U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM N-17F-2
CERTIFICATE OF ACCOUNTING OF SECURITIES AND SIMILAR INVESTMENTS IN THE
CUSTODY OF MANAGEMENT INVESTMENT COMPANIES
Date examination completed: November 30
1. Investment Company 1940 Act File Number: 811-8846
2. State Identification Number: NE
3. Exact number of investment company 1933 Act Registration #33-85982
as specified in registration statement: 1940 Act Registration #811-8846
4. Address of principal executive office: First Omaha Funds, Inc.
One First National Center
Sixteenth and Dodge Street
Omaha, Nebraska 68102-1596
KPMG Peat Marwick LLP
Two Central Park Plaza Telephone 402-348-1450 Telefax 402-348-0152
Suite 1501
Omaha, NE 68102
233 South 13th Street Telephone 402-476-1216 Telefax 402-476-1944
Suite 1600
Lincoln, NE 68508-2041
INDEPENDENT AUDITORS' REPORT
To the Board of Directors of
First Omaha Funds, Inc.
and
Securities and Exchange Commission:
We have examined management's assertion, included in its representation letter,
that First Omaha Funds, Inc., comprised of the Equity Fund, Fixed Income Fund,
Short/Intermediate Fixed Income Fund, Balanced Fund and the Small Cap Fund,
(collectively, the "Funds") complied with the provisions of subsection (b) and
(c) of Rule 17f-2 under the Investment Company Act of 1940 as of November 30,
1997, and during the period May 31, 1997 (the date of our last examination)
through November 30, 1997. Management is responsible for the Funds' compliance
with those provisions. Our responsibility is to express an opinion on
management's assertion about the Funds' compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of November 30, 1997 and the period from May 31, 1997 through
November 30, 1997, with respect to securities transactions:
- Count and inspection of all securities located in the vault, if
any, of First National Bank of Omaha, the Custodian;
- Confirmation of all securities, if any, held by institutions in
book entry form (Federal Reserve Bank, Goldman Sachs, Federated
and The Depository Trust Company);
- Confirmation or examination of underlying documentation of all
securities purchased but not received;
- Reconciliation of all such securities to the books and records of
the Funds and the Custodian; and
- Test of selected security transactions since the date of our last
report.
2
We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Funds' compliance
with the specified requirements.
In our opinion, management's assertion that First Omaha Funds, Inc. was in
compliance with the above-mentioned provisions of Rule 17f-2 of the Investment
Company Act of 1940 as of November 30, 1997 and for the period from May 31, 1997
through November 30, 1997 is fairly stated in all material respects.
This report is intended solely for the information and use of management of
First Omaha Funds, Inc. and the Securities and Exchange Commission and should
not be used for any other purpose.
/s/ KPMG Peat Marwick LLP
January 8, 1998
