First Omaha Funds
Semi-Annual Report
September 30, 2000
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FIRST OMAHA FUNDS [graphic omitted] Semi-Annual Report
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September 2000
Dear Shareholder:
Over the course of the last six months we have seen a dramatic shift in the
equity markets away from the "highflying" growth sectors and into the more
traditional value sectors such as utilities, energy and financials. This run-up
in growth stocks has been unprecedented in both its time frame and magnitude. As
we are all well aware, the markets can be extremely inefficient over the short
run, but are extremely efficient in the valuation of the underlying business and
their ability to generate profits over the long haul. We are seeing what many
would argue to be a secular shift away from "irrational exuberance", back toward
a more rational and time tested methodology of valuing companies; price to
earnings ratios, debt to capital ratios, price to book value, etc.
The landscape is currently strewn with companies that have missed earnings
expectations and been significantly punished as a result. This list includes not
only the dotcom companies that were last years' darlings, but such industry
standard bearers as Apple Computer, -62%; Lucent Technologies, -50%; Microsoft,
-43%; Yahoo, -47%; and even NASDAQ Bellwether Cisco Systems, -28% (6 months
ending September 30, 2000).
Although the recent market movement has helped to improve traditional valuation
measures, it is still above what we consider to be "fair value". Using the
widely accepted market barometer S&P 500 Composite Index as of September 30,
2000, the market is trading at 26.1 times 2000 earnings and 22.9 times earnings
estimates for 2001. Our models suggest that "fair value" for the S&P 500
Composite Index would be somewhere in the 16 to 18 times earnings range.
However, the fact remains that, in our opinion, the market has been trading
above fair value on the S&P 500 Composite Index for many years, and trying to
guess what any market index will do over the short run is an exercise in
futility.
What we do believe with a great deal of conviction is that equity markets will
go higher over the long run, and prices will follow the growth of corporate
earnings over time.
We are encouraged by the recent trend of the markets back towards more
traditional valuation measures. We have made changes in the portfolios over the
last year to take advantage of this shift in psychology. But we must remain ever
vigilant of the unseen landmines on the horizon that may send the portfolio off
course. In the last several years it has been this incredible move away from
value and towards rampant speculation within the highflying technology sector
that has caused us great consternation. Today, instability in the oil rich
Mideast, the ever present threat of inflation, and the possible recession that
might follow keep us ever mindful of the care we must use in selecting the
securities for the portfolios.
As always, the prudent way to develop a portfolio is through diversification.
The portfolio should have representation in all sectors, not just the ones that
have outperformed over the last several quarters.
A couple of bright spots we see on the horizon are in the Small Capitalization
Value category, and the Short to Intermediate Bond sector. Small Cap Value is an
area that has been virtually ignored over the last 5 years. As an asset class,
Small Cap Value has outperformed all other asset classes since 1927, compiling a
compounded annual return of 14.7% vs. 12.7% for Large Cap Value and 10.3% for
Large Cap Growth (as of 3/1/2000). Bringing up the rear has been Small Cap
Growth, one of the hottest performing asset classes of the last several years,
with a compounded annual return of 9.6%. Small Cap Value has significantly
underperformed most asset classes since 1995. The one place that we still can
find strong companies with solid balance sheets and low valuations is in this
asset class.
The outlook for the bond market remains unclear. There has been a lot of
volatility in the bond markets over the last year, with no real clear trend
emerging. The cross currents of inflation and a possible soft landing of this
economy tug at the markets every day; and until the winner is proclaimed, the
safest place continues to be in short to intermediate term government bonds.
We remain optimistic about the long-term prospects for the US economy, and its
financial markets. We remain ever vigilant about short-term events that may
derail this incredible bull market run.
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Semi-Annual Report [graphic omitted] FIRST OMAHA FUNDS
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Schedule of Portfolio Investments
September 30, 2000 (Unaudited)
U.S. GOVERNMENT MONEY MARKET FUND
Principal
Amount Value
-------------- ---------
U.S. Government Agency Discount Notes 22.7%
FHLB 0.7%
$ 2,000,000 6.589%, 11/15/00 $ 1,984,079
--------------
FHLMC 14.5%
FHLMC
15,000,000 6.458%, 10/03/00 14,994,658
15,000,000 6.466%, 10/10/00 14,975,963
8,177,000 6.487%, 12/07/00 8,079,755
FHLMC, MTN
1,440,000 6.764%, 01/16/01 1,412,321
--------------
39,462,697
--------------
FNMA 7.5%
2,059,000 6.577%, 10/06/00 2,057,155
4,288,000 6.580%, 10/19/00 4,274,171
10,000,000 6.530%, 11/30/00 9,892,917
4,187,000 6.483%, 12/04/00 4,139,436
--------------
20,363,679
--------------
Total U.S. Government Agency Discount Notes
(Cost $61,810,455) 61,810,455
--------------
U.S. Government Agency Obligations 65.5%
FFCB 4.9%
FFCB
250,000 6.250%, 10/02/00 249,998
FFCB, MTN
600,000 5.900%, 10/10/00 599,848
10,000,000 4.900%, 11/16/00 9,983,556
500,000 5.780%, 12/29/00 498,665
2,000,000 7.630%, 01/16/01 2,005,114
--------------
13,337,181
--------------
FHLB 23.8%
FHLB
$ 5,330,000 5.965%, 12/01/00 $ 5,326,612
FHLB, Ser 158
15,000,000 6.430%, 07/20/01 14,992,800
FHLB, Ser 1F00
1,060,000 6.090%, 11/03/00 1,059,559
FHLB, Ser 5M01
9,000,000 6.360%, 01/18/01 8,986,920
FHLB, Ser GN00
2,500,000 5.170%, 11/03/00 2,496,025
1,010,000 4.495%, 11/06/00 1,008,018
FHLB, Ser GT00
300,000 5.180%, 11/17/00 299,566
FHLB, Ser HF00
2,600,000 4.980%, 11/17/00 2,594,112
FHLB, Ser HW00
2,000,000 5.000%, 12/01/00 1,994,168
FHLB, Ser ID00
2,000,000 6.050%, 11/03/00 1,998,680
FHLB, Ser IJ00
5,000,000 5.970%, 12/01/00 4,997,401
FHLB, Ser J500
700,000 5.895%, 10/16/00 699,759
FHLB, Ser M300
250,000 6.000%, 10/30/00 249,920
FHLB, Ser S901
10,000,000 6.470%, 09/19/01 9,997,129
FHLB, Ser SG00
500,000 5.170%, 11/17/00 499,237
FHLB, Ser YX00
785,000 5.705%, 10/06/00 784,946
FHLB, Ser ZN00
7,000,000 6.125%, 10/27/00 6,995,349
--------------
64,980,201
--------------
FHLMC 15.4%
FHLMC
25,000,000 6.450%, 08/17/01 24,984,672
2,000,000 6.401%, 09/21/01 1,997,706
FHLMC, MTN
5,000,000 5.990%, 12/06/00 4,995,954
10,000,000 6.433%, 07/19/01 9,994,908
--------------
41,973,240
--------------
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FIRST OMAHA FUNDS [GRAPHIC OMITTED]Semi-Annual Report
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Principal
Amount Value
--------------------------------------------------------------------------------
FNMA 13.5%
FNMA
$ 5,500,000 8.250%, 12/18/00 $ 5,516,601
3,000,000 5.625%, 03/15/01 2,986,207
FNMA, MTN
1,920,000 5.970%, 10/02/00 1,919,978
1,100,000 5.760%, 10/02/00 1,099,971
850,000 5.000%, 10/02/00 849,971
4,190,000 6.290%, 10/04/00 4,189,987
1,000,000 5.780%, 10/10/00 999,787
4,850,000 4.450%, 10/16/00 4,845,864
466,000 5.180%, 11/17/00 465,352
4,800,000 4.870%, 12/15/00 4,784,114
1,500,000 4.820%, 12/18/00 1,495,221
2,165,000 5.440%, 01/24/01 2,157,841
550,000 5.840%, 03/15/01 548,031
5,000,000 5.980%, 06/14/01 4,969,367
--------------
36,828,292
--------------
SLMA 5.8%
SLMA, MTN
1,000,000 5.900%, 12/01/00 998,557
5,000,000 6.633%, 02/01/01 4,999,177
10,000,000 6.697%, 03/09/01 9,997,988
--------------
15,995,722
--------------
TVA 2.1%
TVA, Ser D
5,717,000 6.000%, 11/01/00 5,715,359
--------------
Total U.S. Government Agency Obligations
(Cost $178,829,995) 178,829,995
--------------
REPURCHASE AGREEMENT 12.6%
Morgan Stanley Dean Witter,
6.620%, dated 09/29/00, matures
10/02/00, repurchase price
$34,392,932, (collateralized by FHLMC
FNMA obligations, 5.900% - 7.750%,
02/01/01 - 08/03/09, total market
$34,375,000 value: $35,234,673) $ 34,375,000
--------------
Total Repurchase Agreement
(Cost $34,375,000) 34,375,000
--------------
Total Investments (Cost $275,015,450) 100.8% 275,015,450
==============
Other Assets and Liabilities, Net (0.8)% (2,238,512)
--------------
NET ASSETS 100.0% $272,776,938
==============
FFCB -- Federal Farm Credit Bank
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
MTN -- Medium Term Note
Ser -- Series
SLMA -- Student Loan Marketing Association
TVA -- Tennessee Valley Authority
See notes to financial statements.
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Schedule of Portfolio Investments
September 30, 2000 (Unaudited)
SHORT/INTERMEDIATE FIXED INCOME FUND
Principal
Amount Value
----------- ----------
CORPORATE BONDS 45.9%
COMMUNICATIONS EQUIPMENT 7.0%
AT&T Corp.
$ 750,000 6.750%, 04/01/04 $ 741,562
Motorola, Inc.
750,000 6.500%, 03/01/08 719,062
--------------
1,460,624
--------------
DATA PROCESSING 3.3%
First Data Corp., Ser D, MTN
750,000 5.800%, 12/15/08 675,000
--------------
FINANCIAL SERVICES 14.1%
Ford Motor Credit Co.
750,000 6.500%, 02/15/06 720,000
Goldman Sachs Group, Inc.
750,000 6.650%, 05/15/09 709,687
Merrill Lynch & Co.
750,000 6.640%, 09/19/02 746,857
Morgan Stanley Dean Witter & Co.,
Ser C, MTN
750,000 6.500%, 12/31/01 747,188
--------------
2,923,732
--------------
PHARMACEUTICALS 3.7%
Eli Lilly & Co.
750,000 8.125%, 12/01/01 760,313
--------------
RETAIL 7.2%
Sears Roebuck Acceptance Note
750,000 6.900%, 08/01/03 740,625
Wal-Mart Stores, Inc.
750,000 6.500%, 06/01/03 746,250
--------------
1,486,875
--------------
UTILITIES & ELECTRICAL SERVICES 10.6%
Northern States Power Co.
$ 750,000 5.750%, 10/01/03 $ 731,250
Potomac Electric Power Co.
750,000 6.250%, 10/15/07 725,625
Union Electric Co.
750,000 6.875%, 08/01/04 747,188
--------------
2,204,063
--------------
Total Corporate Bonds
(Cost $9,799,265) 9,510,607
--------------
U.S. GOVERNMENT AGENCY OBLIGATIONS 26.0%
FFCB 7.1%
FFCB, MTN
750,000 5.940%, 06/10/02 743,438
750,000 5.720%, 04/13/05 724,688
--------------
1,468,126
--------------
FHLB 15.4%
FHLB, Ser 152
1,000,000 6.750%, 05/01/02 1,003,910
FHLB, Ser 4S01
500,000 6.000%, 11/15/01 497,355
FHLB, Ser AB09
750,000 5.450%, 01/12/09 685,425
FHLB, Ser ES05
1,000,000 6.500%, 11/29/05 996,020
--------------
3,182,710
--------------
FHLMC 3.5%
750,000 5.950%, 01/19/06 728,475
--------------
Total U.S. Government Agency Obligations
(Cost $5,522,210) 5,379,311
--------------
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Principal
Amount Value
------------- ---------
U.S. TREASURY OBLIGATIONS 25.0%
U.S. TREASURY NOTES 21.7%
$ 750,000 6.625%, 03/31/02 $ 755,385
750,000 6.500%, 02/28/02 753,510
750,000 6.375%, 03/31/01 750,000
750,000 6.375%, 01/31/02 751,635
750,000 5.750%, 06/30/01 746,715
750,000 5.750%, 11/30/02 746,250
--------------
4,503,495
--------------
U.S. TREASURY STRIPS (A) 3.3%
1,000,000 6.920%, 02/15/07 687,500
--------------
Total U.S. Treasury Obligations
(Cost $5,196,935) 5,190,995
--------------
Number of
Shares
-----------
INVESTMENT COMPANY 2.3%
Goldman Sachs U.S. Government
489,150 Money Market Portfolio
489,150
--------------
Total Investment Company
(Cost $489,150) 489,150
--------------
Total Investments (Cost $21,007,560) 99.2% 20,570,063
==============
Other Assets and Liabilities, Net 0.8% 156,718
--------------
NET ASSETS 100.0% $20,726,781
==============
(A) Rate shown is the effective yield at time of purchase
FFCB -- Federal Farm Credit Bank
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
MTN -- Medium Term Note
Ser -- Series
STRIPS -- Separate Trading of Registered Interest and Principal of Securities
See notes to financial statements.
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Schedule of Portfolio Investments
September 30, 2000 (Unaudited)
FIXED INCOME FUND
Principal
Amount Value
--------- ----------
CORPORATE BONDS 57.8%
CHEMICALS 4.4%
Air Products and Chemicals, Inc.
$ 2,000,000 6.250%, 06/15/03 $ 1,943,880
--------------
FINANCIAL SERVICES 8.8%
General Electric Capital Corp.
2,000,000 5.500%, 11/01/01 1,973,400
Morgan Stanley Dean Witter & Co.
2,000,000 5.625%, 01/20/04 1,922,500
--------------
3,895,900
--------------
PETROLEUM & FUEL PRODUCTS 13.2%
Amoco Canada Co. Ltd.
2,000,000 6.750%, 02/15/05 1,992,400
Conoco, Inc.
2,000,000 5.900%, 04/15/04 1,936,040
Halliburton Co., Ser A, MTN
2,000,000 6.750%, 02/01/27 1,955,000
--------------
5,883,440
--------------
PHARMACEUTICALS 4.5%
Eli Lilly & Co.
2,000,000 6.250%, 03/15/03 1,982,500
--------------
RETAIL 3.8%
Albertson's, Inc., Ser C, MTN
2,000,000 6.340%, 02/25/13 1,690,720
--------------
TELEPHONE & TELECOMMUNICATIONS 9.0%
Citizens Communications Co.
3,000,000 7.600%, 06/01/06 2,970,480
Worldcom, Inc.
1,000,000 7.750%, 04/01/07 1,024,640
--------------
3,995,120
--------------
UTILITIES & ELECTRICAL SERVICES 14.1%
Laclede Gas Co.
$ 2,000,000 6.500%, 11/15/10 $ 1,865,000
National Rural Utilities Co.
2,000,000 6.500%, 09/15/02 1,987,500
Union Electric Co.
2,500,000 6.750%, 05/01/08 2,412,500
--------------
6,265,000
--------------
Total Corporate Bonds
(Cost $26,654,947) 25,656,560
--------------
U.S. GOVERNMENT AGENCY OBLIGATIONS 20.0%
FNMA 20.0%
FNMA
2,000,000 7.250%, 01/15/10 2,029,680
1,000,000 7.125%, 01/15/30 1,032,130
2,000,000 5.875%, 02/02/06 1,935,460
FNMA, MTN
2,000,000 6.500%, 07/16/07 1,972,800
2,000,000 6.410%, 11/13/12 1,906,440
--------------
Total U.S. Government Agency Obligations
(Cost $9,419,300) 8,876,510
--------------
U.S. TREASURY OBLIGATIONS 20.0%
U.S. TREASURY BONDS 10.1%
2,000,000 7.250%, 05/15/16 2,225,620
2,000,000 7.125%, 02/15/23 2,246,240
--------------
4,471,860
--------------
U.S. TREASURY NOTES 9.9%
2,000,000 5.875%, 11/15/04 1,998,120
2,500,000 5.500%, 05/15/09 2,428,125
--------------
4,426,245
--------------
Total U.S. Treasury Obligations
(Cost $8,849,668) 8,898,105
--------------
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Number of
Shares Value
----------- --------------
INVESTMENT COMPANY 0.5%
Goldman Sachs U.S. Government
204,121 Money Market Portfolio $ 204,121
--------------
Total Investment Company
(Cost $204,121) 204,121
==============
Total Investments (Cost $45,128,036) 98.3% 43,635,296
==============
Other Assets and Liabilities, Net 1.7% 739,481
--------------
Net Assets 100.0% $44,374,777
==============
FNMA -- Federal National Mortgage Association
MTN -- Medium Term Note
Ser -- Series
See notes to financial statements.
7[graphic omitted]
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Schedule of Portfolio Investments
September 30, 2000 (Unaudited)
BALANCED FUND
Number
of Shares Value
------------ --------------
COMMON STOCKS 44.6%
ADVERTISING 1.0%
The Interpublic Group
2,000 of Companies, Inc. $ 68,125
--------------
APPAREL & TEXTILES 0.2%
800 Kellwood Co. 14,600
--------------
BANKS 1.1%
1,900 Bank One Corp. 73,387
--------------
BUILDING & CONSTRUCTION 0.8%
2,500 Lafarge Corp. 54,375
--------------
COMMUNICATIONS EQUIPMENT 1.1%
2,700 Motorola, Inc. 76,275
--------------
COMPUTERS & SERVICES 3.5%
5,000 Compuware Corp.* 41,875
900 International Business Machines Corp.101,250
2,600 NCR Corp.* 98,312
--------------
241,437
--------------
CONTAINERS & PACKAGING 2.1%
3,600 Newell Rubbermaid, Inc. 82,125
3,500 Sonoco Products Co. 63,219
--------------
145,344
--------------
COSMETICS & TOILETRIES 0.5%
700 Colgate-Palmolive co. 33,040
--------------
DATA PROCESSING 1.5%
2,600 First Data Corp. 101,562
--------------
ELECTRICAL EQUIPMENT 2.0%
1,200 Emerson Electric Co. 80,400
1,600 Parker Hannifin Corp. 54,000
--------------
134,400
--------------
FINANCIAL SERVICES 2.2%
1,100 Fannie Mae 78,650
1,300 Freddie Mac 70,281
--------------
148,931
--------------
FOOD, BEVERAGE & TOBACCO 2.4%
1,000 Bestfoods 72,750
2,100 Pepsico, Inc. 96,600
--------------
169,350
--------------
INSURANCE 3.8%
800 American General Corp. 62,400
1,100 Marsh & McLennan Cos. 146,025
1,900 SAFECO Corp. 51,775
--------------
260,200
--------------
MACHINERY 1.1%
2,200 Ingersoll-Rand Co. 74,525
--------------
MEDICAL PRODUCTS & SERVICES 1.2%
3,100 Becton, Dickinson & Co. 81,956
--------------
MISCELLANEOUS BUSINESS SERVICES 0.8%
2,400 R.R. Donnelley & Sons Co. 58,950
--------------
MULTIMEDIA 0.5%
700 Gannett Co., Inc. 37,100
--------------
PAINT & PAINT PRODUCTS 1.1%
3,500 The Sherwin-Williams Company 74,813
--------------
PETROLEUM & FUEL PRODUCTS 6.2%
1,300 Burlington Resources, Inc. 47,856
800 Exxon Mobil Corp. 71,300
2,700 Halliburton Co. 132,131
1,500 Texaco, Inc. 78,750
2,800 Unocal Corp. 99,225
--------------
429,262
--------------
PHARMACEUTICALS 3.0%
2,000 Abbott Laboratories 95,125
1,500 Bristol-Myers Squibb Co. 85,688
600 Schering-Plough Corp. 27,900
--------------
208,713
--------------
TELEPHONE & TELECOMMUNICATIONS 3.2%
1,200 SBC Communications, Inc. 60,000
2,500 Verizon Communications* 121,094
1,300 WorldCom, Inc.* 39,488
--------------
220,582
--------------
TOYS & GAMES 1.2%
7,200 Mattel, Inc. 80,550
--------------
TRANSPORTATION 1.1%
2,000 Union Pacific Corp. 77,750
--------------
[graphic omitted]8
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FIRST OMAHA FUNDS [GRAPHIC OMITTED]Semi-Annual Report
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Number
of Shares Value
------------ --------------
UTILITIES & ELECTRICAL SERVICES 3.0%
1,300 Allegheny Energy, Inc. $ 49,644
2,100 DPL, Inc. 62,475
900 Teco Energy, Inc. 25,875
1,700 TXU Corp. 67,362
--------------
205,356
--------------
Total Common Stocks
(Cost $3,002,844) 3,070,583
--------------
Principal
Amount
-------------
CORPORATE BONDS 15.6%
COMPUTERS & SERVICES 2.7%
Dell Computer Corp.
$200,000 6.550%, 04/15/08 188,250
--------------
COSMETICS & TOILETRIES 2.6%
Kimberly-Clark Corp.
200,000 6.250%, 07/15/18 179,500
--------------
FOOD, BEVERAGE & TOBACCO 7.3%
Anheuser-Busch Cos., Inc.
500,000 6.750%, 08/01/03 502,988
--------------
UTILITIES & ELECTRICAL SERVICES 3.0%
TXU Corp.
200,000 8.250%, 04/01/04 206,500
--------------
Total Corporate Bonds
(Cost $1,088,147) 1,077,238
--------------
U.S. GOVERNMENT AGENCY OBLIGATIONS 14.6%
FHLB 4.3%
FHLB, Ser LU02
300,000 5.660%, 05/21/02 296,208
--------------
FNMA 10.3%
FNMA
300,000 7.250%, 01/15/10 304,452
200,000 7.125%, 01/15/30 206,426
FNMA, MTN
200,000 6.440%, 08/14/07 196,566
--------------
707,444
--------------
Total U.S. Government Agency Obligations
(Cost $1,000,103) 1,003,652
--------------
U.S. TREASURY OBLIGATIONS 17.2%
U.S. TREASURY BOND 3.2%
$200,000 7.250%, 05/15/16 $ 222,562
--------------
U.S. TREASURY NOTES 14.0%
250,000 7.000%, 07/15/06 262,890
200,000 6.250%, 02/28/02 200,312
500,000 6.000%, 08/15/09 502,030
--------------
965,232
--------------
Total U.S. Treasury Obligations
(Cost $1,165,204) 1,187,794
--------------
Number of
Shares
-----------
INVESTMENT COMPANIES 6.6%
Federated Trust for
250,000 U.S. Treasury Obligations 250,000
Goldman Sachs U.S. Government
205,359 Money Market Portfolio 205,359
--------------
Total Investment Companies
(Cost $455,359) 455,359
--------------
Total Investments (Cost $6,711,657) 98.6% 6,794,626
==============
Other Assets and Liabilities, Net 1.4% 93,486
--------------
NET ASSETS 100.0% $6,888,112
==============
* Non-income producing security
FHLB -- Federal Home Loan Bank
FNMA -- Federal National Mortgage Association
MTN -- Medium Term Note
Ser -- Series
See notes to financial statements.
9[graphic omitted]
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Schedule of Portfolio Investments
September 30, 2000 (Unaudited)
EQUITY FUND
Number
of Shares Value
----------- ------------
COMMON STOCKS 97.0%
ADVERTISING 2.2%
The Interpublic Group
39,600 of Companies, Inc. $ 1,348,875
--------------
APPAREL & TEXTILES 0.9%
30,300 Kellwood Co. 552,975
--------------
BANKS 2.3%
36,400 Bank One Corp. 1,405,950
--------------
BUILDING & CONSTRUCTION 1.7%
48,400 Lafarge Corp. 1,052,700
--------------
COMMUNICATIONS EQUIPMENT 2.4%
52,700 Motorola, Inc. 1,488,775
--------------
COMPUTERS & SERVICES 7.8%
98,000 Compuware Corp.* 820,750
18,000 International Business Machines
Corp. 2,025,000
50,200 NCR Corp.* 1,898,187
--------------
4,743,937
--------------
CONTAINERS & PACKAGING 4.5%
68,500 Newell Rubbermaid, Inc. 1,562,656
65,800 Sonoco Products Co. 1,188,512
--------------
2,751,168
--------------
COSMETICS & TOILETRIES 1.1%
13,700 Colgate-Palmolive Co. 646,640
--------------
DATA PROCESSING 3.2%
49,300 First Data Corp. 1,925,781
--------------
ELECTRICAL EQUIPMENT 4.2%
22,900 Emerson Electric Co. 1,534,300
29,600 Parker Hannifin Corp. 999,000
--------------
2,533,300
--------------
FINANCIAL SERVICES 4.7%
21,000 Fannie Mae 1,501,500
25,500 Freddie Mac 1,378,594
--------------
2,880,094
--------------
FOOD, BEVERAGE & TOBACCO 5.2%
18,200 Bestfoods 1,324,050
39,300 Pepsico, Inc. 1,807,800
--------------
3,131,850
--------------
INSURANCE 8.1%
14,300 American General Corp. $ 1,115,400
21,400 Marsh & McLennan Cos. 2,840,850
36,400 SAFECO Corp. 991,900
--------------
4,948,150
--------------
MACHINERY 2.3%
41,900 Ingersoll-Rand Co. 1,419,362
--------------
MEDICAL PRODUCTS & SERVICES 2.5%
58,200 Becton, Dickinson & Co. 1,538,662
--------------
MISCELLANEOUS BUSINESS SERVICES 1.9%
46,200 R.R. Donnelley & Sons Co. 1,134,788
--------------
MULTIMEDIA 1.0%
11,100 Gannett Co., Inc. 588,300
--------------
PAINT & PAINT PRODUCTS 2.4%
67,500 The Sherwin-Williams Company 1,442,813
--------------
PETROLEUM & FUEL PRODUCTS 13.6%
25,400 Burlington Resources, Inc. 935,038
14,700 Exxon Mobil Corp. 1,310,138
52,500 Halliburton Co. 2,569,219
29,400 Texaco, Inc. 1,543,500
53,800 Unocal Corp. 1,906,538
--------------
8,264,433
--------------
PHARMACEUTICALS 6.5%
38,000 Abbott Laboratories 1,807,375
29,200 Bristol-Myers Squibb Co. 1,668,050
10,400 Schering-Plough Corp. 483,600
--------------
3,959,025
--------------
TELEPHONE & TELECOMMUNICATIONS 7.0%
23,300 SBC Communications, Inc. 1,165,000
48,600 Verizon Communications* 2,354,063
25,200 WorldCom, Inc.* 765,450
--------------
4,284,513
--------------
TOYS & GAMES 2.6%
139,600 Mattel, Inc. 1,561,775
-------------
TRANSPORTATION 2.5%
38,700 Union Pacific Corp. 1,504,462
--------------
[graphic omitted]10
<PAGE>
FIRST OMAHA FUNDS [GRAPHIC OMITTED]Semi-Annual Report
--------------------------------------------------------------------------------
Number
of Shares Value
----------- ------------
UTILITIES & ELECTRICAL SERVICES 6.4%
24,800 Allegheny Energy, Inc. $ 947,050
40,500 DPL, Inc. 1,204,875
16,000 Teco Energy, Inc. 460,000
31,900 TXU Corp. 1,264,037
--------------
3,875,962
--------------
Total Common Stocks
(Cost $53,000,713) 58,984,290
--------------
INVESTMENT COMPANIES 4.7%
Federated Trust for
1,500,000 U.S. Treasury Obligations 1,500,000
Goldman Sachs U.S. Government
1,349,729 Money Market Portfolio 1,349,729
--------------
Total Investment Companies
(Cost $2,849,729) 2,849,729
--------------
Total Investments (Cost $55,850,442) 101.7% 61,834,019
==============
Other Assets and Liabilities, Net (1.7%) (1,055,897)
--------------
NET ASSETS 100.0% $60,778,122
==============
* Non-income producing security
See notes to financial statements.
11[graphic omitted]
<PAGE>
Semi-Annual Report[graphic omitted] FIRST OMAHA FUNDS
-------------------------------------------------------------------------------
Schedule of Portfolio Investments
September 30, 2000 (Unaudited)
GROWTH FUND
Number
of Shares Value
----------- --------------
Common Stocks 94.9%
AIR TRANSPORTATION 3.3%
31,500 Southwest Airlines $ 763,875
--------------
AUTOMOTIVE 8.5%
20,000 Cooper Industries, Inc. 705,000
64,000 Dura Automotive Systems, Inc.* 591,000
7,800 Genuine Parts Co. 148,687
13,900 Paccar, Inc. 515,169
--------------
1,959,856
--------------
BANKS 5.5%
7,500 Comerica, Inc. 438,281
21,200 Firstar Corp. 474,350
11,900 Provident Financial Group, Inc. 349,562
--------------
1,262,193
--------------
COMMERCIAL SERVICES 4.9%
18,600 Convergys Corp.* 723,075
18,000 Valassis Communications, Inc.* 400,500
--------------
1,123,575
--------------
COMPUTERS & SERVICES 9.4%
6,000 Adobe Systems, Inc. 931,500
15,000 At Home Corp., Cl A* 211,875
2,000 Lycos, Inc.* 137,531
20,000 Symantec Corp.* 880,000
--------------
2,160,906
--------------
FINANCIAL SERVICES 0.6%
20,000 Donaldson, Lufkin & Jenrette, Inc.* 137,500
--------------
FOOD, BEVERAGE & TOBACCO 7.0%
14,000 Constellation Brands, Inc.* 760,375
17,500 Robert Mondavi, Cl A* 715,313
10,000 Wild Oats Markets, Inc.* 117,500
--------------
1,593,188
--------------
INSURANCE 11.3%
13,000 MBIA, Inc. 924,625
13,900 MGIC Investment Corp. 849,638
11,000 XL Capital Ltd., Cl A 808,500
--------------
2,582,763
--------------
MANUFACTURING 7.7%
12,000 Dover Corp. $ 563,250
10,800 Illinois Tool Works 603,450
39,700 Sensormatic Electronics Corp.* 595,500
--------------
1,762,200
--------------
MEDICAL PRODUCTS & SERVICES 13.5%
14,000 Cerner Corp.* 650,125
10,000 Guidant Corp.* 706,875
20,000 Stryker Corp. 858,750
9,000 UnitedHealth Group, Inc. 888,750
--------------
3,104,500
--------------
PETROLEUM & FUEL PRODUCTS 3.4%
3,000 Enron Corp. 262,875
25,000 Midcoast Energy Resources 514,063
--------------
776,938
--------------
REAL ESTATE INVESTMENT TRUST 3.3%
13,300 Spieker Properties, Inc. 765,581
--------------
RETAIL 2.8%
10,000 RadioShack Corp. 646,250
--------------
STEEL & STEEL WORKS 2.7%
20,400 Nucor Corp. 614,550
--------------
TELEPHONE & TELECOMMUNICATIONS 8.4%
8,000 Level 3 Communications, Inc.* 617,000
19,000 Plantronics, Inc.* 722,000
12,000 Qwest Communications International* 576,750
--------------
1,915,750
--------------
TRANSPORTATION 2.3%
40,000 Swift Transportation Co., Inc.* 522,500
--------------
UTILITIES & ELECTRICAL SERVICES 0.3%
20,000 Azurix Corp.* 71,250
--------------
Total Common Stocks
(Cost $17,602,162) 21,763,375
--------------
[graphic omitted]12
<PAGE>
FIRST OMAHA FUNDS [GRAPHIC OMITTED] Semi-Annual Report
--------------------------------------------------------------------------------
Number
of Shares Value
----------- ------------
CLOSED-END INVESTMENT COMPANY 2.3%
25,000 Allied Capital Corp. Funds $ 518,750
--------------
Total Closed-End Investment Company
(Cost $482,938) 518,750
--------------
INVESTMENT COMPANIES 7.2%
Federated Trust for
712,621 U.S. Treasury Obligations 712,621
Goldman Sachs U.S. Government
945,758 Money Market Portfolio 945,758
--------------
Total Investment Companies
(Cost $1,658,379) 1,658,379
--------------
Total Investments (Cost $19,743,479) 104.4% 23,940,504
==============
Other Assets and Liabilities, Net (4.4%) (1,018,232)
--------------
NET ASSETS 100.0% $22,922,272
===============
* Non-income producing security
Cl -- Class
See notes to financial statements.
13[graphic omitted]
<PAGE>
Semi-Annual Report [graphic omitted] FIRST OMAHA FUNDS
--------------------------------------------------------------------------------
Schedule of Portfolio Investments
September 30, 2000 (Unaudited)
SMALL CAP VALUE FUND
Number
of Shares Value
------------ -----------
COMMON STOCKS 95.0%
AIR TRANSPORTATION 2.0%
8,800 Midwest Express Holdings* $ 177,100
--------------
APPAREL & TEXTILES 3.9%
46,400 Hartmarx Corp.* 139,200
11,000 Kellwood Co. 200,750
--------------
339,950
--------------
AUTOMOTIVE 3.9%
10,600 Clarcor, Inc. 206,700
4,700 Modine Manufacturing Co. 132,408
--------------
339,108
--------------
BANKS 6.9%
5,000 Community First Bankshares 87,812
6,200 Cullen/Frost Bankers, Inc. 201,500
10,200 North Fork Bancorporation 220,575
1,800 Wilmington Trust Corp. 96,525
--------------
606,412
--------------
CHEMICALS 2.3%
4,700 Arch Chemicals, Inc. 85,775
1,900 Dexter Corp. 118,750
--------------
204,525
--------------
COMMERCIAL SERVICES 2.7%
9,800 Sitel Corp.* 28,787
Transaction Systems Architects,
13,100 Inc., Cl A* 212,875
--------------
241,662
--------------
COMPUTERS & SERVICES 6.1%
2,617 Avocent Corp.* 144,262
12,600 SBS Technologies, Inc.* 292,950
4,200 THQ, Inc.* 97,650
--------------
534,862
--------------
DIVERSIFIED OPERATIONS 2.1%
5,400 Teleflex, Inc. 185,625
--------------
ELECTRICAL SERVICES & EQUIPMENT 3.3%
4,000 Daktronics, Inc.* 54,000
7,000 Dallas Semiconductor Corp. 230,125
--------------
284,125
--------------
FOOD, BEVERAGE & TOBACCO 4.5%
8,600 Corn Products International, Inc. $ 195,650
9,900 Universal Foods Corp. 201,712
--------------
397,362
--------------
HOUSEHOLD PRODUCTS 3.8%
9,400 Church & Dwight, Inc. 172,725
5,200 National Presto Industries, Inc. 155,675
--------------
328,400
--------------
INSURANCE 8.5%
7,300 Everest Re Group Ltd. 361,350
6,500 Arthur J. Gallagher & Co. 384,313
--------------
745,663
--------------
MACHINERY 5.6%
6,100 Tecumseh Products Co., Cl A 255,438
5,300 Tennant Co. 234,525
--------------
489,963
--------------
MEDICAL PRODUCTS & SERVICES 6.8%
3,250 Akorn, Inc.* 35,953
5,400 Edwards Lifesciences Corp.* 117,788
10,500 Innerdyne, Inc.* 73,500
17,200 Steris Corp.* 206,400
7,000 West Pharmaceutical Services, Inc. 162,750
--------------
596,391
--------------
METALS & MINING 2.6%
10,700 Amcast Industrial Corp. 100,981
5,400 Cleveland-Cliffs, Inc. 123,525
--------------
224,506
--------------
PAPER & PAPER PRODUCTS 2.8%
19,900 P.H. Glatfelter Co. 241,288
--------------
PETROLEUM & FUEL PRODUCTS 8.7%
4,800 Newfield Exploration Co.* 224,100
5,700 Tidewater, Inc. 259,350
10,600 WD-40 Co. 225,250
2,000 Western Gas Resources, Inc. 50,125
--------------
758,825
--------------
[graphic omitted]14
<PAGE>
FIRST OMAHA FUNDS [GRAPHIC OMITTED] Semi-Annual Report
--------------------------------------------------------------------------------
Number
of Shares Value
----------- -----------
PHARMACEUTICALS 5.8%
7,537 King Pharmaceuticals, Inc.* $ 252,018
4,100 Medicis Pharmaceutical, Cl A* 252,150
--------------
504,168
--------------
REAL ESTATE INVESTMENT TRUST 1.0%
4,200 National Golf Properties, Inc. 86,625
--------------
RETAIL 3.3%
21,900 Casey's General Stores, Inc. 284,700
--------------
TOYS & GAMES 1.1%
8,100 Hasbro, Inc. 92,644
--------------
TRANSPORTATION 2.3%
17,000 Werner Enterprises, Inc. 199,750
--------------
UTILITIES & ELECTRICAL SERVICES 5.0%
3,600 Hubbell, Inc., Cl B 90,225
3,100 Idacorp, Inc. 143,375
9,500 OGE Energy Corp. 202,469
--------------
436,069
--------------
Total Common Stocks
(Cost $7,782,598) 8,299,723
--------------
Principal
Amount
----------
REPURCHASE AGREEMENT 5.7%
Spear, Leeds & Kellogg, 6.400%,
dated 09/29/00, matures 10/02/00,
repurchase price $500,267,
(collateralized by U.S. Treasury Note,
11.750%, 02/15/01, total
$500,000 market value: $509,922) 500,000
--------------
Total Repurchase Agreement
(Cost $500,000) 500,000
--------------
INVESTMENT COMPANIES 4.9%
Federated Trust for
125,000 U.S. Treasury Obligations $ 125,000
Goldman Sachs U.S. Government
301,145 Money Market Portfolio 301,145
--------------
Total Investment Companies
(Cost $426,145) 426,145
--------------
Total Investments (Cost $8,708,743) 105.6% 9,225,868
==============
Other Assets and Liabilities, Net (5.6%) (489,907)
--------------
NET ASSETS 100.0% $8,735,961
==============
* Non-income producing security
Cl -- Class
See notes to financial statements.
15[graphic omitted]
<PAGE>
Semi-Annual Report [graphic omitted]FIRST OMAHA FUNDS
--------------------------------------------------------------------------------
Statements of Assets and Liabilities
September 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
U.S. Short/
Government Intermediate Fixed Small Cap
Money Market Fixed Income Income Balanced Equity Growth Value
Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at value (cost $240,640,450,
$21,007,560,
$45,128,036, $6,711,657, $55,850,442,
$19,743,479 and $8,208,743,
respectively) $240,640,450 $20,570,063 $43,635,296 $6,794,626 $61,834,019 $23,940,504 $8,725,868
----------------------------------------
Repurchase agreements, at value (cost
$34,375,000$--, $--, $--, $--,
$-- and $500,000, respectively) 34,375,000 -- -- -- -- -- 500,000
----------------------------------------
Receivable for securities sold -- -- -- 26,406 549,016 -- --
----------------------------------------
Receivable for portfolio shares sold 25,726 10,661 27,011 11,557 42,969 154,461 7,839
----------------------------------------
Interest and dividends receivable 2,538,215 380,462 798,886 58,526 86,101 41,978 7,618
----------------------------------------
Organizational expenses, net of
accumulated amortization -- -- -- 788 -- 7,505 1,316
----------------------------------------
Prepaid expenses 90,841 18,636 21,103 15,751 32,037 16,280 16,823
----------------------------------------
Other assets 23,714 -- -- -- -- -- --
---------------------------------------- ----------- ---------- ---------- --------- ---------- ---------- ---------
Total Assets 277,693,946 20,979,822 44,482,296 6,907,654 62,544,142 24,160,728 9,259,464
---------------------------------------- ----------- ---------- ---------- --------- ---------- ---------- ---------
LIABILITIES:
Payable for securities purchased 3,466,573 -- -- -- -- 1,105,969 133,207
-----------------------------------------
Payable for portfolio shares redeemed -- 239,828 81,427 292 1,698,062 119,045 377,085
-----------------------------------------
Dividend payable 1,395,380 -- -- -- -- -- --
----------------------------------------
Accrued expenses and other liabilities 25,151 11,671 22,091 18,631 60,367 11,574 12,478
----------------------------------------
Accrued investment advisory fee 29,904 1,542 4,001 619 7,591 1,868 733
---------------------------------------- ----------- --------- ---------- --------- ---------- ---------- ---------
Total Liabilities 4,917,008 253,041 107,519 19,542 1,766,020 1,238,456 523,503
---------------------------------------- ----------- --------- ---------- --------- ---------- ---------- ---------
NET ASSETS $272,776,938 $20,726,781 $44,374,777 $6,888,112 $60,778,122 $22,922,272 $8,735,961
--------------------------------------- ============ =========== =========== ========== =========== =========== ==========
NET ASSETS CONSIST OF:
Capital stock 2,728 22 46 7 66 20 7
-----------------------------------------
Paid-in capital in excess of par 272,789,670 21,469,238 47,399,267 8,866,801 58,601,191 19,595,882 8,806,656
-----------------------------------------
Undistributed net investment income/
(Distributions in excess of net
investment income) 10,034 18,634 41,334 2,022 (1,823) 15,395 1,245
----------------------------------------
Accumulated net realized loss
on investments (25,494) (323,616) (1,573,130)(2,063,687) (3,804,889) (886,050) (589,072)
----------------------------------------
Net unrealized appreciation (depreciation)
on investments -- (437,497) (1,492,740) 82,969 5,983,577 4,197,025 517,125
---------------------------------------- ----------- --------- ---------- --------------------- ---------- ---------
Net Assets $272,776,938 $20,726,781 $44,374,777 $6,888,112 $60,778,122 $22,922,272 $8,735,961
---------------------------------------- =========== ========= ========== ========= ========== ========== ==========
CAPITAL STOCK, $0.00001 par value
Authorized (see Note 6) 500,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000
Issued and outstanding 272,802,345 2,150,499 4,631,023 737,863 6,639,562 1,980,091 732,454
NET ASSET VALUE, REDEMPTION
AND OFFERING PRICE PER SHARE
(NET ASSETS/SHARES OUTSTANDING) $1.00 $9.64 $9.58 $9.34 $9.15 $11.58 $11.93
---------------------------------------- ===== ===== ===== ===== ===== ====== ======
<FN>
See notes to financial statements.
</FN>
</TABLE>
16[graphic omitted]
<PAGE>
ST OMAHA FUNDS [GRAPHIC OMITTED]Semi-Annual Report
-------------------------------------------------------------------------------
Statements of Operations
For the Six Month Period Ended September 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
U.S. SHORT/
GOVERNMENT INTERMEDIATE FIXED SMALL CAP
MONEY MARKET FIXED INCOME INCOME BALANCED EQUITY GROWTH VALUE
FUND FUND FUND FUND FUND FUND FUND
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $8,938,133 $ 658,990 $1,494,658 $ 151,689 $ 78,517 $ 39,023 $ 17,836
Dividends -- -- -- 40,192 721,433 100,255 80,941
---------------------------------------- ---------- --------- ---------- --------- ----------- --------- ----------
Total Investment Income 8,938,133 658,990 1,494,658 191,881 799,950 139,278 98,777
---------------------------------------- ---------- --------- ---------- --------- ----------- --------- ----------
EXPENSES:
----------------------------------------
Investment advisory fees 350,910 51,134 136,321 29,808 261,008 77,450 35,300
----------------------------------------
Fund administration and accounting fees 280,728 20,454 45,440 25,069 69,602 25,069 25,069
----------------------------------------
Custody fees 42,109 3,068 6,816 1,193 10,441 3,098 1,246
----------------------------------------
Shareholder servicing fees 38,009 16,311 22,435 16,335 40,622 15,847 15,240
----------------------------------------
Federal and state registration fees 21,045 5,778 6,767 5,350 11,054 3,832 6,582
----------------------------------------
Professional fees 13,181 7,130 8,949 6,800 11,872 6,613 6,579
----------------------------------------
Reports to shareholders 13,646 1,197 3,620 1,185 9,036 609 635
----------------------------------------
Directors' fees 6,568 1,017 2,039 626 6,281 1,182 397
----------------------------------------
Insurance 3,887 481 1,603 467 4,065 -- 252
----------------------------------------
Pricing fees 587 1,585 1,600 1,736 755 970 754
----------------------------------------
Administrative services plan fees -- 9,407 22,279 3,229 32,721 -- 3,838
----------------------------------------
Amortization of organization expenses 174 174 174 468 174 1,506 964
----------------------------------------
Other expenses 1,987 -- 120 -- 1,050 300` 57
---------------------------------------- ---------- --------- ---------- --------- ----------- --------- ---------
Total expenses before waiver 772,831 117,736 258,163 92,266 458,681 136,476 96,913
----------------------------------------
Waiver of expenses (256,563) (17,271) (39,638) (16,132) (43,112) (34,851) (23,397)
---------------------------------------- ---------- --------- ---------- --------- ----------- --------- ---------
Net Expenses 516,268 100,465 218,525 76,134 415,569 101,625 73,516
---------------------------------------- ---------- --------- ---------- --------- ----------- --------- ---------
NET INVESTMENT INCOME 8,421,865 558,525 1,276,133 115,747 384,381 37,653 25,261
---------------------------------------- ---------- --------- ---------- --------- ----------- --------- ---------
REALIZED AND uNREALIZED gAIN (LOSS):
Net realized gain (loss) on investments 110 (96,849) (874,221) (215,654) 2,971,035 (104,127) (122,792)
----------------------------------------
Change in unrealized appreciation
(depreciation)
on investments -- 279,467 804,791 241,218 (1,661,052) 203,664 1,356,504
---------------------------------------- ---------- --------- ---------- --------- ----------- --------- ----------
Net Gain (Loss) on Investments 110 182,618 (69,430) 25,564 1,309,983 99,537 1,233,712
---------------------------------------- ---------- --------- ---------- --------- ----------- --------- ----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $8,421,975 $741,143 $1,206,703 $ 141,311 $ 1,694,364 $ 137,190 $1,258,973
---------------------------------------- ========== ========= ========== ========= =========== ========= ==========
<FN>
Amounts designated as "--" are either $0 or have been rounded to $0.
See notes to financial statements.
</FN>
</TABLE>
17[graphic omitted]
<PAGE>
Semi-Annual Repor[graphic omitted] FIRST OMAHA FUNDS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
For the Six Month Period Ended September 30, 2000 (Unaudited) and the Year Ended March 31, 2000
U.S. GOVERNMENT SHORT/INTERMEDIATE
MONEY MARKET FUND FIXED INCOME FUND FIXED INCOME FUND
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
SEPT. 30, MAR. 31, SEPT. 30, MAR. 31, SEPT. 30, MAR. 31,
2000 2000 2000 2000 2000 2000
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 8,421,865 $ 9,916,800 $ 558,525 $ 1,032,057 $ 1,276,133 $ 3,781,786
Net realized gain (loss) on investments 110 (7,435) (96,849) 24,762 (874,221) (484,369)
Change in unrealized appreciation (depreciation)
on investments -- -- 279,467 (901,412) 804,791 (4,446,521)
------------ ------------ ------------ ----------- ----------- -----------
Net increase (decrease) in net assets resulting
from operations 8,421,975 9,909,365 741,143 155,407 1,206,703 (1,149,104)
------------ ------------ ------------ ----------- ---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income (8,421,865) (9,916,800) (555,779) (1,040,790) (1,272,368) (3,831,892)
Net capital gains -- -- -- -- -- (992,917)
------------ ------------ ------------ ----------- ----------- -----------
Total distributions (8,421,865) (9,916,800) (555,779) (1,040,790) (1,272,368) (4,824,809)
------------ ------------ ------------ ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS (1):
Proceeds from sale of shares 450,669,909 951,251,913 6,391,849 11,780,909 4,990,927 10,308,583
Proceeds from reinvestment of dividends 211,335 206,720 449,613 913,598 1,224,398 4,744,491
Redemption of shares (485,988,076) (777,297,839) (7,307,827)(12,437,478) (10,319,363) (42,954,356)
------------ ------------ ------------ ----------- ----------- ------------
Net increase (decrease) from share
transactions (35,106,832) 174,160,794 (466,365) 257,029 (4,104,038) (27,901,282)
------------ ------------ ------------- --------- ----------- ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS (35,106,722) 174,153,359 (281,001) (628,354) (4,169,703) (33,875,195)
NET ASSETS:
Beginning of period 307,883,660 133,730,301 21,007,782 21,636,136 48,544,480 82,419,675
------------ ------------ ------------ ----------- ----------- ------------
End of period $272,776,983 $307,883,660 $ 20,726,781 $21,007,782 $ 44,374,777 $ 48,544,480
============ ============ ============ =========== ============ ============
Undistributed net investment income/(Distributions
in excess of net investment income),
end of period $ 10,034 $ 10,034 $ 18,634 $ 15,888 $ 41,334 $ 37,569
============ ============ =========== =========== ============ ============
<FN>
(1) See Note 6 in the notes to the financial statements for additional information.
Amounts designated as "--" are either $0 or have been rounded to $0.
</FN>
</TABLE>
See notes to financial statements.
[graphic omitted]18
<PAGE>
FIRST OMAHA FUNDS [GRAPHIC OMITTED] Semi-Annual Report
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BALANCED FUND EQUITY FUND GROWTH FUND SMALL CAP VALUE FUND
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
SEPT. 30, MAR. 31, SEPT. 30, MAR. 31, SEPT. 30, MAR. 31, SEPT. 30, MAR. 31,
2000 2000 2000 2000 2000 2000 2000 2000
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 115,747 $ 605,506 $ 384,381 $ 2,465,950 $ 37,653 $ 17,193 $ 25,261 $ 96,043
(215,654) (870,245) 2,971,035 9,623,756 (104,127) 144,552 (122,792) (450,341)
241,218 (451,243) (1,661,052) (22,556,441) 203,664 3,375,468 1,356,504 1,416,459
----------- ----------- ----------- ------------ ----------- ----------- ----------- -----------
141,311 (715,982) 1,694,364 (10,466,735) 137,190 3,537,213 1,258,973 1,062,161
----------- ----------- ----------- ------------ ----------- ----------- ----------- -----------
(118,179) (612,643) (388,119) (2,478,199) (33,628) (7,416) (26,212) (102,839)
-- (1,213,790) -- (35,278,111) -- -- -- (169,668)
----------- ----------- ----------- ------------ ----------- ----------- ----------- -----------
(118,179) (1,826,433) (388,119) (37,756,310) (33,628) (7,416) (26,212) (272,507)
----------- ----------- ----------- ------------ ----------- ----------- ----------- -----------
1,104,256 6,343,381 3,640,842 22,818,088 12,001,900 18,614,782 1,340,960 3,962,232
117,840 1,821,251 378,061 37,560,860 29,101 6,716 23,668 257,708
(6,367,728) (17,494,685) (32,084,154) (156,205,072) (12,225,146) (13,455,974) (2,485,053) (9,482,091)
----------- ----------- ----------- ------------ ----------- ----------- ----------- -----------
(5,145,632) (9,330,053) (28,065,251) (95,826,124) (194,145) 5,165,524 (1,120,425) (5,262,151)
----------- ----------- ----------- ------------ ----------- ----------- ----------- -----------
(5,122,500) (11,872,468) (26,759,006) (144,049,169) (90,583) 8,695,321 112,336 (4,472,497)
12,010,612 23,883,080 87,537,128 231,586,297 23,012,855 14,317,534 8,623,625 13,096,122
----------- ----------- ----------- ------------ ----------- ----------- ----------- -----------
$ 6,888,112 $12,010,612 $60,778,122 $ 87,537,128 $22,922,272 $23,012,855 $ 8,735,961 $ 8,623,625
=========== =========== =========== ============ =========== =========== =========== ===========
$ 2,022 $ 4,454 $ (1,823) $ 1,915 $ 15,395 $ 11,370 $ 1,245 $ 2,196
=========== =========== =========== =========== =========== =========== =========== ===========
</TABLE>
--------------------------------------------------------------------------------
19[graphic omitted]
<PAGE>
Semi-Annual Report [graphic omitted] FIRST OMAHA FUNDS
--------------------------------------------------------------------------------
Financial Highlights(1)
For a Share Outstanding Throughout the Period Ended September 30,2000(Unaudited)
and Years Ended March 31, (Unless Otherwise Indicated)
<TABLE> NET REALIZED
<CAPTION> AND
Net Asset UNREALIZED DISTRIBUTIONS NET ASSET
Value NET GAINS (LOSSES) FROM NET DISTRIBUTIONS VALUE, NET ASSETS,
Beginning INVESTMENT ON INVESTMENT FROM CAPITAL END OF TOTAL END OF
of Period INCOME INVESTMENTS INCOME GAINS PERIOD RETURN+ PERIOD(000S)
---------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2000* $ 1.00 $0.03 $-- $(0.03) $-- $1.00 3.05% $272,777
2000 1.00 0.05 -- (0.05) -- 1.00 5.06 307,884
1999 1.00 0.05 -- (0.05) -- 1.00 4.63 133,730
1998 1.00 0.05 -- (0.05) -- 1.00 4.95 100,497
1997 1.00 0.05 -- (0.05) -- 1.00 4.76 125,413
1996(2) 1.00 0.05 -- (0.05) -- 1.00 5.14 87,715
1995 1.00 0.04 -- (0.04) -- 1.00 3.51 76,105
----------------------------------------------------------------------------------------------------------------------------
SHORT/INTERMEDIATE FIXED INCOME FUND
----------------------------------------------------------------------------------------------------------------------------
2000* $ 9.56 $0.26 $0.08 $(0.26) $-- $ 9.64 3.61% $20,727
2000 10.01 0.51 (0.45) (0.51) -- 9.56 0.71 21,008
1999 9.97 0.51 0.04 (0.51) -- 10.01 5.61 21,636
1998 9.73 0.56 0.24 (0.56) -- 9.97 8.37 19,509
1997 9.85 0.49 (0.10) (0.51) -- 9.73 4.00 21,042
1996(2) 9.66 0.52 0.17 (0.50) -- 9.85 7.24 22,056
1995 9.62 0.42 0.05 (0.43) -- 9.66 5.05 22,130
-----------------------------------------------------------------------------------------------------------------------------
FIXED INCOME FUND
-----------------------------------------------------------------------------------------------------------------------------
2000* $ 9.59 $0.27 $(0.01) $(0.27) $-- $ 9.58 2.76% $44,375
2000 10.42 0.57 (0.67) (0.58) (0.15) 9.59 (0.90) 48,544
1999 10.45 0.61 -- (0.61) (0.03) 10.42 5.93 82,420
1998 9.84 0.59 0.61 (0.59) -- 10.45 12.50 77,671
1997 10.00 0.45 (0.15) (0.46) -- 9.84 3.06 75,524
1996(2) 9.63 0.59 0.35 (0.57) -- 10.00 9.79 76,342
1995 9.58 0.51 0.07 (0.53) -- 9.63 6.35 66,488
------------------------------------------------------------------------------------------------------------------------------
BALANCED FUND
------------------------------------------------------------------------------------------------------------------------------
2000* $ 9.29 $0.13 $0.05 $(0.13) $-- $ 9.34 2.04% $ 6,888
2000 11.06 0.34 (0.98) (0.35) (0.78) 9.29 (6.18) 12,010
1999 12.24 0.38 (0.81) (0.38) (0.37) 11.06 (3.73) 23,883
1998 10.41 0.38 1.90 (0.38) (0.07) 12.24 22.34 25,692
1997(3) 10.00 0.21 0.40 (0.20) -- 10.41 6.14 10,895
</TABLE>
Ratio of Ratio Ratio Ratio Portfolio
Net of Net of Net of Net Turnover
Expenses Investment Expenses Investment Rate
to Average Income to to Average Income to
Net Assets Average Net Assets Average
<TABLE> Net Assets(Excluding Net Assets
<CAPTION> Waivers (Excluding
Waivers)
-----------------------------------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2000* 0.37% 6.01% 0.55% 5.83% N/A
2000 0.39 5.10 0.55 4.94 N/A
1999 0.54 4.52 0.58 4.48 N/A
1998 0.55 4.83 0.58 4.80 N/A
1997 0.58 4.66 0.59 4.65 N/A
1996(2) 0.54 5.12 0.59 5.07 N/A
1995 0.63 4.46 1.23 3.86 N/A
---------------------------------------------------------------------- ------
SHORT/INTERMEDIATE FIXED INCOME FUND
---------------------------------------------------------------------- ------
2000* 0.98% 5.46% 1.15% 5.29% 17.47%
2000 1.02 5.28 1.18 5.12 36.41
1999 0.97 5.05 1.13 4.89 21.36
1998 0.99 5.54 1.15 5.38 26.58
1997 0.97 5.01 1.08 4.90 4.73
1996(2) 0.89 5.34 1.02 5.21 41.45
1995 0.88 5.63 1.51 5.00 9.93
-----------------------------------------------------------------------------
FIXED INCOME FUND
-----------------------------------------------------------------------------
0.96% 5.62% 1.14% 5.44 31.69%
0.91 5.68 1.08 5.51 18.39
0.88 5.78 1.05 5.61 31.35
0.89 5.74 1.05 5.58 19.03
0.89 4.48 1.00 4.37 12.66
0.83 5.94 0.96 5.81 37.35
0.87 6.98 1.51 6.34 7.04
-----------------------------------------------------------------------------
BALANCED FUND
-----------------------------------------------------------------------------
1.91% 2.90% 2.31% 2.50% 40.71%
1.10 3.16 1.42 2.84 31.43
1.01 3.20 1.32 2.89 33.17
0.88 3.37 1.43 2.82 10.46
1.16 3.25 3.04 1.37 5.92
<FN>
* For the six month period ended September 30, 2000. All ratios for the
period have been annualized.
+ Returns are for the period indicated and have not been
annualized.
(1) Performance data for each Fund prior to April 10, 1995 relates to a
corresponding predecessor First Omaha Fund, the assets of which were
acquired on that date.
(2) Commenced operations on April 10, 1995. All ratios for the period have
been annualized.
(3) Commenced operations on August 6, 1996. All ratios for the period have been
annualized.
(4) Commenced operations on April 1, 1998. All ratios for the period have
been annualized.
(5) Commenced operations on June 10, 1996. All ratios for the period have been
annualized.
</FN>
</TABLE>
See notes to financial statements.
[graphic omitted]20
<PAGE>
<TABLE>
<CAPTION>
FIRST OMAHA FUNDS [GRAPHIC OMITTED]Semi-Annual Report
-------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EQUITY FUND
---------------------------------------------------------------------------------------------------------------------------
2000* $ 9.00 $0.05 $0.15 $(0.05) $ -- $ 9.15 2.25% $ 60,778 1.19% 1.10% 1.31%
2000 13.36 0.19 (1.21) (0.19) (3.15) 9.00 (9.29) 87,537 1.07 1.47 1.18
1999 16.19 0.26 (1.66) (0.26) (1.17) 13.36 (9.20) 231,586 1.03 1.74 1.15
1998 13.74 0.29 3.50 (0.29) (1.05) 16.19 28.89 312,073 1.03 1.89 1.14
1997 13.07 0.30 1.63 (0.30) (0.96) 13.74 14.99 259,200 1.04 2.17 1.10
1996(2) 11.39 0.28 2.13 (0.28) (0.45) 13.07 21.52 224,169 0.99 2.32 1.07
1995 10.48 0.21 1.48 (0.22) (0.56) 11.39 16.48 161,323 1.03 2.50 1.62
---------------------------------------------------------------------------------------------------------------------------
GROWTH FUND
---------------------------------------------------------------------------------------------------------------------------
2000* $11.44 $0.02 $0.14 $(0.02) $ -- $ 11.58 1.38% $22,922 0.99% 0.37% 1.33%
2000 9.48 0.01 1.95 -- -- 11.44 20.72 23,013 1.03 0.10 1.41
1999(4) 10.00 0.10 (0.53) (0.09) -- 9.48 (4.28) 14,318 1.21 1.15 1.63
---------------------------------------------------------------------------------------------------------------------------
SMALL CAP VALUE FUND
---------------------------------------------------------------------------------------------------------------------------
2000* $10.31 $0.03 $1.62 $(0.03) $ -- $11.93 16.09% $ 8,736 1.77% 0.61% 2.33%
2000 9.85 0.10 0.65 (0.10) (0.19) 10.31 7.55% 8,624 1.46 0.89 2.02
1999 12.94 0.18 (2.73) (0.18) (0.36) 9.85(20.18) 13,096 1.21 1.55 1.71
1998 10.52 0.19 2.88 (0.19) (0.46) 12.94 29.60 17,019 1.11 1.62 1.92
1997(5) 10.00 0.15 0.58 (0.15) (0.06) 10.52 7.30 7,173 1.34 2.15 3.76
</TABLE>
21[graphic omitted]
<PAGE>
Semi-Annual Report [graphic omitted] FIRST OMAHA FUNDS
--------------------------------------------------------------------------------
Notes to Financial Statements
September 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
1.ORGANIZATION
First Omaha Funds, Inc. (the "Company") was organized in October, 1994 as a
Nebraska corporation and is registered under the Investment Company Act of 1940,
as amended (the "1940 Act"), as an open-end management investment company
issuing its shares in series, each series representing a distinct portfolio with
its own investment objectives and policies. At September 30, 2000, the only
series presently authorized are the U.S. Government Money Market Fund, the
Short/Intermediate Fixed Income Fund, the Fixed Income Fund, the Balanced Fund,
the Equity Fund, the Growth Fund and the Small Cap Value Fund (individually
referred to as a "Fund" and collectively as the "Funds").
2.SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. These
policies are in conformity with generally accepted accounting principles.
(a) Investment Valuation
Securities traded over-the-counter or on a national securities exchange are
valued on the basis of market value in their principal and most representative
market. Securities where the principal and most representative market is a
national securities exchange are valued at the latest reported sale price on
such exchange. Exchange-traded securities for which there were no transactions
are valued at the latest reported bid price.
Securities traded on only over-the-counter markets are valued at the latest bid
price. Debt securities (other than short-term instruments) are valued at prices
furnished by a pricing service, subject to review by the respective Fund's
investment adviser, First National Bank of Omaha ("First National") or FNC Trust
Group, n.a. ("FNC"; collectively, the "Advisers"), and determination of the
appropriate price whenever a furnished price is significantly different from
the previous day'sfurnished price. Short-term obligations (maturing within
60 days) are valued on an amortized cost basis. Securities for which
quotations are not readily available and other assets are valued at fair value
as determined in good faith by the Adviser under the supervision of the Board
of Directors.
Pursuant to Rule 2a-7 of the 1940 Act, investments of the U.S. Government Money
Market Fund are valued at either amortized cost, which approximates market
value, or at original cost, which combined with accrued interest, approximates
market value. Under the amortized cost valuation method, discount or premium is
amortized on a constant basis to the maturity of the security. In addition, the
Fund may not (i) purchase any instrument with a remaining maturity greater than
13 months unless such investment is subject to a demand feature, or (ii)
maintain a dollar-weighted average portfolio maturity which exceeds 90 days.
(b) Repurchase Agreements
The Funds may acquire repurchase agreements from financial institutions such as
banks and broker/dealers which the Advisers deem creditworthy under guidelines
approved by the Board of Directors, subject to the seller's agreement to
repurchase such securities at a mutually agreed-upon date and price. The
repurchase price generally equals the price paid by each Fund plus interest
negotiated on the basis of current short-term rates, which may be more or less
than the rate on the underlying portfolio securities. The seller, under a
repurchase agreement, is required to maintain the value of collateral held
pursuant to the agreement at not less than the repurchase price (including
accrued interest). Securities subject to repurchase agreements are held by the
Funds' custodian or another qualified custodian or in the Federal
Reserve/Treasury book-entry system. Repurchase agreements are considered to be
loans by the Funds under the 1940 Act.
[graphic omitted]22
<PAGE>
FIRST OMAHA [GRAPHIC OMITTED] Semi-Annual Report
--------------------------------------------------------------------------------
(c) Organization Costs
Costs incurred by the Funds in connection with their organization, registration
and the initial public offering of shares have been deferred and will be
amortized on a straight-line basis over a period of five years from the date
upon which the Funds commenced their investment activities. Organization costs
have been allocated equally among the respective Funds or by specific
identification, as applicable. If any of the original shares of a Fund are
redeemed by any holder thereof prior to the end of the amortization period, the
redemption proceeds will be reduced by the pro rata share of the unamortized
expenses as of the date of redemption. The pro rata share by which the proceeds
are reduced will be derived by dividing the number of original shares of the
Fund being redeemed by the total number of original shares outstanding at the
time of redemption.
(d) Expenses
Each Fund is charged for those expenses that are directly attributable to the
Fund, such as advisory and custodian fees. Expenses that are not directly
attributable to a Fund are typically allocated among the Funds in proportion to
their respective net assets.
(e) Distributions to Shareholders
The U.S. Government Money Market Fund declares dividends of net investment
income daily, and the remaining Funds declare dividends monthly. All of the
Funds pay dividends of net investment income monthly. Distributions of net
realized capital gains, if any, will be declared at least annually.
Distributions to shareholders are recorded on the ex-dividend date.
The character of distributions made during the year from net investment income
or net realized gains may differ from the characterization for federal income
tax purposes due to differ ences in the recognition of income, expense or gain
items for financial statement and tax purposes. Where appropriate,
reclassifications between net asset accounts are made for such differences that
are permanent in nature.
(f) Federal Income Taxes
Each Fund intends to comply with the requirements of the Internal Revenue Code
necessary to qualify as a regulated investment company and to make the requisite
distributions of the income to its shareholders which will be sufficient to
relieve it from all or substantially all federal income taxes.
As of March 31, 2000, each of the U.S. Government Money Market Fund,
Short/Intermediate Fixed Income Fund, Growth Fund, and Small Cap Value Fund had
federal income tax capital loss carryforwards of $25,604, $226,767, $732,430 and
$43,494, respectively. The $25,604 federal income tax loss carryforward for the
U.S. Government Money Market Fund expires as follows: $14,927 in 2003, $3,242 in
2006 and $7,435 in 2008. the $226,767 federal income tax loss carryforward for
the Short/Intermediate Fixed Income Fund expires as follows: $61,572 in 2003,
$109,194 in 2004 and $56,001 in 2005. The $735,430 federal income tax loss
carryforward for the Growth Fund expires as follows: $267,823 in 2007 and
$464,607 in 2008. The entire federal income tax carryforward for the Small Cap
Value Fund expires in 2008. It is management's intention to make no distribution
of any future realized capital gains until the federal income tax loss
carryforwards are exhausted.
(g) Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported changes in net assets during the reporting
period. Actual results could differ from those estimates.
23[graphic omitted]
<PAGE>
Semi-Annual Report (C) FIRST OMAHA FUNDS
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
September 30, 2000 (Unaudited)
(h) Other
Investment transactions are accounted for on the trade date. The Funds determine
the gain or loss realized from investment transactions by comparing the original
cost of the security lot sold with the net sale proceeds. Dividend income is
recognized on the ex-dividend date and interest income is recognized on an
accrual basis. Original issue discount is amortized over the expected life of
each applicable security.
3.INVESTMENT ADVISORY AND OTHER AGREEMENTS
The Funds have agreements with the respective Advisers to furnish investment
advisory services to the Funds. Under the terms of these agreements, the Funds
will pay a monthly fee at the annual rate of the following percentages on
average daily net assets: to First National, 0.25% for the U.S. Govern-ment
Money Market Fund, 0.50% for the Short/Intermediate Fixed Income Fund, 0.60% for
the Fixed Income Fund, 0.75% for the Balanced Fund, 0.75% for the Equity Fund
and 0.85% for the Small Cap Value Fund; and to FNC, 0.75% for the Growth Fund.
For the period ended September 30, 2000, advisory fees of $168,436, $5,113,
$11,360, $7,949, $25,817 and $14,535 were waived in the U.S. Government Money
Market Fund, the Short/Intermediate Fixed Income Fund, the Fixed Income Fund,
the Balanced Fund, the Growth Fund and the Small Cap Value Fund, respectively.
First National also serves as custodian and transfer agent for each of the
Funds. The custodian receives compensation from each of the Funds for such
services in an amount equal to a fee, computed daily and payable monthly, at an
annual rate of 0.03% of each Fund's average daily net assets. For the period
ended September 30, 2000, custody fees of $3,068, $6,816, $1,192, $10,440,
$3,098 and $1,246 were waived in the Short/Intermediate Fixed Income Fund, the
Fixed Income Fund, the Balanced Fund, the Equity Fund, the Growth Fund and the
Small Cap Value Fund, respectively. The transfer agent also receives
compensation from each of the Funds for such services.
SEI Investments Mutual Funds Services (the "Administrator") acts as
Administrator for each of the Funds. As compensation for its administrative and
accounting services the Administrator is entitled to a fee, computed daily and
payable monthly, at an annual rate of 0.20% of each Fund's average daily net
assets, subject to a minimum fee of $638,500. Prior to October 1, 2000,
administrative services were provided by Sunstone Financial Group, Inc. for an
annual fee of 0.20% of the Funds. For the period ended September 30, 2000,
administrative fees of $88,126, $4,376, $9,721, $5,342, $14,886, $5,936 and
$5,693 were waived in the U.S. Government Money Market Fund, the
Short/Intermediate Fixed Income Fund, the Fixed Income Fund, the Balanced Fund,
the Equity Fund, the Growth Fund and the Small Cap Value Fund, respectively.
The Advisers and the Administrator may periodically volunteer to reduce all or a
portion of their fees with respect to one or more Funds. These waivers may be
terminated at any time. The Advisers and the Administrator may not seek
reimbursement of such voluntarily reduced fees at a later date. The reduction of
such fees will cause the yield of that Fund to be higher than it would be in the
absence of such reduction.
SEI Investments Distribution Co. (the "Distributor") acts as Distributor for
each of the Funds. The Distributor receives no compensation from the Funds under
its Distribution Agreement with the Company, but may receive compensation under
the Distribution and Service Plan at an annual rate of 0.25% of the average
daily net assets of each of the Funds' shares.
[graphic omitted]24
<PAGE>
--------------------------------------------------------------------------------
FIRST OMAHA FUNDS [GRAPHIC OMITTED] Semi-Annual Report
--------------------------------------------------------------------------------
4.DISTRIBUTION AND SERVICE PLAN
Pursuant to Rule 12b-1 under the 1940 Act, the Company has adopted a
Distribution and Service Plan (the "Plan"), under which each Fund is authorized
to pay a periodic amount representing distribution expenses calculated at an
annual rate not to exceed 0.25% of the average daily net assets of that Fund.
Such amount may be used to pay banks, broker/dealers and other institutions,
which may include the Advisers, their correspondent and affiliated banks and the
Distributor (each a "Participating Organization") for distribution and/or
shareholder service assistance pursuant to an agreement between the Distributor
and the Participating Organization. As of September 30, 2000, there are no 12b-1
Agreements with any Participating Organizations.
5.ADMINISTRATIVE SERVICES PLAN
The Company has adopted an Administrative Services Plan pursuant to which each
Fund is authorized to pay compensation to banks and other financial
institutions, which may include the Advisers, their correspondent and affiliated
banks and the Administrator (each a "Service Organization"). Such Service
Organizations agree to provide certain ministerial, recordkeeping and/or
administrative support services for their customers or account holders who are
the beneficial or record owner of shares of that Fund. In consideration for such
services, a Service Organization receives a fee from a Fund, computed daily and
paid monthly at an annual rate of up to 0.25% of the average daily net asset
value of shares of that Fund owned beneficially or of record by such Service
Organization's customers for whom the Service Organization provides such
services. Effective November 1, 1996, the Company entered into an agreement
under the Plan with First National at an annual rate of 0.10% of the average
daily net assets serviced for each of the Short/Intermediate Fixed Income Fund,
the Fixed Income Fund, the Balanced Fund, the Equity Fund and the Small Cap
Value Fund. For the period ended September 30, 2000, fees of $9,407, $22,279,
$3,229, $32,721 and $3,838 were accrued under this agreement, respectively, and
fees of $4,714, $11,741, $1,649, $17,786 and $1,922 were waived by First
National, respectively.
6.CAPITAL STOCK
The Company is authorized to issue a total of 1,000,000,000 shares of common
stock in series with a par value of $0.00001 per share. The Board of Directors
is empowered to issue other series of the Company's shares without shareholder
approval.
Each share of stock will have a pro rata interest in the assets of the Fund to
which the stock of that series relates and will have no interest in the assets
of any other Fund.
Transactions in shares of the Funds for the period ended September 30, 2000 were
as follows:
<TABLE>
<CAPTION> U.S Short/
Government Intermediate Fixed Small Cap
Money Market Fixed Income Income Balanced Equity Growth Value
Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
Shares sold 450,669,909 668,390 524,341 119,311 399,454 1,069,188 124,538
-----------------------------------------------------------------------------------------------------------------------------
Shares issued to holders
in reinvestment of dividends 211,335 47,140 129,284 12,749 41,580 2,579 2,227
-----------------------------------------------------------------------------------------------------------------------------
Shares redeemed (485,988,076) (763,510) (1,083,882) (686,644)(3,529,673)(1,103,429)(230,557)
-----------------------------------------------------------------------------------------------------------------------------
Net decrease (35,106,832) (47,980) (430,257) (554,584)(3,088,639) (31,662)(103,792)
=========== ====== ========= ======= ========= ========== =======
</TABLE>
25[graphic omitted]
<PAGE>
Semi-Annual Report [graphic omitted]FIRST OMAHA FUNDS
--------------------------------------------------------------------------------
Notes to Financial Statements (concluded)
September 30, 2000 (Unaudited)
Transactions in shares of the Funds for the year ended March 31, 2000 were as
follows:
<TABLE> U.S Short/
<CAPTION> Government Intermediate Fixed Small Cap
Money Market Fixed Income Income Balanced Equity Growth Value
Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------------
Shares sold 951,251,913 1,218,300 1,031,125 587,089 1,912,487 1,775,315 381,013
-----------------------------------------------------------------------------------------------------------------------------------
Shares issued to holders in
reinvestment of dividends 206,720 94,396 484,273 182,260 3,826,799 622 23,392
-----------------------------------------------------------------------------------------------------------------------------------
Shares redeemed (777,297,839) (1,275,787)(4,365,668) (1,635,676) (13,349,968)(1,274,645) (898,176)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) 174,160,794 36,909 (2,850,270) (866,327) (7,610,682) 501,292 (493,771)
============ ========= ========== ========= ========== ========= =======
</TABLE>
7.INVESTMENT TRANSACTIONS
The aggregate purchases and sales of securities, excluding short-term
investments, for the Funds for the period ended September 30, 2000 were as
follows:
<TABLE>
<CAPTION> U.S Short/
Government Intermediate Fixed Small Cap
Money Market Fixed Income Income Balanced Equity Growth Value
Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------------
Purchases
U.S. Government $451,119,487 $3,982,786 $12,505,891 $2,434,147 -- -- --
Other -- -- 1,516,455 630,328 $8,897,531 $5,320,218 $1,362,591
---------------------------------------------------------------------------------------------------------------------------
Sales
U.S. Government 472,556,078 496,990 2,941,264 1,496,211 -- -- --
Other -- 2,893,793 13,823,950 6,541,064 31,922,608 4,352,561 2,046,818
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
As of September 30, 2000, gross unrealized appreciation and depreciation of
investments, were as follows:
<TABLE> U.S Short/
<CAPTION> Government Intermediate Fixed Small Cap
Money Market Fixed Income Income Balanced Equity Growth Value
Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
Appreciation $-- $ 80,054 $ 172,128 $ 472,997 $11,801,093 $ 5,424,512 $ 1,688,895
-----------------------------------------------------------------------------------------------------------------------------
(Depreciation) -- (517,551) (1,664,868) (390,028) (5,817,516) (1,227,487) (1,171,770)
-----------------------------------------------------------------------------------------------------------------------------
Net appreciation
(depreciation) on investments $-- $(437,497) $(1,492,740) $ 82,969 $ 5,983,577 $ 517,125 4,197,025
===== ========= =========== ========= =========== ========== ==========
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
As of September 30, 2000, the cost of investments for federal income tax
purposes is substantially the same as for financial statement purposes.
[graphic omitted]26
<PAGE>
This page intentionally left blank.
<PAGE>
This page intentionally left blank.
NOTICE TO INVESTORS
Shares of the First Omaha Funds are:
NOT FDIC INSURED
May lose value
No bank guarantee
An investment in the U.S. Government Money Market Fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. Although the Fund seeks to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in the Fund. The
First Omaha Funds are distributed by SEI Investments Distribution Co.
<PAGE>
INVESTMENT ADVISER AND CUSTODIAN
First National Bank of Omaha
Attention: Trust Division
1620 Dodge
Omaha, Nebraska 68102
ADMINISTRATOR
SEI Investments Mutual Funds Services
One Freedom Valley Drive
Oaks, Pennsylvania 19456
DISTRIBUTOR
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, Pennsylvania 19456
LEGAL COUNSEL
Cline, Williams, Wright, Johnson & Oldfather
One Pacific Place
1125 S. 103rd St., Suite 720
Omaha, Nebraska 68124-1071
AUDITORS
KPMG Peat Marwick LLP
Two Central Park Plaza, Suite 1501
Omaha, Nebraska 68102
This report has been prepared for the general information of First Omaha Funds
shareholders. It is not authorized for distribution to prospective investors
unless accompanied or preceded by an effective First Omaha Funds prospectus. The
prospectus contains more complete information about First Omaha Funds'
investment objectives, management fees and expenses, risks and operating
policies. Please read the prospectus carefully before investing or sending
money.
For more information
call 1-800-OMAHA-03
or write to:
First Omaha Funds
P.O. Box 419022
Kansas City, Missouri 64141-6022
