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<PAGE> PAGE 10
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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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 26
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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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SIGNATURE THOMAS C. SMITH
TITLE CHAIRMAN
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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Pursuant to 601 (c)(2)(i) of Regulations S-K and S-B.
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<EXPENSE-RATIO> 2.23
<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-30-1999
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 4,064,807
<INVESTMENTS-AT-VALUE> 4,633,423
<RECEIVABLES> 137,211
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,770,634
<PAYABLE-FOR-SECURITIES> 85,971
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,405
<TOTAL-LIABILITIES> 92,376
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,210,266
<SHARES-COMMON-STOCK> 302,835
<SHARES-COMMON-PRIOR> 437,569
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 146,991
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1,953,633
<ACCUM-APPREC-OR-DEPREC> 568,616
<NET-ASSETS> 4,678,258
<DIVIDEND-INCOME> 29,135
<INTEREST-INCOME> 34,771
<OTHER-INCOME> 0
<EXPENSES-NET> 70,403
<NET-INVESTMENT-INCOME> (6,497)
<REALIZED-GAINS-CURRENT> (2,189,265)
<APPREC-INCREASE-CURRENT> (847,312)
<NET-CHANGE-FROM-OPS> (3,043,074)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1,492,781
<DISTRIBUTIONS-OTHER> 5,562
<NUMBER-OF-SHARES-SOLD> 2,589
<NUMBER-OF-SHARES-REDEEMED> 137,786
<SHARES-REINVESTED> 463
<NET-CHANGE-IN-ASSETS> (134,734)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 235,632
<OVERDISTRIB-NII-PRIOR> 140,493
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 32,006
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 70,403
<AVERAGE-NET-ASSETS> 8,451,547
<PER-SHARE-NAV-BEGIN> 13.91
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (1.99)
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.90
<EXPENSE-RATIO> 1.90
<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-30-1999
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 4,064,807
<INVESTMENTS-AT-VALUE> 4,633,423
<RECEIVABLES> 137,211
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,770,634
<PAYABLE-FOR-SECURITIES> 85,971
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,405
<TOTAL-LIABILITIES> 92,376
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,210,266
<SHARES-COMMON-STOCK> 89,093
<SHARES-COMMON-PRIOR> 650,461
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 146,991
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1,953,633
<ACCUM-APPREC-OR-DEPREC> 568,616
<NET-ASSETS> 4,678,258
<DIVIDEND-INCOME> 29,135
<INTEREST-INCOME> 34,771
<OTHER-INCOME> 0
<EXPENSES-NET> 70,403
<NET-INVESTMENT-INCOME> (6,497)
<REALIZED-GAINS-CURRENT> (2,189,265)
<APPREC-INCREASE-CURRENT> (847,312)
<NET-CHANGE-FROM-OPS> (3,043,074)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1,637
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 63,679
<NUMBER-OF-SHARES-REDEEMED> 625,187
<SHARES-REINVESTED> 140
<NET-CHANGE-IN-ASSETS> (561,368)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 235,632
<OVERDISTRIB-NII-PRIOR> 140,493
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 32,006
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 70,403
<AVERAGE-NET-ASSETS> 8,451,547
<PER-SHARE-NAV-BEGIN> 14.05
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (1.98)
<PER-SHARE-DIVIDEND> .00
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.07
<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> 12
<NAME> INSTITUTIONAL MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 383,203
<INVESTMENTS-AT-VALUE> 383,203
<RECEIVABLES> 11,807
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 395,010
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,010
<TOTAL-LIABILITIES> 15,010
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 380,000
<SHARES-COMMON-STOCK> 380,000
<SHARES-COMMON-PRIOR> 40,920,907
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 380,000
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,013,210
<OTHER-INCOME> 0
<EXPENSES-NET> 99,558
<NET-INVESTMENT-INCOME> 913,652
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 913,652
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 913,652
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29,004,658
<NUMBER-OF-SHARES-REDEEMED> 70,525,114
<SHARES-REINVESTED> 979,549
<NET-CHANGE-IN-ASSETS> (40,540,907)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,079
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 99,558
<AVERAGE-NET-ASSETS> 37,817,937
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .00
<PER-SHARE-DIVIDEND> (.02)
<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>
<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-30-1999
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 11,176,345
<INVESTMENTS-AT-VALUE> 11,677,131
<RECEIVABLES> 152,356
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,829,487
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,744
<TOTAL-LIABILITIES> 7,744
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,703,404
<SHARES-COMMON-STOCK> 1,173,429
<SHARES-COMMON-PRIOR> 1,237,310
<ACCUMULATED-NII-CURRENT> 25,357
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 407,804
<ACCUM-APPREC-OR-DEPREC> 500,786
<NET-ASSETS> 11,821,743
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 335,163
<OTHER-INCOME> 0
<EXPENSES-NET> 41,069
<NET-INVESTMENT-INCOME> 294,094
<REALIZED-GAINS-CURRENT> 4,730
<APPREC-INCREASE-CURRENT> 146,756
<NET-CHANGE-FROM-OPS> 445,580
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 291,295
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 105,994
<NUMBER-OF-SHARES-REDEEMED> 188,474
<SHARES-REINVESTED> 18,600
<NET-CHANGE-IN-ASSETS> (63,880)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 412,534
<GROSS-ADVISORY-FEES> 9,240
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 41,069
<AVERAGE-NET-ASSETS> 12,215,237
<PER-SHARE-NAV-BEGIN> 9.95
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> .12
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.07
<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-30-1999
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 6,061,794
<INVESTMENTS-AT-VALUE> 9,102,991
<RECEIVABLES> 8,851
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,111,842
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,252
<TOTAL-LIABILITIES> 13,252
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,197,594
<SHARES-COMMON-STOCK> 672,794
<SHARES-COMMON-PRIOR> 687,460
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 10,081
<ACCUMULATED-NET-GAINS> 61,655
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,849,422
<NET-ASSETS> 9,098,590
<DIVIDEND-INCOME> 73,786
<INTEREST-INCOME> 4,161
<OTHER-INCOME> 0
<EXPENSES-NET> 73,558
<NET-INVESTMENT-INCOME> 4,389
<REALIZED-GAINS-CURRENT> 129,363
<APPREC-INCREASE-CURRENT> (210,443)
<NET-CHANGE-FROM-OPS> (76,691)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 569,810
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,482
<NUMBER-OF-SHARES-REDEEMED> 67,237
<SHARES-REINVESTED> 44,089
<NET-CHANGE-IN-ASSETS> (14,665)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33,098
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 73,558
<AVERAGE-NET-ASSETS> 8,750,390
<PER-SHARE-NAV-BEGIN> 13.71
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (.12)
<PER-SHARE-DIVIDEND> .00
<PER-SHARE-DISTRIBUTIONS> (.74)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.84
<EXPENSE-RATIO> 1.69
<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-30-1999
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 6,061,794
<INVESTMENTS-AT-VALUE> 9,102,991
<RECEIVABLES> 8,851
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,111,842
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,252
<TOTAL-LIABILITIES> 13,252
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,197,594
<SHARES-COMMON-STOCK> 35,524
<SHARES-COMMON-PRIOR> 45,229
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 10,081
<ACCUMULATED-NET-GAINS> 61,655
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,849,422
<NET-ASSETS> 9,098,590
<DIVIDEND-INCOME> 73,786
<INTEREST-INCOME> 4,161
<OTHER-INCOME> 0
<EXPENSES-NET> 73,558
<NET-INVESTMENT-INCOME> 4,389
<REALIZED-GAINS-CURRENT> 129,363
<APPREC-INCREASE-CURRENT> (210,443)
<NET-CHANGE-FROM-OPS> (76,691)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 30,475
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,707
<NUMBER-OF-SHARES-REDEEMED> 14,310
<SHARES-REINVESTED> 1,899
<NET-CHANGE-IN-ASSETS> (9,704)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33,098
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 73,558
<AVERAGE-NET-ASSETS> 8,750,390
<PER-SHARE-NAV-BEGIN> 13.73
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .00
<PER-SHARE-DIVIDEND> .00
<PER-SHARE-DISTRIBUTIONS> (.85)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.90
<EXPENSE-RATIO> 1.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
