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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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063 B000400 0.0
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
<PAGE> PAGE 21
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 12
072 B000400 23006
072 C000400 61
072 D000400 0
072 E000400 0
072 F000400 1266
072 G000400 633
072 H000400 0
072 I000400 16
<PAGE> PAGE 22
072 J000400 169
072 K000400 0
072 L000400 8
072 M000400 7
072 N000400 20
072 O000400 0
072 P000400 0
072 Q000400 30
072 R000400 22
072 S000400 50
072 T000400 155
072 U000400 9
072 V000400 0
072 W000400 48
072 X000400 2433
072 Y000400 1206
072 Z000400 21840
072AA000400 10
072BB000400 0
072CC010400 0
072CC020400 0
072DD010400 18777
072DD020400 3063
072EE000400 0
073 A010400 0.0500
073 A020400 0.0400
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 17500
074 C000400 398375
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 437
074 J000400 0
074 K000400 0
074 L000400 1601
074 M000400 14
074 N000400 417927
074 O000400 2984
074 P000400 95
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 1889
074 S000400 0
074 T000400 412959
<PAGE> PAGE 23
074 U010400 320732
074 U020400 92220
074 V010400 1.00
074 V020400 1.00
074 W000400 0.0000
074 X000400 481
074 Y000400 0
075 A000400 404051
075 B000400 0
076 000400 0.00
024 000500 Y
025 A000501 PAINEWEBBER
025 C000501 E
025 D000501 1314
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 2611
028 A020500 1969
028 A030500 0
028 A040500 515
028 B010500 2637
028 B020500 70
028 B030500 0
028 B040500 656
028 C010500 2355
028 C020500 76
028 C030500 0
028 C040500 1432
028 D010500 3764
028 D020500 72
028 D030500 0
028 D040500 471
028 E010500 4873
028 E020500 56
028 E030500 0
028 E040500 927
028 F010500 2518
028 F020500 46
028 F030500 0
028 F040500 172
028 G010500 18758
028 G020500 2289
028 G030500 0
028 G040500 4173
028 H000500 0
042 A000500 0
<PAGE> PAGE 24
042 B000500 0
042 C000500 0
042 D000500 100
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 7
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.750
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
<PAGE> PAGE 25
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 N
070 M010500 Y
<PAGE> PAGE 26
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 20873
071 B000500 7537
071 C000500 84352
071 D000500 8
072 A000500 12
072 B000500 741
072 C000500 1090
072 D000500 0
072 E000500 0
072 F000500 762
072 G000500 152
072 H000500 0
072 I000500 11
072 J000500 41
072 K000500 0
072 L000500 2
072 M000500 6
072 N000500 4
072 O000500 0
072 P000500 0
072 Q000500 37
072 R000500 25
072 S000500 3
072 T000500 7
072 U000500 10
072 V000500 0
072 W000500 14
072 X000500 1074
072 Y000500 136
072 Z000500 893
072AA000500 1922
072BB000500 0
072CC010500 19983
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072DD010500 870
072DD020500 17
072EE000500 0
073 A010500 0.1300
073 A020500 0.0900
073 B000500 0.3300
<PAGE> PAGE 27
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 5466
074 D000500 0
074 E000500 0
074 F000500 123644
074 G000500 0
074 H000500 0
074 I000500 2038
074 J000500 1306
074 K000500 0
074 L000500 141
074 M000500 19
074 N000500 132614
074 O000500 1414
074 P000500 103
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 155
074 S000500 0
074 T000500 130942
074 U010500 7481
074 U020500 354
074 V010500 16.71
074 V020500 16.72
074 W000500 0.0000
074 X000500 519
074 Y000500 0
075 A000500 0
075 B000500 101570
076 000500 0.00
SIGNATURE JOHN SEIBERT
TITLE SUPERVISOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 011
<NAME> SHORT TERM GOVERNMENT FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 126810762
<INVESTMENTS-AT-VALUE> 126744949
<RECEIVABLES> 1669696
<ASSETS-OTHER> 9447
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 128424092
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<OTHER-ITEMS-LIABILITIES> 791942
<TOTAL-LIABILITIES> 791942
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 131110486
<SHARES-COMMON-STOCK> 12970314<F1>
<SHARES-COMMON-PRIOR> 10935518<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 27487
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<OVERDISTRIBUTION-GAINS> 3385036
<ACCUM-APPREC-OR-DEPREC> (65813)
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<NET-CHANGE-FROM-OPS> 6406840
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6564119<F1>
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<FN>
<F1>Institutional Shares
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 021
<NAME> SHORT TERM GOVERNMENT
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 126810762
<INVESTMENTS-AT-VALUE> 126744949
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<OVERDISTRIBUTION-NII> 27487
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<OVERDISTRIBUTION-GAINS> 3385036
<ACCUM-APPREC-OR-DEPREC> (65813)
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<EXPENSE-RATIO> .87<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
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<FN>
<F1>CONSUMER SERVICE SHARES
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 012
<NAME> INTERMEDIATE TERM GOVERNMENT INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 95394683
<INVESTMENTS-AT-VALUE> 94782127
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<OVERDISTRIBUTION-GAINS> 4619244
<ACCUM-APPREC-OR-DEPREC> (612556)
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<NET-INVESTMENT-INCOME> 5292333
<REALIZED-GAINS-CURRENT> (114007)
<APPREC-INCREASE-CURRENT> 1010690
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<PER-SHARE-NII> .60<F1>
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<PER-SHARE-NAV-END> 9.93<F1>
<EXPENSE-RATIO> .86<F1>
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<FN>
<F1>Institutional Class
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 022
<NAME> INTERMEDIATE TERM GOVERNMENT INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
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<ACCUM-APPREC-OR-DEPREC> (612556)
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<EQUALIZATION> 0
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<FN>
<F1>CONSUMER SERVICE CLASS
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 013
<NAME> EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
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<ACCUMULATED-NET-GAINS> 1154555
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<FN>
<F1>Institutional Class
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 023
<NAME> EQUITY FUND
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<NUMBER-OF-SHARES-REDEEMED> 137774<F1>
<SHARES-REINVESTED> 21683<F1>
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<PER-SHARE-NII> .20<F1>
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<PER-SHARE-DISTRIBUTIONS> .25<F1>
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<FN>
<F1>CONSUMER SERVICE CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 014
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 416311147
<INVESTMENTS-AT-VALUE> 416311147
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<OVERDISTRIBUTION-GAINS> 7522
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<DISTRIBUTIONS-OF-INCOME> 18776904<F1>
<DISTRIBUTIONS-OF-GAINS> 13881<F1>
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<NUMBER-OF-SHARES-REDEEMED> 719812099<F1>
<SHARES-REINVESTED> 50629<F1>
<NET-CHANGE-IN-ASSETS> 20776611
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<AVERAGE-NET-ASSETS> 359392457<F1>
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<FN>
<F1>Institutional Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 024
<NAME> MONEY MARKET FUND
<S> <C>
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<GROSS-EXPENSE> 2433395
<AVERAGE-NET-ASSETS> 44658864<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .04<F1>
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<FN>
<F1>CONSUMER SERVICE CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 015
<NAME> MID CAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 92051281
<INVESTMENTS-AT-VALUE> 131147889
<RECEIVABLES> 1447538
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<TOTAL-ASSETS> 132614532
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 91356756
<SHARES-COMMON-STOCK> 7481108<F1>
<SHARES-COMMON-PRIOR> 5744117<F1>
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<ACCUMULATED-NET-GAINS> 482099
<OVERDISTRIBUTION-GAINS> 0
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<NET-INVESTMENT-INCOME> 893163
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<SHARES-REINVESTED> 175821<F1>
<NET-CHANGE-IN-ASSETS> 48800753
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<GROSS-EXPENSE> 1073733
<AVERAGE-NET-ASSETS> 98904349<F1>
<PER-SHARE-NAV-BEGIN> 14.05<F1>
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<FN>
<F1>Institutional Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 025
<NAME> MID CAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 92051281
<INVESTMENTS-AT-VALUE> 131147889
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<SHARES-COMMON-PRIOR> 102309<F1>
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<SHARES-REINVESTED> 4397<F1>
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<GROSS-EXPENSE> 1073733
<AVERAGE-NET-ASSETS> 2665684<F1>
<PER-SHARE-NAV-BEGIN> 14.05<F1>
<PER-SHARE-NII> .09<F1>
<PER-SHARE-GAIN-APPREC> 3.00<F1>
<PER-SHARE-DIVIDEND> .09<F1>
<PER-SHARE-DISTRIBUTIONS> .33<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 16.72<F1>
<EXPENSE-RATIO> 1.19<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>CONSUMER SERVICE CLASS
</FN>
</TABLE>
July 18, 1997
To the Shareholders and
Board of Directors of
Performance Funds Trust
In planning and performing our audit of the financial statements of Money
Market Fund, Short Term Government Income Fund, Intermediate Term
Government Income Fund, Equity Fund and Mid Cap Growth Fund
(constituting five of the six portfolios of Performance Funds Trust,
hereafter referred to as the "Trust") for the year ended May 31, 1997,
we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of control activities. Generally, control activities that are relevant to an
audit pertain to the entity's objective of preparing financial statements
for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those control activities include
the safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design
or operation of any specific internal control components does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving internal control, including control
activities for safeguarding securities, that we consider to be material
weaknesses as defined above as of May 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
