<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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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
070 C020500 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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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
March, 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
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Great Hall
Investment Funds, Inc.'s January 31, 1999 Semi-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> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 4,421,224
<INVESTMENTS-AT-VALUE> 4,421,224
<RECEIVABLES> 18,129
<ASSETS-OTHER> 13
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,439,366
<PAYABLE-FOR-SECURITIES> 24,990
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,713
<TOTAL-LIABILITIES> 27,703
<SENIOR-EQUITY> 44,117
<PAID-IN-CAPITAL-COMMON> 4,367,546
<SHARES-COMMON-STOCK> 4,411,663
<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> 4,411,663
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 131,446
<OTHER-INCOME> 0
<EXPENSES-NET> (14,226)
<NET-INVESTMENT-INCOME> 117,220
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 117,220
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (117,220)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,765,559
<NUMBER-OF-SHARES-REDEEMED> (2,315,468)
<SHARES-REINVESTED> 117,220
<NET-CHANGE-IN-ASSETS> (432,689)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (10,668)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (14,226)
<AVERAGE-NET-ASSETS> 4,802,215
<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, 1999 Semi-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> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 257,200
<INVESTMENTS-AT-VALUE> 257,200
<RECEIVABLES> 966
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 258,169
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 202
<TOTAL-LIABILITIES> 202
<SENIOR-EQUITY> 2,580
<PAID-IN-CAPITAL-COMMON> 255,388
<SHARES-COMMON-STOCK> 257,968
<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> 257,968
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,098
<OTHER-INCOME> 0
<EXPENSES-NET> (783)
<NET-INVESTMENT-INCOME> 6,315
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,315
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,315)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 201,962
<NUMBER-OF-SHARES-REDEEMED> (179,239)
<SHARES-REINVESTED> 6315
<NET-CHANGE-IN-ASSETS> 29,038
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (590)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (783)
<AVERAGE-NET-ASSETS> 267,728
<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
Investment Funds, Inc.'s January 31, 1999 Semi-Annual Report and is qualified in
its entirety to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> TAX-FREE MONEY MARKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 515,526
<INVESTMENTS-AT-VALUE> 515,526
<RECEIVABLES> 2,577
<ASSETS-OTHER> 45
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 518,148
<PAYABLE-FOR-SECURITIES> 5,921
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 286
<TOTAL-LIABILITIES> 6,207
<SENIOR-EQUITY> 5,119
<PAID-IN-CAPITAL-COMMON> 506,822
<SHARES-COMMON-STOCK> 511,941
<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> 511,941
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,008
<OTHER-INCOME> 0
<EXPENSES-NET> (1,564)
<NET-INVESTMENT-INCOME> 7,444
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7,444
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,444)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 247,320
<NUMBER-OF-SHARES-REDEEMED> (288,672)
<SHARES-REINVESTED> 7,444
<NET-CHANGE-IN-ASSETS> (33,908)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,342)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,564)
<AVERAGE-NET-ASSETS> 532,488
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.01)
<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
Investment Funds, Inc.'s January 31, 1999 Semi-Annual Report and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> INSTITUTIONAL PRIME MONEY MARKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 282,731
<INVESTMENTS-AT-VALUE> 282,731
<RECEIVABLES> 1,291
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 284,037
<PAYABLE-FOR-SECURITIES> 10,142
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 202
<TOTAL-LIABILITIES> 10,344
<SENIOR-EQUITY> 2,737
<PAID-IN-CAPITAL-COMMON> 270,956
<SHARES-COMMON-STOCK> 273,693
<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> 273,693
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,607
<OTHER-INCOME> 0
<EXPENSES-NET> (463)
<NET-INVESTMENT-INCOME> 6,144
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 59,908
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (59,908)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 401,361
<NUMBER-OF-SHARES-REDEEMED> (347,597)
<SHARES-REINVESTED> 6,144
<NET-CHANGE-IN-ASSETS> 59,908
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (306)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (463)
<AVERAGE-NET-ASSETS> 242,494
<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>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Great Hall
Investment Funds, Inc.'s January 31, 1999 Semi-Annual Report and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> INSTITUTIONAL TAX-FREE MONEY MARKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 64,010
<INVESTMENTS-AT-VALUE> 64,010
<RECEIVABLES> 302
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 64,320
<PAYABLE-FOR-SECURITIES> 1,442
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21
<TOTAL-LIABILITIES> 1,463
<SENIOR-EQUITY> 629
<PAID-IN-CAPITAL-COMMON> 62,228
<SHARES-COMMON-STOCK> 62,857
<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> 62,857
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 417
<OTHER-INCOME> 0
<EXPENSES-NET> (21)
<NET-INVESTMENT-INCOME> 396
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 396
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (396)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 96,084
<NUMBER-OF-SHARES-REDEEMED> (33,623)
<SHARES-REINVESTED> 396
<NET-CHANGE-IN-ASSETS> 396
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (33)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (54)
<AVERAGE-NET-ASSETS> 36,754
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.16
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
