<PAGE> 1
[PERFORMANCE FUNDS LOGO]
January 1, 2000
Dear Shareholder:
We are pleased to present you the Performance Funds' semi-annual report for
the period ended November 30, 1999. The Performance Funds comprise of The Money
Market Fund, The Short Term Government Income Fund, The Intermediate Term
Government Income Fund, The Large Cap Equity Fund, The Mid Cap Growth Fund, and
The Small Cap Fund. All funds are managed by Trustmark National Bank.
ECONOMIC REVIEW
What a difference a year makes. This time last year the U.S. economy began
to show signs of slowing as investors' concerns were occupied by an economic
crisis in the emerging markets, eroded confidence in domestic politics, and
fears of an imminent global depression. Today, while the U.S. economy continues
to expand, its concerns are now directed toward market valuations, resurgent
global economies, and Y2K issues.
Annual GDP growth through the 3Q'99 was a robust 5.5%, well above the Fed
target of 2.5%, and the unemployment rate has steadily declined to only 4.1%, a
30-year low. Chairman Greenspan's expressed concern regarding a potential
buildup of inflationary imbalances was never more evident this past summer &
fall when the Fed implemented three rates hikes of 25bp each between June and
November, negating 1998's three decreases of 25bp each. As long as U.S. GDP
growth continues above potential, global economies show signs of resurgence, and
core inflation begins to inch higher, the Fed will be compelled to raise rates
to keep GDP growth at a non-inflationary pace. While the markets do not expect
any further Fed action in front of Y2K, we feel the Fed could very well send a
strong signal to the markets early in 2000.
While commonly quoted U.S. equity market indexes gave the impression of
another year of strong performance, they failed to reveal the poor market
breadth. Through September, approximately 70% of the stocks listed on the NYSE
had lost value for the year.* Only the Technology sector, fueled by corporate
investment in the Internet and semiconductor stocks, has been the stellar
performer in the indices, regardless of market capitalization. In an environment
such as this, it is important to stay focused on the long term.
On the following pages you will find a detailed discussion of each fund's
performance. As always, we appreciate your support, welcome your comments, and
encourage you to talk with your investment representative should you have any
questions about your funds.
Sincerely,
/s/ John J. Pileggi
John J. Pileggi
Chairman of the Board
- ------------
*DEUTSCHE BANK ALEX. BROWN, 12/9/99.
Trustmark Bank provides investment advisory services and other services to the
Funds and receives a fee for those services. This material is authorized for
distribution only when preceded or accompanied by a prospectus. The Funds are
distributed by Performance Funds Distributor, Inc.
MUTUAL FUNDS ARE NOT INSURED BY THE FDIC. THERE IS NO BANK GUARANTEE. MUTUAL
FUNDS MAY LOSE VALUE. THE VIEWS EXPRESSED IN THIS SHAREHOLDER LETTER REFLECT
THOSE OF THE CHAIRMAN OF THE BOARD THROUGH THE END OF THE PERIOD COVERED BY THE
REPORT, AS STATED ON THE COVER. THE CHAIRMAN OF THE BOARD'S VIEWS ARE SUBJECT TO
CHANGE BASED ON MARKET AND OTHER CONDITIONS.
<PAGE> 2
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 3
PORTFOLIO MANAGER'S REPORT
PERFORMANCE MONEY MARKET FUND
The Performance Money Market Fund provided investors with a return of 2.49%
for the Institutional Class and 2.36% for the Consumer Class for the six month
period ended November 30, 1999. During this period, the 7-day yield of the Fund
fluctuated between a low yield of 4.67% on June 10 and a high yield of 5.20% on
November 30 (Institutional Class yields). Also during this six month period, the
Federal Reserve raised the target rate for Fed Funds three times from a low rate
of 4.75% to the current 5.50% rate. This has had a direct impact on the Fund
since the investments that the Fund uses generally track the direction in which
the Fed Funds rate moves. These higher Fed Rates were in response to the
continued threat that there might be some type of inflation spike during the
year because of tight labor markets along with the rapid rise in oil prices over
the six month period. As measured by CPI, the inflation rate has moved higher in
the past few months from 2.00% in June to 2.60% at the end of November. Going
forward the Federal Reserve will continue to monitor the inflation situation
closely and along with the continued shortage of quality labor in many areas may
signal more interest rate hikes in the near future.
The Fund invests primarily in high-quality, short-term instruments such as
U.S. Treasury obligations, U.S. Government Agency issues, bankers acceptances,
commercial paper, and repurchase agreements. The Fund is considered a first tier
Fund as a result of the high quality of the Fund's holdings per the respective
ratings from Standard and Poor's (A-1 or A-1+) and Moody's (P1).
Signed,
/s/ Kelly J. Collins
Kelly J. Collins
Trust Investment Officer
Trustmark National Bank
- ------------
An investment in the Fund is neither insured nor guaranteed by the U.S.
Government. The Fund's objective is to maintain a stable NAV of $1.00 per share.
This has been accomplished since the Fund's inception, but there can be no
guarantee that it will be in the future.
All performance figures cited here represent past performance of the Money
Market Fund and do not guarantee future results.
<PAGE> 4
PERFORMANCE SHORT TERM GOVERNMENT INCOME FUND
In spite of an aggressive stance by the Fed, expectations of higher
inflation, and investor uncertainty hovering around Y2K, the Performance Short
Term Government Fund provided a 1.74% return (Institutional Class) during the
first six months of the fiscal year. Short bond prices fell, as rates in this
sector rose 60 basis points or more. The Fed moved the target borrowing rate 3
times to 5.50%, up .75%, in a preemptive effort to control inflation. The
nation's low unemployment rate seems to be the key issue around the Fed's
actions. Commodity prices, primarily oil, are the leading contributors to
inflation fears. Productivity gains have been sufficient to soften finished
goods price increases, for now. We feel Y2K uncertainty will soon be a memory,
and even the hardcore pessimists will again wish to earn interest on their cash.
Although share price declined, during this period, we are moving into a
very favorable investment environment with the higher level of rates. Two-year
Treasury Notes now yield over 6.00%, and other bond sectors such as agencies and
high grade corporate notes are extremely attractive. These rates will enhance
our continuing strategy of this fund, and reward investors who are willing to
sustain a small amount of price volatility, to capture the higher returns over
time offered in the 1 to 3 year bond sector.
Signed,
/s/ Jonathan Rogers
Jonathan Rogers, CFA
Vice President
Trustmark National Bank
/s/ Kelly J. Collins
Kelly J. Collins
Trust Investment Officer
Trustmark National Bank
- ------------
Past performance does not guarantee future results. Investment return and net
asset value will fluctuate so that investors shares when redeemed may be worth
more or less than the original cost.
<PAGE> 5
PERFORMANCE INTERMEDIATE TERM GOVERNMENT INCOME FUND
At the end of November 1999, interest rates were near two-year highs. 10
year Treasury Notes have risen over 150 basis points this year to a level of
6.19%. This compares to a 110 basis point rise in CPI measured inflation to a
level of 2.6%. The rising rate cycle, and subsequent decline in bond prices has
diminished investment performance, resulting in the Performance Intermediate
Intermediate Term Government Fund having a -0.35% return (Institutional Class)
during the first half of our fiscal year.
Interest rates have risen to compensate us for higher inflation, as well as
a number of other factors: 1) Private debt issuers are creating huge supply.
When supply is heavy, investors demand higher yields to buy the new issues; 2)
Investors are Y2K weary. Many are holding back investments till after year-end;
3) Our domestic economy is maintaining a very low unemployment rate. This is
considered inflationary, as higher incomes create higher consumer demand; 4)
Foreign economies have started to rebound. Many of the countries which suffered
in 1998 are showing signs of growth; 5) The Fed is actively putting financial
restraints in place, in an effort to squelch possible inflation. Fed action has
been quick, and ahead of schedule compared to other historical growth cycles.
All of these factors contributing to higher rates are manageable. As
interest rates rise, debt issuance will slow. We believe the Y2K weary investor
will emerge with vigor in the first quarter of 2000. Our productivity levels are
breaking down the old rules that low unemployment leads to high inflation.
Foreign economies are growing, but on shaky ground. The Fed has been "ahead of
the game", steadily pushing up rates before inflation gets out of control.
While the current situation may seem bleak, the increase in rates has
provided bond investment opportunities similar to those seen at the end of 1988
and 1994. Although the road ahead will be choppy, the levels of interest rates
as they stand will give us the staying power we need to ride out this cycle. We
intend to view the bond market as opportunistic, not apocalyptic, and enhance
our share dividend with the higher yielding bonds we are now offered.
Signed,
/s/ Jonathan Rogers
Jonathan Rogers, CFA
Vice President
Trustmark National Bank
- ------------
Past performance does not guarantee future results. Investment return and net
asset value will fluctuate so that investors shares when redeemed may be worth
more or less than the original cost.
<PAGE> 6
PERFORMANCE LARGE CAP EQUITY FUND
For the six month period ending November 30, 1999 the Large Cap Equity Fund
returned 5.94% for its Institutional Class holders and 5.80% for its Class A
holders**. The S&P 500 was up 7.41% for the same period.
Again, the Technology sector was the area for some outstanding performance.
Cisco was up 67%, Intel 51%, and Motorola 45%. Several of our Financial holdings
were among the top performers. American Express was up 28%, Citigroup 26%, and
Morgan Stanley Dean Witter 32%. Other outstanding performers included Home Depot
which was up 42%, Warner Lambert 46%, and General Electric 27%. There were some
names which have been part of our core holdings for a long period which offset
some of our gains. Gillette was down 21%, Norfolk Southern 35%, and Ceridian
33%.
We are still facing more earnings questions and more volatility. Our
efforts and resources continue to be directed at security selection and not
market timing. Listed below are the ten largest holdings in the Fund at November
30, 1999.*
<TABLE>
<C> <S> <C>
1. General Electric Company 4.53%
2. Microsoft Corporation 4.28%
3. Cisco Systems, Inc. 3.33%
4. Wal-Mart Stores, Inc. 2.96%
5. Intel Corporation 2.74%
6. Citigroup, Inc. 2.42%
7. International Business Machines
Corp. 2.40%
8. Exxon Corporation 2.19%
9. American International Group 2.13%
10. Merck & Company, Inc. 2.08%
</TABLE>
Signed,
/s/ Charles Hl. Windham, Jr.
Charles H. Windham, Jr.
Vice President
Trustmark National Bank
- ------------
* Portfolio composition is subject to change. Ten largest holdings' percentages
are based upon net assets as of November 30, 1999.
** The total returns for Class A, after the maximum sales load of 5.25%, was
0.25% for the current six month period.
The Fund's performance is compared to the Standard & Poor's 500 Stock Index,
which represents the U.S. stock market as a whole. The Index is unmanaged, and
does not reflect the deduction of fees associated with a mutual fund, such as
investment management and fund accounting fees. Investors can not invest
directly in an index.
Past performance does not guarantee future results. Investment return and net
asset value will fluctuate so that investors shares when redeemed may be worth
more or less than the original cost.
<PAGE> 7
PERFORMANCE MIDCAP EQUITY FUND
For the six months ending November 30, 1999 the MidCap Equity Fund
Institutional shares returned 7.42%, the Class A shares returned 7.27%**, and
the Class B shares returned 6.81%***. This compares favorably to the S&P MidCap
400 Index which increased 6.77%.
The relative performance of the Fund was favorably impacted by holdings in
the technology and retailing sectors. Specifically, the shares of American Power
Conversion increased 31% in the period, and Altera Corp rose 55%. Retailers BJ's
Wholesale Club and Tiffany & Co saw their shares increase 45% and 84%,
respectively. On the downside, positions in Outback Steakhouse (down 33%) and
utility NiSource (down 31%) penalized performance. Other disappointments
included E*Trade Group (down 23%) and Jones Apparel, which fell 12%.
The Fund focuses on those companies in the MidCap Index we believe to have
increasing earnings prospects and attractive valuations. Although a handful of
large, successful companies are trading at lofty levels, many companies in our
universe are less generously priced. We expect this will result in very
satisfactory returns over the coming quarters and years. Listed below are the
ten largest holdings in the Fund at November 30, 1999:
TEN LARGEST HOLDINGS*
<TABLE>
<C> <S> <C>
1. BJ's Wholesale Club 3.28%
2. Comdisco Inc 3.18%
3. Tiffany & Co 2.97%
4. Electronic Arts 2.93%
5. First Security Corp 2.64%
6. Veritas Software 2.52%
7. American Power Conversion 2.47%
8. Stryker Corp 2.45%
9. Biogen 2.27%
10. Harley Davidson 2.19%
</TABLE>
Signed,
/s/ Douglas H. Ralston
Douglas H. Ralston, CFA
Vice President
Trustmark National Bank
- ------------
* Portfolio composition is subject to change. Ten largest holdings'
percentages are based upon net assets as of November 30, 1999.
** The total returns for Class A, after the maximum sales load of 5.25%, was
1.64% for the current six month period.
*** Maximum contingent deferred sales charge for Class B shares is 5% and is
reduced to 0% over five years. Class B shares bear ongoing distribution and
shareholder service fees of 1% of the daily net assets of Class B shares.
The Class B expenses are reflected in the performance data. Class B shares
commenced October 2, 1998.
The Fund's performance is compared to the Standard & Poor's MidCap 400 Stock
Index, which is a capitalization-weighted index that measures the performance of
the mid-range sector of the U.S. stock market where the median market
capitalization is approximately $700 million. The index is unmanaged, and does
not reflect the deduction of fees associated with a mutual fund, such as
investment management and fund accounting fees. Investors can not invest
directly in an index.
Past performance does not guarantee future results. Investment return and net
asset value will fluctuate so that investors shares when redeemed may be worth
more or less than the original cost.
<PAGE> 8
PERFORMANCE SMALL CAP EQUITY FUND
For the six months ended November 30, 1999, the Small Cap Fund returned
1.84% (Institutional Class) and 1.73% (Class A shares)**. This compares to the
S&P 600 SmallCap Index which returned 4.48% for the same period.
The small capitalization market continues to narrow with fewer and fewer
companies participating. The technology sector is clearly leading the market and
has been the only sector of significance to beat the index. Meanwhile, a large
number of reasonably priced companies are being ignored by the market.
In the fund, we had some success with companies including: CTS Corporation
(4.05%), which was up 186% for the period, Zebra Corp. (4.07%), up 88%, and
C-Cube Microsystems (1.58%), which returned 79% through November. Performance in
the fund was negatively affected by owning companies such as Shopko Stores
(0.76%) and Universal Health Services (0.56%), down 36% and 34% respectively.
Also, the fund did not participate in some of the more volatile stocks in the
index such as Aspect Communication and Three-Five Systems, up 288% and 216%
respectively.
TEN LARGEST HOLDINGS*
<TABLE>
<C> <S> <C>
1. Zebra Technology 4.07%
2. Cts Corp 4.05%
3. Plexus Corp 2.65%
4. Radian Group 2.64%
5. Alpharma 2.16%
6. Manitowoc Inc 2.06%
7. Patterson Dental 1.93%
8. Mueller Industries 1.82%
9. U.S. Freightways 1.76%
10. Timberland 1.62%
</TABLE>
Signed,
/s/ Douglas P. Muenzenmay
Doug P. Muenzenmay
Investment Officer
Trustmark National Bank
- ------------
* Portfolio composition is subject to change. Ten largest holdings' percentages
are based upon net assets as of November 30, 1999.
** The total returns for Class A, after the maximum sales load of 5.25%, was
-3.63% for the current six month period.
The Fund's performance is compared to the Standard & Poor's 600 Small Cap Index,
which is a capitalization-weighted index that measures the performance of
selected U.S. stocks with a small market capitalization. The index is unmanaged,
and does not reflect the deduction of fees associated with a mutual fund, such
as investment management and fund accounting fees. Investors can not invest
directly in an index.
Small cap funds typically carry additional risk since smaller companies may have
a higher risk of failure.
Past performance does not guarantee future results. Investment return and net
asset value will fluctuate so that investors shares when redeemed may be worth
more or less than the original cost.
<PAGE> 9
PERFORMANCE FUNDS TRUST
THE MONEY MARKET FUND
Schedule of Portfolio Investments
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MOODY'S/S&P AMORTIZED
AMOUNT SECURITY DESCRIPTION RATINGS COST
--------- -------------------- ----------- ---------
<C> <S> <C> <C>
U.S. GOVERNMENT AGENCY NOTES -- 26.7%
FEDERAL FARM CREDIT BANK -- 1.7%
$ 4,000,000 4.75%, 12/1/99.............................................. Aaa/Nr $ 4,000,000
5,000,000 5.00%, 2/18/00, Callable 1/12/00 @ 100...................... Aaa/Nr 5,000,000
------------
9,000,000
------------
FEDERAL HOME LOAN BANK -- 10.9%
10,000,000 5.72%, 12/1/99*............................................. Aaa/Nr 9,998,546
10,000,000 5.81%, 12/1/99*............................................. Aaa/Nr 10,000,000
5,000,000 5.84%, 12/16/99............................................. Aaa/Nr 5,000,880
5,000,000 4.90%, 1/14/00.............................................. Aaa/Nr 4,999,953
4,000,000 5.04%, 2/25/00.............................................. Aaa/Nr 3,998,777
10,000,000 5.12%, 3/17/00, Callable Quarterly @ 100.................... Aaa/Nr 10,000,000
5,000,000 5.14%, 3/17/00, Callable Quarterly @ 100.................... Aaa/Nr 4,999,269
5,000,000 5.56%, 7/14/00.............................................. Aaa/Nr 5,000,432
2,000,000 6.05%, 11/3/00.............................................. Aaa/Nr 1,999,298
------------
55,997,155
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 8.9%
10,000,000 5.26%, 12/1/99.............................................. Aaa/Nr 10,000,000
15,000,000 5.26%, 12/13/99............................................. Aaa/Nr 14,973,700
10,690,000 5.25%, 12/17/99............................................. Aaa/Nr 10,665,057
10,000,000 5.12%, 12/31/99............................................. Aaa/Nr 9,957,333
------------
45,596,090
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 2.9%
5,000,000 5.45%, 12/21/99............................................. Aaa/Nr 4,984,861
5,000,000 4.98%, 4/20/00.............................................. Aaa/Nr 4,999,442
5,000,000 5.56%, 7/24/00.............................................. Aaa/Nr 4,998,796
------------
14,983,099
------------
STUDENT LOAN MARKETING ASSOCIATION -- 2.3%
10,000,000 6.01%, 12/7/99*............................................. Aaa/Nr 10,000,000
2,000,000 7.50%, 3/8/00............................................... Aaa/Nr 2,013,002
------------
12,013,002
------------
TOTAL U.S. GOVERNMENT AGENCY NOTES....................................... 137,589,346
------------
COMMERCIAL PAPER -- 47.2%
AUTOMOTIVE -- 10.2%
10,000,000 Ford Motor Credit Corporation, 5.30%, 12/3/99............... P1/A1 9,997,056
11,000,000 General Motors Acceptance Corporation, 5.29%, 12/8/99....... P1/A1 10,988,685
10,000,000 General Motors Acceptance Corporation, 5.33%, 12/9/99....... P1/A1 9,988,156
6,750,000 Toyota Motor Credit Corporation, 5.28%, 12/1/99............. P1/A1+ 6,750,000
15,000,000 Toyota Motor Credit Corporation, 5.28%, 12/10/99............ P1/A1+ 14,980,199
------------
52,704,096
------------
BANKING -- 2.9%
5,000,000 Bank of America Corporation, 5.98%, 1/21/00................. P1/A1 4,957,642
10,000,000 Bank of America Corporation, 5.86%, 2/3/00.................. P-1/A-1 9,895,822
------------
14,853,464
------------
BEVERAGES -- 2.9%
15,000,000 Coca Cola Company, 5.44%, 12/21/99.......................... P-1/A-1+ 14,954,667
------------
</TABLE>
See notes to financial statements.
1
<PAGE> 10
PERFORMANCE FUNDS TRUST
THE MONEY MARKET FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MOODY'S/S&P AMORTIZED
AMOUNT SECURITY DESCRIPTION RATINGS COST
--------- -------------------- ----------- ---------
<C> <S> <C> <C>
COMMERCIAL PAPER (CONTINUED)
CHEMICALS -- 4.2%
$15,000,000 Du Pont (E.I.) de Nemours, 5.27%, 12/20/99.................. P1/A1+ $ 14,958,279
7,000,000 Du Pont (E.I.) de Nemours, 5.75%, 1/26/00................... P1/A1+ 6,937,389
------------
21,895,668
------------
COSMETICS/TOILETRIES -- 4.4%
15,000,000 Procter & Gamble Company, 5.30%, 12/14/99................... P1/A1+ 14,971,292
8,000,000 Procter & Gamble Company, 5.87%, 1/10/00.................... P1/A1+ 7,947,822
------------
22,919,114
------------
DIVERSIFIED -- 3.8%
7,000,000 General Electric Capital Corporation, 5.84, 1/14/00......... P1/A1+ 6,950,036
13,000,000 General Electric Capital Corporation, 5.97%, 2/1/00......... P1/A1+ 12,866,338
------------
19,816,374
------------
ENTERTAINMENT -- 1.9%
9,650,000 Hasbro, Inc., 5.34%, 12/10/99............................... P1/A1 9,637,117
------------
FINANCIAL SERVICES -- 11.1%
11,000,000 American General Corporation, 5.82%, 1/27/00................ P-1/A-1+ 10,898,635
12,000,000 American General Corporation, 5.84%, 1/28/00................ P-1/A-1+ 11,887,093
10,000,000 Associates Corporation NA, 5.31%, 12/22/99.................. P-1/A-1+ 9,969,025
9,000,000 Associates Corporation NA, 5.25%, 12/27/99.................. P-1/A-1+ 8,965,875
15,000,000 Merrill Lynch & Company, 5.28%, 12/6/99..................... P-1/A1+ 14,989,000
------------
56,709,628
------------
RETAIL -- 1.9%
10,000,000 Wal-Mart Stores, Inc., 5.28%, 12/2/99....................... P1/A1+ 9,998,533
------------
TELECOMMUNICATIONS -- 3.9%
10,000,000 AT&T Corporation, 5.28%, 12/17/99........................... P-1/A-1+ 9,976,534
10,000,000 Motorola, Inc., 5.78%, 1/18/00.............................. P1/A1 9,922,933
------------
19,899,467
------------
TOTAL COMMERCIAL PAPER................................................... 243,388,128
------------
CORPORATE BONDS -- 12.1%
AUTOMOTIVE -- 0.5%
2,400,000 General Motors Acceptance Corporation, 6.38%, 4/4/00........ A2/A 2,403,738
------------
BANKING -- 1.0%
2,325,000 Bank of America NA, 5.86%, 5/26/00.......................... Aa1/AA- 2,330,314
3,000,000 Wells Fargo Company, 5.31%, 4/3/00.......................... Aa3/A+ 2,999,516
------------
5,329,830
------------
BEVERAGES -- 1.2%
3,000,000 Pepsico, Inc., 6.80%, 5/15/00............................... A1/A 3,015,576
3,000,000 Pepsico, Inc., 5.88%, 6/1/00................................ A1/A 3,003,195
------------
6,018,771
------------
DIVERSIFIED -- 0.4%
2,000,000 General Electric Capital Corporation, 5.93%, 5/1/00......... Aaa/Aaa 1,998,292
------------
ENTERTAINMENT -- 0.4%
3,000,000 Walt Disney Company, 5.60%, 1/13/00......................... A2/A 3,001,630
------------
</TABLE>
See notes to financial statements.
2
<PAGE> 11
PERFORMANCE FUNDS TRUST
THE MONEY MARKET FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MOODY'S/S&P AMORTIZED
AMOUNT SECURITY DESCRIPTION RATINGS COST
--------- -------------------- ----------- ---------
<C> <S> <C> <C>
CORPORATE BONDS (CONTINUED)
FINANCIAL SERVICES -- 6.1%
$ 4,288,000 Associates Corporation NA, 6.00%, 3/15/00................... Aa3/Aa- $ 4,295,067
2,225,000 Bear Stearns Company, Inc., 6.50%, 6/15/00.................. A2/A 2,229,809
5,000,000 Bear Stearns Company, Inc., 6.56%, 6/20/00.................. A2/A 5,012,934
4,000,000 Bear Stearns Company, Inc., 6.50%, 7/5/00................... A2/A 4,018,167
1,380,000 CitiFinancial, 6.13%, 3/1/00................................ Aa3/Aa- 1,383,097
2,500,000 CitiFinancial, 5.75%, 7/15/00............................... Aa3/Aa- 2,494,801
1,000,000 Merrill Lynch & Company, 6.70%, 8/1/00...................... Aa3/Aa- 1,004,032
5,000,000 Morgan Stanley Dean Witter, 5.94%, 2/28/00.................. Aa3/A+ 5,008,926
6,050,000 Morgan Stanley Dean Witter, 5.89%, 3/20/00.................. Aa3/A+ 6,062,935
------------
31,509,768
------------
MULTIMEDIA -- 0.4%
2,000,000 Gannett Company, 5.85%, 5/1/00.............................. A1/Aa- 1,999,249
------------
RETAIL -- GROCERY -- 1.9%
10,000,000 Albertson's, Inc., 5.42%, 12/14/99*......................... P-1/A-1 9,997,425
------------
TOTAL CORPORATE BONDS.................................................... 62,258,703
------------
MUNICIPAL BONDS -- 2.1%
MISSISSIPPI -- 2.1%
11,000,000 Mississippi Business Finance Corporation, 6.09%, 3/1/00..... P-1/A-1+ 11,000,000
------------
TOTAL MUNICIPAL BONDS.................................................... 11,000,000
------------
CERTIFICATES OF DEPOSIT 4.8%
10,000,000 First Tennessee Bank, 5.52%, 12/29/99....................... A1/A 10,000,000
10,000,000 First Tennessee Bank, 5.55%, 1/18/00........................ A1/A 10,000,000
5,000,000 Regions Bank, 6.09%, 10/10/00............................... Aa2/A+ 4,997,949
------------
TOTAL CERTIFICATES OF DEPOSIT............................................ 24,997,949
------------
INVESTMENT COMPANIES -- 0.0%
66,840 AIM Prime Money Market................................................... 66,840
------------
TOTAL INVESTMENT COMPANIES............................................... 66,840
------------
REPURCHASE AGREEMENTS -- 7.1%
36,900,000 BA Securities, dated 11/30/99, due 12/1/99 at 5.64% with a maturity value
of $36,905,781, (Collateralized by a Federal National Mortgage
Association, 5.64%, 10/30/00, market value -- $37,644,175)............... 36,900,000
------------
TOTAL REPURCHASE AGREEMENTS.............................................. 36,900,000
------------
TOTAL INVESTMENTS (Amortized Cost $516,200,966) (a) -- 100.0%............ 516,200,966
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0%............................ 71,593
------------
TOTAL NET ASSETS -- 100.0%............................................... $516,272,559
============
</TABLE>
- ---------------
* Variable rate investments. The rate presented on the Schedule of Portfolio
Investments represents the rate in effect at November 30, 1999. The date
presented represents the next rate change date.
(a) Cost for federal income tax and financial reporting purposes are the same.
NR -- Not Rated
See notes to financial statements.
3
<PAGE> 12
PERFORMANCE FUNDS TRUST
THE SHORT TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
--------- -------------------- ------
<C> <S> <C>
U.S. TREASURY OBLIGATIONS -- 17.4%
U.S. TREASURY NOTES -- 5.7%
$ 1,500,000 5.63%, 2/28/01.............................................. $ 1,494,945
5,000,000 5.63%, 5/15/01.............................................. 4,978,150
------------
6,473,095
------------
U.S. TREASURY STRIPS -- 11.7%
5,000,000 5.10%, 8/15/01.............................................. 4,520,900
5,000,000 5.71%, 11/15/01............................................. 4,453,950
5,000,000 6.06%, 5/15/02.............................................. 4,318,050
------------
13,292,900
------------
TOTAL U.S. TREASURY OBLIGATIONS............................. 19,765,995
------------
U.S. GOVERNMENT AGENCY NOTES -- 9.6%
FEDERAL FARM CREDIT BANK -- 3.4%
2,000,000 5.22%, 9/11/01.............................................. 1,964,100
2,000,000 5.76%, 7/7/03............................................... 1,951,840
------------
3,915,940
------------
FEDERAL HOME LOAN BANK -- 4.4%
2,000,000 5.63%, 3/19/01.............................................. 1,986,120
3,000,000 5.80%, 5/11/01.............................................. 2,980,920
------------
4,967,040
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 1.8%
2,000,000 Series MTN, 6.23%, 3/1/02................................... 1,995,620
------------
TOTAL U.S. GOVERNMENT AGENCY NOTES.......................... 10,878,600
------------
U.S. GOVERNMENT AGENCY MORTGAGES -- 56.1%
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 32.6%
428,011 Series 1414(E), 6.25%, 7/15/05.............................. 427,197
5,000,000 Series 2078(PQ), 6.00%, 7/15/07............................. 4,925,250
3,000,000 Series 2061(PH), 6.00%, 5/15/16............................. 2,955,630
10,000,000 Series 2054(PA), 6.00%, 5/15/17............................. 9,834,200
10,000,000 Series 1590(F), 6.00%, 1/15/19.............................. 9,844,300
9,213,018 Series 1637(F), 6.00%, 9/15/21.............................. 9,059,898
------------
37,046,475
------------
</TABLE>
See notes to financial statements.
4
<PAGE> 13
PERFORMANCE FUNDS TRUST
THE SHORT TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
--------- -------------------- ------
<C> <S> <C>
U.S. GOVERNMENT AGENCY MORTGAGES (CONTINUED)
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 23.5%
$ 214,304 Series 1993-10(E), 6.50%, 10/25/04.......................... $ 213,653
5,218,211 Series 1997-78(PB), 6.00%, 8/18/14.......................... 5,185,440
247,801 Series 1993-142(A), 5.25%, 9/25/16.......................... 246,465
5,000,000 Series 1998-26(PA), 6.00%, 11/18/17......................... 4,928,700
3,302,909 Series 1994-65(PE), 6.75%, 7/25/18.......................... 3,300,333
3,000,000 Series 1998-47(PB), 6.00%, 12/18/18......................... 2,952,840
10,000,000 Series 1993-102(G), 6.25%, 1/25/20.......................... 9,880,000
------------
26,707,431
------------
TOTAL U.S. GOVERNMENT AGENCY MORTGAGES...................... 63,753,906
------------
CORPORATE BONDS -- 14.7%
FINANCIAL SERVICES -- 7.0%
1,000,000 Associates Corporation, 5.60%, 1/15/01...................... 990,000
1,000,000 CIT Group, Inc., 6.38%, 10/1/02............................. 985,000
1,000,000 Ford Motor Credit Corporation, 5.13%, 10/15/01.............. 972,500
1,000,000 Ford Motor Credit Corporation, 6.55%, 9/10/02............... 990,000
1,000,000 General Electric Capital Corporation, 5.65%, 8/15/01........ 985,000
1,000,000 IBM Credit Corporation, 6.40%, 8/13/01...................... 996,250
1,000,000 Merrill Lynch & Company, 6.00%, 1/15/01..................... 993,750
1,000,000 Norwest Financial, Inc., 5.50%, 3/19/01..................... 985,000
------------
7,897,500
------------
FOOD -- 0.8%
1,000,000 Campbell Soup Company, 4.75%, 10/1/03....................... 932,500
------------
INDUSTRIAL GOODS & SERVICES -- 2.6%
1,000,000 Baker Hughes, Inc., 5.80%, 2/15/03.......................... 966,250
1,000,000 Ingersoll-Rand Company, 6.38%, 11/19/01..................... 991,250
1,000,000 Sony Corporation, 6.13%, 3/4/03............................. 975,000
------------
2,932,500
------------
RAILROADS -- 0.9%
1,000,000 Consolidated Rail Corporation, 5.58%, 11/15/02.............. 972,500
------------
TELECOMMUNICATIONS -- 1.7%
1,000,000 MCI Worldcom, Inc., 6.13%, 8/15/01.......................... 991,250
1,000,000 US West Communications, Inc., 6.13%, 7/15/02................ 977,500
------------
1,968,750
------------
UTILITIES -- 1.7%
1,000,000 Detroit Edison Company, 5.93%, 2/1/01....................... 987,500
1,000,000 PP&L Resources, Inc., 6.00%, 6/1/00......................... 997,500
------------
1,985,000
------------
TOTAL CORPORATE BONDS....................................... 16,688,750
------------
</TABLE>
See notes to financial statements.
5
<PAGE> 14
PERFORMANCE FUNDS TRUST
THE SHORT TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
--------- -------------------- ------
<C> <S> <C>
MUNICIPAL BONDS -- 0.9%
PENNSYLVANIA -- 0.9%
$ 1,000,000 City of Erie, PA, GO, 5.15%, 11/15/01, OID.................. $ 972,500
------------
TOTAL MUNICIPAL BONDS....................................... 972,500
------------
INVESTMENT COMPANIES -- 1.1%
1,270,187 AIM Treasury Money Market................................... 1,270,187
------------
TOTAL INVESTMENT COMPANIES.................................. 1,270,187
------------
TOTAL INVESTMENTS (Cost $114,895,340) (a) -- 99.8%.......... 113,329,938
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.2%............... 230,623
------------
TOTAL NET ASSETS -- 100.0%.................................. $113,560,561
============
</TABLE>
- ---------------
GO -- General Obligation
OID -- Original Issue Discount
MTN -- Medium Term Note
(a) Cost for federal income tax purposes differs from value by net unrealized
depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............................ $ 9,223
Unrealized depreciation............................ (1,574,625)
-----------
Net unrealized depreciation........................ $(1,565,402)
===========
</TABLE>
See notes to financial statements.
6
<PAGE> 15
PERFORMANCE FUNDS TRUST
THE INTERMEDIATE TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
--------- -------------------- ------
<C> <S> <C>
U.S. TREASURY OBLIGATIONS -- 49.7%
U.S. TREASURY BONDS -- 16.5%
$ 8,000,000 7.25%, 5/15/16.............................................. $ 8,511,760
4,000,000 7.25%, 8/15/22.............................................. 4,315,480
5,000,000 6.25%, 8/15/23.............................................. 4,834,400
3,300,000 6.00%, 2/15/26.............................................. 3,091,143
6,750,000 5.25%, 11/15/28............................................. 5,697,203
------------
26,449,986
------------
U.S. TREASURY NOTES -- 33.2%
11,750,000 5.50%, 2/28/03.............................................. 11,547,195
14,000,000 5.25%, 8/15/03.............................................. 13,600,020
8,500,000 4.25%, 11/15/03............................................. 7,959,995
3,700,000 4.75%, 2/15/04.............................................. 3,519,625
7,000,000 5.63%, 2/15/06.............................................. 6,793,570
10,500,000 5.50%, 2/15/08.............................................. 10,005,555
------------
53,425,960
------------
TOTAL U.S. TREASURY OBLIGATIONS............................. 79,875,946
------------
U.S. GOVERNMENT AGENCY NOTES -- 12.6%
FEDERAL HOME LOAN BANK -- 2.4%
3,000,000 6.13%, 8/15/03.............................................. 2,961,210
1,000,000 4.96%, 10/7/05.............................................. 918,250
------------
3,879,460
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 0.6%
1,000,000 7.41%, 4/19/06.............................................. 994,630
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 6.4%
1,000,000 6.00%, 1/14/05.............................................. 970,830
2,000,000 6.49%, 1/19/06.............................................. 1,949,600
1,000,000 7.32%, 5/3/06............................................... 990,360
1,000,000 7.19%, 11/6/06.............................................. 985,510
1,000,000 7.33%, 4/2/07............................................... 998,730
2,000,000 7.00%, 7/17/07.............................................. 1,918,980
1,000,000 6.17%, 1/15/08.............................................. 942,640
1,000,000 6.16%, 1/23/08.............................................. 930,810
500,000 6.51%, 5/6/08............................................... 482,930
------------
10,170,390
------------
U.S. GOVERNMENT AGENCY -- 3.2%
2,000,000 Tennessee Valley Authority, 6.38%, 6/15/05.................. 1,960,000
3,500,000 Tennessee Valley Authority, 6.00%, 3/15/13.................. 3,215,625
------------
5,175,625
------------
TOTAL U.S. GOVERNMENT AGENCY NOTES.......................... 20,220,105
------------
</TABLE>
See notes to financial statements.
7
<PAGE> 16
PERFORMANCE FUNDS TRUST
THE INTERMEDIATE TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
--------- -------------------- ------
<C> <S> <C>
U.S. GOVERNMENT AGENCY MORTGAGES -- 3.1%
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 3.1%
$ 53,566 Pool 210311, 9.00%, 6/15/17................................. $ 56,080
23,583 Pool 271741, 9.00%, 3/15/20................................. 24,688
4,974,437 Pool 510559, 7.00%, 10/15/29................................ 4,861,318
------------
TOTAL U.S. GOVERNMENT AGENCY MORTGAGES...................... 4,942,086
------------
CORPORATE BONDS -- 33.2%
AEROSPACE -- 0.7%
250,000 Raytheon Company, 7.38%, 7/15/25............................ 221,250
250,000 Rockwell International Corporation, 6.63%, 6/1/05........... 244,063
500,000 Rockwell International Corporation, 6.15%, 1/15/08.......... 465,625
250,000 WMX Technologies, Inc., 6.25%, 10/15/00..................... 245,000
------------
1,175,938
------------
AUTOMOTIVE -- 1.5%
750,000 Ford Motor Company, 5.75%, 2/23/04.......................... 714,375
500,000 Ford Motor Company, 7.25%, 10/1/08.......................... 495,000
250,000 Ford Motor Company, 7.13%, 11/15/25......................... 237,500
1,000,000 General Motors Corporation, 7.10%, 3/15/06.................. 995,000
------------
2,441,875
------------
BANKING -- 2.2%
1,000,000 Bank of America Corporation, 6.63%, 6/15/04................. 982,499
250,000 Bank of America Corporation, 6.88%, 2/15/05................. 247,500
500,000 Bank of America Corporation, 6.38%, 5/15/05................. 483,750
350,000 Bank of America Corporation, 7.19%, 7/30/12................. 336,875
250,000 Bankers Trust Corporation, 6.75%, 10/3/01................... 249,688
250,000 Bankers Trust Corporation, 7.13%, 7/31/02................... 250,938
500,000 Bankers Trust Corporation, 7.50%, 11/15/15.................. 474,375
250,000 Chase Manhattan Corporation, 6.50%, 1/15/09................. 237,500
250,000 US Bank NA, 6.88%, 4/1/06................................... 244,375
------------
3,507,500
------------
BEVERAGES -- 0.7%
500,000 Coca-Cola Enterprises, Inc., 6.63%, 8/1/04.................. 491,250
250,000 Coca-Cola Enterprises, Inc., 6.75%, 9/15/23................. 225,000
500,000 Pepsi Bottling Holdings, Inc., 5.38%, 2/17/04............... 467,500
------------
1,183,750
------------
</TABLE>
See notes to financial statements.
8
<PAGE> 17
PERFORMANCE FUNDS TRUST
THE INTERMEDIATE TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
--------- -------------------- ------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
CHEMICALS -- 1.2%
$ 500,000 Air Products & Chemicals, Inc., 7.38%, 5/1/05............... $ 504,375
250,000 Air Products & Chemicals, Inc., 6.24%, 1/13/10.............. 226,563
500,000 Du Pont (E.I.) de Nemours, 6.50%, 9/1/02.................... 496,250
500,000 Monsanto Company, 6.00%, 7/1/00............................. 499,375
250,000 PPG Industries, Inc., 6.88%, 8/1/05......................... 244,375
------------
1,970,938
------------
COMPUTER EQUIPMENT -- 0.9%
500,000 IBM Credit Corporation, 5.37%, 9/22/03...................... 476,250
500,000 IBM Credit Corporation, 7.00%, 11/5/07...................... 483,125
500,000 IBM Credit Corporation, 6.75%, 12/24/07..................... 483,125
------------
1,442,500
------------
CONSUMER NON-DURABLE -- 0.4%
250,000 Kimberly-Clark Corporation, 6.88%, 2/15/14.................. 246,250
500,000 Procter & Gamble Company, 5.25%, 9/15/03.................... 475,000
------------
721,250
------------
ENTERTAINMENT -- 0.3%
500,000 The Walt Disney Company, 5.13%, 12/15/03.................... 468,750
------------
FINANCIAL SERVICES -- 8.9%
500,000 American General Corporation, 6.75%, 6/15/05................ 489,375
250,000 American General Corporation, 7.50%, 7/15/25................ 238,125
500,000 Bear Stearns Company, 6.15%, 3/2/04......................... 478,750
500,000 Bear Stearns Company, 6.63%, 10/1/04........................ 486,875
250,000 Bear Stearns Company, 6.65%, 12/1/04........................ 243,438
250,000 CIT Group, Inc., 6.38%, 10/1/02............................. 246,250
500,000 Citigroup, Inc., 6.13%, 6/15/00............................. 499,660
250,000 Citigroup, Inc., 6.63%, 9/15/05............................. 242,188
500,000 Ford Motor Credit Corporation, 6.50%, 2/28/02............... 496,250
500,000 General Motors Acceptance Corporation, 5.63%, 2/15/01....... 494,375
1,000,000 General Motors Acceptance Corporation, 5.35%, 12/7/01....... 972,500
500,000 Household Finance Corporation, 6.70%, 6/15/02............... 496,875
500,000 Household Finance Corporation, 6.88%, 3/1/07................ 482,500
500,000 Household Finance Corporation, 7.30%, 7/30/12............... 473,750
500,000 International Lease Finance Corporation, 6.20%, 11/6/00..... 497,760
500,000 International Lease Finance Corporation, 6.38%, 8/1/02...... 492,500
500,000 ITT Hartford Corporation, 7.30%, 11/1/15.................... 466,875
500,000 Merrill Lynch & Company, 5.75%, 11/4/02..................... 486,250
500,000 Merrill Lynch & Company, 7.00%, 4/27/08..................... 483,125
250,000 Merrill Lynch & Company, 6.25%, 10/15/08.................... 229,375
1,000,000 Merrill Lynch & Company, 7.15%, 7/30/12..................... 996,249
1,000,000 Morgan Stanley Dean Witter, 6.75%, 3/4/03................... 992,499
500,000 Morgan Stanley Dean Witter, 5.63%, 1/20/04.................. 474,375
</TABLE>
See notes to financial statements.
9
<PAGE> 18
PERFORMANCE FUNDS TRUST
THE INTERMEDIATE TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
--------- -------------------- ------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
FINANCIAL SERVICES (CONTINUED)
$ 500,000 Norwest Corporation, 6.00%, 3/15/00......................... $ 500,145
250,000 Norwest Corporation, 6.38%, 9/15/02......................... 246,875
250,000 Norwest Corporation, 6.50%, 6/1/05.......................... 242,500
500,000 Salomon SB Holdings, Inc., 7.50%, 5/1/02.................... 506,250
500,000 Salomon SB Holdings, Inc., 6.63%, 7/1/02.................... 496,875
250,000 Salomon SB Holdings, Inc., 6.13%, 1/15/03................... 243,750
500,000 Toyota Motor Credit Corporation, 5.63%, 11/13/03............ 477,500
------------
14,173,814
------------
FINANCIAL SERVICES -- DIVERSIFIED -- 4.0%
500,000 Associates Corporation NA, 5.75%, 11/1/03................... 479,375
500,000 Associates Corporation NA, 5.50%, 2/15/04................... 471,875
500,000 CNA Financial Corporation, 6.60%, 12/15/08.................. 455,000
500,000 General Electric Capital Corporation, 6.52%, 10/8/02........ 498,750
500,000 General Electric Capital Corporation, 5.65%, 3/31/03........ 483,125
500,000 General Electric Capital Corporation, 6.10%, 5/24/04........ 484,375
650,000 General Electric Capital Corporation, 6.90%, 9/15/15........ 627,249
500,000 John Deere Capital Corporation, 6.00%, 2/15/09.............. 451,875
500,000 National Rural Utilities Cooperative Finance Corporation,
5.95%, 1/15/03.............................................. 485,625
250,000 SBC Communications Capital Corporation, 6.25%, 10/15/02..... 245,938
500,000 SBC Communications Capital Corporation, 5.88%, 6/1/03....... 484,375
250,000 SBC Communications Capital Corporation, 7.20%, 10/15/26..... 227,500
500,000 Texaco Capital, Inc., 5.70%, 12/1/08........................ 440,625
500,000 U.S. Leasing Capital Corporation, 5.95%, 10/15/03........... 482,500
------------
6,318,187
------------
FOOD -- 0.8%
390,000 Campbell Soup Company, 4.75%, 10/1/03....................... 363,675
500,000 General Mills, Inc., 5.82%, 2/5/03.......................... 483,125
500,000 Sara Lee Corporation, 5.75%, 9/3/03......................... 481,250
------------
1,328,050
------------
HEALTH CARE -- 0.9%
250,000 American Home Products Corporation, 7.25%, 3/1/23........... 240,000
500,000 Baxter International, Inc., 6.63%, 2/15/28.................. 429,375
500,000 Eli Lilly & Company, 6.25%, 3/15/03......................... 491,250
250,000 Eli Lilly & Company, 7.13%, 6/1/25.......................... 240,313
------------
1,400,938
------------
INDUSTRIAL GOODS & SERVICES -- 0.6%
500,000 Ingersoll-Rand, 6.26%, 2/15/01.............................. 496,875
500,000 Sony Corporation, 6.13%, 3/4/03............................. 487,500
------------
984,375
------------
</TABLE>
See notes to financial statements.
10
<PAGE> 19
PERFORMANCE FUNDS TRUST
THE INTERMEDIATE TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
--------- -------------------- ------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
OFFICE EQUIPMENT & SERVICES -- 0.6%
$ 500,000 Xerox Corporation, 5.50%, 11/15/03.......................... $ 473,750
500,000 Xerox Corporation, 5.25%, 12/15/03.......................... 467,500
------------
941,250
------------
OIL/GAS -- 0.9%
1,000,000 Atlantic Richfield, 5.55%, 4/15/03.......................... 956,250
500,000 Conoco, Inc., 5.90%, 4/15/04................................ 480,000
------------
1,436,250
------------
RAILROADS -- 1.1%
250,000 Norfolk Southern Railway Corporation, 5.08%, 7/15/01........ 244,063
500,000 Norfolk Southern Railway Corporation, 7.00%, 6/15/05........ 495,625
1,000,000 Union Tank Car Company, 6.79%, 5/1/10....................... 962,500
------------
1,702,188
------------
RETAIL -- 0.8%
250,000 J.C. Penney & Company, 6.88%, 10/15/15...................... 210,938
500,000 McDonald's Corporation, 6.75% , 2/15/03..................... 500,000
250,000 Rite-Aid Corporation, 6.88%, 8/15/13........................ 136,250
500,000 Sears Roebuck Acceptance Corporation, 6.70%, 11/15/06....... 468,125
------------
1,315,313
------------
RETAIL -- GROCERY -- 0.2%
300,000 Albertson's, Inc., 6.38%, 6/1/00............................ 300,000
------------
TELECOMMUNICATIONS -- 2.5%
500,000 AT&T Corporation, 5.63%, 3/15/04............................ 476,875
500,000 AT&T Corporation, 6.00 % , 3/15/09.......................... 460,625
500,000 MCI Worldcom, Inc., 6.13%, 8/15/01.......................... 495,624
250,000 Motorola, Inc., 6.50%, 3/1/08............................... 239,375
250,000 Nortel Networks Corporation, 6.88%, 9/1/23.................. 229,688
500,000 SBC Communications, Inc., 6.50%, 7/1/03..................... 491,250
500,000 SBC Communications, Inc., 7.00%, 8/15/05.................... 497,499
240,000 SBC Communications, Inc., 7.13%, 8/1/07..................... 239,400
250,000 U.S. West Communications, Inc., 6.38%, 10/15/02............. 246,563
500,000 U.S. West Communications, Inc., 6.38, 7/15/08............... 465,625
250,000 U.S. West Communications, Inc., 7.50%, 6/15/23.............. 232,500
------------
4,075,024
------------
</TABLE>
See notes to financial statements.
11
<PAGE> 20
PERFORMANCE FUNDS TRUST
THE INTERMEDIATE TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
--------- -------------------- ------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
TELEPHONE -- 1.5%
$ 250,000 Chesapeake Bell Telephone Virginia, 7.00%, 7/15/25.......... $ 224,688
500,000 New York Telephone Company, 5.88%, 9/01/03.................. 481,875
1,000,000 New York Telephone Company, 6.00%, 9/1/07................... 923,750
250,000 New York Telephone Company, 7.25%, 2/15/24.................. 229,375
500,000 Southern Bell Telephone Company, 6.00 % , 10/1/04........... 476,875
------------
2,336,563
------------
UTILITIES -- 2.5%
500,000 Carolina Power & Light Company, 5.88%, 1/15/04.............. 476,874
500,000 Central Power & Light Company, 6.63% 7/1/05................. 481,249
250,000 Consolidated Edison Company of New York, Inc., 6.63%,
7/1/05...................................................... 241,875
250,000 Consolidated Edison Company of New York, Inc., 7.50%,
6/15/23..................................................... 235,000
250,000 Duke Energy Corporation, 6.88%, 8/1/23...................... 222,188
225,000 Georgia Power Company, 6.63%, 4/1/03........................ 221,906
250,000 Northern States Power Company, 7.13%, 7/1/25................ 235,938
250,000 Pacific Gas & Electric Company, 6.25%, 3/1/04............... 241,563
250,000 Pacific Gas & Electric Company, 7.25%, 8/1/26............... 227,500
250,000 Scottish Power PLC, 6.63%, 6/1/07........................... 240,000
250,000 Southern California Edison Company, 6.50%, 6/1/01........... 249,375
250,000 Southern California Edison Company, 6.90%, 10/1/18.......... 225,000
500,000 Virginia Electric & Power Company, 6.75%, 2/1/07............ 475,000
250,000 West Penn Power Company, 6.38%, 6/1/04...................... 242,500
------------
4,015,968
------------
TOTAL CORPORATE BONDS....................................... 53,240,421
------------
INVESTMENT COMPANIES -- 0.4%
599,635 AIM Treasury Money Market................................... 599,635
------------
TOTAL INVESTMENT COMPANIES.................................. 599,635
------------
TOTAL INVESTMENTS (Cost $164,495,480) (a) -- 99.0%.......... 158,878,193
OTHER ASSETS IN EXCESS OF LIABILITIES -- 1.0%............... 1,555,151
------------
TOTAL NET ASSETS -- 100.0%.................................. $160,433,344
============
</TABLE>
- ---------------
(a) Cost for federal income tax purposes differs from value by net unrealized
depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............................ $ 248,010
Unrealized depreciation............................ (5,865,297)
-----------
Net unrealized depreciation........................ $(5,617,287)
===========
</TABLE>
See notes to financial statements.
12
<PAGE> 21
PERFORMANCE FUNDS TRUST
THE LARGE CAP EQUITY FUND
Schedule of Portfolio Investments
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------ -------------------- ------
<C> <S> <C>
COMMON STOCKS -- 98.8%
AEROSPACE/DEFENSE -- 0.4%
26,000 Lockheed Martin Corporation................................. $ 516,750
27,000 Raytheon Company, Class B................................... 828,563
------------
1,345,313
------------
AUTOMOTIVE -- 1.5%
10,000 DaimlerChrysler AG.......................................... 681,250
50,000 Ford Motor Company.......................................... 2,525,000
32,000 General Motors Corporation.................................. 2,304,000
------------
5,510,250
------------
BANKING -- 4.4%
78,474 Bank of America Corporation................................. 4,590,729
68,000 Bank of New York Company, Inc............................... 2,711,500
38,000 Chase Manhattan Corporation................................. 2,935,500
42,638 FleetBoston Financial Corporation........................... 1,612,249
30,000 SunTrust Banks, Inc......................................... 2,096,250
50,000 Wells Fargo & Company....................................... 2,325,000
------------
16,271,228
------------
BEVERAGES -- 3.2%
31,000 Anheuser Busch Companies, Inc............................... 2,319,188
106,000 Coca-Cola Company........................................... 7,135,124
71,000 PepsiCo, Inc................................................ 2,453,938
------------
11,908,250
------------
BUSINESS EQUIPMENT & SERVICES -- 2.3%
68,000 America Online (b).......................................... 4,942,749
27,000 Deluxe Corporation.......................................... 707,063
34,000 FDX Corporation (b)......................................... 1,434,375
16,000 H & R Block................................................. 688,000
19,000 Pitney Bowes, Inc........................................... 910,813
------------
8,683,000
------------
CAPITAL GOODS -- 1.3%
30,000 Black & Decker Corporation.................................. 1,346,250
41,000 Illinois Tool Works, Inc.................................... 2,654,750
44,000 Sherwin-Williams Company.................................... 943,250
------------
4,944,250
------------
CHEMICALS -- 0.7%
46,000 Du Pont (E.I.) De Nemours................................... 2,734,125
------------
</TABLE>
See notes to financial statements.
13
<PAGE> 22
PERFORMANCE FUNDS TRUST
THE LARGE CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------ -------------------- ------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
COMPUTER EQUIPMENT -- 3.6%
25,000 Computer Associates International, Inc...................... $ 1,625,000
17,000 EMC Corporation (b)......................................... 1,420,563
132,000 Intel Corporation........................................... 10,122,750
------------
13,168,313
------------
COMPUTER SOFTWARE -- 7.6%
138,000 Cisco Systems, Inc. (b)..................................... 12,307,875
174,000 Microsoft Corporation (b)................................... 15,842,156
------------
28,150,031
------------
COMPUTERS -- 5.7%
66,000 Compaq Computer Corporation................................. 1,612,875
120,000 Dell Computer Corporation (b)............................... 5,167,500
44,000 Hewlett Packard Company..................................... 4,174,500
86,000 International Business Machines Corporation................. 8,863,375
11,000 Sun Microsystems, Inc. (b).................................. 1,454,750
------------
21,273,000
------------
CONSUMER DURABLES -- 0.1%
14,000 Dana Corporation............................................ 388,500
------------
CONSUMER NON-DURABLE -- 4.9%
56,000 Colgate-Palmolive Company................................... 3,073,000
33,000 ConAgra, Inc................................................ 796,125
62,000 Gillette Company............................................ 2,491,625
36,000 Kimberly-Clark Corporation.................................. 2,299,500
54,000 Procter & Gamble Company.................................... 5,831,999
28,571 Unilever NV -- New York Shares -- ADR....................... 1,555,334
25,000 Wrigley (WM.) Jr. Company................................... 2,079,688
------------
18,127,271
------------
CONSUMER SERVICES -- 1.6%
51,000 Mattel, Inc................................................. 729,938
60,000 Meredith Corporation........................................ 2,268,750
46,000 Time Warner, Inc............................................ 2,837,625
------------
5,836,313
------------
</TABLE>
See notes to financial statements.
14
<PAGE> 23
PERFORMANCE FUNDS TRUST
THE LARGE CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------ -------------------- ------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
ENERGY -- 6.6%
60,872 BP Amoco PLC -- ADR......................................... $ 3,709,388
31,000 Chevron Corporation......................................... 2,745,438
102,000 Exxon Corporation........................................... 8,089,874
8,000 Halliburton Company......................................... 309,500
40,000 Mobil Corporation........................................... 4,172,500
95,000 Royal Dutch Petroleum -- New York Shares -- ADR............. 5,510,000
------------
24,536,700
------------
ENTERTAINMENT -- 1.1%
29,160 CBS Corporation (b)......................................... 1,516,320
87,000 The Walt Disney Company..................................... 2,425,125
------------
3,941,445
------------
FINANCIAL SERVICES -- 7.2%
31,000 American Express Company.................................... 4,690,688
166,500 Citigroup, Inc.............................................. 8,970,187
54,000 Federal Home Loan Mortgage Corporation...................... 2,666,250
56,000 Federal National Mortgage Association....................... 3,731,000
25,000 Merrill Lynch & Company..................................... 2,015,625
39,000 Morgan Stanley Dean Witter & Company........................ 4,704,375
------------
26,778,125
------------
FOOD -- 0.3%
20,000 Hershey Foods Corporation................................... 982,500
------------
HEALTH CARE -- 12.4%
68,000 Abbott Laboratories......................................... 2,584,000
51,000 American Home Products Corporation.......................... 2,652,000
21,000 Baxter International, Inc................................... 1,418,813
82,000 Bristol-Myers Squibb Company................................ 5,991,124
47,000 Eli Lilly & Company......................................... 3,372,250
56,000 Johnson & Johnson, Inc...................................... 5,810,000
98,000 Merck & Company, Inc........................................ 7,692,999
147,000 Pfizer, Inc................................................. 5,319,563
110,000 Schering-Plough Corporation................................. 5,623,750
60,000 Warner Lambert Company...................................... 5,381,250
------------
45,845,749
------------
INDUSTRIAL GOODS & SERVICES -- 0.6%
52,000 Tyco International, Ltd..................................... 2,083,250
------------
</TABLE>
See notes to financial statements.
15
<PAGE> 24
PERFORMANCE FUNDS TRUST
THE LARGE CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------ -------------------- ------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
INSURANCE -- 2.5%
58,000 Allstate Corporation........................................ $ 1,518,875
76,250 American International Group, Inc........................... 7,872,813
------------
9,391,688
------------
MULTI INDUSTRY -- 5.5%
129,000 General Electric Company.................................... 16,770,000
12,000 Lowes Corporation........................................... 768,000
38,000 Textron, Inc................................................ 2,700,375
------------
20,238,375
------------
OIL/GAS -- 0.3%
58,648 Sempra Energy............................................... 1,084,988
------------
RAILROADS -- 0.2%
39,000 Norfolk Southern Corporation................................ 833,625
------------
RAW MATERIALS -- 0.9%
28,000 Alcoa, Inc.................................................. 1,834,000
25,000 Avery-Dennison Corporation.................................. 1,484,375
------------
3,318,375
------------
RETAIL -- 7.9%
46,000 Circuit City Stores, Inc.................................... 2,231,000
88,500 Gap, Inc.................................................... 3,584,250
47,000 Home Depot, Inc............................................. 3,715,938
60,000 McDonald's Corporation...................................... 2,700,000
20,000 Sears, Roebuck & Company.................................... 683,750
190,000 Wal-Mart Stores, Inc........................................ 10,948,749
190,000 Walgreen Company............................................ 5,533,750
------------
29,397,437
------------
SHELTER -- 0.2%
18,000 Armstrong World Industries, Inc............................. 603,000
------------
TECHNOLOGY -- 1.2%
44,000 Ceridian Corporation (b).................................... 951,500
50,000 Loral Space & Communications, Ltd. (b)...................... 896,875
29,000 Northrop Grumman Corporation................................ 1,629,438
19,000 Rockwell International Corporation.......................... 942,875
------------
4,420,688
------------
</TABLE>
See notes to financial statements.
16
<PAGE> 25
PERFORMANCE FUNDS TRUST
THE LARGE CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------ -------------------- ------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
TELECOMMUNICATIONS -- 12.0%
104,500 AT&T Corporation............................................ $ 5,838,938
58,000 Bell Atlantic Corporation................................... 3,672,125
84,000 BellSouth Corporation....................................... 3,879,750
42,000 GTE Corporation............................................. 3,066,000
99,000 Lucent Technologies, Inc.................................... 7,233,187
61,000 MCI WorldCom, Inc. (b)...................................... 5,043,938
27,000 Motorola, Inc............................................... 3,084,750
27,000 Nortel Networks Corporation -- ADR.......................... 1,998,000
130,000 SBC Communications, Inc..................................... 6,751,874
56,000 Sprint Corporation.......................................... 3,885,000
------------
44,453,562
------------
TRANSPORTATION & SHIPPING -- 0.3%
36,000 Burlington Northern Santa Fe Corporation.................... 1,044,000
------------
UTILITIES -- 2.3%
50,000 Consolidated Edison Company of New York, Inc................ 1,725,000
58,000 Detroit Edison Company...................................... 1,917,625
53,000 Entergy Corporation......................................... 1,460,813
52,000 FirstEnergy Corporation..................................... 1,212,250
100,000 Southern Company............................................ 2,337,500
------------
8,653,188
------------
TOTAL COMMON STOCKS......................................... 365,946,539
------------
INVESTMENT COMPANIES -- 1.1%
3,972,004 AIM Treasury Money Market................................... 3,972004
------------
TOTAL INVESTMENT COMPANIES.................................. 3,972,004
------------
TOTAL INVESTMENTS (Cost $159,475,509) (a) -- 99.9%.......... 369,918,543
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.1%............... 338,212
------------
TOTAL NET ASSETS -- 100.0%.................................. $370,256,755
============
</TABLE>
- ---------------
(a) Cost for federal income tax purposes differs from value by net unrealized
appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.......................... $ 213,452,724
Unrealized depreciation.......................... (3,009,690)
-------------
Net unrealized appreciation...................... $ 210,443,034
=============
</TABLE>
(b) Non-income producing security
ADR -- American Depository Receipt
See notes to financial statements.
17
<PAGE> 26
PERFORMANCE FUNDS TRUST
THE MID CAP EQUITY FUND
Schedule of Portfolio Investments
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------ -------------------- ------
<C> <S> <C>
COMMON STOCKS -- 97.9%
BUSINESS EQUIPMENT & SERVICES -- 7.8%
16,000 Cintas Corporation.......................................... $ 735,000
165,000 Comdisco, Inc............................................... 3,980,624
29,000 Concord EFS, Inc.(b)........................................ 768,500
27,000 Convergys Corporation(b).................................... 737,438
22,600 Jacobs Engineering Group, Inc.(b)........................... 710,488
54,200 Reynolds & Reynolds Company................................. 1,050,125
68,300 Viad Corporation............................................ 1,797,144
------------
9,779,319
------------
CAPITAL GOODS -- 3.6%
18,000 Donaldson Company, Inc...................................... 406,125
24,000 HARSCO Corporation.......................................... 715,500
17,778 Illinois Tool Works, Inc.................................... 1,151,137
16,000 Mark IV Industries, Inc..................................... 300,000
9,000 Martin Marietta Materials................................... 341,438
24,000 Precision Castparts Corporation............................. 652,500
15,000 Southdown, Inc.............................................. 692,813
9,000 Trinity Industries.......................................... 263,250
------------
4,522,763
------------
COMPUTER EQUIPMENT -- 5.0%
120,000 Quantum Corporation Digital Linear Tape & Storage(b)........ 1,890,000
60,000 Quantum Corporation Hard Disk Drive(b)...................... 412,500
11,000 Synopsys, Inc.(b)........................................... 796,125
34,500 Veritas Software Corporation(b)............................. 3,158,906
------------
6,257,531
------------
COMPUTER SOFTWARE -- 5.8%
35,000 Electronic Arts, Inc.(b).................................... 3,670,625
18,000 Fiserv, Inc.(b)............................................. 639,000
12,000 Legato Systems, Inc.(b)..................................... 810,375
26,000 Siebel Systems, Inc.(b)..................................... 1,823,250
8,000 Symantec Corporation(b)..................................... 373,500
------------
7,316,750
------------
CONSUMER DURABLES -- 3.6%
30,000 Carlisle Companies, Inc..................................... 1,006,875
45,000 Harley-Davidson, Inc........................................ 2,745,000
28,000 Kaydon Corporation.......................................... 766,500
------------
4,518,375
------------
</TABLE>
See notes to financial statements.
18
<PAGE> 27
PERFORMANCE FUNDS TRUST
THE MID CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------ -------------------- ------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
CONSUMER NON-DURABLE -- 3.7%
16,000 Church & Dwight, Inc........................................ $ 448,000
87,000 Jones Apparel Group, Inc.(b)................................ 2,321,813
56,299 Lancaster Colony Corporation................................ 1,822,680
------------
4,592,493
------------
CONSUMER SERVICES -- 3.9%
21,000 Banta Corporation........................................... 460,688
40,000 Belo (A.H.) Corporation -- Common Series A.................. 720,000
13,000 Gtech Holdings Corporation(b)............................... 273,000
83,000 International Game Technologies............................. 1,494,000
34,000 Mandalay Resort Group(b).................................... 792,625
2,000 Washington Post Company..................................... 1,143,000
------------
4,883,313
------------
ELECTRONICS -- 3.3%
8,000 Microchip Technology, Inc.(b)............................... 507,000
15,000 Molex, Inc.................................................. 759,375
9,000 Sanmina Corporation(b)...................................... 865,125
24,000 Teradyne, Inc.(b)........................................... 1,045,500
22,000 Vitesse Semiconductor(b).................................... 991,375
------------
4,168,375
------------
ENERGY -- 3.7%
26,000 BJ Services Company(b)...................................... 906,750
40,000 Smith International, Inc.(b)................................ 1,595,000
48,600 Tosco Corporation........................................... 1,315,238
30,000 Valero Energy............................................... 622,500
22,000 Varco International, Inc.(b)................................ 235,125
------------
4,674,613
------------
FINANCIAL SERVICES -- 11.8%
10,000 Ambac Financial Group, Inc.................................. 545,000
27,300 Charter One Financial, Inc.................................. 592,069
32,000 City National Corporation................................... 1,154,000
36,000 E*Trade Group, Inc.(b)...................................... 1,080,000
77,000 Edwards (A.G.), Inc......................................... 2,290,750
117,450 First Security Corporation.................................. 3,303,280
34,000 First Tennessee National Corporation........................ 1,117,750
15,000 Marshall & Ilsley Corporation............................... 1,004,063
27,750 Old Kent Financial Corporation.............................. 1,125,609
19,000 ReliaStar Financial Corporation............................. 826,500
</TABLE>
See notes to financial statements.
19
<PAGE> 28
PERFORMANCE FUNDS TRUST
THE MID CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------ -------------------- ------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
FINANCIAL SERVICES (CONTINUED)
20,000 Robert Half International, Inc.(b).......................... $ 560,000
16,000 Zions Bancorporation........................................ 1,033,000
------------
14,632,021
------------
HEALTH CARE -- 8.2%
30,000 Beckman Coulter, Inc........................................ 1,432,500
39,000 Biogen, Inc.(b)............................................. 2,849,438
40,000 Ivax Corporation(b)......................................... 812,500
18,000 Lincare Holdings, Inc.(b)................................... 510,750
70,000 Mylan Laboratories, Inc..................................... 1,649,375
54,000 Stryker Corporation......................................... 3,074,625
------------
10,329,188
------------
RESEARCH & DEVELOPMENT -- 1.5%
26,000 Chiron Corporation(b)....................................... 853,125
30,000 Genzyme Corporation, General Division(b).................... 1,080,000
------------
1,933,125
------------
RESTAURANTS -- 1.8%
78,750 Outback Steakhouse(b)....................................... 1,855,547
14,000 Starbucks Corporation(b).................................... 371,875
------------
2,227,422
------------
RETAIL -- 10.5%
110,000 BJ's Wholesale Club, Inc.(b)................................ 4,111,249
46,000 Claire's Stores, Inc........................................ 997,625
9,000 Dollar Tree Stores, Inc.(b)................................. 402,750
34,800 Hannaford Brothers Company.................................. 2,529,525
11,000 Payless Shoesource, Inc.(b)................................. 503,938
50,000 Ross Stores, Inc............................................ 959,375
48,000 Tiffany & Company........................................... 3,720,000
------------
13,224,462
------------
SHELTER -- 2.1%
149,218 Clayton Homes, Inc.......................................... 1,520,159
35,500 Leggett & Platt, Inc........................................ 761,031
10,000 Pentair, Inc................................................ 371,250
------------
2,652,440
------------
</TABLE>
See notes to financial statements.
20
<PAGE> 29
PERFORMANCE FUNDS TRUST
THE MID CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------ -------------------- ------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
TECHNOLOGY -- 10.9%
30,000 Altera Corporation(b)....................................... $ 1,616,250
130,000 American Power Conversion Corporation(b).................... 3,095,624
76,500 Cadence Design Systems, Inc.(b)............................. 1,357,875
24,000 Intuit, Inc.(b)............................................. 1,200,000
28,000 Lexmark International Group, Inc.(b)........................ 2,323,999
26,000 Linear Technology Corporation............................... 1,847,625
13,000 Litton Industries, Inc.(b).................................. 582,563
21,000 Maxim Integrated Products, Inc.(b).......................... 1,686,563
------------
13,710,499
------------
TELECOMMUNICATIONS -- EQUIPMENT -- 0.2%
6,000 Adtran, Inc.(b)............................................. 234,000
------------
TRANSPORTATION & SHIPPING -- 0.5%
18,000 Alaska Air Group, Inc.(b)................................... 684,000
------------
UTILITIES -- 10.0%
38,700 Cleco Corporation........................................... 1,262,588
61,000 Conectiv, Inc............................................... 1,075,125
94,000 Energy East Corporation..................................... 2,209,000
34,000 New England Electric System................................. 1,814,750
64,000 Nisource, Inc............................................... 1,204,000
50,000 Oklahoma Gas & Electric Company............................. 1,068,750
46,000 Pinnacle West Capital....................................... 1,526,625
67,000 Public Service Company of New Mexico........................ 1,113,875
45,000 Scana Corporation........................................... 1,220,625
------------
12,495,338
------------
TOTAL COMMON STOCKS......................................... 122,836,027
------------
INVESTMENT COMPANIES -- 2.1%
2,685,997 AIM Treasury Money Market................................... 2,685,997
------------
TOTAL INVESTMENT COMPANIES.................................. 2,685,997
------------
TOTAL INVESTMENTS (Cost $87,349,257) (a) -- 100.0%.......... 125,522,024
LIABILITIES IN EXCESS OF OTHER ASSETS -- 0.0%............... (33,628)
------------
TOTAL NET ASSETS -- 100.0%.................................. $125,488,396
============
</TABLE>
- ---------------
(a) Cost for federal income tax purposes differs from value by net unrealized
appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............................ $42,847,536
Unrealized depreciation............................ (4,674,769)
-----------
Net unrealized appreciation........................ $38,172,767
===========
</TABLE>
(b) Non-income producing securities.
See notes to financial statements.
21
<PAGE> 30
PERFORMANCE FUNDS TRUST
THE SMALL CAP EQUITY FUND
Schedule of Portfolio Investments
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------ -------------------- ------
<C> <S> <C>
COMMON STOCKS -- 96.4%
BUSINESS EQUIPMENT & SERVICES -- 14.2%
10,000 ABM Industries, Inc......................................... $ 215,000
20,000 ADVO, Inc.(b)............................................... 411,250
15,000 American Management Systems(b).............................. 440,625
4,000 Catalina Marketing Corporation(b)........................... 381,250
10,000 CDI Corporation(b).......................................... 242,500
15,000 Ciber, Inc.(b).............................................. 319,688
4,000 Clarify, Inc.(b)............................................ 372,813
10,000 Consolidated Graphics, Inc.(b).............................. 224,375
10,000 Insight Enterprises, Inc.(b)................................ 335,625
10,000 Interim Services, Inc.(b)................................... 184,375
10,000 Jack Henry & Associates, Inc................................ 395,625
10,000 National Computer Systems, Inc.............................. 383,750
20,000 Paxar Corporation(b)........................................ 170,000
10,000 Prepaid Legal Services(b)................................... 238,750
10,000 Profit Recovery Group International(b)...................... 370,469
0 Quebecor Printing, Inc...................................... 11
6,000 RSA Security, Inc.(b)....................................... 223,500
5,000 SEI Corporation............................................. 507,188
10,000 Whittman-Hart, Inc.(b)...................................... 614,374
40,000 Zebra Technologies, Class A(b).............................. 2,414,999
------------
8,446,167
------------
CAPITAL GOODS -- 7.7%
20,000 Applied Power, Inc.......................................... 638,750
5,000 C&D Technologies, Inc....................................... 195,625
15,000 Florida Rock Industries..................................... 468,750
6,000 Graco, Inc.................................................. 197,625
40,000 Manitowoc Company, Inc...................................... 1,220,000
8,000 Methode Electronics......................................... 216,000
20,000 Regal-Beloit Corporation.................................... 440,000
5,000 Technitrol, Inc............................................. 214,375
20,000 Texas Industries, Inc....................................... 725,000
7,000 Vicor Corporation(b)........................................ 226,625
------------
4,542,750
------------
</TABLE>
See notes to financial statements.
22
<PAGE> 31
PERFORMANCE FUNDS TRUST
THE SMALL CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------ -------------------- ------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
CONSUMER DURABLES -- 2.8%
20,000 A.O. Smith Corporation...................................... $ 440,000
10,000 Gentex Corporation(b)....................................... 186,875
4,000 Harman International Industries, Inc........................ 206,000
9,500 Polaris Industries, Inc..................................... 365,750
50,000 TBC Corporation(b).......................................... 293,750
10,000 Tower Automotive, Inc.(b)................................... 150,000
------------
1,642,375
------------
CONSUMER NON-DURABLE -- 6.7%
15,000 Canandaigua Brands, Inc., Class A(b)........................ 798,750
30,000 Kellwood Company............................................ 622,500
50,000 Nautica Enterprises, Inc.(b)................................ 656,250
5,000 Russ Berrie & Company, Inc.................................. 127,500
15,000 Smithfield Foods, Inc.(b)................................... 384,375
20,000 Timberland Company, Class A................................. 960,000
40,000 Wolverine World Wide, Inc................................... 437,500
------------
3,986,875
------------
CONSUMER SERVICES -- 2.1%
18,750 Marcus Corporation.......................................... 239,063
25,000 Prime Hospitality Corporation(b)............................ 217,188
20,000 Valassis Communications, Inc.(b)............................ 787,499
------------
1,243,750
------------
ENERGY -- 2.7%
10,000 HS Resources, Inc.(b)....................................... 129,375
20,000 Input/Output, Inc.(b)....................................... 107,500
10,000 Newfield Exploration Company(b)............................. 258,125
35,000 Oceaneering International, Inc.(b).......................... 455,000
25,000 Offshore Logistics(b)....................................... 246,875
12,000 Tuboscope, Inc.(b).......................................... 171,000
20,000 Vintage Petroleum, Inc...................................... 213,750
------------
1,581,625
------------
</TABLE>
See notes to financial statements.
23
<PAGE> 32
PERFORMANCE FUNDS TRUST
THE SMALL CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------ -------------------- ------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
FINANCIAL SERVICES -- 11.2%
25,000 Americredit Corporation(b).................................. $ 425,000
13,000 Arthur J. Gallagher & Company............................... 708,499
15,000 Commercial Federal Corporation.............................. 272,813
10,000 Cullen/Frost Bankers, Inc................................... 285,000
6,000 Dain Rauscher Corporation................................... 292,125
7,000 Eaton Vance Corporation..................................... 251,563
40,000 Enhance Financial Services Corporation...................... 685,000
40,000 Fidelity National Financial................................. 602,500
30,000 First American Financial Corporation........................ 386,250
8,240 Hudson United Bancorp....................................... 254,410
5,000 Mutual Risk Management, Ltd................................. 76,563
32,000 Radian Group, Inc........................................... 1,563,999
15,000 Silicon Valley Bancshares(b)................................ 552,188
4,000 US Trust Corporation........................................ 318,250
------------
6,674,160
------------
HEALTH CARE -- 9.3%
40,000 Alpharma, Inc............................................... 1,279,999
10,000 Datascope Corporation(b).................................... 370,938
10,000 Express Scripts, Inc., Class A(b)........................... 507,500
7,500 Jones Pharma, Inc........................................... 259,688
70,000 Orthodontic Centers Of America, Inc.(b)..................... 853,125
25,000 Patterson Dental Company(b)................................. 1,146,875
10,000 Renal Care Group, Inc.(b)................................... 205,000
5,000 Roberts Pharmaceutical Corporation(b)....................... 161,563
30,000 Sola International, Inc.(b)................................. 427,500
10,000 Universal Health Services(b)................................ 329,375
------------
5,541,563
------------
RAW MATERIALS -- 3.9%
12,000 Cambrex Corporation......................................... 378,000
10,000 Chemed Corporation.......................................... 260,000
6,000 Macdermid, Inc.............................................. 228,375
30,000 Mueller Industries, Inc.(b)................................. 1,080,000
25,000 Quaker Chemical Corporation................................. 390,625
------------
2,337,000
------------
</TABLE>
See notes to financial statements.
24
<PAGE> 33
PERFORMANCE FUNDS TRUST
THE SMALL CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------ -------------------- ------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
RETAIL -- 6.5%
6,000 Anntaylor Stores Corporation(b)............................. $ 259,125
10,000 Applebee's International, Inc............................... 301,250
45,000 Cato Corporation............................................ 590,625
25,000 Jack In the Box, Inc.(b).................................... 526,563
20,000 Landry's Seafood Restaurants, Inc.(b)....................... 176,250
7,000 Linen 'n Things, Inc.(b).................................... 236,250
22,500 Men's Wearhouse(b).......................................... 579,375
10,000 Ruby Tuesday, Inc........................................... 201,250
20,000 Shopko Stores, Inc.(b)...................................... 453,750
10,000 Zale Corporation(b)......................................... 506,250
------------
3,830,688
------------
SHELTER -- 2.6%
35,000 D. R. Horton, Inc........................................... 481,250
11,250 Ethan Allen Interiors, Inc.................................. 374,063
10,000 La-Z-Boy, Inc............................................... 180,000
35,000 MDC Holdings, Inc........................................... 522,812
------------
1,558,125
------------
TECHNOLOGY -- 19.5%
8,000 Alliant Techsystems, Inc.(b)................................ 439,500
5,000 Black Box Corporation(b).................................... 297,500
8,000 Burr-Brown Corporation(b)................................... 354,500
20,000 C-Cube Microsystems, Inc.(b)................................ 895,313
25,000 Cable Design Technologies Corporation(b).................... 598,438
15,000 Commscope, Inc.(b).......................................... 631,875
30,000 CTS Corporation............................................. 2,405,624
10,000 Dallas Semi-Conductors...................................... 576,875
3,000 Dionex Corporation(b)....................................... 116,625
10,000 Kronos, Inc.(b)............................................. 518,750
10,000 Lattice Semiconductor Corporation(b)........................ 447,500
6,000 Macromedia, Inc.(b)......................................... 394,500
6,000 Mercury Interactive Corporation(b).......................... 498,750
8,000 Micrel, Inc.(b)............................................. 394,000
3,000 Micros Systems, Inc.(b)..................................... 151,688
5,000 Plantronics, Inc.(b)........................................ 315,000
40,000 Plexus Corporation(b)....................................... 1,574,999
6,000 Progress Software Corporation(b)............................ 239,250
5,000 Remedy Corporation(b)....................................... 174,375
10,000 Xircom, Inc.(b)............................................. 525,000
------------
11,550,062
------------
</TABLE>
See notes to financial statements.
25
<PAGE> 34
PERFORMANCE FUNDS TRUST
THE SMALL CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------ -------------------- ------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
TRANSPORTATION & SHIPPING -- 3.0%
35,000 Arkansas Best Corporation(b)................................ $ 437,500
12,500 M.S. Carriers, Inc.(b)...................................... 328,125
25,000 U.S. Freightways Corporation................................ 1,043,750
------------
1,809,375
------------
UTILITIES -- 4.2%
11,000 Central Hudson Gas & Electric Corporation................... 367,813
5,400 Connecticut Energy Corporation.............................. 212,963
15,000 Eastern Utilities Association............................... 455,625
20,000 Energen Corporation......................................... 385,000
11,500 Piedmont Natural Gas Company, Inc........................... 365,125
10,000 Talk.com, Inc.(b)........................................... 168,750
12,500 TNP Enterprises, Inc........................................ 510,155
------------
2,465,431
------------
TOTAL COMMON STOCKS......................................... 57,209,946
------------
INVESTMENT COMPANIES -- 3.6%
2,135,051 AIM Treasury Money Market................................... 2,135,051
------------
TOTAL INVESTMENT COMPANIES.................................. 2,135,051
------------
TOTAL INVESTMENTS (Cost $57,184,297) (a) -- 100.0%.......... 59,344,997
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0%............... 19,839
------------
TOTAL NET ASSETS -- 100.0%.................................. $ 59,364,836
============
</TABLE>
- ---------------
(a) Cost for federal income tax purposes differs from value by net unrealized
appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............................ $10,122,437
Unrealized depreciation............................ (7,961,737)
-----------
Net unrealized appreciation........................ $ 2,160,700
===========
</TABLE>
(b) Non-income producing securities.
See notes to financial statements.
26
<PAGE> 35
PERFORMANCE FUNDS TRUST
Statements of Assets and Liabilities
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MONEY SHORT TERM INTERMEDIATE
MARKET GOVERNMENT TERM GOVERNMENT
FUND INCOME FUND INCOME FUND
------------ ------------ ---------------
<S> <C> <C> <C>
ASSETS
Investments in securities, at value (cost $479,300,966,
$114,895,340 and $164,495,480, respectively)............ $479,300,966 $113,329,938 $158,878,193
Repurchase agreements, at amortized cost.................. 36,900,000 -- --
Dividends and interest receivable......................... 2,421,514 758,121 2,369,946
Receivable for Fund shares sold........................... 2,649 11,842 5,999
------------ ------------ ------------
Total Assets.......................................... 518,625,129 114,099,901 161,254,138
------------ ------------ ------------
LIABILITIES
Dividends payable......................................... 2,168,854 491,633 717,889
Payable for Fund shares redeemed.......................... -- -- 8,102
Advisory fees payable..................................... 85,044 37,451 59,944
Administrative services fees payable...................... 8,930 4,195 5,948
Distribution fees payable (Class A & B)................... 18,780 1,098 1,562
Custodian fees payable.................................... 17,009 3,745 5,328
Other accrued expenses.................................... 53,953 1,218 22,021
------------ ------------ ------------
Total Liabilities..................................... 2,352,570 539,340 820,794
------------ ------------ ------------
NET ASSETS.......................................... $516,272,559 $113,560,561 $160,433,344
============ ============ ============
NET ASSETS CONSIST OF:
Shares of beneficial interest, at par value............... $ 516,274 $ 11,692 $ 16,434
Additional paid-in capital................................ 515,767,457 117,415,575 171,073,276
Accumulated undistributed (distributions in excess of) net
investment income/(loss)................................ 5,829 (18,809) (47,106)
Accumulated net realized loss on investments.............. (17,001) (2,282,495) (4,991,973)
Net unrealized depreciation from investments.............. -- (1,565,402) (5,617,287)
------------ ------------ ------------
Total Net Assets...................................... $516,272,559 $113,560,561 $160,433,344
============ ============ ============
SHARES OF BENEFICIAL INTEREST
INSTITUTIONAL CLASS:
Net Assets.............................................. $427,053,084 $108,234,615 $153,182,018
Shares of beneficial interest outstanding............... 427,052,428 11,143,954 15,690,196
============ ============ ============
Net Asset Value, offering and redemption price per
share................................................. $ 1.00 $ 9.71 $ 9.76
============ ============ ============
CLASS A:
Net Assets.............................................. $ 88,277,850 $ 5,325,946 $ 7,156,768
Shares of beneficial interest outstanding............... 88,279,945 548,532 733,687
============ ============ ============
Net Asset Value, offering and redemption price per
share................................................. $ 1.00 $ 9.71 $ 9.76
============ ============ ============
Maximum sales charge.................................... -- 3.00% 5.25%
============ ============ ============
Maximum offering price (100%/(100%-maximum sales charge)
of net asset value adjusted to the nearest cent) per
share................................................. $ 1.00 $ 10.01 $ 10.30
============ ============ ============
CLASS B:
Net Assets.............................................. $ 941,625 $ 94,558
Shares of beneficial interest outstanding............... 941,626 9,691
============ ============
Net Asset Value, offering and redemption price per share
*..................................................... $ 1.00 $ 9.76
============ ============
</TABLE>
- ---------------
* Redemption price per Class B shares varies based on length of time shares are
held.
See notes to financial statements.
27
<PAGE> 36
PERFORMANCE FUNDS TRUST
Statements of Assets and Liabilities (continued)
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
LARGE CAP MID CAP SMALL CAP
EQUITY FUND EQUITY FUND EQUITY FUND
------------ ------------ -----------
<S> <C> <C> <C>
ASSETS
Investments in securities, at value (cost $159,475,509,
$87,349,257 and $57,184,297, respectively)............ $369,918,543 $125,522,024 $59,344,997
Receivable for investments sold......................... 689,458 -- --
Dividends and interest receivable....................... 588,881 79,796 32,676
Receivable for Fund shares sold......................... 75,137 28,870 13,723
Deferred organization costs............................. -- -- 5,302
------------ ------------ -----------
Total Assets........................................ 371,272,019 125,630,690 59,396,698
------------ ------------ -----------
LIABILITIES
Dividends payable....................................... 245,797 -- --
Payable for Fund shares redeemed........................ 88,991 46,593 14,278
Payable for securities purchased........................ 438,213 -- --
Advisory fees payable................................... 182,079 77,712 8,766
Administrative services fees payable.................... 13,872 4,709 2,205
Distribution fees payable (Class A & B)................. 16,777 4,327 1,084
Custodian fees payable.................................. 12,139 4,145 1,953
Other accrued expenses.................................. 17,396 4,808 3,576
------------ ------------ -----------
Total Liabilities................................... 1,015,264 142,294 31,862
------------ ------------ -----------
NET ASSETS....................................... $370,256,755 $125,488,396 $59,364,836
============ ============ ===========
NET ASSETS CONSIST OF:
Shares of beneficial interest, at par value............. $ 12,436 $ 6,283 $ 7,174
Additional paid-in capital.............................. 150,142,514 65,811,295 69,154,194
Accumulated undistributed (distributions in excess of)
net investment income/(loss).......................... (2,561) (38,622) (96,016)
Accumulated undistributed net realized gain/(loss) on
investments........................................... 9,661,332 21,536,673 (11,861,216)
Net unrealized appreciation from investments............ 210,443,034 38,172,767 2,160,700
------------ ------------ -----------
Total Net Assets.................................... $370,256,755 $125,488,396 $59,364,836
============ ============ ===========
SHARES OF BENEFICIAL INTEREST
INSTITUTIONAL CLASS:
Net Assets............................................ $303,735,573 $105,215,967 $54,255,039
Shares of beneficial interest outstanding............. 10,199,303 5,266,474 6,553,003
============ ============ ===========
Net Asset Value, offering and redemption price per
share............................................... $ 29.78 $ 19.98 $ 8.28
============ ============ ===========
CLASS A:
Net Assets............................................ $ 61,217,383 $ 20,010,139 $ 5,047,215
Shares of beneficial interest outstanding............. 2,057,414 1,003,370 613,283
============ ============ ===========
Net Asset Value, offering and redemption price per
share............................................... $ 29.76 $ 19.94 $ 8.23
============ ============ ===========
Maximum sales charge.................................. 5.25% 5.25% 5.25%
============ ============ ===========
Maximum offering price (100%/(100%-maximum sales
charge) of net asset value adjusted to the nearest
cent) per share..................................... $ 31.41 $ 21.04 $ 8.69
============ ============ ===========
CLASS B:
Net Assets............................................ $ 5,303,799 $ 262,290 $ 62,582
Shares of beneficial interest outstanding............. 179,156 13,274 7,661
============ ============ ===========
Net Asset Value, offering and redemption price per
share *............................................. $ 29.60 $ 19.76 $ 8.17
============ ============ ===========
</TABLE>
- ---------------
* Redemption price per Class B shares varies based on length of time shares are
held.
See notes to financial statements.
28
<PAGE> 37
PERFORMANCE FUNDS TRUST
Statements of Operations
For the Six Months Ended November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
MONEY SHORT TERM INTERMEDIATE
MARKET GOVERNMENT TERM GOVERNMENT LARGE CAP MID CAP SMALL CAP
FUND INCOME FUND INCOME FUND EQUITY FUND EQUITY FUND EQUITY FUND
----------- ----------- --------------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest................................. $13,082,433 $3,320,266 $4,917,661 $ 103,173 $ -- $ --
Dividends................................ 10,544 16,716 19,830 2,366,678 715,865 288,570
----------- ---------- ---------- ----------- ---------- ----------
Total Investment Income.................. 13,092,977 3,336,982 4,937,491 2,469,851 715,865 288,570
----------- ---------- ---------- ----------- ---------- ----------
EXPENSES:
Advisory fees............................ 746,799 232,356 405,966 1,081,068 465,657 303,963
Administrative services fees............. 373,403 87,134 121,791 270,269 93,132 45,595
Distribution fees (Class A).............. 117,478 6,862 9,406 75,563 24,928 6,497
Distribution fees (Class B).............. 2,621 -- 484 21,836 995 297
Custodian fees........................... 99,574 23,236 32,477 72,072 24,835 12,159
Audit and legal fees..................... 24,754 8,505 14,932 18,482 10,507 8,777
Fund accounting fees..................... 12,161 12,072 24,952 13,041 15,929 19,575
Transfer agency fees..................... 24,215 10,854 21,088 40,987 32,973 18,644
Organization expenses.................... 497 -- -- -- -- 1,098
Trustees' fees........................... 8,892 2,093 4,180 6,249 2,602 1,553
Other expenses........................... 29,074 5,787 11,776 20,199 12,610 6,490
----------- ---------- ---------- ----------- ---------- ----------
Total Expenses......................... 1,439,468 388,899 647,052 1,619,766 684,168 424,648
Less: Expenses waived by Advisor and/or
Administrator........................ (488,551) -- (40,596) -- -- (40,062)
----------- ---------- ---------- ----------- ---------- ----------
Total Net Expenses..................... 950,917 388,899 606,456 1,619,766 684,168 384,586
----------- ---------- ---------- ----------- ---------- ----------
NET INVESTMENT INCOME/(LOSS)............. 12,142,060 2,948,083 4,331,035 850,085 31,697 (96,016)
----------- ---------- ---------- ----------- ---------- ----------
NET REALIZED/UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss) on
investments............................ (400) (220,546) (488,047) 1,128,159 12,249,965 (6,374,062)
Net change in unrealized
appreciation/(depreciation) on
investments............................ -- (698,847) (4,345,688) 18,894,567 (3,337,603) 7,661,895
----------- ---------- ---------- ----------- ---------- ----------
Net realized/unrealized gain/(loss) on
investments............................ (400) (919,393) (4,833,735) 20,022,726 8,912,362 1,287,833
----------- ---------- ---------- ----------- ---------- ----------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS................ $12,141,660 $2,028,690 $ (502,700) $20,872,811 $8,944,059 $1,191,817
=========== ========== ========== =========== ========== ==========
</TABLE>
See notes to financial statements.
29
<PAGE> 38
PERFORMANCE FUNDS TRUST
Statements of Changes in Net Assets
(Unaudited)
<TABLE>
<CAPTION>
SHORT TERM GOVERNMENT
MONEY MARKET FUND INCOME FUND
---------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, MAY 31, NOVEMBER 30, MAY 31,
1999 1999 1999 1999
---------------- ---------- ---------------- ----------
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income............. $ 12,142,060 $ 23,539,572 $ 2,948,083 $ 6,201,064
Net realized gain/(loss) on
investments..................... (400) 368 (220,545) 622,218
Net change in unrealized
appreciation/(depreciation) on
investments..................... -- -- (698,847) (1,353,286)
--------------- --------------- ------------- -------------
Net increase in net assets
resulting from operations....... 12,141,660 23,539,940 2,028,691 5,469,996
--------------- --------------- ------------- -------------
Distributions to shareholders from:
Net investment income
Institutional Class............. (9,938,030) (19,023,056) (2,815,321) (5,931,094)
Class A......................... (2,193,436) (4,515,204) (132,762) (269,970)
Class B *....................... (10,594) (1,312) -- --
--------------- --------------- ------------- -------------
(12,142,060) (23,539,572) (2,948,083) (6,201,064)
--------------- --------------- ------------- -------------
Net decrease in net assets
resulting from
distributions................. (12,142,060) (23,539,572) (2,948,083) (6,201,064)
--------------- --------------- ------------- -------------
Shares of beneficial interest:
Proceeds from shares issued
Institutional Class............. 360,735,133 860,491,305 4,438,780 22,521,460
Class A......................... 54,863,338 207,215,008 589,213 10,022,861
Class B *....................... 1,166,663 242,396 -- --
--------------- --------------- ------------- -------------
416,765,134 1,067,948,709 5,027,993 32,544,321
--------------- --------------- ------------- -------------
Proceeds from reinvestment of
distributions
Institutional Class............. 101,168 141,718 1,742,331 4,137,050
Class A......................... 2,145,114 4,404,063 113,631 207,150
Class B *....................... 6,456 563 -- --
--------------- --------------- ------------- -------------
2,252,738 4,546,344 1,855,962 4,344,200
--------------- --------------- ------------- -------------
Cost of shares redeemed
Institutional Class............. (315,960,463) (827,479,603) (10,215,135) (33,038,180)
Class A......................... (63,077,661) (191,066,323) (929,749) (7,761,979)
Class B *....................... (429,873) (44,578) -- --
--------------- --------------- ------------- -------------
(379,467,997) (1,018,590,504) (11,144,884) (40,800,159)
--------------- --------------- ------------- -------------
Net increase/(decrease) in net
assets from shares of beneficial
interest transactions........... 39,549,875 53,904,549 (4,260,929) (3,911,638)
--------------- --------------- ------------- -------------
Total increase/(decrease) in net
assets............................ 39,549,475 53,904,917 (5,180,321) (4,642,706)
NET ASSETS:
Beginning of period............... 476,723,084 422,818,167 118,740,883 123,383,589
--------------- --------------- ------------- -------------
End of period..................... $ 516,272,559 $ 476,723,084 $ 113,560,562 $ 118,740,883
=============== =============== ============= =============
<CAPTION>
INTERMEDIATE TERM GOVERNMENT
INCOME FUND
-------------------------------
SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, MAY 31,
1999 1999
---------------- ----------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income............. $ 4,331,035 $ 6,957,424
Net realized gain/(loss) on
investments..................... (488,047) (8,702)
Net change in unrealized
appreciation/(depreciation) on
investments..................... (4,345,688) (5,136,917)
------------ ------------
Net increase in net assets
resulting from operations....... (502,700) 1,811,805
------------ ------------
Distributions to shareholders from:
Net investment income
Institutional Class............. (4,137,365) (6,601,612)
Class A......................... (191,567) (354,297)
Class B *....................... (2,103) (1,497)
------------ ------------
(4,331,035) (6,957,406)
------------ ------------
Net decrease in net assets
resulting from
distributions................. (4,331,035) (6,957,406)
------------ ------------
Shares of beneficial interest:
Proceeds from shares issued
Institutional Class............. 9,119,873 69,320,815
Class A......................... 798,535 10,741,856
Class B *....................... 10,000 103,713
------------ ------------
9,928,408 80,166,384
------------ ------------
Proceeds from reinvestment of
distributions
Institutional Class............. 2,536,442 4,361,842
Class A......................... 178,490 301,726
Class B *....................... 1,671 961
------------ ------------
2,716,603 4,664,529
------------ ------------
Cost of shares redeemed
Institutional Class............. (8,784,000) (32,678,463)
Class A......................... (1,814,804) (6,479,606)
Class B *....................... (9,010) (5,845)
------------ ------------
(10,607,814) (39,163,914)
------------ ------------
Net increase/(decrease) in net
assets from shares of beneficial
interest transactions........... 2,037,197 45,666,999
------------ ------------
Total increase/(decrease) in net
assets............................ (2,796,538) 40,521,398
NET ASSETS:
Beginning of period............... 163,229,882 122,708,484
------------ ------------
End of period..................... $160,433,344 $163,229,882
============ ============
</TABLE>
- ---------------
* Class B commenced operations on October 2, 1998.
30
<PAGE> 39
PERFORMANCE FUNDS TRUST
Statements of Changes in Net Assets
(Unaudited)
<TABLE>
<CAPTION>
LARGE CAP EQUITY FUND MID CAP EQUITY FUND SMALL CAP EQUITY FUND
-------------------------------- -------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, MAY 31, NOVEMBER 30, MAY 31, NOVEMBER 30, MAY 31,
1999 1999 1999 1999 1999 1999
---------------- ---------- ---------------- ---------- ---------------- ----------
<S> <C> <C> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income.... $ 850,085 $ 1,731,703 $ 31,697 $ 494,152 $ (96,016) $ (232,031)
Net realized gain/(loss)
on investments......... 1,128,159 8,542,654 12,249,965 13,880,187 (6,374,062) (5,487,155)
Net change in unrealized
appreciation/(depreciation)
on investments......... 18,894,567 41,686,819 (3,337,603) (20,334,170) 7,661,895 (6,102,658)
------------- ------------- ------------- ------------- ------------ ------------
Net increase in net
assets resulting from
operations........... 20,872,811 51,961,176 8,944,059 (5,959,831) 1,191,817 (11,821,844)
------------- ------------- ------------- ------------- ------------ ------------
Distributions to
shareholders from:
Net investment income
Institutional Class.... (744,862) (1,525,133) (58,553) (463,652) -- --
Class A................ (87,338) (194,139) (2,044) (30,473) -- --
Class B *.............. -- (2,462) -- (27) -- --
------------- ------------- ------------- ------------- ------------ ------------
(832,200) (1,721,734) (60,597) (494,152) -- --
------------- ------------- ------------- ------------- ------------ ------------
In excess of net
investment income
Institutional Class.... -- -- -- (3,514) -- --
Class A................ -- -- -- (231) -- --
------------- ------------- ------------- ------------- ------------ ------------
-- -- -- (3,745) -- --
------------- ------------- ------------- ------------- ------------ ------------
Net realized gain on
investments
Institutional Class.... -- (10,852,696) -- (9,135,108) -- (557,755)
Class A................ -- (2,102,671) -- (1,263,784) -- (47,284)
Class B *.............. -- (15,605) -- (5,866) -- (361)
------------- ------------- ------------- ------------- ------------ ------------
-- (12,970,972) -- (10,404,758) -- (605,400)
------------- ------------- ------------- ------------- ------------ ------------
Net decrease in net
assets resulting from
distributions........ (832,200) (14,692,706) (60,597) (10,902,655) -- (605,400)
------------- ------------- ------------- ------------- ------------ ------------
Shares of beneficial
interest:
Proceeds from shares
issued
Institutional Class.... 25,197,595 70,031,838 15,630,568 82,245,888 8,515,037 21,706,370
Class A................ 4,824,910 27,845,438 1,716,205 18,693,226 812,326 7,569,762
Class B *.............. 2,401,536 3,050,623 131,267 158,259 17,226 51,475
------------- ------------- ------------- ------------- ------------ ------------
32,424,041 100,927,899 17,478,040 101,097,373 9,344,589 29,327,607
------------- ------------- ------------- ------------- ------------ ------------
Proceeds from
reinvestment of
dividends Institutional
Class.................. 653,899 8,754,787 39,542 7,681,184 -- 477,076
Class A................ 131,198 2,229,016 2,007 1,282,375 -- 46,954
Class B *.............. 2,289 15,628 -- 5,893 -- 361
------------- ------------- ------------- ------------- ------------ ------------
787,386 10,999,431 41,549 8,969,452 -- 524,391
------------- ------------- ------------- ------------- ------------ ------------
Cost of shares redeemed
Institutional Class.... (27,410,011) (81,091,911) (24,249,645) (137,448,633) (10,077,902) (17,955,879)
Class A................ (6,122,229) (18,192,026) (3,519,382) (16,263,214) (931,472) (4,780,863)
Class B *.............. (287,215) (147,366) (23,048) (29,048) (2,671) (1,781)
------------- ------------- ------------- ------------- ------------ ------------
(33,819,455) (99,431,303) (27,792,075) (153,740,895) (11,012,045) (22,738,523)
------------- ------------- ------------- ------------- ------------ ------------
Net increase/(decrease)
in net assets from
shares of beneficial
interest transactions.. (608,028) 12,496,027 (10,272,486) (43,674,070) (1,667,456) 7,113,475
------------- ------------- ------------- ------------- ------------ ------------
Total increase/(decrease)
in net assets............ 19,432,583 49,764,497 (1,389,024) (60,536,556) (475,639) (5,313,769)
NET ASSETS:
Beginning of period...... 350,824,172 301,059,675 126,877,420 187,413,976 59,840,475 65,154,244
------------- ------------- ------------- ------------- ------------ ------------
End of period............ $ 370,256,755 $ 350,824,172 $ 125,488,396 $ 126,877,420 $ 59,364,836 $ 59,840,475
============= ============= ============= ============= ============ ============
</TABLE>
- ---------------
* Class B commenced operations on October 2, 1998.
31
<PAGE> 40
PERFORMANCE FUNDS TRUST
Notes to Financial Statements -- November 30, 1999 (Unaudited)
1. Organization. Performance Funds Trust (the "Trust") is registered under
the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end
management investment company. The Trust was organized as a Delaware business
trust on March 11, 1992 and currently consists of seven separate portfolios: The
U.S. Treasury Money Market Fund, The Money Market Fund, The Short Term
Government Income Fund, The Intermediate Term Government Income Fund, The Large
Cap Equity Fund, The Mid Cap Equity Fund (formerly, the Mid Cap Growth Fund),
and The Small Cap Equity Fund (formerly, the Small Cap Fund), collectively (the
"Funds"), or individually (the "Fund"), each, with three classes of shares, the
Institutional Class, Class A (formerly, Consumer Service Class), and Class B,
except for The Short Term Government Income Fund which offers the Institutional
Class and Class A shares only. The classes differ primarily with respect to the
level of Distribution Fees borne by each share class. In addition, certain
redemptions of Class B shares are subject to contingent deferred sales charges
in accordance with the Fund's prospectus. Currently, six of the portfolios are
active and one, The U.S. Treasury Money Market Fund, has not yet commenced
operations.
The Funds' investment objectives are as follows:
The Money Market Fund -- as high a level of current income as is
consistent with preservation of capital and liquidity.
The Short Term Government Income Fund -- as high a level of current
income as is consistent with limiting the risk of potential loss.
The Intermediate Term Government Income Fund -- a high level of current
income, with a secondary objective of total return.
The Large Cap Equity Fund -- long-term capital appreciation by investing
primarily in common stocks of U.S. companies with market capitalization
exceeding $1 billion at the time of purchase.
The Mid Cap Equity Fund -- to achieve growth of capital by attempting to
outperform the S&P MidCap Index.
The Small Cap Equity Fund -- long-term capital appreciation by investing
in smaller-capitalized common stocks.
2. Significant Accounting Policies. The preparation of financial
statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual amounts could differ from
those estimates. The following is a summary of significant accounting policies
consistently followed by the Trust in the preparation of its financial
statements:
Security Valuation. Securities listed on a national exchange or
exchanges for which market quotations are available are valued at their
last quoted sale price on each business day. If there is no such reported
sale, the most recently quoted bid price is used. Over-the-counter
securities are valued on the basis of the bid price at the close of
business on each business day. The Money Market Fund values its securities
at amortized cost, which approximates market value. Securities for which no
market quotation is readily available are valued at fair value as
determined in good faith under the direction of the Board of Trustees.
Security Transactions and Related Investment Income. Security
transactions are accounted for on the trade date with realized gain or loss
on the sale of investments determined by using the identified cost method.
Corporate actions (including cash dividends) are recorded on the ex-date or
as soon after the ex-date as the fund becomes aware of such action, net of
any non-refundable tax withholdings. Interest income (including
amortization of premium and accretion of discount) is recorded as earned.
32
<PAGE> 41
PERFORMANCE FUNDS TRUST
Notes to Financial Statements (continued) -- November 30, 1999 (Unaudited)
Repurchase Agreements. The Funds may enter into repurchase agreements
with government securities dealers recognized by the Federal Reserve Board,
with member Banks of the Federal Reserve System or with such other brokers
or dealers that meet the credit guidelines established by the Board of
Trustees. It is the Funds' policy to receive and maintain securities as
collateral whose market value, including accrued interest, will be at least
100% of the dollar amount invested by that Fund in each agreement, and that
Fund will make payment for such securities only upon physical delivery or
upon evidence of book entry transfer to the account of the custodian. To
the extent that any repurchase transaction exceeds one business day, it is
the Funds' policy that the value of the collateral be marked to market on a
daily basis to ensure the adequacy of the collateral. If the seller
defaults and the value of the collateral declines, or if bankruptcy
proceedings are commenced with respect to the seller of the security,
realization of the collateral by the Fund may be delayed or limited.
Determination of Net Asset Value and Calculation of
Expenses. Expenses specific to an individual Fund are charged to that
Fund, while the expenses that are attributable to more than one fund of the
Trust are allocated among the respective funds. Investment income, realized
and unrealized gains and losses and expenses other than class specific
expenses are allocated daily to each class of shares based upon the
proportion of shares outstanding attributed to each class at the beginning
of each day. In addition, distribution expenses that are attributable to a
specific class are charged only to that class.
Dividends and Distributions. The Money Market, The Short Term
Government Income and The Intermediate Term Government Income Funds declare
dividends daily and pay those dividends monthly. The Large Cap Equity, The
Mid Cap Equity and The Small Cap Equity Funds declare and pay dividends
monthly. Each Fund will distribute, at least annually, substantially all
net capital gains, if any, earned by such Fund. The Funds record all
dividends and distributions on the ex-dividend date.
The amounts of dividends from net investment income and of
distributions from net realized gains are determined in accordance with
federal income tax regulations, which may differ from generally accepted
accounting principles. The "book/tax" differences are either considered
temporary or permanent in nature. To the extent these differences are
permanent in nature, such amounts are reclassified within the composition
of net assets based on their federal tax-basis treatment; temporary
differences do not require reclassification.
Dividends and distributions to shareholders which exceed net
investment income and net realized capital gains for financial reporting
purposes but not for tax purposes are reported as distributions in excess
of net investment income or distributions in excess of net realized gains.
To the extent they exceed net investment income and net realized gains for
tax purposes, they are reported as distributions of capital.
Federal Income Taxes. It is the policy of each Fund to qualify or
continue as a regulated investment company by complying with the provisions
available to certain investment companies, as defined in applicable
sections of the Internal Revenue Code, and to make distributions of net
investment income and net realized capital gains sufficient to relieve it
from all, or substantially all, federal income taxes
Organization Expenses. Costs incurred in connection with the
organization and initial registration of each Fund were deferred and are
being amortized over a sixty-month period beginning with each Fund's
commencement of operations.
3. Advisory and Custodian Agreements. The Funds have entered into an
Advisory Contract with Trustmark National Bank ("Trustmark"). Under the Advisory
Contract, Trustmark is responsible for managing the investments of the Funds and
for continually reviewing, supervising and administering the Funds' investments.
For the advisory services it provides to the Funds, Trustmark is entitled to a
fee computed daily and paid monthly, based on average daily net assets, at the
following annual rates: Money Market Fund, 0.30%; Short Term Government Income
Fund,
33
<PAGE> 42
PERFORMANCE FUNDS TRUST
Notes to Financial Statements (continued) -- November 30, 1999 (Unaudited)
0.40%; Intermediate Term Government Income Fund, 0.50%; Large Cap Equity Fund,
0.60%; Mid Cap Equity Fund, 0.75% and Small Cap Equity Fund, 1.00%.
For the six months ended November 30, 1999, Trustmark waived advisory fees
of $289,403, $40,596 and $40,062 for the Money Market Fund, Intermediate Term
Government Income Fund and Small Cap Equity Fund, respectively.
Pursuant to a Custodian Agreement between the Trust and Trustmark National
Bank, Trustmark is the Custodian of the Funds' cash and securities. For these
services, Trustmark is entitled to a fee computed daily and paid monthly, based
on average daily net assets, at the annual rate of 0.04%. For the six months
ended November 30, 1999, Trustmark earned the custody fees shown in the
statement of operations.
4. Administration, Distribution, Fund Accounting and Transfer Agency
Agreements. BISYS Fund Services ("BISYS LP"), a wholly-owned subsidiary of The
BISYS Group, Inc., is an Ohio limited partnership. BISYS LP, with whom certain
officers and trustees of the Funds are affiliated, serves as the Trust's
administrator and assists the Trust in all aspects of its administration and
operation. Such officers and trustees are paid no fees directly by the Funds for
serving as officers and trustees of the Funds. The Administrator is entitled to
a fee, computed daily and paid monthly, at an annual rate of 0.15% of the
average net assets of the Funds. For the six months ended November 30, 1999,
BISYS LP waived administrator fees of $199,148 for the Money Market Fund.
Under a Distribution Plan adopted by the Funds under Rule 12b-1 of the 1940
Act, each Fund may, with respect to its Class A and Class B Shares, pay fees to
Performance Funds Distributor, Inc. (the "Distributor"), an indirect wholly
owned subsidiary of The BISYS Group, Inc., up to an annual rate of 0.35% and
1.00% of the respective average daily net assets attributable to such shares for
costs and expenses of the Distributor in connection with the distribution of the
Class A and Class B shares. No such fees will be paid by the Institutional
Class. In addition, BISYS has the right, as principal underwriter, to purchase
Fund shares at their net asset value and to sell such shares to the public, or
to dealers who have entered into selected dealer agreements with the
Distributor, in both cases against orders for such shares.
For the six months ended November 30, 1999, BISYS received $266,967 from
commissions earned on sales of the Performance Funds of which $263,365 was
re-allowed to Trustmark Financial Services, Performance Funds Distributor,
Trustmark National Bank and BISYS Fund Services (affiliated broker/dealers).
For the six months ended November 30, 1999, the fees incurred amounted to
0.25% and 1.00% of the average daily net assets of each Fund's Class A and Class
B respectively.
BISYS Fund Services, Inc. serves the Trust as fund accountant. Under the
current terms, effective on October 1, 1998, of the fund accounting agreement,
BISYS LP is entitled to receive an annual fee of $30,000 per fund plus $5,000
per additional class and is reimbursed for certain out-of-pocket expenses
incurred in providing fund accounting services.
BISYS Fund Services, Inc. serves the Trust as transfer agent. Under the
current terms, effective on October 1, 1998, of the transfer agency agreement,
BISYS LP is entitled to receive an annual fee of $15.00 per account plus $7,000
per class per fund and is reimbursed for certain out-of-pocket expenses incurred
in providing transfer agency services.
34
<PAGE> 43
PERFORMANCE FUNDS TRUST
Notes to Financial Statements (continued) -- November 30, 1999 (Unaudited)
5. Security Purchases and Sales. Purchases and sales of securities for the
six months ended November 30, 1999, other than short term securities, were as
follows:
<TABLE>
<CAPTION>
PURCHASES SALES
----------- -----------
<S> <C> <C>
The Short Term Government Income Fund..................... $17,708,752 $21,905,269
The Intermediate Term Government Income Fund.............. 24,983,415 23,208,538
The Large Cap Equity Fund................................. 11,413,243 4,210,501
The Mid Cap Equity Fund................................... 22,942,514 32,330,140
The Small Cap Equity Fund................................. 18,350,650 20,651,518
</TABLE>
6. Shares of Beneficial Interest. The Trust is authorized to issue an
unlimited number of shares of beneficial interest with a par value of $0.001 per
share. Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
SHORT TERM GOVERNMENT
MONEY MARKET FUND INCOME FUND
-------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, MAY 31, NOVEMBER 30, MAY 31,
1999 1999 1999 1999
CAPITAL SHARE TRANSACTIONS ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C>
INSTITUTIONAL CLASS
Shares sold............................ 360,735,133 860,491,305 455,174 2,276,708
Shares issued in reinvestment of
distributions........................ 101,168 141,718 178,579 417,987
------------ ------------ ---------- ----------
360,836,301 860,633,023 633,753 2,694,695
Shares redeemed........................ (315,960,463) (827,479,603) (1,047,402) (3,343,447)
------------ ------------ ---------- ----------
Net increase (decrease) in shares...... 44,875,838 33,153,420 (413,649) (648,752)
============ ============ ========== ==========
CLASS A
Shares sold............................ 54,863,339 207,215,008 60,519 1,013,580
Shares issued in reinvestment of
distributions........................ 2,145,114 4,404,063 11,649 20,931
------------ ------------ ---------- ----------
57,008,453 211,619,071 72,168 1,034,511
Shares redeemed........................ (63,077,661) (191,066,323) (95,388) (785,701)
------------ ------------ ---------- ----------
Net increase (decrease) in shares...... (6,069,208) 20,552,748 (23,220) 248,810
============ ============ ========== ==========
CLASS B*
Shares sold............................ 1,166,663 242,396
Shares issued in reinvestment of
distributions........................ 6,455 563
------------ ------------
1,173,118 242,959
Shares redeemed........................ (429,873) (44,578)
------------ ------------
Net increase (decrease) in shares...... 743,245 198,381
============ ============
</TABLE>
- ---------------
* Class B commenced operations on October 2, 1998.
35
<PAGE> 44
PERFORMANCE FUNDS TRUST
Notes to Financial Statements (continued) -- November 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
INTERMEDIATE TERM
GOVERNMENT INCOME FUND LARGE CAP EQUITY FUND
-------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, MAY 31, NOVEMBER, MAY 31,
1999 1999 1999 1999
CAPITAL SHARE TRANSACTIONS ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C>
INSTITUTIONAL CLASS
Shares sold............................ 920,614 6,641,753 875,297 2,599,703
Shares issued in reinvestment of
distributions........................ 256,123 417,298 23,044 337,983
------------ ------------ ---------- ----------
1,176,737 7,059,051 898,341 2,937,686
Shares redeemed........................ (889,677) (3,134,893) (947,702) (3,082,063)
------------ ------------ ---------- ----------
Net increase (decrease) in shares...... 287,060 3,924,158 (49,361) (144,377)
============ ============ ========== ==========
CLASS A
Shares sold............................ 81,216 1,029,738 168,042 1,045,212
Shares issued in reinvestment of
distributions........................ 18,034 28,909 4,639 86,013
------------ ------------ ---------- ----------
99,250 1,058,647 172,681 1,131,225
Shares redeemed........................ (183,462) (624,348) (212,073) (695,145)
------------ ------------ ---------- ----------
Net increase (decrease) in shares...... (84,212) 434,299 (39,392) 436,080
============ ============ ========== ==========
CLASS B*
Shares sold............................ 1,015 9,889 83,236 110,466
Shares issued in reinvestment of
distributions........................ 169 93 82 602
------------ ------------ ---------- ----------
1,184 9,982 83,318 111,068
Shares redeemed........................ (916) (558) (10,124) (5,106)
------------ ------------ ---------- ----------
Net increase (decrease) in shares...... 268 9,424 73,194 105,962
============ ============ ========== ==========
</TABLE>
<TABLE>
<CAPTION>
MID CAP EQUITY FUND SMALL EQUITY FUND
-------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, MAY 31, NOVEMBER 30, MAY 31,
1999 1999 1999 1999
---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C>
INSTITUTIONAL CLASS
Shares sold............................ 827,924 4,603,263 1,025,831 2,604,408
Shares issued in reinvestment of
distributions........................ 2,071 434,567 -- 56,259
------------ ------------ ---------- ----------
829,995 5,037,830 1,025,831 2,660,667
Shares redeemed........................ (1,276,667) (7,686,447) (1,206,418) (2,119,428)
------------ ------------ ---------- ----------
Net increase (decrease) in shares...... (446,672) (2,648,617) (180,587) 541,239
============ ============ ========== ==========
CLASS A
Shares sold............................ 91,344 978,170 96,800 821,201
Shares issued in reinvestment of
distributions........................ 106 72,599 -- 5,557
------------ ------------ ---------- ----------
91,450 1,050,769 96,800 826,758
Shares redeemed........................ (185,738) (913,182) (110,459) (573,601)
------------ ------------ ---------- ----------
Net increase (decrease) in shares...... (94,288) 137,587 (13,659) 253,157
============ ============ ========== ==========
CLASS B*
Shares sold............................ 7,049 8,674 2,092 6,054
Shares issued in reinvestment of
distributions........................ -- 334 -- 43
------------ ------------ ---------- ----------
7,049 9,008 2,092 6,097
Shares redeemed........................ (1,247) (1,536) (326) (201)
------------ ------------ ---------- ----------
Net increase (decrease) in shares...... 5,802 7,472 1,766 5,896
============ ============ ========== ==========
</TABLE>
- ---------------
* Class B commenced operations on October 2, 1998.
36
<PAGE> 45
PERFORMANCE FUNDS TRUST
Notes to Financial Statements (continued) -- November 30, 1999 (Unaudited)
7. Concentration of Credit Risk. In the pursuit of its minimum credit risk
policy, The Money Market Fund maintains a diversified portfolio of money market
instruments, each of which matures in 397 days or less and is rated in the
highest rating category of at least two nationally recognized statistical rating
organizations, or, if not rated, is judged by the Board of Trustees to be of
comparable quality. The ability of the issuer of the instruments to meet its
obligations may be affected by economic developments in a specific industry or
region.
37
<PAGE> 46
PERFORMANCE FUNDS TRUST
THE MONEY MARKET FUND
Financial Highlights
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR
NOVEMBER 30, 1999 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) MAY 31, 1999 MAY 31, 1998 MAY 31, 1997 MAY 31, 1996 MAY 31, 1995
INSTITUTIONAL CLASS ----------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.............................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
--------- ------ ------ ------ ------ ------
Income from investment operations:
Net investment income............. 0.025 0.05 0.05 0.05 0.05 0.05
--------- ------ ------ ------ ------ ------
Distributions to shareholders from:
Net investment income............. (0.025) (0.05) (0.05) (0.05) (0.05) (0.05)
--------- ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD...... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
--------- ------ ------ ------ ------ ------
--------- ------ ------ ------ ------ ------
Total Return........................ 2.49%*** 5.05% 5.43% 5.34% 5.60% 5.27%
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net Assets, end of period (in
thousands)...................... $427,053 $382,178 $349,024 $320,732 $366,966 $324,942
Net investment income before
waivers/reimbursements.......... 4.72%** 4.68% 5.07% 4.94% 5.12% 4.91%
Net investment income net of
waivers/reimbursements.......... 4.92%** 4.92% 5.31% 5.20% 5.42% 5.27%
Expenses before
waivers/reimbursements.......... 0.53%** 0.59% 0.57% 0.51% 0.54% 0.59%
Expenses net of
waivers/reimbursements.......... 0.33%** 0.35% 0.33% 0.25% 0.24% 0.23%
</TABLE>
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR
NOVEMBER 30, 1999 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) MAY 31, 1999 MAY 31, 1998 MAY 31, 1997 MAY 31, 1996 MAY 31, 1995
CLASS A(A) ----------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.............................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
--------- ------ ------ ------ ------ ------
Income from investment operations:
Net investment income............. 0.023 0.05 0.05 0.04 0.05 0.05
--------- ------ ------ ------ ------ ------
Distributions to shareholders from:
Net investment income............. (0.023) (0.05) (0.05) (0.04) (0.05) (0.05)
--------- ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD...... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
--------- ------ ------ ------ ------ ------
--------- ------ ------ ------ ------ ------
Total Return........................ 2.36%*** 4.79% 5.18% 5.07% 5.33% 5.02%
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net Assets, end of period (in
thousands)...................... $88,278 $94,347 $73,794 $92,220 $25,216 $3,564
Net investment income before
waivers/reimbursements.......... 4.46%** 4.43% 4.82% 5.13% 4.87% 4.66%
Net investment income net of
waivers/reimbursements.......... 4.66%** 4.67% 5.06% 5.23% 5.17% 5.02%
Expenses before
waivers/reimbursements.......... 0.78%** 0.84% 0.82% 0.48% 0.79% 0.84%
Expenses net of
waivers/reimbursements.......... 0.58%** 0.60% 0.58% 0.38% 0.49% 0.48%
</TABLE>
- ---------------
(a) On September 30, 1998 the portfolio designated the Consumer Service Class as
Class A shares.
** Annualized.
*** Not Annualized.
See notes to financial statements.
38
<PAGE> 47
PERFORMANCE FUNDS TRUST
THE MONEY MARKET FUND
Financial Highlights (continued)
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED YEAR
NOVEMBER 30, 1999 ENDED
(UNAUDITED) MAY 31, 1999
CLASS B* ----------------- ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.............................. $1.00 $1.00
--------- ------
Income from investment operations:
Net investment income............. 0.019 0.02
--------- ------
Distributions to shareholders from:
Net investment income............. (0.019) (0.02)
--------- ------
NET ASSET VALUE, END OF PERIOD...... $1.00 $1.00
--------- ------
--------- ------
Total Return........................ 1.93%*** 2.30%***
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net Assets, end of period (in
thousands)...................... $942 $198
Net investment income before
waivers/reimbursements.......... 3.75%** 3.20%**
Net investment income net of
waivers/reimbursements.......... 3.94%** 3.43%**
Expenses before
waivers/reimbursements.......... 1.57%** 1.73%**
Expenses net of
waivers/reimbursements.......... 1.38%** 1.51%**
</TABLE>
- ---------------
* Class B commenced operations on October 2, 1998.
** Annualized
*** Not Annualized
See notes to financial statements.
39
<PAGE> 48
PERFORMANCE FUNDS TRUST
THE SHORT TERM GOVERNMENT INCOME FUND
Financial Highlights (continued)
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR
NOVEMBER 30, 1999 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) MAY 31, 1999 MAY 31, 1998 MAY 31, 1997 MAY 31, 1996 MAY 31, 1995
INSTITUTIONAL CLASS ----------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.............................. $9.79 $9.85 $9.75 $9.75 $9.84 $9.77
--------- ------ ------ ------ ------ ------
Income from investment operations:
Net investment income............. 0.25 0.50 0.54 0.55 0.54 0.53
Net realized and unrealized
gain/(loss) on investments...... (0.08) (0.06) 0.10 (0.01) (0.09) 0.07
--------- ------ ------ ------ ------ ------
Total from investment
operations...................... 0.17 0.44 0.64 0.54 0.45 0.60
--------- ------ ------ ------ ------ ------
Distributions to shareholders from:
Net investment income............. (0.25) (0.50) (0.54) (0.54) (0.54) (0.53)
--------- ------ ------ ------ ------ ------
Total distributions to
shareholders...................... (0.25) (0.50) (0.54) (0.54) (0.54) (0.53)
--------- ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD...... $9.71 $9.79 $9.85 $9.75 $9.75 $9.84
--------- ------ ------ ------ ------ ------
--------- ------ ------ ------ ------ ------
Total Return (Excludes sales
charge)........................... 1.74%*** 4.57% 6.73% 5.70% 4.65% 6.37%
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net Assets, end of period (in
thousands)...................... $108,235 $113,145 $120,203 $126,428 $106,617 $104,730
Net investment income before
waivers/reimbursements.......... 5.08%** 5.09% 5.53% 5.63% 5.47% 5.40%
Net investment income net of
waivers/reimbursements.......... 5.08%** 5.09% 5.53% 5.63% 5.48% 5.43%
Expenses before
waivers/reimbursements.......... 0.66%** 0.69% 0.64% 0.66% 0.72% 0.77%
Expenses net of
waivers/reimbursements.......... 0.66%** 0.69% 0.64% 0.66% 0.71% 0.74%
Portfolio turnover rate (a)....... 15.50% 49.19% 65.07% 85.21% 120.00% 267.65%
</TABLE>
- ---------------
(a) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
** Annualized.
*** Not Annualized.
See notes to financial statements.
40
<PAGE> 49
PERFORMANCE FUNDS TRUST
THE SHORT TERM GOVERNMENT INCOME FUND
Financial Highlights (continued)
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR
NOVEMBER 30, 1999 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) MAY 31, 1999 MAY 31, 1998 MAY 31, 1997 MAY 31, 1996 MAY 31, 1995
CLASS A* ----------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.............................. $9.79 $9.85 $9.75 $9.75 $9.84 $9.77
--------- ------ ------ ------ ------ ------
Income from investment operations:
Net investment income............. 0.24 0.48 0.52 0.49 0.51 0.50
Net realized and unrealized
gain/(loss) on investments...... (0.08) (0.06) 0.10 -- (0.09) 0.07
--------- ------ ------ ------ ------ ------
Total from investment operations.... 0.16 0.42 0.62 0.49 0.42 0.57
--------- ------ ------ ------ ------ ------
Distributions to shareholders from:
Net investment income............. (0.24) (0.48) (0.52) (0.49) (0.51) (0.50)
--------- ------ ------ ------ ------ ------
Total distributions to
shareholders.................... (0.24) (0.48) (0.52) (0.49) (0.51) (0.50)
--------- ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD...... $9.71 $9.79 $9.85 $9.75 $9.75 $9.84
--------- ------ ------ ------ ------ ------
--------- ------ ------ ------ ------ ------
Total Return (Excludes sales
charge)........................... 1.61%*** 4.31% 6.48% 5.44% 4.38% 6.12%
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net Assets, end of period (in
thousands)...................... $5,326 $5,596 $3,181 $1,205 $1,477 $739
Net investment income before
waivers/reimbursements.......... 4.83%** 4.82% 5.28% 5.01% 5.22% 5.15%
Net investment income net of
waivers/reimbursements.......... 4.83%** 4.82% 5.28% 5.01% 5.23% 5.18%
Expenses before
waivers/reimbursements.......... 0.90%** 0.94% 0.89% 0.87% 0.96% 1.02%
Expenses net of
waivers/reimbursements.......... 0.90%** 0.94% 0.89% 0.87% 0.95% 0.99%
Portfolio turnover rate (a)....... 15.50% 49.19% 65.07% 85.21% 120.00% 267.65%
</TABLE>
- ---------------
(a) Portfolio Turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
* On September 30, 1998 the portfolio designated the Consumer Service Class as
Class A shares subject to a maximum sales charge of 3%.
** Annualized
*** Not Annualized
See notes to financial statements.
41
<PAGE> 50
PERFORMANCE FUNDS TRUST
THE INTERMEDIATE TERM GOVERNMENT INCOME FUND
Financial Highlights (continued)
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR
NOVEMBER 30, 1999 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) MAY 31, 1999 MAY 31, 1998 MAY 31, 1997 MAY 31, 1996 MAY 31, 1995
INSTITUTIONAL CLASS ----------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.............................. $10.06 $10.34 $9.93 $9.82 $10.11 $9.87
---------- ------- ------ ------ ------- ------
Income from investment operations:
Net investment income............. 0.26 0.54 0.59 0.60 0.56 0.62
Net realized and unrealized
gain/(loss) on investments...... (0.30) (0.28) 0.42 0.09 (0.29) 0.25
--------- ------ ------ ------ ------ ------
Total from investment
operations...................... (0.04) 0.26 1.01 0.69 0.27 0.87
---------- ------- ------ ------ ------- ------
Distributions to shareholders from:
Net investment income............. (0.26) (0.54) (0.59) (0.58) (0.56) (0.62)
In excess of net investment
income.......................... -- -- (0.01) -- -- --
In excess of net realized gain on
investments..................... -- -- -- -- -- (0.01)
---------- ------- ------ ------ ------- ------
Total distributions to
shareholders.................... (0.26) (0.54) (0.60) (0.58) (0.56) (0.63)
--------- ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD...... $9.76 $10.06 $10.34 $9.93 $9.82 $10.11
--------- ------- ------- ------ ------ -------
--------- ------- ------- ------ ------ -------
Total Return (Excludes sales
charge)......................... (0.35%)*** 2.47% 10.42% 7.20% 2.66% 9.31%
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net Assets, end of period (in
thousands)...................... $153,182 $154,916 $118,743 $94,242 $77,677 $108,052
Net investment income before
waivers/reimbursements.......... 5.29%** 5.13% 5.73% 6.43% 5.50% 6.33%
Net investment income net of
waivers/reimbursements.......... 5.34%** 5.18% 5.78% 6.48% 5.55% 6.44%
Expenses before
waivers/reimbursements.......... 0.78%** 0.84% 0.77% 0.91% 0.86% 0.82%
Expenses net of
waivers/reimbursements.......... 0.73%** 0.79% 0.72% 0.86% 0.81% 0.71%
Portfolio turnover rate (a)....... 14.51% 74.03% 35.62% 46.23% 183.00% 339.95%
</TABLE>
- ---------------
(a) Portfolio Turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
** Annualized.
*** Not Annualized.
See notes to financial statements.
42
<PAGE> 51
PERFORMANCE FUNDS TRUST
THE INTERMEDIATE TERM GOVERNMENT INCOME FUND
Financial Highlights (continued)
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR
NOVEMBER 30, 1999 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) MAY 31, 1999 MAY 31, 1998 MAY 31, 1997 MAY 31, 1996 MAY 31, 1995
CLASS A(A) ----------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.............................. $10.05 $10.34 $9.93 $9.82 $10.11 $9.87
---------- ------ ------ ------ ------ ------
Income from investment operations:
Net investment income............. 0.25 0.52 0.57 0.57 0.54 0.60
Net realized and unrealized
gain/(loss) on investments...... (0.29) (0.29) 0.42 0.10 (0.29) 0.25
--------- ------ ------ ------ ------ ------
Total from investment
operations...................... (0.04) 0.23 0.99 0.67 0.25 0.85
--------- ------ ------ ------ ------ ------
Distributions to shareholders from:
Net investment income............. (0.25) (0.52) (0.57) (0.56) (0.54) (0.60)
In excess of net investment
income.......................... -- -- (0.01) -- -- --
In excess of net realized gain on
investments..................... -- -- -- -- -- (0.01)
--------- ------ ------ ------ ------ ------
Total distributions to
shareholders.................... (0.25) (0.52) (0.58) (0.56) (0.54) (0.61)
--------- ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD...... $9.76 $10.05 $10.34 $9.93 $9.82 $10.11
--------- ------- ------- ------ ------ -------
--------- ------- ------- ------ ------ -------
Total Return (Excludes sales
charge)......................... (0.48%)*** 2.11% 10.15% 6.92% 2.40% 9.06%
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net Assets, end of period (in
thousands)...................... $7,157 $8,219 $3,965 $1,465 $2,174 $3,225
Net investment income before
waivers/reimbursements.......... 5.04%** 4.87% 5.48% 5.55% 5.25% 6.08%
Net investment income net of
waivers/reimbursements.......... 5.09%** 4.92% 5.53% 5.60% 5.30% 6.19%
Expenses before
waivers/reimbursements.......... 1.03%** 1.10% 1.02% 1.08% 1.11% 1.07%
Expenses net of
waivers/reimbursements.......... 0.98%** 1.05% 0.97% 1.03% 1.06% 0.96%
Portfolio turnover rate (b)....... 14.51% 74.03% 35.62% 46.23% 183.00% 339.95%
</TABLE>
- ---------------
(a) On September 30, 1998 the portfolio designated the Consumer Service Class as
Class A shares subject to a maximum sales charge of 5.25%.
(b) Portfolio Turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
** Annualized.
*** Not Annualized.
See notes to financial statements.
43
<PAGE> 52
PERFORMANCE FUNDS TRUST
THE INTERMEDIATE TERM GOVERNMENT INCOME FUND
Financial Highlights (continued)
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED YEAR
NOVEMBER 30, 1999 ENDED
(UNAUDITED) MAY 31, 1999
CLASS B* ----------------- ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.............................. $10.05 $10.81
---------- -------
Income from investment operations:
Net investment income............. 0.21 0.28
Net realized and unrealized
gain/(loss) on investments...... (0.29) (0.76)
--------- ------
Total from investment
operations...................... (0.08) (0.48)
--------- ------
Distributions to shareholders from:
Net investment income............. (0.21) (0.28)
--------- ------
Total distributions to
shareholders.................... (0.21) (0.28)
--------- ------
NET ASSET VALUE, END OF PERIOD...... $9.76 $10.05
--------- ------
--------- ------
Total Return (Excludes sales
charge)......................... (0.75%)*** (4.54%)***
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Net Assets, end of period (in
thousands)...................... $95 $95
Net investment income before
waivers/reimbursements.......... 4.28%** 3.96%**
Net investment income net of
waivers/reimbursements.......... 4.33%** 4.01%**
Expenses before
waivers/reimbursements.......... 1.78%** 1.84%**
Expenses net of
waivers/reimbursements.......... 1.73%** 1.79%**
Portfolio turnover rate (a)....... 14.51% 74.03%
</TABLE>
- ---------------
(a) Portfolio Turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
* Class B commenced operations on October 2, 1998.
** Annualized
*** Not Annualized
See notes to financial statements.
44
<PAGE> 53
PERFORMANCE FUNDS TRUST
THE LARGE CAP EQUITY FUND
Financial Highlights (continued)
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR
NOVEMBER 30, 1999 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) MAY 31, 1999 MAY 31, 1998 MAY 31, 1997 MAY 31, 1996 MAY 31, 1995
INSTITUTIONAL CLASS ----------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.............................. $28.18 $24.98 $19.16 $15.29 $12.51 $11.33
---------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income/(loss)...... 0.07 0.15 0.19 0.24 0.23 0.25
Net realized and unrealized gain
on investments.................. 1.60 4.30 6.00 4.13 3.29 1.42
--------- ------ ------ ------ ------ ------
Total from investment
operations...................... 1.67 4.45 6.19 4.37 3.52 1.67
--------- ------ ------ ------ ------ ------
Distributions to shareholders from:
Net investment income............. (0.07) (0.15) (0.19) (0.25) (0.23) (0.24)
Net realized gain on
investments..................... -- (1.10) (0.18) (0.25) (0.51) (0.25)
--------- ------ ------ ------ ------ ------
Total distributions to
shareholders.................... (0.07) (1.25) (0.37) (0.50) (0.74) (0.49)
--------- ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD...... $29.78 $28.18 $24.98 $19.16 $15.29 $12.51
---------- ------- ------- ------- ------- -------
---------- ------- ------- ------- ------- -------
Total Return (Excludes sales
charge)......................... 5.94%*** 18.25% 32.53% 29.06% 28.73% 15.35%
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net Assets, end of period (in
thousands)...................... $303,736 $288,804 $259,585 $233,454 $140,144 $100,110
Net investment income/(loss)
before waivers/reimbursements... 0.52%** 0.58% 0.83% 1.34% 1.55% 2.02%
Net investment income/(loss) net
of waivers/reimbursements....... 0.52%** 0.58% 0.83% 1.43% 1.65% 2.15%
Expenses before
waivers/reimbursements.......... 0.84%** 0.90% 0.91% 0.92% 0.91% 0.92%
Expenses net of
waivers/reimbursements.......... 0.84%** 0.90% 0.91% 0.83% 0.81% 0.79%
Portfolio turnover rate (b)....... 1.20% 7.20% 4.78% 1.41% 6.00% 58.08%
</TABLE>
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR
NOVEMBER 30, 1999 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) MAY 31, 1999 MAY 31, 1998 MAY 31, 1997 MAY 31, 1996 MAY 31, 1995
CLASS A(A) ----------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.............................. $28.16 $24.97 $19.16 $15.29 $12.51 $11.33
---------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income/(loss)...... 0.04 0.09 0.13 0.20 0.19 0.22
Net realized and unrealized gain
on investments.................. 1.60 4.30 5.99 4.13 3.29 1.42
--------- ------ ------ ------ ------ ------
Total from investment
operations...................... 1.64 4.39 6.12 4.33 3.48 1.64
--------- ------ ------ ------ ------ ------
Distributions to shareholders from:
Net investment income............. (0.04) (0.10) (0.13) (0.21) (0.19) (0.21)
Net realized gain on
investments..................... -- (1.10) (0.18) (0.25) (0.51) (0.25)
--------- ------ ------ ------ ------ ------
Total distributions to
shareholders.................... (0.04) (1.20) (0.31) (0.46) (0.70) (0.46)
--------- ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD...... $29.76 $28.16 $24.97 $19.16 $15.29 $12.51
---------- ------- ------- ------- ------- -------
---------- ------- ------- ------- ------- -------
Total Return (Excludes sales
charge)......................... 5.80%*** 17.92% 32.20% 28.75% 28.42% 15.10%
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net Assets, end of period (in
thousands)...................... $61,217 $59,045 $41,474 $19,531 $9,831 $5,234
Net investment income/(loss)
before waivers/reimbursements... 0.28%** 0.33% 0.58% 1.10% 1.30% 1.77%
Net investment income/(loss) net
of waivers/reimbursements....... 0.28%** 0.33% 0.58% 1.18% 1.40% 1.90%
Expenses before
waivers/reimbursements.......... 1.09%** 1.15% 1.16% 1.14% 1.16% 1.17%
Expenses net of
waivers/reimbursements.......... 1.09%** 1.15% 1.16% 1.06% 1.06% 1.04%
Portfolio turnover rate (b)....... 1.20% 7.20% 4.78% 1.41% 6.00% 58.08%
</TABLE>
- ---------------
(a) On September 30, 1998 the portfolio designated the Consumer Service Class
as Class A shares subject to a maximum sales charge of 5.25%
(b) Portfolio Turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
** Annualized
*** Not Annualized
See notes to financial statements.
45
<PAGE> 54
PERFORMANCE FUNDS TRUST
THE LARGE CAP EQUITY FUND
Financial Highlights (continued)
<TABLE>
<CAPTION>
FOR THE FOR THE
SIX MONTHS ENDED PERIOD
NOVEMBER 30, 1999 ENDED
(UNAUDITED) MAY 31, 1999
CLASS B* ----------------- ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.............................. $28.08 $23.12
---------- -------
Income from investment operations:
Net investment income/(loss)...... (0.04) (0.02)
Net realized and unrealized gain
on investments.................. 1.56 6.11
--------- ------
Total from investment
operations...................... 1.52 6.09
--------- ------
Distributions to shareholders from:
Net investment income............. -- (0.03)
Net realized gain on
investments..................... -- (1.10)
--------- ------
Total distributions to
shareholders.................... -- (1.13)
--------- ------
NET ASSET VALUE, END OF PERIOD...... $29.60 $28.08
---------- -------
---------- -------
Total Return (Excludes sales
charge)......................... 5.41%*** 26.80%***
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net Assets, end of period (in
thousands)...................... $5,304 $2,975
Net investment income/(loss)
before waivers/reimbursements... (0.46%)** (0.33%)**
Net investment income/(loss) net
of waivers/reimbursements....... (0.46%)** (0.33%)**
Expenses before
waivers/reimbursements.......... 1.84%** 1.88%**
Expenses net of
waivers/reimbursements.......... 1.84%** 1.88%**
Portfolio turnover rate (a)....... 1.20% 7.20%
</TABLE>
- ---------------
(a) Portfolio Turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
* Class B commenced operations on October 2, 1998.
** Annualized
*** Not Annualized
See notes to financial statements.
46
<PAGE> 55
PERFORMANCE FUNDS TRUST
THE MID CAP EQUITY FUND
Financial Highlights (continued)
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR
NOVEMBER 30, 1999 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) MAY 31, 1999 MAY 31, 1998 MAY 31, 1997 MAY 31, 1996 MAY 31, 1995
INSTITUTIONAL CLASS ----------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.............................. $18.61 $20.11 $16.71 $14.05 $11.11 $9.60
---------- ------- ------- ------- ------- ------
Income from investment operations:
Net investment income/(loss)...... 0.01 0.06 0.08 0.13 0.13 0.13
Net realized and unrealized
gain/(loss) on investments...... 1.37 (0.34) 4.40 2.99 3.44 1.51
--------- ------ ------ ------ ------ ------
Total from investment
operations...................... 1.38 (0.28) 4.48 3.12 3.57 1.64
--------- ------ ------ ------ ------ ------
Distributions to shareholders from:
Net investment income............. (0.01) (0.06) (0.08) (0.13) (0.13) (0.13)
Net realized gain on
investments..................... -- (1.16) (1.00) (0.33) (0.50) --
--------- ------ ------ ------ ------ ------
Total distributions to
shareholders.................... (0.01) (1.22) (1.08) (0.46) (0.63) (0.13)
--------- ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD...... $19.98 $18.61 $20.11 $16.71 $14.05 $11.11
---------- ------- ------- ------- ------- -------
---------- ------- ------- ------- ------- -------
Total Return (Excludes sales
charge)......................... 7.42%*** (1.06%) 27.15% 22.62% 33.06% 17.31%
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net Assets, end of period (in
thousands)...................... $105,216 $106,330 $168,116 $125,035 $80,704 $48,068
Net investment income/(loss)
before waivers/reimbursements... 0.09%** 0.34% 0.41% 0.75% 0.90% 1.11%
Net investment income/(loss) net
of waivers/reimbursements....... 0.09%** 0.34% 0.41% 0.89% 1.06% 1.37%
Expenses before
waivers/reimbursements.......... 1.06%** 1.09% 1.07% 1.06% 1.14% 1.22%
Expenses net of
waivers/reimbursements.......... 1.06%** 1.09% 1.07% 0.92% 0.98% 0.96%
Portfolio turnover rate (b)....... 19.14% 33.27% 20.48% 7.72% 28.00% 20.39%
</TABLE>
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR
NOVEMBER 30, 1999 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) MAY 31, 1999 MAY 31, 1998 MAY 31, 1997 MAY 31, 1996 MAY 31, 1995
CLASS A(A) ----------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.............................. $18.59 $20.10 $16.72 $14.05 $11.11 $9.60
---------- ------- ------- ------- ------- ------
Income from investment operations:
Net investment income/(loss)...... (0.02) 0.02 0.03 0.09 0.10 0.11
Net realized and unrealized
gain/(loss) on investments...... 1.37 (0.34) 4.39 3.00 3.44 1.51
--------- ------ ------ ------ ------ ------
Total from investment
operations...................... 1.35 (0.32) 4.42 3.09 3.54 1.62
--------- ------ ------ ------ ------ ------
Distributions to shareholders from:
Net investment income............. -- (0.03) (0.03) (0.09) (0.10) (0.11)
In excess of net investment
income.......................... -- -- (0.01) -- -- --
Net realized gain on
investments..................... -- (1.16) (1.00) (0.33) (0.50) --
--------- ------ ------ ------ ------ ------
Total distributions to
shareholders.................... -- (1.19) (1.04) (0.42) (0.60) (0.11)
--------- ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD...... $19.94 $18.59 $20.10 $16.72 $14.05 $11.11
---------- ------- ------- ------- ------- -------
---------- ------- ------- ------- ------- -------
Total Return (Excludes sales
charge)......................... 7.27%*** (1.31%) 26.82% 22.33% 32.76% 17.06%
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net Assets, end of period (in
thousands)...................... $20,010 $20,409 $19,298 $5,911 $1,437 $277
Net investment income/(loss)
before waivers/reimbursements... (0.16%)** 0.10% 0.16% 0.54% 0.63% 0.86%
Net investment income/(loss) net
of waivers/reimbursements....... (0.16%)** 0.10% 0.16% 0.65% 0.79% 1.12%
Expenses before
waivers/reimbursements.......... 1.31%** 1.35% 1.32% 1.30% 1.39% 1.47%
Expenses net of
waivers/reimbursements.......... 1.31%** 1.35% 1.32% 1.19% 1.23% 1.21%
Portfolio turnover rate (b)....... 19.14% 33.27% 20.48% 7.72% 28.00% 20.39%
</TABLE>
- ---------------
(a) On September 30, 1998 the portfolio designated the Consumer Service Class
as Class A shares subject to a maximum sales charge of 5.25%
(b) Portfolio Turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
** Annualized
*** Not Annualized
See notes to financial statements.
47
<PAGE> 56
PERFORMANCE FUNDS TRUST
THE MID CAP EQUITY FUND
Financial Highlights (continued)
<TABLE>
<CAPTION>
FOR THE FOR THE
SIX MONTHS ENDED PERIOD
NOVEMBER 30, 1999 ENDED
(UNAUDITED) MAY 31, 1999
CLASS B* ----------------- ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.............................. $18.49 $16.40
---------- -------
Income from investment operations:
Net investment income/(loss)...... (0.04) (0.06)
Net realized and unrealized
gain/(loss) on investments...... 1.31 3.32
--------- ------
Total from investment
operations...................... 1.27 3.26
--------- ------
Distributions to shareholders from:
Net investment income............. -- (0.01)
Net realized gain on
investments..................... -- (1.16)
--------- ------
Total distributions to
shareholders.................... -- (1.17)
--------- ------
NET ASSET VALUE, END OF PERIOD...... $19.76 $18.49
---------- -------
---------- -------
Total Return (Excludes sales
charge)......................... 6.81%*** 20.28%***
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net Assets, end of period (in
thousands)...................... $262 $138
Net investment income/(loss)
before waivers/reimbursements... (0.92%)** (0.73%)**
Net investment income/(loss) net
of waivers/reimbursements....... (0.92%)** (0.73%)**
Expenses before
waivers/reimbursements.......... 2.06%** 2.10%**
Expenses net of
waivers/reimbursements.......... 2.06%** 2.10%**
Portfolio turnover rate (a)....... 19.14% 33.27%
</TABLE>
- ---------------
(a) Portfolio Turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
* Class B commenced operations on October 2, 1998.
** Annualized
*** Not Annualized
See notes to financial statements.
48
<PAGE> 57
PERFORMANCE FUNDS TRUST
THE SMALL CAP EQUITY FUND
Financial Highlights (continued)
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED YEAR FOR THE PERIOD
NOVEMBER 30, 1999 ENDED ENDED
(UNAUDITED) MAY 31, 1999 MAY 31, 1998*
INSTITUTIONAL CLASS ------------------------ ------------ --------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $8.13 $9.92 $10.00
------------- ------- ---------
Income from investment operations:
Net investment income/(loss).............................. (0.01) (0.03) (0.03)(a)
Net realized and unrealized gain/(loss) on investments.... 0.16 (1.68) (0.05)
------------- ------- ---------
Total from investment operations............................ 0.15 (1.71) (0.08)
------------- ------- ---------
Distributions to shareholders from:
Net realized gain on investments.......................... -- (0.08) --
------------- ------- ---------
Total distributions to shareholders......................... -- (0.08) --
------------- ------- ---------
NET ASSET VALUE, END OF PERIOD.............................. $8.28 $8.13 $9.92
------------- ------- ---------
------------- ------- ---------
Total Return ( Excludes sales charge)....................... 1.84%*** (17.25%) (0.80%)***
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net Assets, end of period (in thousands).................. $54,255 $54,722 $61,450
Net investment income/(loss) before
waivers/reimbursements.................................. (0.29%)** (0.36%) (0.41%)**
Net investment income/(loss) net of
waivers/reimbursements.................................. (0.29%)** (0.36%) (0.41%)**
Expenses before waivers/reimbursements.................... 1.24%** 1.40% 1.45%**
Expenses net of waivers/reimbursements.................... 1.24%** 1.40% 1.45%**
Portfolio turnover rate (b)............................... 31.38% 34.52% 12.28%
</TABLE>
- ---------------
(a) Calculated based on average shares during the period.
(b) Portfolio Turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
* Fund commenced operations on October 1, 1997.
** Annualized
*** Not Annualized
See notes to financial statements.
49
<PAGE> 58
PERFORMANCE FUNDS TRUST
THE SMALL CAP EQUITY FUND
Financial Highlights (continued)
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED YEAR FOR THE PERIOD
NOVEMBER 30, 1999 ENDED ENDED
(UNAUDITED) MAY 31, 1999 MAY 31, 1998*
CLASS A(A) ------------------------ ------------ --------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $8.09 $9.91 $10.00
------------- ------- ---------
Income from investment operations:
Net investment income/(loss).............................. (0.02) (0.05) (0.04)(b)
Net realized and unrealized gain/(loss) on investments.... 0.16 (1.69) (0.05)
------------- ------- ---------
Total from investment operations............................ 0.14 (1.74) (0.09)
------------- ------- ---------
Distributions to shareholders from:
Net realized gain on investments.......................... -- (0.08) --
------------- ------- ---------
Total distributions to shareholders......................... -- (0.08) --
------------- ------- ---------
NET ASSET VALUE, END OF PERIOD.............................. $8.23 $8.09 $9.91
------------- ------- ---------
------------- ------- ---------
Total Return (Excludes sales charge)........................ 1.73%**** (17.57%) (0.90%)****
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net Assets, end of period (in thousands).................. $5,047 $5,071 $3,704
Net investment income/(loss) before
waivers/reimbursements.................................. (0.54%)*** (0.61%) (0.66%)***
Net investment income/(loss) net of
waivers/reimbursements.................................. (0.54%)*** (0.61%) (0.66%)***
Expenses before waivers/reimbursements.................... 1.49%*** 1.65% 1.70%***
Expenses net of waivers/reimbursements.................... 1.49%*** 1.65% 1.70%***
Portfolio turnover rate (c)............................... 31.38% 34.52% 12.28%
</TABLE>
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED FOR THE PERIOD
NOVEMBER 30, 1999 ENDED
(UNAUDITED) MAY 31, 1999**
CLASS B ------------------------ --------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $8.06 $7.47
-------------- ---------
Income from investment operations:
Net investment income/(loss).............................. (0.04) (0.05)
Net realized and unrealized gain/(loss) on investments.... 0.15 0.72
-------------- ---------
Total from investment operations............................ 0.11 0.67
-------------- ---------
Distributions to shareholders from:
Net realized gain on investments.......................... -- (0.08)
-------------- ---------
Total distributions to shareholders......................... -- (0.08)
-------------- ---------
NET ASSET VALUE, END OF PERIOD.............................. $8.17 $8.06
-------------- ---------
-------------- ---------
Total Return (Excludes sales charge)........................ 1.36%**** 8.95%****
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net Assets, end of period (in thousands).................. $63 $48
Net investment income/(loss) before
waivers/reimbursements.................................. (1.29%)*** (1.40%)***
Net investment income/(loss) net of
waivers/reimbursements.................................. (1.29%)*** (1.40%)***
Expenses before waivers/reimbursements.................... 2.23%*** 2.40%***
Expenses net of waivers/reimbursements.................... 2.23%*** 2.40%***
Portfolio turnover rate (c)............................... 31.38% 34.52%
</TABLE>
- ---------------
(a) On September 30, 1998 the portfolio designated the Consumer Service Class
as Class A shares subject to a maximum sales charge of 5.25%
(b) Calculated based on average shares during the period.
(c) Portfolio Turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
* Fund commenced operations on October 1, 1997.
** Class B commenced operations on October 2, 1998.
*** Annualized
**** Not Annualized
See notes to financial statements.
50
<PAGE> 59
[THIS PAGE INTENTIONALLY LEFT BLANK]
See notes to financial statements.
<PAGE> 60
[PERFORMANCE FUNDS LOGO]
INVESTMENT ADVISOR
Trustmark National Bank
248 East Capitol Street
Jackson, Mississippi 39201
ADMINISTRATOR AND
TRANSFER AGENT
BISYS Fund Services, Inc.
3435 Stelzer Road
Columbus, Ohio 43219
DISTRIBUTOR
Performance Funds Distributor, Inc.
3435 Stelzer Road
Columbus, Ohio 43219
CUSTODIAN
Trustmark National Bank
248 East Capitol Street
Jackson, Mississippi 39201
COUNSEL
Paul, Weiss, Rifkind, Wharton & Garrison
1285 Avenue of the Americas
New York, New York 10019-6064
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
100 E. Broad St.
Columbus, Ohio 43215
THIS REPORT IS FOR THE INFORMATION OF THE SHAREHOLDERS OF THE
PERFORMANCE FAMILY OF MUTUAL FUNDS. ITS USE IN CONNECTION WITH ANY
OFFERING OF THE TRUST'S SHARES IS AUTHORIZED ONLY IN CASE OF A
CONCURRENT OR PRIOR DELIVERY OF THE TRUST'S CURRENT PROSPECTUS.
PR-SANN-5006-11/99
[PERFORMANCE FUNDS LOGO]
PERFORMANCE FUNDS TRUST
A FAMILY OF MUTUAL FUNDS
SEMI-ANNUAL REPORT
NOVEMBER 30, 1999
INVESTMENT ADVISOR
[TRUSTMARK LOGO]
National Bank
Performance Funds'
Investment Adviser
SHARES OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
OR ENDORSED BY, TRUSTMARK NATIONAL BANK, AND ARE NOT INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR
ANY OTHER AGENCY. SHARES OF THE TRUST INVOLVE INVESTMENT RISK,
INCLUDING POSSIBLE LOSS OF PRINCIPAL. PAST PERFORMANCE IS NOT
INDICATIVE OF FUTURE RESULTS.
