<PAGE> PAGE 1
000 A000000 02/28/98
000 C000000 899090
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007 C020400 VALIANT TAX-EXEMPT MONEY MARKET
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008 C00AA01 801-42708
008 D01AA01 SARASOTA
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008 D03AA01 34236
008 A00AA02 DAVID L. BABSON & CO., INC
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<PAGE> PAGE 2
008 D03AA02 02142
010 A00AA01 STATE STREET BANK & TRUST COMPANY
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010 C01AA01 NORTH QUINCY
010 C02AA01 MA
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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SIGNATURE CHRISTINE STRICKLER
TITLE FUND ADMINISTRATOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> Valiant Tax Exempt Money Market
<S> <Class A>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 258,137,569
<INVESTMENTS-AT-VALUE> 258,137,569
<RECEIVABLES> 1,149,007
<ASSETS-OTHER> 81,879
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 259,368,455
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 656,288
<TOTAL-LIABILITIES> 656,288
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 258,834,934
<SHARES-COMMON-STOCK> 258,834,934
<SHARES-COMMON-PRIOR> 282,491,743
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (122,767)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 258,712,167
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,480,723
<OTHER-INCOME> 0
<EXPENSES-NET> (248,996)
<NET-INVESTMENT-INCOME> 4,231,727
<REALIZED-GAINS-CURRENT> 896
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,232,623
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,231,727
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 358,761,717
<NUMBER-OF-SHARES-REDEEMED> (382,418,983)
<SHARES-REINVESTED> 457
<NET-CHANGE-IN-ASSETS> (23,655,913)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (123,663)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 253,659
<AVERAGE-NET-ASSETS> 251,063,159
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<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>
<NAME> Valiant US Treasury Money Market
<S> <Class A> <Class B> <Class D>
<PERIOD-TYPE> 6-MOS 6-MOS 6-MOS
<FISCAL-YEAR-END> AUG-31-1998 AUG-31-1998 AUG-31-1998
<PERIOD-START> SEP-01-1997 SEP-01-1997 SEP-01-1997
<PERIOD-END> FEB-28-1998 FEB-28-1998 FEB-28-1998
<INVESTMENTS-AT-COST> 492,436,019 492,436,019 492,436,019
<INVESTMENTS-AT-VALUE> 492,436,019 492,436,019 492,436,019
<RECEIVABLES> 112,566 112,566 112,566
<ASSETS-OTHER> 6,125 6,125 6,125
<OTHER-ITEMS-ASSETS> 0 0 0
<TOTAL-ASSETS> 492,554,710 492,554,710 492,554,710
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<SENIOR-LONG-TERM-DEBT> 0 0 0
<OTHER-ITEMS-LIABILITIES> 1,982,379 1,982,379 1,982,379
<TOTAL-LIABILITIES> 1,982,379 1,982,379 1,982,379
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<ACCUMULATED-NII-CURRENT> 0 0 0
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<ACCUMULATED-NET-GAINS> 0 0 0
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<ACCUM-APPREC-OR-DEPREC> 0 0 0
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<EXPENSES-NET> (1,003,253) (1,003,253) (1,003,253)
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<REALIZED-GAINS-CURRENT> (53,672) (53,672) (53,672)
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<NUMBER-OF-SHARES-SOLD> 78,096,535 288,495,703 147,276,447
<NUMBER-OF-SHARES-REDEEME (50,771,502) (285,964,025) 111,408,442)
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<PER-SHARE-NII> 0.03 0.03 0.02
<PER-SHARE-GAIN-APPREC> 0.00 0.00 0.00
<PER-SHARE-DIVIDEND> (0.03) (0.03) (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00 0.00 0.00
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<PER-SHARE-NAV-END> 1.00 1.00 1.00
<EXPENSE-RATIO> 0.20 0.45 0.70
<AVG-DEBT-OUTSTANDING> 0 0 0
<AVG-DEBT-PER-SHARE> 0 0 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> Valiant US Treasury Income
<S> <Class A>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> FEB-28-1998
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<INVESTMENTS-AT-VALUE> 0
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<TOTAL-LIABILITIES> 9,627
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,497
<SHARES-COMMON-STOCK> 25,497
<SHARES-COMMON-PRIOR> 25,531
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (78)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 25,419
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 904,379
<OTHER-INCOME> 0
<EXPENSES-NET> (36,010)
<NET-INVESTMENT-INCOME> 868,369
<REALIZED-GAINS-CURRENT> (78)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 236,425,416
<NUMBER-OF-SHARES-REDEEMED> (236,425,416)
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 38,499
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.01
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<PER-SHARE-DIVIDEND> (0.01)
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<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>
<NAME> Valiant General Money Market
<S> <Class A> <Class B>
<PERIOD-TYPE> 6-MOS 6-MOS
<FISCAL-YEAR-END> AUG-31-1998 AUG-31-1998
<PERIOD-START> SEP-01-1997 SEP-01-1997
<PERIOD-END> FEB-28-1998 FEB-28-1998
<INVESTMENTS-AT-COST> 413,866,422 413,866,422
<INVESTMENTS-AT-VALUE> 413,866,422 413,866,422
<RECEIVABLES> 10,920 10,920
<ASSETS-OTHER> 346,702 346,702
<OTHER-ITEMS-ASSETS> 0 0
<TOTAL-ASSETS> 414,224,044 414,224,044
<PAYABLE-FOR-SECURITIES> 0 0
<SENIOR-LONG-TERM-DEBT> 0 0
<OTHER-ITEMS-LIABILITIES> 1,645,865 1,645,865
<TOTAL-LIABILITIES> 1,645,865 1,645,865
<SENIOR-EQUITY> 0 0
<PAID-IN-CAPITAL-COMMON> 412,799,202 412,799,202
<SHARES-COMMON-STOCK> 397,547,564 15,251,638
<SHARES-COMMON-PRIOR> 568,968,730 9,160,802
<ACCUMULATED-NII-CURRENT> 0 0
<OVERDISTRIBUTION-NII> 0 0
<ACCUMULATED-NET-GAINS> 0 0
<OVERDISTRIBUTION-GAINS> (221,023) (221,023)
<ACCUM-APPREC-OR-DEPREC> 0 0
<NET-ASSETS> 412,578,179 412,578,179
<DIVIDEND-INCOME> 0 0
<INTEREST-INCOME> 14,796,197 14,796,197
<OTHER-INCOME> 0 0
<EXPENSES-NET> (547,300) (547,300)
<NET-INVESTMENT-INCOME> 14,248,897 14,248,897
<REALIZED-GAINS-CURRENT> 38,164 38,164
<APPREC-INCREASE-CURRENT> 0 0
<NET-CHANGE-FROM-OPS> 14,287,061 14,287,061
<EQUALIZATION> 0 0
<DISTRIBUTIONS-OF-INCOME> (13,859,817) (389,080)
<DISTRIBUTIONS-OF-GAINS> 0 0
<DISTRIBUTIONS-OTHER> 0 0
<NUMBER-OF-SHARES-SOLD> 1,799,701,176 22,515,993
<NUMBER-OF-SHARES-REDEEMED> (1,974,464,142) (16,425,157)
<SHARES-REINVESTED> 3,341,800 0
<NET-CHANGE-IN-ASSETS> (165,292,166) (165,292,166)
<ACCUMULATED-NII-PRIOR> 0 0
<ACCUMULATED-GAINS-PRIOR> 0 0
<OVERDISTRIB-NII-PRIOR> 0 0
<OVERDIST-NET-GAINS-PRIOR> (259,187) (259,187)
<GROSS-ADVISORY-FEES> 528,555 528,555
<INTEREST-EXPENSE> 0 0
<GROSS-EXPENSE> 554,516 554,516
<AVERAGE-NET-ASSETS> 515,059,670 15,131,189
<PER-SHARE-NAV-BEGIN> 1.00 1.00
<PER-SHARE-NII> 0.03 0.03
<PER-SHARE-GAIN-APPREC> 0.00 0.00
<PER-SHARE-DIVIDEND> (0.03) (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00 0.00
<RETURNS-OF-CAPITAL> 0.00 0.00
<PER-SHARE-NAV-END> 1.00 1.00
<EXPENSE-RATIO> 0.20 0.45
<AVG-DEBT-OUTSTANDING> 0 0
<AVG-DEBT-PER-SHARE> 0 0
</TABLE>
