PERFORMANCE FUNDS TRUST, 497, 1997-05-02

PERFORMANCE FUNDS TRUST
497, 1997-05-02

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<PAGE> 1

THE MONEY MARKET FUND
INSTITUTIONAL CLASS
A SERIES OF
PERFORMANCE FUNDS TRUST

SUPPLEMENT DATED MAY 1, 1997
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus. Please note the reduction in
Advisory fee waivers as represented in the table below:

FEE TABLE

<TABLE>
<S> <C>
SHAREHOLDER TRANSACTION EXPENSES(1)
Maximum Sales Load Imposed on Purchases (as a percentage price)....................... none
Maximum Sales Load Imposed on Reinvested Dividends (as a percentage of offering
price).............................................................................. none
Deferred Sales Load (as a percentage of redemption proceeds).......................... none
Redemption Fees....................................................................... none
Exchange Fees......................................................................... none
ANNUAL FUND OPERATING EXPENSES(2)
(as a percentage of average net assets annualized)
Investment Advisory Fees (After Waiver)(3)............................................ 0.15%
12b-1 Fees(1)......................................................................... none
Other Expenses(4)..................................................................... 0.14%
----
Total Fund Operating Expenses (After Waiver)(3)....................................... 0.29%
====
</TABLE>

- ---------------

(1) The Consumer Service Class of shares may be subject to Rule 12b-1 Plan
distribution fees (annually equal to 0.35% of average net assets of the
Fund) to which the Institutional Class is not subject.

(2) Shares of the Institutional Class of the Fund may be available through
trust, investment management or other fiduciary accounts managed or
administered by the Adviser, its affiliates or correspondents. Such
institutions may provide a variety of services at varying fees to customers
and, although such fees are not fund-related, the fees must be paid by
customers in order to purchase Fund shares.

(3) Reflects a voluntary reduction (which will remain in effect until further
notice) in contractual fee. Had this reduction not been in effect, the
investment advisory fee would have been 0.30% and Total Fund Operating
Expenses would have been 0.44%.

(4) Certain Service Organizations may receive additional fees from the Fund in
amounts up to an annual rate of 0.35% of the daily net asset value of the
Fund's shares owned by shareholders with whom the Service Organization has a
servicing relationship. See "Management of the Fund -- Service
Organizations" on Page 11.

The purpose of this table is to assist the shareholder in understanding the
various costs and expenses that an investor in the Fund might bear.
<PAGE> 2

EXAMPLE:*

You would pay the following expenses on a $1,000 investment, assuming 5%
gross annual return and redemption at the end of each time period:

<TABLE>
<S> <C>
1 year........................................................ $3
3 years....................................................... $9
5 years....................................................... $16
10 years....................................................... $37
</TABLE>

- ---------------

* This example should not be considered a representation of future expenses
which may be more or less than those shown. The assumed 5% annual return is
hypothetical and should not be considered a representation of past or future
annual returns. Actual return may be greater or less than the assumed amount.

PERFORMANCE FUNDS TRUST

SUPPLEMENT DATED JANUARY 10, 1997
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.

PLEASE NOTE THE FOLLOWING REVISION REGARDING "DIVIDENDS, DISTRIBUTIONS AND
FEDERAL INCOME TAX".

Shareholders may elect to receive distributions in additional Fund shares
based on the net asset value at the close of business on the declaration date of
the distribution or receive such distributions in cash.

SUPPLEMENT DATED NOVEMBER 22, 1996
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.

Effective November 11, 1996 BISYS Fund Services, Inc. ("BISYS") became the
successor Transfer Agent to Furman Selz LLC. All references to Furman Selz as
Transfer Agent in the Prospectus shall refer to BISYS. At a meeting on October
3, 1996 the Board of Trustees of Performance Funds Trust also approved, as
successor Administrator to Furman Selz LLC, BISYS Fund Services Limited
Partnership d/b/a BISYS Fund Services. The Board of Trustees also approved, as
successor Accounting Agent to Furman Selz LLC, BISYS Fund Services, Inc. In
addition, the Board approved a new Distribution Agreement with Performance Funds
Distributor, Inc., which will become an affiliate of each BISYS entity at the
time of conversion. BISYS and its affiliates have their principal places of
business at 3435 Stelzer Road, Columbus, Ohio 43219. BISYS and its affiliates
will perform the same services as each predecessor at an identical fee. The
remaining conversions are expected to occur during the last quarter of 1996.

PLEASE NOTE THE FOLLOWING REVISIONS OF PROCEDURE, EFFECTIVE IMMEDIATELY.
Except as indicated below, all other procedures in the Funds' Prospectuses will
remain in effect:

PURCHASES

Purchase orders for the Money Market Fund received by 1:30 p.m. Eastern
Standard Time will become effective that day. Purchase orders for all other
Funds received prior to 4:00 p.m. Eastern Time and transmitted to the
Distributor prior to 4:00 p.m. Eastern Time will become effective that day.
<PAGE> 3

Please call 1-800-737-3676 for wiring instructions. A completed application
must be overnighted to the Fund in advance of the wire to Performance Funds
Trust c/o BISYS Fund Services, Inc., 3435 Stelzer Road, Columbus, OH 43219-8021.
Notification must be given to the Fund at 1-800-737-3676 prior to 4:00 p.m.
Eastern Standard Time, of the wire date or 1:30 p.m. Eastern Standard Time in
the case of the Money Market Fund.

Payments to open new accounts should be sent to Performance Funds Trust,
P.O. Box 182484, Columbus, OH 43218-2484, together with a completed application.

Purchases made by check in any Fund are not permitted to be redeemed until
payment of the purchase has been collected, which may take up to fifteen days.

No third party or foreign checks are accepted.

INDIVIDUAL RETIREMENT ACCOUNTS

The Funds may be used as an investment for new or existing IRAs. Shares may
also be purchased for IRAs established with Trustmark or other authorized
custodians.

EXCHANGE PRIVILEGES

Exchange by Mail -- A letter of instruction should be sent by mail to
BISYS. No signature guarantee is required.

REDEMPTIONS

By Mail -- Requests should be addressed to Performance Funds Trust, P.O.
Box 182484, Columbus, OH 43218-2484. To protect shareholder accounts, the Funds
and its transfer agent from fraud, a signature guarantees will be required when
redemptions proceeds are to be sent to an address other than the registered
address.

Telephone redemption and telephone exchanges will be suspended for a period
of 10 days following a telephonic address change.

If you elect to receive distributions in cash and checks (1) are returned
and marked as "undeliverable" or (2) remain uncashed for six months, your cash
election will be changed automatically and your future dividend and capital
gains distributions will be reinvested in the Fund at the per share net asset
value determined as of the date of payment of the distribution. In addition, any
undeliverable checks or checks that remain uncashed for six months will be
canceled and will be reinvested in the Fund at the per share net asset value
determined as of the date of cancellation.

SHAREHOLDER INQUIRIES

All shareholder inquiries should be directed to Performance Funds Trust,
c/o BISYS Fund Services, Inc., P.O. Box 182484, Columbus, OH 43218-2484.

626-ALL-SP-01
<PAGE> 4

THE MID CAP GROWTH FUND
CONSUMER SERVICE CLASS
A SERIES OF
PERFORMANCE FUNDS TRUST

SUPPLEMENT DATED MAY 1, 1997
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

FEE TABLE

<TABLE>
<S> <C>
SHAREHOLDER TRANSACTION EXPENSES(1)
Maximum Sales Load Imposed on Purchases (as a percentage price)....................... none
Maximum Sales Load Imposed on Reinvested Dividends.................................... none
Deferred Sales Load................................................................... none
Redemption Fees....................................................................... none
Exchange Fees......................................................................... none
ANNUAL FUND OPERATING EXPENSES(2)
(as a percentage of average net assets annualized)
Investment Advisory Fees.............................................................. 0.75%
12b-1 Fees(3)......................................................................... 0.25%
Other Expenses(4)..................................................................... 0.34%
----
Total Fund Operating Expenses (after waiver)(3)....................................... 1.34%
====
</TABLE>

(1) The Consumer Service Class of shares may be subject to Rule 12b-1 Plan
distribution fees (annually up to 0.35% of the average net assets of the
Fund) to which the Institutional Class is not subject.

(2) Shares of the Consumer Service Class of the Fund may be available through
banks or other financial institutions which have entered into a dealer
agreement with the Fund. Such institutions may provide a variety of services
at varying fees to customers and, although such fees are not fund-related,
the fees must be paid by customers in order to purchase Fund shares.

(3) 12b-1 fees may be increased to an annual rate of 0.35% of the Fund's average
daily net assets and Total Fund Operating Expenses would be 1.44%.

The purpose of this table is to assist the shareholder in understanding the
various costs and expenses that an investor in the Fund will bear.
<PAGE> 5

EXAMPLE:*

You would pay the following expenses on a $1,000 investment assuming a 5%
gross annual return and redemption at the end of each time period:

<TABLE>
<S> <C>
1 year....................................................... $ 14
3 years...................................................... $ 42
5 years...................................................... $ 73
10 years...................................................... $161
</TABLE>

- ---------------

* This example should not be considered a representation of actual expenses
which may be more or less than those shown. The assumed 5% annual return is
hypothetical and should not be considered a representation of future annual
returns. Actual return may be greater or less than the assumed amount.

PERFORMANCE FUNDS TRUST

SUPPLEMENT DATED JANUARY 10, 1997
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.

PLEASE NOTE THE FOLLOWING REVISION REGARDING "DIVIDENDS, DISTRIBUTIONS AND
FEDERAL INCOME TAX".

SUPPLEMENT DATED NOVEMBER 22, 1996
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.

PLEASE NOTE THE FOLLOWING REVISIONS OF PROCEDURE, EFFECTIVE IMMEDIATELY.
Except as indicated below, all other procedures in the Funds' Prospectuses will
remain in effect:

PURCHASES

Payments to open new accounts should be sent to Performance Funds Trust,
P.O. Box 182484, Columbus, OH 43218-2484, together with a completed application.

Purchases made by check in any Fund are not permitted to be redeemed until
payment of the purchase has been collected, which may take up to fifteen days.

No third party or foreign checks are accepted.

INDIVIDUAL RETIREMENT ACCOUNTS

The Funds may be used as an investment for new or existing IRAs. Shares may
also be purchased for IRAs established with Trustmark or other authorized
custodians.

EXCHANGE PRIVILEGES

Exchange by Mail -- A letter of instruction should be sent by mail to
BISYS. No signature guarantee is required.

REDEMPTIONS

Telephone redemption and telephone exchanges will be suspended for a period
of 10 days following a telephonic address change.

SHAREHOLDER INQUIRIES

All shareholder inquiries should be directed to Performance Funds Trust,
c/o BISYS Fund Services, Inc., P.O. Box 182484, Columbus, OH 43218-2484.

626-ALL-SP-01
<PAGE> 7

THE MID CAP GROWTH FUND
INSTITUTIONAL CLASS
A SERIES OF
PERFORMANCE FUNDS TRUST

SUPPLEMENT DATED MAY 1, 1997
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

FEE TABLE

<TABLE>
<S> <C>
SHAREHOLDER TRANSACTION EXPENSES(1)
Maximum Sales Load Imposed on Purchases (as a percentage price)....................... none
Maximum Sales Load Imposed on Reinvested Dividends.................................... none
Deferred Sales Load................................................................... none
Redemption Fees....................................................................... none
Exchange Fees......................................................................... none
ANNUAL FUND OPERATING EXPENSES(2)
(as a percentage of average net assets annualized)
Investment Advisory Fees.............................................................. 0.75%
12b-1 Fees............................................................................ none
Other Expenses(3)..................................................................... 0.34%
----
Total Fund Operating Expenses......................................................... 1.09%
====
</TABLE>

(2) Shares of the Institutional Class of the Fund may be available through a
trust, investment management or other fiduciary account managed or
administered by the Adviser or its affiliates or correspondents. Such
institutions may provide a variety of services at varying fees to customers
and, although such fees are not fund-related, the fees must be paid by
customers in order to purchase Fund shares.

(3) Certain Service Organizations may receive additional fees from the Fund in
amounts up to an annual rate of 0.35% of the daily net asset value of the
Fund's shares owned by shareholders with whom the Service Organization has a
servicing relationship. See "Management of the Fund -- Service
Organizations" herein.

The purpose of this table is to assist the shareholder in understanding the
various costs and expenses that an investor in the Fund will bear.
<PAGE> 8

EXAMPLE:*

You would pay the following expenses on a $1,000 investment, assuming 5%
gross annual return and redemption at the end of each time period:

<TABLE>
<S> <C>
1 year....................................................... $ 11
3 years...................................................... $ 35
5 years...................................................... $ 60
10 years...................................................... $133
</TABLE>

- ---------------

PERFORMANCE FUNDS TRUST

SUPPLEMENT DATED JANUARY 10, 1997
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.

PLEASE NOTE THE FOLLOWING REVISION REGARDING "DIVIDENDS, DISTRIBUTIONS AND
FEDERAL INCOME TAX".

SUPPLEMENT DATED NOVEMBER 22, 1996
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.

PLEASE NOTE THE FOLLOWING REVISIONS OF PROCEDURE, EFFECTIVE IMMEDIATELY.
Except as indicated below, all other procedures in the Funds' Prospectuses will
remain in effect:

PURCHASES

Payments to open new accounts should be sent to Performance Funds Trust,
P.O. Box 182484, Columbus, OH 43218-2484, together with a completed application.

Purchases made by check in any Fund are not permitted to be redeemed until
payment of the purchase has been collected, which may take up to fifteen days.

No third party or foreign checks are accepted.

INDIVIDUAL RETIREMENT ACCOUNTS

The Funds may be used as an investment for new or existing IRAs. Shares may
also be purchased for IRAs established with Trustmark or other authorized
custodians.

EXCHANGE PRIVILEGES

Exchange by Mail -- A letter of instruction should be sent by mail to
BISYS. No signature guarantee is required.

REDEMPTIONS

Telephone redemption and telephone exchanges will be suspended for a period
of 10 days following a telephonic address change.

SHAREHOLDER INQUIRIES

All shareholder inquiries should be directed to Performance Funds Trust,
c/o BISYS Fund Services, Inc., P.O. Box 182484, Columbus, OH 43218-2484.

626-ALL-SP-01
<PAGE> 10

THE SHORT TERM GOVERNMENT INCOME FUND
THE INTERMEDIATE TERM GOVERNMENT INCOME FUND
THE EQUITY FUND
INSTITUTIONAL CLASS
A SERIES OF
PERFORMANCE FUNDS TRUST

SUPPLEMENT DATED MAY 1, 1997
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

FEE TABLE

<TABLE>
<CAPTION>
THE THE
SHORT TERM INTERMEDIATE THE
FUND FUND EQUITY FUND
---------- ------------ -----------
<S> <C> <C> <C>
SHAREHOLDER TRANSACTION EXPENSES(1)
Maximum Sales Load Imposed on Purchases................. none none none
Maximum Sales Load Imposed on Reinvested Dividends...... none none none
Deferred Sales Load..................................... none none none
Redemption Fees......................................... none none none
Exchange Fees........................................... none none none
ANNUAL FUND OPERATING EXPENSES(2)
(as a percentage of average net assets annualized)
Investment Advisory Fees (after waiver)(3).............. 0.40% 0.45% 0.60%
12b-1 Fees.............................................. none none none
Other Expenses(4)....................................... 0.31% 0.37% 0.31%
---- ---- ----
Total Fund Operating Expenses (after waiver)(3)......... 0.71% 0.82% 0.91%
==== ==== ====
</TABLE>

- ---------------

(1) The Consumer Service Class of shares may be subject to Rule 12b-1 Plan
distribution fees (annually up to 0.35% of average net assets of each Fund)
to which the Institutional Class is not subject.

(2) Shares of the Institutional Class of each Fund may be available through
trust, investment management or other fiduciary accounts managed or
administered by the Adviser or its correspondents or affiliates. Such
institutions may provide a variety of services at varying fees to customers
and, although such fees are not fund-related, the fees must be paid by
customers in order to purchase Fund shares.

(3) Reflects a voluntary reduction for the Intermediate Fund (which will remain
in effect until further notice) in contractual fee. Had this reduction not
been in effect, investment advisory fees would have been: 0.50% and Total
Fund Operating Expenses would have been 0.87%.

(4) Certain Service Organizations may receive additional fees from a Fund in
amounts up to an annual rate of 0.35% of the daily net asset value of the
Fund's shares owned by shareholders with whom the Service Organization has a
servicing relationship. See "Management of the Fund -- Service
Organizations" on Page 21.
<PAGE> 11

The purpose of this table is to assist the shareholder in understanding the
various costs and expenses that an investor in the Funds will bear.

EXAMPLE:*

You would pay the following expenses on a $1,000 investment, assuming 5%
gross annual return and redemption at the end of each time period:

<TABLE>
<CAPTION>
THE THE
SHORT TERM INTERMEDIATE TERM THE
PORTFOLIO FUND FUND EQUITY FUND
---------------------------- ---------- ----------------- -----------
<S> <C> <C> <C>
1 year..................... $ 7 $ 8 $ 9
3 years.................... $ 23 $ 26 $ 29
5 years.................... $ 40 $ 46 $ 50
10 years.................... $ 88 $ 101 $ 112
</TABLE>

- ---------------

PERFORMANCE FUNDS TRUST

SUPPLEMENT DATED JANUARY 10, 1997
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.

PLEASE NOTE THE FOLLOWING REVISION REGARDING "DIVIDENDS, DISTRIBUTIONS AND
FEDERAL INCOME TAX".

SUPPLEMENT DATED NOVEMBER 22, 1996
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.

PLEASE NOTE THE FOLLOWING REVISIONS OF PROCEDURE, EFFECTIVE IMMEDIATELY.
Except as indicated below, all other procedures in the Funds' Prospectuses will
remain in effect:

PURCHASES

Payments to open new accounts should be sent to Performance Funds Trust,
P.O. Box 182484, Columbus, OH 43218-2484, together with a completed application.

Purchases made by check in any Fund are not permitted to be redeemed until
payment of the purchase has been collected, which may take up to fifteen days.

No third party or foreign checks are accepted.

INDIVIDUAL RETIREMENT ACCOUNTS

The Funds may be used as an investment for new or existing IRAs. Shares may
also be purchased for IRAs established with Trustmark or other authorized
custodians.

EXCHANGE PRIVILEGES

Exchange by Mail -- A letter of instruction should be sent by mail to
BISYS. No signature guarantee is required.

REDEMPTIONS

Telephone redemption and telephone exchanges will be suspended for a period
of 10 days following a telephonic address change.

SHAREHOLDER INQUIRIES

All shareholder inquiries should be directed to Performance Funds Trust,
c/o BISYS Fund Services, Inc., P.O. Box 182484, Columbus, OH 43218-2484.

626-ALL-SP-01
<PAGE> 13

THE SHORT TERM GOVERNMENT INCOME FUND
THE INTERMEDIATE TERM GOVERNMENT INCOME FUND
THE EQUITY FUND
CONSUMER SERVICE CLASS
A SERIES OF
PERFORMANCE FUNDS TRUST

SUPPLEMENT DATED MAY 1, 1997
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

FUND EXPENSES

The following expense table lists the estimated costs and expenses that an
investor in the Consumer Service Class may incur either directly or indirectly
as a shareholder of a Fund. The information is based on expenses incurred during
the fiscal year ended May 31, 1996. Actual expenses in the future may be greater
or less than those shown. Shareholders in the Consumer Service Class of the
Funds may be subject to Rule 12b-1 Plan distribution fees (annually up to 0.35%
of the average net assets of a Fund), to which the Institutional Class is not
subject. The Institutional Class of shares is only available to certain
qualified investors.

FEE TABLE

<TABLE>
<CAPTION>
THE
THE SHORT INTERMEDIATE THE EQUITY
TERM FUND TERM FUND FUND
--------- ------------ ----------
<S> <C> <C> <C>
SHAREHOLDER TRANSACTION EXPENSES(1)
Maximum Sales Load Imposed on Purchases (as a percentage
price).................................................. none none none
Maximum Sales Load Imposed on Reinvested Dividends........ none none none
Deferred Sales Load....................................... none none none
Redemption Fees........................................... none none none
Exchange Fees............................................. none none none
ANNUAL FUND OPERATING EXPENSES(2)
(as a percentage of average net assets annualized)
Investment Advisory Fees (after waiver)(3)................ 0.40% 0.45% 0.60%
12b-1 Fees(1)............................................. 0.25% 0.25% 0.25%
Other Expenses(4)......................................... 0.31% 0.37% 0.31%
---- ---- ----
Total Fund Operating Expenses (after waiver)(3)........... 0.96% 1.07% 1.16%
==== ==== ====
</TABLE>

- ---------------

(1) The Consumer Service Class of shares may be subject to Rule 12b-1 Plan
distribution fees (annually up to 0.35% of the average net assets of each
Fund) to which the Institutional Class is not subject.
<PAGE> 14

(2) Shares of the Consumer Service Class of each Fund may be available through
banks or other financial institutions which have entered into a dealer
agreement with PFD. Such institutions may provide a variety of services at
varying fees to customers and, although such fees are not fund-related, the
fees must be paid by customers in order to purchase Fund shares.

(3) Reflects a voluntary reduction for the Short Term Fund, Intermediate Fund
and Equity Fund (which will remain in effect until further notice) in
contractual fee. Had this reduction not been in effect, investment advisory
fees would have been 0.50% for the Intermediate and Total Fund Operating
Expenses would have been 1.06%, 1.22% and 1.26%, respectively.

The purpose of this table is to assist the shareholder in understanding the
various costs and expenses that an investor in the Funds will bear.

EXAMPLE*

You would pay the following expenses on a $1,000 investment, assuming 5%
gross annual return and redemption at the end of each time period:

<TABLE>
<CAPTION>
THE THE THE
SHORT INTERMEDIATE EQUITY
PORTFOLIO TERM FUND TERM FUND FUND
----------------------------------------- --------- ------------ ------
<S> <C> <C> <C>
1 year.................................. $ 10 $ 11 $ 12
3 years................................. $ 30 $ 34 $ 37
5 years................................. $ 53 $ 58 $ 64
10 years................................. $ 117 $129 $141
</TABLE>

- ---------------

PERFORMANCE FUNDS TRUST

SUPPLEMENT DATED JANUARY 10, 1997
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.

PLEASE NOTE THE FOLLOWING REVISION REGARDING "DIVIDENDS, DISTRIBUTIONS AND
FEDERAL INCOME TAX".

SUPPLEMENT DATED NOVEMBER 22, 1996
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.

PLEASE NOTE THE FOLLOWING REVISIONS OF PROCEDURE, EFFECTIVE IMMEDIATELY.
Except as indicated below, all other procedures in the Funds' Prospectuses will
remain in effect:

PURCHASES

Payments to open new accounts should be sent to Performance Funds Trust,
P.O. Box 182484, Columbus, OH 43218-2484, together with a completed application.

Purchases made by check in any Fund are not permitted to be redeemed until
payment of the purchase has been collected, which may take up to fifteen days.

No third party or foreign checks are accepted.

INDIVIDUAL RETIREMENT ACCOUNTS

The Funds may be used as an investment for new or existing IRAs. Shares may
also be purchased for IRAs established with Trustmark or other authorized
custodians.

EXCHANGE PRIVILEGES

Exchange by Mail -- A letter of instruction should be sent by mail to
BISYS. No signature guarantee is required.
<PAGE> 16

REDEMPTIONS

Telephone redemption and telephone exchanges will be suspended for a period
of 10 days following a telephonic address change.

SHAREHOLDER INQUIRIES

All shareholder inquiries should be directed to Performance Funds Trust,
c/o BISYS Fund Services, Inc., P.O. Box 182484, Columbus, OH 43218-2484.

626-ALL-SP-01
<PAGE> 17

CENTURA SHARES OF
THE MONEY MARKET FUND
INSTITUTIONAL CLASS
A SERIES OF
PERFORMANCE FUNDS TRUST

SUPPLEMENT DATED MAY 1, 1997
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

FEE TABLE

<TABLE>
<S> <C>
SHAREHOLDER TRANSACTION EXPENSES(1)
Maximum Sales Load Imposed on Purchases (as a percentage price).................... none
Maximum Sales Load Imposed on Reinvested Dividends (as a percentage of offering
price)........................................................................... none
Deferred Sales Load (as a percentage of redemption proceeds)....................... none
Redemption Fees.................................................................... none
Exchange Fees...................................................................... none
ANNUAL FUND OPERATING EXPENSES(2)
(as a percentage of average net assets annualized)
Investment Advisory Fees (After Waiver)(3)......................................... 0.15%
12b-1 Fees(1)...................................................................... none
Other Expenses(4).................................................................. 0.14%
------
Total Fund Operating Expenses (After Waiver)(3).................................... 0.29%
=====
</TABLE>

- ---------------

The purpose of this table is to assist the shareholder in understanding the
various costs and expenses that an investor in the Fund might bear.
<PAGE> 18

EXAMPLE:*

You would pay the following expenses on a $1,000 investment, assuming 5%
gross annual return and redemption at the end of each time period:

<TABLE>
<S> <C>
1 year....................................................... $ 3
3 years...................................................... $ 9
5 years...................................................... $16
10 years...................................................... $37
</TABLE>

- ---------------

PERFORMANCE FUNDS TRUST

SUPPLEMENT DATED JANUARY 10, 1997
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.

PLEASE NOTE THE FOLLOWING REVISION REGARDING "DIVIDENDS, DISTRIBUTIONS AND
FEDERAL INCOME TAX".

SUPPLEMENT DATED NOVEMBER 22, 1996
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.

PLEASE NOTE THE FOLLOWING REVISIONS OF PROCEDURE, EFFECTIVE IMMEDIATELY.
Except as indicated below, all other procedures in the Funds' Prospectuses will
remain in effect:

PURCHASES

Payments to open new accounts should be sent to Performance Funds Trust,
P.O. Box 182484, Columbus, OH 43218-2484, together with a completed application.

Purchases made by check in any Fund are not permitted to be redeemed until
payment of the purchase has been collected, which may take up to fifteen days.

No third party or foreign checks are accepted.

INDIVIDUAL RETIREMENT ACCOUNTS

The Funds may be used as an investment for new or existing IRAs. Shares may
also be purchased for IRAs established with Trustmark or other authorized
custodians.

EXCHANGE PRIVILEGES

Exchange by Mail -- A letter of instruction should be sent by mail to
BISYS. No signature guarantee is required.

REDEMPTIONS

Telephone redemption and telephone exchanges will be suspended for a period
of 10 days following a telephonic address change.

SHAREHOLDER INQUIRIES

All shareholder inquiries should be directed to Performance Funds Trust,
c/o BISYS Fund Services, Inc., P.O. Box 182484, Columbus, OH 43218-2484.

626-ALL-SP-01
<PAGE> 20

CENTURA SHARES OF
THE MONEY MARKET FUND
CONSUMER SERVICE CLASS
A SERIES OF
PERFORMANCE FUNDS TRUST

SUPPLEMENT DATED MAY 1, 1997
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

FEE TABLE

<TABLE>
<S> <C>
SHAREHOLDER TRANSACTION EXPENSES(1)
Maximum Sales Load Imposed on Purchase (as a percentage of offering price)............ none
Maximum Sales Load Imposed on Reinvested Dividends (as a percentage of offering
price).............................................................................. none
Deferred Sales Load (as a percentage of redemption proceeds).......................... none
Redemption Fees....................................................................... none
Exchange Fees......................................................................... none
ANNUAL FUND OPERATING EXPENSES(2)
(as a percentage of average net assets annualized)
Investment Advisory Fees (after waiver)(3)............................................ 0.15%
12b-1 Fees(1)......................................................................... 0.25%
Other Expenses(4)..................................................................... 0.15%
----
Total Fund Operating Expenses (after waiver)(3)....................................... 0.55%
====
</TABLE>

- ---------------

(1) The Consumer Service Class of shares may be subject to certain Rule 12b-1
Plan distribution fees (annually equal to 0.35% of average net assets of
each Fund) to which the Institutional Class is not subject.

(2) Shares of the Consumer Service Class of the Fund may be available through
banks or other financial institutions which have entered into a dealer
agreement with the Distributor. Such institutions may provide a variety of
services at varying fees to customers and, although such fees are not
fund-related, the fees must be paid by customers in order to purchase Fund
shares.

(3) Reflects a voluntary reduction (which will remain in effect until further
notice) in contractual fee. Had this reduction and 12b-1 waivers not been in
effect, the investment advisory fee would have been 0.30% and Total Fund
Operating Expenses would have been 0.80%.

The purpose of this table is to assist the shareholder in understanding the
various costs and expenses that an investor in the Fund might bear.
<PAGE> 21

EXAMPLE:*

You would pay the following expenses on a $1,000 investment, assuming 5%
gross annual return and redemption at the end of each time period:

<TABLE>
<S> <C>
1 year........................................................ $ 6
3 years....................................................... $ 18
5 years....................................................... $ 31
10 years....................................................... $ 69
</TABLE>

- ---------------

PERFORMANCE FUNDS TRUST

SUPPLEMENT DATED JANUARY 10, 1997
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.

PLEASE NOTE THE FOLLOWING REVISION REGARDING "DIVIDENDS, DISTRIBUTIONS AND
FEDERAL INCOME TAX".

SUPPLEMENT DATED NOVEMBER 22, 1996
TO PROSPECTUSES DATED SEPTEMBER 27, 1996

This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.

PLEASE NOTE THE FOLLOWING REVISIONS OF PROCEDURE, EFFECTIVE IMMEDIATELY.
Except as indicated below, all other procedures in the Funds' Prospectuses will
remain in effect:

PURCHASES

Payments to open new accounts should be sent to Performance Funds Trust,
P.O. Box 182484, Columbus, OH 43218-2484, together with a completed application.

Purchases made by check in any Fund are not permitted to be redeemed until
payment of the purchase has been collected, which may take up to fifteen days.

No third party or foreign checks are accepted.

INDIVIDUAL RETIREMENT ACCOUNTS

The Funds may be used as an investment for new or existing IRAs. Shares may
also be purchased for IRAs established with Trustmark or other authorized
custodians.

EXCHANGE PRIVILEGES

Exchange by Mail -- A letter of instruction should be sent by mail to
BISYS. No signature guarantee is required.

REDEMPTIONS

Telephone redemption and telephone exchanges will be suspended for a period
of 10 days following a telephonic address change.

SHAREHOLDER INQUIRIES

All shareholder inquiries should be directed to Performance Funds Trust,
c/o BISYS Fund Services, Inc., P.O. Box 182484, Columbus, OH 43218-2484.

626-ALL-SP-01