FIRST OMAHA FUNDS INC
NSAR-B, EX-27, 2000-05-30
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000932381
<NAME> FIRST OMAHA FUNDS
<SERIES>
   <NUMBER> 5
   <NAME> SMALL CAP VALUE FUND

<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          MAR-31-2000
<PERIOD-START>                             APR-01-1999
<PERIOD-END>                               MAR-31-2000
<INVESTMENTS-AT-COST>                        9,455,302
<INVESTMENTS-AT-VALUE>                       8,615,923
<RECEIVABLES>                                    7,909
<ASSETS-OTHER>                                  11,415
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               8,635,247
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       11,622
<TOTAL-LIABILITIES>                             11,622
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     9,927,088
<SHARES-COMMON-STOCK>                          836,246
<SHARES-COMMON-PRIOR>                        1,330,017
<ACCUMULATED-NII-CURRENT>                        2,196
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (466,280)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (839,379)
<NET-ASSETS>                                 8,623,625
<DIVIDEND-INCOME>                              232,281
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (156,385)
<NET-INVESTMENT-INCOME>                         96,043
<REALIZED-GAINS-CURRENT>                     (450,341)
<APPREC-INCREASE-CURRENT>                    1,416,459
<NET-CHANGE-FROM-OPS>                        1,062,161
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (102,839)
<DISTRIBUTIONS-OF-GAINS>                     (169,668)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        381,013
<NUMBER-OF-SHARES-REDEEMED>                    898,176
<SHARES-REINVESTED>                             23,392
<NET-CHANGE-IN-ASSETS>                     (4,472,497)
<ACCUMULATED-NII-PRIOR>                          7,063
<ACCUMULATED-GAINS-PRIOR>                      153,729
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           91,840
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                217,204
<AVERAGE-NET-ASSETS>                        10,746,009
<PER-SHARE-NAV-BEGIN>                             9.85
<PER-SHARE-NII>                                    .10
<PER-SHARE-GAIN-APPREC>                            .65
<PER-SHARE-DIVIDEND>                             (.10)
<PER-SHARE-DISTRIBUTIONS>                        (.19)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.31
<EXPENSE-RATIO>                                   1.46
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>


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