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<PAGE> PAGE 2
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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 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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SIGNATURE AARON MASEK
TITLE SUPERVISOR
<TABLE> <S> <C>
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<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
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<NAME> U.S. TREASURY MONEY MARKET
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<ACCUMULATED-NII-PRIOR> 51967
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 313740
<GROSS-ADVISORY-FEES> 360864
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<GROSS-EXPENSE> 1226086
<AVERAGE-NET-ASSETS> 17793045<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .03<F1>
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<PER-SHARE-DIVIDEND> .03<F1>
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<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .20<F1>
<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-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 404734530
<INVESTMENTS-AT-VALUE> 404734530
<RECEIVABLES> 60383
<ASSETS-OTHER> 3220
<OTHER-ITEMS-ASSETS> 0
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<OTHER-ITEMS-LIABILITIES> 1795914
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<SHARES-COMMON-STOCK> 76634416<F1>
<SHARES-COMMON-PRIOR> 64373719<F1>
<ACCUMULATED-NII-CURRENT> 51967
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<REALIZED-GAINS-CURRENT> (18429)
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<DISTRIBUTIONS-OF-INCOME> 1549548<F1>
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<NUMBER-OF-SHARES-SOLD> 804243669
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<SHARES-REINVESTED> 170
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<ACCUMULATED-NII-PRIOR> 51967
<ACCUMULATED-GAINS-PRIOR> 0
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<AVERAGE-NET-ASSETS> 64480163<F1>
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<PER-SHARE-NII> .02<F1>
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<PER-SHARE-DIVIDEND> .02<F1>
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .45<F1>
<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-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 404734530
<INVESTMENTS-AT-VALUE> 404734530
<RECEIVABLES> 60383
<ASSETS-OTHER> 3220
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<TOTAL-LIABILITIES> 1795914
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<SHARES-COMMON-PRIOR> 204811036<F1>
<ACCUMULATED-NII-CURRENT> 51967
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<SHARES-REINVESTED> 170
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<ACCUMULATED-NII-PRIOR> 51967
<ACCUMULATED-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 1226086
<AVERAGE-NET-ASSETS> 254571050<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .02<F1>
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .70<F1>
<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> 6-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 404734530
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<SHARES-COMMON-PRIOR> 13086185<F1>
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<NUMBER-OF-SHARES-SOLD> 804243669
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<SHARES-REINVESTED> 170
<NET-CHANGE-IN-ASSETS> 105890006
<ACCUMULATED-NII-PRIOR> 51967
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 360864
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<GROSS-EXPENSE> 1226086
<AVERAGE-NET-ASSETS> 25119857<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .02<F1>
<PER-SHARE-GAIN-APPREC> .00<F1>
<PER-SHARE-DIVIDEND> .02<F1>
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> 1.00<F1>
<FN>
<F1>Class E
</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-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
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<ASSETS-OTHER> 2845
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 618
<SHARES-COMMON-STOCK> 618<F1>
<SHARES-COMMON-PRIOR> 615<F1>
<ACCUMULATED-NII-CURRENT> 84
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<OVERDISTRIBUTION-GAINS> 85
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<NET-ASSETS> 617
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<INTEREST-INCOME> 377376
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<EXPENSES-NET> 17142
<NET-INVESTMENT-INCOME> 360234
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<NUMBER-OF-SHARES-SOLD> 129146313
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<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 3
<ACCUMULATED-NII-PRIOR> 84
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 85
<GROSS-ADVISORY-FEES> 17142
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17142
<AVERAGE-NET-ASSETS> 69599426<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .01<F1>
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<PER-SHARE-DIVIDEND> .01<F1>
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .20<F1>
<FN>
<F1>Class A
</FN>
</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-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 347461196
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<ASSETS-OTHER> 6596
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<OTHER-ITEMS-LIABILITIES> 1625822
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<NUMBER-OF-SHARES-SOLD> 1745221352
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<AVERAGE-NET-ASSETS> 290208140<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .03<F1>
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<RETURNS-OF-CAPITAL> 0
<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> 6-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 347461196
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<ACCUMULATED-NII-PRIOR> 0
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<AVERAGE-NET-ASSETS> 879383<F1>
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<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .45<F1>
<FN>
<F1>Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 033
<NAME> GENERAL MONEY MARKET
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-2000
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<SHARES-COMMON-PRIOR> 0<F1>
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<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NII> .02<F1>
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<FN>
<F1>Class D
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
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<NUMBER> 034
<NAME> GENERAL MONEY MARKET
<S> <C>
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<PER-SHARE-NII> .02<F1>
<PER-SHARE-GAIN-APPREC> .00<F1>
<PER-SHARE-DIVIDEND> .02<F1>
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> 1.00<F1>
<FN>
<F1>Class E
</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-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 214301390
<INVESTMENTS-AT-VALUE> 214301390
<RECEIVABLES> 1196515
<ASSETS-OTHER> 621158
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 216119063
<PAYABLE-FOR-SECURITIES> 5000000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 577687
<TOTAL-LIABILITIES> 5577687
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 210704801
<SHARES-COMMON-STOCK> 210704801<F1>
<SHARES-COMMON-PRIOR> 288463747<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 163425
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 210541376
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3799370
<OTHER-INCOME> 0
<EXPENSES-NET> 218422
<NET-INVESTMENT-INCOME> 3580948
<REALIZED-GAINS-CURRENT> (42330)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3538618
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3580948<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 316389802
<NUMBER-OF-SHARES-REDEEMED> 394148763
<SHARES-REINVESTED> 16
<NET-CHANGE-IN-ASSETS> 77801276
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 121095
<GROSS-ADVISORY-FEES> 218422
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 229315
<AVERAGE-NET-ASSETS> 219047813<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .02<F1>
<PER-SHARE-GAIN-APPREC> .00<F1>
<PER-SHARE-DIVIDEND> .02<F1>
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .20<F1>
<FN>
<F1>Class A
</FN>
</TABLE>
