<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 FINANCIAL ANALYST
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-second day of
September, 1998
Great Hall Investment Funds, Inc.
---------------------------------
Witness: /s/ Julie K. Getchell By: /s/ J. Scott Spiker
----------------------------- -----------------------------
Julie K. Getchell J. Scott Spiker
President Chief Executive Officer
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Great Hall
Investment Fund's Inc. July 31, 1998 Annual Report and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> GREAT HALL PRIME MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 4,831,105
<INVESTMENTS-AT-VALUE> 4,831,105
<RECEIVABLES> 16,550
<ASSETS-OTHER> 163
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,847,818
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,466
<TOTAL-LIABILITIES> 3,466
<SENIOR-EQUITY> 48,444
<PAID-IN-CAPITAL-COMMON> 4,795,908
<SHARES-COMMON-STOCK> 4,844,352
<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> 4,844,352
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 220,562
<OTHER-INCOME> 0
<EXPENSES-NET> (24,441)
<NET-INVESTMENT-INCOME> 196,121
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 196,121
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (196,121)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,231,760
<NUMBER-OF-SHARES-REDEEMED> (3,713,383)
<SHARES-REINVESTED> 196,121
<NET-CHANGE-IN-ASSETS> 1,714,498
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (17,513)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (24,441)
<AVERAGE-NET-ASSETS> 3,890,798
<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> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Great
Hall Investment Funds, Inc. July 31, 1998 Annual Report and is qualified in its
entirely by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> GREAT HALL U.S. GOVERNMENT MONEY MARKT FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 227,946
<INVESTMENTS-AT-VALUE> 227,946
<RECEIVABLES> 1,107
<ASSETS-OTHER> 65
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 229,117
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 188
<TOTAL-LIABILITIES> 188
<SENIOR-EQUITY> 2,289
<PAID-IN-CAPITAL-COMMON> 226,640
<SHARES-COMMON-STOCK> 228,929
<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> 228,929
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,056
<OTHER-INCOME> 0
<EXPENSES-NET> (1,270)
<NET-INVESTMENT-INCOME> 10,786
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,786
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,786)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 295,197
<NUMBER-OF-SHARES-REDEEMED> (259,210)
<SHARES-REINVESTED> 10,786
<NET-CHANGE-IN-ASSETS> 46,774
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (963)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,270)
<AVERAGE-NET-ASSETS> 216,583
<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> 0.59
<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. July 31, 1998 Annual Report and is qualified in its
entirety by refernce 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-31-1998
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 544,296
<INVESTMENTS-AT-VALUE> 544,296
<RECEIVABLES> 3,120
<ASSETS-OTHER> 40
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 547,456
<PAYABLE-FOR-SECURITIES> 1,267
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 340
<TOTAL-LIABILITIES> 1,607
<SENIOR-EQUITY> 5,458
<PAID-IN-CAPITAL-COMMON> 540,390
<SHARES-COMMON-STOCK> 545,849
<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> 545,849
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,214
<OTHER-INCOME> 0
<EXPENSES-NET> (2,751)
<NET-INVESTMENT-INCOME> 14,463
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 14,463
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,463)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 599,371
<NUMBER-OF-SHARES-REDEEMED> (490,726)
<SHARES-REINVESTED> 14,463
<NET-CHANGE-IN-ASSETS> 123,108
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (63,800)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,751)
<AVERAGE-NET-ASSETS> 474,326
<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>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Great
Hall Investment Funds Inc. July 31, 1998 Annual Report and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> GREAT HALL INSTITUTIONAL PRIME MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 212,896
<INVESTMENTS-AT-VALUE> 212,896
<RECEIVABLES> 1,023
<ASSETS-OTHER> 30
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 213,949
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 164
<TOTAL-LIABILITIES> 164
<SENIOR-EQUITY> 2,138
<PAID-IN-CAPITAL-COMMON> 211,647
<SHARES-COMMON-STOCK> 213,785
<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> 213,785
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,010
<OTHER-INCOME> 0
<EXPENSES-NET> (414)
<NET-INVESTMENT-INCOME> 5,596
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,596
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,596)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 439,241
<NUMBER-OF-SHARES-REDEEMED> (231,051)
<SHARES-REINVESTED> 5,596
<NET-CHANGE-IN-ASSETS> 213,786
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (266)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (442)
<AVERAGE-NET-ASSETS> 109,359
<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> 0.39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
