-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BHa/Rpm1WCJnS3rFrjnywcu/QtoJsOlHkZCVZp6DJCas3q0nbWJMBDwmk+h6TG1b srXLEYW84+Iom1pGEGj21A== 0001162044-04-000165.txt : 20040610 0001162044-04-000165.hdr.sgml : 20040610 20040610160319 ACCESSION NUMBER: 0001162044-04-000165 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20040331 FILED AS OF DATE: 20040610 EFFECTIVENESS DATE: 20040610 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JHAVERI TRUST CENTRAL INDEX KEY: 0000937818 IRS NUMBER: 341791544 STATE OF INCORPORATION: OH FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-08974 FILM NUMBER: 04858416 BUSINESS ADDRESS: STREET 1: PO BOX 16188 CITY: CLEVELAND STATE: OH ZIP: 44116 BUSINESS PHONE: 5163859580 MAIL ADDRESS: STREET 1: 18820 HIGH PARKWAY CITY: CLEVELAND STATE: OH ZIP: 44116 N-CSR 1 jhaverincsr0604.htm Jhaveri Value Fund  








UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-8974


The Jhaveri Trust

(Exact name of registrant as specified in charter)


18820 High Parkway, Cleveland, Ohio 44116

(Address of principal executive offices)

(Zip code)


Ramesh C. Jhaveri, 18820 High Parkway, Cleveland, Ohio 44116

(Name and address of agent for service)


With copy to:

Donald S. Mendelsohn, Thompson Hine LLP.

312 Walnut St., 14th Floor, Cincinnati, Ohio 45202



Registrant's telephone number, including area code: (216) 356-1565


Date of fiscal year end: March 31


Date of reporting period: March 31, 2004


Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.


A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public.  A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number.  Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


Item 1.  Reports to Stockholders.















ANNUAL REPORT







Jhaveri Value Fund




A No-Load Capital Appreciation Fund




















March 31, 2004


    








May 14, 2004


Dear Fellow Shareholders:


After the spectacular gains of 2003, the markets made a minor correction during the first quarter of 2004.  Despite this correction, JVF ended its fiscal year (March 31, 2004) with gains of 35.20% for the year.  Our refined investment strategy has continued to perform well.  JVF was ranked 3rd among Large-Cap Core Funds 2 out of the last 4 quarters in the Wall Street Journal Mutual Fund Review.   JVF compared favorably with the other major indices for the last year:   


Market

Return (3/31/04)

Dow Jones Industrial (with dividends)

p 29.60%

S&P 500 (with dividends)

    p 34.77%

JHAVERI VALUE FUND

    p 35.20%

 

Market Outlook

In recent weeks, the market has made a significant correction and appears to be in a consolidation phase.  The market is currently technically oversold and fundamentally fairly valued and should resume its upward trend.  Our outlook for 2004 is predicated on accommodative monetary policy, stimulative fiscal and tax policy, free global trade, and overall positive economic environment.  Here are the highlights:


-

Rising corporate profits and corporate investments

-

Improving employment

-

Continued low inflation and interest rates

-

Moderately strengthening dollar relative to major currencies

-

Increasing asset allocation toward equities by institutional investors

-

Continued cash flow into stock mutual funds


However, the following geopolitical concerns and risks may moderate the market advance and increase market volatility:


-

2004 Presidential election – the rhetoric and fear mongering could affect the market

-

Threat of terrorist attacks on scale of Madrid bombing

-

OPEC oil cartel pricing and production quota

-

Outsourcing and protectionist trade war

-

Iraqi War and Middle East crisis


We continue to be on guard for these geopolitical events and manage investments in the direction of short, medium, and long term trends.  The Jhaveri Value Fund is a diversified portfolio invested in high quality, large capitalization stocks.  We diligently take profit in fully priced or extended stocks and look for bargains in good quality undervalued securities.  We believe our combination of short and long cycle investment strategies will continue to perform well through the upcoming market conditions.  We thank you for your continued support.


Sincerely,

[jhaverincsr0604001.jpg]

          [jhaverincsr0604002.jpg]

Ramesh C. Jhaveri - CEO

Saumil R. Jhaveri – President



*JVF Average Annual Returns – 3/31/04

1-year  =  35.20%

5-year  =  -0.59%

Since Inception (5/3/95) =  2.52%

Past performance is not predictive of future performance.  The value of shares will fluctuate and will be worth more or less than their original cost at the time of redemption.  The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.



Growth of $10,000 Investment in JVF*

End Date March 31, 2004


[jhaverincsr0604004.jpg]


*Past performance is not predictive of future performance.  The value of shares will fluctuate and will be worth more or less than their original cost at the time of redemption.  The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.



Jhaveri Value Fund  

 

 

 

 

 

 

       
     

Schedule of Investments

     

      March 31, 2004

 Shares/Principal Amt- % of Assets

 

 

 

 

 

       Market Value

       

 COMMON STOCKS

      
       

 Air Transportation  - 1.27%

 

 

 

 Construction- Contractors- 0.51%

 

 

  3,000

Continental Airlines Class "B" *

         37,590

 

  1,000

Jacobs Engineering Group, Inc. *

         44,600

  4,000

Delta Airlines, Inc. *

         31,680

 

 

 

 

  3,000

Southwest Airlines Co.

         42,630

 

 Construction, Mining & Materials - 0.22%

  

 

 

       111,900

 

     500

Dover Corp.

         19,385

       

 Appliance & Tool  - 0.95%

 

 

 

 Crude Petroleum & Natural Gas - 0.29%

 

 

  2,000

Sony Corp. +

         83,620

 

     500

Petro China Co. Ltd +

         25,550

 

 

 

 

 

 

 

 AeroSpace/Aircraft/Defense - 1.87%

   

 Electric Services - 0.69%

  

  1,000

Goodrich Corporation

         28,070

 

  2,000

Southern Co.

         61,000

  3,000

Lockheed Martin Corp.

       136,920

    

 

 

       164,990

 

 Electromedical & Electrotherapeutic Apparatus - 1.63%

 

 

    

  3,000

Medtronic Inc.

       143,250

 Automobile Manufacturing - 0.13%

 

 

 

 

 

 

     500

Honda Motor Corp. +

         11,570

 

 Electronic Manufacturing Services - 0.74%

  

 

 

 

 

  1,500

Cintas Corp.

         65,235

 Beverages-Alcoholic/Soft Drink  - 0.28%

      

     500

Coca Cola Co.

         25,150

 

 

 

 

    

 Electronic Equipment - 2.25%

  

 Biological Products  - 0.66%

 

 

 

  6,500

General Electric Co.

       198,380

  1,000

Amgen Inc. *

         58,150

    

 

 

 

 

 Electronic-Semiconductors - 5.21%

 

 

 Biotechnology & Drugs - 2.17%

   

14,200

Intel Corp.

       386,240

  3,500

AmerisourceBergen Corp.

       191,380

 

  2,500

Texas Instruments, Inc.

         73,050

      

       459,290

 Broadcasting & Cable TV - 2.31%

 

 

 

 

 

 

  3,000

Comcast Corp. *

         83,550

 

 Fabricated Plate Work - 0.10%

  

  3,000

Cox Communications *

         94,800

 

  1,000

McDermott International *

 8,390

  1,000

The Walt Disney Co.

         24,990

    

 

 

       203,340

 

 Food and Kindred Products - 0.15%

 

 

    

     500

ConAgra Foods, Inc.

         13,470

 Calculating & Accounting Machines  - 0.82%

 

 

 

 

 

 

  1,500

Diebold Inc

         72,180

 

 Food Processing - 0.62%

  

 

 

 

 

  2,500

Sara Lee Corp.

         54,650

 Chemicals-Diversified  - 2.88%

      

  6,000

Du Pont (E.I.)  deNemours & Co.  

       253,320

 

 Games, Toys & Children's Vehicles - 1.98%

 

 

    

  9,000

LeapFrog Enterprises, Inc. *

       174,150

 Communication Services  - 2.65%

 

 

 

 

 

 

  3,000

American Telephone & Telegraph

         58,710

 

 Healthcare Facilities - 0.89%

  

  4,000

Verizon Communications

       146,160

 

  7,000

Tenet Healthcare *

         78,120

  1,000

UT STARCOM, Inc. *

         28,750

    

 

 

       233,620

 

 Hotels & Motels - 0.48%

 

 

    

  1,000

Marriott International

         42,550

 Computer Hardware  - 1.04%

 

 

 

 

 

 

  1,000

International Business Machines, Inc.

         91,840

 

 Industrial Organic Chemicals - 0.34%

  

 

 

 

 

  2,000

Lyondell Chemical

         29,680

 Computer-Software - 6.17%

      

18,900

Microsoft Corp.

       471,177

 

 Internet - 0.19%

 

 

  6,000

Oracle Corp. *

         72,000

 

  1,000

Time Warner, Inc. *

         16,860

 

 

       543,177

 

 

 

 

    

 Retail- Catalog- 1.44%

  

 Computer-Local Network - 1.61%

 

 

 

  4,000

InterActive Corp. *

       126,520

  6,000

Cisco Systems Inc.*

       141,420

    

 

 

 

 

 Retail-Specialty - 1.93%

 

 

 Computer-Mini/Micro - 3.86%

   

  2,000

Gap Inc.

         43,840

  5,500

Dell Computer Corp.*

       184,910

 

  1,000

Limited Brands, Inc.

         20,000

  5,500

Hewlett-Packard Co.

       125,620

 

  2,000

Tiffany & Co.

         76,340

  7,000

Sun Microsystems, Inc. *

         29,190

 

     500

Wal-Mart Stores Inc.

         29,845

  

       339,720

   

       170,025

 

 

 

 

 

 

 

 Computer Integrated Systems Design - 0.16%

   

 Retail-Food & Restaurant - 0.71%

  

  1,000

UNISYS Corp. *

         14,280

 

  2,200

McDonald's Corp.

         62,854

       

 Computer Services - 1.10%

 

 

 

 Security Brokers - 0.26%

 

 

  5,000

Electronic Data Systems, Inc.

         96,750

 

  2,000

Charles Schwab & Co., Inc. *

         23,220

 

 

 

 

 

 

 

 Computer Storage Devices - 2.16%

   

 Semiconductors - 1.81%

  

  3,000

Maxtor Corp. *

         24,450

 

  4,000

Applied Materials, Inc. *

         85,320

  3,000

SanDisk Corp. *

         85,080

 

  1,000

RF Micro Devices

 8,460

  5,000

Seagate Technology

         80,650

 

  1,000

STMicroelectronics NV

         23,600

  

       190,180

 

  4,000

Taiwan Semiconductor

         41,760

 

 

 

 

 

 

       159,140

 Major Drugs - 0.97%

      

  2,000

Novartis AG +

         85,200

 

 Services- Accounting & Research - 0.40%

 

 

    

  1,000

Paychex Inc.

         35,600

 Medical-Drugs - 16.11%

 

 

 

 

 

 

  2,500

Abbott Laboratories

       102,750

 

 Software & Programming - 0.17%

  

     500

Bristol Myers Squibb Co.

         12,115

 

  1,000

Cadence Design Systems, Inc. *

         14,740

  7,000

Glaxo SmithKline, PLC +

       279,650

    

  7,500

Johnson & Johnson, Inc.

       380,400

 

 Special Industry Machinery - 2.62%

 

 

  7,000

Merck & Co., Inc.

       309,330

 

  2,000

Lam Research Corp. *

         50,240

  4,000

Pfizer, Inc.

       140,200

 

  5,000

Novellus Systems, Inc. *

       158,350

12,000

Schering-Plough Corp.

       194,640

 

  1,000

Pall Corp.

         22,690

 

 

    1,419,085

 

 

 

       231,280

       

 Medical Equipment & Supplies - 2.81%

 

 

 

 Telecommunications Equipment - 0.52%

 

 

  8,000

Baxter International, Inc.

       247,120

 

  5,000

JDS Uniphase Corp. *

         20,350

 

 

 

 

  6,200

Lucent Technologies, Inc. *

         25,482

 National Commercial Banks - 1.02%

     

         45,832

  3,000

Union Planters Corp.

         89,550

 

 

 

 

    

Transportation - Ship - 0.52%

  

 Natural Gas Utilities - 0.32%

 

 

 

  1,000

SPX Corp.

         45,480

  4,000

El Paso Corp.

         28,440

    

 

 

 

 

 Trucking - 0.38%

 

 

 Oil & Gas-International Integrated - 0.27%

   

  1,000

Yellow Roadway Corp.

         33,700

     500

Royal Dutch Petroleum Co. +

         23,790

 

 

 

 

    

 Wholesale Drugs - 2.05%

  

 Paints, Varnishes & Allied Products- 0.33%

 

 

 

  6,000

McKesson Corp.

       180,540

     500

PPG Industries Inc.

         29,150

    

 

 

 

 

 Total for Common Stock -  97.10%

 

    8,553,188

 Petroleum Refining- 0.68%

      

  1,500

Shell Transport & Trading Plc

         59,865

 

 Cash - Equivalents -  2.10%

 

 

    

185,202

First American Treasury Obligation FD CL S .32%

       185,202

 Prepackaged Software- 1.53%

 

 

 

 Total Cash - Equivalents -  2.10%

 

       185,202

  2,000

Intuit, Inc. *

         89,260

    

  1,000

PeopleSoft Inc. *

         18,490

 

   

Total Investments  -  99.20%

 $ 8,738,390

  1,000

Veritas Software

         26,910

  

 (Cost  $9,459,010)

 

 

 

       134,660

 

 

 

 

     

Other Assets In Excess of Liabilities 0.80%

         70,101

 Personal Household Products- 4.60%

 

 

 

 

 

   

  4,500

Newell Rubbermaid, Inc.

       104,400

  

Net Assets  - 100.00%

 $ 8,808,491

  8,000

Wyeth

       300,400

 

 

 

 

  

       404,800

    

 

 

 

 

 

 

 

 Pharmaceutical Preparations- 1.29%

      

  5,000

Mylan Laboratories Inc.

       113,650

 

 

 

 

       

 Photography- 1.93%

 

 

 

 

 

 

  6,500

Eastman Kodak Co.

       170,105

    

 

 

 

 

 

 

 

 Plastic Materials- 0.23%

      

     500

Dow Chemical

         20,140

 

 

 

 

       

 Publishing 0.81%

 

 

 

 

 

 

  1,500

The Thomson Corp.

         46,290

    

     500

Tribune Co.

         25,220

 

 

 

 

  

         71,510

    

 

 

 

 

 

 

 

 Railroads, Line-Haul Operating- 1.49%

      

  1,000

CSX Corp.

         30,290

 

 

 

 

     500

Norfolk Southern Corp.

         11,045

    

  1,500

Union Pacific Corp.

         89,730

 

 

 

 

  

       131,065

    

 

 

 

 

 

 

 

 Recreational Activities- 0.40%

      

  2,000

Blockbuster, Inc.

         35,000

 

 

 

 

       

 Recreational Products- 0.94%

 

 

 

 

 

 

  4,500

Mattel, Inc.

         82,980

    

 

 

 

 

 

 

 

 Retail- Drug Stores- 0.19%

      

     500

Medco Health

         17,000

 

 

 

 



Jhaveri Value Fund  

 

  

 Statement of Assets and Liabilities

 

  March 31, 2004

 
  

Assets:

 

     Investment Securities at Market Value

$  8,738,390

          ( Cost  $9,459,010)

 

     Cash

 45

     Receivables:

 

          Dividends and Interest

     12,735

          Receivable for securities sold

   251,490

          Receivable for shares sold

          200

    Total Assets

9,002,860

Liabilities:

 

     Accrued Management Fees

     19,944

     Payable for securities purchased

   174,425

    Total Liabilities

   194,369

Net Assets

$  8,808,491

Net Assets Consist of:

 

     Paid-In Capital

 12,178,178

     Accumulated Realized Gain (Loss) on Investments - Net

 (2,649,067)

     Unrealized Appreciation (Depreciation) in Value

 

          of Investments Based on Identified Cost - Net

 (720,620)

Net Assets, for 921,335 Shares Outstanding

$  8,808,491

Net Asset Value and Redemption Price

 

     Per Share ($8,808,491/1,014,792 shares)

 $      8.68

 

 



Jhaveri Value Fund  

 

  

 Statement of Operations

 

  For the year ended March 31, 2004

 

Investment Income:

 

     Dividends

 $100,880

     Interest

       6,812

          Total Investment Income

   107,692

Expenses

 

     Management Fees (Note 3)

   191,799

          Total Expenses

   191,799

  

Net Investment Income (Loss)

   (84,107)

  

Realized and Unrealized Gain (Loss) on Investments:

 

     Realized Gain (Loss) on Investments

   831,485

     Net Realized Gain (Loss) on Securities Sold Short

   393,379

     Unrealized Appreciation (Depreciation) on Investments

   988,716

Net Realized and Unrealized Gain (Loss) on Investments

2,213,580

  

Net Increase (Decrease) in Net Assets from Operations

2,129,473



Jhaveri Value Fund  

 

 

   

Statements of Changes in Net Assets

  
 

4/1/2003

4/1/2002

 

to

to

 

3/31/2004

3/31/2003

From Operations:

 

 

     Net Investment Income (Loss)

 $ (84,107)

 $ (67,236)

     Net Realized Gain (Loss) on Investments

    831,485

          (2,187,464)

     Net Realized Gain (Loss) on Securities Sold Short

    393,379

   0  

     Net Unrealized Appreciation (Depreciation)

    988,716

    399,957

     Increase (Decrease) in Net Assets from Operations

 2,129,473

 (1,854,743)

From Distributions to Shareholders

 

 

     Net Realized Gain from Security Transactions

   0  

   0  

     Net Decrease from Distributions

   0  

   0  

From Capital Share Transactions:

  

     Proceeds From Sale of Shares

    903,472

    182,878

     Shares Issued on Reinvestment of Dividends

   0  

   0  

     Cost of Shares Redeemed

  (135,565)

  (746,931)

Net Increase (Decrease) from Shareholder Activity

    767,907

  (564,053)

 

 

 

Net Increase (Decrease) in Net Assets

 2,897,380

 (2,418,796)

 

 

 

Net Assets at Beginning of Period  

 5,911,111

 8,329,907

 

 

 

Net Assets at End of Period

$   8,808,491

$   5,911,111

 

 

 

Share Transactions:

  

     Issued

    109,818

      27,297

     Reinvested

   0  

   0  

     Redeemed

    (16,361)

  (108,837)

Net increase (decrease) in shares

      93,457

    (81,540)

Shares outstanding beginning of period

    921,335

 1,002,875

Shares outstanding end of period

 1,014,792

    921,335

 

 

 



Jhaveri Value Fund  

 

 

 

 

 

      

Financial Highlights

     

Selected data for a share outstanding throughout the period:

     
 

4/1/2003

4/1/2002

4/1/2001

4/1/2000

4/1/1999

 

to

to

to

to

to

 

3/31/2004

3/31/2003

3/31/2002

3/31/2001

3/31/2000

Net Asset Value -

 

 

 

 

 

     Beginning of Period

 $ 6.42

 $ 8.31

$    10.02

$    12.52

$    11.36

Net Investment Income (Loss)

(0.09)

(0.07)

(0.14)

(0.07)

(0.13)

Net Gains or Losses on Securities

     

     (realized and unrealized)

2.35

(1.82)

(0.97)

(1.34)

2.25

Total from Investment Operations

2.26

(1.89)

(1.11)

(1.41)

2.12

 

 

 

 

 

 

Dividends (from net investment income)

0.00

0.00

0.00

0.00

0.00

Distributions (from capital gains)

0.00

0.00

(0.60)

(1.09)

(0.96)

     Total Distributions

0.00

0.00

(0.60)

(1.09)

(0.96)

Net Asset Value -

 

 

 

 

 

     End of Period

 $ 8.68

 $ 6.42

 $ 8.31

$    10.02

$    12.52

Total Return

35.20 %

(22.74)%

(11.43)%

(11.88)%

19.08%

Ratios/Supplemental Data

     

Net Assets - End of Period (Thousands)

8,808

5,911

8,330

11,633

13,231

      

Ratio of Expenses to Average Net Assets Before Reimbursement

2.50 %

2.55 %

2.51 %

2.50 %

2.50 %

Ratio of Net Income (Loss) to Average Net Assets Before Reimbursement

(1.10)%

(1.11)%

(1.52)%

(0.79)%

(1.03)%

Ratio of Expenses to Average Net Assets After Reimbursement

2.50 %

2.50 %

2.50 %

2.50 %

2.50 %

Ratio of Net Income (Loss) to Average Net Assets After Reimbursement

(1.10)%

(1.06)%

(1.51)%

(0.79)%

(1.03)%

Portfolio Turnover Rate

367.21 %

283.93 %

80.17 %

126.66 %

130.85 %



JHAVERI VALUE FUND

       

 NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2004



Note 1. Organization

The Jhaveri Trust  (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company.  The Trust was established under the laws of Ohio by an Agreement and Declaration of Trust dated January 18, 1995 (the “Trust Agreement”).  The Trust Agreement permits the Board of Trustees to issue an unlimited number of shares of beneficial interest of separate series without par value.  Shares of one series have been authorized, which shares constitute the interests in the Jhaveri Value Fund (the “Fund”). The Fund commenced operations May 1, 1995.  The Fund’s investment objective is to provide long term capital appreciation.  The Fund seeks to achieve its objective by investing primarily in a broad range of common stocks believed by its adviser to have above average prospects for appreciation, based on a proprietary investment model developed by the adviser. The investment adviser to the Fund is Investments Technology, Inc. (The “Adviser”).


Note 2.  Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.


Security Valuation-Securities which are traded on any exchange or on the NASDAQ over-the-counter market are valued at the last quoted sale price.  Lacking a last sale price, a security is valued at its last bid price except when, in the Adviser’s opinion, the last bid price does not accurately reflect the current value of the security.  All other securities for which over-the-counter market quotations are readily available are valued at their last bid price.  When market quotations are not readily available, when the Adviser determines the last bid price does not accurately reflect the current value or when restricted securities are being valued, such securities are valued as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review of the Board of Trustees.


Federal Income Taxes-The Fund intends to qualify each year as a “Regulated Investment Company” under the Internal Revenue Code of 1986, as amended.  By so qualifying, the Fund will not be subject to federal income taxes to the extent that it distributes substantially all of its net investment income and any realized capital gains. Capital loss carryforwards total $2,570,228 of which $1,103,074 expire in 2010, and $1,467,154 expire in 2011. Capital loss carryforwards are available to offset future capital gains. To the extent that these carry forwards are used to offset future capital gains, it is probable that the amount which is offset will not be distributed to shareholders.


Dividends and Distributions-The Fund intends to distribute substantially all of its net investment income as dividends to its shareholders on an annual basis.  The Fund intends to distribute its net long-term capital gains and its net short-term capital gains at least once a year. The amounts of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from those amounts determined under generally accepted accounting principles. To the extent these book/tax differences are permanent, they are charged or credited to paid-in capital in the period that the difference arises.  Distributions to shareholders are recorded on the ex-dividend date.


Estimates-The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.


Short Sales-The Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale.  A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of the short sale.


Other-The Fund follows industry practice and records security transactions on the trade date.  The specific identification method is used for determining gains or losses for financial statement and income tax purposes.  Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis.  Discounts and premiums on securities purchased are amortized over the life of the respective securities. Generally accepted accounting principles require that permanent financial reporting tax differences relating to shareholder distributions be reclassified to paid in capital.


Note 3. Investment Advisory Agreement

The Trust has an investment advisory agreement with Investments Technology, Inc. Ramesh C. Jhaveri and Saumil R. Jhaveri may be deemed to be controlling persons and affiliates of the Fund due to their ownership of its shares and their positions as officers and directors of both the Fund and Adviser. Because of such affiliation, they may receive benefits from the management fees paid to the Adviser.


Under the terms of the management agreement (the “Agreement”), the Adviser manages the Fund’s investments subject to approval of the Board of Trustees and pays all of the expenses of the Fund except brokerage fees and commissions, taxes, interest, expenses incurred in connection with the organization and initial registration of its shares and extraordinary expenses.  As compensation for its management services and agreement to pay the Fund’s expenses, the Fund is obligated to pay the Adviser a fee computed and accrued daily and paid monthly at an annual rate of 2.50% of the average daily net assets of the Fund.  In this regard, it should be noted that most investment companies pay their own operating expenses directly, while the Fund’s expenses, except those specified above, are paid by the Adviser.  For the year ended March 31, 2004, the Adviser earned a fee of $191,799 from the Fund.  


Note 4. Change of Accountants

On March 12, 2004, McCurdy & Associates CPA’s, Inc. (“McCurdy & Associates”) resigned as independent auditors to the Fund.  McCurdy & Associates reports on the Fund’s financial statements for the fiscal years ended March 31, 1999 through March 31, 2003 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles.  During the fiscal years stated above, there were no disagreements with McCurdy & Associates on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which, if not resolved to the satisfaction of McCurdy & Associates, would have caused the Advisor to make reference to the subject matter of the disagreements in connection with its reports on the Fund’s financial statements for such years.


On March 17, 2004, the Fund, by action of its Board of Trustees approved the engagement of Cohen McCurdy, Ltd. as the independent auditors to audit the Fund’s financial statements for the fiscal year ending March 31, 2004.  During the fiscal years ended March 31, 1999 through March 31, 2003 neither the Fund nor anyone on its behalf consulted McCurdy and Associates CPA’s, Inc. on items which (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Funds’ financial statements or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or a reportable event (as described in paragraph (a)(1)(v) of said Item 304).


Note 5. Investments

For the year ended March 31, 2004, purchases and sales of investment securities, other than short-term investments, aggregated $22,811,378 and $21,609,521, respectively.  The gross unrealized appreciation for all securities totaled $109,773 and the gross unrealized depreciation for all securities totaled $1,109,673, or a net unrealized depreciation for federal income tax purposes of $999,900. The aggregate cost of securities for federal income tax purposes at March 31, 2004 was $9,738,290, net of wash sales of $279,280.


Note 6. Control

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under section 2 (a) (9) of the Investment Company Act of 1940.  As of March 31, 2004, Nalini R. Jhaveri, M.D. and Ramesh C. Jhaveri collectively owned over 48% of the Fund.


Note 7. Distributions to Shareholders

There were no distributions during the fiscal year ended March 31, 2004.

As of March 31, 2004, the components of distributable earnings (accumulated losses) on a tax basis were as follows:



Undistributed ordinary income/ (accumulated losses)

$ 0

Undistributed long-term capital gain/ (accumulated losses)

(2,369,787)

Unrealized appreciation/ (depreciation)

 (999,900)

 

$   (3,369,687)


The difference between book basis and tax-basis unrealized depreciation is attributable to the tax deferral of losses on wash sales.




TRUSTEES AND OFFICERS


The Board of Trustees supervises the business activities of the Trust.  Each Trustee serves as a trustee until the termination of the Trust unless the Trustee dies, resigns, retires or is removed.  The Fund is not part of a “fund complex”.  The following table provides information regarding each Trustee who is an “interested person” of the Trust, as defined in the Investment Company Act of 1940.


Name, Address and

Year of Birth

Position(s) Held

With Trust

Principal Occupations

(Past 5 Years)

Other Directorships

Held by Trustee

Ramesh C. Jhaveri1

18820 High Parkway Cleveland, Ohio  44116

1937

Trustee since 1995; Chairman of the Board and Chief Executive Officer since 1996

President of the Adviser since 1983; licensed account executive, options principal and general securities principal, Financial America Securities, Inc., an NASD broker-dealer, since 1970

Director of Xensor Corp since 1990.

Saumil R. Jhaveri1

18820 High Parkway Cleveland, Ohio  44116

1969

Trustee and Secretary since 1995; President and Treasurer since 1996

Vice President of the Adviser, where he has been working full time since 1991

None


1 Ramesh C. Jhaveri is the father of Saumil R. Jhaveri.  They are “interested persons” of the Trust because they are officers of the Trust.  In addition, they may be deemed to be “interested persons” of the Trust because they are officers of the Fund’s adviser.


The following table provides information regarding each Trustee who is not an “interested person” of the Trust, as defined in the Investment Company Act of 1940.


Name, Address and

Year of Birth

Position(s) Held

With Trust

Principal Occupations

(Past 5 Years)

Other Directorships

Held by Trustee

Mukul M. Mehta

27070 Detroit Road

Suite 201

Westlake, Ohio  44145

1945

Trustee since 1995

President of Quality Sciences, Inc., a consulting and software development firm assisting chemical industry clientele including Fortune 500 companies, since 1992

None

James E. Mueller

2246 Johnstone Way

Westlake, Ohio  44145

1943

Trustee since 1995

Advertising director for Ed Mullinax Ford, a car dealer, from 1987-2000.  Independent Contractor in Broadcasting since 2000.

None

David R. Zavagno

5852 Glasglow Court

Solon, Ohio  44139

1954

Trustee since 1995

President of Universal Medical Systems, Inc., a company specializing in diagnostic imaging equipment design, sales and installation, since 1985

None


The Statement of Additional Information includes additional information about the Trustees and is available without charge upon request by calling the Fund at 440-356-1565.






Board of Trustees

Ramesh C. Jhaveri

Saumil R. Jhaveri

Mukul M. Mehta

James F. Mueller

David R. Zavagno


Investment Adviser

Investments Technology, Inc.

18820 High Parkway

Cleveland, OH 44116


Dividend Paying Agent,

Shareholders’ Servicing Agent,

Transfer Agent

Mutual Shareholder Services

8869 Brecksville Rd, Ste. C

Brecksville, Ohio 44141


Custodian

U.S. Bank

P.O. Box 640994

Cincinnati, Ohio 45264-0994


Counsel

Thompson Hine LLP

312 Walnut Street

14th Floor

Cincinnati, OH  45202-4089


Independent Auditors

Cohen McCurdy Ltd.

27955 Clemens Rd

Westlake, Ohio 44145



This report is provided for the general information of the shareholders of the Jhaveri Value Fund. This report is not intended for distribution to prospective investors in the Fund, unless preceded or accompanied by an effective prospectus.





Item 2. Code of Ethics.


(a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.


(b)

For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:


(1)

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2)

Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

(3)

Compliance with applicable governmental laws, rules, and regulations;

(4)

The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5)

Accountability for adherence to the code.


(c)

Amendments:  


During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.


Item 3. Audit Committee Financial Expert.


(a)

The registrant’s board of trustees determined, at a meeting held on May 27, 2004, that the registrant does not have an audit committee financial expert.  It was the consensus of the board that, although no one individual Audit Committee member meets the technical definition of an audit committee financial expert, the Committee has sufficient expertise collectively among its members to effectively discharge its duties and that the Committee will engage additional expertise if needed.


Item 4. Principal Accountant Fees and Services.


(a)

Audit Fees


FY 2003

$ 9,416

FY 2004

$ 14,255


(b)

Audit-Related Fees


Registrant

Adviser


FY 2003

$ 0

$0

FY 2004

$ 0

$0


(c)

Tax Fees


Registrant

Adviser


FY 2003

$ 0

$ 525

FY 2004

$ 0

$ 875

Nature of the fees:

Preparation of excise tax.


(d)

All Other Fees


Registrant

Adviser


FY 2003

$ 0

$ 0

FY 2004

$ 0

$ 0


(e)

(1)

Audit Committee’s Pre-Approval Policies


The  audit  committee has adopted pre-approval policies and procedures that  require  the  audit  committee to pre-approve all audit and non-audit  services of the registrant, including services  provided to any entity  affiliated  with the registrant. All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.


(2)

Percentages of Services Approved by the Audit Committee


Registrant

Adviser


Audit-Related Fees:

100 %

100 %

Tax Fees:

100 %

100 %

All Other Fees:

100 %

100 %


During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.



(g)

The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:


Registrant

Adviser


FY 2003

$ 0

$ 0

FY 2004

$ 0

$ 0


(h)

The registrant's audit committee has not considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.


Item 5. Audit Committee of Listed Companies.  Not applicable.


Item 6.  Schedule of Investments.  Not applicable – schedule filed with Item 1.


Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.  Not applicable.


Item 8.  Purchases of Equity Securities by Closed-End Funds.  Not applicable.


Item 9.  Submission of Matters to a Vote of Security Holders.  


Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.  The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees


Item 10.  Controls and Procedures.  


(a)

Based on an evaluation of the registrant’s disclosure controls and procedures as of May 25, 2004, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.


(b)

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.


Item 11.  Exhibits.  


(a)(1)

EX-99.CODE ETH.  Filed herewith.


(a)(2)

EX-99.CERT.  Filed herewith.


(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.  Not applicable.


(b)

EX-99.906CERT.  Filed herewith.



SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


The Jhaveri Trust


By /s/Ramesh C. Jhaveri

*Ramesh C. Jhaveri

 Chief Executive Officer


Date June 10, 2004



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By /s/Ramesh C. Jhaveri

*Ramesh C. Jhaveri

 Chief Executive Officer


Date June 10, 2004


By /s/Saumil R. Jhaveri

*Saumil R. Jhaveri

 Chief Financial Officer


Date June 10, 2004


* Print the name and title of each signing officer under his or her signature.






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M1S0&$LD:W;(D/2)X(:JGEIZB*.:"5A9)'(T.:]I&""#L01MA:\-IMM-:S:X+ M?216\LUV^DH8'/+W1TL+8FEV`,D-`& M<`#/P"W$!$1!0^-H)CQ59[C1Q235]JME?74L<;2YTKF/I0Z(#?>2-TD><'', MU`$@*/CK&CB^7BV>HCIQ-9[GR9WQ.E9%24\U.(GX:096./,F!&"1,&@D!I72 M#!"ZH94.BC,[&.8R0M&IK7$%P!Z@$M:2/'2/8L<-!1T_9^1201=FB,$&B,-Y M49TY8W'JM[C=AMW1[`@I_#]SN]SK.(["ZMKJ>KI*2%T51<&4DD]/+,)0"6TY MY9:`R-P:X!QU'.Q:MBR\37:YTM1=O,M=+">13LMT!BUQ2"/F3/+Y71YTODY+ MF]6N@.P)<&V"GM%';*.2*S4=#;Y#%RXS'3`,;@N:+8*4S\-CTDO:JWN-V&W='L"UYK%9ZB*FBFM5#)'2Q.@ MIV/IV$11N;H>A<6N)JR>IMABFME72,AO%M;'+,Z(MG';8N\S0]Q`V![ MP:=QMUQ,5EJFKKW;JR6IC%)0/,\4#8CK,Q9)'ES]6-&B1W=#0<@'5C8R$\$- M53RT]1%'-!*PLDCD:'->TC!!!V((VP@H?$WZSW'_`-WO_N4JL%'_`*P[S]E4 M'_BUBD*6Q6>@MT]NH[50T]#/JYU-#3L9')J&EVIH&#D``YZA9+;:;;9J=U/: M[?24,#GE[HZ6%L32[`&2&@#.`!GX!!N(B("H?&T$QXJL]QHXI)J^U6ROKJ6. M-I682@$MISRRT!D;@UP#CJ.=BU M7"&@HZ?L_(I((NS1&"#1&&\J,Z:+8*4S:H7"2%KW.)TL[)5$AH.S6%SZN/VD%\>"_4"PUS,8TL#NN+7AH*.G[/R*2"+LT1@@T1A MO*C.G+&X]5O<;L-NZ/8$'*W\2UEA\G%FJJ*KJP;=PY253X88Z=L0Z0-B-NBQU MEJFKKW;JR6IC%)0/,\4#8CK,Q9)'ES]6-&B1W=#0<@'5C8A#\35D]3;#%-;* MND9#>+:V.69T1;..VQ=YFA[B!L#W@T[C;KC([L;>-[[+7\@4L-JM\[WSXT1Z M)JMX>2=AI+0[/AC/@K)/!#54\M/411S02L+)(Y&AS7M(P00=B"-L*/CX:L,- MKFM<5DMK+?,_7+2-I6")[MMW,Q@GNMW(\![$&O9X)JF\U]^DBDIXZRG@IH() M6ELG+B=*X2/!W87&8X8=P&C5AQ+&SBC[98K/9.;YIM5#0<[',[)3LBUXSC.D M#.,GK[2I!`1$04_CRV>>).&J)LW(F==7203Z=7)F925+XY-.1JTO:UVD['&# ML2H."LFXEXKX6XAJZ22D,%::.GIWY/*NMDEQ9)4QT\;2P/B$;X&1N,C(G" M1^TV7=UHSD/SL6:^7R:::*>EJZQ]HIS35,<4<3'UU09G,$@UEC8R(XA-HU8+ M:IO7#2ZT4UIMM'425%+;Z2">1\CWR10M:YSGEI>20,DN+&$GQTC/0+7LMJFM MHK9JNICJ:RNJ.T5#XHC%'J$;(P&,+G%HTQMSEQWR=@0`$?;)'3<=W65\,D#W MV>WN=%(6ES"9:ONG22,CIL2/82H_A..:7@3AYMHJ[;373S/0F=]13&=QAY1T M`M;(QP&K7I).-GX&YQ9+G8K/>^5YVM5#7\G/+[53LET9QG&H'&<#^@2YV*SW MOE>=K50U_)SR^U4[)=&<9QJ!QG`_H$&GP887<"'N:WE- MP"X``G'C@9]@4XB("(B`B(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B("(B` MB(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B("(B` MB(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B("(B` >B(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B(/__9 ` end EX-99.CERT 5 jhavericert.htm Exhibit 99


Exhibit 99.CERT


CERTIFICATIONS


I, Ramesh C. Jhaveri, certify that:


1.

I have reviewed this report on Form N-CSR of The Jhaveri Trust;


2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;


4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:


a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

c)

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):


a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



Date: June 10, 2004


/s/Ramesh C. Jhaveri

Ramesh C. Jhaveri

Chief Executive Officer



I, Saumil R. Jhaveri, certify that:


1.

I have reviewed this report on Form N-CSR of The Jhaveri Trust;


2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;


4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:


a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

c)

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):


a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



Date: June 10, 2004


/s/Saumil R. Jhaveri

Saumil R. Jhaveri

Chief Financial Officer


 EX-99.906 CERT 6 jhaveri906cert.htm EX-99







EX-99.906CERT



CERTIFICATION

Ramesh C. Jhaveri, Chief Executive Officer, and Saumil R. Jhaveri, Chief Financial Officer of The Jhaveri Trust (the “Registrant”), each certify to the best of his or her knowledge that:

1.

The Registrant’s periodic report on Form N-CSR for the period ended March 31, 2004 (the “Form N-CSR”) fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2.

The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Chief Executive Officer

Chief Financial Officer

The Jhaveri Trust

The Jhaveri Trust



/s/Ramesh C. Jhaveri

/s/Saumil R. Jhaveri

Ramesh C. Jhaveri

Saumil R. Jhaveri

Date: June 10, 2004

Date: June 10, 2004



A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to The Jhaveri Trust and will be retained by The Jhaveri Trust and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.


This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.










 EX-99.CODE ETH 7 jhavericodeofethics.htm ***SAMPLE***

THE JHAVERI TRUST


CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

SENIOR FINANCIAL OFFICERS


I.

Covered Officers/Purpose of the Code


This code of ethics (this “Code”) for the Jhaveri Trust (the “Company”) applies to the Company’s Principal Executive Officer and Principal Financial Officer (the “Covered Officers” each of whom is set forth in Exhibit A) for the purpose of promoting:


•

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

•

full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Company;

•

compliance with applicable laws and governmental rules and regulations;

•

the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and

•

accountability for adherence to this Code.


Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.


II.

Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest


Overview.  A “conflict of interest” occurs when a Covered Officer’s private interests interfere with the interests of, or the Covered Officer’s service to, the Company.  For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer’s family, receives improper personal benefits as a result of the Covered Officer’s position with the Company.


Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (“Investment Company Act”) and the Investment Advisers Act of 1940 (“Investment Advisers Act”).  For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as “affiliated persons” of the Company.  This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Company or the investment adviser designed to prevent, or identify and correct, violations of the Investment Company Act and the Investment Advisers Act.  


Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser or the administrator of which a Covered Officer is also an officer or employee.  As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, whether formally for the Company and/or for the adviser or the administrator, be involved in establishing policies and implementing decisions that will have different effects on the adviser or the administrator and the Company.  The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser or the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Company.  Thus, if p erformed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.  In addition, it is recognized by the Company’s Board of Trustees (“Board”) that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.  


Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act.  The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive.  The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.


Each Covered Officer must:


•

not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

•

not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Company;

•

not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

•

report at least annually any affiliations or other relationships related to conflicts of interest that the Company’s Trustees and Officers Questionnaire covers.


There are some conflict of interest situations that should always be discussed with the compliance officer of the Company appointed by the Board (the “Compliance Officer”), if material.  Examples of these include:


•

service as a director on the board of any public company;

•

the receipt of any non-nominal gifts;

•

the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

•

any ownership interest in, or any consulting or employment relationship with, any of the Company’s service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

•

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.


III.

Disclosure and Compliance


•

Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company.

•

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company’s directors and auditors, and to governmental regulators and self-regulatory organizations.

•

Each Covered Officer should, to the extent appropriate within the Covered Officer’s area of responsibility, consult with other officers and employees of the Company and of the adviser or the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Company files with, or submits to, the SEC and in other public communications made by the Company.

•

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.  


IV.

Reporting and Accountability


Each Covered Officer must:


•

upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board , in substantially the form set forth on Exhibit B, that the Covered Officer has received, read, and understands this Code;

•

annually thereafter affirm to the Board, in substantially the form set forth on Exhibit C, that the Covered Officer has complied with the requirements of this Code;

•

not retaliate against any other Covered Officer or any employee of the Company or their affiliated persons for reports of potential violations that are made in good faith; and

•

notify the Compliance Officer for the Company promptly if the Covered Officer knows of any violation of this Code.  Failure to do so is itself a violation of this Code.  

The Compliance Officer for the Company is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.  However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee (the “Committee”), which will make recommendations to the Board.


The Company will follow these procedures in investigating and enforcing this Code:


•

the Compliance Officer for the Company will take all appropriate action to investigate any potential violations reported to the Compliance Officer;

•

the Compliance Officer will review with the outside legal counsel to the Company the findings and conclusions of such investigation;

•

if, after such investigation and review, the Compliance Officer believes that no violation has occurred, the Compliance Officer is not required to take any further action;

•

any matter that the Compliance Officer believes is a violation will be reported to the Committee;

•

if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures (including changes to this Code); notification of the violation to appropriate personnel of the investment adviser or the administrator or its board; or a recommendation to take disciplinary action against the Covered Officer, which may include, without limitation, dismissal;

•

the Board will be responsible for granting waivers, as appropriate; and

•

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.


V.  

Other Policies and Procedures


This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.  Insofar as other policies or procedures of the Company, the Company’s adviser, principal underwriter, the administrator or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code.  The Company’s and its investment adviser’s and principal underwriter’s codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.  


VI.  

Amendments


Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.


VII.  

Confidentiality


 To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential, it being understood that it may be necessary or advisable, that certain matters be disclosed to third parties (e.g., to the board of directors or officers of the adviser or the administrator).  


VIII.  

Internal Use


This Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.





Date: March 17, 2004






















-#-




Exhibit A



Persons Covered by this Code of Ethics


Ramesh Jhaveri

Saumil Jhaveri




-#-


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