<PAGE> PAGE 1
000 B000000 08/31/97
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 A
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 J.P.MORGAN SECURITIES
022 B000001 13-3224016
022 C000001 30564128
022 D000001 885759
022 A000002 MORGAN STANLEY & CO. INC.
022 B000002 13-2655998
022 C000002 28745134
022 D000002 340628
022 A000003 CS FIRST BOSTON
022 B000003 13-5659485
022 C000003 26801246
<PAGE> PAGE 3
022 D000003 286939
022 A000004 GOLDMAN SACHS
022 B000004 13-5108880
022 C000004 6956876
022 D000004 704386
022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH
022 B000005 13-5674085
022 C000005 1644724
022 D000005 328517
022 A000006 LEHMAN BROTHERS INC.
022 B000006 22-2347336
022 C000006 1519315
022 D000006 222554
022 A000007 PRUDENTIAL SECURITIES, INC.
022 B000007 13-2518466
022 C000007 644673
022 D000007 689576
022 A000008 SMITH BARNEY, INC.
022 B000008 13-1912900
022 C000008 258823
022 D000008 185567
022 A000009 PAINE WEBBER, INC.
022 B000009 13-2638166
022 C000009 112075
022 D000009 135801
022 A000010 FIRST UNION NATIONAL BANK
022 B000010 56-0900030
022 C000010 103460
022 D000010 18554
023 C000000 97422278
023 D000000 4003347
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
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 Y
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
080 A00AA00 GULF INSURANCE COMPANY
080 C00AA00 1500
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 10
083 B00AA00 0
084 B00AA00 0
086 A010000 0
086 A020000 0
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
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
<PAGE> PAGE 6
028 A010100 83748
028 A020100 0
028 A030100 0
028 A040100 107561
028 B010100 71908
028 B020100 0
028 B030100 0
028 B040100 127899
028 C010100 50994
028 C020100 0
028 C030100 0
028 C040100 52374
028 D010100 111033
028 D020100 0
028 D030100 0
028 D040100 61385
028 E010100 77011
028 E020100 0
028 E030100 0
028 E040100 122647
028 F010100 81035
028 F020100 1
028 F030100 0
028 F040100 39791
028 G010100 475729
028 G020100 1
028 G030100 0
028 G040100 511657
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 1082
044 000100 0
062 A000100 Y
062 B000100 24.6
062 C000100 0.0
062 D000100 75.8
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
<PAGE> PAGE 7
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 43
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
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
<PAGE> PAGE 8
072 B000100 22142
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 824
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 7
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 1082
072 U000100 5
072 V000100 0
072 W000100 0
072 X000100 1918
072 Y000100 12
072 Z000100 20236
072AA000100 15
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 16346
072DD020100 3890
072EE000100 0
073 A010100 0.1010
073 A020100 0.0470
073 B000100 0.0000
073 C000100 0.0000
074 A000100 1
074 B000100 322078
074 C000100 104553
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 149
074 M000100 8
074 N000100 426789
074 O000100 0
<PAGE> PAGE 9
074 P000100 68
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1820
074 S000100 0
074 T000100 424901
074 U010100 323499
074 U020100 101398
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9999
074 X000100 10
074 Y000100 0
075 A000100 411860
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
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
<PAGE> PAGE 10
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
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 N
070 K020200 N
<PAGE> PAGE 11
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 738
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 33
072 G000200 0
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 5
072 V000200 0
072 W000200 0
072 X000200 38
072 Y000200 5
072 Z000200 705
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 705
072DD020200 0
072EE000200 0
<PAGE> PAGE 12
073 A010200 0.0050
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 7
074 N000200 32
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 7
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 16629
075 B000200 0
076 000200 0.00
024 000300 Y
025 A000301 J.P. MORGAN & CO.
025 B000301 13-3224016
025 C000301 D
025 D000301 28937
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 218873
028 A020300 273
<PAGE> PAGE 13
028 A030300 0
028 A040300 167527
028 B010300 382591
028 B020300 259
028 B030300 0
028 B040300 178542
028 C010300 338783
028 C020300 311
028 C030300 0
028 C040300 288448
028 D010300 166552
028 D020300 311
028 D030300 0
028 D040300 328285
028 E010300 467592
028 E020300 310
028 E030300 0
028 E040300 402919
028 F010300 204019
028 F020300 351
028 F030300 0
028 F040300 266937
028 G010300 1778410
028 G020300 1815
028 G030300 0
028 G040300 1632658
028 H000300 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 100
042 G000300 0
042 H000300 0
043 000300 24
044 000300 0
062 A000300 Y
062 B000300 1.7
062 C000300 0.0
062 D000300 6.5
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 9.1
062 I000300 83.2
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
<PAGE> PAGE 14
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 51
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 N
070 K020300 N
070 L010300 N
070 L020300 N
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 26960
072 C000300 0
<PAGE> PAGE 15
072 D000300 0
072 E000300 0
072 F000300 976
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 10
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 0
072 T000300 24
072 U000300 5
072 V000300 0
072 W000300 0
072 X000300 1015
072 Y000300 15
072 Z000300 25960
072AA000300 15
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 25486
072DD020300 474
072EE000300 0
073 A010300 0.0530
073 A020300 0.0500
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 37320
074 C000300 543067
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 17
074 M000300 5
074 N000300 580409
074 O000300 0
074 P000300 103
074 Q000300 0
<PAGE> PAGE 16
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 2436
074 S000300 0
074 T000300 577870
074 U010300 568969
074 U020300 9161
074 V010300 1.00
074 V020300 1.00
074 W000300 0.9991
074 X000300 15
074 Y000300 0
075 A000300 488013
075 B000300 0
076 000300 0.00
024 000400 N
025 D000401 0
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 99849
028 A020400 0
028 A030400 0
028 A040400 20720
028 B010400 84421
028 B020400 0
028 B030400 0
028 B040400 85688
028 C010400 52863
028 C020400 0
028 C030400 0
028 C040400 61065
028 D010400 15446
028 D020400 0
028 D030400 0
028 D040400 61785
028 E010400 62148
028 E020400 0
028 E030400 0
028 E040400 45780
028 F010400 52278
028 F020400 1
028 F030400 0
028 F040400 45091
028 G010400 367005
028 G020400 1
<PAGE> PAGE 17
028 G030400 0
028 G040400 320129
028 H000400 0
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 0
044 000400 0
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 104.0
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 N
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 18
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 N
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 9448
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 528
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 0
072 K000400 0
072 L000400 0
072 M000400 5
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 538
072 Y000400 10
072 Z000400 8920
072AA000400 0
<PAGE> PAGE 19
072BB000400 11
072CC010400 0
072CC020400 0
072DD010400 8920
072DD020400 0
072EE000400 0
073 A010400 0.0340
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 293021
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 1300
074 M000400 5
074 N000400 294326
074 O000400 10950
074 P000400 48
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 960
074 S000400 0
074 T000400 282368
074 U010400 282492
074 U020400 0
074 V010400 1.00
074 V020400 0.00
074 W000400 0.9995
074 X000400 3
074 Y000400 0
075 A000400 264014
075 B000400 0
076 000400 0.00
SIGNATURE WILLIAM BESTON
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-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 426630537
<INVESTMENTS-AT-VALUE> 426630537
<RECEIVABLES> 148975
<ASSETS-OTHER> 9368
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 426788880
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1888339
<TOTAL-LIABILITIES> 1888339
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 424897316
<SHARES-COMMON-STOCK> 23062771
<SHARES-COMMON-PRIOR> 85263898
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3225
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 424900541
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 22142122
<OTHER-INCOME> 0
<EXPENSES-NET> (1905720)
<NET-INVESTMENT-INCOME> 20236402
<REALIZED-GAINS-CURRENT> 15357
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 20251759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3174468)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 174614603
<NUMBER-OF-SHARES-REDEEMED> (236817140)
<SHARES-REINVESTED> 1410
<NET-CHANGE-IN-ASSETS> 424900541
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (12132)
<GROSS-ADVISORY-FEES> 823706
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1917763
<AVERAGE-NET-ASSETS> 61973486
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.052
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.052)
<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 PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 426630537
<INVESTMENTS-AT-VALUE> 426630537
<RECEIVABLES> 148975
<ASSETS-OTHER> 9368
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 426788880
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1888339
<TOTAL-LIABILITIES> 1888339
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 424897316
<SHARES-COMMON-STOCK> 300436663
<SHARES-COMMON-PRIOR> 126334979
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3225
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 424900541
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 22142122
<OTHER-INCOME> 0
<EXPENSES-NET> (1905720)
<NET-INVESTMENT-INCOME> 20236402
<REALIZED-GAINS-CURRENT> 15357
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 20251759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13171814)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 879378409
<NUMBER-OF-SHARES-REDEEMED> (705276725)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 424900541
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (12132)
<GROSS-ADVISORY-FEES> 823706
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1917763
<AVERAGE-NET-ASSETS> 266960910
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.049
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.049)
<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-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 426630537
<INVESTMENTS-AT-VALUE> 426630537
<RECEIVABLES> 148975
<ASSETS-OTHER> 9368
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 426788880
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1888339
<TOTAL-LIABILITIES> 1888339
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 424897316
<SHARES-COMMON-STOCK> 101397882
<SHARES-COMMON-PRIOR> 35549168
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3225
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 424900541
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 22142122
<OTHER-INCOME> 0
<EXPENSES-NET> (1905720)
<NET-INVESTMENT-INCOME> 20236402
<REALIZED-GAINS-CURRENT> 15357
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 20251759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3890120)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 318106403
<NUMBER-OF-SHARES-REDEEMED> (252257689)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 424900541
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (12132)
<GROSS-ADVISORY-FEES> 823706
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1917763
<AVERAGE-NET-ASSETS> 82925650
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.047
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.047)
<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> THE VALIANT U.S. TREASURY INCOME PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-01-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 32772
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32772
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7421
<TOTAL-LIABILITIES> 7421
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25351
<SHARES-COMMON-STOCK> 25351
<SHARES-COMMON-PRIOR> 25215
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 25351
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 738116
<OTHER-INCOME> 0
<EXPENSES-NET> 33215
<NET-INVESTMENT-INCOME> 704901
<REALIZED-GAINS-CURRENT> (7)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 704894
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (704901)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 245972311
<NUMBER-OF-SHARES-REDEEMED> (245972311)
<SHARES-REINVESTED> 136
<NET-CHANGE-IN-ASSETS> 129
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33215
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 38234
<AVERAGE-NET-ASSETS> 16629434
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.005
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.005)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0008999090
<NAME> THE VALIANT FUNDS
<SERIES>
<NUMBER> 031
<NAME> THE VALIANT GENERAL MONEY MARKET PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 580386419
<INVESTMENTS-AT-VALUE> 580386419
<RECEIVABLES> 17287
<ASSETS-OTHER> 5411
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 580409117
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2538772
<TOTAL-LIABILITIES> 2538772
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 578129532
<SHARES-COMMON-STOCK> 568968730
<SHARES-COMMON-PRIOR> 334337397
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (259187)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 577870345
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26959795
<OTHER-INCOME> 0
<EXPENSES-NET> (999516)
<NET-INVESTMENT-INCOME> 25960279
<REALIZED-GAINS-CURRENT> 15375
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 25975654
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25485808)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2791812765
<NUMBER-OF-SHARES-REDEEMED> (2560095823)
<SHARES-REINVESTED> 2914391
<NET-CHANGE-IN-ASSETS> 235066903
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (274652)
<GROSS-ADVISORY-FEES> 975895
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1014648
<AVERAGE-NET-ASSETS> 478564563
<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 FUNDS
<SERIES>
<NUMBER> 032
<NAME> VALIANT GENERAL MONEY MARKET PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 580386419
<INVESTMENTS-AT-VALUE> 580386419
<RECEIVABLES> 17287
<ASSETS-OTHER> 5411
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 580409117
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2538772
<TOTAL-LIABILITIES> 2538772
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 578129532
<SHARES-COMMON-STOCK> 9160802
<SHARES-COMMON-PRIOR> 8740607
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (259187)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 577870345
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26959795
<OTHER-INCOME> 0
<EXPENSES-NET> (999516)
<NET-INVESTMENT-INCOME> 25960279
<REALIZED-GAINS-CURRENT> 15375
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 25975654
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (474471)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12777268
<NUMBER-OF-SHARES-REDEEMED> (12357073)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 235066903
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (274652)
<GROSS-ADVISORY-FEES> 975895
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1014648
<AVERAGE-NET-ASSETS> 9448159
<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 FUNDS
<SERIES>
<NUMBER> 041
<NAME> THE VALIANT TAX-EXEMPT MONEY MARKET PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 293020920
<INVESTMENTS-AT-VALUE> 293020920
<RECEIVABLES> 1299611
<ASSETS-OTHER> 5519
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 294326050
<PAYABLE-FOR-SECURITIES> 10950321
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1007649
<TOTAL-LIABILITIES> 11957970
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 282491743
<SHARES-COMMON-STOCK> 282491743
<SHARES-COMMON-PRIOR> 279980063
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (123663)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 282368080
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9448176
<OTHER-INCOME> 0
<EXPENSES-NET> (528012)
<NET-INVESTMENT-INCOME> 8920164
<REALIZED-GAINS-CURRENT> (10706)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8909461
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8920164)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 573325388
<NUMBER-OF-SHARES-REDEEMED> (570814598)
<SHARES-REINVESTED> 890
<NET-CHANGE-IN-ASSETS> 2500977
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (112960)
<GROSS-ADVISORY-FEES> 528012
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 538037
<AVERAGE-NET-ASSETS> 264014097
<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>
