ADDENDUM NO. 1 
                                  to the 
                            CUSTODIAN CONTRACT 
                       dated August 29, 1991 between 
                      GREAT HALL INVESTMENT FUNDS, INC. 
                                    and 
                        NORWEST BANK MINNESOTA, N.A. 
 
    This Addendum No. 1, dated March 17, 1992, to the Custodian Contract  
dated August 29, 1991 (the "Contract") between Great Hall Investment Funds,  
Inc. (the "Company") and Norwest Bank Minnesota, N.A. ("Custodian"), 
 
    WITNESSETH THAT: 
 
    WHEREAS, the Company is a mutual fund whose shares currently are offered  
in the following five series:  Great Hall Prime Money Market Fund, Great
Hall U.S. Government Money Market Fund, Great Hall Tax-Free Money Market
Fund, Great Hall National Tax-Exempt Fund and Great Hall Minnesota Insured
Tax-Exempt Fund; and  
 
    WHEREAS, the Company heretofore has employed the Custodian, and the  
Custodian has agreed to act, as the custodian of the assets of Great Hall
Prime Money Market Fund, Great Hall U.S. Government Money Market Fund and
Great Hall Tax-Free Money Market Fund pursuant to the Contract; and 
 
    WHEREAS, the Company desires to employ the Custodian, and the Custodian  
hereby agrees to act, as the custodian of the assets of each of Great Hall  
National Tax-Exempt Fund and Great Hall Minnesota Insured Tax-Exempt Fund  
pursuant to the terms of the Contract. 
 
    NOW, THEREFORE, in consideration of the mutual agreements contained in  
the Contract and in this Addendum No. 1 thereto, the Company hereby employs
the Custodian, and the Custodian hereby agrees to act, as the custodian of
the assets of each of Great Hall National Tax-Exempt Fund and Great Hall
Minnesota Insured Tax-Exempt Fund pursuant to the terms and conditions of
the Contract, which are incorporated herein by reference. 
 
    IN WITNESS WHEREOF, each of the Company and the Custodian has caused
this Addendum No. 1 to the Contract to be executed in its name on the day
and year first above written. 
 
GREAT HALL INVESTMENT FUNDS, INC.           NORWEST BANK MINNESOTA, N.A. 
 
 
By  ▇▇▇▇▇ ▇. ▇▇▇▇▇▇                         By  ▇▇▇▇ ▇. ▇▇▇▇▇ 
   Its  Chief Executive Officer                Its  Vice President 
 
ATTEST:                                     ATTEST: 
 
By  ▇▇▇▇▇ ▇▇▇▇▇▇▇▇                          By  ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ 
   Its  Vice President                         Its  Assistant Vice President