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<PAGE> PAGE 12
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<PAGE> PAGE 14
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SIGNATURE THOMAS C. SMITH
TITLE CHAIRMAN
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC.
<SERIES>
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<NAME> CAPITAL BUILDER FUND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC.
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<NAME> SMALL CAP FUND
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC.
<SERIES>
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<NAME> GOVERNMENT/QUALITY BOND FUND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC.
<SERIES>
<NUMBER> 12
<NAME> INSTITUTIONAL MONEY MARKET
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC.
<SERIES>
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<NAME> NEBRASKA TAX-FREE FUND
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</TABLE>
Deloitte & Touche LLP
Suite 1040
NBC Center
Lincoln, NE 68508-1469
402-474-1776
Board of Directors
SMITH HAYES Trust, Inc.
Lincoln, Nebraska
In planning and performing our audit of the financial statements of SMITH HAYES
Trust, Inc. Nebraska Tax-Free, Institutional Money Market, Capital Builder,
Convertible, Small Cap, and Government/Quality Bond Funds (the SMITH HAYES
Trust, Inc. Funds) for the year ended June 30, 1996, on which we have issued our
report dated July 22, 1996, we considered its internal control structure,
including procedures 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 the internal control structure.
The management of SMITH HAYES Trust, Inc. Funds is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
June 30, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
DELOITTE & TOUCHE LLP
Lincoln, Nebraska
July 22, 1996
