Report of Independent Accountants
To the Shareholders and Trustees of
Performance Funds Trust
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of portfolio investments, and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial
position 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 Equity Fund and The Small
Cap Equity Fund (separate portfolios constituting the Performance
Funds Trust, hereafter referred to as the "Funds") at May 31, 2000,
the results of each of their operations for the year then ended, the
changes in each of their net assets for each of the two years then
ended and the financial highlights for each of the periods then ended,
in conformity with accounting principles generally accepted in the
United States. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility
of the Funds' management; our responsibility is to express an opinion
on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing
standards generally accepted in the United States, which require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by
management, and evaluating the overall financial statement
presentation. We believe that our audits, which included confirmation
of securities at May 31, 2000 by correspondence with the custodian
and brokers, provide a reasonable basis for the opinion expressed
above.
PricewaterhouseCoopers LLP
Columbus, Ohio
July 21, 2000
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