VALOR INVESTMENT FUND INC
NSAR-A, 1998-03-31
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<PAGE>      PAGE  1
000 A000000 01/31/98
000 C000000 0000276206
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 VALOR INVESTMENT FUND
001 B000000 811-2850
001 C000000 3132567800
002 A000000 2290 FIRST NATIONAL BUILDING
002 B000000 DETROIT
002 C000000 MI
002 D010000 48226
002 D020000 3583
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<PAGE>      PAGE  2
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SIGNATURE   LISA WAITS                                   
TITLE       ATTORNEY            
 


<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-START>                             AUG-01-1997
<PERIOD-END>                               JAN-31-1998
<INVESTMENTS-AT-COST>                       13,186,797
<INVESTMENTS-AT-VALUE>                      13,975,721
<RECEIVABLES>                                  191,090
<ASSETS-OTHER>                                   4,296
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              14,171,107
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       12,300
<TOTAL-LIABILITIES>                             12,300
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       883,525
<SHARES-COMMON-STOCK>                          883,525
<SHARES-COMMON-PRIOR>                          883,525
<ACCUMULATED-NII-CURRENT>                      337,890
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       788,924
<NET-ASSETS>                                14,158,807
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              392,576
<OTHER-INCOME>                                  15,344
<EXPENSES-NET>                                  29,433
<NET-INVESTMENT-INCOME>                        378,487
<REALIZED-GAINS-CURRENT>                        15,344
<APPREC-INCREASE-CURRENT>                      102,792
<NET-CHANGE-FROM-OPS>                          481,279
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      389,422
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                          91,857
<ACCUMULATED-NII-PRIOR>                        348,825
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 29,433
<AVERAGE-NET-ASSETS>                        13,901,281
<PER-SHARE-NAV-BEGIN>                            15.92
<PER-SHARE-NII>                                   0.43
<PER-SHARE-GAIN-APPREC>                           0.12
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<EXPENSE-RATIO>                                  0.002
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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