<PAGE> PAGE 1
000 B000000 03/31/99
000 C000000 0000932381
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 FIRST OMAHA FUNDS, INC.
001 B000000 811-8846
001 C000000 4142715885
002 A000000 207 EAST BUFFALO STREET, SUITE 400
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 7
007 C010100 1
007 C020100 FIRST OMAHA U.S. GOVERNMENT OBLIGATIONS FUND
007 C030100 N
007 C010200 2
007 C020200 FIRST OMAHA SHORT/INTERMED. FIXED INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 FIRST OMAHA FIXED INCOME FUND
007 C030300 N
007 C010400 4
007 C020400 FIRST OMAHA EQUITY FUND
007 C030400 N
007 C010500 5
007 C020500 FIRST OMAHA SMALL CAP VALUE FUND
007 C030500 N
007 C010600 6
007 C020600 FIRST OMAHA BALANCED FUND
007 C030600 N
007 C010700 7
007 C020700 FIRST OMAHA GROWTH FUND
007 C030700 N
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
<PAGE> PAGE 2
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A00AA01 FIRST NATIONAL BANK OF OMAHA
008 B00AA01 A
008 C00AA01 801-000000
008 D01AA01 OMAHA
008 D02AA01 NE
008 D03AA01 68102
008 D04AA01 1596
008 A00AA02 FNC TRUST GROUP NA
008 B00AA02 A
008 C00AA02 801-000000
008 D01AA02 FORT COLLINS
008 D02AA02 CO
008 D03AA02 80522
008 D04AA02 0555
010 A00AA01 SUNSTONE FINANCIAL GROUP, INC.
010 B00AA01 84-5792
010 C01AA01 MILWAUKEE
010 C02AA01 WI
010 C03AA01 53202
011 A00AA01 SUNSTONE DISTRIBUTION SERVICES LLC
011 B00AA01 8-42106
011 C01AA01 MILWAUKEE
011 C02AA01 WI
011 C03AA01 53202
012 A00AA01 FIRST NATIONAL BANK OF OMAHA
012 B00AA01 85-10721
012 C01AA01 OMAHA
012 C02AA01 NE
012 C03AA01 68102
012 C04AA01 1596
012 A00AA02 DST SYSTEMS, INC.
012 B00AA02 84-00448
012 C01AA02 KANSAS CITY
012 C02AA02 MO
012 C03AA02 64105
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 OMAHA
013 B02AA01 NE
013 B03AA01 68102
015 A00AA01 FIRST NATIONAL BANK OF OMAHA
015 B00AA01 C
015 C01AA01 OMAHA
015 C02AA01 NE
015 C03AA01 68102
015 C04AA01 1596
015 E03AA01 X
<PAGE> PAGE 3
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 MERRILL LYNCH, PEIRCE, FENNER, & SMITH INC.
020 B000001 13-2625874
020 C000001 47
020 A000002 SMITH BARNEY INC.
020 B000002 13-1912900
020 C000002 44
020 A000003 DAIN RAUSCHER WESSELS
020 B000003 41-0212020
020 C000003 36
020 A000004 ROBINSON HUMPHREY CO., INC.
020 B000004 58-1472560
020 C000004 33
020 A000005 STANDARD & POOR'S SECURITIES, INC.
020 B000005 13-2671951
020 C000005 31
020 A000006 BEAR STEARNS & CO., INC.
020 B000006 13-3299429
020 C000006 23
020 A000007 BERNSTEIN, SANFORD & CO., INC.
020 B000007 13-2625874
020 C000007 23
020 A000008 PAINEWEBBER, INC.
020 B000008 13-2638166
020 C000008 20
020 A000009 SAFIAN INVESTMENTS RESEARCH INC.
020 C000009 19
020 A000010 GOLDMAN SACHS & CO.
020 B000010 13-5108880
020 C000010 18
021 000000 327
022 A000001 GX CLARKE & CO., INC.
022 C000001 4677020
022 D000001 33696
022 A000002 HSBC SECURITIES, INC.
022 B000002 13-2650272
022 C000002 2741992
022 D000002 0
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-2629351
022 C000003 1571410
022 D000003 2931
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004 111028
022 D000004 108963
022 A000005 FEDERATED
022 C000005 38985
022 D000005 26733
<PAGE> PAGE 4
022 A000006 ABN AMRO BOND
022 C000006 59000
022 D000006 2552
022 A000007 SPEAR, LEEDS & KELLOGG
022 B000007 13-5515160
022 C000007 55000
022 D000007 2479
022 A000008 KIRKPATRICK, PETTIS, SMITH, POLIAN, INC.
022 B000008 47-0301070
022 C000008 5575
022 D000008 10359
022 A000009 PIPER JAFFRAY
022 B000009 41-0953246
022 C000009 6209
022 D000009 5982
022 A000010 SMITH BARNEY, INC.
022 B000010 13-1912900
022 C000010 5399
022 D000010 2452
023 C000000 9283410
023 D000000 199991
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
<PAGE> PAGE 5
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
077 A000000 Y
077 B000000 Y
077 J000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 RELIANCE INSURANCE COMPANY
080 C00AA00 2500
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 10
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
<PAGE> PAGE 6
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 26556
028 A020100 17
028 A030100 0
028 A040100 27770
028 B010100 26025
028 B020100 16
028 B030100 0
028 B040100 17764
028 C010100 19013
028 C020100 6
028 C030100 0
028 C040100 34724
028 D010100 44428
028 D020100 6
028 D030100 0
028 D040100 30324
028 E010100 22531
028 E020100 5
028 E030100 0
028 E040100 27372
028 F010100 69052
028 F020100 5
028 F030100 0
028 F040100 50167
028 G010100 207605
028 G020100 55
028 G030100 0
028 G040100 188121
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.250
048 A010100 0
048 A020100 0.000
048 B010100 0
<PAGE> PAGE 7
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 500
062 A000100 Y
062 B000100 48.5
062 C000100 0.0
062 D000100 51.8
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 42
063 B000100 0.0
064 A000100 N
064 B000100 N
066 A000100 N
<PAGE> PAGE 8
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 5445
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 269
072 G000100 215
<PAGE> PAGE 9
072 H000100 0
072 I000100 41
072 J000100 32
072 K000100 0
072 L000100 13
072 M000100 6
072 N000100 18
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 5
072 S000100 7
072 T000100 0
072 U000100 7
072 V000100 0
072 W000100 7
072 X000100 620
072 Y000100 42
072 Z000100 4868
072AA000100 1
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 4868
072DD020100 0
072EE000100 0
073 A010100 0.0453
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 69240
074 C000100 64840
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 62
074 M000100 58
074 N000100 134200
074 O000100 0
074 P000100 24
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 446
<PAGE> PAGE 10
074 S000100 0
074 T000100 133730
074 U010100 133748
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9998
074 X000100 149
074 Y000100 0
075 A000100 107615
075 B000100 0
076 000100 0.00
028 A010200 597
028 A020200 90
028 A030200 0
028 A040200 209
028 B010200 384
028 B020200 80
028 B030200 0
028 B040200 294
028 C010200 669
028 C020200 111
028 C030200 0
028 C040200 989
028 D010200 1730
028 D020200 66
028 D030200 0
028 D040200 1529
028 E010200 423
028 E020200 84
028 E030200 0
028 E040200 799
028 F010200 513
028 F020200 86
028 F030200 0
028 F040200 353
028 G010200 4316
028 G020200 517
028 G030200 0
028 G040200 4173
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.500
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
<PAGE> PAGE 11
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 500
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 14.2
062 N000200 15.2
062 O000200 0.0
062 P000200 66.8
062 Q000200 0.0
062 R000200 2.2
063 A000200 0
063 B000200 4.8
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
<PAGE> PAGE 12
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 6158
071 B000200 4275
071 C000200 20018
071 D000200 21
072 A000200 12
072 B000200 1259
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 105
072 G000200 42
072 H000200 0
072 I000200 39
072 J000200 0
<PAGE> PAGE 13
072 K000200 0
072 L000200 2
072 M000200 1
072 N000200 10
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 10
072 S000200 1
072 T000200 0
072 U000200 7
072 V000200 0
072 W000200 4
072 X000200 221
072 Y000200 19
072 Z000200 1057
072AA000200 91
072BB000200 0
072CC010200 0
072CC020200 39
072DD010200 1056
072DD020200 0
072EE000200 0
073 A010200 0.5115
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 20808
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 468
074 J000200 0
074 K000200 0
074 L000200 353
074 M000200 25
074 N000200 21654
074 O000200 0
074 P000200 2
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 16
074 S000200 0
074 T000200 21636
074 U010200 2162
<PAGE> PAGE 14
074 U020200 0
074 V010200 10.01
074 V020200 0.00
074 W000200 0.0000
074 X000200 175
074 Y000200 0
075 A000200 0
075 B000200 20856
076 000200 0.00
028 A010300 1897
028 A020300 387
028 A030300 0
028 A040300 1971
028 B010300 1452
028 B020300 345
028 B030300 0
028 B040300 482
028 C010300 1136
028 C020300 789
028 C030300 0
028 C040300 5949
028 D010300 1896
028 D020300 270
028 D030300 0
028 D040300 953
028 E010300 2172
028 E020300 348
028 E030300 0
028 E040300 1432
028 F010300 1297
028 F020300 374
028 F030300 0
028 F040300 919
028 G010300 9850
028 G020300 2513
028 G030300 0
028 G040300 11706
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.600
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
<PAGE> PAGE 15
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 500
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 11.2
062 N000300 14.0
062 O000300 0.0
062 P000300 67.7
062 Q000300 0.0
062 R000300 5.9
063 A000300 0
063 B000300 10.7
064 A000300 N
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
<PAGE> PAGE 16
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 Y
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 25226
071 B000300 24716
071 C000300 78827
071 D000300 31
072 A000300 12
072 B000300 5449
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 491
072 G000300 164
072 H000300 0
072 I000300 76
072 J000300 0
072 K000300 0
072 L000300 11
072 M000300 5
<PAGE> PAGE 17
072 N000300 15
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 9
072 S000300 6
072 T000300 0
072 U000300 7
072 V000300 0
072 W000300 8
072 X000300 792
072 Y000300 73
072 Z000300 4730
072AA000300 1063
072BB000300 10
072CC010300 0
072CC020300 1136
072DD010300 4730
072DD020300 0
072EE000300 218
073 A010300 0.6147
073 A020300 0.0000
073 B000300 0.0284
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 76544
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 4834
074 J000300 0
074 K000300 0
074 L000300 1049
074 M000300 30
074 N000300 82457
074 O000300 0
074 P000300 9
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 28
074 S000300 0
074 T000300 82420
074 U010300 7912
074 U020300 0
074 V010300 10.42
074 V020300 0.00
<PAGE> PAGE 18
074 W000300 0.0000
074 X000300 301
074 Y000300 0
075 A000300 0
075 B000300 81950
076 000300 0.00
028 A010400 2684
028 A020400 683
028 A030400 0
028 A040400 5916
028 B010400 2208
028 B020400 433
028 B030400 0
028 B040400 1928
028 C010400 1968
028 C020400 20477
028 C030400 0
028 C040400 26341
028 D010400 3602
028 D020400 576
028 D030400 0
028 D040400 7648
028 E010400 1890
028 E020400 264
028 E030400 0
028 E040400 9251
028 F010400 2148
028 F020400 241
028 F030400 0
028 F040400 12236
028 G010400 14500
028 G020400 22674
028 G030400 0
028 G040400 63320
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.750
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
<PAGE> PAGE 19
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 500
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 Y
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
<PAGE> PAGE 20
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 60222
071 B000400 92853
071 C000400 248954
071 D000400 24
072 A000400 12
072 B000400 1525
072 C000400 6275
072 D000400 0
072 E000400 0
072 F000400 2112
072 G000400 563
072 H000400 0
072 I000400 201
072 J000400 0
072 K000400 0
072 L000400 51
<PAGE> PAGE 21
072 M000400 16
072 N000400 24
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 10
072 S000400 21
072 T000400 0
072 U000400 7
072 V000400 0
072 W000400 17
072 X000400 3022
072 Y000400 111
072 Z000400 4889
072AA000400 37546
072BB000400 4716
072CC010400 0
072CC020400 64097
072DD010400 4882
072DD020400 0
072EE000400 20489
073 A010400 0.2594
073 A020400 0.0000
073 B000400 1.1667
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 211373
074 G000400 0
074 H000400 0
074 I000400 19665
074 J000400 181
074 K000400 0
074 L000400 403
074 M000400 60
074 N000400 231682
074 O000400 0
074 P000400 34
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 62
074 S000400 0
074 T000400 231586
074 U010400 17339
074 U020400 0
074 V010400 13.36
<PAGE> PAGE 22
074 V020400 0.00
074 W000400 0.0000
074 X000400 1552
074 Y000400 0
075 A000400 0
075 B000400 280717
076 000400 0.00
028 A010500 498
028 A020500 23
028 A030500 0
028 A040500 902
028 B010500 229
028 B020500 6
028 B030500 0
028 B040500 364
028 C010500 299
028 C020500 472
028 C030500 0
028 C040500 969
028 D010500 1053
028 D020500 14
028 D030500 0
028 D040500 380
028 E010500 490
028 E020500 7
028 E030500 0
028 E040500 832
028 F010500 467
028 F020500 44
028 F030500 0
028 F040500 773
028 G010500 3036
028 G020500 566
028 G030500 0
028 G040500 4220
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.850
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
<PAGE> PAGE 23
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 500
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 Y
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
<PAGE> PAGE 24
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 4338
071 B000500 3692
071 C000500 14090
071 D000500 26
072 A000500 12
072 B000500 57
072 C000500 367
072 D000500 0
072 E000500 0
072 F000500 130
072 G000500 50
072 H000500 0
072 I000500 36
072 J000500 0
072 K000500 0
<PAGE> PAGE 25
072 L000500 3
072 M000500 0
072 N000500 16
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 10
072 S000500 1
072 T000500 0
072 U000500 2
072 V000500 0
072 W000500 3
072 X000500 251
072 Y000500 66
072 Z000500 239
072AA000500 861
072BB000500 417
072CC010500 0
072CC020500 4313
072DD010500 239
072DD020500 0
072EE000500 451
073 A010500 0.1761
073 A020500 0.0000
073 B000500 0.3551
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 12032
074 G000500 0
074 H000500 0
074 I000500 965
074 J000500 82
074 K000500 0
074 L000500 21
074 M000500 13
074 N000500 13113
074 O000500 0
074 P000500 1
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 16
074 S000500 0
074 T000500 13096
074 U010500 1330
074 U020500 0
<PAGE> PAGE 26
074 V010500 9.85
074 V020500 0.00
074 W000500 0.0000
074 X000500 245
074 Y000500 0
075 A000500 0
075 B000500 15379
076 000500 0.00
028 A010600 731
028 A020600 84
028 A030600 0
028 A040600 3909
028 B010600 770
028 B020600 62
028 B030600 0
028 B040600 129
028 C010600 377
028 C020600 818
028 C030600 0
028 C040600 288
028 D010600 812
028 D020600 64
028 D030600 0
028 D040600 559
028 E010600 376
028 E020600 60
028 E030600 0
028 E040600 575
028 F010600 732
028 F020600 60
028 F030600 0
028 F040600 650
028 G010600 3798
028 G020600 1148
028 G030600 0
028 G040600 6110
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.750
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
<PAGE> PAGE 27
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
055 A000600 N
055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 500
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 N
067 000600 Y
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 N
070 B020600 N
070 C010600 N
<PAGE> PAGE 28
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 Y
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 7946
071 B000600 9152
071 C000600 23958
071 D000600 33
072 A000600 12
072 B000600 749
072 C000600 325
072 D000600 0
072 E000600 0
072 F000600 191
072 G000600 51
072 H000600 0
072 I000600 40
072 J000600 0
072 K000600 0
072 L000600 5
072 M000600 1
072 N000600 12
072 O000600 0
072 P000600 0
<PAGE> PAGE 29
072 Q000600 0
072 R000600 9
072 S000600 2
072 T000600 0
072 U000600 1
072 V000600 0
072 W000600 6
072 X000600 318
072 Y000600 61
072 Z000600 817
072AA000600 1120
072BB000600 286
072CC010600 0
072CC020600 2619
072DD010600 819
072DD020600 0
072EE000600 754
073 A010600 0.3809
073 A020600 0.0000
073 B000600 0.3661
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 0
074 D000600 8665
074 E000600 0
074 F000600 13154
074 G000600 0
074 H000600 0
074 I000600 1911
074 J000600 9
074 K000600 0
074 L000600 156
074 M000600 10
074 N000600 23905
074 O000600 0
074 P000600 3
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 19
074 S000600 0
074 T000600 23883
074 U010600 2159
074 U020600 0
074 V010600 11.06
074 V020600 0.00
074 W000600 0.0000
074 X000600 172
074 Y000600 0
<PAGE> PAGE 30
075 A000600 0
075 B000600 25356
076 000600 0.00
028 A010700 859
028 A020700 7
028 A030700 0
028 A040700 359
028 B010700 524
028 B020700 6
028 B030700 0
028 B040700 23
028 C010700 793
028 C020700 41
028 C030700 0
028 C040700 263
028 D010700 1156
028 D020700 26
028 D030700 0
028 D040700 2124
028 E010700 1032
028 E020700 0
028 E030700 0
028 E040700 399
028 F010700 890
028 F020700 0
028 F030700 0
028 F040700 837
028 G010700 5254
028 G020700 80
028 G030700 0
028 G040700 4005
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.750
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
<PAGE> PAGE 31
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
055 A000700 N
055 B000700 N
056 000700 Y
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 500
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 0.0
066 A000700 Y
066 B000700 N
066 C000700 N
066 D000700 Y
066 E000700 N
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 N
070 B020700 N
<PAGE> PAGE 32
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 Y
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 22565
071 B000700 8007
071 C000700 11151
071 D000700 72
072 A000700 12
072 B000700 31
072 C000700 257
072 D000700 0
072 E000700 0
072 F000700 92
072 G000700 50
072 H000700 0
072 I000700 19
072 J000700 0
072 K000700 0
072 L000700 2
072 M000700 1
072 N000700 15
072 O000700 0
<PAGE> PAGE 33
072 P000700 0
072 Q000700 0
072 R000700 10
072 S000700 1
072 T000700 0
072 U000700 3
072 V000700 0
072 W000700 2
072 X000700 195
072 Y000700 47
072 Z000700 140
072AA000700 436
072BB000700 1409
072CC010700 618
072CC020700 0
072DD010700 125
072DD020700 0
072EE000700 0
073 A010700 0.0912
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 13401
074 G000700 0
074 H000700 0
074 I000700 886
074 J000700 0
074 K000700 0
074 L000700 30
074 M000700 19
074 N000700 14336
074 O000700 0
074 P000700 1
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 17
074 S000700 0
074 T000700 14318
074 U010700 1510
074 U020700 0
074 V010700 9.48
074 V020700 0.00
074 W000700 0.0000
074 X000700 103
<PAGE> PAGE 34
074 Y000700 0
075 A000700 0
075 B000700 11443
076 000700 0.00
SIGNATURE LORI KOHLHAPP
TITLE FINANCIAL ANALYST
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> SMALL CAP VALUE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 15252499
<INVESTMENTS-AT-VALUE> 12996661
<RECEIVABLES> 102492
<ASSETS-OTHER> 13415
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13112568
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16446
<TOTAL-LIABILITIES> 16446
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15191168
<SHARES-COMMON-STOCK> 1330017
<SHARES-COMMON-PRIOR> 1315076
<ACCUMULATED-NII-CURRENT> 7063
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 153729
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2255838)
<NET-ASSETS> 13096122
<DIVIDEND-INCOME> 366681
<INTEREST-INCOME> 56644
<OTHER-INCOME> 0
<EXPENSES-NET> (184821)
<NET-INVESTMENT-INCOME> 238504
<REALIZED-GAINS-CURRENT> 443626
<APPREC-INCREASE-CURRENT> (4312605)
<NET-CHANGE-FROM-OPS> (3630475)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (238661)
<DISTRIBUTIONS-OF-GAINS> (451358)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 524972
<NUMBER-OF-SHARES-REDEEMED> 571580
<SHARES-REINVESTED> 61549
<NET-CHANGE-IN-ASSETS> (3923280)
<ACCUMULATED-NII-PRIOR> 5296
<ACCUMULATED-GAINS-PRIOR> 161461
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 130263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 262471
<AVERAGE-NET-ASSETS> 15318900
<PER-SHARE-NAV-BEGIN> 12.94
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> (2.73)
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> (.36)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.85
<EXPENSE-RATIO> 1.21
[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
<SERIES>
<NUMBER> 7
<NAME> GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 13669115
<INVESTMENTS-AT-VALUE> 14287008
<RECEIVABLES> 30365
<ASSETS-OTHER> 19125
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14336498
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18964
<TOTAL-LIABILITIES> 18964
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14627535
<SHARES-COMMON-STOCK> 1510461
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (927894)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 617893
<NET-ASSETS> 14317534
<DIVIDEND-INCOME> 257486
<INTEREST-INCOME> 30598
<OTHER-INCOME> 0
<EXPENSES-NET> (147847)
<NET-INVESTMENT-INCOME> 140237
<REALIZED-GAINS-CURRENT> (972963)
<APPREC-INCREASE-CURRENT> 617893
<NET-CHANGE-FROM-OPS> (214833)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (125285)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2004652
<NUMBER-OF-SHARES-REDEEMED> 506879
<SHARES-REINVESTED> 12688
<NET-CHANGE-IN-ASSETS> 14317534
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 91814
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 198791
<AVERAGE-NET-ASSETS> 12247579
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> (.53)
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.48
<EXPENSE-RATIO> 1.21
[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
<SERIES>
<NUMBER> 4
<NAME> EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 200837049
<INVESTMENTS-AT-VALUE> 231038119
<RECEIVABLES> 584090
<ASSETS-OTHER> 60225
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 231682434
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 96137
<TOTAL-LIABILITIES> 96137
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 182494654
<SHARES-COMMON-STOCK> 17338883
<SHARES-COMMON-PRIOR> 19273261
<ACCUMULATED-NII-CURRENT> 12142
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18878431
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30201070
<NET-ASSETS> 231586297
<DIVIDEND-INCOME> 6274819
<INTEREST-INCOME> 1524690
<OTHER-INCOME> 0
<EXPENSES-NET> (2910495)
<NET-INVESTMENT-INCOME> 4889014
<REALIZED-GAINS-CURRENT> 32830496
<APPREC-INCREASE-CURRENT> (64096533)
<NET-CHANGE-FROM-OPS> (26377023)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4882142)
<DISTRIBUTIONS-OF-GAINS> (20488813)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2294411
<NUMBER-OF-SHARES-REDEEMED> 5972650
<SHARES-REINVESTED> 1743861
<NET-CHANGE-IN-ASSETS> (80486992)
<ACCUMULATED-NII-PRIOR> 3256
<ACCUMULATED-GAINS-PRIOR> 6536748
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2111587
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3232063
<AVERAGE-NET-ASSETS> 281407699
<PER-SHARE-NAV-BEGIN> 16.19
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> (1.66)
<PER-SHARE-DIVIDEND> (.26)
<PER-SHARE-DISTRIBUTIONS> (1.17)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.36
<EXPENSE-RATIO> 1.03
[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
<SERIES>
<NUMBER> 6
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 23436731
<INVESTMENTS-AT-VALUE> 23729725
<RECEIVABLES> 164576
<ASSETS-OTHER> 10539
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23904840
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21760
<TOTAL-LIABILITIES> 21760
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22343430
<SHARES-COMMON-STOCK> 2158774
<SHARES-COMMON-PRIOR> 2099271
<ACCUMULATED-NII-CURRENT> 10654
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 236002
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 292994
<NET-ASSETS> 23883080
<DIVIDEND-INCOME> 324894
<INTEREST-INCOME> 748906
<OTHER-INCOME> 0
<EXPENSES-NET> (256989)
<NET-INVESTMENT-INCOME> 816811
<REALIZED-GAINS-CURRENT> 833920
<APPREC-INCREASE-CURRENT> (2619384)
<NET-CHANGE-FROM-OPS> (968653)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (818531)
<DISTRIBUTIONS-OF-GAINS> (754425)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 696332
<NUMBER-OF-SHARES-REDEEMED> 770810
<SHARES-REINVESTED> 133981
<NET-CHANGE-IN-ASSETS> (1808490)
<ACCUMULATED-NII-PRIOR> 11439
<ACCUMULATED-GAINS-PRIOR> 156507
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 191387
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 336054
<AVERAGE-NET-ASSETS> 25513835
<PER-SHARE-NAV-BEGIN> 12.24
<PER-SHARE-NII> .38
<PER-SHARE-GAIN-APPREC> (.81)
<PER-SHARE-DIVIDEND> (.38)
<PER-SHARE-DISTRIBUTIONS> (.37)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.06
<EXPENSE-RATIO> 1.01
[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
<SERIES>
<NUMBER> 3
<NAME> FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 79228560
<INVESTMENTS-AT-VALUE> 81377550
<RECEIVABLES> 1048786
<ASSETS-OTHER> 30566
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 82456902
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37227
<TOTAL-LIABILITIES> 37227
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79406655
<SHARES-COMMON-STOCK> 7911550
<SHARES-COMMON-PRIOR> 7430912
<ACCUMULATED-NII-CURRENT> 85653
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 778377
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2148990
<NET-ASSETS> 82419675
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5448870
<OTHER-INCOME> 0
<EXPENSES-NET> (718872)
<NET-INVESTMENT-INCOME> 4729998
<REALIZED-GAINS-CURRENT> 1053007
<APPREC-INCREASE-CURRENT> (1136109)
<NET-CHANGE-FROM-OPS> 4646896
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4730231)
<DISTRIBUTIONS-OF-GAINS> (217671)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1576999
<NUMBER-OF-SHARES-REDEEMED> 1555867
<SHARES-REINVESTED> 459506
<NET-CHANGE-IN-ASSETS> 4748313
<ACCUMULATED-NII-PRIOR> 83872
<ACCUMULATED-GAINS-PRIOR> (56959)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 491124
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 854689
<AVERAGE-NET-ASSETS> 81855493
<PER-SHARE-NAV-BEGIN> 10.45
<PER-SHARE-NII> .61
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.61)
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.42
<EXPENSE-RATIO> .88
[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
<SERIES>
<NUMBER> 2
<NAME> SHORT/INTERMEDIATE FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 21091542
<INVESTMENTS-AT-VALUE> 21275990
<RECEIVABLES> 352541
<ASSETS-OTHER> 25402
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21653933
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17797
<TOTAL-LIABILITIES> 17797
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21680618
<SHARES-COMMON-STOCK> 2161570
<SHARES-COMMON-PRIOR> 1957569
<ACCUMULATED-NII-CURRENT> 22599
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (251529)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 184448
<NET-ASSETS> 21636136
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1258866
<OTHER-INCOME> 0
<EXPENSES-NET> (202159)
<NET-INVESTMENT-INCOME> 1056707
<REALIZED-GAINS-CURRENT> 91388
<APPREC-INCREASE-CURRENT> (39148)
<NET-CHANGE-FROM-OPS> 1108947
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1056399)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 774357
<NUMBER-OF-SHARES-REDEEMED> 671178
<SHARES-REINVESTED> 100822
<NET-CHANGE-IN-ASSETS> 2127089
<ACCUMULATED-NII-PRIOR> 20277
<ACCUMULATED-GAINS-PRIOR> (342917)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 104500
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 236466
<AVERAGE-NET-ASSETS> 20901932
<PER-SHARE-NAV-BEGIN> 9.97
<PER-SHARE-NII> .51
<PER-SHARE-GAIN-APPREC> .04
<PER-SHARE-DIVIDEND> (.51)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.01
<EXPENSE-RATIO> .97
[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
<CIK> 0000932381
<NAME> FIRST OMAHA FUNDS INC.
<SERIES>
<NUMBER> 1
<NAME> U.S. GOVERNMENT OBLIGATIONS FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 134080083
<INVESTMENTS-AT-VALUE> 134080083
<RECEIVABLES> 62004
<ASSETS-OTHER> 58240
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 134200327
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 470026
<TOTAL-LIABILITIES> 470026
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133740458
<SHARES-COMMON-STOCK> 133748382
<SHARES-COMMON-PRIOR> 100515911
<ACCUMULATED-NII-CURRENT> 8012
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (18169)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 133730301
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5445405
<OTHER-INCOME> 0
<EXPENSES-NET> (577109)
<NET-INVESTMENT-INCOME> 4868296
<REALIZED-GAINS-CURRENT> 1111
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4869407
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4868296)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 394777417
<NUMBER-OF-SHARES-REDEEMED> 361699190
<SHARES-REINVESTED> 154244
<NET-CHANGE-IN-ASSETS> 33233582
<ACCUMULATED-NII-PRIOR> 5998
<ACCUMULATED-GAINS-PRIOR> (19280)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 268858
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 619586
<AVERAGE-NET-ASSETS> 107615237
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .54
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</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, Growth 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, 1999, we considered its
internal control, 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.
The management of the Funds is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes that are
fairly presented in conformity with generally
accepted accounting principles. Those controls
include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
errors or fraud may occur and may not be detected.
Also, projection of any evaluation of internal
control 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 internal control would not
necessarily disclose all matters in internal control
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 one or
more of the internal control components does not
reduce to a relatively low level the risk that
misstatements caused by error or fraud 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 internal
control and its operation, including procedures for
safeguarding securities, that we consider to be
material weaknesses as defined above as of March 31,
1999.
This report is intended solely for the information
and use of the Board of Directors, management of the
Funds and the Securities and Exchange Commission and
is not intended to be and should not be used by
anyone other than these specified parties.
April 16, 1999
FIRST OMAHA FUNDS, INC.
FORM N-SAR
Report for the Period Ending March 31, 1999
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 (decrease) undistributed net investment income by $1,924,
$(14,952), $2,014, $935, $2,014, $2,014, and $2,014; decrease
undistributed net realized loss on investments by $0, $45,069, $0,
$0, $0, $0, and $0; and decrease paid-in capital in excess of par
by $1,924, $30,117, $2,014, $935, $2,014, $2,014 and $2,014
in the Small Cap Value Fund, the Growth 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.
