<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
072 P000400 0
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<PAGE> PAGE 22
074 Y000400 0
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024 000500 N
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<PAGE> PAGE 23
048 C020500 0.000
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<PAGE> PAGE 24
070 A010500 Y
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070 G020500 N
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070 K020500 N
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070 L020500 N
070 M010500 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
074 V010500 1.00
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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-third day of
September, 1999
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
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Great Hall
Investment Funds, Inc.'s July 31, 1999 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> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 4,508,973
<INVESTMENTS-AT-VALUE> 4,508,973
<RECEIVABLES> 15,481
<ASSETS-OTHER> 985
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4525439
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,739
<TOTAL-LIABILITIES> 2,739
<SENIOR-EQUITY> 45,227
<PAID-IN-CAPITAL-COMMON> 4,477,473
<SHARES-COMMON-STOCK> 4,522,700
<SHARES-COMMON-PRIOR> 4,844,352
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 4,522,700
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 244,055
<OTHER-INCOME> 0
<EXPENSES-NET> (28,266)
<NET-INVESTMENT-INCOME> 215,789
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 215,789
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (215,789)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,663,849
<NUMBER-OF-SHARES-REDEEMED> (3,201,290)
<SHARES-REINVESTED> 215,789
<NET-CHANGE-IN-ASSETS> (321,652)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (20,640)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (28,265)
<AVERAGE-NET-ASSETS> 4,672,121
<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> 0.61
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Great Hall
Investment Funds Inc.'s July 31, 1999 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> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 269,956
<INVESTMENTS-AT-VALUE> 269,956
<RECEIVABLES> 1,613
<ASSETS-OTHER> 68
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 271,637
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 261
<TOTAL-LIABILITIES> 261
<SENIOR-EQUITY> 2,714
<PAID-IN-CAPITAL-COMMON> 268,663
<SHARES-COMMON-STOCK> 271,376
<SHARES-COMMON-PRIOR> 228,929
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 271,376
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,724
<OTHER-INCOME> 0
<EXPENSES-NET> (1,595)
<NET-INVESTMENT-INCOME> 12,129
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 12,129
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,129)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 325,053
<NUMBER-OF-SHARES-REDEEMED> (294,735)
<SHARES-REINVESTED> 12,129
<NET-CHANGE-IN-ASSETS> 42,447
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,177)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,595)
<AVERAGE-NET-ASSETS> 269,268
<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>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Great Hall
Investment Funds, Inc.'s July 31, 1999 Annual Report and is qualified in its
entirety to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> GREAT HALL TAX FREE MONEY MARKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 495,443
<INVESTMENTS-AT-VALUE> 495,443
<RECEIVABLES> 2,060
<ASSETS-OTHER> 57
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 497,560
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 421
<TOTAL-LIABILITIES> 421
<SENIOR-EQUITY> 4,972
<PAID-IN-CAPITAL-COMMON> 492,167
<SHARES-COMMON-STOCK> 497,139
<SHARES-COMMON-PRIOR> 545,849
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 497,139
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,259
<OTHER-INCOME> 0
<EXPENSES-NET> (3,163)
<NET-INVESTMENT-INCOME> 14,096
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 14,096
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,096)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 568,704
<NUMBER-OF-SHARES-REDEEMED> (631,511)
<SHARES-REINVESTED> 14,096
<NET-CHANGE-IN-ASSETS> (48,710)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,662)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (3,163)
<AVERAGE-NET-ASSETS> 532,360
<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>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Great Hall
Investment Funds, Inc.'s July 31, 1999 Ammual Report and is qualified in its
entirety by reference to such fiancial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> GREAT HALL INSTITUTIONAL PRIME MONEY MARKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 308,612
<INVESTMENTS-AT-VALUE> 308,612
<RECEIVABLES> 1,731
<ASSETS-OTHER> 51
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 310,394
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 211
<TOTAL-LIABILITIES> 211
<SENIOR-EQUITY> 3,102
<PAID-IN-CAPITAL-COMMON> 307,081
<SHARES-COMMON-STOCK> 310,183
<SHARES-COMMON-PRIOR> 213,785
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 310,183
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,811
<OTHER-INCOME> 0
<EXPENSES-NET> 959
<NET-INVESTMENT-INCOME> 13,852
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,852)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 784,765
<NUMBER-OF-SHARES-REDEEMED> (702,220)
<SHARES-REINVESTED> 13,852
<NET-CHANGE-IN-ASSETS> 96,398
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (714)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (959)
<AVERAGE-NET-ASSETS> 285,699
<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> 0.34
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Great hall
Investment Funds, Inc.'s July 31, 1999 Annual Report and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> GREAT HALL INSTITUTIONAL TAX FREE MONEY MARKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 52,872
<INVESTMENTS-AT-VALUE> 52,872
<RECEIVABLES> 261
<ASSETS-OTHER> 45
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53,178
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29
<TOTAL-LIABILITIES> 29
<SENIOR-EQUITY> 531
<PAID-IN-CAPITAL-COMMON> 52,618
<SHARES-COMMON-STOCK> 53,149
<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> 53,149
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,237
<OTHER-INCOME> 0
<EXPENSES-NET> (120)
<NET-INVESTMENT-INCOME> 1,117
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,117
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,117)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 159,110
<NUMBER-OF-SHARES-REDEEMED> (107,078)
<SHARES-REINVESTED> 1,117
<NET-CHANGE-IN-ASSETS> 53,149
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (100)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (220)
<AVERAGE-NET-ASSETS> 46,860
<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> 0.30
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
