VALIANT FUND
NSAR-A/A, 1995-04-28
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<PAGE>      PAGE  1
000 A000000 02/28/95
000 C000000 899090
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE VALIANT FUND
001 B000000 811-7582
001 C000000 6179850987
002 A000000 1776 HERITAGE DRIVE
002 B000000 NORTH QUINCY
002 C000000 MA
002 D010000 02171
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  4
007 C010100  1
007 C020100 VALIANT U.S. TREASURY MONEY MARKET
007 C030100 N
007 C010200  2
007 C020200 VALIANT U.S. TREASURY INCOME
007 C030200 N
007 C010300  3
007 C020300 VALIANT GENERAL MONEY MARKET
007 C030300 N
007 C010400  4
007 C020400 VALIANT TAX-EXEMPT MONEY MARKET
007 C030400 N
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 INTEGRITY MANAGEMENT & RESEARCH, INC.
008 B00AA01 A
008 C00AA01 801-42708
008 D01AA01 SARASOTA
008 D02AA01 FL
008 D03AA01 34236
008 A00AA02 DAVID L. BABSON & CO., INC
008 B00AA02 S
008 C00AA02 801-241
008 D01AA02 CAMBRIDGE
008 D02AA02 MA
<PAGE>      PAGE  2
008 D03AA02 02142
010 A00AA01 STATE STREET BANK & TRUST COMPANY
010 B00AA01 85-05003
010 C01AA01 NORTH QUINCY
010 C02AA01 MA
010 C03AA01 02171
012 A00AA01 STATE STREET BANK & TRUST CO
012 B00AA01 84-999
012 C01AA01 NORTH QUINCY
012 C02AA01 MA
012 C03AA01 02171
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
015 A00AA01 STATE STREET BANK & TRUST CO
015 B00AA01 C
015 C01AA01 NORTH QUINCY
015 C02AA01 MA
015 C03AA01 02171
015 E01AA01 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
022 A000001 CS FIRST BOSTON CORP
022 B000001 13-5659485
022 C000001   6764963
022 D000001     68197
022 A000002 MORGAN STANLEY & CO
022 B000002 13-2655998
022 C000002   6363321
022 D000002     74110
022 A000003 GOLDMAN SACHS
022 B000003 13-5108880
022 C000003   2290268
022 D000003     63727
022 A000004 J P MORGAN
022 B000004 13-5674085
022 C000004   1661126
022 D000004     40807
022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH
022 B000005 13-5674085
022 C000005    819417
022 D000005    190653
022 A000006 SMITH BARNEY, INC
022 B000006 13-1912900
022 C000006    116707
022 D000006     51877
022 A000007 LEHMAN BROTHERS, INC
022 B000007 13-2518466
022 C000007     80840
<PAGE>      PAGE  3
022 D000007     48496
022 A000008 FORD MOTOR CR CO
022 C000008     31924
022 D000008         0
022 A000009 BANK OF NEW YORK
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022 D000009     21500
022 A000010 GENERAL ELECTRIC CR
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  13
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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SIGNATURE   SUSAN BEAUREGARD                             
TITLE       SR VICE PRESIDENT   
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000899090
<NAME> VALIANT U.S. TREASURY MONEY MARKET PORTFOLIO
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   <NAME> CLASS A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

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