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<PAGE> PAGE 2
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<PAGE> PAGE 9
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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
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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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074 V010700 10.39
<PAGE> PAGE 41
074 V020700 10.39
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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
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<PAGE> PAGE 42
028 E020800 154
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032 000800 0
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034 000800 Y
035 000800 9
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037 000800 N
038 000800 0
039 000800 N
040 000800 Y
041 000800 Y
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042 B000800 0
042 C000800 0
042 D000800 100
042 E000800 0
042 F000800 0
042 G000800 0
042 H000800 0
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045 000800 Y
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047 000800 Y
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<PAGE> PAGE 43
048 E010800 0
048 E020800 0.000
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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
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 R000800 1.9
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063 B000800 3.1
064 A000800 N
<PAGE> PAGE 44
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
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
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071 C000800 88218
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072 A000800 12
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<PAGE> PAGE 45
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<PAGE> PAGE 46
074 R030800 0
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008 A000901 FIRST AMERICAN NATIONAL BANK
008 B000901 A
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008 D030901 37237
014 A000901 INVEST FINANCIAL CORPORATION
014 B000901 8-0000
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014 B000902 8-0000
014 A000903 PAINEWEBBER, INC.
014 B000903 8-0000
024 000900 N
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<PAGE> PAGE 47
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<PAGE> PAGE 48
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
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050 000900 N
051 000900 N
052 000900 N
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055 A000900 N
055 B000900 N
056 000900 Y
057 000900 N
058 A000900 N
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<PAGE> PAGE 49
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
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
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071 B000900 18076
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<PAGE> PAGE 50
072 M000900 1
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<PAGE> PAGE 51
074 V020900 10.25
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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
024 001000 N
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<PAGE> PAGE 52
030 B001000 3.00
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<PAGE> PAGE 53
049 001000 N
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070 A021000 N
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070 C021000 N
070 D011000 N
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<PAGE> PAGE 54
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
070 N021000 N
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070 O021000 N
070 P011000 N
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070 Q021000 N
070 R011000 Y
070 R021000 N
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<PAGE> PAGE 55
072 T001000 12
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<PAGE> PAGE 56
008 A001101 FIRST AMERICAN NATIONAL BANK
008 B001101 A
008 C001101 801-000000
008 D011101 NASHVILLE
008 D021101 TN
008 D031101 37237
014 A001101 INVEST FINANCIAL CORPORATION
014 B001101 8-0000
014 A001102 FIRST AMERICAN FINANCIAL SERVICES, INC.
014 B001102 8-0000
014 A001103 PAINEWEBBER, INC.
014 B001103 8-0000
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<PAGE> PAGE 57
035 001100 9
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<PAGE> PAGE 58
055 A001100 N
055 B001100 N
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<PAGE> PAGE 59
070 H021100 N
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<PAGE> PAGE 60
072AA001100 155
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008 A001201 FIRST AMERICAN NATIONAL BANK
008 B001201 A
008 C001201 801-000000
008 D011201 NASHVILLE
008 D021201 TN
008 D031201 37237
014 A001201 PAINEWEBBER, INC.
<PAGE> PAGE 61
014 B001201 8-0000
014 A001202 INVEST FINANCIAL CORPORATION
014 B001202 8-0000
014 A001203 FIRST AMERICAN FINANCIAL SERVICES, INC.
014 B001203 8-0000
024 001200 Y
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025 B001201 13-5674085
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<PAGE> PAGE 62
031 B001200 0
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036 B001200 0
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038 001200 0
039 001200 N
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042 F001200 0
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<PAGE> PAGE 63
053 A001200 N
055 A001200 N
055 B001200 N
056 001200 Y
057 001200 N
058 A001200 N
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062 K001200 0.0
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062 N001200 22.6
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062 P001200 13.7
062 Q001200 0.0
062 R001200 2.8
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063 B001200 8.6
064 A001200 N
064 B001200 N
066 A001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
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070 A021200 N
070 B011200 N
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 N
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
<PAGE> PAGE 64
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 N
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
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072 P001200 0
072 Q001200 52
072 R001200 0
072 S001200 0
072 T001200 0
072 U001200 0
072 V001200 0
072 W001200 411
072 X001200 2098
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<PAGE> PAGE 65
072 Z001200 12162
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008 A001301 FIRST AMERICAN NATIONAL BANK
008 B001301 A
008 C001301 801-000000
008 D011301 NASHVILLE
008 D021301 TN
008 D031301 37237
<PAGE> PAGE 66
014 A001301 PAINEWEBBER, INC.
014 B001301 8-0000
014 A001302 INVEST FINANCIAL CORPORATION
014 B001302 8-0000
014 A001303 FIRST AMERICAN FINANCIAL SERVICES, INC.
014 B001303 8-0000
024 001300 N
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<PAGE> PAGE 67
041 001300 Y
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042 B001300 0
042 C001300 0
042 D001300 100
042 E001300 0
042 F001300 0
042 G001300 0
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048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
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050 001300 N
051 001300 N
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053 B001300 Y
053 C001300 N
055 A001300 N
055 B001300 N
056 001300 Y
057 001300 N
058 A001300 N
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060 A001300 Y
<PAGE> PAGE 68
060 B001300 Y
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068 A001300 N
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070 A011300 Y
070 A021300 N
070 B011300 N
070 B021300 N
070 C011300 N
070 C021300 N
070 D011300 N
070 D021300 N
070 E011300 N
070 E021300 N
070 F011300 N
070 F021300 N
070 G011300 N
070 G021300 N
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
070 K011300 Y
070 K021300 Y
<PAGE> PAGE 69
070 L011300 N
070 L021300 N
070 M011300 N
070 M021300 N
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
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072 X001300 558
072 Y001300 138
072 Z001300 1877
072AA001300 15
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072DD021300 1817
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<PAGE> PAGE 70
073 A011300 0.0200
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074 W001300 0.0000
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075 B001300 54885
076 001300 0.00
008 A001401 FIRST AMERICAN NATIONAL BANK
008 B001401 A
008 C001401 801-000000
008 D011401 NASHVILLE
008 D021401 TN
008 D031401 37237
008 A001402 LAZARD ASSET MANAGEMENT
008 B001402 S
008 C001402 801-000000
008 D011402 NEW YORK
008 D021402 NY
008 D031402 10112
014 A001401 PAINEWEBBER, INC.
014 B001401 8-0000
<PAGE> PAGE 71
014 A001402 INVEST FINANCIAL CORPORATION
014 B001402 8-0000
014 A001403 FIRST AMERICAN FINANCIAL SERVICES, INC.
014 B001403 8-0000
024 001400 N
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039 001400 N
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<PAGE> PAGE 72
042 B001400 0
042 C001400 0
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048 J011400 0
048 J021400 0.000
048 K011400 0
048 K021400 0.000
049 001400 N
050 001400 N
051 001400 N
052 001400 N
053 A001400 Y
053 B001400 Y
053 C001400 N
055 A001400 N
055 B001400 N
056 001400 Y
057 001400 N
058 A001400 N
059 001400 Y
060 A001400 Y
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<PAGE> PAGE 73
062 A001400 N
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062 P001400 0.0
062 Q001400 0.0
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063 A001400 0
063 B001400 0.0
066 A001400 Y
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066 C001400 Y
066 D001400 N
066 E001400 N
066 F001400 N
066 G001400 N
067 001400 N
068 A001400 N
068 B001400 Y
069 001400 N
070 A011400 Y
070 A021400 N
070 B011400 Y
070 B021400 N
070 C011400 N
070 C021400 N
070 D011400 Y
070 D021400 N
070 E011400 N
070 E021400 N
070 F011400 Y
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 Y
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
<PAGE> PAGE 74
070 K011400 Y
070 K021400 N
070 L011400 Y
070 L021400 Y
070 M011400 Y
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 N
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 Y
070 R021400 N
071 A001400 19462
071 B001400 17581
071 C001400 28144
071 D001400 62
072 A001400 10
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072 R001400 0
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072 X001400 514
072 Y001400 82
072 Z001400 143
072AA001400 0
072BB001400 1609
072CC011400 1522
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<PAGE> PAGE 75
072DD021400 71
072EE001400 0
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074 X001400 31
074 Y001400 0
075 A001400 0
075 B001400 28601
076 001400 0.00
008 A001501 FIRST AMERICAN NATIONAL BANK
008 B001501 A
008 C001501 801-000000
008 D011501 NASHVILLE
008 D021501 TN
008 D031501 37237
008 A001502 WOMACK ASSET MANAGEMENT, INC.
008 B001502 S
008 C001502 801-000000
008 D011502 JACKSON
008 D021502 MS
008 D031502 39216
<PAGE> PAGE 76
014 A001501 PAINEWEBBER, INC.
014 B001501 8-0000
014 A001502 INVEST FINANCIAL CORPORATION
014 B001502 8-0000
014 A001503 FIRST AMERICAN FINANCIAL SERVICES, INC.
014 B001503 8-0000
024 001500 N
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037 001500 N
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039 001500 N
040 001500 Y
<PAGE> PAGE 77
041 001500 Y
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048 K021500 0.000
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050 001500 N
051 001500 N
052 001500 N
053 A001500 Y
053 B001500 Y
053 C001500 N
055 A001500 N
055 B001500 N
056 001500 Y
057 001500 N
058 A001500 N
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060 A001500 Y
<PAGE> PAGE 78
060 B001500 Y
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066 A001500 Y
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066 D001500 N
066 E001500 N
066 F001500 N
066 G001500 N
067 001500 N
068 A001500 N
068 B001500 N
069 001500 N
070 A011500 Y
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070 B011500 Y
070 B021500 N
070 C011500 N
070 C021500 N
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070 E011500 N
070 E021500 N
070 F011500 Y
070 F021500 N
070 G011500 Y
070 G021500 N
070 H011500 Y
070 H021500 N
070 I011500 N
070 I021500 N
<PAGE> PAGE 79
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 N
070 L011500 N
070 L021500 N
070 M011500 N
070 M021500 N
070 N011500 Y
070 N021500 N
070 O011500 Y
070 O021500 N
070 P011500 N
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
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<PAGE> PAGE 80
072CC021500 3913
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008 A001601 FIRST AMERICAN NATIONAL BANK
008 B001601 A
008 C001601 801-000000
008 D011601 NASHVILLE
008 D021601 TN
008 D031601 37237
014 A001601 PAINEWEBBER, INC.
014 B001601 8-0000
014 A001602 INVEST FINANCIAL CORPORATION
014 B001602 8-0000
<PAGE> PAGE 81
014 A001603 FIRST AMERICAN FINANCIAL SERVICES, INC.
014 B001603 8-0000
024 001600 N
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028 H001600 419
029 001600 Y
030 A001600 14
030 B001600 4.75
030 C001600 0.00
031 A001600 2
031 B001600 0
032 001600 12
033 001600 0
034 001600 N
035 001600 0
036 B001600 0
037 001600 N
038 001600 0
039 001600 N
040 001600 Y
041 001600 Y
042 A001600 0
042 B001600 0
042 C001600 0
<PAGE> PAGE 82
042 D001600 100
042 E001600 0
042 F001600 0
042 G001600 0
042 H001600 0
043 001600 0
044 001600 0
045 001600 Y
046 001600 N
047 001600 Y
048 001600 0.750
048 A011600 0
048 A021600 0.000
048 B011600 0
048 B021600 0.000
048 C011600 0
048 C021600 0.000
048 D011600 0
048 D021600 0.000
048 E011600 0
048 E021600 0.000
048 F011600 0
048 F021600 0.000
048 G011600 0
048 G021600 0.000
048 H011600 0
048 H021600 0.000
048 I011600 0
048 I021600 0.000
048 J011600 0
048 J021600 0.000
048 K011600 0
048 K021600 0.000
049 001600 N
050 001600 N
051 001600 N
052 001600 N
053 A001600 Y
053 B001600 Y
053 C001600 N
055 A001600 N
055 B001600 N
056 001600 Y
057 001600 N
058 A001600 N
059 001600 Y
060 A001600 Y
060 B001600 Y
061 001600 1000
062 A001600 N
062 B001600 0.0
<PAGE> PAGE 83
062 C001600 0.0
062 D001600 0.0
062 E001600 0.0
062 F001600 0.0
062 G001600 0.0
062 H001600 0.0
062 I001600 0.0
062 J001600 0.0
062 K001600 0.0
062 L001600 0.0
062 M001600 0.0
062 N001600 0.0
062 O001600 0.0
062 P001600 0.0
062 Q001600 0.0
062 R001600 0.0
063 A001600 0
063 B001600 0.0
066 A001600 Y
066 B001600 N
066 C001600 Y
066 D001600 N
066 E001600 N
066 F001600 N
066 G001600 N
067 001600 N
068 A001600 N
068 B001600 N
069 001600 N
070 A011600 Y
070 A021600 N
070 B011600 Y
070 B021600 N
070 C011600 N
070 C021600 N
070 D011600 Y
070 D021600 N
070 E011600 N
070 E021600 N
070 F011600 Y
070 F021600 N
070 G011600 Y
070 G021600 N
070 H011600 Y
070 H021600 N
070 I011600 N
070 I021600 N
070 J011600 Y
070 J021600 N
070 K011600 Y
070 K021600 Y
<PAGE> PAGE 84
070 L011600 N
070 L021600 N
070 M011600 N
070 M021600 N
070 N011600 Y
070 N021600 N
070 O011600 Y
070 O021600 N
070 P011600 N
070 P021600 N
070 Q011600 N
070 Q021600 N
070 R011600 N
070 R021600 N
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071 B001600 25227
071 C001600 751639
071 D001600 3
072 A001600 10
072 B001600 1437
072 C001600 6527
072 D001600 0
072 E001600 0
072 F001600 4768
072 G001600 631
072 H001600 0
072 I001600 104
072 J001600 0
072 K001600 0
072 L001600 0
072 M001600 5
072 N001600 0
072 O001600 0
072 P001600 0
072 Q001600 92
072 R001600 0
072 S001600 0
072 T001600 0
072 U001600 0
072 V001600 0
072 W001600 1053
072 X001600 6653
072 Y001600 21
072 Z001600 1332
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<PAGE> PAGE 85
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073 A021600 0.0500
073 B001600 1.2500
073 C001600 0.0000
074 A001600 0
074 B001600 0
074 C001600 0
074 D001600 0
074 E001600 0
074 F001600 825110
074 G001600 0
074 H001600 0
074 I001600 18737
074 J001600 0
074 K001600 21
074 L001600 925
074 M001600 0
074 N001600 844793
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074 R021600 0
074 R031600 0
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SIGNATURE MATT KINCAID
TITLE SUPERVISOR
The Board of Directors of
The Infinity Mutual Funds, Inc. -
The Correspondent Cash Reserves:
In planning and performing our audits
of the financial statements of The
Infinity Mutual Funds, Inc. - The
Correspondent Cash Reserves for the
year ended December 31, 1998, 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 controls. Generally,
controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes
that are fairly presented in conformity
with generally accepted accounting
principles. Those controls include
the safeguarding of assets against
unauthorized acquisition, use, or
disposition.
Because of inherent limitations in
any internal control, errors or fraud
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 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 one or more
internal control components does not reduce
to a relatively low level the risk that
misstatements caused by error or fraud
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 and its operation, including
controls for safeguarding securities, that
we consider to be material weaknesses as
defined above as of December 31, 1998.
This report is intended solely for the
information and use of management,
the Board of Directors of The Infinity
Mutual Funds, Inc. - The Correspondent
Cash Reserves, and the Securities and
Exchange Commission and is not intended
to be and should not be used by anyone
other than these specified parties.
KPMG LLP
Columbus, Ohio
February 3, 1999
The Board of Directors of
The Infinity Mutual Funds, Inc. -
ISG Funds:
In planning and performing our audits
of the financial statements of The
Infinity Mutual Funds, Inc. - ISG Funds
for the period ended December 31,
1998, 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. - ISG 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 controls. Generally,
controls that are relevant to an audit
pertain to the entity's objective of
preparing financial statements for
external purposes that are fairly
presented in conformity with generally
accepted accounting principles.
Those controls include the safeguarding
of assets against unauthorized acquisition,
use, or disposition.
Because of inherent limitations in any
internal control, errors or fraud 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 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 one or more
internal control components does not
reduce to a relatively low level the risk
that misstatements caused by error or
fraud 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 and its operation, including
controls for safeguarding securities,
that we consider to be material weaknesses
as defined above as of December 31, 1998.
This report is intended solely for the
information and use of management, the
Board of Directors of The Infinity
Mutual Funds, Inc. - ISG Funds,
and the Securities and Exchange
Commission and is not intended
to be and should not be used by
anyone other than these specified parties.
KPMG LLP
Columbus, Ohio
February 19, 1999
A Special Meeting of Shareholders of
the DG Investors Series was held on
December 11, 1998. At the
meeting, shareholders voted on the
following matters with the following
results as indicated below:
Proposal 1
To approve an Agreement and Plan
of Reorganization pursuant to which
each DG Fund listed below will
transfer all of its assets and liabilities
solely in exchange (the "Exchange")
for Class A Shares and Institutional
Shares of the corresponding ISG Fund
identified opposite its name:
DG Funds
ISG Funds
DG Treasury Money Market Fund
ISG Treasury
Money Market Fund
DG Prime Money Market Fund
ISG Prime Money
Market Fund
DG Limited Term Government Income
Fund ISG Limited Term
U.S. Government Fund
DG Government Income Fund
ISG Government
Income Fund
DG Municipal Income Fund
ISG Municipal Income
Fund
DG Equity Fund
ISG Large-Cap Equity
Fund
DG Opportunity Fund
ISG Small-Cap
Opportunity Fund
DG International Equity Fund
ISG International
Equity Fund
Each DG Fund will distribute the Class
A Shares or Institutional Shares, as
applicable, of the corresponding ISG
Fund received in the Exchange to its
shareholders in an amount equal in
net asset value to the shares of the
DG Fund held by such shareholders
as of the date of the Exchange, after
which the DG Fund will be terminated.
For
Against
Abstain
DG Treasury Money Market Fund
187,366,851
262,702
3,992,398
DG Prime Money Market Fund
121,116,108
1,812,537
100,808,395
DG Limited Term Government Income Fund
2,792,682
- - -
60,600
DG Government Income Fund
25,662,347
- - -
38,566
DG Municipal Income Fund
4,831,785
170
96,652
DG Equity Fund
27,338,291
22,838
1,134,549
DG Opportunity Fund
7,618,435
3,476
562,801
DG International Equity Fund
2,641,027
- - -
4,158
Proposal 2
To approve a new Investment
Advisory Contract between the
DG Funds, on behalf of each DG
Fund, and ParkSouth Corporation
("ParkSouth"), the terms of which
are identical in all material respects
to the prior investment advisory
agreement for the DG Funds. The
new Investment Advisory Contract
was approved by the Board of
Trustees, effective as of the date
of the merger (the "Merger") of
Deposit Guaranty Corp., the former
ultimate corporate parent of the
DG Funds' investment adviser,
ParkSouth, with and into First
American Corporation.
For
Against
Abstain
DG Treasury Money Market Fund
191,290,460
92,805
238,686
DG Prime Money Market Fund
217,557,853
1,877,500
4,301,687
DG Limited Term Government Income Fund
2,853,282
- - -
- - -
DG Government Income Fund
25,696,987
- - -
3,926
DG Municipal Income Fund
4,928,607
- - -
- - -
DG Equity Fund
28,438,800
16,724
40,154
DG Opportunity Fund
8,176,893
3,708
4,111
DG International Equity Fund
2,645,185
- - -
- - -
Proposal 3(A)
To approve a new Sub-Investment
Advisory Agreement between
Womack Asset Management,
Inc. (Womack), the present
sub-advisor to the DG Opportunity
Fund, and ParkSouth, on behalf
of the DG Opportunity Fund, the
terms of which are identical in
all material respects to the prior
sub-advisory agreement for the
DG Opportunity Fund.
For
Against
Abstain
DG Opportunity Fund
8,177,031
3,948
3,733
Proposal 3(B)
To approve a new Sub-Investment
Advisory Agreement between
Lazard Asset Management (Lazard),
the present sub-advisor to the DG
International Equity Fund, and ParkSouth,
on behalf of the DG International Equity
Fund, the terms of which are identical in
all material respects to the prior
sub-advisory agreement for the
DG International Equity Fund.
For
Against
Abstain
DG International Equity Fund
2,645,086
- - -
99
The Funds entered into an Agreement
and Plan of Reorganization with the
DG Investor Series (the "DG Funds")
pursuant to which all of the assets
and liabilities of each DG Fund
transferred to a fund of ISG in
exchange for shares of the
corresponding fund of ISG. Each
DG Fund listed below transferred
all of its assets and liabilities to
the corresponding ISG Fund identified
opposite its name in exchange for
shares of such ISG Fund:
DG Funds
ISG Funds
DG Treasury Money Market Fund
ISG Treasury Money Market Fund
DG Prime Money Market Fund
ISG Prime Money Market Fund
DG Limited Term Government Income Fund
ISG Limited Term U.S. Government Fund
DG Government Income Fund
ISG Government Income Fund
DG Municipal Income Fund
ISG Municipal Income Fund
DG Equity Fund
ISG Large-Cap Equity Fund
DG Opportunity Fund
ISG Small-Cap Opportunity Fund
DG International Equity Fund
ISG International Equity Fund
The reorganization, which qualified
as a tax-free exchange for federal
income tax purposes, was completed
on December 14, 1998 and was
approved by shareholders of the
DG Funds at a special shareholder
meeting held on December 11, 1998.
For more detailed information please
refer to the Proxy material filed on
Form DEFA14A by the DG Investor
Series(40'Act# 811-0667)
filed 10/23/98; CIK# 883843
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<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 033
<NAME> PRIME MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 041
<NAME> TREASURY MONEY MARKET FUND
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 042
<NAME> TREASURY MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
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<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 051
<NAME> CAPITAL GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> DEC-31-1998
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 052
<NAME> CAPITAL GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
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<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 053
<NAME> CAPITAL GROWTH FUND
<S> <C>
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 061
<NAME> EQUITY INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 062
<NAME> EQUITY INCOME FUND
<S> <C>
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<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 063
<NAME> EQUITY INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 071
<NAME> INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> DEC-31-1998
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 072
<NAME> INCOME FUND
<S> <C>
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<PERIOD-START> JAN-1-1998
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<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 073
<NAME> INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 081
<NAME> LIMITED TERM INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 082
<NAME> LIMITED TERM INCOME FUND
<S> <C>
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<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 083
<NAME> LIMITED TERM INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 091
<NAME> LIMITED TERM U.S. GOVERNMENT FUND
<S> <C>
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<FN>
<F1>Class A Shares
</FN>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 092
<NAME> LIMITED TERM U.S. GOVERNMENT FUND
<S> <C>
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<F1>Institutional Shares
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<TABLE> <S> <C>
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<NAME> THE INFINITY MUTUAL FUNDS, INC.
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<NAME> LIMITED TERM U.S. GOVERNMENT FUND
<S> <C>
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<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 101
<NAME> TENNESSEE TAX EXEMPT FUND
<S> <C>
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<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 102
<NAME> TENNESSEE TAX EXEMPT FUND
<S> <C>
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<F1>Institutional Shares
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
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<NAME> TENNESSEE TAX EXEMPT FUND
<S> <C>
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<F1>Class B Shares
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 111
<NAME> LIMITED TERM TENNESSEE TAX EXEMPT FUND
<S> <C>
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<F1>Class A Shares
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 112
<NAME> LIMITED TERM TENNESSEE TAX EXEMPT FUND
<S> <C>
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 121
<NAME> GOVERNMENT INCOME FUND
<S> <C>
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 122
<NAME> GOVERNMENT INCOME FUND
<S> <C>
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<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 131
<NAME> MUNICIPAL INCOME FUND FUND
<S> <C>
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 132
<NAME> MUNICIPAL INCOME FUND FUND
<S> <C>
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<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 141
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> DEC-31-1998
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 142
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
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<PERIOD-START> MAR-1-1998
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<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 151
<NAME> SMALL-CAP OPPORTUNITY FUND
<S> <C>
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 152
<NAME> SMALL-CAP OPPORTUNITY FUND
<S> <C>
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<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 153
<NAME> SMALL-CAP OPPORTUNITY FUND
<S> <C>
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 161
<NAME> LARGE-CAP EQUITY FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> MAR-1-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 331847282
<INVESTMENTS-AT-VALUE> 843846856
<RECEIVABLES> 945850
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 844792706
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 458852
<TOTAL-LIABILITIES> 458852
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<PAID-IN-CAPITAL-COMMON> 332342520
<SHARES-COMMON-STOCK> 2096935<F1>
<SHARES-COMMON-PRIOR> 31104390<F1>
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<OVERDISTRIBUTION-NII> 8240
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<ACCUM-APPREC-OR-DEPREC> 511999574
<NET-ASSETS> 844333854
<DIVIDEND-INCOME> 6526960
<INTEREST-INCOME> 1436644
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<EXPENSES-NET> 6631546
<NET-INVESTMENT-INCOME> 1332058
<REALIZED-GAINS-CURRENT> 32550780
<APPREC-INCREASE-CURRENT> 146744324
<NET-CHANGE-FROM-OPS> 180627162
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1672643<F1>
<DISTRIBUTIONS-OF-GAINS> 38068113<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 33812802
<NUMBER-OF-SHARES-REDEEMED> 35314459
<SHARES-REINVESTED> 1053720
<NET-CHANGE-IN-ASSETS> 128703187
<ACCUMULATED-NII-PRIOR> 438114
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 4767781
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6652527
<AVERAGE-NET-ASSETS> 725766908<F1>
<PER-SHARE-NAV-BEGIN> 23.01<F1>
<PER-SHARE-NII> 0.05<F1>
<PER-SHARE-GAIN-APPREC> 5.79<F1>
<PER-SHARE-DIVIDEND> 0.05<F1>
<PER-SHARE-DISTRIBUTIONS> 1.25<F1>
<RETURNS-OF-CAPITAL> 0.00<F1>
<PER-SHARE-NAV-END> 27.55<F1>
<EXPENSE-RATIO> 1.03<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 162
<NAME> LARGE-CAP EQUITY FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> MAR-1-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 331847282
<INVESTMENTS-AT-VALUE> 843846856
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<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 844792706
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<OTHER-ITEMS-LIABILITIES> 458852
<TOTAL-LIABILITIES> 458852
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 332342520
<SHARES-COMMON-STOCK> 28555870<F1>
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<APPREC-INCREASE-CURRENT> 146744324
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 58445<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
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<NUMBER-OF-SHARES-SOLD> 33812802
<NUMBER-OF-SHARES-REDEEMED> 35314459
<SHARES-REINVESTED> 1053720
<NET-CHANGE-IN-ASSETS> 128703187
<ACCUMULATED-NII-PRIOR> 438114
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6652527
<AVERAGE-NET-ASSETS> 775616756<F1>
<PER-SHARE-NAV-BEGIN> 25.52<F1>
<PER-SHARE-NII> 0.00<F1>
<PER-SHARE-GAIN-APPREC> 2.02<F1>
<PER-SHARE-DIVIDEND> 0.00<F1>
<PER-SHARE-DISTRIBUTIONS> 0.00<F1>
<RETURNS-OF-CAPITAL> 0.00<F1>
<PER-SHARE-NAV-END> 27.54<F1>
<EXPENSE-RATIO> 1.04<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862063
<NAME> THE INFINITY MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 163
<NAME> LARGE-CAP EQUITY FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> MAR-1-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 331847282
<INVESTMENTS-AT-VALUE> 843846856
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 458852
<TOTAL-LIABILITIES> 458852
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 332342520
<SHARES-COMMON-STOCK> 3648<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 8240
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 511999574
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<DISTRIBUTIONS-OF-INCOME> 10<F1>
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<ACCUMULATED-NII-PRIOR> 438114
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 4767781
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6652527
<AVERAGE-NET-ASSETS> 70231<F1>
<PER-SHARE-NAV-BEGIN> 25.98<F1>
<PER-SHARE-NII> 0.00<F1>
<PER-SHARE-GAIN-APPREC> 1.56<F1>
<PER-SHARE-DIVIDEND> 0.00<F1>
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<EXPENSE-RATIO> 1.10<F1>
<AVG-DEBT-OUTSTANDING> 0
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<FN>
<F1>Class B Shares
</FN>
</TABLE>