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SIGNATURE SHEILA TWIBLE
TITLE ASST. VICE PRESIDENT
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<CIK> 0000899090
<NAME> THE VALIANT FUND
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<CIK> 0000899090
<NAME> THE VALIANT FUND
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<NAME> U.S.TREASURY MONEY MARKET
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<REALIZED-GAINS-CURRENT> (8,157)
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<DISTRIBUTIONS-OF-INCOME> (6,433,441)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 465,646,407
<NUMBER-OF-SHARES-REDEEMED> (405,147,842)
<SHARES-REINVESTED> 0
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<CIK> 0000899090
<NAME> THE VALIANT FUND
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<NAME> U.S. TREASURY INCOME
<S> <C>
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<INTEREST-INCOME> 904,379
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000899090
<NAME> THE VALIANT FUND
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<NUMBER> 031
<NAME> GENERAL MONEY MARKET
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
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<ACCUMULATED-NET-GAINS> (248,825)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 290,581,763
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,041,401
<OTHER-INCOME> 0
<EXPENSES-NET> (937,999)
<NET-INVESTMENT-INCOME> 24,103,402
<REALIZED-GAINS-CURRENT> 10,362
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<NUMBER-OF-SHARES-SOLD> 3,065,147,438
<NUMBER-OF-SHARES-REDEEMED> (3,366,515,045)
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<PER-SHARE-NAV-BEGIN> 1.00
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<PER-SHARE-DIVIDEND> (.05)
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 032
<NAME> GENERAL MONEY MARKET
<S> <C>
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<FISCAL-YEAR-END> AUG-31-1998
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<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 291,701,780
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<DIVIDEND-INCOME> 0
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<REALIZED-GAINS-CURRENT> 10,362
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (831,217)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 44,499,456
<NUMBER-OF-SHARES-REDEEMED> (36,051,074)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (287,288,582)
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<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 041
<NAME> TAX-EXEMPT MONEY MARKET
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 269,477,139
<INVESTMENTS-AT-VALUE> 269,477,139
<RECEIVABLES> 1,344,488
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 270,827,758
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<OTHER-ITEMS-LIABILITIES> 2,170,424
<TOTAL-LIABILITIES> 2,170,424
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 268,779,401
<SHARES-COMMON-STOCK> 268,779,401
<SHARES-COMMON-PRIOR> 282,491,743
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (122,067)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 268,657,334
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,125,219
<OTHER-INCOME> 0
<EXPENSES-NET> (514,182)
<NET-INVESTMENT-INCOME> 8,611,037
<REALIZED-GAINS-CURRENT> 1,596
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,612,633
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,611,037)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 643,017,161
<NUMBER-OF-SHARES-REDEEMED> (656,730,774)
<SHARES-REINVESTED> 1,271
<NET-CHANGE-IN-ASSETS> (13,710,746)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (123,663)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 514,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 523,000
<AVERAGE-NET-ASSETS> 257,092,946
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
PricewaterhouseCoopers LLP
October 5, 1998
To the Shareholders and
Trustees of The Valiant Fund
In planning and performing our audits of the financial statements of U.S.
Treasury Money Market Portfolio, U.S. Treasury Income Portfolio, General
Money Market Portfolio and Tax-Exempt Money Market Portfolio, constituting
The Valiant Fund (the Trust), for the year ended August 31, 1998 we
considered their internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing financial statements
for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements caused by error or
fraud in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control and its
operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of August 31, 1998.
This report is intended solely for the information and use of management
and the Trustees of The Valiant Fund and the Securities and Exchange
Commission.
