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062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
063 A001200 54
063 B001200 0.0
064 A001200 N
064 B001200 N
066 A001200 N
<PAGE> PAGE 21
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 N
070 A021200 N
070 B011200 N
070 B021200 N
070 C011200 N
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 N
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 N
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 N
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 N
070 N021200 N
070 O011200 N
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 0
071 B001200 0
071 C001200 0
071 D001200 0
072 A001200 12
072 B001200 2477
072 C001200 0
072 D001200 0
072 E001200 0
072 F001200 45
072 G001200 54
<PAGE> PAGE 22
072 H001200 0
072 I001200 0
072 J001200 20
072 K001200 0
072 L001200 0
072 M001200 2
072 N001200 3
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 5
072 S001200 2
072 T001200 90
072 U001200 0
072 V001200 0
072 W001200 11
072 X001200 232
072 Y001200 0
072 Z001200 2247
072AA001200 0
072BB001200 0
072CC011200 0
072CC021200 0
072DD011200 2247
072DD021200 0
072EE001200 0
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073 A021200 0.0000
073 B001200 0.0000
073 C001200 0.0000
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074 B001200 0
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074 D001200 0
074 E001200 0
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074 L001200 12
074 M001200 0
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074 O001200 0
074 P001200 14
074 Q001200 0
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<PAGE> PAGE 23
074 S001200 0
074 T001200 40921
074 U011200 40920907
074 U021200 0
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074 V021200 0.00
074 W001200 1.0000
074 X001200 162
074 Y001200 0
075 A001200 44522
075 B001200 0
076 001200 0.00
008 A001301 CONLEY-SMITH, INC.
008 B001301 A
008 C001301 801-31689
008 D011301 LINCOLN
008 D021301 NE
008 D031301 68501
008 D041301 3000
028 A011300 36
028 A021300 25
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028 A041300 90
028 B011300 335
028 B021300 27
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028 B041300 6
028 C011300 194
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028 E011300 967
028 E021300 28
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028 F021300 32
028 F031300 0
028 F041300 21
028 G011300 1989
028 G021300 167
028 G031300 0
028 G041300 451
028 H001300 82
029 001300 Y
030 A001300 5
030 B001300 3.90
<PAGE> PAGE 24
030 C001300 0.00
031 A001300 1
031 B001300 0
032 001300 1
033 001300 3
045 001300 Y
046 001300 N
047 001300 Y
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048 B011300 0
048 B021300 0.000
048 C011300 0
048 C021300 0.000
048 D011300 0
048 D021300 0.000
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048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
048 G021300 0.000
048 H011300 0
048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
055 A001300 N
055 B001300 N
056 001300 Y
057 001300 N
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 5000
062 A001300 Y
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
<PAGE> PAGE 25
062 L001300 4.5
062 M001300 0.0
062 N001300 0.0
062 O001300 95.5
062 P001300 0.0
062 Q001300 0.0
062 R001300 0.0
063 A001300 0
063 B001300 5.4
064 A001300 N
064 B001300 N
066 A001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 N
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 N
070 D021300 N
070 E011300 N
070 E021300 N
070 F011300 N
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 N
070 J021300 N
070 K011300 Y
070 K021300 Y
070 L011300 N
070 L021300 N
070 M011300 N
070 M021300 N
070 N011300 N
070 N021300 N
070 O011300 N
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
<PAGE> PAGE 26
070 R021300 N
071 A001300 2630
071 B001300 1296
071 C001300 10491
071 D001300 12
072 A001300 12
072 B001300 599
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072 D001300 0
072 E001300 0
072 F001300 16
072 G001300 14
072 H001300 0
072 I001300 0
072 J001300 5
072 K001300 1
072 L001300 2
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072 N001300 1
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072 Q001300 0
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072 S001300 2
072 T001300 27
072 U001300 0
072 V001300 0
072 W001300 2
072 X001300 73
072 Y001300 0
072 Z001300 526
072AA001300 5
072BB001300 0
072CC011300 77
072CC021300 0
072DD011300 521
072DD021300 0
072EE001300 0
073 A011300 0.4800
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 413
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074 C001300 0
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074 E001300 0
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<PAGE> PAGE 27
074 J001300 0
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074 L001300 156
074 M001300 0
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074 O001300 0
074 P001300 5
074 Q001300 0
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074 R031300 0
074 R041300 4
074 S001300 0
074 T001300 12313
074 U011300 1237310
074 U021300 0
074 V011300 9.95
074 V021300 0.00
074 W001300 0.0000
074 X001300 145
074 Y001300 0
075 A001300 0
075 B001300 10822
076 001300 0.00
008 A001401 CONLEY-SMITH, INC.
008 B001401 A
008 C001401 801-31689
008 D011401 LINCOLN
008 D021401 NE
008 D031401 68501
008 D041401 3000
028 A011400 160
028 A021400 0
028 A031400 0
028 A041400 236
028 B011400 11
028 B021400 0
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028 B041400 169
028 C011400 63
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<PAGE> PAGE 28
028 F011400 18
028 F021400 2
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028 F041400 75
028 G011400 309
028 G021400 2
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028 H001400 26
029 001400 Y
030 A001400 2
030 B001400 3.90
030 C001400 0.00
031 A001400 0
031 B001400 0
032 001400 0
033 001400 2
045 001400 Y
046 001400 N
047 001400 Y
048 001400 0.750
048 A011400 0
048 A021400 0.000
048 B011400 0
048 B021400 0.000
048 C011400 0
048 C021400 0.000
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048 D021400 0.000
048 E011400 0
048 E021400 0.000
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048 F021400 0.000
048 G011400 0
048 G021400 0.000
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048 H021400 0.000
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048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 0
048 K021400 0.000
055 A001400 N
055 B001400 N
056 001400 Y
057 001400 N
058 A001400 N
059 001400 Y
060 A001400 Y
060 B001400 Y
<PAGE> PAGE 29
061 001400 1000
062 A001400 N
062 B001400 0.0
062 C001400 0.0
062 D001400 0.0
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
062 L001400 0.0
062 M001400 0.0
062 N001400 0.0
062 O001400 0.0
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
066 A001400 Y
066 B001400 N
066 C001400 Y
066 D001400 N
066 E001400 N
066 F001400 N
066 G001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 Y
070 B011400 Y
070 B021400 N
070 C011400 Y
070 C021400 N
070 D011400 N
070 D021400 N
070 E011400 N
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 N
070 G021400 N
070 H011400 N
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 N
070 J021400 N
070 K011400 Y
<PAGE> PAGE 30
070 K021400 Y
070 L011400 N
070 L021400 N
070 M011400 N
070 M021400 N
070 N011400 N
070 N021400 N
070 O011400 N
070 O021400 N
070 P011400 N
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400 2567
071 B001400 3844
071 C001400 9764
071 D001400 26
072 A001400 12
072 B001400 15
072 C001400 140
072 D001400 0
072 E001400 0
072 F001400 76
072 G001400 25
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072 J001400 4
072 K001400 1
072 L001400 1
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072 N001400 1
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072 Q001400 0
072 R001400 4
072 S001400 1
072 T001400 48
072 U001400 0
072 V001400 0
072 W001400 7
072 X001400 168
072 Y001400 0
072 Z001400 -13
072AA001400 1559
072BB001400 0
072CC011400 1
072CC021400 0
072DD011400 0
072DD021400 2
<PAGE> PAGE 31
072EE001400 1367
073 A011400 0.0000
073 A021400 0.0453
073 B001400 1.9797
073 C001400 0.0000
074 A001400 0
074 B001400 20
074 C001400 0
074 D001400 0
074 E001400 0
074 F001400 9779
074 G001400 0
074 H001400 0
074 I001400 0
074 J001400 255
074 K001400 0
074 L001400 6
074 M001400 2
074 N001400 10062
074 O001400 0
074 P001400 12
074 Q001400 0
074 R011400 0
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074 R041400 4
074 S001400 0
074 T001400 10046
074 U011400 687459
074 U021400 45229
074 V011400 13.71
074 V021400 13.73
074 W001400 0.0000
074 X001400 275
074 Y001400 0
075 A001400 0
075 B001400 10069
076 001400 0.00
028 A011700 0
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028 B041700 0
028 C011700 0
028 C021700 0
028 C031700 0
028 C041700 0
028 D011700 0
<PAGE> PAGE 32
028 D021700 0
028 D031700 0
028 D041700 0
028 E011700 0
028 E021700 0
028 E031700 0
028 E041700 0
028 F011700 0
028 F021700 0
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028 H001700 0
SIGNATURE THOMAS C. SMITH
TITLE CHAIRMAN
Deloitte & Touche LLP
1040 NBC Center
Lincoln, NE 68508-1469
Telephone: 402-437-3110
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, 1998, on which we have issued our
report dated July 24, 1998, we considered its 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 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 fraud 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 fraud 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 and its
operation, including controls for safeguarding securities, that we consider to
be material weaknesses as defined above as of June 30, 1998.
This report is intended solely for the information and use of management, the
Board of Directors, and the Securities and Exchange Commission.
Lincoln, Nebraska
July 24, 1998
LANCASTER FUNDS
Quarterly Report of Municipal Securities Purchased by the Nebraska Tax-Free Fund
of which SMITH HAYES Financial Services is the Principal Underwriter
DATE PURCHASED: January 7, 1998
SECURITY DESCRIPTION: NIFA, State Revolving Fund Revenue Bonds, Series 1998
4.60%, 7/01/08
YEARS OF 15 years RATING/ A+/S & P
OPERATION: AGENCY:
PRICE 98.837 REASON Concession
SIZE OF $2,445,000 AMOUNT PURCHASED: 100,000
ISSUE:
NET ASSETS $4,700,715/NE State PURCHASED Piper Jaffray, Inc.
OF ISSUER: Revolving Fund FROM:
******************************************************************************
DATE PURCHASED: January 7, 1998
SECURITY DESCRIPTION: NIFA, State Revolving Fund Revenue Bonds, Series 1998
4.70%, 7/01/09
YEARS OF 15 years RATING/ A+/S & P
OPERATION: AGENCY:
PRICE: 98.809 REASON: Concession
SIZE OF $2,445,000 AMOUNT PURCHASED: 100,000
ISSUE:
NET ASSETS $4,700,715/NE State PURCHASED Piper Jaffray, Inc.
OF ISSUER: Revolving Fund FROM:
- --------------------------------------------------------------------------------
Quarterly Report of Municipal Securities Purchased by the Nebraska Tax-Free Fund
of which SMITH HAYES Financial Services is the Principal Underwriter
DATE PURCHASED: January 7, 1998
SECURITY DESCRIPTION: NIFA, State Revolving Fund Revenue Bonds, Series 1998
4.80%, 7/01/10
YEARS OF 15 years RATING/ A+/S & P
OPERATION: AGENCY:
PRICE 98.783 REASON Concession
SIZE OF $2,445,000 AMOUNT PURCHASED: 100,000
ISSUE:
NET ASSETS $4,700,715/NE State PURCHASED Piper Jaffray, Inc.
OF ISSUER: Revolving Fund FROM:
******************************************************************************
DATE PURCHASED: January 7, 1998
SECURITY DESCRIPTION: NIFA, State Revolving Fund Revenue Bonds, Series 1998
4.90%, 7/01/11
YEARS OF 15 years RATING/ A+/S & P
OPERATION: AGENCY:
PRICE: 98.760 REASON: Concession
SIZE OF $2,445,000 AMOUNT PURCHASED: 100,000
ISSUE:
NET ASSETS $4,700,715/NE State PURCHASED Piper Jaffray, Inc.
OF ISSUER: Revolving Fund FROM:
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>
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<PERIOD-END> JUN-30-1998
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<NET-CHANGE-IN-ASSETS> (45,949)
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<PER-SHARE-NII> (.02)
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<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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 6,718,829
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<DIVIDEND-INCOME> 140,364
<INTEREST-INCOME> 14,815
<OTHER-INCOME> 0
<EXPENSES-NET> 168,230
<NET-INVESTMENT-INCOME> (13,051)
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<NET-CHANGE-FROM-OPS> 1,546,947
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,043
<DISTRIBUTIONS-OF-GAINS> 85,799
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,425
<NUMBER-OF-SHARES-REDEEMED> 8,674
<SHARES-REINVESTED> 5,518
<NET-CHANGE-IN-ASSETS> 25,270
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 75,522
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 168,230
<AVERAGE-NET-ASSETS> 10,069,105
<PER-SHARE-NAV-BEGIN> 13.63
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 2.10
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> (2.00)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.73
<EXPENSE-RATIO> 1.20
<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 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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 3,279,972
<INVESTMENTS-AT-VALUE> 3,671,663
<RECEIVABLES> 20,552
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,692,215
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,958
<TOTAL-LIABILITIES> 4,958
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,831,128
<SHARES-COMMON-STOCK> 221,214
<SHARES-COMMON-PRIOR> 202,720
<ACCUMULATED-NII-CURRENT> 613
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 463,825
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 391,691
<NET-ASSETS> 3,687,257
<DIVIDEND-INCOME> 42,830
<INTEREST-INCOME> 73,125
<OTHER-INCOME> 0
<EXPENSES-NET> 63,193
<NET-INVESTMENT-INCOME> 52,762
<REALIZED-GAINS-CURRENT> 622,372
<APPREC-INCREASE-CURRENT> (9,899)
<NET-CHANGE-FROM-OPS> 665,235
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 46,569
<DISTRIBUTIONS-OF-GAINS> 216,835
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,986
<NUMBER-OF-SHARES-REDEEMED> 15,045
<SHARES-REINVESTED> 18,553
<NET-CHANGE-IN-ASSETS> 18,494
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 25,183
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 63,193
<AVERAGE-NET-ASSETS> 3,359,497
<PER-SHARE-NAV-BEGIN> 13.82
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> 2.72
<PER-SHARE-DIVIDEND> (.22)
<PER-SHARE-DISTRIBUTIONS> (1.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.53
<EXPENSE-RATIO> 1.91
<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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 3,279,972
<INVESTMENTS-AT-VALUE> 3,671,663
<RECEIVABLES> 20,552
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,692,215
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,958
<TOTAL-LIABILITIES> 4,958
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,831,128
<SHARES-COMMON-STOCK> 16,268
<SHARES-COMMON-PRIOR> 4,210
<ACCUMULATED-NII-CURRENT> 613
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 463,825
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 391,691
<NET-ASSETS> 3,687,257
<DIVIDEND-INCOME> 42,830
<INTEREST-INCOME> 73,125
<OTHER-INCOME> 0
<EXPENSES-NET> 63,193
<NET-INVESTMENT-INCOME> 52,762
<REALIZED-GAINS-CURRENT> 622,372
<APPREC-INCREASE-CURRENT> (9,899)
<NET-CHANGE-FROM-OPS> 665,235
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,672
<DISTRIBUTIONS-OF-GAINS> 13,925
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,501
<NUMBER-OF-SHARES-REDEEMED> 826
<SHARES-REINVESTED> 1,384
<NET-CHANGE-IN-ASSETS> 12,058
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 25,183
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 63,193
<AVERAGE-NET-ASSETS> 3,359,497
<PER-SHARE-NAV-BEGIN> 13.83
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> 2.77
<PER-SHARE-DIVIDEND> (.45)
<PER-SHARE-DISTRIBUTIONS> (.92)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.53
<EXPENSE-RATIO> 1.41
<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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 13,871,567
<INVESTMENTS-AT-VALUE> 15,287,495
<RECEIVABLES> 180,065
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,467,560
<PAYABLE-FOR-SECURITIES> 224,071
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,702
<TOTAL-LIABILITIES> 243,773
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,705,521
<SHARES-COMMON-STOCK> 437,569
<SHARES-COMMON-PRIOR> 485,772
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 140,493
<ACCUMULATED-NET-GAINS> 242,831
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,415,928
<NET-ASSETS> 15,223,787
<DIVIDEND-INCOME> 66,041
<INTEREST-INCOME> 93,359
<OTHER-INCOME> 0
<EXPENSES-NET> 299,893
<NET-INVESTMENT-INCOME> (140,493)
<REALIZED-GAINS-CURRENT> 2,982,911
<APPREC-INCREASE-CURRENT> (1,151,583)
<NET-CHANGE-FROM-OPS> 1,690,835
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1,492,781
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29,151
<NUMBER-OF-SHARES-REDEEMED> 185,336
<SHARES-REINVESTED> 107,982
<NET-CHANGE-IN-ASSETS> (48,203)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 156,788
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 299,893
<AVERAGE-NET-ASSETS> 20,900,957
<PER-SHARE-NAV-BEGIN> 16.14
<PER-SHARE-NII> (.15)
<PER-SHARE-GAIN-APPREC> 1.37
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (3.45)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.91
<EXPENSE-RATIO> 1.75
<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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 13,871,567
<INVESTMENTS-AT-VALUE> 15,287,495
<RECEIVABLES> 180,065
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,467,560
<PAYABLE-FOR-SECURITIES> 224,071
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,702
<TOTAL-LIABILITIES> 243,773
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,705,521
<SHARES-COMMON-STOCK> 650,461
<SHARES-COMMON-PRIOR> 779,135
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 140,493
<ACCUMULATED-NET-GAINS> 242,831
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,415,928
<NET-ASSETS> 15,223,787
<DIVIDEND-INCOME> 66,041
<INTEREST-INCOME> 93,359
<OTHER-INCOME> 0
<EXPENSES-NET> 299,893
<NET-INVESTMENT-INCOME> (140,493)
<REALIZED-GAINS-CURRENT> 2,982,911
<APPREC-INCREASE-CURRENT> (1,151,583)
<NET-CHANGE-FROM-OPS> 1,690,835
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,615,367
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 190,091
<NUMBER-OF-SHARES-REDEEMED> 513,042
<SHARES-REINVESTED> 194,277
<NET-CHANGE-IN-ASSETS> (128,674)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 156,788
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 299,893
<AVERAGE-NET-ASSETS> 20,900,957
<PER-SHARE-NAV-BEGIN> 16.20
<PER-SHARE-NII> (.08)
<PER-SHARE-GAIN-APPREC> 1.37
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (3.44)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.05
<EXPENSE-RATIO> 1.25
<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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 860,102
<INVESTMENTS-AT-VALUE> 890,598
<RECEIVABLES> 12,813
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 903,411
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 980
<TOTAL-LIABILITIES> 980
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,098,509
<SHARES-COMMON-STOCK> 83,841
<SHARES-COMMON-PRIOR> 239,656
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 57
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 226,517
<ACCUM-APPREC-OR-DEPREC> 30,496
<NET-ASSETS> 902,431
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 86,134
<OTHER-INCOME> 0
<EXPENSES-NET> 22,333
<NET-INVESTMENT-INCOME> 63,801
<REALIZED-GAINS-CURRENT> 36,818
<APPREC-INCREASE-CURRENT> 5,144
<NET-CHANGE-FROM-OPS> 105,763
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 60,790
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,317
<NUMBER-OF-SHARES-REDEEMED> 163,512
<SHARES-REINVESTED> 5,381
<NET-CHANGE-IN-ASSETS> (155,814)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 263,335
<GROSS-ADVISORY-FEES> 8,175
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,333
<AVERAGE-NET-ASSETS> 1,358,633
<PER-SHARE-NAV-BEGIN> 10.19
<PER-SHARE-NII> .49
<PER-SHARE-GAIN-APPREC> .10
<PER-SHARE-DIVIDEND> (.49)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.29
<EXPENSE-RATIO> 1.65
<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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 860,102
<INVESTMENTS-AT-VALUE> 890,598
<RECEIVABLES> 12,813
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 903,411
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 980
<TOTAL-LIABILITIES> 980
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,098,509
<SHARES-COMMON-STOCK> 83,841
<SHARES-COMMON-PRIOR> 239,656
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 57
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 226,517
<ACCUM-APPREC-OR-DEPREC> 30,496
<NET-ASSETS> 902,431
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 86,134
<OTHER-INCOME> 0
<EXPENSES-NET> 22,333
<NET-INVESTMENT-INCOME> 63,801
<REALIZED-GAINS-CURRENT> 36,818
<APPREC-INCREASE-CURRENT> 5,144
<NET-CHANGE-FROM-OPS> 105,763
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,849
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,148
<NUMBER-OF-SHARES-REDEEMED> 1,944
<SHARES-REINVESTED> 277
<NET-CHANGE-IN-ASSETS> (519)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 263,335
<GROSS-ADVISORY-FEES> 8,175
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,333
<AVERAGE-NET-ASSETS> 1,358,633
<PER-SHARE-NAV-BEGIN> 10.19
<PER-SHARE-NII> .51
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> (.64)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.30
<EXPENSE-RATIO> 1.40
<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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 11,812,773
<INVESTMENTS-AT-VALUE> 12,166,803
<RECEIVABLES> 154,783
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,321,586
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,189
<TOTAL-LIABILITIES> 8,189
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,349,344
<SHARES-COMMON-STOCK> 1,237,310
<SHARES-COMMON-PRIOR> 1,102,995
<ACCUMULATED-NII-CURRENT> 22,558
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 412,534
<ACCUM-APPREC-OR-DEPREC> 354,030
<NET-ASSETS> 12,313,398
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 598,984
<OTHER-INCOME> 0
<EXPENSES-NET> 73,248
<NET-INVESTMENT-INCOME> 525,736
<REALIZED-GAINS-CURRENT> 4,650
<APPREC-INCREASE-CURRENT> 77,160
<NET-CHANGE-FROM-OPS> 607,546
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 521,287
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 286,828
<NUMBER-OF-SHARES-REDEEMED> 183,982
<SHARES-REINVESTED> 31,469
<NET-CHANGE-IN-ASSETS> 134,315
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 417,184
<GROSS-ADVISORY-FEES> 16,235
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 73,248
<AVERAGE-NET-ASSETS> 10,821,836
<PER-SHARE-NAV-BEGIN> 9.87
<PER-SHARE-NII> .48
<PER-SHARE-GAIN-APPREC> .08
<PER-SHARE-DIVIDEND> (.48)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.95
<EXPENSE-RATIO> .68
<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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 41,098,183
<INVESTMENTS-AT-VALUE> 41,098,183
<RECEIVABLES> 12,137
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,110,320
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 189,413
<TOTAL-LIABILITIES> 189,413
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,920,907
<SHARES-COMMON-STOCK> 40,920,907
<SHARES-COMMON-PRIOR> 42,843,517
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 40,920,907
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,478,683
<OTHER-INCOME> 0
<EXPENSES-NET> 231,535
<NET-INVESTMENT-INCOME> 2,247,148
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,247,148
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,247,148
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 89,998,583
<NUMBER-OF-SHARES-REDEEMED> 93,963,962
<SHARES-REINVESTED> 2,042,769
<NET-CHANGE-IN-ASSETS> (1,922,610)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 44,835
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 231,535
<AVERAGE-NET-ASSETS> 44,521,619
<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> .52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
