VALIANT FUND
NSAR-A, 1997-04-30
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<PAGE>      PAGE  1
000 A000000 02/28/97
000 C000000 899090
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022 A000002 MORGAN STANLEY & CO. INC.
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<PAGE>      PAGE  5
SIGNATURE   SHEILA TWIBLE                                
TITLE       ASST. VICE PRESIDENT
 


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