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<PAGE> PAGE 4
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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 16
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<PAGE> PAGE 18
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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SIGNATURE FORREST HAYES
TITLE SUPERVISOR
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<F1>INSTITUTIONAL CLASS
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<NAME> INTERMEDIATE TERM GOVERNMENT INCOME FUND
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<F1>A SHARES
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<F1>B SHARES
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<NAME> PERFORMANCE FUNDS TRUST
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<F1>INSTITUTIONAL CLASS
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<F1> A CLASS
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<F1>INSTITUTIONAL CLASS
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<AVERAGE-NET-ASSETS> 57788 <F1>
<PER-SHARE-NAV-BEGIN> 1.00 <F1>
<PER-SHARE-NII> 0.02 <F1>
<PER-SHARE-GAIN-APPREC> 0 <F1>
<PER-SHARE-DIVIDEND> 0.02 <F1>
<PER-SHARE-DISTRIBUTIONS> 0 <F1>
<RETURNS-OF-CAPITAL> 0 <F1>
<PER-SHARE-NAV-END> 1.00 <F1>
<EXPENSE-RATIO> 1.51 <F1>
<FN>
<F1>B CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 051
<NAME> MID CAP EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> MAY-31-1999
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<OTHER-ITEMS-LIABILITIES> 224331
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<PAID-IN-CAPITAL-COMMON> 76090064
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<SHARES-COMMON-PRIOR> 8361763 <F1>
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<EXPENSES-NET> 1783281
<NET-INVESTMENT-INCOME> 494152
<REALIZED-GAINS-CURRENT> 13880187
<APPREC-INCREASE-CURRENT> (20334170)
<NET-CHANGE-FROM-OPS> (5959831)
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<DISTRIBUTIONS-OF-INCOME> 467166 <F1>
<DISTRIBUTIONS-OF-GAINS> 9135108 <F1>
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<NUMBER-OF-SHARES-SOLD> 4603263 <F1>
<NUMBER-OF-SHARES-REDEEMED> 7686447 <F1>
<SHARES-REINVESTED> 434567 <F1>
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<GROSS-EXPENSE> 1783281
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<PER-SHARE-NAV-BEGIN> 20.11 <F1>
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<PER-SHARE-NAV-END> 18.61 <F1>
<EXPENSE-RATIO> 1.09 <F1>
<FN>
<F1>INSTITUTIONAL CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 052
<NAME> MID CAP EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
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<DIVIDEND-INCOME> 2041719
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<EXPENSES-NET> 1783281
<NET-INVESTMENT-INCOME> 494152
<REALIZED-GAINS-CURRENT> 13880187
<APPREC-INCREASE-CURRENT> (20334170)
<NET-CHANGE-FROM-OPS> (5959831)
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<DISTRIBUTIONS-OF-INCOME> 30704 <F1>
<DISTRIBUTIONS-OF-GAINS> 1263784 <F1>
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<NUMBER-OF-SHARES-SOLD> 978170 <F1>
<NUMBER-OF-SHARES-REDEEMED> 913182 <F1>
<SHARES-REINVESTED> 72599 <F1>
<NET-CHANGE-IN-ASSETS> (60536556)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 5977
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<GROSS-ADVISORY-FEES> 1187417
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1783281
<AVERAGE-NET-ASSETS> 20748207 <F1>
<PER-SHARE-NAV-BEGIN> 20.10 <F1>
<PER-SHARE-NII> 0.02 <F1>
<PER-SHARE-GAIN-APPREC> (0.34)<F1>
<PER-SHARE-DIVIDEND> 0.03 <F1>
<PER-SHARE-DISTRIBUTIONS> 1.16 <F1>
<RETURNS-OF-CAPITAL> 0 <F1>
<PER-SHARE-NAV-END> 18.59 <F1>
<EXPENSE-RATIO> 1.35 <F1>
<FN>
<F1> A CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 053
<NAME> MID CAP EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> DEC-01-1998
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<INVESTMENTS-AT-VALUE> 126988088
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<ACCUMULATED-NET-GAINS> 9280031
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 41510370
<NET-ASSETS> 126877420
<DIVIDEND-INCOME> 2041719
<INTEREST-INCOME> 235714
<OTHER-INCOME> 0
<EXPENSES-NET> 1783281
<NET-INVESTMENT-INCOME> 494152
<REALIZED-GAINS-CURRENT> 13880187
<APPREC-INCREASE-CURRENT> (20334170)
<NET-CHANGE-FROM-OPS> (5959831)
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<DISTRIBUTIONS-OF-INCOME> 27 <F1>
<DISTRIBUTIONS-OF-GAINS> 5866 <F1>
<DISTRIBUTIONS-OTHER> 0 <F1>
<NUMBER-OF-SHARES-SOLD> 8674 <F1>
<NUMBER-OF-SHARES-REDEEMED> 1536 <F1>
<SHARES-REINVESTED> 334 <F1>
<NET-CHANGE-IN-ASSETS> (60536556)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 5811279
<OVERDISTRIB-NII-PRIOR> 5977
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1187417
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1783281
<AVERAGE-NET-ASSETS> 104058 <F1>
<PER-SHARE-NAV-BEGIN> 16.40 <F1>
<PER-SHARE-NII> (0.06)<F1>
<PER-SHARE-GAIN-APPREC> 3.32 <F1>
<PER-SHARE-DIVIDEND> 0.01 <F1>
<PER-SHARE-DISTRIBUTIONS> 1.16 <F1>
<RETURNS-OF-CAPITAL> 0 <F1>
<PER-SHARE-NAV-END> 18.49 <F1>
<EXPENSE-RATIO> 2.10 <F1>
<FN>
<F1> B CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 061
<NAME> SMALL CAP EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 65392795
<INVESTMENTS-AT-VALUE> 59891600
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<TOTAL-ASSETS> 59929202
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<OTHER-ITEMS-LIABILITIES> 88727
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<PAID-IN-CAPITAL-COMMON> 70828825
<SHARES-COMMON-STOCK> 6733590 <F1>
<SHARES-COMMON-PRIOR> 6192351 <F1>
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 5487155
<ACCUM-APPREC-OR-DEPREC> (5501195)
<NET-ASSETS> 59840475
<DIVIDEND-INCOME> 629073
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 861104
<NET-INVESTMENT-INCOME> (232031)
<REALIZED-GAINS-CURRENT> (5487155)
<APPREC-INCREASE-CURRENT> (6102658)
<NET-CHANGE-FROM-OPS> (11821844)
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<DISTRIBUTIONS-OF-INCOME> 0 <F1>
<DISTRIBUTIONS-OF-GAINS> 557755 <F1>
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<NUMBER-OF-SHARES-SOLD> 2604408 <F1>
<NUMBER-OF-SHARES-REDEEMED> 2119428 <F1>
<SHARES-REINVESTED> 56259 <F1>
<NET-CHANGE-IN-ASSETS> (5313769)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 603881
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 607516
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 861104
<AVERAGE-NET-ASSETS> 55667016 <F1>
<PER-SHARE-NAV-BEGIN> 9.92 <F1>
<PER-SHARE-NII> (0.03)<F1>
<PER-SHARE-GAIN-APPREC> (1.68)<F1>
<PER-SHARE-DIVIDEND> 0 <F1>
<PER-SHARE-DISTRIBUTIONS> 0.08 <F1>
<RETURNS-OF-CAPITAL> 0 <F1>
<PER-SHARE-NAV-END> 8.13 <F1>
<EXPENSE-RATIO> 1.40 <F1>
<FN>
<F1>INSTITUTIONAL CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 062
<NAME> SMALL CAP EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 65392795
<INVESTMENTS-AT-VALUE> 59891600
<RECEIVABLES> 31202
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<TOTAL-ASSETS> 59929202
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<OTHER-ITEMS-LIABILITIES> 88727
<TOTAL-LIABILITIES> 88727
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70828825
<SHARES-COMMON-STOCK> 626942 <F1>
<SHARES-COMMON-PRIOR> 373786 <F1>
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 5487155
<ACCUM-APPREC-OR-DEPREC> (5501195)
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<DIVIDEND-INCOME> 629073
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 861104
<NET-INVESTMENT-INCOME> (232031)
<REALIZED-GAINS-CURRENT> (5487155)
<APPREC-INCREASE-CURRENT> (6102658)
<NET-CHANGE-FROM-OPS> (11821844)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0 <F1>
<DISTRIBUTIONS-OF-GAINS> 47284 <F1>
<DISTRIBUTIONS-OTHER> 0 <F1>
<NUMBER-OF-SHARES-SOLD> 821201 <F1>
<NUMBER-OF-SHARES-REDEEMED> 573601 <F1>
<SHARES-REINVESTED> 5557 <F1>
<NET-CHANGE-IN-ASSETS> (5313769)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 603881
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 607516
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 861104
<AVERAGE-NET-ASSETS> 5062028 <F1>
<PER-SHARE-NAV-BEGIN> 9.91 <F1>
<PER-SHARE-NII> (0.05)<F1>
<PER-SHARE-GAIN-APPREC> (1.69)<F1>
<PER-SHARE-DIVIDEND> 0 <F1>
<PER-SHARE-DISTRIBUTIONS> 0.08 <F1>
<RETURNS-OF-CAPITAL> 0 <F1>
<PER-SHARE-NAV-END> 8.09 <F1>
<EXPENSE-RATIO> 1.65 <F1>
<FN>
<F1> A SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885093
<NAME> PERFORMANCE FUNDS TRUST
<SERIES>
<NUMBER> 063
<NAME> SMALL CAP EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 65392795
<INVESTMENTS-AT-VALUE> 59891600
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<OTHER-ITEMS-LIABILITIES> 88727
<TOTAL-LIABILITIES> 88727
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70828825
<SHARES-COMMON-STOCK> 5895 <F1>
<SHARES-COMMON-PRIOR> 0 <F1>
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 5487155
<ACCUM-APPREC-OR-DEPREC> (5501195)
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<DIVIDEND-INCOME> 629073
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 861104
<NET-INVESTMENT-INCOME> (232031)
<REALIZED-GAINS-CURRENT> (5487155)
<APPREC-INCREASE-CURRENT> (6102658)
<NET-CHANGE-FROM-OPS> (11821844)
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<DISTRIBUTIONS-OF-GAINS> 361 <F1>
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<NUMBER-OF-SHARES-SOLD> 6054 <F1>
<NUMBER-OF-SHARES-REDEEMED> 201 <F1>
<SHARES-REINVESTED> 43 <F1>
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 603881
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 607516
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 861104
<AVERAGE-NET-ASSETS> 34173 <F1>
<PER-SHARE-NAV-BEGIN> 7.47 <F1>
<PER-SHARE-NII> (0.05)<F1>
<PER-SHARE-GAIN-APPREC> 0.72 <F1>
<PER-SHARE-DIVIDEND> 0 <F1>
<PER-SHARE-DISTRIBUTIONS> 0.08 <F1>
<RETURNS-OF-CAPITAL> 0 <F1>
<PER-SHARE-NAV-END> 8.06 <F1>
<EXPENSE-RATIO> 2.40 <F1>
<FN>
<F1> B SHARES
</FN>
</TABLE>
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, 1999
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, 1999, and for the period
from June 1, 1998 through
May 31, 1999, 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 (the "Custodian") 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.
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, 1999 is fairly stated, in all material respects.
This report is intended solely for the information and use
of management of Performance
Funds Trust and Securities and Exchange Commission and should
not be used for any other
purpose.
PricewaterhouseCoopers LLP
July 16, 1999
Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
We, as members of management of Performance Funds 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 31, 1999.
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, 1999 with respect to
securities and similar investments reflected in the
investment account of the Trust.
Performance Funds Trust
By:
Frank M. Deutchki
Treasurer - Performance Funds Trust
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 March 31, 1999
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 March 31, 1999, and for the
period from June 1, 1998 through
March 31, 1999, 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 (the "Custodian") 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.
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
March 31, 1999 is fairly stated, in all material respects.
This report is intended solely for the information and use
of management of Performance
Funds Trust and Securities and Exchange Commission and should
not be used for any other
purpose.
PricewaterhouseCoopers LLP
July 16, 1999
Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
We, as members of management of Performance Funds 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
March 31, 1999.
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
March 31, 1999 with respect to
securities and similar investments reflected in the
investment account of the Trust.
Performance Funds Trust
By:
Frank M. Deutchki
Treasurer - Performance Funds Trust
Report of Independent Accountants
To the Shareholders and Board of Trustees of
Performance Funds Trust
In planning and performing our audit of the financial statements
of Performance Funds Trust
for the year ended May 31, 1999, 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 financial highlights 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 and
financial highlights 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 and
financial highlights 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 over safeguarding
securities, that we consider to be
material weaknesses as defined above as of May 31, 1999.
This report is intended solely for the information and
use of management and the Board of
Trustees and Shareholders of Performance Funds Trust
and the Securities and Exchange
Commission.
July 16, 1999
G: crussell\NSAR.doc
