<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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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 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 23
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<PAGE> PAGE 26
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SIGNATURE PRATIK DALAL
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<PAGE>
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<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> THE INFINITY MUTUAL FUNDS, INC.
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
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<NAME> VALUESTAR PRIME MONEY MARKET PORTFOLIO
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<PAGE>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 9
<NAME> VALUESTAR SHORT-INTERMEDIATE DURATION BOND
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<PAGE>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 8
<NAME> VALUESTAR TENNESSEE TAX-EXEMPT BOND PORTFOLIO
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 7
<NAME> VALUESTAR US TREASURY MONEY MARKET PORTFOLIO
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[Logo] PEAT MARWICK LLP
345 Park Avenue Telephone 212 758 9700 Telefax 212 758 9819
New York, NY 10154 Telex 428038
To the Shareholders and Board of Directors
The Infinity Mutual Funds, Inc.:
In planning and performing our audit of the financial statements of BEA Short
Duration Portfolio for the year ended December 31, 1995, we considered its
internal control structure, including procedures for safeguarding securities,
in order to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control structure.
The management of BEA Short Duration Portfolio is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of internal control policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
February 9, 1996
<PAGE>
[Logo] PEAT MARWICK LLP
345 Park Avenue Telephone 212 758 9700 Telefax 212 758 9819
New York, NY 10154 Telex 428038
To the Shareholders and Board of Directors
The Infinity Mutual Funds, Inc.:
In planning and performing our audit of the financial statements of the
ValueStar Short Intermediate Duration Bond Portfolio and the ValueStar
Tennessee Tax Exempt Bond Portfolio for the year ended December 31, 1995, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of the ValueStar Short-Intermediate Duration Bond Portfolio and
the ValueStar Tennesee Tax Exempt Bond Portfolio is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of internal control policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or disposition and that
transaactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
February 9, 1996
<PAGE>
[Logo] PEAT MARWICK LLP
345 Park Avenue Telephone 212 758 9700 Telefax 212 758 9819
New York, NY 10154 Telex 428038
To the Shareholders and Board of Directors
The Infinity Mutual Funds, Inc.:
In planning and performing our audit of the financial statements of the
ValueStar Prime Money Market Portfolio and the ValueStar U.S. Treasury Money
Market Portfolio for the year ended December 31, 1995, we considered its
internal control structure, including procedures for safeguarding securities,
in order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of ValueStar Prime Money Market Portfolio and the ValueStar
U.S. Treasury Money Market Portfolio is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against
loss from unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
February 9, 1996
<PAGE>
[Logo] PEAT MARWICK LLP
345 Park Avenue Telephone 212 758 9700 Telefax 212 758 9819
New York, NY 10154 Telex 428038
To the Shareholders and Board of Directors
The Infinity Mutual Funds, Inc.:
In planning and performing our audit of the financial statements of the
Correspondent Cash Reserve Money Markert Portfolio for the year ended December
31, 1995, we considered its internal control structure, including procedures
for safeguarding securities, in order to determine our auditing procedures for
the purpose of experessing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Correspondent Cash Reserve Money Market Portfolio is
responsible for establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of internal
control policies and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
February 9, 1996
<PAGE>
[Logo] PEAT MARWICK LLP
345 Park Avenue Telephone 212 758 9700 Telefax 212 758 9819
New York, NY 10154 Telex 428038
To the Shareholders and Board of Directors
The Infinity Mutual Funds, Inc.:
In planning and performing our audit of the financial statements of the
Alpha Government Securities Portfolio for the year ended December 31, 1995, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purpose of experessing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of the Alpha Government Securities Portfolio is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of internal control policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
February 9, 1996
<PAGE>
