<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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 15
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE AHMAD VAKIL
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> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 303262003
<INVESTMENTS-AT-VALUE> 303262003
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<TOTAL-ASSETS> 303293471
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<TOTAL-LIABILITIES> 6181258
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<NUMBER-OF-SHARES-SOLD> 53480150<F1>
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<ACCUMULATED-NII-PRIOR> 3224
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<OVERDIST-NET-GAINS-PRIOR> 8157
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<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> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> AUG-31-1999
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<PER-SHARE-DIVIDEND> (.04)<F1>
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<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> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
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<FN>
<F1>Class D
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 014
<NAME> U.S. TREASURY MONEY MARKET
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
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<SHARES-REINVESTED> 12<F1>
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<ACCUMULATED-NII-PRIOR> 3224
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<PER-SHARE-NII> .02<F1>
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<PER-SHARE-DIVIDEND> (.02)<F1>
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<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .99<F1>
<FN>
<F1>Class E
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 021
<NAME> U.S. TREASURY INCOME
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
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<PAID-IN-CAPITAL-COMMON> 615
<SHARES-COMMON-STOCK> 615
<SHARES-COMMON-PRIOR> 25539
<ACCUMULATED-NII-CURRENT> 84
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 031
<NAME> GENERAL MONEY MARKET
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
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<INVESTMENTS-AT-COST> 287930248
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<SHARES-REINVESTED> 2607904<F1>
<NET-CHANGE-IN-ASSETS> (4044967)
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .20<F1>
<FN>
<F1> Class A
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 032
<NAME> GENERAL MONEY MARKET
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
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<F1> Class B
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 033
<NAME> GENERAL MONEY MARKET
<S> <C>
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<F1> Class E
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
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<NUMBER> 041
<NAME> TAX-EXEMPT MONEY MARKET
<S> <C>
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<SHARES-REINVESTED> 161
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
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</TABLE>
Report of Independent Accountants
To the Trustees of
The Valiant Fund:
In planning and performing our audits of the financial statements
of The Valiant Fund for the year ended August 31, 1999 we
considered its internal control, including controls over
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 Valiant Fund is responsible for
establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgements 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
irregularities may occur and may 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 any specific
internal control component does not reduce to a relatively
low level the risk that errors or irregularities 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, including controls over safeguarding securities,
that we consider to be material weaknesses as defined above
as of August 31, 1999.
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 and is not intended to be
and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
October 20, 1999
