<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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SIGNATURE JAMES E. CINO
TITLE ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> JHAVERI VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 9102771
<INVESTMENTS-AT-VALUE> 9055651
<RECEIVABLES> 196779
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9252430
<PAYABLE-FOR-SECURITIES> 84838
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43241
<TOTAL-LIABILITIES> 128079
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8975839
<SHARES-COMMON-STOCK> 736753
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (30766)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 226398
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (47120)
<NET-ASSETS> 9124351
<DIVIDEND-INCOME> 102750
<INTEREST-INCOME> 76551
<OTHER-INCOME> 0
<EXPENSES-NET> 181243
<NET-INVESTMENT-INCOME> (1942)
<REALIZED-GAINS-CURRENT> 493020
<APPREC-INCREASE-CURRENT> (47120)
<NET-CHANGE-FROM-OPS> 443958
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 28824
<DISTRIBUTIONS-OF-GAINS> 266622
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 771130
<NUMBER-OF-SHARES-REDEEMED> 59695
<SHARES-REINVESTED> 25318
<NET-CHANGE-IN-ASSETS> 9124351
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 181243
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<GROSS-EXPENSE> 181243
<AVERAGE-NET-ASSETS> 7907225
<PER-SHARE-NAV-BEGIN> 12.00
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<PER-SHARE-DIVIDEND> .04
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</TABLE>
Board of Trustees
Jhaveri Value Fund
In planning and performing our audit of the financial statements of
Jhaveri Value Fund for the year ended March 31, 1996, we considered
its internal control structure, including procedures for 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 the
internal control structure.
The management of Jhaveri Value Fund is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use
or disposition and transactions are executed in accordance with
management's authorization and recorded properly to permit preparation
of financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure
elements 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 the internal control
structure, including proce-
Board of Trustees
Jhaveri Value Fund Page 2
dures for safeguarding securities, that we consider to be material
weaknesses as defined above as of March 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio
April 24, 1996
