SEFTON FUNDS
NSAR-A, 1996-11-27
Previous: PMI GROUP INC, 8-K, 1996-11-27
Next: MERCANTILE CREDIT CARD MASTER TRUST, 10-K, 1996-11-27



<PAGE>      PAGE  1
000 A000000 09/30/96
000 C000000 935742
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SEFTON FUNDS TRUST
001 B000000 811-8948
001 C000000 3036232577
002 A000000 370 SEVENTEENTH ST., SUITE 2700
002 B000000 DENVER
002 C000000 CO
002 D010000 80202
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 U.S. GOVERNMENT FUND
007 C030100 N
007 C010200  2
007 C020200 CALIFORNIA TAX-FREE FUND
007 C030200 N
007 C010300  3
007 C020300 EQUITY VALUE FUND
007 C030300 N
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 SEFTON CAPITAL MANAGEMENT
008 B00AA01 A
008 C00AA01 801-47997
008 D01AA01 SAN DIEGO
008 D02AA01 CA
008 D03AA01 92122
010 A00AA01 ALPS MUTUAL FUNDS SERVICES, INC.
010 B00AA01 8-34626
010 C01AA01 DENVER
010 C02AA01 CO
010 C03AA01 80202
011 A00AA01 ALPS MUTUAL FUNDS SERVICES, INC.
011 B00AA01 8-34626
<PAGE>      PAGE  2
011 C01AA01 DENVER
011 C02AA01 CO
011 C03AA01 80202
012 A00AA01 STATE STREET BANK & TRUST, CO.
012 B00AA01 85-05003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02015
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 DENVER
013 B02AA01 CO
013 B03AA01 80202
015 A00AA01 STATE STREET BANK & TRUST, CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02015
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    3
019 C00AA00 SEFTONFUND
020 A000001 SALOMON BROTHERS INC.
020 B000001 13-3082694
020 C000001      9
020 A000002 FIRST BOSTON
020 B000002 13-5659485
020 C000002      7
020 A000003 LEHMAN BROTHERS INC.
020 B000003 13-2518466
020 C000003      6
020 A000004 MORGAN KEEGAN
020 B000004 64-0474907
020 C000004      5
020 A000005 BEAR STEARNS & CO., INC.
020 B000005 13-3299429
020 C000005      5
020 A000006 MERRILL LYNCH & CO.
020 B000006 13-5674085
020 C000006      4
020 A000007 DEAN WITTER REYNOLDS
020 B000007 94-1671384
020 C000007      4
020 A000008 SOUTHCOAST
020 B000008 72-1197390
020 C000008      4
020 A000009 PRUDENTIAL
020 B000009 22-2347336
020 C000009      3
020 A000010 OPPENHEIMER
020 B000010 13-2798343
<PAGE>      PAGE  3
020 C000010      3
021  000000       52
022 A000001 SUTRO
022 B000001 94-1704902
022 C000001      3130
022 D000001      1713
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002       900
022 D000002      3400
022 A000003 DAIN BOSWORTH
022 B000003 41-0212020
022 C000003      1167
022 D000003       988
022 A000004 STONE & YOUNGBERG
022 B000004 94-1052545
022 C000004      1932
022 D000004         0
022 A000005 MORGAN KEEGAN
022 B000005 64-0474907
022 C000005      1100
022 D000005         0
022 A000006 JEFFERIES & CO., INC.
022 B000006 95-2622900
022 C000006       708
022 D000006        13
022 A000007 OPPENHEIMER
022 B000007 13-2798343
022 C000007         0
022 D000007       573
022 A000008 RODMAN & RENSHAW
022 B000008 36-2679547
022 C000008       450
022 D000008         0
022 A000009 BEAR STEARNS & CO., INC.
022 B000009 13-3299429
022 C000009       350
022 D000009         0
022 A000010 SOUTHCOAST
022 B000010 72-1197390
022 C000010       193
022 D000010         0
023 C000000      10131
023 D000000       6721
024  00AA00 N
025 D00AA01       0
025 D00AA02       0
025 D00AA03       0
025 D00AA04       0
025 D00AA05       0
025 D00AA06       0
<PAGE>      PAGE  4
025 D00AA07       0
025 D00AA08       0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027  000000 Y
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
034  00AA00 N
035  00AA00      0
036 B00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 N
040  00AA00 N
042 A00AA00   0
042 B00AA00   0
042 C00AA00   0
042 D00AA00   0
042 E00AA00   0
042 F00AA00   0
042 G00AA00   0
042 H00AA00   0
043  00AA00      0
044  00AA00      0
049  00AA00 N
050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
<PAGE>      PAGE  5
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 Y
077 A000000 N
078  000000 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
028 A010100         1
028 A020100         2
028 A030100         0
028 A040100         0
028 B010100         1
028 B020100         2
028 B030100         0
028 B040100         0
028 C010100       722
028 C020100         3
028 C030100         0
028 C040100       121
028 D010100       658
028 D020100         3
028 D030100         0
028 D040100         0
028 E010100       329
028 E020100         4
028 E030100         0
028 E040100         0
028 F010100       247
028 F020100         6
028 F030100         0
028 F040100        56
028 G010100      1958
028 G020100        20
028 G030100         0
028 G040100       177
028 H000100         0
<PAGE>      PAGE  6
045  000100 Y
046  000100 N
047  000100 Y
048  000100  0.600
048 A010100        0
048 A020100 0.000
048 B010100        0
048 B020100 0.000
048 C010100        0
048 C020100 0.000
048 D010100        0
048 D020100 0.000
048 E010100        0
048 E020100 0.000
048 F010100        0
048 F020100 0.000
048 G010100        0
048 G020100 0.000
048 H010100        0
048 H020100 0.000
048 I010100        0
048 I020100 0.000
048 J010100        0
048 J020100 0.000
048 K010100        0
048 K020100 0.000
055 A000100 N
055 B000100 N
056  000100 Y
057  000100 N
058 A000100 N
059  000100 Y
060 A000100 Y
060 B000100 Y
061  000100    25000
062 A000100 Y
062 B000100   0.0
062 C000100   0.0
062 D000100   6.1
062 E000100   0.0
062 F000100   0.0
062 G000100   0.0
062 H000100   0.0
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
062 L000100   0.8
062 M000100  54.6
062 N000100  30.9
062 O000100   0.0
062 P000100   7.6
<PAGE>      PAGE  7
062 Q000100   0.0
062 R000100   0.0
063 A000100   0
063 B000100  7.4
064 A000100 N
064 B000100 N
066 A000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100      2152
071 B000100       999
071 C000100     18509
071 D000100    5
<PAGE>      PAGE  8
072 A000100  6
072 B000100      667
072 C000100        0
072 D000100        0
072 E000100        0
072 F000100       59
072 G000100       20
072 H000100        0
072 I000100       10
072 J000100       11
072 K000100        0
072 L000100        1
072 M000100        1
072 N000100        1
072 O000100        0
072 P000100        0
072 Q000100       15
072 R000100        8
072 S000100       10
072 T000100        0
072 U000100        4
072 V000100        0
072 W000100        2
072 X000100      142
072 Y000100       31
072 Z000100      556
072AA000100        0
072BB000100       35
072CC010100      135
072CC020100        0
072DD010100      556
072DD020100        0
072EE000100        0
073 A010100   0.3500
073 A020100   0.0000
073 B000100   0.0000
073 C000100   0.0000
074 A000100        1
074 B000100     1249
074 C000100        0
074 D000100    19205
074 E000100        0
074 F000100        0
074 G000100        0
074 H000100        0
074 I000100        0
074 J000100        0
074 K000100        0
074 L000100      269
074 M000100       29
074 N000100    20753
<PAGE>      PAGE  9
074 O000100        0
074 P000100        8
074 Q000100        0
074 R010100        0
074 R020100        0
074 R030100        0
074 R040100      129
074 S000100        0
074 T000100    20616
074 U010100     1695
074 U020100        0
074 V010100    12.17
074 V020100     0.00
074 W000100   0.0000
074 X000100       35
074 Y000100        0
075 A000100        0
075 B000100    19558
076  000100     0.00
080 C000100        0
081 B000100   0
082 B000100        0
083 B000100        0
084 B000100        0
028 A010200       160
028 A020200         1
028 A030200         0
028 A040200         0
028 B010200         0
028 B020200         1
028 B030200         0
028 B040200         0
028 C010200       161
028 C020200         1
028 C030200         0
028 C040200         0
028 D010200       155
028 D020200         1
028 D030200         0
028 D040200         0
028 E010200       332
028 E020200         2
028 E030200         0
028 E040200         0
028 F010200        15
028 F020200         2
028 F030200         0
028 F040200         0
028 G010200       823
028 G020200         8
028 G030200         0
<PAGE>      PAGE  10
028 G040200         0
028 H000200         0
045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.600
048 A010200        0
048 A020200 0.000
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
048 D010200        0
048 D020200 0.000
048 E010200        0
048 E020200 0.000
048 F010200        0
048 F020200 0.000
048 G010200        0
048 G020200 0.000
048 H010200        0
048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
055 A000200 N
055 B000200 N
056  000200 Y
057  000200 N
058 A000200 N
059  000200 Y
060 A000200 N
060 B000200 N
061  000200    25000
062 A000200 Y
062 B000200   0.0
062 C000200   0.0
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   1.2
062 M000200   0.0
062 N000200   0.0
<PAGE>      PAGE  11
062 O000200  98.8
062 P000200   0.0
062 Q000200   0.0
062 R000200   0.0
063 A000200   0
063 B000200 16.6
064 A000200 Y
064 B000200 N
066 A000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 Y
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200      5963
071 B000200      5124
<PAGE>      PAGE  12
071 C000200     42371
071 D000200   12
072 A000200  6
072 B000200     1231
072 C000200        0
072 D000200        0
072 E000200        0
072 F000200      129
072 G000200       43
072 H000200        0
072 I000200       11
072 J000200       10
072 K000200        0
072 L000200        3
072 M000200        2
072 N000200        2
072 O000200        0
072 P000200        0
072 Q000200       15
072 R000200        8
072 S000200       20
072 T000200        0
072 U000200        4
072 V000200        0
072 W000200        6
072 X000200      253
072 Y000200       65
072 Z000200     1043
072AA000200        9
072BB000200        0
072CC010200      377
072CC020200        0
072DD010200     1043
072DD020200        0
072EE000200        0
073 A010200   0.3000
073 A020200   0.0000
073 B000200   0.0000
073 C000200   0.0000
074 A000200        0
074 B000200        0
074 C000200        0
074 D000200    43268
074 E000200        0
074 F000200        0
074 G000200        0
074 H000200        0
074 I000200        0
074 J000200        0
074 K000200        0
074 L000200      782
<PAGE>      PAGE  13
074 M000200       32
074 N000200    44082
074 O000200        0
074 P000200       17
074 Q000200        0
074 R010200        0
074 R020200        0
074 R030200        0
074 R040200      256
074 S000200        0
074 T000200    43809
074 U010200     3561
074 U020200        0
074 V010200    12.30
074 V020200     0.00
074 W000200   0.0000
074 X000200       28
074 Y000200        0
075 A000200        0
075 B000200    42882
076  000200     0.00
080 C000200        0
081 B000200   0
082 B000200        0
083 B000200        0
084 B000200        0
028 A010300       714
028 A020300         0
028 A030300         0
028 A040300        84
028 B010300       319
028 B020300         0
028 B030300         0
028 B040300        48
028 C010300       830
028 C020300        12
028 C030300         0
028 C040300        46
028 D010300      1062
028 D020300         0
028 D030300         0
028 D040300        55
028 E010300      1343
028 E020300         0
028 E030300         0
028 E040300        76
028 F010300       397
028 F020300        41
028 F030300         0
028 F040300       108
028 G010300      4665
<PAGE>      PAGE  14
028 G020300        53
028 G030300         0
028 G040300       417
028 H000300         0
045  000300 Y
046  000300 N
047  000300 Y
048  000300  1.000
048 A010300        0
048 A020300 0.000
048 B010300        0
048 B020300 0.000
048 C010300        0
048 C020300 0.000
048 D010300        0
048 D020300 0.000
048 E010300        0
048 E020300 0.000
048 F010300        0
048 F020300 0.000
048 G010300        0
048 G020300 0.000
048 H010300        0
048 H020300 0.000
048 I010300        0
048 I020300 0.000
048 J010300        0
048 J020300 0.000
048 K010300        0
048 K020300 0.000
055 A000300 N
055 B000300 N
056  000300 Y
057  000300 N
058 A000300 N
059  000300 Y
060 A000300 Y
060 B000300 Y
061  000300    25000
062 A000300 N
062 B000300   0.0
062 C000300   0.0
062 D000300   0.0
062 E000300   0.0
062 F000300   0.0
062 G000300   0.0
062 H000300   0.0
062 I000300   0.0
062 J000300   0.0
062 K000300   0.0
062 L000300   0.0
<PAGE>      PAGE  15
062 M000300   0.0
062 N000300   0.0
062 O000300   0.0
062 P000300   0.0
062 Q000300   0.0
062 R000300   0.0
063 A000300   0
063 B000300  0.0
066 A000300 Y
066 B000300 N
066 C000300 Y
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067  000300 N
068 A000300 N
068 B000300 N
069  000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
<PAGE>      PAGE  16
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300     15168
071 B000300     13883
071 C000300     35408
071 D000300   39
072 A000300  6
072 B000300       83
072 C000300      456
072 D000300        0
072 E000300        0
072 F000300      197
072 G000300       39
072 H000300        0
072 I000300       12
072 J000300       12
072 K000300        0
072 L000300        3
072 M000300        2
072 N000300        2
072 O000300        0
072 P000300        0
072 Q000300       15
072 R000300        8
072 S000300       14
072 T000300        0
072 U000300        4
072 V000300        0
072 W000300        3
072 X000300      311
072 Y000300       14
072 Z000300      242
072AA000300     3390
072BB000300      551
072CC010300        0
072CC020300      110
072DD010300      234
072DD020300        0
072EE000300        0
073 A010300   0.0900
073 A020300   0.0000
073 B000300   0.0000
073 C000300   0.0000
074 A000300        0
074 B000300     5937
074 C000300        0
074 D000300        0
074 E000300        0
074 F000300    37627
<PAGE>      PAGE  17
074 G000300        0
074 H000300        0
074 I000300        0
074 J000300        0
074 K000300        0
074 L000300       71
074 M000300       32
074 N000300    43667
074 O000300      243
074 P000300       38
074 Q000300        0
074 R010300        0
074 R020300        0
074 R030300        0
074 R040300       22
074 S000300        0
074 T000300    43364
074 U010300     2718
074 U020300        0
074 V010300    15.95
074 V020300     0.00
074 W000300   0.0000
074 X000300       86
074 Y000300        0
075 A000300        0
075 B000300    39267
076  000300     0.00
080 C000300        0
081 B000300   0
082 B000300        0
083 B000300        0
084 B000300        0
SIGNATURE   WILLIAM N. PASTON                            
TITLE       VICE PRESIDENT      
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 001
   <NAME> SEFTON U.S. GOVERNMENT FUND
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-START>                             APR-01-1996
<PERIOD-END>                               SEP-30-1996
<INVESTMENTS-AT-COST>                         20319318
<INVESTMENTS-AT-VALUE>                        20453876
<RECEIVABLES>                                   269243
<ASSETS-OTHER>                                   29482
<OTHER-ITEMS-ASSETS>                               562
<TOTAL-ASSETS>                                20753163
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       136967
<TOTAL-LIABILITIES>                             136967
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      20375912
<SHARES-COMMON-STOCK>                          1694690
<SHARES-COMMON-PRIOR>                          1545813
<ACCUMULATED-NII-CURRENT>                           15 
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         105711
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        134558
<NET-ASSETS>                                  20616196
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               666554
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                (110928)
<NET-INVESTMENT-INCOME>                         555626
<REALIZED-GAINS-CURRENT>                       (35085)
<APPREC-INCREASE-CURRENT>                     (246908)
<NET-CHANGE-FROM-OPS>                           273633
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (555611)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         161839
<NUMBER-OF-SHARES-REDEEMED>                    (14626)
<SHARES-REINVESTED>                               1664
<NET-CHANGE-IN-ASSETS>                         1519848
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       140796    
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            58605
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 142251
<AVERAGE-NET-ASSETS>                          19558295
<PER-SHARE-NAV-BEGIN>                            12.35
<PER-SHARE-NII>                                    .35
<PER-SHARE-GAIN-APPREC>                          (.18)
<PER-SHARE-DIVIDEND>                             (.35)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.17
<EXPENSE-RATIO>                                   1.13
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 003
   <NAME> SEFTON EQUITY VALUE FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-START>                             APR-01-1996
<PERIOD-END>                               SEP-30-1996
<INVESTMENTS-AT-COST>                         38501862
<INVESTMENTS-AT-VALUE>                        43563595
<RECEIVABLES>                                    70796
<ASSETS-OTHER>                                   32780
<OTHER-ITEMS-ASSETS>                                60
<TOTAL-ASSETS>                                43667231
<PAYABLE-FOR-SECURITIES>                        242500  
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        60623
<TOTAL-LIABILITIES>                             303123
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      34742815
<SHARES-COMMON-STOCK>                          2718359
<SHARES-COMMON-PRIOR>                          2434083   
<ACCUMULATED-NII-CURRENT>                         3407  
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        3556153 
<OVERDISTRIBUTION-GAINS>                             0                     
<ACCUM-APPREC-OR-DEPREC>                       5061733
<NET-ASSETS>                                  43364108
<DIVIDEND-INCOME>                               455945 
<INTEREST-INCOME>                                82902
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                (296814)
<NET-INVESTMENT-INCOME>                         242033
<REALIZED-GAINS-CURRENT>                       2839278
<APPREC-INCREASE-CURRENT>                     (110085)
<NET-CHANGE-FROM-OPS>                          2971226
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (234155)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         308201
<NUMBER-OF-SHARES-REDEEMED>                    (27268)
<SHARES-REINVESTED>                               3343
<NET-CHANGE-IN-ASSETS>                         7038140
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       716875
<OVERDISTRIB-NII-PRIOR>                         (4471)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           196678
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 310715
<AVERAGE-NET-ASSETS>                          39266593
<PER-SHARE-NAV-BEGIN>                            14.92
<PER-SHARE-NII>                                  00.09
<PER-SHARE-GAIN-APPREC>                          01.03
<PER-SHARE-DIVIDEND>                           (00.09)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              15.95
<EXPENSE-RATIO>                                  01.51
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 002
   <NAME> SEFTON CALIFORNIA TAX FREE FUND
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-START>                             APR-01-1996
<PERIOD-END>                               SEP-30-1996
<INVESTMENTS-AT-COST>                         42385345
<INVESTMENTS-AT-VALUE>                        43268102
<RECEIVABLES>                                   781669
<ASSETS-OTHER>                                   32697
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                44082468
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       272765
<TOTAL-LIABILITIES>                             272765
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      42918429
<SHARES-COMMON-STOCK>                          3560881
<SHARES-COMMON-PRIOR>                          3492752  
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                            (37)  
<ACCUMULATED-NET-GAINS>                           8554
<OVERDISTRIBUTION-GAINS>                             0 
<ACCUM-APPREC-OR-DEPREC>                        882757
<NET-ASSETS>                                  43809703
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              1231010
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                (187676)
<NET-INVESTMENT-INCOME>                        1043334
<REALIZED-GAINS-CURRENT>                          8693
<APPREC-INCREASE-CURRENT>                       377022
<NET-CHANGE-FROM-OPS>                          1429049
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (1043371)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          67474
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                655
<NET-CHANGE-IN-ASSETS>                         1217082
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                       (139)   
<GROSS-ADVISORY-FEES>                           128958
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 252558
<AVERAGE-NET-ASSETS>                          42881855
<PER-SHARE-NAV-BEGIN>                            12.19
<PER-SHARE-NII>                                    .30
<PER-SHARE-GAIN-APPREC>                            .11
<PER-SHARE-DIVIDEND>                             (.30)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.30
<EXPENSE-RATIO>                                    .87
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission