SMITH HAYES TRUST INC
NSAR-A, 1997-02-26
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<PAGE>      PAGE  1
000 A000000 12/31/96
000 C000000 828844
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 SMITH HAYES TRUST, INC.
001 B000000 811-5463
001 C000000 4024763000
002 A000000 1225 L STREET P.O. BOX 83000
002 B000000 LINCOLN
002 C000000 NE
002 D010000 68501
002 D020000 3000
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  6
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C020500 CONVERTIBLE FUND
007 C030500 N
007 C010600  6
007 C010700  7
007 C010800  8
007 C020800 GOVERNMENT/QUALITY BOND FUND
007 C030800 N
007 C010900  9
007 C011000 10
007 C021000 CRESTONE SMALL CAP FUND
007 C031000 N
020 A000001 SMITH HAYES FINANCIAL SERVICES CORPORATION
020 B000001 47-0688871
020 C000001     22
020 A000002 HANIFEN IMHOFF, INC.
020 B000002 41-6076251
020 C000002      4
020 A000003 AUTRANET
020 B000003 13-2961507
020 C000003      4
020 A000004 MERRILL LYNCH
020 B000004 13-5674085
020 C000004      4
<PAGE>      PAGE  2
020 A000005 NORWEST INVESTMENT SERVICES
020 B000005 41-1508325
020 C000005      3
020 A000006 MORGAN KEEGAN
020 B000006 64-0474907
020 C000006      3
020 A000007 DILLON READ & CO.
020 B000007 13-1939216
020 C000007      3
020 A000008 FRIEDMAN BILLINGS KAMSEY
020 B000008 52-1630477
020 C000008      2
020 A000009 HOWARD, WEIL LABOISSE
020 B000009 72-0696314
020 C000009      1
020 A000010 RAUSCHER PIERCE
020 B000010 75-1828470
020 C000010      1
021  000000       51
022 A000001 UNION BANK & TRUST COMPANY
022 B000001 47-0321480
022 C000001     15500
022 D000001     35000
022 A000002 HANIFEN IMHOFF
022 B000002 41-6076261
022 C000002      1542
022 D000002      1471
022 A000003 SMITH BARNEY
022 B000003 13-1912900
022 C000003      1215
022 D000003       829
022 A000004 MORGAN KEEGAN
022 B000004 64-0474907
022 C000004      1123
022 D000004       810
022 A000005 ROBERT BAIRD
022 B000005 39-6037917
022 C000005      1037
022 D000005       851
022 A000006 MONTGOMERY SECURITIES
022 B000006 94-1701676
022 C000006      1574
022 D000006       200
022 A000007 CANTOR FITZGERALD
022 B000007 13-3680184
022 C000007       399
022 D000007      1343
022 A000008 RAUSCHER PIERCE
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022 C000008       864
022 D000008       743
<PAGE>      PAGE  3
022 A000009 ALEX BROWN SECURITIES
022 B000009 52-1319768
022 C000009       942
022 D000009       341
022 A000010 FRIEDMAN BILLINGS
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022 C000010       987
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023 C000000      32383
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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  16
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074 R031400        0
074 R041400        2
074 S001400        0
074 T001400     9286
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074 X001400      226
<PAGE>      PAGE  19
074 Y001400        0
075 A001400        0
075 B001400     9708
076  001400     0.00
SIGNATURE   THOMAS C. SMITH                              
TITLE       CHAIRMAN            
 

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<ARTICLE> 6
<LEGEND>
PURSUANT TO ITEM 601 (C) (2) OF REG. S-K AND S-B.
</LEGEND>
<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC. D/B/A LANCASTER FUNDS
<SERIES>
   <NUMBER> 5
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<LEGEND>
PURSUANT TO ITEM 601 (C) (2) OF REG. S-K AND S-B.
</LEGEND>
<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC. D/B/A LANCASTER FUND
<SERIES>
   <NUMBER> 8
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<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
PURSUANT TO ITEM 601 (C) (2) OF REG. S-K AND S-B.
</LEGEND>
<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC. D/B/A LANCASTER FUND
<SERIES>
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   <NAME> CRESTONE SALL CAP FUND INVESTOR SHARES
       
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<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
PURSUANT TO ITEM 601 (C) (2) OF REG. S-K AND S-B.
</LEGEND>
<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC. D/B/A/ LANCASTER FUND
<SERIES>
   <NUMBER> 10
   <NAME> CRESTONE SMALL CAP FUND SELECT SHARES
       
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<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
PURSUANT TO ITEM 601 (C) (2) OF REG. S-K AND S-B.
</LEGEND>
<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC. D/B/A LANCASTER FUNDS
<SERIES>
   <NUMBER> 12
   <NAME> INSTITUTIONAL MONEY MARKET FUND
       
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<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
PURSUANT TO ITEM 601 (C) (2) OF REG. S-K AND S-B.
</LEGEND>
<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC. D/B/A LANCASTER FUND
<SERIES>
   <NUMBER> 13
   <NAME> NEBRASKA TAX-FREE FUND
       
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<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
PURSUANT TO ITEM 601 (C) (2) OF REG. S-K AND S-B.
</LEGEND>
<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC. D/B/A LANCASTER FUNDS
<SERIES>
   <NUMBER> 14
   <NAME> CAPITAL BUILDER FUND
       
<S>                             <C>
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</TABLE>


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