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SIGNATURE MICHELLE WHALEN
TITLE SR. ADMINISTRATOR
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Exhibit 77B
Board of Trustees
The Fairport Funds:
In planning and performing our audit of the financial statements of The
Fairport Funds for the year ended October 31, 1998, we considered its
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 The Fairport Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments 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
or disposition and 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 inherent limitations in any 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 the 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, 1998.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio
December 18, 1998
Exhibit 77K
Ernst & Young LLP
1300 Huntington Building
925 Euclid Avenue
Cleveland, Ohio 44115-1405
October 9, 1998
Mr. Kevin Crotty
Treasurer
Fairport Funds
4000 Chester Avenue
Cleveland, Ohio 44103
Dear Mr. Crotty:
This is to confirm that the client-auditor relationship between he Fairport
Midwest Growth Fund, Fairport Growth and Income Fund an Fairport Government
Securities Fund (commission file number 811-8774) and Ernst & Young LLP has
ceased.
Very truly yours,
/s/ Ernst & Young LLP
Ernst & Young LLP
cc: Office of the Chief Accountant
SECPS Letter File
Securities and Exchange Commission
Mail Stop 11-3
450 Fifth Street, NW
Washington, D.C. 20549
EXHIBIT 77-K
Effective October 27, 1998, the Trust selected the accounting firm of
McCurdy & Associates CPA's, Inc. ("McCurdy") to serve as the Funds'
independent certified public accountants for the fiscal year ended
October 31, 1998 to fill a vacancy resulting from Ernst & Young, LLP'S
("Ernst & Young") resignation on October 9, 1998. Ernst & Young had
served as the Funds' independent certified public accountants for the
Funds' fiscal years ended October 31, 1995, October 31, 1996 and
October 31, 1997. Ernst & Young's report on the financial statements
of the Funds for the fiscal year ended October 31, 1997 did not contain
an adverse opinion or disclaimer of opinion or was not qualified or
modified as to uncertainty, audit scope or accounting principles. There
were no disagreements with Ernst & Young on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope
of procedure during the fiscal year ended October 31, 1997 or for the
interim period from November 1, 1997 through the date of their resignation.
The Trust represents that it had not consulted with McCurdy at any time
prior to their engagement with respect to the application of accounting
principles to a specified transaction, either completed or proposed; or the
type of audit opinion that might be rendered on the Funds' financial
statements.
