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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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SIGNATURE THOMAS C. SMITH
TITLE CHAIRMAN
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 Bosworth
OF ISSUER: FROM:
AUTHORIZED BY: /
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<APPREC-INCREASE-CURRENT> 30,023
<NET-CHANGE-FROM-OPS> 78,816
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,666
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 978
<NUMBER-OF-SHARES-REDEEMED> 773
<SHARES-REINVESTED> 162
<NET-CHANGE-IN-ASSETS> 367
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 263,335
<GROSS-ADVISORY-FEES> 5,135
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,512
<AVERAGE-NET-ASSETS> 1,689,253
<PER-SHARE-NAV-BEGIN> 10.19
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> .11
<PER-SHARE-DIVIDEND> (.37)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.30
<EXPENSE-RATIO> 1.47
<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> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 19,216,211
<INVESTMENTS-AT-VALUE> 20,509,805
<RECEIVABLES> 424,814
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,934,619
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128,531
<TOTAL-LIABILITIES> 128,531
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,267,054
<SHARES-COMMON-STOCK> 562,628
<SHARES-COMMON-PRIOR> 485,772
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 246,641
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 507,919
<ACCUM-APPREC-OR-DEPREC> 1,293,594
<NET-ASSETS> 20,806,088
<DIVIDEND-INCOME> 26,326
<INTEREST-INCOME> 31,379
<OTHER-INCOME> 0
<EXPENSES-NET> 161,409
<NET-INVESTMENT-INCOME> (103,704)
<REALIZED-GAINS-CURRENT> 2,089,224
<APPREC-INCREASE-CURRENT> (1,273,917)
<NET-CHANGE-FROM-OPS> 711,603
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1,492,780
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,275
<NUMBER-OF-SHARES-REDEEMED> 53,401
<SHARES-REINVESTED> 107,982
<NET-CHANGE-IN-ASSETS> 76,856
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 142,937
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 82,542
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 161,409
<AVERAGE-NET-ASSETS> 21,835,681
<PER-SHARE-NAV-BEGIN> 16.14
<PER-SHARE-NII> (.11)
<PER-SHARE-GAIN-APPREC> .62
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (3.28)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.37
<EXPENSE-RATIO> 1.79
<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> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 19,216,211
<INVESTMENTS-AT-VALUE> 20,509,805
<RECEIVABLES> 424,814
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,934,619
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128,531
<TOTAL-LIABILITIES> 128,531
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,267,054
<SHARES-COMMON-STOCK> 986,412
<SHARES-COMMON-PRIOR> 779,135
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 246,641
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 507,919
<ACCUM-APPREC-OR-DEPREC> 1,293,594
<NET-ASSETS> 20,806,088
<DIVIDEND-INCOME> 26,326
<INTEREST-INCOME> 31,379
<OTHER-INCOME> 0
<EXPENSES-NET> 161,409
<NET-INVESTMENT-INCOME> (103,704)
<REALIZED-GAINS-CURRENT> 2,089,224
<APPREC-INCREASE-CURRENT> (1,273,917)
<NET-CHANGE-FROM-OPS> 711,603
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,615,367
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 91,912
<NUMBER-OF-SHARES-REDEEMED> 78,912
<SHARES-REINVESTED> 194,277
<NET-CHANGE-IN-ASSETS> 207,277
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 142,937
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 82,542
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 161,409
<AVERAGE-NET-ASSETS> 21,835,681
<PER-SHARE-NAV-BEGIN> 16.20
<PER-SHARE-NII> (.07)
<PER-SHARE-GAIN-APPREC> .62
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (3.28)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.47
<EXPENSE-RATIO> 1.29
<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> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 47,914,778
<INVESTMENTS-AT-VALUE> 47,914,778
<RECEIVABLES> 209,147
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48,123,925
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 213,885
<TOTAL-LIABILITIES> 213,885
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47,910,040
<SHARES-COMMON-STOCK> 47,910,040
<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> 47,910,040
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,172,663
<OTHER-INCOME> 0
<EXPENSES-NET> 105,233
<NET-INVESTMENT-INCOME> 1,067,430
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,067,430
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,067,430
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45,980,622
<NUMBER-OF-SHARES-REDEEMED> 41,849,361
<SHARES-REINVESTED> 935,262
<NET-CHANGE-IN-ASSETS> 5,066,523
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,047
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 105,233
<AVERAGE-NET-ASSETS> 41,739,085
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.26)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .50
<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> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 10,328,545
<INVESTMENTS-AT-VALUE> 10,704,777
<RECEIVABLES> 136,579
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,841,356
<PAYABLE-FOR-SECURITIES> 200,208
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,863
<TOTAL-LIABILITIES> 208,071
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,646,286
<SHARES-COMMON-STOCK> 1,066,054
<SHARES-COMMON-PRIOR> 1,102,995
<ACCUMULATED-NII-CURRENT> 23,300
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 412,534
<ACCUM-APPREC-OR-DEPREC> 376,232
<NET-ASSETS> 10,633,284
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 293,095
<OTHER-INCOME> 0
<EXPENSES-NET> 37,036
<NET-INVESTMENT-INCOME> 256,059
<REALIZED-GAINS-CURRENT> 4,650
<APPREC-INCREASE-CURRENT> 99,362
<NET-CHANGE-FROM-OPS> 360,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 250,866
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 86,887
<NUMBER-OF-SHARES-REDEEMED> 138,636
<SHARES-REINVESTED> 14,809
<NET-CHANGE-IN-ASSETS> (36,940)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 417,184
<GROSS-ADVISORY-FEES> 7,876
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37,036
<AVERAGE-NET-ASSETS> 10,364,526
<PER-SHARE-NAV-BEGIN> 9.87
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> .10
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.97
<EXPENSE-RATIO> .71
<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> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 7,119,707
<INVESTMENTS-AT-VALUE> 9,907,956
<RECEIVABLES> 14,689
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,922,645
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71,742
<TOTAL-LIABILITIES> 71,742
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,212,258
<SHARES-COMMON-STOCK> 745,639
<SHARES-COMMON-PRIOR> 733,409
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 716
<ACCUMULATED-NET-GAINS> 138,498
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,500,862
<NET-ASSETS> 9,850,902
<DIVIDEND-INCOME> 72,348
<INTEREST-INCOME> 11,968
<OTHER-INCOME> 0
<EXPENSES-NET> 85,654
<NET-INVESTMENT-INCOME> (1,338)
<REALIZED-GAINS-CURRENT> 1,164,595
<APPREC-INCREASE-CURRENT> (557,679)
<NET-CHANGE-FROM-OPS> 605,578
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,993)
<DISTRIBUTIONS-OF-GAINS> 1,285,460
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,456
<NUMBER-OF-SHARES-REDEEMED> 114,701
<SHARES-REINVESTED> 101,475
<NET-CHANGE-IN-ASSETS> 12,230
<ACCUMULATED-NII-PRIOR> 623
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38,359
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 85,654
<AVERAGE-NET-ASSETS> 10,146,212
<PER-SHARE-NAV-BEGIN> 13.63
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> .84
<PER-SHARE-DIVIDEND> .00
<PER-SHARE-DISTRIBUTIONS> (2.00)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.47
<EXPENSE-RATIO> 1.70
<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> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 7,119,707
<INVESTMENTS-AT-VALUE> 9,907,956
<RECEIVABLES> 14,689
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,922,645
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71,742
<TOTAL-LIABILITIES> 71,742
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,212,258
<SHARES-COMMON-STOCK> 43,952
<SHARES-COMMON-PRIOR> 19,959
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 716
<ACCUMULATED-NET-GAINS> 138,498
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,500,862
<NET-ASSETS> 9,850,902
<DIVIDEND-INCOME> 72,348
<INTEREST-INCOME> 11,968
<OTHER-INCOME> 0
<EXPENSES-NET> 85,654
<NET-INVESTMENT-INCOME> (1,338)
<REALIZED-GAINS-CURRENT> 1,164,595
<APPREC-INCREASE-CURRENT> (557,679)
<NET-CHANGE-FROM-OPS> 605,578
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 85,799
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23,238
<NUMBER-OF-SHARES-REDEEMED> 4,633
<SHARES-REINVESTED> 5,389
<NET-CHANGE-IN-ASSETS> 23,993
<ACCUMULATED-NII-PRIOR> 623
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38,359
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 85,654
<AVERAGE-NET-ASSETS> 10,146,212
<PER-SHARE-NAV-BEGIN> 13.63
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> .85
<PER-SHARE-DIVIDEND> .00
<PER-SHARE-DISTRIBUTIONS> (2.00)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.51
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
