<PAGE> 1
SUPPLEMENT DATED JULY 30, 1999 TO
PROSPECTUS DATED SEPTEMBER 30, 1998
PERFORMANCE FUNDS TRUST
INSTITUTIONAL CLASS SHARES
The fee table of the Performance Funds Trust for the Institutional Class
Shares below replaces the table on page 3 of the prospectus. This Supplement is
provided to update, and should be read in conjunction with, the information
provided in the Prospectus.
The following expense table lists the estimated costs and expenses that an
investor in the Institutional 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, 1998 (except for The Money Market Fund, The Small Cap
Equity Fund and The Intermediate Term Government Income Fund, the reduction or
voluntary waiver of advisory fees). Actual expenses in the future may be greater
or less than those shown. Shareholders in Class A and B shares of the Funds may
be subject to Rule 12b-1 Plan distribution fees (annually up to 0.35% for Class
A shares and 1.00% for Class B shares 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 (see "Purchase of Fund
Shares").
FEE TABLE
<TABLE>
<CAPTION>
THE
THE INTERMEDIATE
THE SHORT TERM TERM THE THE THE
MONEY GOVERNMENT GOVERNMENT SMALL CAP MID CAP EQUITY
MARKET INCOME INCOME EQUITY EQUITY LARGE CAP
FUND FUND FUND FUND FUND FUND
------ ---------- ------------ --------- ------- ---------
<S> <C> <C> <C> <C> <C> <C>
SHAREHOLDER TRANSACTION EXPENSES(1)
Maximum Sales Load Imposed on Purchases
(as a percentage price).......................... none none none none none none
Maximum Sales Load Imposed on Reinvested
Dividends........................................ none none none none none none
Deferred Sales Load................................ none none none none none none
Redemption Fees.................................... none none none none none none
Exchange Fees...................................... none none none none none none
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets
annualized)
Investment Advisory Fees (after waiver)(2)......... 0.20% 0.40% 0.45% 0.80% 0.75% 0.60%
12b-1 Fees......................................... none none none none none none
Other Expenses (after waiver)(3)................... 0.19% 0.24% 0.27% 0.45% 0.32% 0.31%
---- ---- ---- ---- ---- ----
Total Portfolio Operating Expenses (after
waiver)(4)....................................... 0.39% 0.64% 0.72% 1.25% 1.07% 0.91%
==== ==== ==== ==== ==== ====
</TABLE>
- ---------------
(1) 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.
(2) Reflects a voluntary reduction for the Money Market Fund and Intermediate
Term Government Income Fund and Small Cap Fund in contractual fees. Had this
reduction not been in effect, the ratio of investment advisory fees to net
assets would have been 0.30% for the Money Market Fund, 0.50% for the
Intermediate Term Government Income Fund and 1.00% for the Small Cap Fund.
(3) Reflects voluntary reduction of administration fee of 0.08% for the Money
Market Fund. Without such waiver, administration fees for the Money Market
Fund would total 0.15%.
(4) Absent voluntary fee waivers, "Total Operating Expenses" for the Money
Market Fund, the Intermediate Term Government Income Fund and the Small Cap
Fund would have been 0.57% , 0.77% and 1.45%, respectively.
<PAGE> 2
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 INTERMEDIATE
THE SHORT TERM TERM THE THE THE
MONEY GOVERNMENT GOVERNMENT SMALL CAP MID CAP EQUITY
MARKET INCOME INCOME EQUITY EQUITY LARGE CAP
FUND FUND FUND FUND FUND FUND
------ ---------- ------------ --------- ------- ---------
<S> <C> <C> <C> <C> <C> <C>
1 year............................... $ 4 $ 7 $ 7 $ 13 $ 11 $ 9
3 years.............................. $13 $20 $23 $ 40 $ 34 $ 29
5 years.............................. $22 $36 $40 $ 69 $ 59 $ 50
10 year.............................. $49 $80 $89 $151 $131 $112
</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.
2
<PAGE> 3
SUPPLEMENT DATED JULY 30, 1999 TO
PROSPECTUS DATED SEPTEMBER 30, 1998
PERFORMANCE FUNDS TRUST
CLASS A AND CLASS B SHARES
The fee table of the Performance Funds Trust for the Class A and Class B
Shares below replaces the table on page 3 of the prospectus. This Supplement is
provided to update, and should be read in conjunction with, the information
provided in the Prospectus.
The following expense table lists the estimated costs and expenses that an
investor in the Class A and B shares 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, 1998 (except for The Money Market Fund, The Small
Cap Equity Fund and The Intermediate Term Government Income Fund, the reduction
or voluntary waiver of advisory fees). Actual expenses in the future may be
greater or less than those shown. Shareholders in the Class A and B shares of
the Funds may be subject to sales charges and Rule 12b-1 Plan distribution fees
(annually up to 0.35% and 1.00%, respectively, of the average net assets of a
Fund).
FEE TABLE
<TABLE>
<CAPTION>
THE
THE INTERMEDIATE
THE SHORT TERM TERM
MONEY GOVERNMENT GOVERNMENT
MARKET FUND INCOME FUND INCOME FUND
----------------- ----------- -----------------
CLASS A CLASS B CLASS A CLASS A CLASS B
----------------- ----------- -----------------
<S> <C> <C> <C> <C> <C>
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Load Imposed on Purchases
(as a percentage of offering price)....................... none none 3.00% 5.25% none
Maximum Sales Load Imposed on Reinvested Dividends
(as a percentage of offering price)....................... none none none none none
Maximum Contingent Deferred Sales Load
(as a percentage of redemption proceeds)(1)(3)............ none 5.00% none none 5.00%
Redemption Fees(3).......................................... none none none none none
Exchange Fees............................................... none none none none none
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Investment Advisory Fees (after waivers)(2)................. 0.20% 0.20% 0.40% 0.45% 0.45%
12b-1 Fees(4)............................................... 0.25% 1.00% 0.25% 0.25% 1.00%
Other Expenses(5)........................................... 0.19% 0.19% 0.24% 0.27% 0.27%
---- ---- ---- ---- ----
Total Portfolio Operating Expenses (after waivers)(6)....... 0.64% 1.39% 0.89% 0.97% 1.72%
==== ==== ==== ==== ====
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
THE THE THE
SMALL CAP MID CAP LARGE CAP
EQUITY FUND EQUITY FUND EQUITY FUND
----------------- ----------------- -----------------
CLASS A CLASS B CLASS A CLASS B CLASS A CLASS B
----------------- ----------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Load Imposed on Purchases
(as a percentage of offering price)..................... 5.25% none 5.25% none 5.25% none
Maximum Sales Load Imposed on Reinvested Dividends (as a
percentage of offering price)
Maximum Contingent Deferred Sales Load
(as a percentage of redemption proceeds)(1)(3).......... none 5.00% none 5.00% none 5.00%
Redemption Fees(3)........................................ none none none none none none
Exchange Fees............................................. none none none none none none
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Investment Advisory Fees (after waivers)(2)............... 0.80% 0.80% 0.75% 0.75% 0.60% 0.60%
12b-1 Fees(4)............................................. 0.25% 1.00% 0.25% 1.00% 0.25% 1.00%
Other Expenses(5)......................................... 0.45% 0.45% 0.32% 0.32% 0.31% 0.31%
---- ---- ---- ---- ---- ----
Total Portfolio Operating Expenses (after waivers)(6)..... 1.50% 2.25% 1.32% 2.07% 1.16% 1.91%
==== ==== ==== ==== ==== ====
</TABLE>
- ---------------
(1) If you purchase Class B shares, you do not pay an initial sales charge but
you may incur Contingent Deferred Sales Charge ("CDSC") if you redeem some
or all of your Class B shares before the end of the 6th year after which you
purchased such shares. The CDSC is 5%, 4%, 3%, 3%, 2% and 1% for redemptions
occurring in the years one through 6, respectively. No CDSC is charged after
the 6th year.
(2) Reflects a voluntary reduction for the Money Market Fund and Intermediate
Term Government Income Fund and Small Cap Fund in contractual fee. Had this
reduction not been in effect, the ratio of investment advisory fees to
average net assets would have been 0.30%, 0.50% and 1.00% for the Money
Market Fund, Intermediate Term Government Income Fund and Small Cap Fund,
respectively.
(3) Under certain circumstances, purchases of Class A Shares not subject to an
initial sales charge will be subject to a redemption fee if redeemed within
12 months of the calendar month of purchase. For an additional discussion of
the Class A redemption fees, see this Prospectus under "Purchase of Fund
Shares."
(4) The Class A Shares and Class B Shares may be subject to Rule 12b-1 Plan
distribution fees (annual up to 0.35% and 1.00% respectively of the average
net assets of each class of each Fund) to which the Institutional Class is
not subject. Payment of distribution fees for Class A is currently not
expected to exceed 0.25%.
(5) Reflects voluntary reduction of administration fees of 0.08% for the Money
Market Fund. Without such waiver, administration fees for the Money Market
Fund would total 0.15%. Each Fund has adopted, but not yet implemented, a
Shareholder Servicing Plan under which 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. See "Management of the
Funds -- Service Organizations" herein.
(6) Absent the voluntary reductions in investment advisory fees, administration
fees and 12b-1 distribution fees, "Total Operating Expenses" as a percentage
of average daily net assets would be 0.92% for Class A Shares and 1.57% for
Class B Shares of the Money Market Fund; 0.99% for Class A Shares of the
Short Term Government Income Fund; 1.12% for Class A Shares and 1.77% for
Class B Shares of the Intermediate Term Government Income Fund; 1.80% for
Class A Shares of the Small Cap Equity Fund; 1.42% for Class A Shares of the
Mid Cap Equity Fund; and 1.26% for Class A Shares of the Large Cap Equity
Fund.
2
<PAGE> 5
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.
EXPENSE EXAMPLES:
Full Redemption. You would have paid the following expenses on a $1,000
investment, assuming a hypothetical 5% annual return and full redemption of your
shares at the end of each period shown below*:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
<S> <C> <C> <C> <C>
MONEY MARKET FUND
Class A Shares......................................... $7 $20 $36 $80
Class B Shares......................................... 64 74 96 167
SHORT TERM GOVERNMENT INCOME FUND
Class A Shares......................................... 39 58 78 136
INTERMEDIATE TERM GOVERNMENT INCOME FUND
Class A Shares......................................... 62 82 103 165
Class B Shares......................................... 67 84 113 203
SMALL CAP EQUITY FUND
Class A Shares......................................... 67 97 130 222
Class B Shares......................................... 73 100 140 258
MID CAP EQUITY FUND
Class A Shares......................................... 65 92 121 203
Class B Shares......................................... 71 95 131 240
LARGE CAP EQUITY FUND
Class A Shares......................................... 64 87 113 186
Class B Shares......................................... 69 90 123 223
</TABLE>
No Redemption. You would have paid the following expenses on a $1,000
investment, assuming a hypothetical 5% annual return and no redemption of your
Class B Shares at the end of each period shown below*:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
<S> <C> <C> <C> <C>
MONEY MARKET FUND
Class B Shares......................................... $14 $44 $76 $167
INTERMEDIATE TERM GOVERNMENT INCOME FUND
Class B Shares......................................... 17 54 93 203
SMALL CAP EQUITY FUND
Class B Shares......................................... 23 70 120 258
MID CAP EQUITY FUND
Class B Shares......................................... 21 65 111 240
LARGE CAP EQUITY FUND
Class B Shares......................................... 19 60 103 223
</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.
3
<PAGE> 6
SUPPLEMENT DATED JULY 30, 1999 TO
PROSPECTUS DATED SEPTEMBER 30, 1998
MONEY MARKET FUND
A SERIES OF PERFORMANCE FUNDS TRUST
INSTITUTIONAL CLASS SHARES
The fee table of the Money Market Fund, a series of the Performance Funds
Trust, for the Institutional Class Shares below replaces the table on page 3 of
the prospectus. This Supplement is provided to update, and should be read in
conjunction with, the information provided in the Prospectus.
The following expense table lists the estimated costs and expenses that an
investor in the Institutional Class may incur either directly or indirectly as a
shareholder of the Fund based on expenses for the period ended May 31, 1998
(except for the reduction or voluntary waiver of advisory fees). Actual expenses
in the future may be greater or less than those shown. Shareholders in Class A
and B shares of the Funds may be subject to Rule 12b-1 Plan distribution fees
(annually up to 0.35% for Class A shares and 1.00% for Class B shares 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 (see "Purchase of Fund Shares").
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
(as a percentage of average net assets annualized)
Investment Advisory Fees (after waiver)(2).................. 0.20%
12b-1 Fees.................................................. none
Other Expenses (after waiver)(3)............................ 0.19%
----
Total Fund Operating Expenses (after waiver)(4)............. 0.39%
====
</TABLE>
- ---------------
(1) 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.
(2) Reflects a voluntary reduction in contractual fee. Had this reduction not
been in effect, the ratio of investment advisory fees to net assets would
have been 0.30%.
(3) Reflects a voluntary reduction of administration fee of 0.08%. Without such
waiver, administration fees for the Fund would total 0.15%.
(4) Absent voluntary waivers, "Total Operating Expenses" would have been 0.57%.
<PAGE> 7
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.
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...................................................... $ 4
3 years..................................................... $13
5 years..................................................... $22
10 years.................................................... $49
</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.
2
