<PAGE> PAGE 1
000 B000000 03/31/97
000 C000000 0000937818
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 JHAVERI VALUE TRUST
001 B000000 811-8974
001 C000000 2163310703
002 A000000 18820 HIGH PARKWAY
002 B000000 CLEVELAND
002 C000000 OH
002 D010000 44116
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 JHAVERI VALUE FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 FINANCIAL AMERICAN SECURITIES
020 C000001 32
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 32
022 A000001 STAR BANK, N.A.
022 C000001 6448
022 D000001 3240
022 C000002 0
022 D000002 0
<PAGE> PAGE 2
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 6448
023 D000000 3240
027 000000 Y
077 A000000 Y
077 B000000 Y
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 N
028 A010100 107
028 A020100 0
028 A030100 0
028 A040100 33
028 B010100 92
028 B020100 0
028 B030100 0
028 B040100 1
028 C010100 263
028 C020100 731
028 C030100 0
028 C040100 191
028 D010100 118
028 D020100 0
028 D030100 0
028 D040100 64
028 E010100 13
<PAGE> PAGE 3
028 E020100 0
028 E030100 0
028 E040100 77
028 F010100 23
028 F020100 0
028 F030100 0
028 F040100 148
028 G010100 616
028 G020100 731
028 G030100 0
028 G040100 514
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
034 000100 N
035 000100 0
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 N
045 000100 Y
046 000100 N
047 000100 Y
048 000100 2.500
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
<PAGE> PAGE 4
051 000100 N
052 000100 N
053 A000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 10000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
071 A000100 4884
071 B000100 7175
071 C000100 8966
071 D000100 54
072 A000100 12
072 B000100 68
072 C000100 102
072 D000100 0
072 E000100 0
072 F000100 262
<PAGE> PAGE 5
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 262
072 Y000100 0
072 Z000100 -92
072AA000100 1119
072BB000100 0
072CC010100 0
072CC020100 98
072DD010100 0
072DD020100 0
072EE000100 732
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.9000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 3417
074 D000100 0
074 E000100 0
074 F000100 7577
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 166
074 K000100 0
074 L000100 17
074 M000100 0
074 N000100 11177
074 O000100 137
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
<PAGE> PAGE 6
074 R040100 26
074 S000100 0
074 T000100 11014
074 U010100 871
074 U020100 0
074 V010100 12.64
074 V020100 0.00
074 W000100 0.0000
074 X000100 88
074 Y000100 0
075 A000100 0
075 B000100 10478
076 000100 0.00
080 A000100 FIDELITY & DEPOSIT CO OF MARYLAND
080 C000100 200
081 A000100 N
081 B000100 0
082 A000100 N
082 B000100 0
083 A000100 N
083 B000100 0
084 A000100 N
084 B000100 0
085 A000100 N
085 B000100 N
SIGNATURE JAMES CINO
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> JHAVERI VALUE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 11138944
<INVESTMENTS-AT-VALUE> 10993761
<RECEIVABLES> 183527
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11177288
<PAYABLE-FOR-SECURITIES> 137145
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25773
<TOTAL-LIABILITIES> 162918
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10668515
<SHARES-COMMON-STOCK> 871129
<SHARES-COMMON-PRIOR> 736753
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 491038
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (145183)
<NET-ASSETS> 11014370
<DIVIDEND-INCOME> 101813
<INTEREST-INCOME> 68107
<OTHER-INCOME> 0
<EXPENSES-NET> 261501
<NET-INVESTMENT-INCOME> (91581)
<REALIZED-GAINS-CURRENT> 1118701
<APPREC-INCREASE-CURRENT> (98063)
<NET-CHANGE-FROM-OPS> 929057
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 731713
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 148339
<NUMBER-OF-SHARES-REDEEMED> 70700
<SHARES-REINVESTED> 56737
<NET-CHANGE-IN-ASSETS> 1890019
<ACCUMULATED-NII-PRIOR> (30766)
<ACCUMULATED-GAINS-PRIOR> 226398
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 261501
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 261501
<AVERAGE-NET-ASSETS> 10478000
<PER-SHARE-NAV-BEGIN> 12.38
<PER-SHARE-NII> (.11)
<PER-SHARE-GAIN-APPREC> 1.27
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .90
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.64
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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, 1997, 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 estab-
lishing and maintaining an internal control structure. In ful-
filling 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 procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of March 31, 1997.
Board of Trustees
Jhaveri Value Fund Page 2
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 22, 1997
