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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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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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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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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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SIGNATURE PAUL J. SCHMANSKI
TITLE FINANCIAL ANALYST
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<NAME> FIRST OMAHA FUNDS, INC.
<SERIES>
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<SERIES>
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</TABLE>
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<SERIES>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000932381
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<SERIES>
<NUMBER> 4
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<S> <C>
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<TABLE> <S> <C>
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<SERIES>
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<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932381
<NAME> FIRST OMAHA FUNDS INC
<SERIES>
<NUMBER> 6
<NAME> FIRST OMAHA BALANCED FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> JUL-29-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 2,535,425
<INVESTMENTS-AT-VALUE> 2,551,248
<RECEIVABLES> 13,004
<ASSETS-OTHER> 16,103
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,580,355
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,676
<TOTAL-LIABILITIES> 2,676
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,560,862
<SHARES-COMMON-STOCK> 256,325
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 994
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,823
<NET-ASSETS> 2,577,679
<DIVIDEND-INCOME> 3,569
<INTEREST-INCOME> 12,020
<OTHER-INCOME> 0
<EXPENSES-NET> (3,925)
<NET-INVESTMENT-INCOME> 11,664
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 15,823
<NET-CHANGE-FROM-OPS> 27,487
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,911)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 256,637
<NUMBER-OF-SHARES-REDEEMED> 1,398
<SHARES-REINVESTED> 1,086
<NET-CHANGE-IN-ASSETS> 2,577,679
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,616
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,317
<AVERAGE-NET-ASSETS> 2,346,886
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.06
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.06
<EXPENSE-RATIO> 1.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
FIRST OMAHA FUNDS, INC.
FORM N-SAR
Report for the Six Months ending September 30, 1996
Item 77J - Revaluation of Assets or Restatement of Capital Share
Accounts
In accordance with the provisions of Statement of Position 93-2,
"Determination, Disclosure and Financial Statement Presentation of
Income, Capital Gain and Return of Capital Distributions by Investment
Companies," the Funds are required to report the accumulated net
investment income (loss) and accumulated net capital gain (loss)
accounts to approximate amounts available for future distributions on a
tax basis (or to offset future realized capital gains). Accordingly,
reclassifications were recorded to increase undistributed net investment
income and decrease paid in capital in excess of par by $1,010, $1,010,
$1,010, $1,010, $592 and $241 for the U.S. Government Obligations,
Short/Intermediate Fixed Income, Fixed Income, Equity, Small Cap Value,
and Balanced Funds, respectively.
These reclassifications have no impact on the net asset values of the
Funds and are designed to present the Funds' capital accounts on a tax
basis.
