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FAIRPORT FUNDS
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Charting a Course You Can Trust(TM)
Prospectus
Fairport Midwest Growth Fund
Fairport Growth and Income Fund
Fairport Government Securities Fund
March 1, 1999
Advised by
Roulston & Company, Inc.
The Securities and Exchange Commission has not approved or disapprove
these securities or passed upon the adequacy of this Prospectus.
Any representation to the contrary is a criminal offense.
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<TABLE>
<CAPTION>
TABLE OF CONTENTS
<S> <C>
PAGE
MIDWEST GROWTH FUND 4
Investment Goal 4
Principal Strategy 4
Principal Risks 4
Bar Chart and Performance Table 5
GROWTH AND INCOME FUND 6
Investment Goals 6
Principal Strategy 6
Principal Risks 6
Bar Chart and Performance Table 7
GOVERNMENT SECURITIES FUND 8
Investment Goals 8
Principal Strategy 8
Principal Risks 8
Bar Chart and Performance Table 9
FEES AND EXPENSES OF THE FUNDS 10
OTHER SECURITIES AND RISKS 11
MANAGEMENT OF THE FUNDS 11
Portfolio Managers 12
PRICING FUND SHARES 13
PURCHASE OF SHARES 13
Purchase of Fund Shares 14
Distribution Arrangements 14
REDEMPTION OF SHARES 15
FINANCIAL HIGHLIGHTS 16
DIVIDENDS, DISTRIBUTIONS AND TAXES 18
Dividends & Distributions 18
Tax Consequences 18
</TABLE>
3
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MIDWEST GROWTH FUND
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INVESTMENT GOAL Capital appreciation.
PRINCIPAL STRATEGY
The Fund invests primarily in common stocks and at least 65% of the Fund's total
assets are invested in the common stocks of companies headquartered in the
Midwest region of the United States. This region encompasses Ohio, Indiana,
Michigan, Illinois, Wisconsin, Minnesota, Western New York and Western
Pennsylvania. Although the Fund does not specifically focus on market
capitalization, many of its investments are generally in small-sized and
mid-sized companies, which means companies with less than $5 billion in total
market capitalization.
The common stocks selected for purchase are primarily of companies experiencing
an improvement in profitability or earnings growth compared to other companies.
This improvement can be attributed to the specific company, such as the
influence of a new product cycle. It can also be a function of economic
conditions, such as the beginning or end of a recession, and the company's
sensitivity to these conditions. The fundamentals of a company (which include
earnings and cash flow history and outlook, balance sheet strength, and the
company's product and market position) are also a component of the analysis.
The Fund typically sells a stock when its fundamentals deteriorate, or the stock
falls short of the portfolio manager's expectations or no longer offers good
value relative to its future prospects.
PRINCIPAL RISKS
There are risks associated with any investment, but the risks associated with an
investment in the Fund include:
* stock market risk, or the risk that the price of securities held by the
Fund, as well as the broader stock market, will fall due to various factors
or unpredictable circumstances, including interest rate changes, trends in
the U.S. and world economies and general investor confidence;
* the success of Fund's investments depends on the ability of the portfolio
manager to correctly assess the potential of the stocks purchased for the
Fund;
* because of the Fund's regional focus, the population of companies available
for investment might influence performance under certain market conditions;
also, the Fund's performance is closely tied to general economic conditions
within the Midwest region as a whole and to economic conditions within
particular industries and geographic areas located within the Midwest;
* small and mid-sized capitalization stocks involve certain special risks
including that such stocks may exhibit greater price volatility and be
subject to greater risks of losing value than stocks of companies with
larger market capitalizations; and
* loss of part or all of your money invested in the Fund.
WHAT IS MARKET CAPITALIZATION?
- ------------------------------
There are different ways to measure the size of a company. Market capitalization
is a common way to measure the size of a company based on the price of its
common stock; it is simply the number of outstanding shares of the company
multiplied by the current share price.
4
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THE FAIRPORT FUNDS
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BAR CHART AND PERFORMANCE TABLE
The following bar chart and performance table provide some indication of the
risks of investing in the Fund by showing changes in the Fund's performance from
year to year and by showing how the Fund's average annual return compares with
that of a broad measure of market performance. Both the chart and the table
assume reinvestment of dividends and distributions. As with all mutual funds,
past performance is not a prediction of future performance.
<TABLE>
<CAPTION>
ANNUAL RETURNS(%)
<S> <C>
1994 7.23%
1995 23.31%
1996 20.56%
1997 27.70%
1998 -4.13%
</TABLE>
[CLEVELAND SKYLINE PHOTO]
During the five years ended December 31, 1998, the highest return for a quarter
was 14.09% for the quarter ended June 30, 1997 and the lowest return for a
quarter was -17.32% for the quarter ended September 30, 1998.
<TABLE>
<CAPTION>
Performance Table
(Average annual total returns as of December 31, 1998)
1 year 5 years Since Inception*
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Midwest Growth Fund (4.13%) 14.30% 15.52%
S&P 500 Index 28.58% 24.04% 22.71%
Lipper Growth Fund Average 21.79% 19.06% 18.67%
</TABLE>
The S&P 500 Index is a major stock market index comprised of 500 companies
representing a broad range of industries. Unlike the Fund, this index does not
reflect any fees or expenses.
The S&P 500 Index and Lipper Growth Fund Average
are unmanaged indicators of financial performance and as such are not sold as
investments. The Lipper Growth Fund Average provides information that shows how
the Fund's performance compares with the returns of an index of funds with
similar investment objectives.
* Inception date July 1, 1993.
PORTFOLIO MANAGER
John A. Karnuta, CFA
5
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GROWTH AND INCOME FUND
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INVESTMENT GOALS
Capital appreciation and current income.
PRINCIPAL STRATEGY
The Fund invests principally in the common stocks of well established companies
with long-term growth potential and a history of paying dividends. The portfolio
managers seek growing companies with strong cash flow return that sell at a
discount to the S&P 500 Index. Companies selected must, in the managers'
opinion, have:
* a strong business strategy;
* a durable competitive advantage;
* a record of increasing the dividend over time.
The portfolio managers adhere to a value approach of investment management that
also requires a potential investment to meet other standards such as price/sales
ratios and historical price/earnings ratios relative to the S&P 500 Index and
industry peers. The research process for current and potential investments in
the Fund requires personal visits with company management, as well as other
sources of information such as suppliers, customers, and competitors, to track
original assumptions, verify information, and make changes regarding each
investment. This value style of investing seeks to identify companies that
appear underpriced in regards to their intrinsic worth and future prospects. It
also takes into account the fundamentals of a company which include: earnings
and cash flow history and outlook, balance sheet strength, and the company's
product and market position.
The Fund typically sells a stock when its fundamentals deteriorate, or the stock
falls short of the portfolio managers' expectations or no longer offers good
value.
PRINCIPAL RISKS
There are risks associated with any investment, but the particular risks
associated with your investment in the Fund include:
* stock market risk, or the risk that the price of securities held by the
Fund, as well as the broader stock market will fall due to various factors
or unpredictable circumstances, including interest rate changes, trends in
the U.S. and world economies and general investor confidence;
* the success of the Fund's investments depends on the ability of the
portfolio managers to correctly assess the potential of the stocks
purchased for the Fund; and
* loss of part or all of your money invested in the Fund.
WHAT IS THE PRICE/EARNINGS RATIO?
- --------------------------------
A company's price/earnings ratio is a common measure of the value of a common
stock; it is simply the ratio of the stock's market price to its earnings per
share. For example, a common stock with the P/E of 12 means that its price per
share is twelve times its earnings per share.
6
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THE FAIRPORT FUNDS
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BAR CHART AND PERFORMANCE TABLE
The following bar chart and performance table provide some indication of the
risks of investing in the Fund by showing changes in the Fund's performance from
year to year and by showing how the Fund's average annual return compares with
that of a broad measure of market performance. Both the chart and the table
assume reinvestment of dividends and distributions. As with all mutual funds,
past performance is not a prediction of future performance.
<TABLE>
ANNUAL RETURNS(%)
<S> <C>
1994 1.73%
1995 28.87%
1996 17.74%
1997 30.31%
1998 6.28%
</TABLE>
[PHOTO]
During the five years ended December 31, 1998, the highest return for a quarter
was 17.65% for the quarter ended June 30, 1997 and the lowest return for a
quarter was -15.3% for the quarter ended September 30, 1998.
<TABLE>
<CAPTION>
Performance Table
(Average annual total returns as of December 31, 1998)
1 year 5 years Since Inception*
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Growth and Income Fund 6.28% 16.40% 15.85%
S&P 500 Index 28.58% 24.04% 22.71%
Lipper Growth & Income Fund Average 14.15% 17.96% 17.61%
</TABLE>
The S&P 500 Index is a major stock market index comprised of 500 companies
representing a broad range of industries. Unlike the Fund, this index does not
reflect any fees or expenses.
The S&P 500 Index and Lipper Growth & Income Fund Average are unmanaged
indicators of financial performance and as such are not sold as investments. The
Lipper Growth & Income Fund Average provides information that shows how the
Fund's performance compares with the returns of an index of funds with similar
investment objectives.
*Inception date July 1, 1993.
PORTFOLIO MANAGERS
Portfolio Manager: Elmer L. Meszaros, CFA
Co-Portfolio Managers: Joseph A. Harrison, CFA
Norman F. Klopp, CFA
[LIGHTHOUSE LOGO] 7
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GOVERNMENT SECURITIES FUND
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INVESTMENT GOALS
Current income consistent with preservation of capital.
PRINCIPAL STRATEGY
The Fund primarily invests in U.S. government and agency securities and expects
to maintain an average portfolio maturity of three to ten years. Normally, at
least 65% of the Fund's total assets are invested in U.S. government securities,
including:
* direct obligations issued by the U.S. Treasury;
* securities issued or guaranteed by the U.S. Government or its agencies or
instrumentalities;
* repurchase agreements, backed by any of the foregoing securities.
PRINCIPAL RISKS
There are risks associated with any investment, but the particular risks
associated with your investment in the Fund include:
* the market value of the Fund's portfolio securities will change in response
to interest rate changes and other factors;
* during periods of falling interest rates, the value of fixed income
securities generally rises; conversely, during periods of rising interest
rates, the value of such securities generally declines;
* securities with longer maturities generally pay higher rates of interest
but they are also subject to greater price volatility due to changes in
interest rates;
* the success of a Fund's investments depends on the ability of the
portfolio managers to correctly assess the potential of the holdings relative
to the market climate and interest rate changes;
* while the U.S. Government or its agencies guarantee the principal and
interest on such obligations, it does not guarantee the market price of such
securities; and
* loss of part or all of your money invested in the Fund.
8
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THE FAIRPORT FUNDS
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BAR CHART AND PERFORMANCE TABLE
The following bar chart and performance table provide some indication of the
risks of investing in the Fund by showing changes in the Fund's performance from
year to year and by showing how the Fund's average annual return compares with
that of a broad measure of market performance. Both the chart and the table
assume reinvestment of dividends and distributions. As with all mutual funds,
past performance is not a prediction of future performance.
<TABLE>
<CAPTION>
ANNUAL RETURNS = (%)
<S> <C>
1994 -6.48%
1995 17.90%
1996 2.32%
1997 7.51%
1999 8.94%
</TABLE>
[CLEVELAND ART MUSEUM PHOTO]
During the five years ended December 31, 1998, the highest return for a quarter
was 6.45% for the quarter ended June 30, 1995 and the lowest return for a
quarter was -4.41% for the quarter ended March 31, 1994.
<TABLE>
<CAPTION>
PERFORMANCE TABLE
(Average annual total returns as of December 31, 1998)
1 year 5 years Since Inception*
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Government Securities Fund 8.94% 5.73% 5.59%
Merrill Lynch Intermediate
Government Bond Index 8.63% 6.50% 6.32%
The Merrill Lynch Intermediate Government Bond Index includes all U.S.
Treasury Notes and Bonds with at least $1 billion face amount
outstanding. Maturities are between one and ten years. Unlike the Fund,
this index does not reflect any fees or expenses.
* Inception date July 1, 1993.
</TABLE>
PORTFOLIO MANAGERS
Portfolio Manager Effective April 1, 1999:
Co-Portfolio Managers through March 31, 1999:
Robert P. Goodman
Thomas H. Roulston & D. Keith Lockyer 9
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THE FAIRPORT FUNDS
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FEES AND EXPENSES OF THE FUNDS
This table describes the fees and expenses that you may pay if you buy and hold
shares of one or more of the Funds.
<TABLE>
<CAPTION>
FAIRPORT FAIRPORT FAIRPORT
MIDWEST GROWTH GOVERNMENT
GROWTH AND INCOME SECURITIES
FUND FUND FUND
- ---------------------------------------------------------------------------------------------------------------------------
Shareholder Fees*:
<S> <C> <C> <C>
(fees paid directly from your investment) None None None
Annual Fund Operating Expenses:
(expenses that are deducted from Fund assets)
Management Fees .75% .75% .25%
Distribution and Service
(12b-1) Fees .25% .25% .25%
Other Expenses .43% .53% 1.69%
Total Annual Operating ------ ------ ------
Expenses 1.43%** 1.53%** 2.19%**
Less Fee Waiver and/or
Expense Reimbursement (.05%) (.03%) (1.29%)
====== ====== ======
Net Annual Operating Expenses 1.38%*** 1.50%*** .90%***
====== ====== ======
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
* A $9 wire redemption charge deducted from the amount of each redemption of
Fund shares you request by Federal Reserve wire.
** These are the gross fees and
expenses that would have been incurred for the fiscal year ended October 31,
1998 if Roulston and Company, the Adviser, did not waive any fees and/or
reimburse expenses.
***These are the net fees and expenses that the Funds
actually incurred for the fiscal year ended October 31, 1998 because Roulston
had voluntarily agreed to waive advisory fees and/or reimburse expenses.
Roulston has contractually agreed to continue to waive advisory fees and/or
reimburse expenses for the Funds' fiscal year ending October 31, 1999, to the
extent necessary to maintain each Fund's Net Annual Operating Expenses at the
levels shown in the above table. This undertaking shall continue for additional
one-year terms absent 60 days' notice from Roulston.
EXAMPLE
This example is intended to help you compare the cost of investing in the Funds
with the cost of investing in other mutual funds. The example assumes that:
* You invest $10,000 in a Fund for the time periods indicated;
* You redeem all of your shares at the end of each time period;
* Your investment has a hypothetical 5% return each year;
* All dividends are reinvested; and
* Each Fund's operating expenses for the one year period are calculated net
of any fee waivers and/or expenses assumed, and each Fund's operating
expenses for the three year, five year and ten year periods do not reflect
fee waivers and/or expenses assumed.
This example is for comparison purposes only. Actual return and expenses will be
different and each Fund's performance and expenses may be higher or lower. Based
on the above assumptions, your costs for each Fund would be:
<TABLE>
<CAPTION>
1 year 3 years 5 years 10 years
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Midwest Growth Fund $140 $452 $ 782 $1,713
Growth and Income Fund $153 $483 $ 834 $1,824
Government Securities Fund $ 92 $685 $1,175 $2,524
</TABLE>
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THE FAIRPORT FUNDS
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OTHER SECURITIES AND RISKS
STOCKS OF SMALL- AND MID-SIZED COMPANIES. The prices of stocks of small- and
mid-sized companies are generally more volatile than those of larger, more
established companies for a variety of factors including lack of market makers
and analysts following such companies. In addition, small- and mid-sized
companies are more sensitive to adverse economic changes because they usually
rely on only a few products, have more limited financial resources and have less
experienced management.
BONDS AND OTHER DEBT SECURITIES. Generally, the Government Securities Fund is
subject to interest rate risk, which is the risk that increases in market
interest rates may decrease the value of the bonds or other debt securities held
by that Fund. Usually the prices of bonds fall when interest rates increase, and
rise when interest rates decrease. Typically, the longer the maturity of a bond,
the more sensitive its price is to shifts in interest rates. Because the
Government Securities Fund invests principally in securities issued or
guaranteed by the U.S. Government or its agencies or instrumentalities, there is
very little risk that the principal of and interest on such securities will not
be paid when due.
TEMPORARY DEFENSIVE POSITIONS. In response to economic, political or unusual
market conditions, each Fund may adopt a temporary defensive position. In such
an event, each Fund may invest up to 100% of its assets in cash or money market
instruments. Should this occur, the Fund taking the temporary defensive position
will not achieve its investment objective during that time.
REPURCHASE AGREEMENTS. In a repurchase agreement, the Fund essentially is making
a short-term loan to a broker or bank (seller). The Fund buys securities that
the seller has agreed to buy back at a specific time and at a set price that
includes interest. There is a risk that the seller will be unable to buy back
the securities at the time required, and the Fund could experience delays in
recovering the amounts owed it.
YEAR 2000 COMPLIANCE. The Funds could be adversely affected if the computer
systems used by their service providers do not properly process and calculate
date-related information after December 31, 1999. The Year 2000 issue affects
virtually all companies and organizations. While Year 2000-related computer
problems could have a negative effect on the Funds, Roulston and First Data are
working to avoid such problems and to obtain assurances from the Funds' other
service providers that they are taking similar steps. Companies, organizations,
governmental entities and securities in which the Funds invest could be affected
by the Year 2000 issue, but at this time the Funds cannot predict the degree of
impact. To the extent the effect is negative, a Fund's returns could be reduced.
MANAGEMENT OF THE FUNDS
Roulston, 4000 Chester Avenue, Cleveland, Ohio 44103, serves as the investment
adviser for each Fund. Roulston is a professional investment management firm and
registered investment adviser founded in 1963. In addition to advising the
Funds, Roulston provides advisory services to pension plans, corporations,
401(k) plans, profit sharing plans, individual investors, trusts and estates.
Roulston serves as the investment adviser for each Fund pursuant to an
investment advisory agreement. Roulston makes the investment decisions for the
assets of the Funds and continuously reviews, supervises and administers the
investment program of the Funds.
During the fiscal year ended October 31, 1998, the Midwest Growth Fund paid net
advisory fees of .71 % of its average net assets (reflecting fee waivers of .04%
or $34,063), the Growth and Income Fund paid net advisory fees of .70% of its
average net assets (reflecting fee waivers of .05% or $16,411), and the
Government Securities Fund paid net advisory fees of .00% of its average net
assets (reflecting fee waivers of .25% or $11,854).
11
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THE FAIRPORT FUNDS
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PORTFOLIO MANAGERS
MIDWEST GROWTH FUND
Effective March 1, 1999, the Fund is managed by John A. Karnuta. Mr. Karnuta has
over 30 years of investment experience including positions as a security analyst
for McDonald & Company Securities, Inc. and for Roulston & Company, the Vice
President - Manager of Employee Benefit Portfolios at the Society National Bank
Trust Department, and, for the eleven years ended in February 1999, as the
portfolio manager of growth equities for the BP America Pension Fund. He
graduated from John Carroll University, received an MBA from Case-Western
University, and attended National Trust School at Northwestern University. A
Chartered Financial Analyst and member of the Association for Investment
Research, Mr. Karnuta is also a former President of the Cleveland Society of
Security Analysts.
GROWTH AND INCOME FUND
Effective March 1, 1999, the Fund is primarily managed by Elmer L. Meszaros,
CFA, and co-managed by Joseph A. Harrison, CFA, and Norman F. Klopp, CFA. Mr.
Meszaros has 31 years of investment experience. He began his investment career
as a security analyst and portfolio manager at the predecessor organization to
the Huntington Bank in 1966, while still in college. He joined Roulston, in
1975, as an Investment Analyst. Mr. Meszaros has experience in evaluating a
variety of industries and has personally interviewed hundreds of managements. He
has specialized in close coverage of bank and financial stocks and has
co-managed the Fund with Joseph A. Harrison since July, 1997. A 1975 graduate of
the MBA Program at Case Western Reserve's Weatherhead School, Mr. Meszaros is a
Chartered Financial Analyst, a member of the Association for Investment
Management and Research, and is a member of the Cleveland Society of Security
Analysts.
Joseph A. Harrison, CFA, is Executive Vice President and Director of Investments
for Roulston. He began his investment career in the Trust Investment Department
of Union Commerce Bank in 1960. After more than fifteen years in research and
portfolio management, Mr. Harrison joined Roulston in 1976, serving as Director
of Portfolio Management prior to assuming his present duties in 1990. Mr.
Harrison currently brings more than thirty years of portfolio management
experience to the management of
the Fund and has been a portfolio manager of the Fund since its inception on
July 1, 1993. A 1959 graduate of John Carroll University, Mr. Harrison is a
Chartered Financial Analyst, a member of the Association for Investment
Research, and a member and past President of the Cleveland Society of Security
Analysts.
Effective March 1, 1999, Norman F. Klopp, CFA, became a co-manager of the Fund.
Prior to March 1, 1999, Mr. Klopp was the portfolio manager of the Fairport
Midwest Growth Fund from its inception on July 1, 1993. Mr. Klopp graduated from
Yale University in 1960 and is a Chartered Financial Analyst. Mr. Klopp joined
Roulston & Company in 1964 and has served as Director of Research and Chief
Investment Officer. Since joining Roulston, Mr. Klopp has closely followed
companies and industries based in the Midwest. He remains active as a security
analyst working with the Roulston's research department to identify and follow
investments for the Funds.
GOVERNMENT SECURITIES FUND
Effective April 1, 1999, the Fund will be managed by Robert P. Goodman. Mr.
Goodman has over 17 years of investment management experience. Prior to joining
Roulston, Mr. Goodman managed the $1.1 billion Fixed Income portion of the BP
America Pension Fund for 10 years. He has spent his entire career in the
financial markets, where he has traded and invested all types of bonds,
including both domestic and foreign. Beginning in 1982, he served as a
Government Securities Trader with various primary dealerships, including a three
year assignment in London, England. A graduate of State University of New York
at Empire College, Mr. Goodman has actively written and spoken about the bond
market at numerous functions.
The Fund is co-managed by Thomas H. Roulston and D. Keith Lockyer through March
31, 1999. Mr. Roulston founded Roulston and has been Chairman since 1990. He
became a manager of the Fund in June 1998. Mr. Roulston has over 35 years of
investment management experience.
Mr. Lockyer has managed the Fund since its inception. He has been Vice President
and a portfolio manager at Roulston since 1986.
12
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THE FAIRPORT FUNDS
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PRICING FUND SHARES
Fund shares are sold and redeemed (sold back to the Fund) at net asset value
(NAV). NAV per share of each Fund is determined by dividing the total market
value of a Fund's investments and other assets, less any liabilities, by the
total outstanding shares of that Fund. NAV per share for each fund is determined
each day the New York Stock Exchange (NYSE) is open for regular business at the
earlier of 4 P.M., Eastern Time, or the close of regular trading on the NYSE.
When you place an order to purchase shares or to redeem shares with a Fund or
one of its authorized agents, the shares purchased or redeemed will be priced at
the next NAV or price that is calculated for that Fund. Authorized agents for
the Funds include First Data Investors Group, the Funds' transfer agent, or
certain discount brokers or banks with whom the Funds have entered into
agreements for shareholder servicing.
The portfolio securities of each Fund will be valued at market value. Each Fund
uses one or more pricing services to provide market quotations for equity, fixed
income and variable income securities. If quotations are not available from one
or more pricing services, securities will be valued by a method which the Funds'
Board of Trustees believes accurately reflects fair value. Equity securities
which are listed or admitted to trading on a national securities exchange or
other market trading system which reports actual transaction prices on a
contemporaneous basis will be valued at the last sales price on the exchange on
which the security is principally traded. For fixed and variable income
securities, the pricing service may use a matrix system of valuation which
considers factors such as securities prices, yield features, call features,
ratings and developments related to a specific security. For further information
regarding the pricing of securities, please see the Statement of Additional
Information.
All requests received by First Data Investor Services Group before 4:00 p.m.,
Eastern Time, will be executed the same day, at that day's closing share price.
Orders received after 4:00 p.m., Eastern Time, will be executed the
following day, at that day's closing share price. Shares will not be priced on
days when the NYSE is closed.
Shares of the Funds will not be priced and are not available for purchase the
following days on which the NYSE is closed for trading: New Year's Day, Martin
Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Independence
Day, Labor Day, Thanksgiving Day and Christmas Day.
PURCHASE OF SHARES GENERAL INFORMATION: You may purchase shares of any Fund
directly by mail or by wire. An account application may be obtained by
calling Roulston Research Corp., the Funds' distributor, at 1-800-332-6459
(1-800-3-FAMILY).
Payment for shares may be made by check or readily available funds (e.g., by
federal funds wire). Purchases will be made in full and fractional shares of a
Fund calculated to three decimal places. Your account statement will be your
record of shares of the Funds owned by you. No share certificates will be
issued.
The Funds reserve the right to reject any purchase order. Checks that do not
clear will result in a cancellation of the purchase, and you could be liable for
any losses or fees incurred, including a $20 returned check fee.
RETIREMENT PLANS:
The Funds are eligible for investment by tax deferred retirement programs such
as 401(k) plans, traditional IRAs, spousal IRAs, Roth IRAs, Education IRAs, SEP
IRAs and SIMPLE IRAs. All accounts established under such plans must have all
dividends reinvested in the Fund. For more information about prototype plans or
for an IRA application, please call 800-332-6459.
13
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THE FAIRPORT FUNDS
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<TABLE>
<CAPTION>
PURCHASE OF FUND SHARES |
<S> |<C>
TO OPEN AN ACCOUNT |TO ADD TO AN ACCOUNT
|BY MAIL
BY MAIL |Fill out the subsequent investment stub from
Complete the application and mail the application and your check made out to the|your account statement and mail your check or
|other negotiable bank draft with your account
| number on it to:
Fund you wish to invest in to: | Fairport Funds
Fairport Funds | c/o First Data Investor Services Group
c/o First Data Investor Services Group | P.O. Box 412797
3200 Horizon Drive | Kansas City, Missouri 64141-2797
King of Prussia, Pennsylvania 19406 |Please make your check payable to the Fund you are
Minimum initial investment for each Fund: |investing in. Minimum each account (including
|additional investments for each Fund: $50.00 for
$250 for each account (including retirement accounts) |retirement accounts)
|
BY WIRE |BY WIRE
Telephone 800-332-6459 and you will receive an account number. |
Call your bank|with instructions to transmit funds to: |Call 800-332-6459
UMB Bank, NA, ABA #10-10-00695 |
Attn: First Data Investor Services Group |Follow the instructions under
Account #98-7037-071-9 |"TO OPEN AN ACCOUNT - By Wire."
Name of the Fund |
Name on the Account |
|
Mail a completed account application to First Data Investor Services Group at |
the above address. Note: Your bank may charge you a wire fee. |
|
BY AUTOMATIC INVESTMENT Submit your AUTOMATIC INVESTMENT PLAN (Section 7 of the|BY AUTOMATIC INVESTMENT
application) with your initial investment. |To add the AUTOMATIC INVESTMENT PLAN to an
|existing account, call 800-332-6459 to request the
Subsequent investments will be drawn from your bank account and invested in the|form.
|
designated Fund(s). |Complete and return the form and any additional
|materials.
|Subsequent investments will be drawn from your
|bank account and invested in the
|designated Fund(s).
|
|
BY EXCHANGE |BY EXCHANGE
Call 800-332-6459 to request an exchange of shares into: |
- Another Fairport Fund |If you have previously authorized telephone
- Kemper's Cash Account Trust Money Market Portfolio. |exchanges, call 080-332-6459 to request an exchange
|of shares into:
For this exchange, you must first receive a prospectus. This may not be |Another Fairport Fund.
available in all states. |Kemper's Cash Account Trust Money Market Portfolio.
|For this exchange, you must first receive
|a prospectus. This may not be available in all
NOTE: No fee or charge will apply, but there may be a capital gain or loss. The|states.
exchange privilege is subject to amendment or termination at any time upon |NOTE: No fee or charge will apply, but there may be
sixty days prior notice. |a capital gain or loss. The sixty days exchange
|privilege is subject to amendment or termination at
|any time upon sixty days prior notice.
</TABLE>
Please note that if you use a broker-dealer to
assist you in any of these transactions, the
broker-dealer may charge you a fee for this
service.
DISTRIBUTION ARRANGEMENTS
The Funds do not charge up-front or deferred sales charges. Each Fund has
adopted a distribution and shareholder service plan under Rule 12b-1 of the
Investment Company Act, which allows the Funds to pay for the sale and
distribution of their shares, as well as for shareholder services. These fees
generally are paid to persons selling the Funds' shares. The maximum amount that
each Fund may pay under the 12b-1 plan is 0.25% of its average net assets.
Because these fees are paid out of Fund assets on an on-going basis, over time
these fees will increase the cost of your investment and may cost you more than
paying other types of sales charges.
14
<PAGE> 14
================================================================================
THE FAIRPORT FUNDS
================================================================================
REDEMPTION OF SHARES
General Information: You may sell or redeem shares of any Fund by any one or
more of the following methods:
<TABLE>
<CAPTION>
To Sell from or Close an Account
<S> | <C>
BY MAIL | By Telephone
Write a letter of instruction that | If you have previously authorized
includes: | redemption by telephone, call
- - the fund name, your account | 800-332-6459.
number, the name in which the account is |
registered and the dollar value or |
number of shares you wish to sell. | You will receive your redemption payment
- - Include all signatures and any | in the form you previously selected:
additional documents that may be | check, deposit to your bank account, or
required. | wire transfer (for wire transfers, a fee
| will be charged)
----------------------------------------------
Mail your request to: |
Fairport Funds | BY EXCHANGE
c/o First Data Investor Services Group | If you have previously authorized
3200 Horizon Drive | telephone exchanges, call 800-332-6459
King of Prussia, PA 19406 | to request an exchange of shares into:
|
A check will be mailed to the name(s) | - another Fairport Fund
and address in which the account is | - Kemper's Cash Account Trust Money Market Portfolio.
registered. | For this exchange, you must first receive a prospectus.
- ----------------------------------------------| This may not be available in all states.
|
BY SYSTEMATIC WITHDRAWAL | NOTE: No fee or charge will apply, but
Call 800-332-6459 to request an | an exchange of shares is treated as a
application for the SYSTEMATIC | sale, and there may be a capital gain or
WITHDRAWAL PLAN. Specify the amount and | loss. The exchange privilege is subject
frequency of withdrawals (minimum of | to amendment or termination at any time
$100). | upon sixty days prior notice.
|
NOTE: A minimum account balance of |
$10,000 is required and you must have |
all dividends and distributions |
reinvested. |
</TABLE>
Please note that if you use a broker-dealer to
assist you in any of these transactions, the
broker-dealer may charge you a fee for this
service.
Selling Recently Purchased Shares:
If the shares to be redeemed were recently purchased by check, proceeds from
your redemption may be delayed up to 15 days from the purchase date until the
purchase check has cleared. If you are considering redeeming shares soon after
purchase, you should purchase by bank wire or certified check to avoid this
possible delay.
Signature Guarantees:
The Funds will require a signature guarantee for any of the following:
- - any written redemption request for $25,000 or more; or
- - a change in address or payee to where redemption proceeds may be
mailed as shown on your account application; or
- - a change in the bank account to which redemption
payments are made.
A signature guarantee may be obtained from most banks or securities dealers, but
not from a notary public.
Accounts With Low Balances:
If your account balance falls below $250 due to redemptions made by you, a Fund
may redeem your share at NAV. The Fund will notify you if your balance has
fallen below the required minimum, and you will have 60 days to meet the minimum
before your shares are redeemed.
Right to Redeem in Kind:
Each of the Funds has elected generally to pay only cash for redemptions of up
to $250,000 (or 1% of the Fund, whichever is less). The Funds will generally
only pay cash for any other redemptions over that amount unless the Funds' Board
of Trustees believes that under current conditions, further payments in cash
would not be in that Fund's best interests. In those situations, you may receive
portfolio securities instead of cash.
15
<PAGE> 15
================================================================================
THE FAIRPORT FUNDS
================================================================================
FINANCIAL HIGHLIGHTS
The financial highlights tables are intended to help you understand each Fund's
financial performance for the past 5 years. Certain information reflects
financial results for a single fund share. The total returns in each table
represent the rate that you would have earned (or lost) on an investment in a
Fund (assuming reinvestment of all dividends and distributions). This
information has been audited by McCurdy & Associates CPAs, Inc., whose report,
along with the Funds' financial statements, is included in the Funds' annual
report, which is available upon request.
<TABLE>
<CAPTION>
FAIRPORT MIDWEST GROWTH FUND
- -----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/98 10/31/97 10/31/96 10/31/95 10/31/94
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD $ 18.88 $ 15.50 $ 13.55 $ 12.27 $ 11.07
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) (0.03) (0.01) 0.02 0.04 0.02
Net realized and unrealized gain
(loss) on investments (1.30) 4.55 2.16 2.04 1.19
---------- ---------- ---------- ---------- ----------
Total from investment operations (1.33) 4.54 2.18 2.08 1.21
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
From net investment income 0.00 (0.01) (0.03) (0.04) (0.01)
From realized capital gains (1.10) (1.15) (0.20) (0.76) 0.00
---------- ---------- ---------- ---------- ----------
Total distributions (1.10) (1.16) (0.23) (0.80) (0.01)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 16.45 $ 18.88 $ 15.50 $ 13.55 $ 12.27
========== ========== ========== ========== ==========
TOTAL RETURN (7.73%) 31.00% 16.28% 18.17% 10.89%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $ 65,387 $ 77,017 $ 57,198 $ 49,408 $ 29,688
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before reimbursement of expenses
by Adviser 1.43% 1.58% 1.69% 1.57% 1.54%
After reimbursement of expenses
by Adviser 1.38% 1.38% 1.38% 1.41% 1.45%
RATIO OF NET INVESTMENT INCOME TO
AVERAGE NET ASSETS:
Before reimbursement of
expenses by Adviser (0.18%) (0.25%) (0.16%) 0.14% 0.08%
After reimbursement
of expenses by Adviser (0.13%) (0.05%) 0.15% 0.29% 0.17%
Portfolio turnover 52.23% 41.16% 58.01% 46.51% 77.57%
<CAPTION>
GROWTH AND INCOME FUND
- --------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/98 10/31/97 10/31/96 10/31/95 10/31/94
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD $ 17.87 $ 14.22 $ 12.29 $ 10.68 $ 10.36
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.01 0.05 0.13 0.15 0.14
Net realized and unrealized
gain (loss) on investments (0.15) 4.83 2.04 1.68 0.35
---------- ---------- ---------- ---------- ----------
Total from investment operations (0.14) 4.88 2.17 1.83 0.49
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
From net investment income 0.00 (0.09) (0.14) (0.12) (0.14)
From realized capital gains (1.84) (1.14) (0.10) (0.10) (0.03)
---------- ---------- ---------- ---------- ----------
Total distributions (1.84) (1.23) (0.24) (0.22) (0.17)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 15.89 $ 17.87 $ 14.22 $ 12.29 $ 10.68
========== =========== ========== ========== ==========
TOTAL RETURN (1.20%) 36.61% 17.77% 17.36% 4.72%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $ 33.047 $ 30.841 $ 23,071 $ 23,082 $ 18,177
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before reimbursement of
expenses by Adviser 1.53% 1.76% 1.83% 1.79% 1.72%
After reimbursement of
expenses by Adviser 1.49% 1.50% 1.50% 1.50% 1.50%
RATIO OF NET INVESTMENT INCOME TO
AVERAGE NET ASSETS:
Before reimbursement of
expenses by Adviser (0.02%) 0.03% 0.58% 0.98% 1.20%
After reimbursement of
expenses by Adviser 0.02% 0.29% 0.91% 1.26% 1.42%
Portfolio turnover 40.43% 42.45% 34.02% 13.36% 35.16%
</TABLE>
16
<PAGE> 16
================================================================================
THE FAIRPORT FUNDS
================================================================================
<TABLE>
<CAPTION>
FAIRPORT GOVERNMENT SECURITIES FUND
- --------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/98 10/31/97 10/31/96 10/31/95 10/31/94
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD $ 9.90 $ 9.75 $ 9.84 $ 9.03 $ 10.20
---------- --------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.49 0.49 0.49 0.49 0.43
Net realized and unrealized gain
(loss) on investments 0.53 0.15 (0.05) 0.81 (1.17)
---------- --------- --------- --------- ---------
Total from investment operations 1.02 0.64 0.44 1.30 (0.74)
---------- --------- --------- --------- ---------
LESS DISTRIBUTIONS:
From net investment income (0.49) (0.49) (0.53) (0.49) (0.42)
From realized capital gains 0.00 0.00 0.00 0.00 (0.01)
---------- --------- --------- --------- ---------
Total distributions (0.49) (0.49) (0.53) (0.49) (0.43)
---------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 10.43 $ 9.90 $ 9.75 $ 9.84 $ 9.03
========== ========= ========= ========= =========
TOTAL RETURN 10.61% 6.76% 4.58% 14.76% (7.24%)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $ 5,057 $ 4,411 $ 5,752 $ 8,647 $ 7,614
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before reimbursement of
expenses by Adviser 2.19% 2.70% 2.05% 2.16% 1.80%
After reimbursement of
expenses by Adviser 0.90% 0.90% 0.90% 0.90% 0.90%
RATIO OF NET INVESTMENT INCOME TO
AVERAGE NET ASSETS:
Before reimbursement of
expenses by Adviser 3.60% 3.23% 3.78% 3.89% 3.88%
After reimbursement of
expenses by Adviser 4.89% 5.03% 4.93% 5.16% 4.78%
Portfolio turnover 89.89% 21.01% 21.23% 1.28% 24.14%
</TABLE>
17
<PAGE> 17
================================================================================
THE FAIRPORT FUNDS
================================================================================
DIVIDENDS, DISTRIBUTIONS AND TAXES
DIVIDENDS & DISTRIBUTIONS
Dividends and distributions from the Fund(s) will be automatically used to
purchase additional shares of that Fund unless you have elected to receive
dividends and distributions in cash. If you participate in the systematic
withdrawal plan or any retirement plan, you must have your distributions
reinvested.
The Funds distribute substantially all of their net investment income in the
form of dividends and capital gains in the form of distributions. The Midwest
Growth Fund and the Growth and Income Fund generally pay dividends
semi-annually. The Government Securities Fund declares dividends daily and
distributes them on a monthly basis. Any capital gains realized by a Fund will
be distributed at least annually.
TAX CONSEQUENCES
A Fund pays no federal income tax on earnings distributed to shareholders as
long as it meets the requirements for being a tax-qualified regulated investment
company, which each of the Funds has done in the past and intends to do in the
future. Any dividend or distribution you receive, whether in cash or reinvested,
is considered taxable income to you. Dividends of net investment income are
taxable to you as ordinary income. Capital gains distributions are taxed based
on how long the Fund held the assets that generated such gains. Net short term
capital gains are generally taxable to shareholders as ordinary income.
Distributions of net long term capital gains are taxable as long term capital
gains. Shareholders will be advised at least annually as to the federal income
tax consequences of distributions made to them during the year. You are urged to
consult your tax advisor concerning the application of federal, state and local
taxes to your particular situation. An exchange of shares of a Fund for shares
of another Fund is considered to be a sale of Fund shares for tax purposes.
TAX AND DISTRIBUTION CHECKLIST
The following TAX CHECKLIST is a guide to the forms and reporting information
for any regular, taxable accounts which will help assist your tax preparer: (not
including IRAs or Retirement Accounts)
<TABLE>
<CAPTION>
TAX FORM WHAT IS IT? WHEN IS IT SENT?
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Year End Summary Statement Sent to shareholders detailing the activity January
in an account for the entire year. Keeping a
copy of this statement on an ongoing basis
will help with taxes down the road.
- ------------------------------------------------------------------------------------------------------------------
1099 - DIV Sent to shareholders in any Fund which made January
distributions of dividends or capital gains
during the year.
- ------------------------------------------------------------------------------------------------------------------
1099 - B Sent to shareholders that have redeemed January
any shares during the year through a
redemption or exchange in any Fund.
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
The following DISTRIBUTION PROFILE is a guide to when distributions are
scheduled to be paid to shareholders in the event that a dividend or capital
gain distribution is declared in a particular Fund*:
<TABLE>
<CAPTION>
FUND DIVIDENDS CAPITAL GAINS
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Fairport Midwest Growth Fund End of June Early December
Semi-Annual Distributions End of December
- -------------------------------------------------------------------------------------------------------------------
Fairport Growth and Income Fund End of June Early December
Semi-Annual Distributions End of December
- -------------------------------------------------------------------------------------------------------------------
Fairport Government Securities Fund End of the Month Early December
Monthly Distributions
- -------------------------------------------------------------------------------------------------------------------
<FN>
*There are no guarantees that either dividends or distributions will be declared
and the schedule is subject to change.
</TABLE>
18
<PAGE> 18
================================================================================
THE FAIRPORT FUNDS
================================================================================
Additional information about each Fund's investments is available in the Funds'
annual and semi-annual reports to shareholders. In the annual report, you will
find a discussion of the market conditions and investment strategies that
significantly affected each Fund's performance the last fiscal year.
The Statement of Additional Information ("SAI") provides more detailed
information about the funds. The SAI has been filed with the Securities and
Exchange Commission ("SEC") and is incorporated by reference into this
Prospectus.
The SAI and the annual/semi-annual reports are available at no charge by calling
or writing:
Fairport Funds
[GRAPHIC LOGO] 4000 Chester Avenue
Cleveland, OH 44103
(800) 332-6459
This number may also be used to request other information about the Funds or for
shareholder inquiries. You may also visit the Funds' website at
www.fairport.com. Reports and other information about the Funds, including the
SAI, are available on the SEC's Internet site at http://www.sec.gov. This
information may also be viewed or copied at the SEC's Public Reference Room in
Washington D.C or by sending your request, along with a duplicating fee, to the
SEC's Public Reference Section, Washington D.C 20549-6009. (For information on
the Public Reference Room, telephone 800-SEC-0330).
The Trust's SEC File No. is 811-8774.
19
<PAGE> 19
ABOUT FAIRPORT FUNDS
AND ITS ADVISER
------------------------------------------------------
Fairport Funds are managed by Roulston & Company, a leading investment
management firm. Founded in Cleveland in 1963, Roulston & Company acts as
manager or investment adviser for more than $800 million in portfolio accounts
for pension funds, profit-sharing trusts, foundations, endowments and
individuals. Our investment style is designed to take advantage of
inefficiencies in the market by concentrating on undervalued equities where
management has historically demonstrated a strong commitment to the stockholders
and where the rigorous investigation of our research team can be satisfied.
While future risks are difficult to predict, we firmly believe that a
disciplined approach to investment management which incorporates our thorough
research effort will produce excellent returns with below average risk over
time.
------------------------------------------------------
The information provided on this cover page may be used in conjunction with the
offering of shares of any Fairport Funds only if accompanied or preceded by a
current prospectus.
An investment in a mutual fund involves certain investment risks, including the
possible loss of principal.
(C)1999 Roulston Research Corp.
[GRAPHICS LOGO]
FAIRPORT FUNDS
CHARTING A COURSE YOU CAN TRUST
4000 Chester Avenue
Cleveland, Ohio 44103
1-800-332-6459
ADVISER:
Roulston & Company, Inc.
4000 Chester Avenue
Cleveland, Ohio 44103
DISTRIBUTOR:
Roulston Research Corp.
4000 Chester Avenue
Cleveland, Ohio 44103
ADMINISTRATOR & TRANSFER AGENT:
First Data Investor Services Group, Inc.
3200 Horizon Drive
King of Prussia, Pennsylvania 19406
LEGAL COUNSEL:
Baker & Hostetler LLP
65 E. State Street
Columbus, Ohio 43215
INDEPENDENT PUBLIC ACCOUNTANTS:
McCurdy & Associates CPA's, Inc.
27955 Clemens Road
Westlake, Ohio 44145
For information, call 1-800-332-6459
or visit us online at www.fairport.com
------------------------------
Not a part of the prospectus
<PAGE> 20
[GRAPHICS LOGO]
FAIRPORT
FUNDS
CHARTING A COURSE YOU CAN TRUST
ACCOUNT APPLICATION FORM
&
SUPPLEMENTAL INFORMATION
(IF APPLICABLE)
<PAGE> 21
[GRAPHICS LOGO]
FAIRPORT FUNDS
CHARTING A COURSE YOU CAN TRUST
<TABLE>
<CAPTION>
ACCOUNT APPLICATION FORM
1-800-332-6459
(1-800-3-Family)
<S> <C>
====================================================================================================================================
1. ACCOUNT REGISTRATION 3. INVESTMENT AND FUND SELECTION
Please choose one type of account below: [ ]PURCHASE BY CHECK MADE PAYABLE TO FAIRPORT FUNDS.
[ ]INDIVIDUAL [ ]JOINT (JTWROS)* OR [ ]JOINT (JTTEN) [ ]PURCHASE BY WIRE. CALL 1-800-332-6459 FOR INSTRUCTIONS.
_____________________________________________________
YOUR NAME: FIRST, MIDDLE, LAST Indicate Amount of Investment (The minimum initial investment is $250)
_____________________________________________________
SOCIAL SECURITY NUMBER BIRTH DATE [ ] Fairport Growth and Income Fund (#133580) _____% $___________
_____________________________________________________ [ ] Fairport Government Securities Fund (#133581)_____% $___________
JOINT OWNER'S NAME: FIRST, MIDDLE, LAST [ ] Fairport Midwest Growth Fund (#133582) _____% $___________
_____________________________________________________ [ ] Cash Account Trust Money Market (#133583)
JOINT OWNER'S SOCIAL SECURITY NUMBER BIRTH DATE
* (Joint ownership with rights of survivorship unless A prospectus must be obtained from Roulston Research Corp. before
otherwise noted) you can purchase this fund.
[ ] Check here if you have already received a prospectus.
[ ] CUSTODIAL/GIFT TO MINORS TOTAL INVESTMENT 100% $___________
_________________________________________________ 4. DISTRIBUTION OPTIONS
CUSTODIAN'S NAME: FIRST, MIDDLE, LAST
(name one only) ALL DISTRIBUTIONS WILL BE REINVESTED AUTOMATICALLY UNLESS
__________________________________________________ INDICATED OTHERWISE:
MINOR'S NAME: FIRST, MIDDLE, LAST (name one only)
__________________________________________________ INCOME DIVIDENDS:
MINOR'S SOCIAL SECURITY NUMBER
__________________________________________________ [ ] Reinvest [ ] Cash
MINOR'S BIRTH DATE [ ] Other Fairport Fund ____________________________
__________________________________________________ fund/account #
MINOR"S STATE OF RESIDENCE UGMA or UTMA Capital Gains Distributions:
[ ]Reinvest [ ]Cash
[ ] TRUST/PLAN [ ]Other Fairport Fund ____________________________
__________________________________________________ fund/account #
TRUSTEE'S NAME 5. TELEPHONE AUTHORIZATION
__________________________________________________ [ ]Check box if you want this service:
ADDITIONAL TRUSTEE'S NAME
__________________________________________________ I (We) authorize First Data Investor Services and/or
Fairport Funds to act upon instructions received by telephone
NAME OF TRUST AGREEMENT/PLAN from me (us) to redeem shares or to exchange for shares of other
__________________________________________________ Fairport Funds. I (we) understand an exchange is made by
TRUST'S/PLAN'S TAXPAYER IDENTIFICATION NUMBER redeeming shares of one portfolio and using the proceeds
__________________________________________________ to buy shares of another portfolio. Exchanges must be made into
DATE OF PLAN identically registered accounts. Redemption proceeds will be sent
as indicated in Section 8.
[ ] CORPORATION/OTHER
__________________________________________________ 6. SYSTEMATIC WITHDRAWAL PLAN
NAME OF CORPORATION OR OTHER ENTITY
__________________________________________________ [ ]Check box if you want this service:
AUTHORIZED SIGNER(S) To establish a Systematic Withdrawal Plan (SWP),
__________________________________________________ an account must have a current market value of $10,000 or more.
TAXPAYER IDENTIFICATION NUMBER Additionally, an account must have dividends reinvested.
2. MAILING ADDRESS [ ]Check box if you want withdrawal sent to address of record.
__________________________________________________ [ ]Check box if you want withdrawal sent VIA ACH as instructions
STREET ADDRESS OR P.O. BOX indicate in section 8.
__________________________________________________
CITY, STATE, ZIPCODE Amount and Frequency of Payment:
__________________________________________________ Beginning in _________________, 19____,
DAYTIME TELEPHONE (month)
__________________________________________________ Please make payments in the amount of $___________________.
EVENING TELEPHONE Amount $100 minimum
__________________________________________________
E-MAIL ADDRESS Payments will be processed on the 25th day of the month
frequency indicated below:
[ ]Please check here to recieve a consolidated [ ]Monthly [ ]Quarterly [ ]Semi-annually [ ]Annually
statement for all accounts.
[ ]DUPLICATE CONFIRMATION
___________________________________________________
NAME
___________________________________________________
STREETADDRESS OR P.O. BOX
___________________________________________________
CITY, STATE, ZIPCODE
</TABLE>
<PAGE> 22
<TABLE>
<CAPTION>
<S> <C>
7. AUTOMATIC INVESTMENT PLAN
[ ] I authorize and direct the fund to draw on my (our) bank account indicated in Section 8
in order to establish an automatic investment plan in the following manner:
ON THE [ ]10TH [ ]15TH OR THE [ ] 20th OF THE MONTH
BEGIN INVESTMENT ON (MONTH/YEAR)
AUTOMATIC INVESTMENT AMOUNTS: $50 MINIMUM PER FUND
__________________________________ $__________________
NAME OF FUND AMOUNT
__________________________________ $__________________
NAME OF FUND AMOUNT
__________________________________ $__________________
NAME OF FUND AMOUNT
__________________________________ $__________________
NAME OF FUND AMOUNT
I understand that my ACH debit will be dated on the day of each month
as indicated above. I agree that if such a debit is not honored upon
presentation, First Data Investor Services may discontinue this
service and any share purchase made upon deposit of such debit may be
cancelled. I further agree that if the net asset value of the shares
purchased with such debit is less when said purchase is cancelled than
when the purchase was made, First Data Investor Services shall be
authorized to liquidate other shares or fractions thereof held in my account
to make up the deficiency. This Automatic Investment Plan may be
discontinued by First Data Investor Services upon 30 days written notice or
at any time by the investor by written notice to First Data Investor Services
which is received no later than five (5) business days prior to the above
designated investment date.
- - ATTACH A VOIDED CHECK OR DEPOSIT SLIP TO THE APPLICATION.
- - As soon as your bank accepts your authorization, debits will be generated and
your Automatic Investment Plan started. In order for you to have Automatic
Clearing House (ACH) debits from your account, your bank must be able to accept
ACH transactions and/or be a member of an ACH association. We cannot guarantee
acceptance by your bank.
- - Please allow one month for processing before the first debit occurs.
- - Returned items will result in a $20.00 fee being deducted from your account.
8. BANK INFORMATION AND INSTRUCTIONS
Check one only, if none are checked all redemptions will be sent by check
to your address of record.
[ ] All redemption proceeds will be executed BY AN ACH TRANSACTION
unless First Data Investor Services is notified otherwise in writing.
There is no charge for ACH transactions. Allow 3 business days.
[ ] All redemption proceeds will be executed BY A FED WIRE TRANSACTION unless
First Data Investor Services is notified otherwise in writing.
There is a $9 charge for FED Wire transactions.
[ ] All redemption proceeds will be sent by check to the mailing
address stated in Section 2 above unless First Data Investor
Services is notified otherwise in writing.
ATTACH A VOIDED CHECK OR DEPOSIT SLIP TO THE APPLICATION.
__________________________________________________________________
NAME OF BANK
__________________________________________________________________
BANK ADDRESS
__________________________________________________________________
ROUTING NUMBER
__________________________________________________________________
NAME(S) ON BANKACCOUNT
__________________________________________________________________
ACCOUNT NUMBER CHECKING or SAVINGS
9. SIGNATURE AND CERTIFICATION
TAXPAYER IDENTIFICATION NUMBER CERTIFICATION.
UNDER THE PENALTIES OF PERJURY, I (WE) CERTIFY THE FOLLOWING:
1. I (We) certify that the number shown on this form is my (our) correct tax
identification number.
2. I (We) am not (are not) subject to backup withholding as a result of a failure
to report all interest and dividends, or the Internal Revenue Service has
notified me (us) that I (we) am (are) no longer subject to backup withholding.
[ ] U.S. Citizen [ ] Non-Resident Alien [ ] Resident Alien*
*must have U.S. Tax Identification Number and domestic address
"The Internal Revenue Service does not require your consent to any provision of
this document other than the certifications required to avoid backup
withholding".
[ ] Check box if you have been notified by the IRS that you are subject to backup
withholding
SIGNATURES:
_______________________________________________________________________
X SIGNATURE OFINDIVIDUAL
_______________________________________________________________________
X SIGNATURE OF JOINT OWNER
_______________________________________________________________________
DATE
_______________________________________________________________________
X SIGNATURE OF AUTHORIZED OFFICERS, PARTNERS, TRUSTEES OR OTHER SIGNERS
_______________________________________________________________________
X
_______________________________________________________________________
X
_______________________________________________________________________
DATE
- --------------------------------------------------------------------------
[LIGHTHOUSE LOGO]
Mail Completed Applications to:
Fairport Funds
c/o First Data Investor Services
P.O. Box 61503
King of Prussia,PA 19406-9993
- make checks payable to Fairport Funds -
- --------------------------------------------------------------------------
FOR INVESTMENT DEALER ONLY
-----------------------------
_________________________________________________________________________
Dealer #
_________________________________________________________________________
Branch #
_________________________________________________________________________
Rep # Reps Last Name
_________________________________________________________________________
Firm Name
_________________________________________________________________________
Branch Address
_________________________________________________________________________
City/ State/ Zip
- --------------------------------------------------------------------------
</TABLE>
