<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 Y
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
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<PAGE> PAGE 22
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<PAGE> PAGE 23
076 000400 0.00
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<PAGE> PAGE 24
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050 000500 N
051 000500 N
052 000500 N
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<PAGE> PAGE 25
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070 A020500 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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SIGNATURE JULIE GETCHELL
TITLE CHIEF ADMIN. OFFICER
LOGO
This report is signed on behalf of the registrant (or depositor or trustee) in
the City of Minneapolis and State of Minnesota on the eighteenth day of
September, 1996.
Great Hall Investment Funds, Inc.
Witness: Julie K.Getchell By: J. Scott Spiker
-------------------------- -----------------------
Julie K. Getchell J. Scott Spiker
Chief Administrative Officer Chief Executive Officer
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Great Hall
Investment Funds, Inc.'s July 31, 1996 Annual Report and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> PRIME MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 2,410,132
<INVESTMENTS-AT-VALUE> 2,410,132
<RECEIVABLES> 11,992
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 144
<TOTAL-ASSETS> 2,422,277
<PAYABLE-FOR-SECURITIES> 14,987
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,834
<TOTAL-LIABILITIES> 16,821
<SENIOR-EQUITY> 24,055
<PAID-IN-CAPITAL-COMMON> 2,381,401
<SHARES-COMMON-STOCK> 2,405,456
<SHARES-COMMON-PRIOR> 1,598,925
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,405,456
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 108,008
<OTHER-INCOME> 0
<EXPENSES-NET> (13,371)
<NET-INVESTMENT-INCOME> 94,637
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 94,637
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (94,637)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,205,825
<NUMBER-OF-SHARES-REDEEMED> (493,931)
<SHARES-REINVESTED> 94,637
<NET-CHANGE-IN-ASSETS> 806,531
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (9,572)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (13,371)
<AVERAGE-NET-ASSETS> 1,919,181
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Great Hall
Investment Funds, Inc.'s July 31, 1996 Annual Report and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> GREAT HALL U.S. GOVERNMENT MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 146,345
<INVESTMENTS-AT-VALUE> 146,345
<RECEIVABLES> 699
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 95
<TOTAL-ASSETS> 147,144
<PAYABLE-FOR-SECURITIES> 301
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157
<TOTAL-LIABILITIES> 458
<SENIOR-EQUITY> 1,467
<PAID-IN-CAPITAL-COMMON> 145,218
<SHARES-COMMON-STOCK> 146,685
<SHARES-COMMON-PRIOR> 122,249
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 146,685
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,393
<OTHER-INCOME> 0
<EXPENSES-NET> (872)
<NET-INVESTMENT-INCOME> 6,521
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,521
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,521)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 174,596
<NUMBER-OF-SHARES-REDEEMED> (156,681)
<SHARES-REINVESTED> 6,521
<NET-CHANGE-IN-ASSETS> 24,436
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (636)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (872)
<AVERAGE-NET-ASSETS> 133,951
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Great Hall
Investment Funds, Inc.'s July 31, 1996 Annual Report and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> GREAT HALL TAX-FREE MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 361,906
<INVESTMENTS-AT-VALUE> 361,906
<RECEIVABLES> 2,630
<ASSETS-OTHER> 6
<OTHER-ITEMS-ASSETS> 133
<TOTAL-ASSETS> 364,675
<PAYABLE-FOR-SECURITIES> 5,263
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 258
<TOTAL-LIABILITIES> 5,521
<SENIOR-EQUITY> 3,591
<PAID-IN-CAPITAL-COMMON> 355,562
<SHARES-COMMON-STOCK> 359,153
<SHARES-COMMON-PRIOR> 363,273
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 359,153
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,922
<OTHER-INCOME> 0
<EXPENSES-NET> (2,272)
<NET-INVESTMENT-INCOME> 11,650
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11,650
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,650)
<DISTRIBUTIONS-OF-GAINS> (379)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 358,435
<NUMBER-OF-SHARES-REDEEMED> (374,205)
<SHARES-REINVESTED> 12,028
<NET-CHANGE-IN-ASSETS> (4,120)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,926)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,272)
<AVERAGE-NET-ASSETS> 384,717
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Great Hall
Investment Funds, Inc.'s July 31, 1996 Annual Report and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> GREAT HALL NATIONAL TAX-EXEMPT FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 61,650
<INVESTMENTS-AT-VALUE> 62,573
<RECEIVABLES> 1,086
<ASSETS-OTHER> 39
<OTHER-ITEMS-ASSETS> 15
<TOTAL-ASSETS> 63,713
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 253
<TOTAL-LIABILITIES> 253
<SENIOR-EQUITY> 62
<PAID-IN-CAPITAL-COMMON> 62,500
<SHARES-COMMON-STOCK> 6,230
<SHARES-COMMON-PRIOR> 6,522
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (25)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 923
<NET-ASSETS> 63,460
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,487
<OTHER-INCOME> 0
<EXPENSES-NET> (549)
<NET-INVESTMENT-INCOME> 3,938
<REALIZED-GAINS-CURRENT> 211
<APPREC-INCREASE-CURRENT> 692
<NET-CHANGE-FROM-OPS> 4,841
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,938)
<DISTRIBUTIONS-OF-GAINS> (805)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 253
<NUMBER-OF-SHARES-REDEEMED> (791)
<SHARES-REINVESTED> 246
<NET-CHANGE-IN-ASSETS> (2,898)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 568
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (323)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (622)
<AVERAGE-NET-ASSETS> 64,535
<PER-SHARE-NAV-BEGIN> 10.17
<PER-SHARE-NII> 0.625
<PER-SHARE-GAIN-APPREC> 0.148
<PER-SHARE-DIVIDEND> (0.625)
<PER-SHARE-DISTRIBUTIONS> (0.128)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.19
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Great Hall
Investment Funds, Inc.'s July 31, 1996 Annual Report and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> GREAT HALL MINNESOTA INSURED TAX-EXEMPT FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 24,740
<INVESTMENTS-AT-VALUE> 24,947
<RECEIVABLES> 465
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 194
<TOTAL-ASSETS> 25,607
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 85
<TOTAL-LIABILITIES> 85
<SENIOR-EQUITY> 26
<PAID-IN-CAPITAL-COMMON> 25,903
<SHARES-COMMON-STOCK> 2,551
<SHARES-COMMON-PRIOR> 2,890
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (614)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 207
<NET-ASSETS> 25,522
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,537
<OTHER-INCOME> 0
<EXPENSES-NET> (222)
<NET-INVESTMENT-INCOME> 1,315
<REALIZED-GAINS-CURRENT> 3
<APPREC-INCREASE-CURRENT> 263
<NET-CHANGE-FROM-OPS> 1,581
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,315)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 135
<NUMBER-OF-SHARES-REDEEMED> (559)
<SHARES-REINVESTED> 86
<NET-CHANGE-IN-ASSETS> (3,113)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (617)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (136)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (311)
<AVERAGE-NET-ASSETS> 27,109
<PER-SHARE-NAV-BEGIN> 9.91
<PER-SHARE-NII> 0.486
<PER-SHARE-GAIN-APPREC> 0.090
<PER-SHARE-DIVIDEND> (0.486)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 0.82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
