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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 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 29
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<PAGE> PAGE 32
SIGNATURE TRACIE PERSINGER
TITLE DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> PERFORMANCE FUNDS TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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NUMBER-OF-SHARES-REDEEMED> 94109<F1>
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<FN>
<F1>CONSUMER SERVICE CLASS
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 031
<NAME> LARGE CAP EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
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<NUMBER-OF-SHARES-REDEEMED> 3646925<F1>
<SHARES-REINVESTED> 142827<F1>
<NET-CHANGE-IN-ASSETS> 48074884
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<GROSS-EXPENSE> 2610821
<AVERAGE-NET-ASSETS> 249030538<F1>
<PER-SHARE-NAV-BEGIN> 19.16<F1>
<PER-SHARE-NII> .19<F1>
<PER-SHARE-GAIN-APPREC> 6.00<F1>
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<PER-SHARE-NAV-END> 24.98<F1>
<EXPENSE-RATIO> .91<F1>
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<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>INSTITUTIONAL CLASS
</FN>
</TABLE>
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<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 031
<NAME> LARGE CAP EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
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<OTHER-ITEMS-LIABILITIES> 632728
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<PAID-IN-CAPITAL-COMMON> 138266951
<SHARES-COMMON-STOCK> 1660726<F1>
<SHARES-COMMON-PRIOR> 1019302<F1>
<ACCUMULATED-NII-CURRENT> 0
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<DISTRIBUTIONS-OF-GAINS> 225130<F1>
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<NUMBER-OF-SHARES-REDEEMED> 203755<F1>
<SHARES-REINVESTED> 17747<F1>
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<ACCUMULATED-GAINS-PRIOR> 1154555
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<PER-SHARE-NAV-BEGIN> 19.16<F1>
<PER-SHARE-NII> .13<F1>
<PER-SHARE-GAIN-APPREC> 5.99<F1>
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<EXPENSE-RATIO> 1.16<F1>
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<FN>
<F1>CONSUMER SERVICE CLASS
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 041
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
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<INVESTMENTS-AT-COST> 423650646
<INVESTMENTS-AT-VALUE> 423650646
<RECEIVABLES> 1201493
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<REALIZED-GAINS-CURRENT> (7755)
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<NUMBER-OF-SHARES-SOLD> 694995401<F1>
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<SHARES-REINVESTED> 67649<F1>
<NET-CHANGE-IN-ASSETS> 9859353
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<GROSS-EXPENSE> 2865924
<AVERAGE-NET-ASSETS> 337254238<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .05<F1>
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<AVG-DEBT-OUTSTANDING> 0<F1>
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<FN>
<F1>INSTITUTIONAL CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 041
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
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<INVESTMENTS-AT-VALUE> 423650646
<RECEIVABLES> 1201493
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<NUMBER-OF-SHARES-REDEEMED> 234357245<F1>
<SHARES-REINVESTED> 5461030<F1>
<NET-CHANGE-IN-ASSETS> 9859353
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<AVERAGE-NET-ASSETS> 115515152<F1>
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<PER-SHARE-NII> .05<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> .05<F1>
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<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>CONSUMER SERVICE CLASS
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 051
<NAME> MID CAP GROWTH FUND
<S> <C>
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<FISCAL-YEAR-END> MAY-31-1998
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<INVESTMENTS-AT-COST> 125618932
<INVESTMENTS-AT-VALUE> 187463472
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<OTHER-ITEMS-LIABILITIES> 276675
<TOTAL-LIABILITIES> 276675
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<SHARES-COMMON-STOCK> 8361763<F1>
<SHARES-COMMON-PRIOR> 7481108<F1>
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<ACCUM-APPREC-OR-DEPREC> 61844540
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<NET-INVESTMENT-INCOME> 651681
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<DISTRIBUTIONS-OF-GAINS> 7652175<F1>
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<NUMBER-OF-SHARES-REDEEMED> 1271150<F1>
<SHARES-REINVESTED> 369778<F1>
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<ACCUMULATED-NII-PRIOR> 6768
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<PER-SHARE-NII> .08<F1>
<PER-SHARE-GAIN-APPREC> 4.40<F1>
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<FN>
<F1>INSTITUTIONAL CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 051
<NAME> MID CAP GROWTH FUND
<S> <C>
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<FISCAL-YEAR-END> MAY-31-1998
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<SHARES-REINVESTED> 32187<F1>
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<AVERAGE-NET-ASSETS> 12336366<F1>
<PER-SHARE-NAV-BEGIN> 16.72<F1>
<PER-SHARE-NII> .03<F1>
<PER-SHARE-GAIN-APPREC> 4.39<F1>
<PER-SHARE-DIVIDEND> .04<F1>
<PER-SHARE-DISTRIBUTIONS> 1.00<F1>
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<PER-SHARE-NAV-END> 20.10<F1>
<EXPENSE-RATIO> 1.32<F1>
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<FN>
<F1>CONSUMER SERVICE CLASS
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 061
<NAME> SMALL CAP FUND
<S> <C>
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<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> OCT-01-1997
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<ACCUMULATED-NET-GAINS> 603881
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<NET-INVESTMENT-INCOME> (139529)
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<SHARES-REINVESTED> 17<F1>
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<PER-SHARE-NII> (.03)<F1>
<PER-SHARE-GAIN-APPREC> (.05)<F1>
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<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>INSTITUTIONAL SHARES
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 061
<NAME> SMALL CAP FUND
<S> <C>
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<OVERDISTRIBUTION-GAINS> 0
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<AVERAGE-NET-ASSETS> 1489826<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
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<FN>
<F1>CONSUMER SERVICE SHARES
</FN>
</TABLE>
To the Shareholders and
Board of Directors of
Performance Funds Trust
In planning and performing our audit of the financial statements of
Performance Funds Trust for the year ended May 31, 1998, we
considered its internal control, including control activities for safe-
guarding 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 Performance Funds 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 controls. Generally,
controls 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 controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud 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 one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or fraud 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as
of May 31, 1998.
This report is intended solely for the information and use of management
and the Board of Directors of Performance Funds Trust and the
Securities and Exchange Commission.
New York, New York
July 17, 1998
