<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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SIGNATURE THOMAS C. SMITH
TITLE CHAIRMAN
FORM NSAR - ITEM 77.B ACCOUNTANT'S REPORT ON INTERNAL CONTROL
Board of Directors
Lancaster Funds
Lincoln, Nebraska
In planning and performing our audit of the financial statements of SMITH HAYES
Trust, Inc., d/b/a Lancaster Funds, Nebraska Tax-Free, Institutional Money
Market, Capital Builder, Convertible, Small Cap, and Government/Quality Bond
Funds (the Funds) for the year ended June 30, 1997, on which we have issued our
report dated July 25, 1997, we considered its internal control, including
controls over 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 Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls 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 controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and may 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 component 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 controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of June 30, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
Lincoln, Nebraska
July 25, 1997
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Pursuant to 601 (c)(2)(i) of Regulations S-K and S-B.
</LEGEND>
<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC. D/B/A LANCASTER FUNDS
<SERIES>
<NUMBER> 5
<NAME> CONVERTIBLE FUND - INVESTOR SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 2,442,902
<INVESTMENTS-AT-VALUE> 2,844,492
<RECEIVABLES> 20,858
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,865,350
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,564
<TOTAL-LIABILITIES> 4,564
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,386,892
<SHARES-COMMON-STOCK> 202,720
<SHARES-COMMON-PRIOR> 136,538
<ACCUMULATED-NII-CURRENT> 91
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 72,213
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 401,590
<NET-ASSETS> 2,860,786
<DIVIDEND-INCOME> 36,103
<INTEREST-INCOME> 56,069
<OTHER-INCOME> 0
<EXPENSES-NET> 45,852
<NET-INVESTMENT-INCOME> 46,320
<REALIZED-GAINS-CURRENT> 112,462
<APPREC-INCREASE-CURRENT> 294,650
<NET-CHANGE-FROM-OPS> 453,432
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 47,520
<DISTRIBUTIONS-OF-GAINS> 268,230
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 56,320
<NUMBER-OF-SHARES-REDEEMED> 15,216
<SHARES-REINVESTED> 25,078
<NET-CHANGE-IN-ASSETS> 66,182
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,757
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,852
<AVERAGE-NET-ASSETS> 2,370,536
<PER-SHARE-NAV-BEGIN> 13.20
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> 2.10
<PER-SHARE-DIVIDEND> (.26)
<PER-SHARE-DISTRIBUTIONS> (1.48)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.82
<EXPENSE-RATIO> 1.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Pursuant to 601 (c)(2)(i) of Regulations S-K and S-B.
</LEGEND>
<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC. D/B/A LANCASTER FUNDS
<SERIES>
<NUMBER> 5
<NAME> CONVERTIBLE FUND - SELECT SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 2,408,142
<INVESTMENTS-AT-VALUE> 2,844,492
<RECEIVABLES> 20,858
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,865,350
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,564
<TOTAL-LIABILITIES> 4,564
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,386,892
<SHARES-COMMON-STOCK> 4,210
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 91
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 72,213
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 401,590
<NET-ASSETS> 2,860,786
<DIVIDEND-INCOME> 36,103
<INTEREST-INCOME> 56,069
<OTHER-INCOME> 0
<EXPENSES-NET> 45,852
<NET-INVESTMENT-INCOME> 46,320
<REALIZED-GAINS-CURRENT> 112,462
<APPREC-INCREASE-CURRENT> 294,650
<NET-CHANGE-FROM-OPS> 453,432
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 382
<DISTRIBUTIONS-OF-GAINS> 13
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 56,320
<NUMBER-OF-SHARES-REDEEMED> 15,216
<SHARES-REINVESTED> 25,078
<NET-CHANGE-IN-ASSETS> 66,182
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,757
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,852
<AVERAGE-NET-ASSETS> 2,370,536
<PER-SHARE-NAV-BEGIN> 13.20
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> 2.10
<PER-SHARE-DIVIDEND> (.26)
<PER-SHARE-DISTRIBUTIONS> (1.48)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.82
<EXPENSE-RATIO> 1.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PURSUANT TO ITEM 601 (C)(2)(I) OF REGULATIONS S-K AND S-B.
</LEGEND>
<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC. D/B/A/ LANCASTER FUNDS
<SERIES>
<NUMBER> 8
<NAME> GOVERNMENT/QUALITY BOND FUND - INVESTOR SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 2,512,228
<INVESTMENTS-AT-VALUE> 2,537,580
<RECEIVABLES> 30,273
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,567,853
<PAYABLE-FOR-SECURITIES> 76,788
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,910
<TOTAL-LIABILITIES> 80,698
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,725,357
<SHARES-COMMON-STOCK> 239,656
<SHARES-COMMON-PRIOR> 347,247
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 219
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 263,335
<ACCUM-APPREC-OR-DEPREC> 25,352
<NET-ASSETS> 2,487,155
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 180,363
<OTHER-INCOME> 0
<EXPENSES-NET> 40,685
<NET-INVESTMENT-INCOME> 139,678
<REALIZED-GAINS-CURRENT> (38,250)
<APPREC-INCREASE-CURRENT> 71,258
<NET-CHANGE-FROM-OPS> 172,686
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 224,047
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,457
<NUMBER-OF-SHARES-REDEEMED> 137,514
<SHARES-REINVESTED> 12,465
<NET-CHANGE-IN-ASSETS> (107,592)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 225,085
<GROSS-ADVISORY-FEES> 16,365
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 40,685
<AVERAGE-NET-ASSETS> 2,725,393
<PER-SHARE-NAV-BEGIN> 10.15
<PER-SHARE-NII> .53
<PER-SHARE-GAIN-APPREC> .06
<PER-SHARE-DIVIDEND> (.55)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.19
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PURSUANT TO ITEM 601 (C)(2)(I) OF REGULATIONS S-K AND S-B.
</LEGEND>
<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC. D/B/A/ LANCASTER FUNDS
<SERIES>
<NUMBER> 8
<NAME> GOVERNMENT/QUALITY BOND FUND - SELECT SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 2,512,228
<INVESTMENTS-AT-VALUE> 2,537,580
<RECEIVABLES> 30,273
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,567,853
<PAYABLE-FOR-SECURITIES> 76,788
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,910
<TOTAL-LIABILITIES> 80,698
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,725,357
<SHARES-COMMON-STOCK> 239,656
<SHARES-COMMON-PRIOR> 347,247
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 219
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 263,335
<ACCUM-APPREC-OR-DEPREC> 25,352
<NET-ASSETS> 2,487,155
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 180,363
<OTHER-INCOME> 0
<EXPENSES-NET> 40,685
<NET-INVESTMENT-INCOME> 139,678
<REALIZED-GAINS-CURRENT> (38,250)
<APPREC-INCREASE-CURRENT> 71,258
<NET-CHANGE-FROM-OPS> 172,686
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,689
<NUMBER-OF-SHARES-REDEEMED> 446
<SHARES-REINVESTED> 113
<NET-CHANGE-IN-ASSETS> 4,356
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 225,085
<GROSS-ADVISORY-FEES> 16,365
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 40,685
<AVERAGE-NET-ASSETS> 2,725,393
<PER-SHARE-NAV-BEGIN> 10.49
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.19
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PURSUANT TO ITEM 601 (C)(2)(I) OF REGULATIONS S-K AND S-B.
</LEGEND>
<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC. D/B/A/ LANCASTER FUNDS
<SERIES>
<NUMBER> 10
<NAME> CRESTONE SMALL CAP FUND - INVESTOR SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 17,193,575
<INVESTMENTS-AT-VALUE> 19,761,086
<RECEIVABLES> 970,583
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,731,669
<PAYABLE-FOR-SECURITIES> 206,158
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 67,147
<TOTAL-LIABILITIES> 273,305
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,617,950
<SHARES-COMMON-STOCK> 485,772
<SHARES-COMMON-PRIOR> 1,069,100
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,272,903
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,567,511
<NET-ASSETS> 20,458,364
<DIVIDEND-INCOME> 94,710
<INTEREST-INCOME> 46,820
<OTHER-INCOME> 0
<EXPENSES-NET> 284,468
<NET-INVESTMENT-INCOME> (142,936)
<REALIZED-GAINS-CURRENT> 1,699,641
<APPREC-INCREASE-CURRENT> 1,311,326
<NET-CHANGE-FROM-OPS> 2,868,031
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 779,224
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 225,280
<NUMBER-OF-SHARES-REDEEMED> 858,060
<SHARES-REINVESTED> 49,452
<NET-CHANGE-IN-ASSETS> (583,328)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 95,165
<GROSS-ADVISORY-FEES> 135,851
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 284,466
<AVERAGE-NET-ASSETS> 18,124,767
<PER-SHARE-NAV-BEGIN> 15.27
<PER-SHARE-NII> (.12)
<PER-SHARE-GAIN-APPREC> 2.45
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.46)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.14
<EXPENSE-RATIO> 1.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PURSUANT TO ITEM 601 (C)(2)(I) OF REGULATIONS S-K AND S-B.
</LEGEND>
<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC. D/B/A/ LANCASTER FUNDS
<SERIES>
<NUMBER> 10
<NAME> CRESTONE SMALL CAP FUND - SELECT SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 17,193,575
<INVESTMENTS-AT-VALUE> 19,761,086
<RECEIVABLES> 970,583
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,731,669
<PAYABLE-FOR-SECURITIES> 206,158
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 67,147
<TOTAL-LIABILITIES> 273,305
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,617,950
<SHARES-COMMON-STOCK> 779,135
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,272,903
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,567,511
<NET-ASSETS> 20,458,364
<DIVIDEND-INCOME> 94,710
<INTEREST-INCOME> 46,820
<OTHER-INCOME> 0
<EXPENSES-NET> 284,468
<NET-INVESTMENT-INCOME> (142,936)
<REALIZED-GAINS-CURRENT> 1,699,641
<APPREC-INCREASE-CURRENT> 1,311,326
<NET-CHANGE-FROM-OPS> 2,868,031
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 969,425
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 827,203
<NUMBER-OF-SHARES-REDEEMED> 109,882
<SHARES-REINVESTED> 61,814
<NET-CHANGE-IN-ASSETS> 779,135
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 95,165
<GROSS-ADVISORY-FEES> 135,851
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 284,466
<AVERAGE-NET-ASSETS> 18,124,767
<PER-SHARE-NAV-BEGIN> 15.44
<PER-SHARE-NII> (.08)
<PER-SHARE-GAIN-APPREC> 2.26
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.42)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.20
<EXPENSE-RATIO> 1.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PURSUANT TO ITEM 601 (C)(2)(I) OF REGULATIONS 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
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 42,854,290
<INVESTMENTS-AT-VALUE> 42,854,290
<RECEIVABLES> 179,306
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43,033,596
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 190,079
<TOTAL-LIABILITIES> 190,079
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,843,517
<SHARES-COMMON-STOCK> 42,843,517
<SHARES-COMMON-PRIOR> 66,763,101
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 42,843,517
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,686,092
<OTHER-INCOME> 0
<EXPENSES-NET> 282,911
<NET-INVESTMENT-INCOME> 2,403,181
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,403,181
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,403,181
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 69,935,250
<NUMBER-OF-SHARES-REDEEMED> 95,976,861
<SHARES-REINVESTED> 2,122,027
<NET-CHANGE-IN-ASSETS> (23,919,584)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 48,545
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 282,911
<AVERAGE-NET-ASSETS> 48,507,066
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PURSUANT TO ITEM 601 (C)(2)(I) OF REGULATIONS S-K AND S-B.
</LEGEND>
<CIK> 0000828844
<NAME> SMITH HAYES TRUST, INC. D/B/A/ LANCASTER FUNDS
<SERIES>
<NUMBER> 13
<NAME> NEBRASKA TAX-FREE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 10,478,653
<INVESTMENTS-AT-VALUE> 10,755,523
<RECEIVABLES> 139,950
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,895,473
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,287
<TOTAL-LIABILITIES> 8,287
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,009,391
<SHARES-COMMON-STOCK> 1,102,995
<SHARES-COMMON-PRIOR> 1,008,135
<ACCUMULATED-NII-CURRENT> 18,109
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 417,184
<ACCUM-APPREC-OR-DEPREC> 276,870
<NET-ASSETS> 10,887,186
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 550,513
<OTHER-INCOME> 0
<EXPENSES-NET> 65,992
<NET-INVESTMENT-INCOME> 484,521
<REALIZED-GAINS-CURRENT> (30,379)
<APPREC-INCREASE-CURRENT> 279,032
<NET-CHANGE-FROM-OPS> 733,174
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 486,874
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 334,533
<NUMBER-OF-SHARES-REDEEMED> 269,196
<SHARES-REINVESTED> 29,522
<NET-CHANGE-IN-ASSETS> 94,859
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 386,805
<GROSS-ADVISORY-FEES> 14,681
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 65,992
<AVERAGE-NET-ASSETS> 9,792,943
<PER-SHARE-NAV-BEGIN> 9.63
<PER-SHARE-NII> .48
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> (.48)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.87
<EXPENSE-RATIO> .67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PURSUANT TO ITEM 601 (C)(2)(I) OF REGULATIONS 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 - INVESTOR SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 6,512,771
<INVESTMENTS-AT-VALUE> 10,271,293
<RECEIVABLES> 15,390
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,286,683
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,249
<TOTAL-LIABILITIES> 20,249
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,866,101
<SHARES-COMMON-STOCK> 733,409
<SHARES-COMMON-PRIOR> 711,816
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3,370
<ACCUMULATED-NET-GAINS> 345,162
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,058,541
<NET-ASSETS> 10,266,434
<DIVIDEND-INCOME> 227,049
<INTEREST-INCOME> 34,585
<OTHER-INCOME> 0
<EXPENSES-NET> 165,854
<NET-INVESTMENT-INCOME> 95,780
<REALIZED-GAINS-CURRENT> 459,954
<APPREC-INCREASE-CURRENT> 1,377,300
<NET-CHANGE-FROM-OPS> 1,933,034
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 96,553
<DISTRIBUTIONS-OF-GAINS> 637,685
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 128,416
<NUMBER-OF-SHARES-REDEEMED> 166,796
<SHARES-REINVESTED> 59,974
<NET-CHANGE-IN-ASSETS> 21,593
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 28,014
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 67,907
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 165,854
<AVERAGE-NET-ASSETS> 9,056,915
<PER-SHARE-NAV-BEGIN> 11.98
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> 2.53
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.88)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.63
<EXPENSE-RATIO> 1.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Pursuant to Item 601 (c) (2) (i) of Regulation 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 - SELECT SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 6,512,771
<INVESTMENTS-AT-VALUE> 10,271,293
<RECEIVABLES> 15,390
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,286,683
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,249
<TOTAL-LIABILITIES> 20,249
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,866,101
<SHARES-COMMON-STOCK> 19,959
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3,370
<ACCUMULATED-NET-GAINS> 345,162
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,058,541
<NET-ASSETS> 10,266,434
<DIVIDEND-INCOME> 227,049
<INTEREST-INCOME> 34,585
<OTHER-INCOME> 0
<EXPENSES-NET> 165,854
<NET-INVESTMENT-INCOME> 95,780
<REALIZED-GAINS-CURRENT> 459,954
<APPREC-INCREASE-CURRENT> 1,377,300
<NET-CHANGE-FROM-OPS> 1,933,034
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 788
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,158
<NUMBER-OF-SHARES-REDEEMED> 1,257
<SHARES-REINVESTED> 57
<NET-CHANGE-IN-ASSETS> 19,959
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 28,014
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 67,907
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 165,854
<AVERAGE-NET-ASSETS> 9,056,915
<PER-SHARE-NAV-BEGIN> 12.47
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 1.23
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.63
<EXPENSE-RATIO> 1.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
