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SIGNATURE JEFF STARRICK
TITLE FINANCIAL ANALYST
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<REALIZED-GAINS-CURRENT> 277205
<APPREC-INCREASE-CURRENT> 66683
<NET-CHANGE-FROM-OPS> 2402837
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2058315
<DISTRIBUTIONS-OF-GAINS> 69012
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 624399
<NUMBER-OF-SHARES-REDEEMED> 1242645
<SHARES-REINVESTED> 646226
<NET-CHANGE-IN-ASSETS> (7088242)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 139
<GROSS-ADVISORY-FEES> 257339
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 500574
<AVERAGE-NET-ASSETS> 42613049
<PER-SHARE-NAV-BEGIN> 12.19
<PER-SHARE-NII> .59
<PER-SHARE-GAIN-APPREC> .09
<PER-SHARE-DIVIDEND> .59
<PER-SHARE-DISTRIBUTIONS> .02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.26
<EXPENSE-RATIO> 0.88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000935742
<NAME> SEFTON FUNDS TRUST
<SERIES>
<NUMBER> 031
<NAME> THE SEFTON EQUITY VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 71858511
<INVESTMENTS-AT-VALUE> 78308213
<RECEIVABLES> 741404
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 11825840
<TOTAL-ASSETS> 90875457
<PAYABLE-FOR-SECURITIES> 4447404
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 112384
<TOTAL-LIABILITIES> 4559788
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76980658
<SHARES-COMMON-STOCK> 5257244
<SHARES-COMMON-PRIOR> 2434083
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1021
<ACCUMULATED-NET-GAINS> 2886330
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6449702
<NET-ASSETS> 86315669
<DIVIDEND-INCOME> 1069915
<INTEREST-INCOME> 219653
<OTHER-INCOME> (5424)
<EXPENSES-NET> 734807
<NET-INVESTMENT-INCOME> 549337
<REALIZED-GAINS-CURRENT> 6634179
<APPREC-INCREASE-CURRENT> 1277884
<NET-CHANGE-FROM-OPS> 8461400
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 558684
<DISTRIBUTIONS-OF-GAINS> 4451927
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2774203
<NUMBER-OF-SHARES-REDEEMED> 195029
<SHARES-REINVESTED> 146071
<NET-CHANGE-IN-ASSETS> 49989701
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 716875
<OVERDISTRIB-NII-PRIOR> 4471
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 482659
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 756638
<AVERAGE-NET-ASSETS> 48402825
<PER-SHARE-NAV-BEGIN> 14.92
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> 3.14
<PER-SHARE-DIVIDEND> .17
<PER-SHARE-DISTRIBUTIONS> 1.64
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.42
<EXPENSE-RATIO> 1.52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Report of Independent Accountants
To the Trustees and Shareholders
of Sefton Funds Trust
In our opinion, the accompanying statements of
assets and liabilities, including the statements of
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 Sefton U.S.
Government Fund, Sefton California Tax Free
Fund, and Sefton Equity Value Fund (constituting
Sefton Funds Trust, hereafter referred to as the
"Trust") at March 31, 1997, the results of each of
their operations for the year then ended, and the
changes in each of their net assets and the
financial highlights for each of the periods indicated,
in conformity with generally accepted
accounting principles. These financial statements
and financial highlights (hereafter referred to
as "financial statements") are the responsibility of
the Trust's 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
generally accepted auditing standards 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 March 31, 1997 by correspondence
with the custodian and the application of
alternative auditing procedures for unsettled security
transactions, provide a reasonable basis for
the opinion expressed above.
Price Waterhouse LLP
Denver, Colorado
May 22, 1997
