fiscal year ended October 31, 1996.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH
THE STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE
