UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549





FORM 10-K/A

(Amendment No. 1)





(Mark One)

|☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------

For fiscal year ended December 31, 2017

OR



|☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------

For the transition period from
                     to

Commission File Number of Issuing Entity:
333-209738-01

Central Index Key of Issuing Entity:
0001396730





FIRST NATIONAL MASTER NOTE TRUST

(Exact name of Issuing Entity as specified in its charter)





Commission File Number of Depositor: 333-209738

Central Index Key of Depositor: 0001171040





FIRST
NATIONAL FUNDING LLC

(Exact name of Depositor as specified in its charter)





Central Index Key of Sponsor: 0000036644





FIRST
NATIONAL BANK OF OMAHA

(Exact name of Sponsor as specified in its charter)







|                                                                                 |  |                                                    
|-------------------------------------------------------------------------------- |  | ---------------------------------------------------
|Nebraska                                                                         |  | Not Applicable                                     
|(State or other jurisdiction of incorporation
or organization of Issuing Entity) |  | (IRS Employer Identification
No. of Issuing Entity)

1620 Dodge Street, Stop Code 3271, Omaha, Nebraska 68197

(Address of principal executive offices of Issuing Entity) (Zip Code)

(402) 341-0500

(Issuing Entitys telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

None

Securities
Registered Pursuant to Section 12(g) of the Act:

None

Title of Each Class





Indicate by
check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    YES  ☐    NO  ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Act.    YES  ☐    NO  ☒

Indicate by check mark whether the
registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.    YES  ☒    NO  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
required to submit and post such files).    YES  ☒    NO  ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K
(§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):



| |  |                         |  |                                                  |  |                           |  |  
| |  | ----------------------- |  | ------------------------------------------------ |  | ------------------------- |  | -
| |  | Large accelerated filer |  | ☐                                                |  | Accelerated filer         |  | ☐
| |  |                         |  |                                                 
| |  | Non-accelerated filer   |  | ☒  (Do not check if a smaller reporting company) |  | Smaller reporting company |  | ☐
| |  |                         |  |                                                 
| |  | Emerging Growth Company |  | ☐                                                |  |                           |  |  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act).    YES  ☐    NO  ☒

State the aggregate market
value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid
and asked price of such common equity, as of the last business day of the registrants most recently completed second fiscal quarter.

Registrant does not have any voting or non-voting common equity held by
non-affiliates as of the date of this report, has not been involved in bankruptcy proceedings during the past five years and is not a corporate registrant.

DOCUMENTS INCORPORATED BY REFERENCE

No
documents have been incorporated by reference into this Form 10-K.









---

EXPLANATORY NOTE

This Amendment No. 1 on Form 10-K/A (Amendment No. 1) is being filed to amend
our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (Original Form 10-K), filed with the U.S. Securities and Exchange Commission
on March 29, 2018 (Original Filing Date). The purpose of this Amendment No. 1 is to amend Exhibit 33.1 to indicate that Items 1122(d)(4)(xi), 1122(d)(4)(xii), and Item 1122(d)(4)(xiii) are inapplicable servicing criteria, which
criteria were inadvertently omitted from Exhibit 33.1 to the Original Form 10-K.

Except as
described above, this Amendment No. 1 does not modify or update in any way Original Form 10-K, nor does it reflect events occurring after the filing of the Original Form
10-K. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Form 10-K.

PART I

THE FOLLOWING ITEMS HAVE BEEN
OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K:



|    |  |          |  |                  
|--- |  | -------- |  | -----------------
|(A) |  | Item 1:  |  | Business         
|    |  |         
|(B) |  | Item 1A: |  | Risk Factors     
|    |  |         
|(C) |  | Item 2:  |  | Properties       
|    |  |         
|(D) |  | Item 3:  |  | Legal Proceedings

Item 1B. Unresolved Staff Comments.

Not Applicable.

Item 4. Mine Safety
Disclosures

Not Applicable.

PART II

THE FOLLOWING ITEMS HAVE BEEN
OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K:



|    |  |          |  |                                                                                                                 
|--- |  | -------- |  | ----------------------------------------------------------------------------------------------------------------
|(F) |  | Item 5:  |  | Market for the Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|    |  |         
|(G) |  | Item 6:  |  | Selected Financial Data                                                                                         
|    |  |         
|(H) |  | Item 7:  |  | Managements Discussion and Analysis of Financial Condition and Results of Operation                            
|    |  |         
|(I) |  | Item 7A: |  | Quantitative and Qualitative Disclosures About Market Risk                                                      
|    |  |         
|(J) |  | Item 8:  |  | Financial Statements and Supplementary Data                                                                     
|    |  |         
|(K) |  | Item 9:  |  | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure                            
|    |  |         
|(L) |  | Item 9A: |  | Controls and Procedures                                                                                         

Item 9B. Other Information.

None.



---

PART III

THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K:



|    |  |          |  |                                                                                               
|--- |  | -------- |  | ----------------------------------------------------------------------------------------------
|(M) |  | Item 10: |  | Directors, Executive Officers and Corporate Governance                                        
|    |  |         
|(N) |  | Item 11: |  | Executive Compensation                                                                        
|    |  |         
|(O) |  | Item 12: |  | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|    |  |         
|(P) |  | Item 13: |  | Certain Relationships and Related Transactions, and Director Independence                     
|    |  |         
|(Q) |  | Item 14: |  | Principal Accountant Fees and Services                                                        

PART IV

Item 15. Exhibits and Financial Statement Schedules.



| | a) | Listed below are the documents filed as part of this report:
| | -- | ------------------------------------------------------------



| | 1) | Financial Statements. None. In accordance with General Instruction J to Form 10-K, the Financial Statements required by Item 8 of Form 10-K
have been omitted.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2) | Financial Schedules. None. In accordance with General Instruction J to Form 10-K, any Financial Schedules required by Item 8 of Form 10-K
have been omitted.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3) | Exhibits. See Item 15(b) below.
| | -- | -------------------------------



| | b) | The exhibits listed on the Exhibit Index are filed as part of, or incorporated by reference into, this report on Form 10-K.
| | -- | ---------------------------------------------------------------------------------------------------------------------------



| | c) | See Item 15(a) above.
| | -- | ---------------------

Item 16. Form 10K Summary

None.

SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH
GENERAL INSTRUCTION J TO FORM 10-K:

Item 1112(b) of Regulation AB. Significant Obligors of
Pool Assets (Financial Information).

Not applicable.



2



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Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives
Instruments (Financial Information Regarding Significant Enhancement Providers).

Not applicable.

Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information).

Not applicable.

Item 1117 of Regulation
AB. Legal Proceedings.

In re: Payment Card Fee and Merchant Discount Antitrust Litigation

Beginning in June 2005, several retail merchants filed lawsuits in federal courts, claiming to represent a class of similarly situated merchants, and
alleging that MasterCard and VISA USA, together with their members, conspired to charge retailers excessive interchange in violation of federal antitrust laws. In October 2005, these suits were consolidated in In re: Payment Card Fee and
Merchant Discount Antitrust Litigation (MDL 1720) and venued in the United States District Court for the Eastern District of New York. The plaintiffs seek unspecified treble damages, injunctive relief, attorneys fees and costs.

On April 24, 2006, plaintiffs filed a first consolidated and amended complaint, naming First National Bank of Omaha (the Bank) and
others as defendants. The plaintiffs realleged the claims in their original complaints and further claimed that defendants violated federal and California antitrust laws by combining to impose certain fees and to adopt rules and practices of VISA
USA and MasterCard that the plaintiffs contend constitute unlawful restraints of trade. In July 2007, the Bank entered into judgment and loss sharing agreements (the sharing agreements) with VISA USA and certain financial institutions to
apportion financial responsibilities arising from any potential adverse judgment or settlement. In 2010, the Bank entered into additional contracts among the defendants relating to the apportionment of financial responsibilities which may arise from
any potential adverse judgment or settlement. The Bank and other defendants signed amendments to the above-referenced agreements, including the most recent in October 2015, to clarify and further define the scope of coverage for potential adverse
judgments or settlements.

On October 19, 2012, the parties entered into a settlement agreement to resolve these claims. The terms of the settlement
agreement include: (a) a comprehensive release from class members for liability arising out of the claims asserted in the litigation; (b) certain settlement payments; (c) distribution to class merchants of a portion of interchange
across all credit rate categories for a period of eight consecutive months; and (d) certain modifications to the networks rules. The court granted preliminary approval of the settlement agreement on November 9, 2012 and on
December 13, 2013 the court granted final approval of the settlement agreement. The court entered the formal Class Settlement Order and Final Judgment on January 14, 2014 (the Order). A series of appeals were filed in
response to the Order and on June 30, 2016, the U.S. Court of Appeals for the Second Circuit reversed the Order and vacated the lower courts certification of the merchant class. On November 23, 2016 Class Plaintiffs filed a
Petition for Writ of Certiorari with the U.S. Supreme Court seeking a review of the Second Circuits decision. On March 27, 2017, the U.S. Supreme Court issued an Order denying Class Plaintiffs Petition for Writ of Certiorari.



3



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In furtherance of the Second Circuits Order, the district court in MDL 1720 has appointed separate interim co-lead counsel for a Rule 23(b)(2) Putative Injunctive Relief Class and a Rule 23(b)(2(3) Putative Damages Claim. The parties are currently engaged in discovery to supplement the record evidence established
through the initial discovery period which concluded in November 2008.

Pursuant to accounting guidance on guarantees, the Bank, as part of the contingent
litigation accrual, has recorded on its books the fair value of its potential obligations under the additional contracts it entered into in 2010, as amended and referred to above. This liability is subject to significant estimation risk and may
materially change. Furthermore, management cannot predict with any degree of certainty how the final outcome of MDL 1720 may impact the broader credit card industry, and in this regard, the Bank.

Other Litigation Concerning the Credit Card Industry

Other antitrust lawsuits have been filed against VISA and MasterCard from time to time. The Bank has not been a party to any material suits; however, the Bank
is a member of the MasterCard and VISA USA associations and these suits have been covered in the sharing agreements referred to above. In each of these covered matters settled to date, the Visa portion of the settlement payments have been made from
the escrow created by VISAs stock offerings, and the MasterCard portion has been paid in accordance with the MasterCard sharing agreements referenced above.

Since 2014 various plaintiffs or groups of plaintiffs, primarily investors, have filed claims against U.S. Bank National Association (U.S. Bank),
in its capacity as trustee or successor trustee (as the case may be) under certain residential mortgage backed securities (RMBS) trusts. The plaintiffs or plaintiff groups have filed substantially similar complaints against other RMBS
trustees, including Deutsche Bank, Citibank, HSBC, Bank of New York Mellon and Wells Fargo. The complaints against U.S. Bank allege the trustee caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and
servicers for these RMBS trusts and assert causes of action based upon the trustees purported failure to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties concerning loan quality.
The complaints also assert that the trustee failed to notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and that the trustee purportedly failed to abide by a
heightened standard of care following alleged events of default.

Currently U.S. Bank is a defendant in multiple actions alleging individual or class
action claims against the trustee with respect to multiple trusts as described above with the most substantial case being: BlackRock Balanced Capital Portfolio et al v. U.S. Bank National Association, No. 605204/2015 (N.Y. Sup. Ct.)
(class action alleging claims with respect to approximately 770 trusts) and its companion case BlackRock Core Bond Portfolio et al v. U. S. Bank National Association, No.
14-cv-9401 (S.D.N.Y.). Some of the trusts implicated in the aforementioned BlackRock cases, as well as other trusts, are involved in actions brought by separate groups
of plaintiffs related to no more than 100 trusts per case.



4



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U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these
litigations on the trustee or the RMBS trusts. However, U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors and that it has
meritorious defenses, and it intends to contest the plaintiffs claims vigorously.

Item 1119 of Regulation AB. Affiliations and Certain
Relationships and Related Transactions.

The information required by Item 1119 of Regulation AB has been omitted from this report on
Form 10-K in reliance on the Instruction to Item 1119.

Item 1122 of Regulation AB. Compliance with
Applicable Servicing Criteria.

Each of FNBO and U.S. Bank National Association (the Trustee) (each, a Servicing
Participant), has been identified by the registrant as a party participating in the servicing function during the reporting period with respect to more than 5% of the pool assets held by the Trust. Each of the Servicing Participants has
completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a Report on Assessment) during the Trusts fiscal year ending December 31, 2017, which Reports on
Assessment are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, an Attestation Report) by a registered independent
public accounting firm regarding its related Report on Assessment. Each Attestation Report is attached as an exhibit to this Form 10-K. Neither the Reports on Assessment nor the Attestation Reports have
identified any material instances of noncompliance with the servicing criteria applicable to the Servicing Participants.

Item 1123 of Regulation
AB. Servicer Compliance Statement.

FNBO has been identified by the registrant as a servicer during the reporting period with respect
to the pool assets held by the Trust. FNBO has provided a Servicer Compliance Statement, signed by an authorized officer, and such Servicer Compliance Statement is attached as an exhibit to this
Form 10-K.



5



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EXHIBIT INDEX



|             |  |                                                                                                                                                                                                                                                                                                                                                                         
|------------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit 3.1  |  | Articles of Organization of First National Funding LLC*                                                                                                                                                                                                                                                                                                                 
|             | 
|Exhibit 3.2  |  | Operating Agreement of First National Funding LLC, dated as of October 24, 2002*                                                                                                                                                                                                                                                                                        
|             | 
|Exhibit 4.1  |  | Second Amended and Restated Master Indenture, dated as of September 
23, 2016, between First National Master Note Trust and U.S. Bank National Association ***                                                                                                                                                                                                          
|             | 
|Exhibit 4.2  |  | Omnibus Instrument of Appointment and Acceptance of U.S. Bank National Association As Successor Indenture Trustee, dated as of June 
18, 2013, among U.S. Bank National Association, The Bank of New York Mellon Trust Company, N.A. and First National Master Note Trust and acknowledged and accepted by First National Funding LLC and First National Bank of Omaha**
|             | 
|Exhibit 4.3  |  | Series 2015-1 Indenture Supplement dated as of September 
17, 2015 between First National Master Note Trust and U.S. Bank National Association, as indenture trustee****                                                                                                                                                                                                
|             | 
|Exhibit 4.4  |  | Form of Indenture Supplement, including form of Notes***                                                                                                                                                                                                                                                                                                                
|             | 
|Exhibit 4.5  |  | Series 2017-1 Indenture Supplement dated as of April 
25, 2017 between First National Master Note Trust and U.S. Bank National Association, as indenture trustee*****                                                                                                                                                                                                   
|             | 
|Exhibit 4.6  |  | Risk Retention Agreement dated as of April 
25, 2017 by and among First National Bank of Omaha, First National Funding LLC and First National Master Note Trust*****                                                                                                                                                                                                    
|             | 
|Exhibit 4.7  |  | Series 2017-2 Indenture Supplement dated as of October 
19, 2017 between First National Master Note Trust and U.S. Bank National Association, as indenture trustee******                                                                                                                                                                                                
|             | 
|Exhibit 4.8  |  | Risk Retention Agreement dated as of October 
19, 2017 by and among First National Bank of Omaha, First National Funding LLC and First National Master Note Trust******                                                                                                                                                                                                 
|             | 
|Exhibit 4.9  |  | Second Amended and Restated Transfer and Servicing Agreement, dated as of September 
23, 2016, among First National Funding LLC, First National Bank of Omaha and First National Master Note Trust ***                                                                                                                                                                  
|             | 
|Exhibit 4.10 |  | Second Amended and Restated Trust Agreement of First National Master Note Trust, dated as of September 
23, 2016, between First National Funding LLC and Wilmington Trust Company ***                                                                                                                                                                                   
|             | 
|Exhibit 4.11 |  | Second Amended and Restated Administration Agreement, dated as of September 
23, 2016, between First National Master Note Trust and First National Bank of Omaha ***                                                                                                                                                                                                    
|             | 
|Exhibit 4.12 |  | Second Amended and Restated Receivables Purchase Agreement, dated as of September 
23, 2016, between First National Bank of Omaha and First National Funding LLC ***                                                                                                                                                                                                    
|             | 
|Exhibit 4.13 |  | Asset Representations Review Agreement among First National Bank of Omaha, First National Funding LLC, First National Master Note Trust and FTI
Consulting, Inc.***                                                                                                                                                                                                     
|             | 
|Exhibit 23.1 |  | Consent of Independent Registered Public Accounting Firm.******                                                                                                                                                                                                                                                                                                         
|             | 
|Exhibit 31.1 |  | Certification pursuant to Rule 13a-14(a)/ 15d14(a) of the Securities Exchange Act of 1934 (Section
 302 Certification). ******                                                                                                                                                                                                                                         
|             | 
|Exhibit 33.1 |  | Report on Assessment of Compliance with Servicing Criteria (pursuant to Item 1122 of Regulation AB) concerning servicing activities of FNBO for the year ended December 31, 2017.                                                                                                                                                                                       
|             | 
|Exhibit 33.2 |  | Report on Assessment of Compliance with Servicing Criteria (pursuant to Item 1122 of Regulation 
AB) concerning servicing activities of the Trustee for the year ended December 31, 2017. ******                                                                                                                                                                        
|             | 
|Exhibit 34.1 |  | Independent Registered Public Accounting Firm Attestation Report concerning servicing activities of FNBO for the year ended December 
31, 2017. ******                                                                                                                                                                                                                  
|             | 
|Exhibit 34.2 |  | Independent Registered Public Accounting Firm Attestation Report concerning servicing activities of the Trustee for the year ended December 31,
 2017. ******                                                                                                                                                                                                           
|             | 
|Exhibit 35.1 |  | Servicer Compliance Statement (pursuant to Item 1123 of Regulation AB) of FNBO for the year ended December 31, 2017.
******                                                                                                                                                                                                                                             



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|* | Incorporated by reference from registrants Form S-3 filed on January 29, 2007, file no. 333-140273
|- | ---------------------------------------------------------------------------------------------------

|** | Incorporated by reference from registrants Form S-3 filed on July 24, 2013, file no. 333-190096
|-- | ------------------------------------------------------------------------------------------------

|*** | Incorporated by reference from registrants Form 8-K filed on September 28, 2016, file no. 333- 209738
|--- | ------------------------------------------------------------------------------------------------------

|**** | Incorporated by reference from registrants Form 8-K filed on September 18, 2015, file no. 333-190096
|---- | -----------------------------------------------------------------------------------------------------

|***** | Incorporated by reference from registrants Form 8-K filed on April 26, 2017, file no. 333-209738
|----- | -------------------------------------------------------------------------------------------------

|****** | Incorporated by reference from Registrants Form 10-K filed on March 29, 2018, file no. 333-140273
|------ | --------------------------------------------------------------------------------------------------



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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Issuing Entity has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.



|                   |  |                                  |  |                                                
|------------------ |  | -------------------------------- |  | -----------------------------------------------
|Dated: May 1, 2018 |  | FIRST NATIONAL MASTER NOTE TRUST
|                   |  |                                 
|                   |  | By:                              |  | First National Bank of Omaha,                  
|                   |  |                                  |  | As Servicer of First National Master Note Trust
|                   |  |                                 
|                   |  | By:                              |  | /s/ Timothy D. Hart                            
|                   |  |                                  |  | Timothy D. Hart, Senior Vice President         



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SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE
ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.

No annual report, proxy statement, form of
proxy or other proxy soliciting material has been sent to Noteholders during the period covered by this Annual Report on Form 10-K and the registrant does not intend to furnish such materials to Noteholders
subsequent to the filing of this report.