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<PAGE> PAGE 4
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<PAGE> PAGE 5
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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 14
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<PAGE> PAGE 19
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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
069 000400 N
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070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
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070 J020400 N
070 K010400 Y
070 K020400 N
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070 L020400 N
070 M010400 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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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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<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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<PAGE> PAGE 40
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072 U000700 0
072 V000700 0
072 W000700 14
072 X000700 366
072 Y000700 4
072 Z000700 2089
072AA000700 998
072BB000700 0
072CC010700 0
072CC020700 60
072DD010700 2078
072DD020700 12
072EE000700 0
073 A010700 0.2800
073 A020700 0.2700
073 B000700 0.0000
<PAGE> PAGE 41
073 C000700 0.0000
074 A000700 0
074 B000700 5421
074 C000700 0
074 D000700 77764
074 E000700 0
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074 M000700 13
074 N000700 86988
074 O000700 1500
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074 R010700 0
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074 R030700 0
074 R040700 5796
074 S000700 0
074 T000700 79644
074 U010700 7419
074 U020700 198
074 V010700 10.37
074 V020700 10.38
074 W000700 0.0000
074 X000700 57
074 Y000700 0
075 A000700 0
075 B000700 76774
076 000700 0.00
008 A000801 FIRST AMERICAN NATIONAL BANK
008 B000801 A
008 C000801 801-000000
008 D010801 NASHVILLE
008 D020801 TN
008 D030801 37237
014 A000801 INVEST FINANCIAL CORPORATION
014 B000801 8-0000
014 A000802 FIRST AMERICAN FINANCIAL SERVICES, INC.
014 B000802 8-0000
014 A000803 PAINEWEBBER, INC.
014 B000803 8-0000
024 000800 Y
025 A000801 LEHMAN BROTHERS HOLDINGS, INC.
025 B000801 13-2518466
025 C000801 D
025 D000801 11795
<PAGE> PAGE 42
025 A000802 SALOMON BROTHERS, INC.
025 B000802 13-3082694
025 C000802 D
025 D000802 1985
025 A000803 MERRILL LYNCH & CO.
025 B000803 13-5674085
025 C000803 D
025 D000803 1754
025 A000804 ASSOCIATES CORP.
025 C000804 D
025 D000804 1541
025 D000805 0
025 D000806 0
025 D000807 0
025 D000808 0
028 A010800 2158
028 A020800 193
028 A030800 0
028 A040800 1734
028 B010800 951
028 B020800 171
028 B030800 0
028 B040800 1495
028 C010800 2211
028 C020800 151
028 C030800 0
028 C040800 2083
028 D010800 2154
028 D020800 162
028 D030800 0
028 D040800 1842
028 E010800 2764
028 E020800 155
028 E030800 0
028 E040800 2116
028 F010800 2484
028 F020800 165
028 F030800 0
028 F040800 2597
028 G010800 12722
028 G020800 997
028 G030800 0
028 G040800 11867
028 H000800 17
029 000800 Y
030 A000800 0
030 B000800 3.00
030 C000800 0.00
031 A000800 0
031 B000800 0
032 000800 0
<PAGE> PAGE 43
033 000800 0
034 000800 Y
035 000800 12
036 A000800 N
036 B000800 0
037 000800 N
038 000800 0
039 000800 N
040 000800 Y
041 000800 Y
042 A000800 0
042 B000800 0
042 C000800 0
042 D000800 100
042 E000800 0
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 8
044 000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.500
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
049 000800 N
050 000800 N
051 000800 N
052 000800 N
053 A000800 Y
<PAGE> PAGE 44
053 B000800 Y
053 C000800 N
055 A000800 N
055 B000800 N
056 000800 Y
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 Y
060 B000800 Y
061 000800 1000
062 A000800 Y
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062 L000800 0.0
062 M000800 11.6
062 N000800 23.1
062 O000800 0.0
062 P000800 62.2
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062 R000800 1.9
063 A000800 0
063 B000800 3.0
064 A000800 N
064 B000800 N
066 A000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 N
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 Y
<PAGE> PAGE 45
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 Y
070 L020800 N
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 Y
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 Y
070 R020800 N
071 A000800 25754
071 B000800 23423
071 C000800 86950
071 D000800 27
072 A000800 6
072 B000800 2824
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072 R000800 11
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072 X000800 431
<PAGE> PAGE 46
072 Y000800 5
072 Z000800 2501
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072DD010800 2344
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074 N000800 107020
074 O000800 2000
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076 000800 0.00
008 A000901 FIRST AMERICAN NATIONAL BANK
008 B000901 A
008 C000901 801-000000
008 D010901 NASHVILLE
008 D020901 TN
<PAGE> PAGE 47
008 D030901 37237
014 A000901 INVEST FINANCIAL CORPORATION
014 B000901 8-0000
014 A000902 FIRST AMERICAN FINANCIAL SERVICES, INC.
014 B000902 8-0000
014 A000903 PAINEWEBBER, INC.
014 B000903 8-0000
024 000900 N
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028 A020900 1
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035 000900 6
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038 000900 0
<PAGE> PAGE 48
039 000900 N
040 000900 Y
041 000900 Y
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048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 Y
053 B000900 Y
053 C000900 N
055 A000900 N
055 B000900 N
056 000900 Y
057 000900 N
058 A000900 N
<PAGE> PAGE 49
059 000900 Y
060 A000900 Y
060 B000900 Y
061 000900 1000
062 A000900 Y
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
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062 H000900 0.0
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062 N000900 50.9
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062 R000900 4.0
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063 B000900 3.4
064 A000900 N
064 B000900 N
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 N
070 B010900 N
070 B020900 N
070 C010900 N
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 N
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
<PAGE> PAGE 50
070 K010900 Y
070 K020900 Y
070 L010900 N
070 L020900 N
070 M010900 N
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 Y
070 R020900 N
071 A000900 4777
071 B000900 3714
071 C000900 19124
071 D000900 19
072 A000900 6
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<PAGE> PAGE 51
072DD020900 1
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074 T000900 20203
074 U010900 1979
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074 V010900 10.13
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074 Y000900 0
075 A000900 0
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076 000900 0.00
008 A001001 FIRST AMERICAN NATIONAL BANK
008 B001001 A
008 C001001 801-000000
008 D011001 NASHVILLE
008 D021001 TN
008 D031001 37237
014 A001001 INVEST FINANCIAL CORPORATION
014 B001001 8-0000
014 A001002 FIRST AMERICAN FINANCIAL SERVICES, INC.
014 B001002 8-0000
014 A001003 PAINEWEBBER, INC.
014 B001003 8-0000
<PAGE> PAGE 52
024 001000 N
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028 A021000 18
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<PAGE> PAGE 53
042 E001000 0
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055 A001000 N
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060 A001000 N
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<PAGE> PAGE 54
062 D001000 0.0
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070 A021000 N
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070 C011000 Y
070 C021000 N
070 D011000 N
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 Y
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 Y
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 Y
<PAGE> PAGE 55
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 Y
070 Q021000 N
070 R011000 Y
070 R021000 N
071 A001000 66605
071 B001000 68538
071 C001000 97291
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<PAGE> PAGE 56
074 B001000 0
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008 A001101 FIRST AMERICAN NATIONAL BANK
008 B001101 A
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008 D011101 NASHVILLE
008 D021101 TN
008 D031101 37237
014 A001101 INVEST FINANCIAL CORPORATION
014 B001101 8-0000
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<PAGE> PAGE 57
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<PAGE> PAGE 58
046 001100 N
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<PAGE> PAGE 59
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<PAGE> PAGE 60
070 R011100 Y
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<PAGE> PAGE 61
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<F3> CLASS B SHARES
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<NUMBER> 061
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<F1> CLASS A SHARES
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<NAME> INFINITY MUTUAL FUNDS INC.
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<NUMBER> 062
<NAME> AMERISTAR DIVIDEND GROWTH PORTFOLIO
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<F2> TRUST SHARES
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<NAME> AMERISTAR DIVIDEND GROWTH PORTFOLIO
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<F3> CLASS B SHARES
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<TABLE> <S> <C>
<ARTICLE> 6
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<NUMBER> 071
<NAME> AMERISTAR CORE INCOME PORTFOLIO
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<F1> CLASS A SHARES
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<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> INFINITY MUTUAL FUNDS INC.
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<NUMBER> 072
<NAME> AMERISTAR CORE INCOME PORTFOLIO
<S> <C>
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<F2> TRUST SHARES
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<TABLE> <S> <C>
<ARTICLE> 6
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<NUMBER> 073
<NAME> AMERISTAR CORE INCOME PORTFOLIO
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<F3> CLASS B SHARES
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<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> INFINITY MUTUAL FUNDS INC.
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<NAME> AMERISTAR LIMITED DURATION INCOME PORTFOLIO
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<F1> CLASS A SHARES
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<TABLE> <S> <C>
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<NAME> INFINITY MUTUAL FUNDS INC.
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<NAME> AMERISTAR LIMITED DURATION INCOME PORTFOLIO
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<FN>
<F2> TRUST SHARES
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 083
<NAME> AMERISTAR LIMITED DURATION INCOME PORTFOLIO
<S> <C>
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<FN>
<F3> CLASS B SHARES
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 091
<NAME> AMERISTAR LIMITED DURATION US GOVERNMENT PORTFOLIO
<S> <C>
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<F1> CLASS A SHARES
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 092
<NAME> AMERISTAR LIMITED DURATION US GOVERNMENT PORTFOLIO
<S> <C>
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<F2> CLASS B SHARES
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 101
<NAME> AMERISTAR TENNESSEE TAX-EXEMPT BOND PORTFOLIO
<S> <C>
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<FN>
<F1> CLASS A SHARES
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 102
<NAME> AMERISTAR TENNESSEE TAX-EXEMPT BOND PORTFOLIO
<S> <C>
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<FN>
<F2> TRUST SHARES
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 103
<NAME> AMERISTAR TENNESSEE TAX-EXEMPT BOND PORTFOLIO
<S> <C>
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<FN>
<F3> CLASS B SHARES
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 111
<NAME> AMERISTAR LIMITED DURATION TENNESSEE TAX FREE PORTFOLIO
<S> <C>
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<FN>
<F1> CLASS A SHARES
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 112
<NAME> AMERISTAR LIMITED DURATION TENNESSEE TAX FREE PORTFOLIO
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<OTHER-ITEMS-LIABILITIES> 102794
<TOTAL-LIABILITIES> 2091376
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23793171
<SHARES-COMMON-STOCK> 53317<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 67273
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 179687
<NET-ASSETS> 24040131
<DIVIDEND-INCOME> 21700
<INTEREST-INCOME> 472056
<OTHER-INCOME> 0
<EXPENSES-NET> 120955
<NET-INVESTMENT-INCOME> 372801
<REALIZED-GAINS-CURRENT> 62067
<APPREC-INCREASE-CURRENT> (121600)
<NET-CHANGE-FROM-OPS> 313268
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2609<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 53212<F2>
<NUMBER-OF-SHARES-REDEEMED> 0<F2>
<SHARES-REINVESTED> 105<F2>
<NET-CHANGE-IN-ASSETS> 1147071
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 5206
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 58497
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 176459
<AVERAGE-NET-ASSETS> 299782<F2>
<PER-SHARE-NAV-BEGIN> 10.18<F2>
<PER-SHARE-NII> .12<F2>
<PER-SHARE-GAIN-APPREC> (.07)<F2>
<PER-SHARE-DIVIDEND> .12<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 10.11<F2>
<EXPENSE-RATIO> 1.98<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2> CLASS B SHARES
</TABLE>
