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SECURITIES AND EXCHANGE COMMISSION --------------------------
WASHINGTON, D.C. 20549 OMB Approval
FORM N-17f-2 --------------------------
OMB Number: 3235-0360
Certificate of Accounting of Securities and Similar Expires: July 31, 1994
Investment in the Custody of Estimated average burden
Management Investment Companies hours per response... 0.05
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
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1. Investment Company Act File Number: Date examination completed
811-6603 May 31, 1998
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2. State identification Number: N/A
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AL AK AZ AR CA CO
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CT DE DC FL GA HI
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ID IL IN IA KS KY
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LA ME MD MA MI MN
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MS MO MT NE NV NH
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NJ NM NY NC ND OH
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OK OR PA RI SC SD
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TN TX UT VT VA WA
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WV WI WY PUERTO RICO
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Other (specify):
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3. Exact name of investment company as specified in representation statement:
Performance Funds Trust
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4. Address of principal executive office (number, street, city, state, zip code):
3435 Stelzer Road, Columbus, Ohio 43219
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[PRICEWATERHOUSECOOPERS LLP LETTERHEAD]
July 17, 1998
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of
Performance Funds Trust
We have examined management's assertion about Performance Funds Trust's (the
"Trust") compliance with the requirements of subsections (b) and (c) of Rule
17f-2 under the Investment Company Act of 1940 (the "Act") as of May 31, 1998
included in the accompanying Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940. Management is
responsible for the Trust's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Trust's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly included
examining, on a test basis, evidence about the Trust's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of May 31, 1998, and for the period from April 1, 1998 through May
31, 1998, with respect to agreement of purchases and sales of securities and
similar investments, without prior notice to management:
- - Count and inspection of all securities and similar investments located in the
vault of Trustmark National Bank in Jackson Mississippi;
- - Confirmation of all securities and similar investments held by institutions
in book entry form (the Federal Reserve Bank of Atlanta, the Depository Trust
Company and The Bank of New York);
- - Reconciliation of confirmation results as to all such securities and similar
investments to the books and records of the Trust and the Custodian; and
- - Testing of liquidation of all receivables for securities sold but not
delivered and all other reconciling items between the books and records of
the Trust and those of the custodian;
- - Agreement of five investment purchases and five investment sales or
maturities since our last examination from the books and records of the
Trust to respective trade tickets.
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[PRICEWATERHOUSECOOPERS LLP LETTERHEAD]
To the Trustees of
Performance Funds Trust
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We believe that our examination provides a reasonable basis for our
opinion. Our examination does not provide a legal determination on the Trust's
compliance with specified requirements.
In our opinion, management's assertion that Performance Funds Trust was in
compliance with the above mentioned provisions of Rule 17f-2 of the Investment
Company Act of 1940 as of May 31, 1998 is fairly stated, in all material
respects.
This report is intended solely for the information and use of management of
Performance Fund Trust and Securities and Exchange Commission and should not be
used for any other purpose.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
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MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
CERTAIN PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940
We, as members of management of Performance Fund Trust (the "Trust"), are
responsible for complying with the requirements of subsections (b) and (c) of
Rule 17f-2, "Custody of Investments by Registered Management Investment
Companies," of the Investment Company Act of 1940. We are also responsible for
establishing and maintaining an effective internal control structure over
compliance with those requirements. We have performed an evaluation of the
Trust's compliance with the requirements of subsections (b) and (c) of Rule
17f-2 as of May 13, 1998.
Based on this evaluation, we assert that the Trust was in compliance with those
provisions of Rule 17f-2 of the Investment Company Act of 1940 as of May 31,
1998 with respect to securities and similar investments reflected in the
investment account of the Trust.
Performance Funds Trust
By
/s/ Tracie Persinger
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Ms. Tracie Persinger
Assistant Treasurer-Performance Funds Trust
