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<PAGE> PAGE 5
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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
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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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<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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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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SIGNATURE LISA TOMICH
TITLE SUPERVISOR
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<F2>TRUST SHARES
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<FN>
<F2> TRUST SHARES
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<ARTICLE> 6
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<NUMBER> 071
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<S> <C>
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<F1> INVESTOR SHARES
</TABLE>
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<ARTICLE> 6
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<NUMBER> 072
<NAME> AMERISTAR CORE INCOME PORTFOLIO
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<FN>
<F2> TRUST SHARES
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
<NUMBER> 081
<NAME> AMERISTAR LIMITED DURATION INCOME PORTFOLIO
<S> <C>
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<FN>
<F1> INVESTOR SHARES
</TABLE>
<TABLE> <S> <C>
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<NAME> INFINITY MUTUAL FUNDS INC.
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<NUMBER> 082
<NAME> AMERISTAR LIMITED DURATION INCOME PORTFOLIO
<S> <C>
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<F2> TRUST SHARES
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
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<SERIES>
<NUMBER> 09
<NAME> AMERISTAR LIMITED DURATION US GOVERNMENT PORTFOLIO
<S> <C>
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<NAME> INFINITY MUTUAL FUNDS INC.
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<NAME> AMERISTAR TENNESSEE TAX-EXEMPT BOND PORTFOLIO
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<F1> INVESTOR SHARES
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
<SERIES>
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<NAME> AMERISTAR TENNESSEE TAX-EXEMPT BOND PORTFOLIO
<S> <C>
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<F2> TRUST SHARES
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> INFINITY MUTUAL FUNDS INC.
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<NAME> AMERISTAR LIMITED DURATION TENNESSEE TAX FREE PORTFOLIO
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<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> .13
<PER-SHARE-DIVIDEND> .29
<PER-SHARE-DISTRIBUTIONS> 0
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</TABLE>
The Board of Directors
of The Infinity Mutual Funds, Inc.-
The Correspondent Cash Reserves:
In planning and performing our audit of the financial
statements of The Infinity Mutual Funds, Inc.-
The Correspondent Cash Reserves (Correspondent Cash
Reserves Money Market Portfolio and Correspondent Cash
Reserves Tax Free Money Market Portfolio) for the year
ended December 31, 1997, we considered its internal
control, including control activities 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 internal control.
The management of The Infinity Mutual Funds, Inc.-
The Correspondent Cash Reserves is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits
and related costs of internal control activities. Two of the
objectives of internal control 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,
errors or irregularities may occur and not be detected.
Also, projection of any evaluation of the internal control
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 would not
necessarily disclose all matters in internal control
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
components 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 internal control, including control
activities for safeguarding securities, that we consider
to be material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
Columbus, Ohio
February 20, 1998
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 Infinity Mutual Funds,
Inc.-The AmeriStar Mutual Funds (AmeriStar
Money Market Portfolio, AmeriStar U.S. Treasury
Money Market Portfolio, AmeriStar Capital Growth
Portfolio, AmeriStar Dividend Growth Portfolio,
AmeriStar Limited Duration U.S. Government Portfolio,
AmeriStar Limited Duration Income Portfolio, AmeriStar
Limited Duration Tennessee Tax Free Portfolio,
AmeriStar Core Income Portfolio, and AmeriStar Tennessee
Tax Exempt Bond Portfolio) for the year ended
December 31, 1997, we considered its internal control,
including control activities 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 internal control.
The management of The Infinity Mutual Funds,
Inc.-The AmeriStar Mutual Funds is responsible
for establishing and maintaining internal control.
In fulfilling this responsibility, estimates and
Judgments by management are required to assess
the expected benefits and related costs of internal
control activities. Two of the objectives of internal
control 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,
errors or irregularities may occur and not be detected.
Also, projection of any evaluation of internal control 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 would not
necessarily disclose all matters in internal control 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 components 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 internal control,
including control activities for safeguarding securities,
that we consider to be material weaknesses as defined above
as of December 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
Columbus, Ohio
February 20, 1998
