<PAGE> PAGE 1
000 A000000 02/28/99
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 8004708000
002 A000000 3435 STELZER ROAD
002 B000000 COLUMBUS
002 C000000 OH
002 D010000 43219
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 VENICE
008 D02AA01 FL
008 D03AA01 34292
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 BISYS FUND SERVICES OHIO, INC.
010 B00AA01 8-32480
010 C01AA01 COLUMBUS
010 C02AA01 OH
010 C03AA01 43219
011 A00AA01 INTEGRITY INVESTMENTS, INC.
011 B00AA01 8-45302
011 C01AA01 VENICE
011 C02AA01 FL
011 C03AA01 34292
012 A00AA01 BISYS FUND SERVICES OHIO, INC.
012 B00AA01 84-05612
012 C01AA01 COLUMBUS
012 C02AA01 OH
012 C03AA01 43219
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 COLUMBUS
013 B02AA01 OH
013 B03AA01 43215
015 A00AA01 BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
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 FIRST BOSTON
022 B000001 13-5659485
022 C000001 12727544
022 D000001 188242
022 A000002 MORGAN STANLEY & CO., INC.
022 B000002 13-2655998
022 C000002 12249857
022 D000002 48904
022 A000003 GOLDMAN SACHS
022 B000003 13-5108880
022 C000003 8507961
<PAGE> PAGE 3
022 D000003 538164
022 A000004 J.P. MORGAN SECURITIES, INC.
022 B000004 13-3224016
022 C000004 6138520
022 D000004 460649
022 A000005 MERRILL LYNCH
022 B000005 13-5674085
022 C000005 1265514
022 D000005 326917
022 A000006 SMITH BARNEY
022 B000006 13-1912900
022 C000006 724153
022 D000006 682459
022 A000007 PRUDENTIAL SECURITIES INC.
022 B000007 13-2518466
022 C000007 433990
022 D000007 334548
022 A000008 LEHMAN BROTHERS
022 B000008 22-2347336
022 C000008 418314
022 D000008 193727
022 A000009 PAINE WEBBER, INC.
022 B000009 13-2638166
022 C000009 122559
022 D000009 82246
022 A000010 BANK OF NEW YORK
022 B000010 13-5160382
022 C000010 0
022 D000010 82200
023 C000000 42737409
023 D000000 3037407
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
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
054 M00AA00 N
054 N00AA00 Y
054 O00AA00 N
058 A00AA00 N
058 B00AA00 N
058 C00AA00 N
058 D00AA00 N
<PAGE> PAGE 5
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
075 A000000 0
075 B000000 0
076 000000 0.00
077 A000000 Y
077 Q010000 Y
078 000000 N
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 Y
025 A000101 FIRST BOSTON
025 B000101 13-5659485
025 C000101 D
025 D000101 112000
025 A000102 MORGAN STANLEY & CO., INC.
025 B000102 13-2655998
025 C000102 D
025 D000102 112000
025 A000103 J.P. MORGAN SECURITIES, INC.
025 B000103 13-3224016
025 C000103 D
025 D000103 111483
025 A000104 GOLDMAN SACHS
025 B000104 13-5108880
<PAGE> PAGE 6
025 C000104 D
025 D000104 20000
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 136584
028 A020100 0
028 A030100 0
028 A040100 108164
028 B010100 67596
028 B020100 0
028 B030100 0
028 B040100 182368
028 C010100 126452
028 C020100 0
028 C030100 0
028 C040100 95166
028 D010100 363549
028 D020100 0
028 D030100 0
028 D040100 299121
028 E010100 74314
028 E020100 0
028 E030100 0
028 E040100 179925
028 F010100 190203
028 F020100 0
028 F030100 0
028 F040100 71525
028 G010100 958698
028 G020100 0
028 G030100 0
028 G040100 936269
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 756
044 000100 0
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
<PAGE> PAGE 7
053 C000100 N
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
062 A000100 Y
062 B000100 38.3
062 C000100 0.0
062 D000100 65.6
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 50
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
<PAGE> PAGE 8
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 6
072 B000100 11743
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 471
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 2
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 895
072 U000100 3
072 V000100 0
072 W000100 0
072 X000100 1371
072 Y000100 138
072 Z000100 10510
072AA000100 0
072BB000100 125
072CC010100 0
072CC020100 0
072DD010100 6275
072DD020100 4235
072EE000100 0
073 A010100 0.0230
073 A020100 0.0240
<PAGE> PAGE 9
073 B000100 0.0000
073 C000100 0.0000
074 A000100 1
074 B000100 355483
074 C000100 207509
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 182
074 M000100 1
074 N000100 563176
074 O000100 19500
074 P000100 181
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1427
074 S000100 0
074 T000100 542068
074 U010100 351739
074 U020100 190459
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9996
074 X000100 13
074 Y000100 0
075 A000100 475445
075 B000100 0
076 000100 0.00
024 000200 N
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 0
028 A020200 0
028 A030200 0
028 A040200 0
028 B010200 0
028 B020200 0
028 B030200 0
<PAGE> PAGE 10
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 18095
028 E020200 0
028 E030200 0
028 E040200 113743
028 F010200 121213
028 F020200 0
028 F030200 0
028 F040200 121213
028 G010200 139308
028 G020200 0
028 G030200 0
028 G040200 234956
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
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
055 A000200 Y
055 B000200 N
056 000200 N
057 000200 N
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
<PAGE> PAGE 11
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 N
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
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
<PAGE> PAGE 12
071 D000200 0
072 A000200 6
072 B000200 389
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 20
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 0
072 V000200 0
072 W000200 0
072 X000200 20
072 Y000200 0
072 Z000200 369
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 369
072DD020200 0
072EE000200 0
073 A010200 0.0040
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 1
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 2
<PAGE> PAGE 13
074 N000200 3
074 O000200 0
074 P000200 2
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 0
074 S000200 0
074 T000200 1
074 U010200 1
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 1.0000
074 X000200 1
074 Y000200 0
075 A000200 93608
075 B000200 0
076 000200 0.00
024 000300 Y
025 A000301 FIRST BOSTON
025 B000301 13-5659485
025 C000301 D
025 D000301 18541
025 A000302 MORGAN STANLEY & CO., INC.
025 B000302 13-2655998
025 C000302 D
025 D000302 17000
025 A000303 J.P. MORGAN SECURITIES, INC.
025 B000303 13-3224016
025 C000303 D
025 D000303 15000
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 298483
028 A020300 352
028 A030300 0
028 A040300 308756
028 B010300 324714
028 B020300 351
028 B030300 0
028 B040300 222584
028 C010300 208622
028 C020300 355
028 C030300 0
028 C040300 217358
028 D010300 164047
<PAGE> PAGE 14
028 D020300 343
028 D030300 0
028 D040300 239344
028 E010300 365179
028 E020300 328
028 E030300 0
028 E040300 243814
028 F010300 202713
028 F020300 223
028 F030300 0
028 F040300 313437
028 G010300 1563758
028 G020300 1952
028 G030300 0
028 G040300 1545293
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 28
044 000300 0
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 3.2
062 D000300 16.3
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 80.9
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
<PAGE> PAGE 15
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 54
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 6
072 B000300 9358
072 C000300 0
<PAGE> PAGE 16
072 D000300 0
072 E000300 0
072 F000300 358
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 6
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 0
072 T000300 39
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 403
072 Y000300 11
072 Z000300 8966
072AA000300 14
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 8427
072DD020300 539
072EE000300 0
073 A010300 0.0250
073 A020300 0.0240
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 50541
074 C000300 261290
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 20
074 M000300 0
074 N000300 311851
074 O000300 0
074 P000300 56
074 Q000300 0
<PAGE> PAGE 17
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 1135
074 S000300 0
074 T000300 310660
074 U010300 285556
074 U020300 25338
074 V010300 1.00
074 V020300 1.00
074 W000300 0.9990
074 X000300 21
074 Y000300 0
075 A000300 360480
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 70742
028 A020400 0
028 A030400 0
028 A040400 103458
028 B010400 107338
028 B020400 0
028 B030400 0
028 B040400 110076
028 C010400 95525
028 C020400 0
028 C030400 0
028 C040400 85206
028 D010400 116870
028 D020400 0
028 D030400 0
028 D040400 205413
028 E010400 164396
028 E020400 0
028 E030400 0
028 E040400 78715
028 F010400 90016
028 F020400 0
028 F030400 0
028 F040400 89963
028 G010400 644887
028 G020400 0
<PAGE> PAGE 18
028 G030400 0
028 G040400 672831
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
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 N
055 A000400 Y
055 B000400 N
056 000400 N
057 000400 N
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 102.1
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 41
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
<PAGE> PAGE 19
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
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 6
072 B000400 3727
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 235
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 0
072 K000400 0
072 L000400 0
072 M000400 4
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 0
<PAGE> PAGE 20
072 S000400 0
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 1
072 X000400 240
072 Y000400 0
072 Z000400 3487
072AA000400 4
072BB000400 0
072CC010400 0
072CC020400 0
072DD010400 3487
072DD020400 0
072EE000400 0
073 A010400 0.0150
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 259
074 B000400 0
074 C000400 245797
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 2687
074 M000400 1
074 N000400 248744
074 O000400 7500
074 P000400 42
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 484
074 S000400 0
074 T000400 240718
074 U010400 240837
074 U020400 0
074 V010400 1.00
074 V020400 0.00
074 W000400 1.0001
074 X000400 7
074 Y000400 0
075 A000400 237223
075 B000400 0
<PAGE> PAGE 21
076 000400 0.00
SIGNATURE DARLA BALL
TITLE SUPERVISOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 011
<NAME> U.S. TREASURY MONEY MARKET
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 562991968
<INVESTMENTS-AT-VALUE> 562991968
<RECEIVABLES> 181505
<ASSETS-OTHER> 2848
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 563176321
<PAYABLE-FOR-SECURITIES> 19499655
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1609159
<TOTAL-LIABILITIES> 21108814
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 542197411
<SHARES-COMMON-STOCK> 33272095<F1>
<SHARES-COMMON-PRIOR> 31186483<F1>
<ACCUMULATED-NII-CURRENT> 3224
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (133128)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 542067507
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11743013
<OTHER-INCOME> 0
<EXPENSES-NET> 1232826
<NET-INVESTMENT-INCOME> 10510187
<REALIZED-GAINS-CURRENT> (124971)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10385216
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (731017)<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25084730<F1>
<NUMBER-OF-SHARES-REDEEMED> (22999403)<F1>
<SHARES-REINVESTED> 285<F1>
<NET-CHANGE-IN-ASSETS> 22306054
<ACCUMULATED-NII-PRIOR> 3224
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 8157
<GROSS-ADVISORY-FEES> 471569
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1371182
<AVERAGE-NET-ASSETS> 30851994<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .02<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> (.02)<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .20<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 012
<NAME> U.S. TREASURY MONEY MARKET
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 562991968
<INVESTMENTS-AT-VALUE> 562991968
<RECEIVABLES> 181505
<ASSETS-OTHER> 2848
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 563176321
<PAYABLE-FOR-SECURITIES> 19499655
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1609159
<TOTAL-LIABILITIES> 21108814
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 542197411
<SHARES-COMMON-STOCK> 351738874<F1>
<SHARES-COMMON-PRIOR> 326683455<F1>
<ACCUMULATED-NII-CURRENT> 3224
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (133128)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 542067507
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11743013
<OTHER-INCOME> 0
<EXPENSES-NET> 1232826
<NET-INVESTMENT-INCOME> 10510187
<REALIZED-GAINS-CURRENT> (124971)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10385216
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6274797)<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 475607787<F1>
<NUMBER-OF-SHARES-REDEEMED> (450552368)<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 22306054
<ACCUMULATED-NII-PRIOR> 3224
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 8157
<GROSS-ADVISORY-FEES> 471569
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1371182
<AVERAGE-NET-ASSETS> 278986632<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .02<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> (.02)<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .45<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 013
<NAME> U.S. TREASURY MONEY MARKET
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 562991968
<INVESTMENTS-AT-VALUE> 562991968
<RECEIVABLES> 181505
<ASSETS-OTHER> 2848
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 563176321
<PAYABLE-FOR-SECURITIES> 19499655
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1609159
<TOTAL-LIABILITIES> 21108814
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 542197411
<SHARES-COMMON-STOCK> 157186441<F1>
<SHARES-COMMON-PRIOR> 161896447<F1>
<ACCUMULATED-NII-CURRENT> 3224
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (133128)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 542067507
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11743013
<OTHER-INCOME> 0
<EXPENSES-NET> 1232826
<NET-INVESTMENT-INCOME> 10510187
<REALIZED-GAINS-CURRENT> (124971)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10385216
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3504373)<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 458006685<F1>
<NUMBER-OF-SHARES-REDEEMED> (462716691)<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 22306054
<ACCUMULATED-NII-PRIOR> 3224
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 8157
<GROSS-ADVISORY-FEES> 471569
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1371182
<AVERAGE-NET-ASSETS> 165605446<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .02<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> (.02)<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .70<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> Class D
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 021
<NAME> U.S. TREASURY INCOME
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 2842
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2842
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2228
<TOTAL-LIABILITIES> 2228
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 615
<SHARES-COMMON-STOCK> 614
<SHARES-COMMON-PRIOR> 25539
<ACCUMULATED-NII-CURRENT> 84
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 85
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 614
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 389146
<OTHER-INCOME> 0
<EXPENSES-NET> 20369
<NET-INVESTMENT-INCOME> 368777
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 368777
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (368700)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 121187913
<NUMBER-OF-SHARES-REDEEMED> (121212914)
<SHARES-REINVESTED> 75
<NET-CHANGE-IN-ASSETS> (24847)
<ACCUMULATED-NII-PRIOR> 7
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 85
<GROSS-ADVISORY-FEES> 19801
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20369
<AVERAGE-NET-ASSETS> 93608494
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .004
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.004)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 031
<NAME> GENERAL MONEY MARKET
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 311830624
<INVESTMENTS-AT-VALUE> 311830624
<RECEIVABLES> 19915
<ASSETS-OTHER> 140
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 311850679
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1190938
<TOTAL-LIABILITIES> 1190938
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 310894600
<SHARES-COMMON-STOCK> 285556425<F1>
<SHARES-COMMON-PRIOR> 273221404<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 234859
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 310659741
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9357998
<OTHER-INCOME> 0
<EXPENSES-NET> 392013
<NET-INVESTMENT-INCOME> 8965985
<REALIZED-GAINS-CURRENT> 13966
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8979951
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8426925)<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1537875604
<NUMBER-OF-SHARES-REDEEMED> (1527141128)<F1>
<SHARES-REINVESTED> 1600545<F1>
<NET-CHANGE-IN-ASSETS> (20077978)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 248825
<GROSS-ADVISORY-FEES> 357748
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 403329
<AVERAGE-NET-ASSETS> 337665121<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .03<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> (.03)<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .20<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 032
<NAME> GENERAL MONEY MARKET
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 311830624
<INVESTMENTS-AT-VALUE> 311830624
<RECEIVABLES> 19915
<ASSETS-OTHER> 140
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 311850679
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1190938
<TOTAL-LIABILITIES> 1190938
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 310894600
<SHARES-COMMON-STOCK> 25338175<F1>
<SHARES-COMMON-PRIOR> 17609184<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 234859
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 310659741
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9357998
<OTHER-INCOME> 0
<EXPENSES-NET> 392013
<NET-INVESTMENT-INCOME> 8965985
<REALIZED-GAINS-CURRENT> 13966
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8979951
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (539060)<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25880858<F1>
<NUMBER-OF-SHARES-REDEEMED> (18151867)<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> (20077978)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 248825
<GROSS-ADVISORY-FEES> 357748
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 403329
<AVERAGE-NET-ASSETS> 22814385<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .02<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> (.02)<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .45<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 041
<NAME> TAX-EXEMPT MONEY MARKET
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 245797219
<INVESTMENTS-AT-VALUE> 245797219
<RECEIVABLES> 1184413
<ASSETS-OTHER> 1762244
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 248743876
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8025921
<TOTAL-LIABILITIES> 8025921
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 240836505
<SHARES-COMMON-STOCK> 240836505
<SHARES-COMMON-PRIOR> 268779401
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 118550
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 240717955
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3727177
<OTHER-INCOME> 0
<EXPENSES-NET> 239928
<NET-INVESTMENT-INCOME> 3487249
<REALIZED-GAINS-CURRENT> 3517
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3490766
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3487249)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 644887481
<NUMBER-OF-SHARES-REDEEMED> (672830525)
<SHARES-REINVESTED> 148
<NET-CHANGE-IN-ASSETS> (27939379)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 122067
<GROSS-ADVISORY-FEES> 235393
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 239928
<AVERAGE-NET-ASSETS> 237223187
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
