<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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070 C020400 N
070 D010400 N
070 D020400 N
<PAGE> PAGE 21
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
071 A000400 0
071 B000400 6107
071 C000400 63083
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072 A000400 6
072 B000400 2299
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<PAGE> PAGE 22
072 T000400 99
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072DD020400 0
072EE000400 805
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073 A020400 0.0000
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074 F000400 0
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074 H000400 0
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074 R040400 304
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<PAGE> PAGE 23
025 D000501 0
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030 B000500 4.50
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031 A000500 3
031 B000500 0
032 000500 0
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037 000500 N
038 000500 0
039 000500 N
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<PAGE> PAGE 24
042 B000500 0
042 C000500 0
042 D000500 100
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042 F000500 0
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047 000500 Y
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048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000
062 A000500 Y
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<PAGE> PAGE 25
062 E000500 1.4
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063 B000500 7.2
064 A000500 Y
064 B000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
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070 P010500 Y
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<PAGE> PAGE 26
070 Q020500 N
070 R010500 N
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<PAGE> PAGE 27
074 H000500 0
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SIGNATURE JULIE GETCHELL
TITLE CHIEF FINANCIAL OFF.
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 twenty-eighth day of
March, 1996.
Great Hall Investment Funds, Inc.
Witness: Julie K.Getchell By: J. Scott Spiker
----------------------- -----------------------
Julie K. Getchell J. Scott Spiker
Chief Financial Officer Chief Executive Officer
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Great Hall
Investment Funds, Inc.'s January 31, 1996 Semi-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> 6-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 1,933,156
<INVESTMENTS-AT-VALUE> 1,933,156
<RECEIVABLES> 7,523
<ASSETS-OTHER> 26
<OTHER-ITEMS-ASSETS> 138
<TOTAL-ASSETS> 1,940,843
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,649
<TOTAL-LIABILITIES> 1,649
<SENIOR-EQUITY> 19,392
<PAID-IN-CAPITAL-COMMON> 1,919,802
<SHARES-COMMON-STOCK> 1,939,194
<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> 1,939,194
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 51,521
<OTHER-INCOME> 0
<EXPENSES-NET> (6,432)
<NET-INVESTMENT-INCOME> 45,089
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 45,089
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (45,089)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 483,352
<NUMBER-OF-SHARES-REDEEMED> (188,172)
<SHARES-REINVESTED> 45,089
<NET-CHANGE-IN-ASSETS> 340,269
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4,444)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (6,432)
<AVERAGE-NET-ASSETS> 1,749,444
<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> 0.73
<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 January 31, 1996 Semi-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> 6-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 134,158
<INVESTMENTS-AT-VALUE> 134,158
<RECEIVABLES> 535
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 127
<TOTAL-ASSETS> 134,834
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 122
<TOTAL-LIABILITIES> 122
<SENIOR-EQUITY> 1,347
<PAID-IN-CAPITAL-COMMON> 133,365
<SHARES-COMMON-STOCK> 134,712
<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> 134,712
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,577
<OTHER-INCOME> 0
<EXPENSES-NET> (423)
<NET-INVESTMENT-INCOME> 3,154
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,154
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,154)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 89,644
<NUMBER-OF-SHARES-REDEEMED> (80,335)
<SHARES-REINVESTED> 3,154
<NET-CHANGE-IN-ASSETS> 12,463
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (300)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (423)
<AVERAGE-NET-ASSETS> 124,004
<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> 0.68
<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 January 31, 1996 Semi-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> 6-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 398,215
<INVESTMENTS-AT-VALUE> 398,215
<RECEIVABLES> 5,495
<ASSETS-OTHER> 16
<OTHER-ITEMS-ASSETS> 4,238
<TOTAL-ASSETS> 407,964
<PAYABLE-FOR-SECURITIES> 2,928
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 227
<TOTAL-LIABILITIES> 3,155
<SENIOR-EQUITY> 4,048
<PAID-IN-CAPITAL-COMMON> 400,761
<SHARES-COMMON-STOCK> 404,809
<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> 404,809
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,199
<OTHER-INCOME> 0
<EXPENSES-NET> (1,129)
<NET-INVESTMENT-INCOME> 6,070
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,070
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,070)
<DISTRIBUTIONS-OF-GAINS> (379)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 203,959
<NUMBER-OF-SHARES-REDEEMED> (168,494)
<SHARES-REINVESTED> 6,449
<NET-CHANGE-IN-ASSETS> 41,536
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (956)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,129)
<AVERAGE-NET-ASSETS> 379,651
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.02)
<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 January 31, 1996 Semi-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> 6-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 62,133
<INVESTMENTS-AT-VALUE> 64,251
<RECEIVABLES> 1,113
<ASSETS-OTHER> 42
<OTHER-ITEMS-ASSETS> 203
<TOTAL-ASSETS> 65,609
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 332
<TOTAL-LIABILITIES> 332
<SENIOR-EQUITY> 63
<PAID-IN-CAPITAL-COMMON> 63,117
<SHARES-COMMON-STOCK> 6,290
<SHARES-COMMON-PRIOR> 6,522
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (20)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,117
<NET-ASSETS> 65,277
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,299
<OTHER-INCOME> 0
<EXPENSES-NET> (267)
<NET-INVESTMENT-INCOME> 2,032
<REALIZED-GAINS-CURRENT> 217
<APPREC-INCREASE-CURRENT> 1,886
<NET-CHANGE-FROM-OPS> 4,135
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,032)
<DISTRIBUTIONS-OF-GAINS> (805)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 145
<NUMBER-OF-SHARES-REDEEMED> (527)
<SHARES-REINVESTED> 149
<NET-CHANGE-IN-ASSETS> (1,080)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 568
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (165)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (306)
<AVERAGE-NET-ASSETS> 65,494
<PER-SHARE-NAV-BEGIN> 10.17
<PER-SHARE-NII> 0.320
<PER-SHARE-GAIN-APPREC> 0.338
<PER-SHARE-DIVIDEND> (0.320)
<PER-SHARE-DISTRIBUTIONS> (0.128)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.38
<EXPENSE-RATIO> 0.81
<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 January 31, 1996 Semi-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> 6-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 26,463
<INVESTMENTS-AT-VALUE> 27,343
<RECEIVABLES> 522
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 50
<TOTAL-ASSETS> 27,915
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 145
<TOTAL-LIABILITIES> 145
<SENIOR-EQUITY> 27
<PAID-IN-CAPITAL-COMMON> 27,499
<SHARES-COMMON-STOCK> 2,712
<SHARES-COMMON-PRIOR> 2,890
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (635)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 880
<NET-ASSETS> 27,771
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 797
<OTHER-INCOME> 0
<EXPENSES-NET> (115)
<NET-INVESTMENT-INCOME> 682
<REALIZED-GAINS-CURRENT> (19)
<APPREC-INCREASE-CURRENT> 937
<NET-CHANGE-FROM-OPS> 1,601
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (682)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 78
<NUMBER-OF-SHARES-REDEEMED> (301)
<SHARES-REINVESTED> 45
<NET-CHANGE-IN-ASSETS> (864)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (617)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (71)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (171)
<AVERAGE-NET-ASSETS> 28,051
<PER-SHARE-NAV-BEGIN> 9.91
<PER-SHARE-NII> 0.245
<PER-SHARE-GAIN-APPREC> 0.330
<PER-SHARE-DIVIDEND> (0.245)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.24
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
