<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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SIGNATURE PENNI RUTKOWSKI
TITLE SUPERVISOR
<TABLE> <S> <C>
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<CIK> 0000935742
<NAME> SEFTON FUND TRUST
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<NUMBER> 001
<NAME> SEFTON US GOVERNMENT FUND
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000935742
<NAME> SEFTON FUND TRUST
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<NAME> SEFTON CALIFORNIA TAX-FREE FUND
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<PAID-IN-CAPITAL-COMMON> 37782630
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<ACCUMULATED-NII-CURRENT> 3609
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<ACCUM-APPREC-OR-DEPREC> 2516390
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<INTEREST-INCOME> 1574675
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<EXPENSES-NET> 269773
<NET-INVESTMENT-INCOME> 1034902
<REALIZED-GAINS-CURRENT> 0
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<NET-CHANGE-FROM-OPS> 3248874
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<DISTRIBUTIONS-OF-INCOME> 1304902
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<NUMBER-OF-SHARES-REDEEMED> 130527
<SHARES-REINVESTED> 104074
<NET-CHANGE-IN-ASSETS> 4798250
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<OVERDISTRIB-NII-PRIOR> 0
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<PER-SHARE-NII> .43
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<EXPENSE-RATIO> 0.94
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000935742
<NAME> SEFTON FUNDS TRUST
<SERIES>
<NUMBER> 003
<NAME> SEFTON EQUITY VALUE FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> APR-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 71045100
<INVESTMENTS-AT-VALUE> 84929334
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<SHARES-COMMON-PRIOR> 5257244
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<REALIZED-GAINS-CURRENT> 8517641
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000935742
<NAME> SEFTON FUND TRUST
<SERIES>
<NUMBER> 004
<NAME> SEFTON SMALL COMPANY VALUE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JUL-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 27419756
<INVESTMENTS-AT-VALUE> 29304740
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<OTHER-ITEMS-LIABILITIES> 65589
<TOTAL-LIABILITIES> 65589
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28177388
<SHARES-COMMON-STOCK> 2330309
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1249
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 383285
<ACCUM-APPREC-OR-DEPREC> 1884984
<NET-ASSETS> 29680336
<DIVIDEND-INCOME> 392345
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<EXPENSES-NET> 227163
<NET-INVESTMENT-INCOME> 165182
<REALIZED-GAINS-CURRENT> (383285)
<APPREC-INCREASE-CURRENT> 1884984
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 2464003
<NUMBER-OF-SHARES-REDEEMED> 146474
<SHARES-REINVESTED> 12780
<NET-CHANGE-IN-ASSETS> 29680324
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 258989
<AVERAGE-NET-ASSETS> 28427199
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> .74
<PER-SHARE-DIVIDEND> .07
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<EXPENSE-RATIO> 1.59
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
February 13, 1998
To the Shareholders and
Board of Trustees of
Sefton Funds Trust
In planning and performing our audit of
the financial statements of Sefton U.S.
Government Fund, Sefton California Tax-Free
Fund, Sefton Equity Value Fund and Sefton
Small Company Value Fund (constituting Sefton
Funds Trust, hereafter referred to as the
"Trust") for the period ended December 31,
1997, we considered their internal control,
including control activities for safeguarding
securities, in order to determine our auditing
procedures for the purpose of expressing our
opinion on the financial statements and to
comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of the Trust is responsible
for establishing and maintaining internal
control. In fulfilling this responsibility,
estimates and judgements by management are
required to assess the expected benefits
and related costs of control activities.
Generally, control activities that are
relevant to an audit pertain to the entity's
objective of preparing financial statements
for external purposes that are fairly
presented in conformity with generally
accepted accounting principles. Those
control activities include the safeguarding
of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal
control, errors or irregularities may occur
and not be detected. Also, projection of
any evaluation of internal control to future
periods is subject to the risk that it may
become inadequate because of changes in
conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control
would not necessarily disclose all matters
in internal control that might be material
weaknesses under standards established by
the American Institute of Certified Public
Accountants. A material weakness is a
condition in which the design or operation
of any specific internal control components
does not reduce to a relatively low level
the risk that errors or irregularities in
amounts that would be material in relation
to the financial statements being audited
may occur and not be detected within a
timely period by employees in the normal
course of performing their assigned
functions. However, we noted no matters
involving internal control, including
control activities for safeguarding
securities, that we consider to be
material weaknesses as defined above
as of December 31, 1997.
This report is intended solely for the
Information and use of management and
The Board of Trustee of the Trust and
the Securities and Exchange Commission.
