EXHIBIT 13
Subscription Agreement
Form of
SUBSCRIPTION AGREEMENT
March__, 1993
The Valiant Fund
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Dear Sirs:
The Valiant Fund (the "Fund") proposes to issue and sell to the public
its shares of beneficial interest without par value (the "Shares") pursuant
to a registration statement on Form N-1A (the "Registration Statement") filed
with the Securities and Exchange Commission. In order to provide the Fund
with a net worth of at least $100,000 as required by Section 14 of the
Investment Company Act of 1940, as amended, and additional capitalization, we
hereby offer to purchase 100,000 Shares at a price of $1.00 per Share [two]
days prior to the effective date of the Registration Statement (or such
earlier date as may be agreed upon).
We will make payment to the Fund for the 100,000 Shares at least two
business days prior to the date specified by the Fund as the proposed
effective date of the Registration Statement.
We represent and warrant to the Fund that the Shares are being acquired
by us for investment and not with a view to the resale or further
distribution thereof and that we have no present intention to redeem the
Shares.
The undersigned agrees that if it or any direct or indirect transferee
of any of the Shares redeems any of the Shares of the Fund prior to the fifth
anniversary of the date the Fund begin investment activities, we will pay to
the Fund an amount equal to the number resulting from multiplying the Fund's
total unamortized organizational expenses by a fraction, the numerator of
which is equal to the number of Shares redeemed by the undersigned or such
transferee and the denominator of which is equal to the number of Shares
outstanding as of the date of such redemption, as long as the administrative
position of the staff of the Securities and Exchange Commission requires such
reimbursement.
Please confirm that the foregoing correctly sets forth our agreement
with the Fund.
Very truly yours,
PURCHASER
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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President
Confirmed, as of the date
first above mentioned.
THE VALIANT FUND
By: /s/ ▇▇▇▇▇▇▇ ▇. Butt
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▇▇▇▇▇▇▇ ▇. Butt
Treasurer
