<PAGE> PAGE 1
000 B000000 08/31/96
000 C000000 899090
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 THE VALIANT FUND
001 B000000 811-7582
001 C000000 8008282176
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
011 A00AA01 INTEGRITY INVESTMENTS, INC
011 B00AA01 8-45302
011 C01AA01 SARASOTA
011 C02AA01 FL
011 C03AA01 34236
012 A00AA01 STATE STREET BANK & TRUST CO
012 B00AA01 85-05003
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
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 MORGAN STANLEY & CO.
022 B000001 13-2655998
022 C000001 21757651
022 D000001 259714
022 A000002 J.P. MORGAN SECURITIES
022 B000002 13-1912900
022 C000002 21641489
022 D000002 294283
022 A000003 CS FIRST BOSTON
022 B000003 13-5659485
022 C000003 20635850
<PAGE> PAGE 3
022 D000003 356777
022 A000004 GOLDMAN SACHS
022 B000004 13-5108880
022 C000004 9811489
022 D000004 929222
022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH
022 B000005 13-5674085
022 C000005 2116058
022 D000005 349122
022 A000006 LEHMAN BROTHERS INC.
022 B000006 22-2347336
022 C000006 933742
022 D000006 241712
022 A000007 PRUDENTIAL SECURITIES INC.
022 B000007 13-2518466
022 C000007 460128
022 D000007 342157
022 A000008 SMITH BARNEY
022 B000008 13-1912900
022 C000008 176515
022 D000008 122766
022 A000009 PAINE WEBBER, INC.
022 B000009 13-2638166
022 C000009 144497
022 D000009 86207
022 A000010 FIRST UNION
022 B000010 56-0900030
022 C000010 43230
022 D000010 61911
023 C000000 77796984
023 D000000 3240484
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
<PAGE> PAGE 4
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.200
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 Y
054 E00AA00 Y
054 F00AA00 Y
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 Y
054 L00AA00 Y
<PAGE> PAGE 5
054 M00AA00 N
054 N00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
058 B00AA00 N
058 C00AA00 N
058 D00AA00 N
058 E00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000000
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
080 A00AA00 FEDERAL INSURANCE COMPANY
080 C00AA00 1250
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
<PAGE> PAGE 6
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 N
028 A010100 48392
028 A020100 0
028 A030100 0
028 A040100 40213
028 B010100 58644
028 B020100 0
028 B030100 0
028 B040100 66384
028 C010100 140101
028 C020100 0
028 C030100 0
028 C040100 104152
028 D010100 127182
028 D020100 0
028 D030100 0
028 D040100 50925
028 E010100 70519
028 E020100 0
028 E030100 0
028 E040100 53032
028 F010100 46948
028 F020100 1
028 F030100 0
028 F040100 118242
028 G010100 491786
028 G020100 1
028 G030100 0
028 G040100 432948
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 100
042 G000100 0
042 H000100 0
043 000100 322
044 000100 0
062 A000100 Y
<PAGE> PAGE 7
062 B000100 27.4
062 C000100 0.0
062 D000100 72.6
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 32
063 B000100 0.0
064 A000100 N
064 B000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
<PAGE> PAGE 8
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 10481
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 386
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 3
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 321
072 U000100 5
072 V000100 0
072 W000100 0
072 X000100 715
072 Y000100 8
072 Z000100 9774
072AA000100 35
072BB000100 46
072CC010100 0
072CC020100 0
072DD010100 9459
072DD020100 315
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 1
074 B000100 180408
074 C000100 67972
074 D000100 0
<PAGE> PAGE 9
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 52
074 M000100 13
074 N000100 248446
074 O000100 0
074 P000100 49
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1261
074 S000100 0
074 T000100 247136
074 U010100 211599
074 U020100 35549
074 V010100 0.00
074 V020100 0.00
074 W000100 0.9996
074 X000100 10
074 Y000100 0
075 A000100 206304
075 B000100 0
076 000100 0.00
024 000200 N
028 A010200 0
028 A020200 0
028 A030200 0
028 A040200 0
028 B010200 0
028 B020200 0
028 B030200 0
028 B040200 0
028 C010200 0
028 C020200 0
028 C030200 0
028 C040200 0
028 D010200 0
028 D020200 0
028 D030200 0
028 D040200 0
028 E010200 0
028 E020200 0
028 E030200 0
028 E040200 0
028 F010200 0
<PAGE> PAGE 10
028 F020200 0
028 F030200 0
028 F040200 0
028 G010200 0
028 G020200 0
028 G030200 0
028 G040200 0
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
064 A000200 N
064 B000200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 1
072 B000200 188
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 9
072 G000200 0
<PAGE> PAGE 11
072 H000200 0
072 I000200 0
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 0
072 T000200 0
072 U000200 6
072 V000200 0
072 W000200 0
072 X000200 15
072 Y000200 6
072 Z000200 179
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 179
072DD020200 0
072EE000200 0
073 A010200 0.0040
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 25
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 0
074 M000200 12
074 N000200 37
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 12
<PAGE> PAGE 12
074 S000200 0
074 T000200 25
074 U010200 25
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 0.0000
074 X000200 1
074 Y000200 0
075 A000200 4311
075 B000200 0
076 000200 0.00
024 000300 Y
025 A000301 J.P, MORGAN & CO. INC.
025 B000301 13-1912900
025 C000301 D
025 D000301 4997
028 A010300 144969
028 A020300 101
028 A030300 0
028 A040300 139953
028 B010300 112426
028 B020300 116
028 B030300 0
028 B040300 153620
028 C010300 108406
028 C020300 162
028 C030300 0
028 C040300 143475
028 D010300 220131
028 D020300 131
028 D030300 0
028 D040300 219103
028 E010300 136742
028 E020300 115
028 E030300 0
028 E040300 165595
028 F010300 250258
028 F020300 97
028 F030300 0
028 F040300 316700
028 G010300 972932
028 G020300 722
028 G030300 0
028 G040300 1138446
028 H000300 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
<PAGE> PAGE 13
042 F000300 100
042 G000300 0
042 H000300 0
043 000300 24
044 000300 0
062 A000300 Y
062 B000300 7.3
062 C000300 0.0
062 D000300 19.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 5.0
062 I000300 68.5
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 25
063 B000300 0.0
064 A000300 N
064 B000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
<PAGE> PAGE 14
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 12
072 B000300 26635
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 958
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 12
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 0
072 T000300 24
072 U000300 4
072 V000300 0
072 W000300 0
072 X000300 998
072 Y000300 17
072 Z000300 25654
072AA000300 74
072BB000300 258
072CC010300 0
072CC020300 0
072DD010300 25172
072DD020300 481
072EE000300 0
073 A010300 0.0530
073 A020300 0.0510
<PAGE> PAGE 15
073 B000300 0.0000
073 C000300 0.0000
074 A000300 1
074 B000300 66108
074 C000300 278441
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 19
074 M000300 10
074 N000300 344579
074 O000300 0
074 P000300 68
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 1708
074 S000300 0
074 T000300 342803
074 U010300 334337
074 U020300 8741
074 V010300 1.00
074 V020300 1.00
074 W000300 0.9989
074 X000300 14
074 Y000300 0
075 A000300 479053
075 B000300 0
076 000300 0.00
028 A010400 36652
028 A020400 0
028 A030400 0
028 A040400 25705
028 B010400 24481
028 B020400 0
028 B030400 0
028 B040400 60197
028 C010400 27253
028 C020400 0
028 C030400 0
028 C040400 23362
028 D010400 34284
028 D020400 0
028 D030400 0
028 D040400 28142
<PAGE> PAGE 16
028 E010400 46697
028 E020400 0
028 E030400 0
028 E040400 31475
028 F010400 22654
028 F020400 0
028 F030400 0
028 F040400 36778
028 G010400 192021
028 G020400 0
028 G030400 0
028 G040400 205659
028 H000400 0
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 100.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 45
063 B000400 0.0
064 A000400 Y
064 B000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
<PAGE> PAGE 17
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 12
072 B000400 10121
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 572
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 0
072 K000400 0
072 L000400 0
072 M000400 6
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 0
072 S000400 0
072 T000400 0
072 U000400 5
072 V000400 0
072 W000400 0
072 X000400 583
072 Y000400 11
072 Z000400 9549
072AA000400 12
<PAGE> PAGE 18
072BB000400 17
072CC010400 0
072CC020400 0
072DD010400 9549
072DD020400 0
072EE000400 0
073 A010400 0.0340
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 13
074 B000400 0
074 C000400 283558
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 1350
074 M000400 11
074 N000400 284932
074 O000400 4200
074 P000400 49
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 816
074 S000400 0
074 T000400 279867
074 U010400 279980
074 U020400 0
074 V010400 1.00
074 V020400 0.00
074 W000400 0.9996
074 X000400 4
074 Y000400 0
075 A000400 286239
075 B000400 0
076 000400 0.00
SIGNATURE SHEILA TWIBLE
TITLE ASST. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> The Valiant Fund
<SERIES>
<NUMBER> 011
<NAME> VALIANT U.S. TREASURY MONEY MARKET PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 248379721
<INVESTMENTS-AT-VALUE> 248379721
<RECEIVABLES> 52453
<ASSETS-OTHER> 14153
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 248446327
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1310414
<TOTAL-LIABILITIES> 1310414
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 247148045
<SHARES-COMMON-STOCK> 85263898
<SHARES-COMMON-PRIOR> 30182786
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12132)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 247135913
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10481337
<OTHER-INCOME> 0
<EXPENSES-NET> (706852)
<NET-INVESTMENT-INCOME> 9774485
<REALIZED-GAINS-CURRENT> (10545)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9763940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3702775)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 293279024
<NUMBER-OF-SHARES-REDEEMED> (238199277)
<SHARES-REINVESTED> 1365
<NET-CHANGE-IN-ASSETS> 140839376
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 385690
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 715055
<AVERAGE-NET-ASSETS> 71108201
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.053
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.053)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME>The Valiant Fund
<SERIES>
<NUMBER> 012
<NAME> VALIANT U.S. TREASURY MONEY MARKET
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 248379721
<INVESTMENTS-AT-VALUE> 248379721
<RECEIVABLES> 52453
<ASSETS-OTHER> 14153
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 248446327
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1310414
<TOTAL-LIABILITIES> 1310414
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 247148045
<SHARES-COMMON-STOCK> 126334979
<SHARES-COMMON-PRIOR> 76115337
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12132)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 247135913
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10481337
<OTHER-INCOME> 0
<EXPENSES-NET> (706852)
<NET-INVESTMENT-INCOME> 9774485
<REALIZED-GAINS-CURRENT> (10545)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9763940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5756290)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 555303801
<NUMBER-OF-SHARES-REDEEMED> (505084160)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 140839376
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 385690
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 715055
<AVERAGE-NET-ASSETS> 11501118
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.050)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME>The Valiant Fund
<SERIES>
<NUMBER> 014
<NAME> VALIANT U.S. TREASURY MONEY MARKET PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 248379721
<INVESTMENTS-AT-VALUE> 248379721
<RECEIVABLES> 52453
<ASSETS-OTHER> 14153
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 248446327
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1310414
<TOTAL-LIABILITIES> 1310414
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 247148045
<SHARES-COMMON-STOCK> 35549168
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12132)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 247135913
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10481337
<OTHER-INCOME> 0
<EXPENSES-NET> (706852)
<NET-INVESTMENT-INCOME> 9774485
<REALIZED-GAINS-CURRENT> (10545)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9763940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (315420)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 49343549
<NUMBER-OF-SHARES-REDEEMED> (13794381)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 140839376
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 385690
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 715055
<AVERAGE-NET-ASSETS> 20184743
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.015
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.015)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> The Valiant Fund
<SERIES>
<NUMBER> 021
<NAME> VALIANT U.S. TREASURY INCOME PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 12440
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37600
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12378
<TOTAL-LIABILITIES> 12378
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25215
<SHARES-COMMON-STOCK> 25215
<SHARES-COMMON-PRIOR> 25126
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 25222
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 187705
<OTHER-INCOME> 0
<EXPENSES-NET> (8578)
<NET-INVESTMENT-INCOME> 179127
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 179127
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (179127)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 93740874
<NUMBER-OF-SHARES-REDEEMED> (93710874)
<SHARES-REINVESTED> 89
<NET-CHANGE-IN-ASSETS> 89
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8578
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14860
<AVERAGE-NET-ASSETS> 4311872
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.004
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.004)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> The Valiant Funds
<SERIES>
<NUMBER> 031
<NAME> VALIANT GENERAL MONEY MARKET PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 344549242
<INVESTMENTS-AT-VALUE> 344549242
<RECEIVABLES> 19209
<ASSETS-OTHER> 10824
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 344579275
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1775833
<TOTAL-LIABILITIES> 1775833
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 343078004
<SHARES-COMMON-STOCK> 334337397
<SHARES-COMMON-PRIOR> 376052787
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (274562)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 342803442
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26635341
<OTHER-INCOME> 0
<EXPENSES-NET> (981667)
<NET-INVESTMENT-INCOME> 25653674
<REALIZED-GAINS-CURRENT> (184202)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 25469472
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25172442)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1937503266
<NUMBER-OF-SHARES-REDEEMED> (1980536000)
<SHARES-REINVESTED> 1317345
<NET-CHANGE-IN-ASSETS> 42623260
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 958106
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 998617
<AVERAGE-NET-ASSETS> 469628559
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.053
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.053)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> The Valiant Fund
<SERIES>
<NUMBER> 032
<NAME> VALIANT GENERAL MONEY MARKET PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 344549242
<INVESTMENTS-AT-VALUE> 344549242
<RECEIVABLES> 19209
<ASSETS-OTHER> 10824
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 344579275
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1775833
<TOTAL-LIABILITIES> 1775833
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 343078004
<SHARES-COMMON-STOCK> 8740607
<SHARES-COMMON-PRIOR> 9464275
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (274562)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 342803442
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26635341
<OTHER-INCOME> 0
<EXPENSES-NET> (981667)
<NET-INVESTMENT-INCOME> 25653674
<REALIZED-GAINS-CURRENT> (184202)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 25469472
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (481232)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11688082
<NUMBER-OF-SHARES-REDEEMED> (12411751)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 42623260
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 958106
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 998617
<AVERAGE-NET-ASSETS> 9424314
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.051
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.051)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> The Valiant Fund
<SERIES>
<NUMBER> 041
<NAME> VALIANT TAX-EXEMPT MONEY MARKET PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 283558051
<INVESTMENTS-AT-VALUE> 283558051
<RECEIVABLES> 1350385
<ASSETS-OTHER> 23767
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 284932203
<PAYABLE-FOR-SECURITIES> 42004870
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 864613
<TOTAL-LIABILITIES> 5065100
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 279980063
<SHARES-COMMON-STOCK> 279980063
<SHARES-COMMON-PRIOR> 283761668
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (112960)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 279867103
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10121298
<OTHER-INCOME> 0
<EXPENSES-NET> (572626)
<NET-INVESTMENT-INCOME> 9548672
<REALIZED-GAINS-CURRENT> (4894)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9543778
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9548672)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 452820528
<NUMBER-OF-SHARES-REDEEMED> (456602989)
<SHARES-REINVESTED> 856
<NET-CHANGE-IN-ASSETS> (3786499)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 572477
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 583397
<AVERAGE-NET-ASSETS> 286238674
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.034
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.034)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>