<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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SIGNATURE CHRIS TOMAS
TITLE SENIOR ACCOUNTANT
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-fourth day of
September, 1997.
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, 1997 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-31-1997
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 3,117,514
<INVESTMENTS-AT-VALUE> 3,117,514
<RECEIVABLES> 13,800
<ASSETS-OTHER> 194
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,131,508
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,654
<TOTAL-LIABILITIES> 1,654
<SENIOR-EQUITY> 31,299
<PAID-IN-CAPITAL-COMMON> 3,098,555
<SHARES-COMMON-STOCK> 3,129,854
<SHARES-COMMON-PRIOR> 2,405,546
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,129,854
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 157,409
<OTHER-INCOME> 0
<EXPENSES-NET> (18,238)
<NET-INVESTMENT-INCOME> 139,171
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 139,171
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (139,171)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,741,550
<NUMBER-OF-SHARES-REDEEMED> (1,156,323)
<SHARES-REINVESTED> 139,171
<NET-CHANGE-IN-ASSETS> 724,398
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> (13,296)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (18,238)
<AVERAGE-NET-ASSETS> 2,839,994
<PER-SHARE-NAV-BEGIN> 1.00
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<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 0.64
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains financial information extracted from Great Hall
Investment Funds, Inc.'s July 31, 1997 Annual Report and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> U.S. GOVERNMENT MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JUL-31-1997
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<OTHER-ITEMS-LIABILITIES> 166
<TOTAL-LIABILITIES> 166
<SENIOR-EQUITY> 1,821
<PAID-IN-CAPITAL-COMMON> 180,334
<SHARES-COMMON-STOCK> 182,155
<SHARES-COMMON-PRIOR> 146,685
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 182,155
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,494
<OTHER-INCOME> 0
<EXPENSES-NET> (1,040)
<NET-INVESTMENT-INCOME> 8,454
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,454
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,454)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 220,285
<NUMBER-OF-SHARES-REDEEMED> (193,269)
<SHARES-REINVESTED> 8,454
<NET-CHANGE-IN-ASSETS> 35,470
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (796)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,040)
<AVERAGE-NET-ASSETS> 174,290
<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> 0.60
<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, 1997 Annual Report and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> TAX-FREE MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 420,943
<INVESTMENTS-AT-VALUE> 420,943
<RECEIVABLES> 4,002
<ASSETS-OTHER> 2,755
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 427,700
<PAYABLE-FOR-SECURITIES> 4,677
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 283
<TOTAL-LIABILITIES> 4,960
<SENIOR-EQUITY> 4,227
<PAID-IN-CAPITAL-COMMON> 418,513
<SHARES-COMMON-STOCK> 422,740
<SHARES-COMMON-PRIOR> 359,153
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 422,740
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,482
<OTHER-INCOME> 0
<EXPENSES-NET> (2,343)
<NET-INVESTMENT-INCOME> 12,139
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 12,139
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,139)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 541,368
<NUMBER-OF-SHARES-REDEEMED> (489,920)
<SHARES-REINVESTED> 12,139
<NET-CHANGE-IN-ASSETS> 63,587
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,007)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,343)
<AVERAGE-NET-ASSETS> 401,878
<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> 0.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
