<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
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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 January 31, 1998 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-31-1998
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 3,150,362
<INVESTMENTS-AT-VALUE> 3,150,362
<RECEIVABLES> 13,477
<ASSETS-OTHER> 249
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,524,088
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,761
<TOTAL-LIABILITIES> 1,761
<SENIOR-EQUITY> 35,223
<PAID-IN-CAPITAL-COMMON> 3,487,103
<SHARES-COMMON-STOCK> 3,522,326
<SHARES-COMMON-PRIOR> 3,129,854
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,522,326
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 95,457
<OTHER-INCOME> 0
<EXPENSES-NET> (10,762)
<NET-INVESTMENT-INCOME> 84,696
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 84,696
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (84,696)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,404,980
<NUMBER-OF-SHARES-REDEEMED> (1,097,204)
<SHARES-REINVESTED> 84,696
<NET-CHANGE-IN-ASSETS> 392,472
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (7,669)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (10,761)
<AVERAGE-NET-ASSETS> 3,315,864
<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> 0.64
<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, 1998 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-31-1998
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 228,120
<INVESTMENTS-AT-VALUE> 228,120
<RECEIVABLES> 869
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 228,993
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 145
<TOTAL-LIABILITIES> 145
<SENIOR-EQUITY> 2,288
<PAID-IN-CAPITAL-COMMON> 226,560
<SHARES-COMMON-STOCK> 228,848
<SHARES-COMMON-PRIOR> 182,155
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 228,848
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,941
<OTHER-INCOME> 0
<EXPENSES-NET> (624)
<NET-INVESTMENT-INCOME> 5,317
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,317
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,317)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 185,540
<NUMBER-OF-SHARES-REDEEMED> (144,165)
<SHARES-REINVESTED> 5,317
<NET-CHANGE-IN-ASSETS> 46,693
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (472)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (624)
<AVERAGE-NET-ASSETS> 210,659
<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 January 31, 1998 Semi-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> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 438,867
<INVESTMENTS-AT-VALUE> 438,867
<RECEIVABLES> 6,118
<ASSETS-OTHER> 218
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 445,203
<PAYABLE-FOR-SECURITIES> 2,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 249
<TOTAL-LIABILITIES> 2,249
<SENIOR-EQUITY> 4,430
<PAID-IN-CAPITAL-COMMON> 438,524
<SHARES-COMMON-STOCK> 442,954
<SHARES-COMMON-PRIOR> 422,740
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 442,954
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,264
<OTHER-INCOME> 0
<EXPENSES-NET> (1,297)
<NET-INVESTMENT-INCOME> 6,966
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,966
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,966)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 261,276
<NUMBER-OF-SHARES-REDEEMED> (248,029)
<SHARES-REINVESTED> 6,966
<NET-CHANGE-IN-ASSETS> 20,213
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,119)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,298)
<AVERAGE-NET-ASSETS> 443,873
<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> 0.58
<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
Invesment Funds, Inc.'s January 31, 1998 Semi-Annual Report and is qualified in
its entirety by reference to such fiancial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> INSTITUTIONAL PRIME MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 108,788
<INVESTMENTS-AT-VALUE> 108,788
<RECEIVABLES> 495
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 109,293
<PAYABLE-FOR-SECURITIES> 5,078
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 60
<TOTAL-LIABILITIES> 5,138
<SENIOR-EQUITY> 1,042
<PAID-IN-CAPITAL-COMMON> 103,114
<SHARES-COMMON-STOCK> 104,155
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 104,155
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,766
<OTHER-INCOME> 0
<EXPENSES-NET> (118)
<NET-INVESTMENT-INCOME> 1,648
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,648
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,648)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 211,139
<NUMBER-OF-SHARES-REDEEMED> (108,632)
<SHARES-REINVESTED> 1,648
<NET-CHANGE-IN-ASSETS> 104,155
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (77)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (146)
<AVERAGE-NET-ASSETS> 64,884
<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> 0.38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
