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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 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
055 B000500 N
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070 E020500 N
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070 F020500 N
<PAGE> PAGE 24
070 G010500 N
070 G020500 N
070 H010500 N
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070 K020500 Y
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070 M020500 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
055 A000600 N
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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SIGNATURE LORI KOHLHAPP
TITLE FINANCIAL ANALYST
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932381
<NAME> FIRST OMAHA FUNDS INC
<SERIES>
<NUMBER> 1
<NAME> U.S. GOVERNMENT OBLIGATIONS FUND
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<TABLE> <S> <C>
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<CIK> 0000932381
<NAME> FIRST OMAHA FUNDS INC
<SERIES>
<NUMBER> 2
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<TABLE> <S> <C>
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<SERIES>
<NUMBER> 3
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932381
<NAME> FIRST OMAHA FUNDS INC
<SERIES>
<NUMBER> 4
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932381
<NAME> FIRST OMAHA FUNDS INC
<SERIES>
<NUMBER> 5
<NAME> SMALL CAP VALUE FUND
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 216,544
<AVERAGE-NET-ASSETS> 11,298,863
<PER-SHARE-NAV-BEGIN> 10.52
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 2.88
<PER-SHARE-DIVIDEND> (0.19)
<PER-SHARE-DISTRIBUTIONS> (0.46)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.94
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932381
<NAME> FIRST OMAHA FUNDS INC
<SERIES>
<NUMBER> 6
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 22,609,351
<INVESTMENTS-AT-VALUE> 25,521,729
<RECEIVABLES> 177,951
<ASSETS-OTHER> 9,017
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,708,697
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,127
<TOTAL-LIABILITIES> 17,127
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,611,236
<SHARES-COMMON-STOCK> 2,099,271
<SHARES-COMMON-PRIOR> 1,046,656
<ACCUMULATED-NII-CURRENT> 11,439
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 156,507
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,912,378
<NET-ASSETS> 25,691,570
<DIVIDEND-INCOME> 234,028
<INTEREST-INCOME> 601,268
<OTHER-INCOME> 0
<EXPENSES-NET> (173,190)
<NET-INVESTMENT-INCOME> 662,106
<REALIZED-GAINS-CURRENT> 247,580
<APPREC-INCREASE-CURRENT> 2,925,211
<NET-CHANGE-FROM-OPS> 3,834,897
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (657,708)
<DISTRIBUTIONS-OF-GAINS> (134,164)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,284,222
<NUMBER-OF-SHARES-REDEEMED> 300,447
<SHARES-REINVESTED> 68,840
<NET-CHANGE-IN-ASSETS> 14,796,846
<ACCUMULATED-NII-PRIOR> 6,107
<ACCUMULATED-GAINS-PRIOR> 43,091
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 147,073
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 280,863
<AVERAGE-NET-ASSETS> 19,665,931
<PER-SHARE-NAV-BEGIN> 10.41
<PER-SHARE-NII> 0.38
<PER-SHARE-GAIN-APPREC> 1.90
<PER-SHARE-DIVIDEND> (0.38)
<PER-SHARE-DISTRIBUTIONS> (0.07)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.24
<EXPENSE-RATIO> 0.88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
To The Shareholders and
Board of Directors
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,
1998, 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, 1998.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
April 10, 1998
FIRST OMAHA FUNDS, INC.
FORM N-SAR
Report for the Period Ending March 31, 1998
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 $1,923, $2,014, $934, $2,014, $2,014
and $2,014 in the Small Cap Value Fund, the Equity Fund, the
Balanced Fund, the Fixed Income Fund, the Short/Intermediate
Fixed Income Fund and the U.S. Government Obligations Fund,
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.
