<PAGE> PAGE 1
000 B000000 03/31/1999
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000 F000000 Y
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000 J000000 A
001 A000000 JHAVERI TRUST
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001 C000000 2163561565
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
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007 C020100 JHAVERI VALUE FUND
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008 A00AA01 INVESTMENTS TECHNOLOGY, INC.
008 B00AA01 A
008 C00AA01 801-18803
008 D01AA01 CLEVELAND
008 D02AA01 OH
008 D03AA01 44116
010 A00AA01 MAXUS INFORMATION SYSTEMS, INC.
010 B00AA01 84-1594
010 C01AA01 CLEVELAND
010 C02AA01 OH
010 C03AA01 44114
012 A00AA01 MAXUS INFORMATION SYSTEMS, INC.
012 B00AA01 84-1594
012 C01AA01 CLEVELAND
012 C02AA01 OH
012 C03AA01 44114
013 A00AA01 MCCURDY & ASSOCIATES CPA'S, INC.
<PAGE> PAGE 2
013 B01AA01 WESTLAKE
013 B02AA01 OH
013 B03AA01 44145
014 A00AA01 FINANCIAL AMERICA SECURITIES
014 B00AA01 8-15719
015 A00AA01 FIRSTSTAR BANK
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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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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE GREGORY B. GETTS
TITLE FUND ADMIN.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 13,034,519
<INVESTMENTS-AT-VALUE> 12,213,249
<RECEIVABLES> 129,792
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,343,041
<PAYABLE-FOR-SECURITIES> 90,138
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,880
<TOTAL-LIABILITIES> 116,018
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,055,309
<SHARES-COMMON-STOCK> 1,075,894
<SHARES-COMMON-PRIOR> 1,149,516
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,016)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (821,270)
<NET-ASSETS> 12,227,023
<DIVIDEND-INCOME> 135,863
<INTEREST-INCOME> 5,481
<OTHER-INCOME> 0
<EXPENSES-NET> (333,778)
<NET-INVESTMENT-INCOME> (192,434)
<REALIZED-GAINS-CURRENT> (207,455)
<APPREC-INCREASE-CURRENT> (2,485,670)
<NET-CHANGE-FROM-OPS> (2,885,559)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (248,351)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 113,731
<NUMBER-OF-SHARES-REDEEMED> (210,607)
<SHARES-REINVESTED> 23,254
<NET-CHANGE-IN-ASSETS> (2,885,559)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 448,790
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (333,778)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (333,778)
<AVERAGE-NET-ASSETS> 13,422,040
<PER-SHARE-NAV-BEGIN> 14.07
<PER-SHARE-NII> (0.17)
<PER-SHARE-GAIN-APPREC> (2.33)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.21)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.36
<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, 1999, 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 procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of March 31, 1999.
<PAGE>
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 13, 1999
