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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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 28
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SIGNATURE PAUL J. SCHMANSKI
TITLE FINANCIAL ANALYST
<TABLE> <S> <C>
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<CIK> 0000932381
<NAME> FIRST OMAHA FUNDS INC
<SERIES>
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<NUMBER> 2
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</TABLE>
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<CIK> 0000932381
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<SERIES>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932381
<NAME> FIRST OMAHA FUNDS INC
<SERIES>
<NUMBER> 4
<NAME> EQUITY FUND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932381
<NAME> FIRST OMAHA FUNDS INC
<SERIES>
<NUMBER> 5
<NAME> SMALL CAP VALUE FUND
<S> <C>
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<CIK> 0000932381
<NAME> FIRST OMAHA FUNDS INC
<SERIES>
<NUMBER> 6
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> JUL-29-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 10,847,867
<INVESTMENTS-AT-VALUE> 10,835,034
<RECEIVABLES> 69,611
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</TABLE>
FIRST OMAHA FUNDS, INC.
FORM N-SAR
Report for the Six Months ending March 31, 1997
Item 77B - Accountant's Report on Internal Control
To The Shareholders and Board of Directors of First Omaha Funds,
Inc.:
In planning and performing our audit of the financial statements
of First Omaha Funds, Inc. (comprised respectively, of the U.S.
Government Obligations Fund, Short/Intermediate Fixed Income
Fund, Fixed Income Fund, Equity Fund, Small Cap Value Fund and
Balanced Fund, collectively "the Funds") for the year ended
March 31, 1997, we considered its internal control structure,
including procedures 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 the
internal control structure.
The management of the Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or
disposition and transactions are executed in accordance with
management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and may not be
detected. Also, projection of any evaluation of the structure 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 the internal control structure would not
necessarily disclose all matters in the internal control
structure 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 the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities 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 the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of March 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
April 11, 1997
FIRST OMAHA FUNDS, INC.
FORM N-SAR
Report for the Six Months ending March 31, 1997
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 $2,014, $2,014, $2,014, $2,014,
$1,555 and $612 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.
