<PAGE> PAGE 1
000 B000000 06/30/97
000 C000000 828844
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SMITH HAYES TRUST, INC. D/B/A/LANCASTER FUNDS
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
007 C011100 11
007 C011200 12
007 C021200 INSTITUTIONAL MONEY MARKET FUND
007 C031200 N
007 C011300 13
007 C021300 NEBRASKA TAX-FREE FUND
007 C031300 N
007 C011400 14
007 C021400 CAPITAL BUILDER FUND
007 C031400 N
007 C011500 15
007 C011600 16
<PAGE> PAGE 2
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 LANCASTER ADMINISTRATIVE SERVICES, INC.
010 B00AA01 84-1880
010 C01AA01 LINCOLN
010 C02AA01 NE
010 C03AA01 68501
010 C04AA01 3000
011 A00AA01 SMITH HAYES FINANCIAL SERVICES CORPORATION
011 B00AA01 8-34980
011 C01AA01 LINCOLN
011 C02AA01 NE
011 C03AA01 68501
011 C04AA01 3000
012 A00AA01 LANCASTER ADMINISTRATIVE SERVICES, INC.
012 B00AA01 84-1880
012 C01AA01 LINCOLN
012 C02AA01 NE
012 C03AA01 68501
012 C04AA01 3000
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 LINCOLN
013 B02AA01 NE
013 B03AA01 68508
014 A00AA01 SMITH HAYES FINANCIAL SERVICES CORPORATION
014 B00AA01 8-34980
015 A00AA01 UNION BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 LINCOLN
015 C02AA01 NE
015 C03AA01 68506
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 SMITH HAYES FINANCIAL SERVICES CORPORATION
020 B000001 47-0688871
020 C000001 42
020 A000002 AUTRANET
020 B000002 13-2961507
020 C000002 14
020 A000003 HANIFEN IMHOFF
020 B000003 41-6076251
020 C000003 7
020 A000004 MERRILL LYNCH
020 B000004 13-5674085
020 C000004 7
020 A000005 FRIEDMAN BILLINGS RAMSAY
020 B000005 52-1630477
<PAGE> PAGE 3
020 C000005 4
020 A000006 MORGAN KEEGAN
020 B000006 64-0474907
020 C000006 4
020 A000007 NISI WARNER
020 B000007 41-1508325
020 C000007 3
020 A000008 DILLON READ
020 B000008 13-1939216
020 C000008 3
020 A000009 PETRIE PARKMAN
020 B000009 47-6182524
020 C000009 2
020 A000010 CANTOR FITZGERALD
020 B000010 13-3680184
020 C000010 2
021 000000 99
022 A000001 UNION BANK & TRUST COMPANY
022 B000001 47-0321480
022 C000001 58500
022 D000001 50000
022 A000002 HANIFEN IMHOFF
022 B000002 41-6076261
022 C000002 2976
022 D000002 2212
022 A000003 SMITH BARNEY
022 B000003 13-1912900
022 C000003 2213
022 D000003 2574
022 A000004 MONTGOMERY SECURITIES
022 B000004 94-1701676
022 C000004 1632
022 D000004 4323
022 A000005 CANTOR FITZGERALD
022 B000005 13-3680184
022 C000005 1049
022 D000005 3026
022 A000006 MERRILL LYNCH
022 B000006 13-5674085
022 C000006 1906
022 D000006 1493
022 A000007 MORGAN KEEGAN
022 B000007 64-0474907
022 C000007 1913
022 D000007 1219
022 A000008 RAUSCHER PIERCE
022 B000008 75-1828470
022 C000008 1725
022 D000008 1353
022 A000009 LEHMAN BROTHERSRITIES
022 B000009 13-2518466
<PAGE> PAGE 4
022 C000009 1110
022 D000009 1704
022 A000010 ROBERT BAIRD & CO.
022 B000010 39-6037917
022 C000010 1369
022 D000010 1373
023 C000000 89918
023 D000000 77758
024 00AA00 N
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
042 A00AA00 0
042 B00AA00 2
042 C00AA00 98
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 236
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 N
054 I00AA00 N
<PAGE> PAGE 5
054 J00AA00 N
054 K00AA00 Y
054 L00AA00 N
054 M00AA00 N
054 N00AA00 Y
054 O00AA00 N
077 A000000 Y
077 B000000 Y
077 O000000 Y
078 000000 N
080 A00AA00 HARTFORD FIRE INSURANCE COMPANY
080 C00AA00 1325
081 A00AA00 Y
081 B00AA00 4
082 A00AA00 Y
082 B00AA00 15
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000501 CONLEY-SMITH, INC.
008 B000501 A
008 C000501 801-31689
008 D010501 LINCOLN
008 D020501 NE
008 D030501 68501
008 D040501 3000
008 A000502 CALAMOS ASSET MANAGEMENT, INC.
008 B000502 S
008 C000502 801-29688
008 D010502 OAK BROOK
008 D020502 IL
008 D030502 60521
028 A010500 81
028 A020500 0
028 A030500 0
028 A040500 46
<PAGE> PAGE 6
028 B010500 41
028 B020500 0
028 B030500 0
028 B040500 5
028 C010500 15
028 C020500 0
028 C030500 0
028 C040500 4
028 D010500 0
028 D020500 0
028 D030500 0
028 D040500 13
028 E010500 9
028 E020500 0
028 E030500 0
028 E040500 24
028 F010500 59
028 F020500 20
028 F030500 0
028 F040500 58
028 G010500 205
028 G020500 20
028 G030500 0
028 G040500 150
028 H000500 0
029 000500 N
030 A000500 0
030 B000500 0.00
030 C000500 0.00
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.750
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
<PAGE> PAGE 7
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 1.2
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.6
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 44.6
062 Q000500 0.0
062 R000500 53.6
063 A000500 0
063 B000500 1.8
064 A000500 N
064 B000500 N
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 Y
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
<PAGE> PAGE 8
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 3042
071 B000500 2221
071 C000500 2218
071 D000500 100
072 A000500 12
072 B000500 56
072 C000500 36
072 D000500 0
072 E000500 0
072 F000500 18
072 G000500 6
072 H000500 0
072 I000500 0
072 J000500 3
072 K000500 0
072 L000500 0
072 M000500 0
072 N000500 0
072 O000500 0
072 P000500 0
<PAGE> PAGE 9
072 Q000500 0
072 R000500 2
072 S000500 1
072 T000500 12
072 U000500 0
072 V000500 0
072 W000500 4
072 X000500 46
072 Y000500 0
072 Z000500 46
072AA000500 112
072BB000500 0
072CC010500 295
072CC020500 0
072DD010500 48
072DD020500 0
072EE000500 268
073 A010500 0.2804
073 A020500 0.0915
073 B000500 1.5829
073 C000500 0.0000
074 A000500 0
074 B000500 35
074 C000500 0
074 D000500 1276
074 E000500 974
074 F000500 559
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 21
074 M000500 0
074 N000500 2865
074 O000500 0
074 P000500 3
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 1
074 S000500 0
074 T000500 2861
074 U010500 202720
074 U020500 4210
074 V010500 13.82
074 V020500 13.83
074 W000500 0.0000
074 X000500 83
074 Y000500 0
<PAGE> PAGE 10
075 A000500 0
075 B000500 2371
076 000500 0.00
008 A000801 CONLEY-SMITH, INC.
008 B000801 A
008 C000801 801-31689
008 D010801 LINCOLN
008 D020801 NE
008 D030801 68501
008 D040801 3000
028 A010800 2
028 A020800 0
028 A030800 0
028 A040800 130
028 B010800 97
028 B020800 0
028 B030800 0
028 B040800 7
028 C010800 6
028 C020800 0
028 C030800 0
028 C040800 7
028 D010800 0
028 D020800 0
028 D030800 0
028 D040800 48
028 E010800 1
028 E020800 0
028 E030800 0
028 E040800 31
028 F010800 49
028 F020800 57
028 F030800 0
028 F040800 56
028 G010800 155
028 G020800 57
028 G030800 0
028 G040800 279
028 H000800 0
029 000800 N
030 A000800 0
030 B000800 0.00
030 C000800 0.00
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.600
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
<PAGE> PAGE 11
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
055 A000800 N
055 B000800 N
056 000800 Y
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 Y
060 B000800 Y
061 000800 1000
062 A000800 Y
062 B000800 0.0
062 C000800 0.0
062 D000800 6.3
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 -2.0
062 M000800 16.8
062 N000800 70.3
062 O000800 0.0
062 P000800 8.6
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 6.0
064 A000800 N
064 B000800 N
066 A000800 N
067 000800 N
<PAGE> PAGE 12
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 N
070 B020800 N
070 C010800 N
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 N
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 N
070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 226
071 B000800 1019
071 C000800 2382
071 D000800 9
072 A000800 12
072 B000800 180
072 C000800 0
072 D000800 0
072 E000800 0
072 F000800 16
072 G000800 7
072 H000800 0
<PAGE> PAGE 13
072 I000800 0
072 J000800 3
072 K000800 0
072 L000800 0
072 M000800 0
072 N000800 0
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 2
072 S000800 2
072 T000800 7
072 U000800 0
072 V000800 0
072 W000800 6
072 X000800 41
072 Y000800 0
072 Z000800 140
072AA000800 0
072BB000800 38
072CC010800 71
072CC020800 0
072DD010800 145
072DD020800 0
072EE000800 0
073 A010800 0.5466
073 A020800 0.2692
073 B000800 0.0000
073 C000800 0.0000
074 A000800 0
074 B000800 156
074 C000800 0
074 D000800 2382
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 30
074 M000800 0
074 N000800 2568
074 O000800 77
074 P000800 2
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 2
074 S000800 0
<PAGE> PAGE 14
074 T000800 2487
074 U010800 239656
074 U020800 4356
074 V010800 10.19
074 V020800 10.19
074 W000800 0.0000
074 X000800 69
074 Y000800 0
075 A000800 0
075 B000800 2725
076 000800 0.00
008 A001001 CONLEY-SMITH, INC.
008 B001001 A
008 C001001 801-31689
008 D011001 LINCOLN
008 D021001 NE
008 D031001 68501
008 D041001 3000
008 A001002 CRESTONE CAPITAL MANAGEMENT, INC.
008 B001002 S
008 C001002 801-38120
008 D011002 ENGLEWOOD
008 D021002 CO
008 D031002 80111
028 A011000 457
028 A021000 124
028 A031000 0
028 A041000 593
028 B011000 361
028 B021000 0
028 B031000 0
028 B041000 357
028 C011000 677
028 C021000 0
028 C031000 0
028 C041000 199
028 D011000 563
028 D021000 0
028 D031000 0
028 D041000 1176
028 E011000 613
028 E021000 0
028 E031000 0
028 E041000 330
028 F011000 663
028 F021000 256
028 F031000 0
028 F041000 1028
028 G011000 3334
028 G021000 380
028 G031000 0
<PAGE> PAGE 15
028 G041000 3683
028 H001000 17
029 001000 Y
030 A001000 1
030 B001000 3.90
030 C001000 0.00
031 A001000 0
031 B001000 0
032 001000 0
033 001000 1
045 001000 Y
046 001000 N
047 001000 Y
048 001000 0.750
048 A011000 0
048 A021000 0.000
048 B011000 0
048 B021000 0.000
048 C011000 0
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
055 A001000 N
055 B001000 N
056 001000 Y
057 001000 N
058 A001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
061 001000 1000
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
<PAGE> PAGE 16
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
066 A001000 Y
066 B001000 N
066 C001000 Y
066 D001000 N
066 E001000 N
066 F001000 N
066 G001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 Y
070 B011000 N
070 B021000 N
070 C011000 N
070 C021000 N
070 D011000 N
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 N
070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 N
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 N
070 N021000 N
<PAGE> PAGE 17
070 O011000 N
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 40019
071 B001000 38944
071 C001000 19706
071 D001000 226
072 A001000 12
072 B001000 47
072 C001000 95
072 D001000 0
072 E001000 0
072 F001000 136
072 G001000 45
072 H001000 0
072 I001000 0
072 J001000 21
072 K001000 1
072 L001000 0
072 M001000 3
072 N001000 2
072 O001000 0
072 P001000 0
072 Q001000 0
072 R001000 5
072 S001000 7
072 T001000 51
072 U001000 0
072 V001000 0
072 W001000 13
072 X001000 284
072 Y001000 0
072 Z001000 -143
072AA001000 1700
072BB001000 0
072CC011000 1311
072CC021000 0
072DD011000 0
072DD021000 0
072EE001000 1749
073 A011000 0.0000
073 A021000 0.0000
073 B001000 1.6100
073 C001000 0.0000
074 A001000 0
074 B001000 55
<PAGE> PAGE 18
074 C001000 0
074 D001000 19706
074 E001000 0
074 F001000 0
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 953
074 K001000 0
074 L001000 0
074 M001000 18
074 N001000 20732
074 O001000 206
074 P001000 20
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 48
074 S001000 0
074 T001000 20458
074 U011000 485772
074 U021000 779135
074 V011000 16.14
074 V021000 16.20
074 W001000 0.0000
074 X001000 237
074 Y001000 0
075 A001000 0
075 B001000 18125
076 001000 0.00
072 Y001100 0
072 Z001100 0
072AA001100 0
072BB001100 0
072CC011100 0
072CC021100 0
072DD011100 0
072DD021100 0
072EE001100 0
073 A011100 0.0000
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
008 A001201 CONLEY-SMITH, INC.
008 B001201 A
008 C001201 801-31689
008 D011201 LINCOLN
008 D021201 NE
008 D031201 68501
008 D041201 3000
<PAGE> PAGE 19
028 A011200 7802
028 A021200 184
028 A031200 0
028 A041200 10723
028 B011200 9012
028 B021200 158
028 B031200 0
028 B041200 3100
028 C011200 4665
028 C021200 147
028 C031200 0
028 C041200 7110
028 D011200 7022
028 D021200 174
028 D031200 0
028 D041200 10632
028 E011200 7002
028 E021200 163
028 E031200 0
028 E041200 7979
028 F011200 5107
028 F021200 165
028 F031200 0
028 F041200 4300
028 G011200 40610
028 G021200 991
028 G031200 0
028 G041200 43844
028 H001200 0
029 001200 N
030 A001200 0
030 B001200 0.00
030 C001200 0.00
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.100
048 A011200 0
048 A021200 0.000
048 B011200 0
048 B021200 0.000
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
<PAGE> PAGE 20
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
055 A001200 N
055 B001200 N
056 001200 Y
057 001200 N
058 A001200 N
059 001200 Y
060 A001200 Y
060 B001200 Y
061 001200 1000
062 A001200 Y
062 B001200 0.0
062 C001200 7.0
062 D001200 0.0
062 E001200 0.0
062 F001200 1.1
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 91.9
062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
063 A001200 8
063 B001200 0.0
064 A001200 N
064 B001200 N
066 A001200 N
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
<PAGE> PAGE 21
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 2686
072 C001200 0
072 D001200 0
072 E001200 0
072 F001200 49
072 G001200 58
072 H001200 0
072 I001200 0
072 J001200 26
072 K001200 0
072 L001200 0
072 M001200 2
072 N001200 10
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 5
<PAGE> PAGE 22
072 S001200 4
072 T001200 96
072 U001200 0
072 V001200 0
072 W001200 33
072 X001200 283
072 Y001200 0
072 Z001200 2403
072AA001200 0
072BB001200 0
072CC011200 0
072CC021200 0
072DD011200 2403
072DD021200 0
072EE001200 0
073 A011200 0.0494
073 A021200 0.0000
073 B001200 0.0000
073 C001200 0.0000
074 A001200 1389
074 B001200 0
074 C001200 41465
074 D001200 0
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 0
074 K001200 0
074 L001200 180
074 M001200 0
074 N001200 43034
074 O001200 0
074 P001200 22
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 168
074 S001200 0
074 T001200 42844
074 U011200 42843517
074 U021200 0
074 V011200 1.00
074 V021200 0.00
074 W001200 1.0000
074 X001200 155
074 Y001200 0
075 A001200 48507
075 B001200 0
<PAGE> PAGE 23
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 47
028 A021300 23
028 A031300 0
028 A041300 258
028 B011300 221
028 B021300 22
028 B031300 0
028 B041300 178
028 C011300 186
028 C021300 23
028 C031300 0
028 C041300 43
028 D011300 519
028 D021300 25
028 D031300 0
028 D041300 175
028 E011300 126
028 E021300 25
028 E031300 0
028 E041300 108
028 F011300 634
028 F021300 26
028 F031300 0
028 F041300 65
028 G011300 1733
028 G021300 144
028 G031300 0
028 G041300 827
028 H001300 170
029 001300 Y
030 A001300 8
030 B001300 3.90
030 C001300 0.00
031 A001300 2
031 B001300 0
032 001300 2
033 001300 4
045 001300 Y
046 001300 N
047 001300 Y
048 001300 0.150
048 A011300 0
048 A021300 0.000
<PAGE> PAGE 24
048 B011300 0
048 B021300 0.000
048 C011300 0
048 C021300 0.000
048 D011300 0
048 D021300 0.000
048 E011300 0
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
062 L001300 4.0
062 M001300 0.0
062 N001300 0.0
062 O001300 96.0
062 P001300 0.0
062 Q001300 0.0
062 R001300 0.0
063 A001300 0
063 B001300 5.5
064 A001300 N
064 B001300 N
<PAGE> PAGE 25
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
070 R021300 N
071 A001300 2834
071 B001300 1887
071 C001300 9552
071 D001300 20
072 A001300 12
072 B001300 551
072 C001300 0
072 D001300 0
072 E001300 0
072 F001300 15
<PAGE> PAGE 26
072 G001300 12
072 H001300 0
072 I001300 0
072 J001300 5
072 K001300 0
072 L001300 1
072 M001300 1
072 N001300 1
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 3
072 S001300 1
072 T001300 24
072 U001300 0
072 V001300 0
072 W001300 3
072 X001300 66
072 Y001300 0
072 Z001300 485
072AA001300 0
072BB001300 30
072CC011300 279
072CC021300 0
072DD011300 487
072DD021300 0
072EE001300 0
073 A011300 0.4860
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 300
074 B001300 0
074 C001300 0
074 D001300 10455
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 0
074 L001300 140
074 M001300 0
074 N001300 10895
074 O001300 0
074 P001300 5
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
<PAGE> PAGE 27
074 R041300 3
074 S001300 0
074 T001300 10887
074 U011300 1102995
074 U021300 0
074 V011300 9.87
074 V021300 0.00
074 W001300 0.0000
074 X001300 144
074 Y001300 0
075 A001300 0
075 B001300 9793
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 140
028 A021400 8
028 A031400 0
028 A041400 635
028 B011400 128
028 B021400 0
028 B031400 0
028 B041400 56
028 C011400 259
028 C021400 0
028 C031400 0
028 C041400 6
028 D011400 22
028 D021400 0
028 D031400 0
028 D041400 29
028 E011400 94
028 E021400 0
028 E031400 0
028 E041400 41
028 F011400 141
028 F021400 12
028 F031400 0
028 F041400 157
028 G011400 784
028 G021400 20
028 G031400 0
028 G041400 924
028 H001400 147
029 001400 Y
030 A001400 4
<PAGE> PAGE 28
030 B001400 3.90
030 C001400 0.00
031 A001400 1
031 B001400 0
032 001400 0
033 001400 3
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
048 D011400 0
048 D021400 0.000
048 E011400 0
048 E021400 0.000
048 F011400 0
048 F021400 0.000
048 G011400 0
048 G021400 0.000
048 H011400 0
048 H021400 0.000
048 I011400 0
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
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
<PAGE> PAGE 29
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
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
<PAGE> PAGE 30
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400 1893
071 B001400 1961
071 C001400 8299
071 D001400 23
072 A001400 12
072 B001400 35
072 C001400 227
072 D001400 0
072 E001400 0
072 F001400 68
072 G001400 23
072 H001400 0
072 I001400 0
072 J001400 2
072 K001400 0
072 L001400 0
072 M001400 1
072 N001400 6
072 O001400 0
072 P001400 0
072 Q001400 0
072 R001400 10
072 S001400 4
072 T001400 45
072 U001400 0
072 V001400 0
072 W001400 7
072 X001400 166
072 Y001400 0
072 Z001400 96
072AA001400 460
072BB001400 0
072CC011400 1377
072CC021400 0
072DD011400 97
072DD021400 0
072EE001400 637
073 A011400 0.1348
073 A021400 0.0396
073 B001400 0.8800
073 C001400 0.0000
074 A001400 0
074 B001400 700
074 C001400 0
074 D001400 0
074 E001400 0
074 F001400 9571
<PAGE> PAGE 31
074 G001400 0
074 H001400 0
074 I001400 0
074 J001400 0
074 K001400 0
074 L001400 12
074 M001400 4
074 N001400 10287
074 O001400 0
074 P001400 12
074 Q001400 0
074 R011400 0
074 R021400 0
074 R031400 0
074 R041400 9
074 S001400 0
074 T001400 10266
074 U011400 733409
074 U021400 19959
074 V011400 13.63
074 V021400 13.63
074 W001400 0.0000
074 X001400 274
074 Y001400 0
075 A001400 0
075 B001400 9057
076 001400 0.00
SIGNATURE THOMAS C. SMITH
TITLE CHAIRMAN
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 12, 1994
SECURITY DESCRIPTION: Red Willow 5.30%, 12/01/2013
YEARS OF G.O./County RATING/ NR
OPERATION: AGENCY:
PRICE 100 REASON Public Offering Price
SIZE OF 1,900,000 AMOUNT PURCHASED: 145,000
ISSUE:
NET ASSETS $8,069,491.46 PURCHASED S.H. Underwriter
OF ISSUER: FROM:
******************************************************************************
DATE PURCHASED: January 12, 1994
SECURITY DESCRIPTION: Red Willow 5.25%, 12/01/12
YEARS OF G.O./County RATING/ NR
OPERATION: AGENCY:
PRICE: 100 REASON: Public Offering
SIZE OF 1,900,000 AMOUNT PURCHASED: 140,000
ISSUE:
NET ASSETS $8,069,491.46 PURCHASED S.H. Underwriter
OF ISSUER: FROM:
AUTHORIZED BY: /
<PAGE>
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: July 25, 1994
SECURITY DESCRIPTION: NIFA SFHR Series 4-1, 6.30%, 3/01/2017
YEARS OF 14 RATING/ AAA/Standard & Poors
OPERATION: AGENCY:
PRICE 100 REASON Public Offering
SIZE OF 50,000,000 AMOUNT PURCHASED: 200,000
ISSUE:
NET ASSETS $9,268,297.24 PURCHASED Lehman Brothers/ Managing
OF ISSUER: FROM: Underwriter
******************************************************************************
DATE PURCHASED: November 10, 1994
SECURITY DESCRIPTION: NIFA 94 Series D-1, 7.30%, 9/01/26
YEARS OF 14 Approx RATING/ AAA-/S & P
OPERATION: AGENCY:
PRICE: 100 REASON: Public Offering
SIZE OF 40,000,000 AMOUNT PURCHASED: 500,000
ISSUE:
NET ASSETS $9,185,434.02 PURCHASED Lehman Bros./Managing
OF ISSUER: FROM: Underwriter
AUTHORIZED BY: /
<PAGE>
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: February 10, 1995
SECURITY DESCRIPTION: NIFA 95 Series A, 6.20%, 9/01/10
YEARS OF 14 Approx RATING/ AAA-/S & P
OPERATION: AGENCY:
PRICE 99.375 REASON Concession as underwriter
SIZE OF 50,000,000 AMOUNT PURCHASED: 100,000
ISSUE:
NET ASSETS $10,131,725 PURCHASED Lehman Bros./Managing
OF ISSUER: FROM: Underwriter
******************************************************************************
DATE PURCHASED: February 10, 1995
SECURITY DESCRIPTION: NIFA Series A, 6.15%, 3/01/09
YEARS OF 14 Approx RATING/ AAA-/S & P
OPERATION: AGENCY:
PRICE: 99.375 REASON: Concession as underwriter
SIZE OF 50,000,000 AMOUNT PURCHASED: 100,000
ISSUE:
NET ASSETS $10,131,725 PURCHASED Lehman Bros/Managing
OF ISSUER: FROM: Underwriter
AUTHORIZED BY: /
<PAGE>
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: February 10, 1995
SECURITY DESCRIPTION: NIFA 95 Series A, 6.10%, 3/01/08
YEARS OF 14 Approx RATING/ AAA-/S & P
OPERATION: AGENCY:
PRICE 99.375 REASON Concession as underwriter
SIZE OF 50,000,000 AMOUNT PURCHASED: 105,000
ISSUE:
NET ASSETS $10,131,725 PURCHASED Lehman Bros/Managing
OF ISSUER: FROM: Underwriter
******************************************************************************
DATE PURCHASED: February 10, 1995
SECURITY DESCRIPTION: NIFA Series A, 6.05%, 9/01/07
YEARS OF 14 Approx RATING/ AAA-
OPERATION: AGENCY:
PRICE: 99.375 REASON: Concession as underwriter
SIZE OF 50,000,000 AMOUNT PURCHASED: 190,000
ISSUE:
NET ASSETS $10,131,725 PURCHASED Lehman Bros/Managing
OF ISSUER: FROM: Underwriter
AUTHORIZED BY: /
<PAGE>
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: May 12, 1995
SECURITY DESCRIPTION: NIFA SFH, 6%, 9/01/09
YEARS OF 14 Approx RATING/ AAA-/S & P
OPERATION: AGENCY:
PRICE 99.375 REASON Concession as underwriter
SIZE OF 50,000,000 AMOUNT PURCHASED: 100,000
ISSUE:
NET ASSETS $10,478,502.97 PURCHASED Lehman Bros/Managing
OF ISSUER: FROM: Underwriter
******************************************************************************
DATE PURCHASED: May 12, 1995
SECURITY DESCRIPTION: NIFA SFH, 6.40%, 9/01/26
YEARS OF 14 Approx RATING/ AAA-/S & P
OPERATION: AGENCY:
PRICE: 99.375 REASON: Concession as underwriter
SIZE OF 50,000,000 AMOUNT PURCHASED: 150,000
ISSUE:
NET ASSETS $10,478,502.97 PURCHASED Lehman Bros/Managing
OF ISSUER: FROM: Underwriter
AUTHORIZED BY: /
<PAGE>
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: March 29, 1996
SECURITY DESCRIPTION: Univ of Nebraska, Rev, 5.65%, 7/01/14
YEARS OF 100 RATING/ A1/Moody's
OPERATION: AGENCY:
PRICE 12.50/$1,000 REASON Concession
SIZE OF 17,340,000 AMOUNT PURCHASED: 250,000
ISSUE:
NET ASSETS 10,111,234 PURCHASED Smith Barney
OF ISSUER: FROM:
******************************************************************************
DATE PURCHASED: April 8, 1996
SECURITY DESCRIPTION: Univ of Nebraska, Rev, 5.65%, 7/01/16
YEARS OF 100 RATING/ A1/Moody's
OPERATION: AGENCY:
PRICE: 12.50/$1,000 REASON: Concession
SIZE OF 17,340,000 AMOUNT PURCHASED: 200,000
ISSUE:
NET ASSETS $10,076,948 PURCHASED Smith Barney
OF ISSUER: FROM:
AUTHORIZED BY: /
<PAGE>
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 26, 1996
SECURITY DESCRIPTION: NIFA 1996 Series C, 5.95%, 3/01/27
YEARS OF 16 Approx RATING/ AAA/S & P
OPERATION: AGENCY:
PRICE 62.50/$1,000 REASON Concession
SIZE OF 50,000,000 AMOUNT PURCHASED: 100,000
ISSUE:
NET ASSETS $10,871,629 PURCHASED Lehman Bros/Managing
OF ISSUER: FROM: Underwriter
******************************************************************************
DATE PURCHASED: August 28, 1996
SECURITY DESCRIPTION: City of Omaha, Auditorium Facilities Corp, Lease Revenue
Bonds, 4.25%, 8/15/99
YEARS OF City of Omaha RATING/ AAA/S & P
OPERATION: AGENCY:
PRICE: 99.625 REASON: Concession
SIZE OF 3,195,000 AMOUNT PURCHASED: 200,000
ISSUE:
NET ASSETS $17,300,000 PURCHASED Smith Hayes
OF ISSUER: FROM:
AUTHORIZED BY: /
<PAGE>
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: October 9, 1996
SECURITY DESCRIPTION: City of Omaha, Auditorium Fac. Corp, Lease, 4.35%, 8/15/00
YEARS OF 142 RATING/ AAA/S & P
OPERATION: AGENCY:
PRICE 100.17 REASON
SIZE OF 17,300,000 AMOUNT PURCHASED: 200,000
ISSUE:
NET ASSETS $1,251,419,933 PURCHASED Kirkpatrick Pettis
OF ISSUER: FROM:
******************************************************************************
DATE PURCHASED: October 11,1996
SECURITY DESCRIPTION: City of Omaha, Auditorium Fac. Corp, Lease, 4.35%, 8/15/00
YEARS OF 142 RATING/ AAA/S & P
OPERATION: AGENCY:
PRICE: 100.169 REASON:
SIZE OF 17,300,000 AMOUNT PURCHASED: 225,000
ISSUE:
NET ASSETS $1,251,419,933 PURCHASED Kirkpatrick Pettis
OF ISSUER: FROM:
AUTHORIZED BY: /
<PAGE>
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: October 24, 1996
SECURITY DESCRIPTION: Douglas Cnty School District #17, 4.65%, 10/01/01
YEARS OF 42 RATING/ A+/S & P
OPERATION: AGENCY:
PRICE 99.50 REASON Concession
SIZE OF 12,445,000 AMOUNT PURCHASED: 500,000
ISSUE:
NET ASSETS $112,870,391 PURCHASED Smith Barney
OF ISSUER: FROM:
******************************************************************************
DATE PURCHASED: November 1, 1996
SECURITY DESCRIPTION: NIFA 1996 Series E, 6.25%, 9/01/28
YEARS OF 16 RATING/ AAA/S & P
OPERATION: AGENCY:
PRICE: 6.25/$1,000 REASON: Concession
SIZE OF 50,000,000 AMOUNT PURCHASED: 235,000
ISSUE:
NET ASSETS $1,336,603,000 PURCHASED Lehman Bros/Managing
OF ISSUER: FROM: Underwriter
AUTHORIZED BY: /
<PAGE>
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: Februay 28, 1997
SECURITY DESCRIPTION: NIFA, 1997 Series A, 5.85%, 9/01/17
YEARS OF 16 RATING/ AAA/S & P
OPERATION: AGENCY:
PRICE 99.375 REASON Concession
SIZE OF 50,000,000 AMOUNT PURCHASED: 150,000
ISSUE:
NET ASSETS $1,336,603,000 PURCHASED Lehman Bros.
OF ISSUER: FROM:
******************************************************************************
DATE PURCHASED: February 27, 1997
SECURITY DESCRIPTION: Lancaster Co School Dist 001, 5.00%, 7/15/08
YEARS OF 128 RATING/ AAA/S & P
OPERATION: AGENCY:
PRICE: 99.375 REASON: Concession
SIZE OF 46,010,000 AMOUNT PURCHASED: 150,000
ISSUE:
NET ASSETS $39,169,686 PURCHASED Smith Barney
OF ISSUER: FROM:
AUTHORIZED BY: /
<PAGE>
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: April 16, 1997
SECURITY DESCRIPTION: Lincoln-Lancaster County Public Building Commision
Tax Supported Lease Rental Revenue Bldg Bonds Series 1996
5.00%, 10/15/99
YEARS OF 7 RATING/ AA+/S & P
OPERATION: AGENCY:
PRICE 100.911 REASON
SIZE OF 29,000,000 AMOUNT PURCHASED: 50,000
ISSUE:
NET ASSETS $3,771,168 PURCHASED Piper Jaffray
OF ISSUER: FROM:
******************************************************************************
DATE PURCHASED: August 20, 1997
SECURITY DESCRIPTION: Dawson County Sanitary & Improvement Dist #1
General Obligation Refunding Bonds, Series1997, IBP Proj.
5.65%, 2/01/22
YEARS OF 8 RATING/ A-/S & P
OPERATION: AGENCY:
PRICE: 98.25 REASON: Concession
SIZE OF 9,600,000 AMOUNT PURCHASED: 400,000
ISSUE:
NET ASSETS $1,203,655 PURCHASED Dain Bonsworth
OF ISSUER: FROM:
AUTHORIZED BY: /
