The Valiant Fund
U.S. Treasury Money Market Portfolio
U.S. Treasury Income Portfolio
General Money Market Portfolio
Tax-Exempt Money Market Portfolio
Class A, Class B, Class C, Class D and Class E Shares
Supplement dated June 1, 2000 to the
Prospectus dated December 29, 1999
During a Special Meeting of the Board of Trustees of The Valiant Fund (the
"Trust"), dated April 25, 2000, the Trustees approved a new sub-investment
advisory agreement between Integrity Management & Research, Inc. (the "Adviser")
and Reich & Tang Asset Management L.P. (the "Sub-Adviser"). The prospectus for
the Trust, dated December 29, 1999, is amended as follows to reflect this
management change.
1. The second sentence of the first paragraph within the section entitled
"The Investment Adviser" is amended to read as follows:
The Adviser, at its expense, has contracted with Reich & Tang Asset
Management L.P. (the "Sub-Adviser") to manage the investments of the
Portfolios subject to the requirements of the Investment Company Act of
1940, as amended (the "1940 Act").
2. The fourth paragraph within the section entitled "The Investment
Adviser" is replaced in its entirety with the following:
The Sub-Adviser is a Delaware limited partnership with principal
offices located at 600 Fifth Avenue, New York, New York 10020-2302. The
Sub-Adviser acts as investment manager and administrator of several
other investment companies and also advises pension trusts, profit
sharing trusts and endowments.
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Investors should retain this Supplement for
future reference.
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The Valiant Fund
U.S. Treasury Money Market Portfolio
U.S. Treasury Income Portfolio
General Money Market Portfolio
Tax-Exempt Money Market Portfolio
Class A, Class B, Class C, Class D and Class E Shares
Supplement dated June 1, 2000 to the
Statement of Additional Information dated December 29, 1999
1. Page 2 is amended by substituting Reich & Tang Asset Management L.P. in
place of David L. Babson & Co., Inc. as the Sub-Adviser.
2. The third sentence in the first paragraph on Page 23 should be amended in
its entirety as follows:
Reich & Tang Asset Management L.P. acts as Sub-Adviser and, subject to the
supervision of the Trustees and of the Manager, directs the investments of
each Portfolio in accordance with its investment objective, policies and
limitations. The Sub-Adviser is a Delaware limited partnership with
principal offices at 600 Fifth Avenue, New York, New York 10020. In
addition to the Fund, the Sub-Adviser acts as investment manager and
administrator of other investment companies and also advises pension
trusts, profit sharing trusts and endowments.
Nvest Companies, L.P. ("Nvest Companies") is the limited partner and owner
of a 99.5% interest in the Sub-Adviser. Reich & Tang Asset Management, Inc.
("RTAM") is the sole general partner and owner of the remaining 0.5%
interest of the Sub-Adviser, as well as being an indirect wholly-owned
subsidiary of Nvest Companies. Nvest Companies is a publicly traded company
of which approximately 13% of its outstanding partnership interests is
owned, directly and indirectly, by Reich & Tang, Inc. The managing general
partner of Nvest Companies is Nvest Corporation, a Massachusetts
corporation (formerly known as The New England Investment Companies, Inc.)
Nvest Companies is a holding company offering a broad array of investment
styles across a wide range of asset categories through seventeen
subsidiaries, divisions and affiliates offering a wide array of investment
styles and products to institutional clients. Its business units, in
addition to the Sub-Adviser, include AEW Capital Management, L.P.; Back Bay
Advisors, L.P.; Capital Growth Management Limited Partnerships; Greystone
Partners, L.P.; Harris Associates, L.P.; Jurika & Voyles, L.P.; Kobrick
Funds, LLC; Loomis, Sayles & Company, L.P.; New England Funds, L.P.; Nvest
Associates, Inc.; Snyder Capital Management, L.P.; Vaughan, Nelson,
Scarborough & McCullough, L.P.; and Westpeak Investment Advisors, L.P.
These affiliates in the aggregate are investment advisors or managers to
more than 80 other registered investment companies. RTAM is also an
indirect subsidiary of Metropolitan Life Insurance Company ("MetLife").
MetLife directly and indirectly owns approximately 47% of the outstanding
partnership interests of Nvest Companies and may be deemed a "controlling
person" of the Sub-Adviser. MetLife is a stock life insurance company,
which is wholly owned by MetLife, Inc., a publicly traded corporation.
* * * * *
Investors should retain this supplement for
future reference.
