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<PAGE> PAGE 8
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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025 C000603 D
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<PAGE> PAGE 21
028 B040600 21787
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038 000600 0
039 000600 N
040 000600 N
041 000600 N
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042 D000600 0
042 E000600 0
042 F000600 0
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<PAGE> PAGE 22
048 B010600 0
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056 000600 Y
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<PAGE> PAGE 23
066 A000600 N
067 000600 N
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070 E020600 N
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070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
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070 J020600 Y
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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008 B000701 A
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008 D010701 NASHVILLE
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010 A000701 BISYS FUND SERVICES LIMITED PARTNERSHIP
010 C010701 COLUMBUS
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013 A000701 KPMG PEAT MARWICK
013 B010701 COLUMBUS
013 B020701 OH
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<PAGE> PAGE 26
028 F040700 26376
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<PAGE> PAGE 27
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064 B000700 N
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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008 A000801 FIRST AMERICAN NATIONAL BANK
008 B000801 A
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<PAGE> PAGE 30
008 D010801 NASHVILLE
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010 A000801 BISYS FUND SERVICES LIMITED PARTNERSHIP
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010 C020801 OH
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013 A000801 KPMG PEAT MARWICK
013 B010801 COLUMBUS
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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008 A000901 FIRST AMERICAN NATIONAL BANK
008 B000901 A
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010 A000901 BISYS FUND SERVICES LIMITED PARTNERSHIP
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013 A000901 KPMG PEAT MARWICK
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024 000900 Y
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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008 A001001 FIRST AMERICAN NATIONAL BANK
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010 A001001 BISYS FUND SERVICES LIMITED PARTNERSHIP
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013 A001001 KPMG PEAT MARWICK
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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SIGNATURE PENNI RUTKOWSKI
TITLE SUPERVISOR
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<FN>
<F1>INVESTOR SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 041
<NAME> CORRESPONDENT CASH RESERVES MM PORTFOLIO
<S> <C>
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<SHARES-REINVESTED> 44022773<F1>
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<FN>
<F1>RETAIL SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 042
<NAME> CORRESPONDENT CASH RESERVES MM PORTFOLIO
<S> <C>
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<FN>
<F1>INSTITUTIONAL SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 061
<NAME> AMERISTAR PRIME MONEY MARKET<F2>
<S> <C>
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<FN>
<F1>INVESTOR SHARES
</FN>
<FN>
<F2>FORMERLY VALUESTAR PRIME MONEY MARKET
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 062
<NAME> AMERISTAR PRIME MONEY MARKET<F2>
<S> <C>
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<FN>
<F1>TRUST SHARES
</FN>
<FN>
<F2>FORMERLY VALUESTAR PRIME MONEY MARKET
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 071
<NAME> AMERISTAR US TREASURY MONEY MARKET PORTFOLIO<F2>
<S> <C>
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<FN>
<F1>INVESTOR SHARES
</FN>
<FN>
<F2>FORMERLY VALUESTAR US TREASURY MONEY MARKET PORTFOLIO
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 072
<NAME> AMERISTAR US TREASURY MONEY MARKET PORTFOLIO<F2>
<S> <C>
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<FN>
<F1>TRUST SHARES
</FN>
<FN>
<F2>FORMERLY VALUESTAR US TREASURY MONEY MARKET PORTFOLIO
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 08
<NAME> AMERISTAR TENNESSEE TAX-EXEMPT BOND PORTFOLIO<F1>
<S> <C>
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<FN>
<F1>FORMERLY VALUESTAR TENNESSEE TAX-EXEMPT BOND PORTFOLIO
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 09
<NAME> AMERISTAR LIMITED DURATION BOND PORTFOLIO<F1>
<S> <C>
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<FN>
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</FN>
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<PER-SHARE-NAV-BEGIN> 10.00
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<AVG-DEBT-PER-SHARE> 0
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</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
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<PERIOD-START> JAN-01-1996
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<PAID-IN-CAPITAL-COMMON> 38757509
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<ACCUMULATED-NII-CURRENT> 0
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<ACCUM-APPREC-OR-DEPREC> 143278
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<INTEREST-INCOME> 1774766
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<EXPENSES-NET> 309107
<NET-INVESTMENT-INCOME> 1465659
<REALIZED-GAINS-CURRENT> (85527)
<APPREC-INCREASE-CURRENT> 143278
<NET-CHANGE-FROM-OPS> 1523410
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<DISTRIBUTIONS-OF-INCOME> 1465659
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3978187
<NUMBER-OF-SHARES-REDEEMED> 173839
<SHARES-REINVESTED> 76179
<NET-CHANGE-IN-ASSETS> 38815260
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 136354
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 377974
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<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .40
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .40
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 1.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>FORMERLY VALUESTAR INVESTMENT GRADE BOND PORTFOLIO
</FN>
</TABLE>
<TABLE> <S> <C>
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<CIK> 0000862063
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<NAME> CORRESPONDENT CASH RESERVES TAX FREE MM PORTFOLIO
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
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[[1]]FINEDG:[18389.LTR]00001.PIP
EDGAR only EDG: 27-FEB-1997
00:02 BLK: 00-000-0000 00:00
[[1]]BISYS FUND SERVICES
A/R FUNDS/UIT R.R. Donnelley
(614) 461-6464 WP2EDG
<PAGE>
[LETTERHEAD OF KPMG
PEAT MARWICK LLP APPEARS HERE]
The Board of Directors
of The Infinity Mutual Funds, Inc.--The AmeriStar
Mutual Funds:
In planning and performing our audit of the
financial statements of The
AmeriStar Mutual Funds (AmeriStar
(formerly ValueStar) Money Market Portfolio,
AmeriStar (formerly ValueStar) U.S. Treasury
Money Market Portfolio, AmeriStar
(formerly ValueStar) Capital Growth
Portfolio, AmeriStar (formerly ValueStar)
Tennessee Tax Exempt Bond Portfolio,
AmeriStar Limited Duration Income Portfolio
(formerly ValueStar Short-Intermediate
Duration Bond Portfolio) and the
AmeriStar Core Income Portfolio
(formerly ValueStar Investment Grade Bond
Portfolio)) for the year ended December 31,
1996, we considered its internal
controls, 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 controls.
The management of The AmeriStar Mutual
Funds is responsible for establishing and
maintaining internal controls. 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
internal controls 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
controls, errors or
irregularities may occur and not be detected.
Also, projection of any
evaluation of the internal controls 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 controls
would not necessarily disclose all
matters in the internal controls 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 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 controls,
including procedures for safeguarding securities,
that we consider to be
material weaknesses as defined above as of
December 31, 1996.
This report is intended solely for the
information and use of management and the
Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
Columbus, Ohio
February 18, 1997
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
Reserves Tax Free Money Market Portfolio
for the period October 7, 1996 (commencement of
operations) to December 31, 1996, we consi
dered 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 Correspondent Cash
Reserves Tax Free 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, 1996.
This report is intended solely for the information
and use of the Board of Trustees, management
and the Securities and Exchange Commission.
February 14, 1997
To the Shareholders and Board of Trustees of
The Infinity Mutual Funds, Inc.:
In planning and performing our audit of the
financial statements of Correspondent Cash
Reserves Money Market Portfolio for the year
ended December 31, 1996, 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 Correspondent Cash Reserves
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, 1996.
This report is intended solely for the information
and use of the Board of Trustees, management
and the Securities and Exchange Commission.
February 14, 1997
To the Shareholders and Board of Trustees of
The Infinity Mutual Funds, Inc.:
In planning and performing our audit of the
financial statements of Alpha Government
Securities Portfolio for the year ended December
31, 1996, 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 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, 1996.
This report is intended solely for the information and
use of the Board of Trustees, management and the
Securities and Exchange Commission.
February 14, 1997
To the Shareholders and Board of Trustees of
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, 1996,
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, 1996.
This report is intended solely for the information
and use of the Board of Trustees, management and
the Securities and Exchange Commission.
February 14, 1997
