<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000899090
<NAME> THE VALIANT FUND
<SERIES>
<NUMBER> 042
<NAME> TAX-EXEMPT MONEY MARKET - CLASS D
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> AUG-31-2000
<INVESTMENTS-AT-COST> 206756071
<INVESTMENTS-AT-VALUE> 206756071
<RECEIVABLES> 1033380
<ASSETS-OTHER> 159797
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<TOTAL-ASSETS> 207949248
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 691250
<TOTAL-LIABILITIES> 691250
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 207421423
<SHARES-COMMON-STOCK> 75379<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 163425
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 207257998
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7681464
<OTHER-INCOME> 0
<EXPENSES-NET> 408316
<NET-INVESTMENT-INCOME> 7273148
<REALIZED-GAINS-CURRENT> (42330)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7230818
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 435<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 581997281
<NUMBER-OF-SHARES-REDEEMED> 663039639
<SHARES-REINVESTED> 34
<NET-CHANGE-IN-ASSETS> 81084654
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 121095
<GROSS-ADVISORY-FEES> 408253
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 413409
<AVERAGE-NET-ASSETS> 62300<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .01<F1>
<PER-SHARE-GAIN-APPREC> .00<F1>
<PER-SHARE-DIVIDEND> .01<F1>
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .70<F1>
<FN>
<F1>Class D
</FN>
</TABLE>
