REPUBLIC ADVISOR FUNDS TRUST, N-30D, 1997-07-07

REPUBLIC ADVISOR FUNDS TRUST
N-30D, 1997-07-07

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[graphic omitted]

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REPUBLIC
NEW YORK TAX-FREE BOND FUND

REPUBLIC
EQUITY FUND

REPUBLIC
FIXED INCOME FUND

REPUBLIC
INTERNATIONAL EQUITY FUND

REPUBLIC
SMALL CAP EQUITY FUND

[Logo]
REPUBLIC
FAMILY OF FUNDS
- --------------- SEMI-ANNUAL REPORT
APRIL 30, 1997

<PAGE>

REPUBLIC FUNDS

SEMI-ANNUAL REPORT - APRIL 30, 1997 (UNAUDITED)

TABLE OF CONTENTS
PAGE

President's Message ........................................... 1
Commentary from the Investment Adviser ........................ 2

REPUBLIC FUNDS
REPUBLIC NEW YORK TAX-FREE BOND FUND AND REPUBLIC EQUITY FUND
Schedules of Investments ...................................... 7
Statements of Assets and Liabilities .......................... 17
Statements of Operations ...................................... 19
Statements of Changes in Net Assets ........................... 20

REPUBLIC ADVISOR FUNDS TRUST
REPUBLIC FIXED INCOME FUND, REPUBLIC INTERNATIONAL EQUITY FUND AND
REPUBLIC SMALL CAP EQUITY FUND
Statements of Assets and Liabilities .......................... 22
Statements of Operations ...................................... 23
Statements of Changes in Net Assets ........................... 25
Notes to Financial Statements ................................. 28
Financial Highlights .......................................... 36

REPUBLIC PORTFOLIOS
Schedules of Investments ...................................... 43
Statements of Assets and Liabilities .......................... 69
Statements of Operations ...................................... 70
Statements of Changes in Net Assets ........................... 71
Notes to Financial Statements ................................. 74
Financial Highlights .......................................... 80

<PAGE>

PRESIDENT'S MESSAGE

June 1997

DEAR SHAREHOLDER:

We are very pleased to present you with the semi-annual reports for the
Republic Funds and the Republic Advisor Funds Trust for the six months ended
April 30, 1997. In this report we have provided you with a commentary from the
Investment Adviser, Republic National Bank of New York.

We hope you find this commentary and accompanying financial summaries
informative and as always we would be delighted to hear from you to answer any
questions you might have or provide you with additional information.

Financial statements and portfolio holdings for the Republic Funds and the
Republic Advisor Funds Trust for the six months ended April 30, 1997 also
follow. We look forward to servicing your financial needs and appreciate your
continued support.

Respectfully submitted,

/s/ George O. Martinez

George O. Martinez
President
<PAGE>

COMMENTARY FROM THE INVESTMENT ADVISER -
REPUBLIC NATIONAL BANK OF NEW YORK

U.S. ECONOMIC REVIEW
Financial markets were generally positive although volatile during the first
half of the fiscal year ending October 31, 1997. Data released during the six
months showed the US economy expanded rapidly while inflation remained tame. As
the period progressed, investors became increasingly focused on the strength of
the economic activity and the likelihood that the Federal Reserve would raise
interest rates to guard against price pressures and the risk of a recession. In
March 1997, policymakers surprised few by raising the federal funds rate a
quarter of a point to 5.5%. This pre-emptive strike was the first increase in
more than two years.

The Federal Reserve tightening is not expected to derail the continued solid
economic performance of U.S. industries. The U.S. Gross Domestic Product surged
3.8% during the last three months of 1996 and 5.8% during the first three-months
of 1997, the fastest pace in a decade. This rapid rate of growth reflected a
spike in consumer spending and a sharper-than-expected buildup in inventories.
Robust spending at the retail level led to an acceleration in factory orders as
businesses restored stock levels. Industrial production growth was wide-spread,
with automobiles, business equipment, home appliances and high technology items
all recording strong gains.

High employment figures helped fuel the surge in consumer spending. The U.S.
unemployment rate fell to 4.9% in April 1997, down from 5.2% six months earlier,
while non-farm payrolls grew by an average of 229,000 a month during the period.
Despite the robust job market and reports that skilled workers were increasingly
hard to find, the Employment Cost Index rose only modestly, helping to keep the
inflation picture positive.

GLOBAL ECONOMIC REVIEW
Major economies around the world also exhibited positive trends. In Europe, the
economic recovery entered its third year with earnings gathering steam and
European restructuring beginning to show favorable results. Interest rates
drifted lower and inflation rates moderated. In addition, recent declines of
European currencies provided a competitive boost for Europe's exporting sectors.
The challenge ahead for European governments is to reign in spending in order to
meet the monetary convergence criteria set forth under the Maastrict Treaty.

The Japanese economy showed higher than expected growth, supported primarily by
a jump in exports. However, Japan's recovery continues to be erratic and future
gains may be limited by the restrictive stance of the recently passed fiscal
1997 budget. At issue is whether private consumption and capital expenditures
will increase quickly enough to take up the slack.

MARKET ENVIRONMENT
U.S. stocks advanced sharply during the period, but with heightened volatility
as investors became wary of rising interest rates and the sustainability of
corporate profits. Market capitalization was a key factor to influence
performance, with large capitalization stocks continuing a trend of dominance
which has been in place for more than one year. International equity markets
also posted solid gains, led by double digit advances by almost all European
markets. Weakness in the Pacific Rim region held back overall returns for
international investors.

Fixed income markets generally lagged equities during the six month period,
responding to perceptions of an accelerating U.S. economy. Nevertheless,
long-term investors found themselves being compensated with high yields as
interest rates reached historically high levels in relation to the rate of
inflation. Although bond prices fell across the entire maturity spectrum, income
helped offset bond price declines resulting in modest total returns for bond
investors. The tax-exempt fixed income sector also experienced some erosion in
prices due to rising interest rates, despite little new issuance of municipal
bonds. In the face of strong investor demand, yields of municipals ended the
period below their historical averages in relation to Treasury securities.

PORTFOLIO REVIEW
Republic New York Tax-Free Bond Fund
- ------------------------------------
The Republic New York Tax-Free Bond Fund Class Y (Advisor Class) returned 1.57%*
for the six month period ended April 30, 1997, compared to 1.56% for the Lipper
NY Municipal Bond Fund Index**. As of April 30, 1997, the Fund's duration
(interest rate sensitivity) was 8.33 years.*** The Fund's annualized 30-day SEC
yield was 4.74%* (Class Y).

The first six months of the fiscal year was a challenging time for fixed income
products, however, high-quality tax-exempt securities demonstrated reasonable
stability and favorable relative value during the period. As quality spreads
tightened in response to investors seeking higher yields, the Fund increased its
exposure to high quality Triple A bonds. Throughout the period, the Republic New
York Tax-Free Bond Fund maintained the highest credit standards and a moderate
duration, a measure of the portfolio's sensitivity to interest rate shifts. As
of April 30, 1997, the Fund was anticipating a further hike in rates by the
Federal Reserve, and was taking a slightly defensive position through increased
purchases of high coupon bonds.

*The total return set forth reflects the waiver of a portion of the Fund's
advisory and administrative fees. Without waivers of fees, total return for
the period would have been lower. Without waivers of fees the 30-day SEC
yield figure would have been 4.37%.
The performance data quoted represents past performance and is not an
indication of future results. The investment return and Net Asset Value will
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than the original cost.
**Lipper NY Municipal Bond Fund Index is an equally weighted index composed of
the 30 largest mutual funds in this universe.
***The composition of the portfolio is subject to change.

Republic Equity Fund
- --------------------
The Republic Equity Fund Class Y (Advisor Class) returned 10.96%* for the six
month period ended April 30, 1997, compared to 8.52% for the Lipper Growth Fund
Index.**

In January 1997, Alliance Capital Management L.P. and Brinson Partners, Inc.
replaced Lord Abbett & Co. as sub-advisers of the Fund. In connection with the
change in sub-advisers, the Fund implemented more flexible investment policies
which enable it to invest in a wider variety of securities. Following the
change in sub-advisors, the Fund's sector allocations shifted. Exposure to
Consumer Staples, Consumer Discretionary, Healthcare and Technology all rose,
while exposure to the Energy and Utility sectors were reduced.

Alliance capital emphasizes companies with "growth" oriented qualities, while
Brinson focuses on companies with "value" oriented characteristics. On a
cumulative basis over the last six months, value and growth oriented companies
in aggregate performed similarly, however, there was a great divergence in
results when reviewed on a month-to-month basis. The two new sub-advisors are
expected to complement each other with their different styles and help smooth
and enhance investment results over time.

As of April 30, 1997, the Fund's portfolio held 128 company securities. The top
sector weightings were approximately 21.4% Consumer Products and Services, 17.8%
Technology and Communications, 10.1% Banking & Finance and 8.8%
Pharmaceuticals.***

*The total return set forth reflects the waiver of a portion of the Fund's
advisory and administrative fees. Without waivers of fees, total return for
the period would have been lower.
The performance data quoted represents past performance and is not an
indication of future results. The investment return and Net Asset Value will
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than the original cost.
**Lipper Growth Fund Index is an equally weighted index composed of the 30
largest mutual funds in this universe.
***The composition of the portfolio is subject to change.

Republic Fixed Income Fund
- --------------------------
The Republic Fixed Income Fund returned 2.50%* for the six month period ended
April 30, 1997 compared to 1.38% for the Lipper A Rated Bond Fund Index.** As of
April 30, 1997 the Fund's 30 day SEC yield was 5.88%.

During the last six months, holdings in the mortgage sector contributed most to
the outperformance, while the corporate sector and currency hedged foreign bonds
added modestly to the relative results. Mortgages remained the largest weighting
in the Fund, offering fair value relative to Treasury bonds and attractive value
relative to other sectors. As the period progressed and spreads tightened, the
average quality of corporate holdings was upgraded and the exposure to foreign
bonds was reduced to near 3% in favor of Treasury bonds. The Fund's strategy at
the end of the period was based on real interest rates appearing attractive in
light of past inflation data but less attractive on a prospective basis. Against
this backdrop, the interest rate sensitivity of the portfolio remained near its
benchmark. Should value opportunities develop, we believe the Fund is poised to
take advantage of them.***

*The performance set forth reflects the waiver of a portion of the Fund's
advisory and administrative fees. Without waivers of fees, total return for
the period would have been lower. Without waivers of fees the 30-day SEC
yield figure would have been 5.67%.
The performance data quoted represents past performance and is not an
indication of future results. The investment return and Net Asset Value will
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than the original cost.
**Lipper A Rated Bond Fund Index: an equally weighted composite composed of
the 30 largest mutual funds within this investment objective.
***The composition of the portfolio is subject to change.

Republic International Equity Fund
- ----------------------------------
The Republic International Equity Fund earned 11.37%* for the six month period
ended April 30, 1997, outperforming the 8.74% advance of the Lipper
International Equity Fund Index.**

European investments posted extraordinary results in U.S. dollar terms during
the last six months, despite currency weakness which moderated results for
dollar-based investors. Telecommunications and technology related holdings were
among the most significant contributors to the Fund's outperformance. Superior
stock selection and low exposure in Japan relative to the benchmark also
enhanced results. Compared to the MSCI EAFE Index benchmark,*** the Portfolio
remained most significantly underweighted in Japan, Germany and the United
Kingdom, and overweighted in Sweden, Canada and Mexico.

As of April 30, 1997, the Republic International Equity Portfolio was broadly
diversified with 176 equity holdings representing 29 countries. The
Portfolio's weightings by geographical region were as follows: Europe 48%,
Japan 27%, Pacific Ex-Japan 14%, and 11% in other regions. The largest five
holdings of the Portfolio represent 7.45% of the Portfolio: Mannesmann AG
(Germany: machinery & engineering), Tokyo Electron (Japan: electronic
components), Bank of Scotland (United Kingdom: financial), Astra (Sweden:
medical, drugs), Telefonica de Espana (Spain: phone utility).****

*The performance set forth reflects the waiver of a portion of the Fund's
advisory and administrative fees. Without waivers of fees, total return for
the period would have been lower.
The performance data quoted represents past performance and is not an
indication of future results. The investment return and Net Asset Value will
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than the original cost.
**Lipper International Equity Fund Index is an equally weighted index composed
of the 30 largest mutual funds in this universe.
***MSCI EAFE Index based on the share prices of approximately 1,600 companies
listed on stock exchanges in the 22 developed countries that make up the
MSCI National Indices.
****International investing involves increased risk and volatility. The
composition of the portfolio is subject to change.

Republic Small Cap Equity Fund
- ------------------------------
The Republic Small Cap Equity Fund returned -1.21%* for the six month period
ended April 30, 1997 compared to -8.16% for the Lipper Small Company Fund
Index.**

While small capitalization stocks generally trailed larger issues, small
growth-oriented stocks held in the Fund significantly lagged the market. The
portfolio's largest sectors remained Technology, Leisure and Healthcare, with
only leisure benefiting from increased investor interest during the period.
While the overall sector weightings were a negative contributor to performance,
individual holdings within those sectors posted above average returns.

The Fund's strategy is based on the belief that the market is earnings-driven,
and that individual stock selection will be unusually important in producing
above-average portfolio returns. With market volatility expected to persist in
the months ahead, the portfolio's focus remains on well-positioned and
attractively valued growth stocks that can perform well regardless of the
economic backdrop.

As of April 30, 1997, the Small Cap Equity Portfolio in which the Fund invests
all of its investable assets, was broadly diversified in company securities. The
top sector weightings were approximately 14.9% Computer Software & Services,
13.9% Business Services, 12.4% Medical, Health Technology & Services and 8.8%
U.S Government Agency Obligations.***

*The performance set forth reflects the waiver of a portion of the Fund's
advisory and administrative fees. Without waivers of fees, total return for
the period would have been lower.
The performance data quoted represents past performance and is not an
indication of future results. The investment return and Net Asset Value will
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than the original cost.
**Lipper Small Company Fund Index: is an equally weighted index composed of
the 30 largest mutual funds in this universe.
***Small capitalization stocks typically involve more risk since they have
experienced a greater degree of market volatility. The composition of the
portfolio is subject to change.

This material must be preceeded or accompanied by a current prospectus.
<PAGE>

REPUBLIC NEW YORK TAX-FREE BOND FUND
SCHEDULE OF INVESTMENTS (UNAUDITED)
APRIL 30, 1997
<TABLE>
<CAPTION>

RATINGS
PRINCIPAL MOODY'S/ VALUE
AMOUNT DESCRIPTION MATURITY S&P(c) NOTE 2
------ ----------- -------- ------ ------
<S> <C> <C> <C>
NEW YORK MUNICIPAL
OBLIGATIONS - 90.4%(a)
$ 500,000 Brookhaven New York, General
Obligation, FGIC Insured 5.50% ... 10/1/12 Aaa/AAA $ 497,255
250,000 Erie County, New York, General
Obligation, Series B, FGIC Insured
5.375% ........................... 6/15/07 Aaa/AAA 254,873
500,000 New York Housing Corporation,
Revenue, Refunding 5.500% ........ 11/1/10 A1/AA 492,980
750,000 Metropolitan Transit Authority of
New York, Service Contract
Commuter Facility - Series P
5.750% ........................... 7/1/15 Baa1/BBB 721,733
1,000,000 New York NY, General Obligation,
Series H 6.000% .................. 8/1/14 Baa1/BBB+ 988,260
450,000 New York City Housing Development
Corporation, Multi Family Mortgage
Revenue, Refunding - Series A FHA
Insured 6.550% ................... 10/1/15 NR/AAA 467,978
200,000 New York City Municipal Water and
Sewer, Finance Authority, Water
and Sewer System, Revenue, Series
A, FGIC Insured, VRDN 4.250% ..... 6/15/25 VMIG1/A1+ 200,000
750,000 New York City Municipal Water and
Sewer, Finance Authority, Water
and Sewer, Revenue, Refunding -
Series A 5.750% .................. 6/15/16 A2/A- 740,100
500,000 New York City Industrial Development
Agency, Special Facilities,
Revenue, Terminal One Group
Project, AMT 6.100% .............. 1/1/09 A/A 513,750
1,000,000 New York City Industrial Development
Agency, Special Facilities,
Revenue, Terminal One Group
Project, AMT 6.000% .............. 1/1/15 A/A 992,910
375,000 New York State Dormitory Authority,
Revenue, State University,
Educational Facilities, Series A
6.250% ........................... 5/15/17 Baa1/BBB+ 380,156
500,000 New York State Dormitory Authority,
Revenue, Court Facilities, Series
A 5.625% ......................... 5/15/13 Baa1/BBB+ 482,835
1,000,000 New York State Dormitory Authority,
City University, Revenue, Series
A, AMBAC Insured 5.625% .......... 7/1/16 Aaa/AAA 1,004,580
225,000 New York State Dormitory Authority,
Revenue, Mental Health Service
Facility Series B 6.500% ......... 8/15/11 Baa1/BBB+ 240,815
500,000 New York State Dormitory, State
University, Educational
Facilities, Revenue 5.750% ....... 5/15/09 Baa1/BBB+ 498,265
1,000,000 New York State Dormitory Authority,
Revenues,Mental Health Services,
Series B 5.500% .................. 8/15/17 Baa1/BBB+ 937,780
300,000 New York State, Energy Research &
Development Authority, Pollution
Control Revenue, Niagara Mohawk
Power Corporation, Series B, LOC -
Toronto Dominion, VRDN 4.000% .... 12/1/25 Aa2/NR 300,000
100,000 New York State, Energy Research &
Development Authority, Pollution
Control Revenue, Niagara Mohawk
Power Corporation, Series C, LOC -
Canadian Imperial Bank, VRDN
4.000% ........................... 12/1/25 P1/NR 100,000
400,000 New York State, Energy Research &
Development Authority, Pollution
Control Revenue, Niagara Mohawk
Power Corporation, Series B, LOC -
Morgan Guaranty Trust, VRDN 4.050% 7/1/27 NR/A1+ 400,000
1,000,000 New York State Environmental
Facilities Corporation, Pollution
Control Revenue, Water Revolving
Fund - Series C 5.850% ........... 1/15/15 Aaa/AAA 1,013,480
200,000 New York State Environmental
Facilities Corporation, Pollution
Control Revenue, Water Revolving
Fund - Series E 6.400% ........... 6/15/03 Aa2/A 213,762
1,000,000 New York State Housing Finance
Agency, Service Contract
Obligation, Revenue, Refunding,
Series C 5.875% .................. 9/15/14 Baa1/BBB 972,370
950,000 New York State Local Government
Assistance Corporation, Revenue,
Series D Pre-Refunded 4/01/02 @
102 7.000% ....................... 4/1/18 Aaa/AAA 1,056,277
1,000,000 New York Local Government Assistance
Corporation, Series A 6.000% ..... 4/1/16 A3/A 1,010,740
400,000 New York State Medical Care
Facilities, Revenue, Hospital &
Nursing Home, FHA Insured 6.400% . 8/15/14 NR/AAA 418,616
500,000 New York State Power Authority,
Revenue & General Purpose, Series
CC 5.000% ........................ 1/1/09 Aa/AA- 484,705
100,000 New York State Thruway Authority,
General Revenue, VRDN, FGIC
Insured 3.950% ................... 1/1/24 VMIG1/AAA 100,000
1,000,000 New York State Thruway Authority,
Service Contract, Revenue, Local
Highway and Bridge 5.875% ........ 4/1/14 Baa1/BBB 984,160
1,000,000 New York State Urban Development
Corporation, Revenue 5.750% ...... 4/1/12 Baa1/BBB 982,280
300,000 Niagara County, New York, General
Obligation, MBIA Insured 5.900% .. 7/15/15 Aaa/AAA 305,061
700,000 Port Authority of New York & New
Jersey, Special Obligation,
Versatile Structure, VRDN, SPA -
Bayerische Landesbank 3.950% ..... 8/1/24 VMIG1/A1+ 700,000
500,000 Port Authority of New York & New
Jersey, Special Obligation,
Revenue, JFK International
Terminal, MBIA Insured, AMT 5.750% 12/1/22 Aaa/AAA 489,160
250,000 Port Authority of New York & New
Jersey, Series 71 6.500% ......... 1/15/26 A1/AA- 262,403
250,000 Suffolk County New York Water
Authority, Series C, AMBAC Insured
5.750% ........................... 6/1/10 Aaa/AAA 253,833
750,000 Syracuse New York Senior Citizen
Housing Corporation, East Hill
Village Appartments, Series A
6.125% ........................... 11/1/10 NR/A- 769,050
250,000 Yonkers, New York, General
Obligation, Series A, FGIC Insured
6.500% ........................... 2/15/12 Aaa/AAA 268,010
-----------
TOTAL NEW YORK MUNICIPAL OBLIGATIONS
(COST $20,574,206) ................................................ 20,498,175
-----------
OTHER BONDS AND NOTES - 13.6%(a)
355,000 Puerto Rico Commonwealth Highway &
Transportation Authority, Revenue,
Series H 6.250% .................. 7/1/12 Baa1/A 379,310
1,000,000 Puerto Rico Commonwealth Highway &
Transportation Authority, Revenue,
Series W 5.500% .................. 7/1/08 Baa1/A 1,001,220
250,000 Puerto Rico Commonwealth, General
Obligation, MBIA Insured 7.500% .. 7/1/04 Aaa/AAA 287,165
200,000 Puerto Rico Electric Power
Authority, Revenue, Refunding
Series S, MBIA Insured 7.000% .... 7/1/06 Aaa/AAA 228,720
750,000 Puerto Rico Electric Power
Authority, Revenue, Series O
6.000% ........................... 7/1/10 Baa1/BBB+ 758,498
400,000 Puerto Rico Public Buildings
Authority, Revenue, Series A,
AMBAC Insured 6.250% ............. 7/1/08 Aaa/AAA 439,664
-----------
TOTAL OTHER BONDS AND NOTES
(COST $3,093,076) ................................................. 3,094,577
-----------

SHORT-TERM INVESTMENT - 0.4%
101,959 Provident New York Tax Free Money Market Fund (Cost $101,959) ....... 101,958
-----------
TOTAL INVESTMENTS - 104.5% (COST $23,769,241)(d) ................................ 23,694,710
OTHER LIABILITIES IN EXCESS OF ASSETS - (4.5)%................................... (1,021,734)
-----------
NET ASSETS - 100.0% ............................................................. $22,672,976
===========

(a) Percentages indicated are based on net assets of $22,672,976, which corresponds to net asset
value per share of $10.20

(b) Approximately 47% of the municipal securities held by the Fund have credit enhancement features
backing them, which the Fund relies on, such as letters of credit, insurance or guarantees,
without these credit enhancement features the securities may or may not meet the quality
standards of the Fund.

(c) The Moody's or Standard & Poor's rating indicated are believed to be the most recent ratings
available at April 30, 1997 for the securities listed. Ratings are generally ascribed to
securities at the time of issuance. While the agencies may from time to time revise such
ratings, they undertake no obligation to do so, and the ratings do not necessarily represent
what the agencies would ascribe to these securities at April 30, 1997. These ratings are
unaudited. Moody's Investors Service, Inc. and Standard & Poor's Corp. are the leading
independent rating agencies for debt securities. Moody's uses the designation "Moody's
Investment Grade", or "MIG" for most short-term municipal obligations, adding a "V" ("VMIG") for
bonds with a demand or variable feature; the designation "p" is used for tax-exempt commercial
paper. Standards & Poor's uses "SP" for notes maturing in three years or less, "A" for bonds
with a demand or variable feature.

(d) For Federal income tax purposes, the cost of securities owned at April 30, 1997 was
substantially the same as the cost of securities for financial statement purposes.

AMBAC -American Municipal Bond Assurance Corporation
AMT -Interest on security is subject to Federal Alternative Minimum Tax
BANS -Bond Anticipation Notes
FGIC -Federal Guaranty Insurance Corporation
FHA -Federal Housing Administration
FSA -Financial Security Assurance Holding
LOC -Letter of Credit
MBIA -Municipal Bond Insurance Association
RANS -Revenue Anticipation Notes
VRDN -Variable Rate Discount Note - The interest rate shown, which will change
periodically, is the rate in effect at April 30, 1997
</TABLE>

See notes to financial statements.
<PAGE>

REPUBLIC EQUITY FUND
SCHEDULE OF INVESTMENTS (UNAUDITED)
APRIL 30, 1997

VALUE
DESCRIPTION SHARES (NOTE 2)
- ----------- ------ --------

COMMON STOCK - 95.6%
AEROSPACE & AIRCRAFT - 2.3%

Boeing Co. ..................................... 1,800 $ 177,525
Lockheed Martin Corp. .......................... 9,000 805,500
-----------
983,025
-----------

AGRICULTURAL - 0.1%
Martin Marietta Materials ...................... 2,200 59,950
-----------
BANKING & FINANCE - 9.6%
American Express Co. ........................... 3,800 250,325
Chase Manhattan Corp. .......................... 15,200 1,407,900
Citicorp ....................................... 5,200 585,650
First American Corp. ........................... 1,000 65,500
First Of America Bank Corp. .................... 900 59,850
First Security Corp. ........................... 1,400 49,875
First Union Corp. .............................. 2,300 193,200
Hibernia Corp. ................................. 4,100 52,788
MBNA Corp. ..................................... 10,900 359,700
Merrill Lynch & Co. ............................ 5,700 542,925
PMI Group, Inc. ................................ 4,000 204,500
Regions Financial Corp. ........................ 900 51,075
U.S. Bancorp ................................... 4,500 257,063
-----------
4,080,350
-----------

CAPITAL GOODS - 2.4%
Allied Signal, Inc. ............................ 5,800 419,050
General Electric Co. ........................... 5,300 587,638
-----------
1,006,688
-----------

CHEMICALS - 1.5%
Eastman Chemical Co. ........................... 3,700 188,700
GEON Co. ....................................... 2,000 43,750
Monsanto Co. ................................... 9,800 418,950
-----------
651,400
-----------

COMMUNICATIONS - 2.4%
360 Communications Co. (a) ..................... 2,200 38,225
Boston Technology, Inc. (a) .................... 3,000 60,000
Comverse Technology, Inc. ...................... 1,400 54,950
General Instrument Corp. ....................... 16,800 392,700
Lucent Technologies ............................ 5,400 319,275
Nextel Communications, Inc. (a) ................ 11,200 147,700
Octel Communication Corp. ...................... 500 8,125
-----------
1,020,975
-----------

CONSTRUCTION & HOUSING - 1.1%
Comerica, Inc. ................................. 2,000 117,000
Fleetwood Enterprises, Inc. .................... 200 5,275
Masco Corp. .................................... 8,600 324,650
-----------
446,925
-----------
CONSUMER MANUFACTURING - 1.5%
Sunbeam Corp. .................................. 12,300 390,525
Tyson Foods, Inc. .............................. 13,250 265,000
-----------
655,525
-----------
CONSUMER PRODUCTS - 12.5%
Campbell Soup Co. .............................. 12,000 613,500
Coca-Cola Enterprises, Inc. .................... 5,000 308,700
Colgate-Palmolive Co. .......................... 5,200 577,200
CPC International Inc. ......................... 3,200 264,400
Dial Corp. ..................................... 7,200 111,600
Gillette Co. ................................... 10,100 858,500
Nabisco Holdings Corp. ......................... 7,500 287,813
Mattel ......................................... 17,700 493,388
Pepsico, Inc. .................................. 6,100 212,738
Philip Morris Companies, Inc. .................. 35,000 1,378,125
York International Corp. (a) ................... 4,600 206,425
-----------
5,312,387
-----------
CONSUMER SERVICES - 8.0%
Champion Enterprises, Inc. ..................... 2,300 35,075
Circuit City Stores ............................ 10,900 431,913
Cox Communications ............................. 11,200 218,400
Federated Department Stores (a) ................ 15,500 527,000
Food Lion, Inc. ................................ 6,200 41,463
Gannett Company, Inc. .......................... 4,200 366,450
Home Depot, Inc. ............................... 3,400 197,200
Interpublic Group, Inc. ........................ 3,200 181,200
Kroger Co. ..................................... 4,000 110,000
La Quinta Motor Inns ........................... 15,000 328,125
Liberty Media Group ............................ 16,200 304,763
McDonalds Corp. ................................ 4,400 235,950
Walt Disney Co. ................................ 5,000 410,000
-----------
3,387,538
-----------

ELECTRIC SERVICES - 2.3%
Centerior Energy Corp. ......................... 6,200 62,000
CMS Energy Corp. ............................... 8,100 257,175
Enron Corp. .................................... 11,800 443,975
PECO Energy Co. ................................ 11,000 217,250
-----------
980,400
-----------

FOREST PRODUCTS - 0.5%
James River Corp. .............................. 5,000 149,375
Westvaco Corp. ................................. 1,800 50,400
-----------
199,775
-----------

HEALTH CARE - 5.8%
AMGEN, Inc. .................................... 3,400 200,175
Bard Corp. ..................................... 3,100 98,425
Beckman Instruments, Inc. ...................... 3,000 126,000
Boston Scientific Corp. ........................ 4,200 202,650
Centocor, Inc. ................................. 8,000 225,000
Columbia/HCA Health Care Corp. ................. 8,000 280,000
Covance, Inc. (a) .............................. 3,700 54,575
Health Care & Retirement ....................... 5,500 173,938
Manor Care, Inc. ............................... 6,600 154,275
Medtronic, Inc. ................................ 3,700 256,225
Oxford Health Plans, Inc. ...................... 6,600 434,775
Vencor, Inc. ................................... 3,900 162,338
Viad Corp. ..................................... 7,200 109,800
-----------
2,478,176
-----------

INDUSTRIAL MACHINERY & RELATED SERVICES - 1.0%
Harnischfeger Industries, Inc. ................. 3,300 137,363
Pentair, Inc. .................................. 3,900 116,513
Timken Co. ..................................... 2,700 156,938
-----------
410,813
-----------

INSURANCE - 7.4%
Aetna, Inc. .................................... 4,500 410,063
American International Group ................... 4,500 578,250
AON Corp. ...................................... 9,900 658,350
CIGNA Corp. .................................... 4,300 646,613
Old Republic International Corp. ............... 2,700 76,275
Travelers, Inc. ................................ 14,200 786,325
-----------
3,155,875
-----------

METALS: STEEL - 0.2%
Birmingham Steel Corp. ......................... 3,000 43,875
Ucar International, Inc. (a) ................... 700 29,400
-----------
73,275
-----------
MULTI INDUSTRY COMPANIES - 1.8%
CVS Corp. ...................................... 4,700 233,238
National Service Industries .................... 1,400 58,975
Tyco Laboratories, Inc. ........................ 7,500 457,500
-----------
749,712
-----------
OIL & GAS - 1.9%
Apache Corp. ................................... 5,400 183,600
Baker Hughes, Inc. ............................. 4,900 169,050
Lyondell Petrochemical ......................... 8,100 164,025
Ultramar Diamond Shamrock Corp. ................ 8,400 269,850
-----------
786,525
-----------
PACKAGING & CONTAINERS - 1.8%
Corning, Inc. .................................. 11,500 554,875
Crown Cork & Seal, Inc. ........................ 3,500 191,625
-----------
746,500
-----------
PHARMACEUTICALS - 8.4%
Allergan, Inc. ................................. 7,600 203,300
Alza Corp. ..................................... 7,400 216,450
Forest Laboratories, Inc. ...................... 4,300 146,738
Genzyme Corp. .................................. 3,000 69,375
Merck & Company, Inc. .......................... 12,500 1,131,250
Pfizer, Inc. ................................... 4,300 412,800
Pharmacia & Upjohn, Inc. ....................... 9,400 278,475
Rhone-Poulenc Rorer, Inc. ...................... 1,900 137,038
Schering-Plough Corp. .......................... 9,200 736,000
SmithKline Beecham plc, ADR .................... 2,900 233,813
-----------
3,565,238
-----------
REFUSE SYSTEMS - 1.6%
Browning-Ferris Industries ..................... 5,600 158,900
USA Waste Services, Inc. (a) ................... 7,700 252,175
WMX Techolologies .............................. 9,100 267,313
-----------
678,388
-----------

TECHNOLOGY - 17.0%
Alterra Corp. .................................. 9,700 480,756
Applied Materials, Inc. ........................ 2,100 115,238
Automatic Data Processing, Inc. ................ 7,200 325,800
Cisco Systems, Inc. ............................ 12,300 636,525
Compaq Computer Corp. .......................... 9,000 768,375
Dell Computer Corp. ............................ 6,500 543,969
EMC Corp. ...................................... 14,000 509,250
FileNet Corp. (a) .............................. 1,800 20,025
First Data Corp. ............................... 12,300 424,350
Informix Corp. ................................. 3,900 28,519
Intel Corp. .................................... 6,000 918,750
Microsoft Corp. ................................ 4,800 583,200
Oracle Corp. ................................... 13,600 540,600
Seagate echnology, Inc. ........................ 2,000 91,750
Solectron Corp. ................................ 5,500 315,563
Xerox Corp. .................................... 14,900 916,350
-----------
7,219,019
-----------
TIRE & RUBBER - 1.3%
Goodyear Tire & Rubber Co. ..................... 10,900 573,612
-----------
TRANSPORTATION - 3.2%
Burlington Northern Santa Fe ................... 9,800 771,750
Federal Express Corp. .......................... 11,000 592,625
-----------
1,364,375
-----------
TOTAL COMMON STOCK (COST $39,184,186) ....................... 40,586,444
-----------

TOTAL INVESTMENTS - 95.6%
(Cost $39,184,186) (b) .................................... 40,586,444

OTHER ASSETS IN EXCESS OF LIABILITIES - 4.4% ................ 1,855,520
----------
NET ASSETS - 100.0% ......................................... $42,441,964
===========
ADR = American Depository Receipt
(a) Represents non-income producing securities.
(b) For Federal income tax purposes, the cost of securities owned at
April 30, 1997 was substantially the same as the cost of securities for
financial statement purposes.

See notes to financial statements.

<PAGE>
REPUBLIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
APRIL 30, 1997
NEW YORK
TAX-FREE EQUITY
BOND FUND FUND
--------- --------
ASSETS:
Investments in securities, at value
(cost $23,769,241 and $39,184,186
respectively) ........................ $23,694,710 $40,586,444
Receivable for investments sold ........ -- 112,723
Receivable for fund shares sold ........ 176,833 116,872
Interest receivable .................... 364,702 6,098
Dividends receivable ................... -- 43,073
Cash ................................... -- 1,719,098
Receivable from investment manager ..... 16,134 --
Unamortized organization expenses ...... 15,840 14,872
Prepaid expenses ....................... -- 1,533
----------- -----------
Total Assets ............................. 24,268,219 42,600,713
----------- -----------

LIABILITIES:
Payable for investments purchased ...... 1,501,805 41,373
Distributions payable .................. 42,889 --
Payable for fund shares redeemed ....... -- 62,960
Advisory fees payable .................. -- 10,871
Custodian fees payable ................. 4,852 7,804
Audit fees payable ..................... 7,508 7,508
Shareholder service fees payable ....... 8,206 1,893
Administration fees payable ............ 3,048 8,285
Fund accounting fees payable ........... 5,781 9,114
Other accrued expenses ................. 21,154 8,940
----------- -----------
Total Liabilities ........................ 1,595,243 158,748
----------- -----------
NET ASSETS ............................... $22,672,976 $42,441,965
=========== ===========
NET ASSETS:
Class C ................................ $14,581,754 $ 5,545,483
Class Y ................................ 8,091,222 36,896,482
----------- -----------
Total .................................... $22,672,976 $42,441,965
=========== ===========

Outstanding units of beneficial interest
(shares):
Class C ................................ 1,430,185 429,391
Class Y ................................ 793,639 2,856,029
----------- -----------
Total .................................... 2,223,824 3,285,420
=========== ===========
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE:
Class C ................................ $10.20 $12.91
====== ======
Class Y ................................ $10.20 $12.92
====== ======

COMPOSITION OF NET ASSETS:
Paid-in capital ........................ $22,546,154 $34,867,423
Undistributed net investment income .... -- 21,352
Accumulated net realized gains on
investment transactions .............. 175,091 6,150,933
Net unrealized appreciation
(depreciation) on investments ........ (48,269) 1,402,257
----------- -----------
NET ASSETS, APRIL 30, 1997 ............... $22,672,976 $42,441,965
=========== ===========

See notes to financial statements.
<PAGE>

REPUBLIC FUNDS
STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED APRIL 30, 1997

NEW YORK
TAX-FREE EQUITY
BOND FUND FUND
------------ -----------
INVESTMENT INCOME:
Interest income ......................... $ 509,889 $ 29,875
Dividend income ......................... -- 395,836
---------- ------------
509,889 425,711
---------- ------------

EXPENSES:
Advisory fees and investment management
fees .................................. 23,364 100,821
Administration fees ..................... 9,033 21,906
Shareholder service fees (Class C Shares) 23,243 6,165
Fund accounting fees .................... 19,114 19,114
Custodian fees and expenses ............. 10,354 7,756
Audit fees .............................. 9,052 9,052
Amortization of organization expenses ... 2,942 2,568
Trustees' fees .......................... 821 1,501
Transfer agent fees...................... 13,042 13,098
Reports to shareholders ................. 9,541 9,681
Legal fees .............................. 2,657 5,485
Other expenses .......................... 7,556 9,058
---------- ------------
Total expenses .......................... 130,719 206,205
Less: Voluntary fee reductions and
reimbursement of expenses ............. (55,817) (5,177)
---------- ------------
Total net expenses ...................... 74,902 201,028
---------- ------------
Net Investment Income ..................... 434,987 224,683
---------- ------------
REALIZED/UNREALIZED GAINS (LOSSES) ON
INVESTMENTS:
Net realized gains on investment
transactions ........................... 175,091 6,159,633
Net change in unrealized depreciation on
investments ........................... (253,943) (2,278,950)
---------- ------------
Net realized/unrealized gains (losses)
on investments ........................ (78,852) 3,880,683
---------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS .............................. $ 356,135 $ 4,105,366
========== ============

See notes to financial statements.
<PAGE>

REPUBLIC NEW YORK TAX-FREE BOND FUND
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
APRIL 30, 1997 OCTOBER 31,
(UNAUDITED) 1996
---------------- -------------

INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income ................... $ 434,987 $ 468,429
Net realized gains on investment
transactions .......................... 175,091 27,393
Net change in unrealized appreciation
(depreciation) on investments ......... (253,943) 19,308
----------- -----------
Change in net assets resulting from
operations .............................. 356,135 515,130
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class C Shares ........................ (243,911) (339,572)
Class Y Shares ........................ (191,076) (128,857)
Net realized gains:
Class C Shares ........................ (14,151) (49,392)
Class Y Shares ........................ (12,589) --
----------- -----------
Change in net assets from shareholder
distributions ........................... (461,727) (517,821)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ............. 10,417,045 16,761,193
Dividends reinvested .................... 275,601 163,232
Cost of shares redeemed ................. (2,499,513) (9,244,353)
----------- -----------
Change in net assets from capital share
transactions ............................ 8,193,133 7,680,072
----------- -----------
CHANGE IN NET ASSETS ...................... 8,087,541 7,677,381
----------- -----------
NET ASSETS
Beginning of period ..................... 14,585,435 6,908,054
----------- -----------
End of period ........................... $22,672,976 $14,585,435
=========== ===========
ANALYSIS OF FUND SHARE TRANSACTIONS:
Class C Shares:
Beginning of period ..................... 616,806 665,278
Shares sold ............................. 979,933 834,355
Shares issued in connection with
reinvestment of distributions ......... 22,089 15,027
Shares redeemed ......................... (188,643) (897,854)
----------- -----------
End of period ........................... 1,430,185 616,806
=========== ===========
Class Y Shares:
Beginning of period ..................... 799,293 --
Shares sold ............................. 32,988 815,936
Shares issued in connection with
reinvestment of distributions ......... 4,709 811
Shares redeemed ......................... (43,351) (17,454)
----------- -----------
End of period ........................... 793,639 799,293
=========== ===========
See notes to financial statements.
<PAGE>

REPUBLIC EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
APRIL 30, 1997 OCTOBER 31,
(UNAUDITED) 1996
--------------- ------------
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income ................... $ 224,683 $ 582,662
Net realized gains on investment
transactions .......................... 6,159,633 689,415
Net change in unrealized appreciation
(depreciation) on investments .......... (2,278,950) 3,526,849
----------- -----------
Change in net assets resulting from
operations .............................. 4,105,366 4,798,926
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class C Shares .......................... (29,186) (356,031)
Class Y Shares .......................... (247,314) (163,740)
----------- -----------
Net realized gains:
Class C Shares .......................... (80,739) --
Class Y Shares .......................... (609,926) --
----------- -----------
Change in net assets from shareholder
distributions ........................... (967,165) (519,771)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares ........... 3,760,383 48,945,127
Dividends reinvested .................... 711,188 23,919
Cost of shares redeemed ................. (2,241,264) (38,267,144)
----------- -----------
Change in net assets from capital share
transactions ............................ 2,230,307 10,701,902
----------- -----------
CHANGE IN NET ASSETS ...................... 5,368,508 14,981,057
NET ASSETS:
Beginning of period ..................... 37,073,457 22,092,400
----------- -----------
End of period ........................... $42,441,965 $37,073,457
=========== ===========
ANALYSIS OF FUND SHARE TRANSACTIONS:
Class C Shares:
Beginning of period ..................... 328,468 2,157,254
Shares sold ............................. 168,842 1,245,027
Shares issued in connection with
reinvestment of distributions ......... 8,139 2,061
Shares redeemed ......................... (76,058) (3,075,874)
----------- -----------
End of period ........................... 429,391 328,468
=========== ===========
Class Y Shares:
Beginning of period ..................... 2,779,322 --
Shares sold ............................. 131,753 3,059,786
Shares issued in connection with
reinvestment of distributions ......... 48,879 38
Shares redeemed ......................... (103,925) (280,502)
----------- -----------
End of period ........................... 2,856,029 2,779,322
=========== ===========
See notes to financial statements.
<PAGE>

REPUBLIC ADVISOR FUNDS TRUST
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
APRIL 30, 1997
<TABLE>
<CAPTION>
FIXED INTERNATIONAL SMALL CAP
INCOME EQUITY EQUITY
FUND FUND FUND
----------- ------------ -----------
<S> <C> <C> <C>
ASSETS:
Investment in Republic Fixed Income
Portfolio, Republic International Equity
Portfolio and Republic Small Cap Equity
Portfolio, respectively, at value ......... $61,081,866 $120,705,643 $98,977,493
Tax reclaim receivable ...................... -- 105,766 --
Unamortized organization expenses ........... 9,557 4,763 15,028
Receivable for fund shares sold ............. -- -- 3,836
Receivable from Investment Manager .......... 6,889 -- --
Prepaid expenses ............................ 17,924 9,386 27,957
----------- ------------ -----------
Total Assets .................................. 61,116,236 120,825,558 99,024,314
----------- ------------ -----------

LIABILITIES:
Distributions payable ....................... 147,505 -- --
Administration fees payable ................. 2,467 4,802 3,943
Audit fee payable ........................... 2,951 2,951 2,951
Transfer agent fees payable ................. 2,402 4,342 2,342
Fund accounting fees payable ................ 1,803 1,803 1,803
Other accrued expenses ...................... 1,815 27,811 3,575
----------- ------------ -----------
Total Liabilities ............................. 158,943 41,709 14,614
----------- ------------ -----------
NET ASSETS .................................... $60,957,293 $120,783,849 $99,009,700
=========== ============ ===========
Shares Outstanding (par value $0.001, unlimited
number of shares authorized) ................ 5,762,726 9,210,503 9,480,861
=========== ============ ===========
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE ................. $10.58 $13.11 $10.44
====== ====== ======

COMPOSITION OF NET ASSETS:
Paid-in capital ............................. $60,803,507 $102,809,844 $98,500,905
Undistributed net investment income (loss) .. 22,694 264,860 (195,839)
Accumulated net realized gains on investment
and foreign currency transactions ......... 292,349 2,380,806 2,468,297
Net unrealized appreciation (depreciation) on
investments and foreign currency
transactions .............................. (161,257) 15,328,339 (1,763,663)
----------- ------------ -----------
NET ASSETS, APRIL 30, 1997 .................... $60,957,293 $120,783,849 $99,009,700
=========== ============ ===========
</TABLE>

See notes to financial statements.
<PAGE>

REPUBLIC ADVISOR FUNDS TRUST
STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED APRIL 30, 1997

<TABLE>
<CAPTION>
FIXED INTERNATIONAL SMALL CAP
INCOME EQUITY EQUITY
FUND FUND FUND
-------------- ---------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Investment Income from Republic Fixed Income
Portfolio, Republic International Equity
Portfolio and Republic Small Cap Equity
Portfolio, respectively:
Interest income ............................... $1,670,505 $ 176,939 $ 220,418
Dividend income (net of foreign withholding tax
of $0, $161,737 and $98, respectively) ...... 13,591 976,939 78,958
---------- ----------- -----------
1,684,096 1,153,878 299,376
Expenses ...................................... 200,213 541,262 531,966
Less: Fee waivers ............................. (50,171) (135,263) (121,145)
---------- ----------- -----------
Net Expenses .................................. 150,042 405,999 410,821
Net Investment Income (Loss) from Republic
Fixed Income Portfolio, Republic International
Equity Portfolio and Republic Small Cap Equity
Portfolio, respectively ....................... 1,534,054 747,879 (111,445)
---------- ----------- -----------

EXPENSES:
Administration fees ........................... $ 12,548 $ 27,050 $ 24,229
Reports to shareholders ....................... 5,397 5,397 5,495
Registration fees ............................. 8,201 15,202 14,798
Audit fees .................................... 4,495 4,495 4,495
Amortization of organization expenses ......... 3,823 2,353 1,963
Transfer agent fees ........................... 13,402 14,842 14,842
Fund accounting fees .......................... 5,553 5,553 5,553
Legal fees .................................... 4,158 8,831 8,290
Other expenses ................................ 3,179 7,665 9,865
---------- ----------- -----------
Total expenses ............................ 60,756 91,388 89,530
Less: Reimbursement of expenses ........... (5,308) -- (5,136)
---------- ----------- -----------
Total net expenses ........................ 55,448 91,388 84,394
---------- ----------- -----------
Net Investment Income (Loss) .................... 1,478,606 656,491 (195,839)
---------- ----------- -----------
</TABLE>
<PAGE>

REPUBLIC ADVISOR FUNDS TRUST
STATEMENTS OF OPERATIONS (UNAUDITED) (CONTINUED)
FOR THE SIX MONTHS ENDED APRIL 30, 1997
<TABLE>
<CAPTION>

FIXED INTERNATIONAL SMALL CAP
INCOME EQUITY EQUITY
FUND FUND FUND
-------------- ---------------- ---------------
<S> <C> <C> <C>
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS
FROM REPUBLIC FIXED INCOME PORTFOLIO, REPUBLIC
INTERNATIONAL EQUITY PORTFOLIO AND REPUBLIC
SMALL CAP EQUITY PORTFOLIO, RESPECTIVELY:
Net realized gains (losses) on:
Investment transactions ..................... 298,458 1,805,341 (3,909,441)
Foreign currency transactions ............... 126,323 518,467 --
Net change in unrealized appreciation
(depreciation) on:
Investments ................................. (839,051) 8,056,310 2,815,069
Foreign currency transactions ............... 44,440 186,375 --
---------- ----------- -----------
Net realized/unrealized gains (losses) on
investments from Republic Fixed Income
Portfolio, Republic International Equity
Portfolio and Republic Small Cap Equity
Portfolio, respectively: .................... (369,830) 10,566,493 (1,094,372)
---------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS ............................. $1,108,776 $11,222,984 ($1,290,211)
========== =========== ===========
</TABLE>

See notes to financial statements.
<PAGE>

REPUBLIC FIXED INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
APRIL 30, 1997 OCTOBER 31,
(UNAUDITED) 1996
----------------- ----------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income ............................... $ 1,478,606 $ 1,975,038
Net realized gains on investment and foreign currency
transactions ...................................... 424,781 48,787
Net change in unrealized appreciation (depreciation)
on investments and foreign currency transactions .. (794,611) 351,276
----------- -----------
Change in net assets resulting from operations ........ 1,108,776 2,375,101
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ............................... (1,612,521) (2,012,563)
Net realized gains .................................. (54,690) (984,386)
----------- -----------
Change in net assets from shareholder distributions ... (1,667,211) (2,996,949)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ......................... 19,943,583 17,018,440
Dividends reinvested ................................ 1,370,661 2,678,575
Cost of shares redeemed ............................. (2,222,429) (2,779,261)
----------- -----------
Change in net assets from capital share transactions .. 19,091,815 16,917,754
----------- -----------
CHANGE IN NET ASSETS .................................. 18,533,380 16,295,906
NET ASSETS:
Beginning of period ................................. 42,423,913 26,128,007
----------- -----------
End of period ....................................... $60,957,293 $42,423,913
=========== ===========
ANALYSIS OF FUND SHARE TRANSACTIONS:
Beginning of period ................................. 3,976,847 2,384,633
Shares sold ......................................... 1,865,612 1,606,387
Shares issued in connection with reinvestment of
distributions ..................................... 128,695 252,379
Shares redeemed ..................................... (208,428) (266,552)
----------- -----------
End of period ....................................... 5,762,726 3,976,847
=========== ===========
</TABLE>
See notes to financial statements.
<PAGE>

REPUBLIC INTERNATIONAL EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
APRIL 30, 1997 OCTOBER 31,
(UNAUDITED) 1996
----------------- ----------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income ............................... $ 656,491 $ 717,368
Net realized gains on investment and foreign currency
transactions ...................................... 2,323,808 1,941,290
Net change in unrealized appreciation on investments
and foreign currency transactions ................. 8,242,685 5,449,722
------------ -----------
Change in net assets resulting from operations ........ 11,222,984 8,108,380
------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ............................... (935,863) (790,956)
Net realized gains from investment transactions ..... (1,289,883) (31,193)
------------ -----------
Change in net assets from shareholder distributions ... (2,225,746) (822,149)
------------ -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ......................... 20,312,973 59,060,764
Dividends reinvested ................................ 2,161,250 778,445
Cost of shares redeemed ............................. (7,664,781) (4,392,300)
------------ -----------
Change in net assets from capital share transactions .. 14,809,442 55,446,909
------------ -----------
CHANGE IN NET ASSETS .................................. 23,806,680 62,733,140
NET ASSETS:
Beginning of period ................................. 96,977,169 34,244,029
------------ -----------
End of period ....................................... $120,783,849 $96,977,169
============ ===========
ANALYSIS OF FUND SHARE TRANSACTIONS:
Beginning of period ................................. 8,046,448 3,171,731
Shares sold ......................................... 1,598,291 5,181,883
Shares issued in connection with reinvestment of
distributions ..................................... 174,517 68,777
Shares redeemed ..................................... (608,753) (375,943)
------------ -----------
End of period ....................................... 9,210,503 8,046,448
============ ===========
</TABLE>
See notes to financial statements.
<PAGE>

REPUBLIC SMALL CAP EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE SIX SEPTEMBER 3, 1996
MONTHS ENDED (COMMENCEMENT
APRIL 30, 1997 OF OPERATIONS) TO
(UNAUDITED) OCTOBER 31, 1996
----------------- -------------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment loss .............................. $ (195,839) $ (23,985)
Net realized gains (losses) on investment
transactions (3,909,441) 260,260
Net change in unrealized appreciation on
investments .................................... 2,815,069 2,145,777
----------- ------------
Change in net assets resulting from operations ..... (1,290,211) 2,382,052
----------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gains ............................... (563,867) --
----------- ------------
Change in net assets from shareholder distributions (563,867) --
----------- ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ...................... 16,505,600 91,376,175
Dividends reinvested ............................. 563,867 --
Cost of shares redeemed .......................... (9,047,716) (916,300)
----------- ------------
Change in net assets from capital share transactions 8,021,751 90,459,875
----------- ------------
CHANGE IN NET ASSETS ............................... 6,167,673 92,841,927
NET ASSETS:
Beginning of period .............................. 92,842,027 100
----------- ------------
End of period .................................... $99,009,700 $ 92,842,027
=========== ============
ANALYSIS OF FUND SHARE TRANSACTIONS:
Beginning of period .............................. 8,732,842 --
Shares sold ...................................... 1,529,548 8,820,593
Shares issued in connection with reinvestment of
distributions .................................. 53,145 --
Shares redeemed .................................. (834,674) (87,751)
----------- ------------
End of period .................................... 9,480,861 8,732,842
=========== ============
</TABLE>

See notes to financial statements.
<PAGE>

REPUBLIC FUNDS
AND REPUBLIC ADVISOR FUNDS
NOTES TO FINANCIAL STATEMENTS - APRIL 30, 1997
(UNAUDITED)

1. ORGANIZATION. The Republic New York Tax-Free Bond Fund and Republic Equity
Fund (the "Trust Funds") are separate series of Republic Funds (the
"Trust"), a Massachusetts business trust organized on April 22, 1987, which
currently consists of seven funds, each of which has different and distinct
investment objectives and policies. The financial statements for the other
five funds of the Trust are presented separately. The Republic Fixed Income
Fund, Republic International Equity Fund and Republic Small Cap Equity Fund
(the "Advisor Funds") are separate series of Republic Advisor Funds Trust
(the "Advisor Trust"), a Massachusetts business trust organized on April 5,
1996, which currently consists of three funds, each of which has different
and distinct investment objectives and policies. The Trust and Advisor Trust
are registered under the Investment Company Act of 1940, as amended (the
"Act"), as an open-end management investment company.

The New York Tax-Free Bond Fund and Equity Fund are authorized to issue
two classes of shares, class C shares (Investor Class), and class Y shares
(Advisor Class). Each class of shares in the two Funds has identical rights
and privileges except with respect to fees paid under shareholder servicing
or distribution plans, expenses exclusively allocable to each class of
shares, voting rights on matters affecting a single class of shares, and the
exchange privilege of each class of shares. The Fixed Income Fund,
International Equity Fund and Small Cap Equity Fund offer one class of
shares which have the same features as the class Y shares of the New York
Tax-Free Bond Fund and Equity Fund.

The investment objective of the New York Tax-Free Bond Fund is to
provide monthly dividends exempt from regular federal, New York State and
New York City personal income taxes as well as to protect the value of its
shareholders' investment. The New York Tax-Free Bond Fund seeks to achieve
its investment objective by investing its assets primarily in a
non-diversified portfolio of municipal bonds and notes and other debt
instruments the interest on which is exempt from regular federal, New York
State and New York City personal income taxes.

The investment objective of the Equity Fund is to seek long-term growth
of capital and income without excessive fluctuations in market value. The
Equity Fund will normally invest in equity securities of large, seasoned
companies in sound financial condition with larger intermediate
capitalization which are expected to show above-average price appreciation.

The Fixed Income Fund, International Equity Fund and Small Cap Equity
Fund seek to achieve their investment objectives by investing substantially
all of their assets in the Fixed Income Portfolio, International Equity
Portfolio and Small Cap Equity Portfolio (individually a "Portfolio",
collectively the "Portfolios"), respectively, which have the same investment
objectives as those of the Funds.

The value of each Advisor Fund's investment in each corresponding
Portfolio included in the accompanying statements of assets and liabilities
reflects each Advisor Fund's proportionate beneficial interest in the net
assets of that Portfolio. At April 30, 1997, the Advisor Funds held
proportionate interests in the corresponding Portfolios in the following
amounts:

Fixed Income Fund ............................................ 64.08%
International Equity Fund .................................... 66.05%
Small Cap Equity Fund ........................................ 65.08%

The performance of each of the Advisor Funds is directly affected by the
performance of their corresponding Portfolios. The financial statements of
each Portfolio, including its schedule of investments, are included
elsewhere within this report and should be read in conjunction with each
Funds' financial statements.

Republic National Bank of New York ("Republic" or the "Manager")
serves as investment adviser to the New York Tax-Free Bond Fund and as
investment manager to the Equity Fund. Effective January 22, 1997,
Alliance Capital Management L.P. ("Alliance") and Brinson Partners, Inc.
("Brinson") replaced Lord Abbett as sub-adviser ("Sub-Adviser") to the
Equity Fund.

BISYS Fund Services, Inc. ("BISYS" or the "Sponsor"), serves as
administrator, distributor and sponsor to the Trust Funds and Advisor
Funds.

2. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the
significant accounting policies followed by the Trust Funds and Advisor
Funds in the preparation of their financial statements. The policies are in
conformity with generally accepted accounting principles. The preparation of
financial statements requires management to make estimates and assumptions
that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.

SECURITIES VALUATION:
Bonds and other fixed income securities (other than short-term obligations
but including listed issues) in the New York Tax-Free Bond Fund's portfolio
are valued on the basis of valuations furnished by a pricing service, which
utilizes both dealer-supplied valuations and electronic data processing
techniques which take into account appropriate factors such as
institutional-size trading in similar groups of yield, quality, coupon rate,
maturity, type of issue, trading characteristics other than market data and
without exclusive reliance upon quoted prices or exchanges or
over-the-counter prices, since such valuations are believed to reflect more
accurately the fair value of such securities. Short-term debt obligations
are valued at amortized cost, which approximates market value, as determined
by the Board of Trustees. Futures contracts are normally valued at the
settlement price on the exchange on which they are traded. Portfolio
securities for which there are no such valuations are valued at fair market
value as determined in good faith by or at the direction of the Board of
Trustees.

The value of each security held by the Equity Fund is based either on
the last sale price on a national securities exchange, or in the absence of
recorded sales, at the closing bid prices on such exchanges, or at the
quoted bid price in the over-the-counter market. Securities or other assets
for which market quotations are not readily available are valued at fair
value in accordance with procedures established by the Board of Trustees.
All debt portfolio securities with a remaining maturity of less than 60 days
are valued at amortized cost, which approximates market value.

Valuation of securities by the Portfolios is discussed in Note 2 of the
notes to the financial statements of the Portfolios which are included
elsewhere in this report.

SECURITIES TRANSACTIONS AND RELATED INCOME:
Security transactions in the New York Tax-Free Bond Fund and the Equity Fund
are accounted for on the date the security is purchased or sold (trade
date). Interest income is recognized on the accrual basis and includes,
where applicable, the amortization of premium or discount. Dividend income
is recorded on the ex-dividend date. Gains or losses realized on sales of
securities are determined by comparing the identified cost of the security
lot sold with the net sales proceeds.

The Fixed Income Fund, International Equity Fund and Small Cap Equity
Fund record their proportionate share of the investment income and realized
and unrealized gains and losses recorded by the corresponding Portfolio on a
daily basis. The investment income and realized and unrealized gains and
losses are allocated daily to investors in each Portfolio based upon the
value of their investments in each Portfolio.
Such investments are adjusted on a daily basis.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
The New York Tax-Free Bond Fund and the Fixed Income Fund declare all net
investment income daily as dividends to their shareholders. Dividends
substantially equal to each of the Funds' net investment income earned are
distributed monthly in the case of the Fixed Income Fund and New York Tax-
Free Bond Fund, quarterly in the case of the Equity Fund, semi-annually in
the case of the Small Cap Equity Fund and annually in the case of the
International Equity Fund. Generally, the Trust Funds' and Advisor Funds'
net investment income consists of the interest and dividend income it earns,
less expenses. In computing interest income, premiums are not amortized nor
are discounts accrued on long-term debt securities in each corresponding
Portfolio, except as required for federal income tax purposes.

The Trust Funds' and Advisor Funds' net realized capital gains, if any,
are distributed to shareholders at least annually. Additional distributions
are also made to the Trust Funds' and Advisor Funds' shareholders to the
extent necessary to avoid application of the 4% non-deductible federal
excise tax on certain undistributed income and net capital gains of
regulated investment companies.

The amount of dividends from net investment income and of distributions
from net realized gains are determined in accordance with federal income tax
regulations which may differ from generally accepted accounting principles.

Certain mortgage-backed securities of the Fixed Income Portfolio may
provide for periodic or unscheduled payments of principal and interest as
the mortgages underlying the securities are paid or prepaid. However, such
principal payments (not otherwise characterized as ordinary discount income
or bond premium expense) will not normally be considered as income to the
Fixed Income Portfolio and therefore will not be distributed as dividends to
Fixed Income Fund shareholders. Rather, these payments on mortgage-backed
securities generally will be reinvested by the Fixed Income Portfolio in
accordance with its investment objective and policies.

Unless a shareholder elects to receive dividends in cash, dividends are
distributed in the form of additional shares (purchased at their net asset
value without a sales charge).

REPURCHASE AGREEMENTS:
With respect to the New York Tax-Free Bond Fund and Equity Fund, the
investment adviser is authorized to enter into repurchase agreements on
behalf of the Fund only with member banks of the Federal Reserve System or
"primary dealers" (as designated by the Federal Reserve Bank of New York).
The Equity Fund may also enter into repurchase agreements with sellers who
are member firms (or a subsidiary thereof) of the New York Stock Exchange,
recognized domestic or foreign securities dealers or institutions which an
Equity sub-adviser has determined to be of comparable creditworthiness. The
repurchase price generally equals the price paid by a Fund plus interest
negotiated on the basis of current short-term rates, which may be more or
less than the rate on the underlying portfolio securities. The seller, under
a repurchase agreement, is required to maintain the value of collateral held
pursuant to the agreement at not less than the repurchase price (including
accrued interest). Securities subject to repurchase agreements are held by a
Fund's custodian, either physically or in book entry form. Repurchase
agreements are considered to be loans by the Funds under the 1940 Act.

EXPENSE ALLOCATION:
Expenses incurred by the Trust and Advisor Trust with respect to any two or
more funds in the Trust and Advisor Trust are allocated in proportion to the
net assets of each fund in the Trust and Advisor Trust, except where
allocations of direct expenses to each fund can otherwise be made fairly.
Expenses directly attributable to a fund are charged to that fund. The
Advisor Funds' share of their corresponding Portfolio's expenses are charged
against and reduce the amount of their investment in their corresponding
Portfolio.

FEDERAL INCOME TAXES:
Each of the Trust Funds and Advisor Funds are treated as separate taxable
entities for federal tax purposes. Each Fund intends to qualify each year as
a "regulated investment company" under Subchapter M of the Internal Revenue
Code, as amended, (the "Code"). By so qualifying, the Trust Funds and
Advisor Funds will be exempt from regular federal income taxes to the extent
that they distribute substantially all of their net investment income and
net realized gains to their shareholders.

UNAMORTIZED ORGANIZATION EXPENSES:
Each of the Trust Funds and Advisor Funds incurred certain costs in
connection with their organization. Such costs have been deferred and are
being amortized on a straight-line basis over a five year period from the
commencement of operations.

3. AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT MANAGEMENT:
Republic National Bank of New York ("Republic" or the "Manager") acts as
investment adviser to the New York Tax-Free Bond Fund and as investment
manager to the Equity Fund. Republic provides general supervision over the
investment management functions performed by the Sub-Advisers. For its
services under the Investment Management Contracts, the Manager is entitled
to receive fees, payable monthly, at the annual rate of 0.25% of the New
York Tax Free Bond Fund's average daily net assets and 0.175% of the Equity
Fund's average daily net assets. For the six months ended April 30, 1997 the
Manager waived all of the fees on the New York Tax-Free Bond Fund and $5,177
of fees on the Equity Fund.

SUB-ADVISORY:
Lord Abbett managed the investment portfolio of the Equity Fund subject to
the supervision of the Investment Manager, pursuant to a Sub-Advisory
Agreement with the Manager for the period November 1, 1996 through January
22, 1997. For its services, Lord Abbett was paid a fee by the Equity Fund,
computed daily and based on the Equity Fund's average daily net assets
allocated to such Equity Sub-Advisor for management, equal on an annual
basis to 0.325% of the net assets up to $50 million, 0.25% of the net assets
over $50 million up to $100 million, 0.20% of the net assets over $100
million up to $200 million, and 0.15% of net assets over $200 million. For
this period Lord Abbett received $28,929.

Effective January 23, 1997, Alliance and Brinson were each appointed as
Sub-Advisers to the Equity Fund, pursuant to separate Sub-Advisory
Agreements. Alliance and Brinson serve as Sub-Advisers with substantially
identical terms as described above. For their services, Alliance and Brinson
are each paid fees as outlined above. In this capacity, Alliance and Brinson
each received $18,309 in fees for the period January 23, 1997 through April
30, 1997.

ADMINISTRATION:
Pursuant to an Administrative Services Agreement, BISYS provides the Funds
with general office facilities and supervises the overall administration of
the Funds including, among other responsibilities, assisting in the
preparation and filing of all documents required for compliance by the Funds
with applicable laws and regulations and arranging for the maintenance of
books and records of the Funds. For its services to the New York Tax-Free
Bond Fund and Equity Fund, BISYS receives from each Fund fees payable
monthly equal on an annual basis to 0.10% of the Fund's average daily net
assets up to $1 billion; 0.08% of the next $1 billion of such assets; and
0.07% of such assets in excess of $2 billion. For its services to the Fixed
Income Fund, International Equity Fund and Small Cap Equity Fund, BISYS
receives from each Fund fees payable monthly equal on an annual basis to
0.05% of the Fund's average daily net assets up to $1 billion; 0.04% of the
next $1 billion of such assets; and 0.035% of such assets in excess of $2
billion. For the six months ended April 30, 1997 the administrative services
fees were:

New York Tax Free Bond Fund ................................. $ 9,033
Equity Fund .................................................. 21,906
Fixed Income Fund ............................................ 12,548
International Equity Fund .................................... 27,050
Small Cap Equity Fund ........................................ 24,229

FUND ACCOUNTING
Pursuant to a Fund Accounting Agreement, Investors Bank & Trust Company
("IBT") serves as a fund accounting agent to the Trust Funds and Advisor
Funds. For its services to the Trust Funds, IBT received fees payable
monthly equal on an annual basis to $40,000 from each Fund. For its services
to the Advisor Funds, IBT received fees payable monthly equal on an annual
basis to $9,000 from each Fund.

RULE 12B-1 PLAN EXPENSES:
The Trust Funds have adopted a non-compensatory Distribution Plan and
Agreement (the "Plan") pursuant to Rule 12b-1 of the Act. The Plan provides
for a monthly payment by the Trust Funds to the Sponsor in amounts
representing actual expenses incurred by the Sponsor for marketing costs and
services rendered in distributing Funds' shares at a rate not to exceed
0.25% of the average daily net assets of the Funds.

SHAREHOLDER SERVICING EXPENSES:
The Trust Funds have entered into a Shareholder Servicing Agreement with
each shareholder servicing agent pursuant to the Administrative Services
Plan. Each shareholder servicing agent receives a fee from each Fund, which
may be paid periodically, determined by a formula based upon the number of
accounts serviced, the level of activity in such accounts and the expenses
incurred by the shareholder servicing agent. It is currently intended that
the aggregate fees paid to the Distributor pursuant to the Plan and to
shareholder servicing agents pursuant to the Administrative Services Plan
will not exceed 0.25% per annum of each Fund's average daily net assets of
class C shares. During the six months ended April 30, 1997, shareholder
servicing fees were as follows:

New York Tax-Free Bond Fund ................................. $23,243
Equity Fund ................................................. 6,165

REIMBURSEMENT AND WAIVER OF EXPENSES:
The Manager has voluntarily agreed to waive a portion of its fees, and to
the extent necessary, reimburse the Funds for certain expenses. For the six
months ended April 30, 1997 expenses of the Trust Funds and Advisor Funds
were voluntarily reduced by amounts as detailed below:
AMOUNTS WAIVED/
REIMBURSED
---------------
New York Tax-Free Bond Fund - Class C ......................... $35,427
New York Tax-Free Bond Fund - Class Y ......................... 20,390
Equity Fund - Class C ......................................... 633
Equity Fund - Class Y ......................................... 4,544
Fixed Income Fund ............................................. 5,308
International Equity Fund ..................................... --
Small Cap Equity Fund ......................................... 5,136

4. INVESTMENT TRANSACTIONS Purchases and proceeds from sales and maturities
excluding short-term securities for the Trust Funds for the six months ended
April 30, 1997 amounted to :

PURCHASES SALES
----------- -----------
New York Tax-Free Bond Fund ............ $29,015,064 $20,212,149
Equity Fund ............................ 42,658,327 41,944,720

During the six months ended April 30, 1997, additions and reductions in
each Advisor Fund's investment in their corresponding Portfolio amounted to:

ADDITIONS REDUCTIONS
----------- -----------
Fixed Income Fund ...................... $19,944,705 $2,474,205
International Equity Fund .............. 20,363,926 8,098,728
Small Cap Equity Fund .................. 25,926,699 9,674,470

5. CONCENTRATION OF CREDIT RISK:
The New York Tax-Free Bond Fund invests primarily in debt obligations issued
by the State of New York and its respective political subdivisions, agencies
and public authorities to obtain funds for various public purposes. The Fund
is more susceptible to economic and political factors adversely affecting
issuers of New York specific municipal securities than are municipal bond
funds that are not concentrated in these issuers to the same extent.

6. CAPITAL SHARE TRANSACTIONS:
Transactions in shares of beneficial interest for the Funds:

NET
SHARES SHARES SHARES INCREASE/
ISSUED REINVESTED REDEEMED (DECREASE)
--------- ---------- -------- --------
<S> <C> <C> <C> <C>
New York Tax-Free Bond Fund - Class C . 979,934 22,089 (188,643) 813,380
New York Tax-Free Bond Fund - Class Y . 32,988 4,709 (43,351) (5,654)
Equity Fund - Class C ................. 168,842 8,139 (76,058) 100,923
Equity Fund - Class Y ................. 131,753 48,879 (103,925) 76,707
Fixed Income Fund ..................... 1,865,612 128,625 (208,428) 1,785,809
International Equity Fund ............. 1,598,291 174,517 (608,753) 1,164,055
Small Cap Equity Fund ................. 1,529,548 53,145 (834,674) 748,019

PROCEEDS COST OF NET
FROM SHARES DIVIDENDS SHARES INCREASE/
ISSUED REINVESTED REDEEMED (DECREASE)
----------- ---------- -------- --------
<S> <C> <C> <C> <C>
New York Tax-Free Bond Fund - Class C . 10,077,140 227,089 (1,935,616) 8,368,613
New York Tax-Free Bond Fund - Class Y . 339,904 48,511 (446,344) (57,929)
Equity Fund - Class C ................. 2,115,465 101,658 (938,073) 1,279,050
Equity Fund - Class Y ................. 1,644,915 609,530 (1,303,191) 951,254
Fixed Income Fund ..................... 19,943,583 1,370,661 (2,222,429) 19,091,815
International Equity Fund ............. 20,312,973 2,161,250 (7,664,781) 14,809,442
Small Cap Equity Fund ................. 16,505,600 563,867 (9,047,716) 8,021,751
</TABLE>
<PAGE>

REPUBLIC NEW YORK TAX-FREE BOND FUND
FINANCIAL HIGHLIGHTS - CLASS C SHARES
<TABLE>
<CAPTION>

FOR THE FOR THE PERIOD
SIX MONTHS FOR THE MAY 1, 1995
ENDED YEAR (COMMENCEMENT
APRIL 30, ENDED OF OPERATIONS) TO
1997 OCTOBER 31, OCTOBER 31,
(UNAUDITED) 1996 1995
----------- ---- ----
<S> <C> <C> <C>
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD $10.30 $10.38 $10.00
------ ------ ------
Income from investment operations:
Net investment income ...................... 0.23 0.54 0.25
Net realized unrealized gains (losses) on
investment transactions .................. (0.09) (0.01) 0.38
------ ------ ------
Total income from investment operations ...... 0.14 0.53 0.63
------ ------ ------
Less dividends and distributions:
Dividends to shareholders from net
investment income ........................ (0.23) (0.54) (0.25)
Distributions to shareholders from net
realized gains ........................... (0.01) (0.07) --
------ ------ ------
Total dividends and distributions ............ (0.24) (0.61) (0.25)
------ ------ ------
Net change in net asset value per share ...... (0.10) (0.08) 0.38
------ ------ ------
NET ASSET VALUE PER SHARE, END OF PERIOD ..... $10.20 $10.30 $10.38
====== ====== ======
Total return ................................. 1.46%(c) 4.75% 6.39%(c)

RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000) ......... $14,582 $6,353 $6,908
Ratio of expenses to average net assets .... 0.85%(b) 0.58% 0.50%(b)
Ratio of net investment income to average
net assets ............................... 4.58%(b) 4.78% 4.91%(b)
Ratio of expenses to average net assets (a) 1.51%(b) 2.21% 2.40%(b)
Ratio of net investment income to average
net assets (a) ........................... 3.92%(b) 3.15% 3.01%(b)
Portfolio turnover (d) ..................... 108.55% 178.11% 130.00%

See notes to financial statements.
<PAGE>

REPUBLIC NEW YORK TAX-FREE BOND FUND
FINANCIAL HIGHLIGHTS - CLASS Y SHARES
<TABLE>
<CAPTION>
FOR THE
PERIOD
JULY 1, 1996
FOR THE SIX (DATE OF INITIAL
MONTHS ENDED OFFERING) TO
APRIL 30, 1997 OCTOBER 31,
(UNAUDITED) 1996
----------------- ----------------

<S> <C> <C>
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD ......... $10.30 $10.18
------ ------
Income from investment operations:
Net investment income ............................... 0.24 0.16
Net realized unrealized gains (losses) on investment
transactions ...................................... (0.09) 0.12
------ ------
Total income from investment operations ................. 0.15 0.28
------ ------
Less dividends and distributions:
Dividends to shareholders from net investment income (0.24) (0.16)
Distributions to shareholders from net realized gains (0.01) --
------ ------
Total dividends and distributions ....................... (0.25) (0.16)
------ ------
Net change in net asset value per share ................. (0.10) 0.12
------ ------
NET ASSET VALUE PER SHARE, END OF PERIOD ................ $10.20 $10.30
====== ======
Total return ............................................ 1.57%(c) 5.02%(e)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000) .................. $8,091 $8,233
Ratio of expenses to average net assets ............. 0.75%(b) 0.60%(b)
Ratio of net investment income to average net assets 4.72%(b) 4.78%(b)
Ratio of expenses to average net assets (a) ......... 1.27%(b) 2.26%(b)
Ratio of net investment income to average net assets(a) 4.21%(b) 3.12%(b)
Portfolio turnover (d) .............................. 108.55% 178.11%

(a) During the period, certain fees were voluntarily reduced and expenses reimbursed. If such
voluntary fee reductions and expense reimbursements had not occurred, the ratios would have been
as indicated.
(b) Annualized.
(c) Not annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing
between the classes of shares issued.
(e) Represents total return for Class C Shares from November 1, 1995 to June 30, 1996 plus the total
return for Class Y Shares for the period from July 1, 1996 to October 31, 1996.
</TABLE>

See notes to financial statements.
<PAGE>

REPUBLIC EQUITY FUND
FINANCIAL HIGHLIGHTS - CLASS C SHARES
<TABLE>
<CAPTION>
FOR THE FOR THE PERIOD
SIX MONTHS FOR THE AUGUST 1, 1995
ENDED YEAR (COMMENCEMENT
APRIL 30, ENDED OF OPERATIONS) TO
1997 OCTOBER 31, OCTOBER 31,
(UNAUDITED) 1996 1995
----------- ---- ----
<S> <C> <C> <C>
NET ASSET VALUE PER SHARE, BEGINNING OF
PERIOD ................................... $11.93 $10.24 $10.00
------ ------ ------
Income from investment operations:
Net investment income .................... 0.03 0.19 0.04
Net realized unrealized gains on
investment transactions ................ 1.25 1.67 0.24
------ ------ ------
Total income from investment operations 1.28 1.86 0.28
------ ------ ------
Less dividends and distributions:
Dividends to shareholders from net
investment income ...................... (0.08) (0.17) (0.04)
Distributions to shareholders from net
realized gains ......................... (0.22) -- --
------ ------ ------
Total dividends and distributions .......... (0.30) (0.17) (0.04)
------ ------ ------
Net change in net asset value per share (0.98) 1.69 0.24
------ ------ ------
NET ASSET VALUE PER SHARE,
END OF PERIOD ............................ $12.91 $11.93 $10.24
====== ====== ======
Total return ............................... 10.78%(c) 18.30% 2.75%(c)

RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000) ....... $5,545 $3,918 $22,092
Ratio of expenses to average net assets 1.22%(b) 1.28% 1.47%(b)
Ratio of net investment income to
average net assets ..................... 0.85%(b) 1.83% 1.59%(b)
Ratio of expenses to average net
assets (a) ............................. 1.24%(b) 1.59% 2.44%(b)
Ratio of net investment income to
average net assets (a) ................. 0.83%(b) 1.51% 0.62%(b)
Portfolio turnover (d) ................... 91.57% 86.18% 2.00%
Average commission (e) ................... $0.0415% $0.0006% --

(a) During the period, certain fees were voluntarily reduced. If such voluntary fee reductions
had not occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole, without
distinguishing between the classes of shares issued.
(e) Represents the total amount of commissions paid on security transactions divided by the
total number of shares purchased and sold by the Fund for which commissions were charged.
</TABLE>

See notes to financial statements.
<PAGE>

REPUBLIC EQUITY FUND
FINANCIAL HIGHLIGHTS - CLASS Y SHARES
<TABLE>
<CAPTION>
FOR THE
PERIOD
JULY 1, 1996
FOR THE SIX (DATE OF INITIAL
MONTHS ENDED OFFERING) TO
APRIL 30, 1997 OCTOBER 31,
(UNAUDITED) 1996
----------------- ----------------
<S> <C> <C>
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD ......... $11.93 $11.49
------- -------
Income from investment operations:
Net investment income ............................... 0.08 0.08
Net realized unrealized gains on investment
transactions ...................................... 1.22 0.42
------- -------
Total income from investment operations ................. 1.30 0.50
------- -------
Less dividends and distributions:
Dividends to shareholders from net investment income (0.09) (0.06)
Distributions to shareholders from net realized gains (0.22) --
------- -------
Total dividends and distributions ....................... (0.31) (0.06)
------- -------
Net change in net asset value per share ................. 0.99 0.44
------- -------
NET ASSET VALUE PER SHARE, END OF PERIOD ................ $12.92 $11.93
====== ======
Total return ............................................ 10.96%(c) 4.72%(f)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000) .................. $36,896 $33,155
Ratio of expenses to average net assets ............. 0.97%(b) 0.66%(b)
Ratio of net investment income to average net assets 1.15%(b) 1.93%(b)
Ratio of expenses to average net assets (a) ......... 0.99%(b) 0.97%(b)
Ratio of net investment income to average net assets(a) 1.12%(b) 1.62%(b)
Portfolio turnover (d) .............................. 91.57% 86.18%
Average commission (e) .............................. $0.0415 $0.0599

(a) During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Not annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing
between the classes of shares issued.
(e) Represents the total amount of commissions paid on security transactions divided by total number
of shares purchased and sold by the Fund for which commissions were charged.
(f) Represents total return for Class C shares from November 1, 1995 to June 30, 1996 plus the total
return for Class Y shares for the period from July 1, 1996 to October 31, 1996.
</TABLE>

See notes to financial statements.
<PAGE>

REPUBLIC FIXED INCOME FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FOR THE FOR THE PERIOD
SIX MONTHS FOR THE JANUARY 9, 1995
ENDED YEAR (COMMENCEMENT
APRIL 30, ENDED OF OPERATIONS) TO
1997 OCTOBER 31, OCTOBER 31,
(UNAUDITED) 1996 1995
--------- ----------- -----------------
<S> <C> <C> <C>
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD $ 10.67 $ 10.96 $ 10.00
------- ------- -------
Income from investment operations:
Net investment income ....................... 0.28 0.59 0.46
Net realized and unrealized gains (losses) on
investment and foreign currency
transactions .............................. (0.02) 0.08 0.96
------- ------- -------
Total income from investment operations ....... 0.26 0.67 1.42
------- ------- -------
Less dividends and distributions:
Dividends to shareholders from net investment
income .................................... (0.34) (0.59) (0.46)
Distributions to shareholders from net
realized gains ............................ (0.01) (0.37) --
------- ------- -------
Total dividends and distributions ............. (0.35) (0.96) (0.46)
------- ------- -------
Net change in net asset value per share ....... (0.09) (0.29) 0.96
------- ------- -------
NET ASSET VALUE PER SHARE, END OF PERIOD ...... $ 10.58 $ 10.67 $ 10.96
======= ======= =======
Total return .................................. 2.50%(c) 6.51% 14.37%(c)

RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period (000) ......... $60,957 $42,424 $26,128
Ratio of expenses to average net assets 0.82%(b) 0.83% 0.91%(b)
Ratio of net investment income to average
net assets .............................. 5.70%(b) 5.51% 5.63%(b)
Ratio of expenses to average net assets (a)
......................................... 1.04%(b) 1.06% 1.72%(b)
Ratio of net investment income to average
net assets (a) .......................... 5.49%(b) 5.28% 4.82%(b)

See notes to financial statements.
<PAGE>

REPUBLIC INTERNATIONAL EQUITY FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FOR THE FOR THE PERIOD
SIX MONTHS FOR THE JANUARY 9, 1995
ENDED YEAR (COMMENCEMENT
APRIL 30, ENDED OF OPERATIONS) TO
1997 OCTOBER 31, OCTOBER 31,
(UNAUDITED) 1996 1995
--------- ----------- -----------------
<S> <C> <C> <C>
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD $ 12.05 $ 10.80 $ 10.00
-------- ------- -------
Income from investment operations:
Net investment income ...................... 0.07 0.11 0.08
Net realized and unrealized gains on
investment and foreign currency
transactions ............................. 1.25 1.31 0.75
-------- ------- -------
Total income from investment operations ...... 1.32 1.42 0.83
-------- ------- -------
Less dividends and distributions:
Dividends to shareholders from net
investment income ........................ (0.11) (0.16) (0.03)
Distributions to shareholders from net
realized gains ........................... (0.15) (0.01) --
-------- ------- -------
Total dividends and distributions ............ (0.26) (0.17) (0.03)
-------- ------- -------
Net change in net asset value per share ...... 1.06 1.25 0.80
-------- ------- -------
NET ASSET VALUE PER SHARE, END OF PERIOD ..... $ 13.11 $ 12.05 $ 10.80
======== ======= =======
Total return ................................. 11.37%(c) 13.22% 8.31%(c)

RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period (000) ........ $120,784 $96,977 $34,244
Ratio of expenses to average net assets 0.92%(b) 1.11% 1.14%(b)
Ratio of net investment income to average
net assets ............................. 1.21%(b) 0.99% 1.26%(b)
Ratio of expenses to average net assets
(a) .................................... 1.17%(b) 1.13% 2.12%(b)
Ratio of net investment income to average
net assets (a) ......................... .96%(b) 0.96% 0.28%(b)

REPUBLIC SMALL CAP EQUITY FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FOR THE PERIOD
SEPTEMBER 1, 1996
FOR THE SIX (COMMENCEMENT
MONTHS ENDED OF OPERATIONS) TO
APRIL 30, 1997 OCTOBER 31,
(UNAUDITED) 1996
----------------- ---------------------

<S> <C> <C>
NET ASSET VALUE PER SHARE, BEGINNING OF PERIOD ..... $ 10.63 $ 10.00
------- -------
Income from investment operations:
Net investment loss ............................. (0.02) --
Net realized unrealized losses on investment
transactions .................................. (0.10) 0.63
------- -------
Total income (loss) from investment operations ...... (0.13) 0.63
------- -------
Less dividends and distributions:
Dividends to shareholders from net investment
income ........................................ (0.06) --
------- -------
Total dividends and distributions ................... (0.06) --
------- -------
Net change in net asset value per share ............. (0.19) 0.63
------- -------
NET ASSET VALUE PER SHARE, END OF PERIOD ............ $ 10.44 $ 10.63
======= =======
Total return ........................................ (1.21%)(c) 6.30%(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000) .............. $99,010 $92,842
Ratio of expenses to average net assets ......... 1.02%(b) 0.91%(b)
Ratio of net investment loss to average net
assets .............................................. (0.40%)(b) (0.28%)(b)
Ratio of expenses to average net assets (a) ..... 1.28%(b) 1.17%(b)
Ratio of net investment income to average net
assets (a) (0.66%)(b) (0.54)%(b)

REPUBLIC FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
APRIL 30, 1997

<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
------ -------------------- --------
<S> <C> <C>
CORPORATE OBLIGATI0NS - 14.6%
BANKING - 3.2%
$ 63,000 Blue Bell Funding, 11.85%, due 05/01/99 ............... $ 64,103
500,000 BankAmerica Instit, 8.07%, due 12/31/26 ............... 490,540
775,000 First Chicago NBD Instit, 7.95%, due 12/01/26 ......... 741,915
575,000 First Union Capital, 8.04%, due 12/01/26 .............. 561,028
475,000 PNC Instit Capital Trust A, 7.95%, due 12/15/26 ....... 457,211
300,000 State Street, 7.94%, due 12/30/26 ..................... 290,991
450,000 Wells Fargo Capital A, 8.125%, due 12/01/26 ........... 441,324
-------------
3,047,110
-------------
BROADCASTING AND PUBLISHING - 0.6%
620,000 Paramount Communications, 8.25%, due 08/01/22 ......... 585,341
-------------
CONSUMER GOODS - 0.2%
215,000 RJR Nabisco, Inc. 8.75%, due 04/15/04 ................. 215,409
-------------
ENERGY - 2.2%
200,000 Edison Mission, 7.33%, due 09/15/08 ................... 198,232
150,000 Excel Paralubes Funding, 7.43%, due 11/01/15 (a) ...... 144,360
250,000 Israel Electric, 7.25%, due 12/15/06 .................. 243,648
173,320 Mobil Energy SV, 8.665%, due 01/01/17 ................. 175,391
210,000 National Power Corp., 7.875%, due 12/15/06 ............ 202,052
300,000 National Power Corp., 8.4%, due 12/15/16 .............. 286,020
250,000 Paiton Energy Funding BV, 9.34%, due 02/15/14 ......... 267,083
550,000 RAS Laffan Liquid Natural Gas, 8.294%, due 03/15/14 ... 559,829
-------------
2,076,615
-------------
FINANCE - 6.0%
325,000 Anthem Insurance, 9%, due 04/01/27 .................... 324,617
575,000 BT Institutional Capital, 8.09%, due 12/01/26 ......... 546,607
325,000 Corestates Capital CFL, 8%, 12/19/26 (a) .............. 314,958
150,000 Dr Structured Financial, 7.43%, due 08/15/18 .......... 119,981
500,000 Equitable Life, 6.95%, due 12/01/05 ................... 484,145
70,000 K-Mart Funding Corp., 8.8%, due 07/01/10 .............. 67,535
825 Home Ownership Funding Corp. 13.331% (d) .............. 806,801
275,000 John Hancock, 7.375%, due 02/15/24 (a) ................ 254,678
300 Lazara Properties, 13.547% (d) ........................ 297,363
250,000 Mass Mutual Life, 7.625%, due 11/15/23 (a) ............ 242,402
150,000 MCFI 1995 MC1 A1B, 7.6%, due 05/25/27 ................. 152,532
250,000 Met Life, 7.45%, due 11/01/23 (a) ..................... 226,136
300,000 Nationwide Mutual Life, 7.5%, due 02/15/24 (a) ........ 270,503
500,000 New York Life, 7.5%, due 12/15/23 (a) ................. 462,773
250,000 Principal Mutual Insurance Co., 7.875%,
due 03/01/24 (a) .................................... 232,799
500,000 World Financial, 6.95%, due 09/01/13 .................. 483,750
398,475 World Financial, 6.91%, due 09/01/13 .................. 386,521
-------------
5,674,101
-------------
INDUSTRIAL - 0.6%
226,031 DR Structured Financial STRFin, 7.6%, due 08/15/07 .... 209,554
150,000 Oxymar, 7.5%, due 02/15/16 (a) ........................ 141,794
191,348 Scotia Pacific Holdings, 7.95%, due 07/20/15 .......... 190,404
-------------
541,752
-------------
RETAIL - 0.2%
239,000 Southland Corp., 5%, due 12/15/03 ..................... 195,980
-------------
TECHNOLOGY - 0.3%
240,000 Digital Equipment, 8.625%, due 11/01/12 ............... 242,037
-------------
TELECOMMUNICATIONS - 1.6%
400,000 Comcast Cellular, 0%, due 03/05/00, 8.76% (e) ......... 295,500
200,000 Rogers Cable Systems, 10%, due 03/15/05 ............... 211,000
425,000 Tele-Communications, Inc., 8.75%, due 02/15/23 ........ 402,964
375,000 Telecommunications, Inc., 9.25%, due 01/15/23 ......... 374,066
390,000 Teleport Communications, due 07/01/07 ................. 269,100
-------------
1,552,630
-------------
TRANSPORTATION - 0.2%
175,000 Jet Equipment Trust, 10%, due 06/15/12 ................ 207,463
-------------
TOTAL CORPORATE OBLIGATIONS
(COST $14,411,804) .................................. 14,338,436
-------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -7.2%
274,942 Alliance HEL 96 2 A6 8.3%, due 09/25/27 ............... 283,234
330,000 Alcoa Aluminium 96 1, 7.5%, due 12/16/08 .............. 324,948
115,080 American Southwest Financial 1993-2 A1, 7.3%,
due 01/18/09 ........................................ 114,077
150,000 American Southwest Financial 1995-C1 A1B, 7.4%,
due 11/17/04 ........................................ 151,760
5,343,651 ASFS 1993-2 S1 IO, 1.097%, due 01/18/09 ............... 277,870
250,000 Asset Securitization Corp., 1996-D3 A1C, 7.4%,
due 10/13/26 ........................................ 252,450
170,768 Asset Securitization Corp., 1995-D1 A1, 7.59%,
due 08/11/27 ........................................ 174,368
196,016 Asset Securitization Corp., 1995-MD4 A1, 7.1%,
due 08/13/29 ........................................ 195,628
1,084,170 Nomura Asset Securitization Corp., 1995-MD4 CS IO,
2.39%, due 08/13/29 ................................. 193,687
500,000 Asset Securitization Corp., 1996-MD6 A1B, 7.1%,
due 11/13/26 ........................................ 494,290
275,000 Asset Securitization Corp., 1996-MD6 A1C, 7.1%,
due 11/13/26 ........................................ 271,513
300,000 BSMSI 96 09 L NAS, 8.0%, due 06/15/26 ................. 305,847
175,000 CBM Funding Corp., 1996-1 A3, 7.08%, due 02/01/13 ..... 173,362
325,000 CCMSC 1996-2 B, 6.9%, due 10/19/06 .................... 314,597
144,152 CWMBS 1993-C, 6.5%, due 01/25/24 ...................... 133,159
2,750,000 DLJMA 1997 CF1 S IO, 1.0557%, due 05/15/30 ............ 183,068
425,000 DLJMA 1997 CF1 A1B, 7.6%, due 05/15/30 ................ 434,040
143,946 FBMS 1993-5 B1, 7.3%, due 07/25/23 .................... 138,806
265,000 FHR 1632 SA INV FLTR, due 11/15/23 (c) ................ 198,114
2,499,529 GMAC 96 C1 X2 I0, 1.9673%, due 03/15/21 ............... 221,908
195,317 INMC 1994-O B1, 7.88%, due 09/25/24 ................... 195,323
297,712 LBCMT 96 C2 A Seq, 7.42%, due 10/25/26 ................ 300,511
225,000 Merrill Lynch Mortgage Investors 1996 C1 A3, 7.42%,
due 03/25/26 ........................................ 224,483
125,000 Merrill Lynch Mortgage Investors 1996 C2 A2, 6.82%,
due 04/25/06 ........................................ 121,475
1,325,000 Merrill Lynch Mortgage Investors 1996 C2 IO, 1.52893%,
due 10/25/26 ........................................ 117,289
225,000 MIDL 1996 C2 A2, 7.233%, due 01/25/27 ................. 223,639
350,000 Rali 96 QS8 A13 Nas, 7.75%, due 12/25/26 .............. 351,873
375,000 Rali 97 QS3 A8 Nas, 7.75%, due 04/25/27 ............... 376,669
100,000 RFMSI 1993-MZ3 A2, 6.97%, due 08/28/23 ................ 92,917
-------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (COST $6,888,534) ....................... 6,840,899
-------------
ASSET-BACKED OBLIGATIONS - 1.3%
114,785 Aircraft Lease Portfolio Securitizations Class B,
6.79%, due 03/15/19 ................................. 115,215
200,000 Aircraft Lease Portfolio Securitizations 1994-1 A4,
7.8%, due 09/15/04 .................................. 203,450
99,493 Aircraft Lease Portfolio Securitizations 1994-1 C,
9.35%, due 09/15/04 ................................. 101,806
275,000 AMLT 1996 2A5, 8.08%, due 11/25/25 .................... 279,422
275,000 DELHE 1996 1 A7, 7.95%, due 06/25/27 .................. 279,004
300,000 IMC Hel 96 3 A7, 8.05%, due 08/25/26 .................. 306,672
-------------

TOTAL ASSET BACKED OBLIGATIONS
(COST $1,269,202) ................................... 1,285,569
-------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 31.6%
FEDERAL GOVERNMENT LOAN MORTGAGE
CORPORATIONS - 18.7%
17,525,000 7.5%, due 06/15/26 (b) ................................ 17,410,036
383,403 PL#A01521, 9.5%, due 12/01/16 ......................... 410,961
-------------
17,820,997
-------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 3.0%
113,704 93 205 GT PO, due 09/25/23, 6.44% (e) ................. 63,424
1,111,618 92-89 SQ (CMO) 3.3%, due 06/25/22 ..................... 91,714
138,467 93 149 O PO, due 08/25/23 ............................. 73,623
135,378 93 146 GT PO, due 05/25/23 ............................ 73,835
48,511 93 235 HT PO, due 09/25/23, 7.85% (e) ................. 33,535
30,899 93 243C XP PO, due 11/25/23, 5.74% (e) ................ 20,205
110,000 96 14 PC PO, due 12/25/23 ............................. 52,676
110,000 96 46 PB PO, due 09/25/23 ............................. 63,085
79,424 96 54 N PO, due 07/25/23 .............................. 51,658
90,000 96 54 O PO, due 11/25/23 .............................. 48,636
175,000 97 3 E PO, due 12/25/23 ............................... 100,958
222,391 97 7 AE PO, due 03/18/27 .............................. 134,569
1,000,000 97 30 SP INV I0, due 04/25/22 ......................... 148,370
24,286 PL#034268 CL, DTD 09/1/86, due 09/01/16 ............... 25,762
222,446 PL#035052 CL, DTD 10/01/86, 9.0%, due 10/01/16 ........ 235,967
199,857 PC#044176 CL, 10%, due 03/01/20 ....................... 217,175
11,468 PC#075414 CL, 10%, due 05/01/19 ....................... 12,464
10,090 PC#082406 CL, 10%, due 09/01/19 ....................... 10,964
23,850 PC#082931 CL, 10%, due 10/01/19 ....................... 25,920
55,529 PC#083435 CL, 10%, due 11/01/19 ....................... 60,342
24,296 PC#083880 CL, 10%, due 11/01/19 ....................... 26,402
22,163 PC#084964 CL, 10%, due 11/01/19 ....................... 24,087
14,543 PC#087291 CL, 10%, due 01/01/20 ....................... 15,803
10,271 PC#088027 CL, 10%, due 01/01/20 ....................... 11,162
27,080 PC#088383 CL, 10%, due 11/01/18 ....................... 29,431
1,260,789 TR 249 PO, due 10/25/23, 6.72% (e) .................... 777,529
167,029 TR 254 PO, due 01/01/24, 5.74% (e) .................... 109,087
225,457 Strip 260 PO, due 04/01/24, 5.86% (e) ................. 145,735
95,193 PL#124783, 10.5%, due 12/01/16 ........................ 104,086
106,965 PL#303157, 10%, due 05/01/22 .......................... 117,413
-------------
2,905,617
-------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 7.6%
228,922 PL#780081, 10%, due 02/15/25 .......................... 251,171
408,520 PL#780164, 10%, due 12/15/17 .......................... 448,902
81,802 PL#038500, 11%, due 01/15/10 .......................... 91,056
63,920 PL#038712 SF, 11%, due 03/15/10 ....................... 71,151
63,690 PL#039798 SF, 11%, due 06/15/10 ....................... 70,895
84,921 PL#041650, 11%, due 08/15/10 .......................... 94,528
86,039 PL#041840, 11%, due 08/15/10 .......................... 95,772
91,118 PL#042490 SF, 11%, due 07/15/10 ....................... 101,426
67,451 PL#043699, 11%, due 09/15/10 .......................... 75,081
64,003 PL#044103, 11%, due 09/15/10 .......................... 71,244
28,029 PL#120587, 13.5%, due 11/15/14 ........................ 32,609
35,710 PL#150312, 11.5%, due 02/15/16 ........................ 40,352
38,912 PL#163997, 10.5%, due 08/15/16 ........................ 42,925
58,848 PL#164353, 10.5%, due 06/15/16 ........................ 64,917
162,453 PL#278742, 10.5%, due 09/15/19 ........................ 179,206
231,438 PL#780127 SP, 10.5%, due 04/15/25 ..................... 257,690
400,392 PL#780378, 11%, due 01/15/19 .......................... 440,688
417,171 PL#780384, 11%, due 12/15/17 .......................... 471,553
737,234 PL#780472, 10%, due 03/15/25 .......................... 808,886
168,150 PL#780517, 10.5%, due 01/15/18 ........................ 187,134
3,312,291 PL#80011, 6%, due 11/20/26 ............................ 3,331,470
-------------
7,228,656
-------------

FEDERAL HOME LOAN MORTGAGE ASSOCIATION - 2.2%
213,186 GP#D71780 D7, 7%, due 07/01/24 ........................ 208,277
668,627 GP#G000576, 7%, due 12/01/24 .......................... 649,612
100,657 PL#555201, 11%, due 09/01/16 .......................... 112,201
349,830 PL#555283, 10%, due 09/01/17 .......................... 379,180
61,648 1709 H PO, due 01/15/24 ............................... 24,499
98,634 1750 C PD PO, due 03/15/24 ............................ 60,897
60,000 1813 K PO, due 02/15/24 ............................... 35,460
115,000 1844 PC PO, due 03/15/24 .............................. 62,457
65,000 1887 I PO, due 10/15/22 ............................... 37,980
75,403 GP#180881, 10.5%, due 10/01/11 ........................ 83,061
77,994 PL#308433, 10.5%, due 11/01/18 ........................ 85,915
400,127 GP#D51505, 7%, due 04/01/24 ........................... 390,912
-------------
2,130,451
-------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS (COST $29,995,797) ...................... 30,085,720
-------------

U.S. TREASURY OBLIGATIONS - 32.4%
4,250,000 U.S. Treasury Strip, 0%, due 02/15/19, 6.96% (e) ...... 909,751
670,000 U.S. Treasury Bond, 8.75%, due 08/15/20 ............... 797,300
1,250,000 U.S. Treasury Note, 7%, due 04/15/99 .................. 1,266,406
1,150,000 U.S. Treasury Note, 7.25%, due 08/15/04 ............... 1,185,938
13,650,000 U.S. Treasury Note, 7.125%, due 09/30/99 .............. 13,876,071
12,285,000 U.S. Treasury Note, 7.5%, due 02/15/05 ................ 12,860,859
-------------
TOTAL U.S. TREASURY OBLIGATIONS
(COST $31,170,697) .................................. 30,896,320
-------------

YANKEE BONDS - 2.1%
900,000 Mexico Par Bond Series A, 6.25%, due 12/31/19 ......... 653,625
975,000 Republic of Argentina, 5.25%, due 03/31/23 ............ 634,969
500,000 Venezuela Par Series W-A, 6.75%, due 03/31/20 ......... 338,750
350,000 Republic of Colombia, 8.7%, due 02/15/16 .............. 341,410
-------------
TOTAL YANKEE BONDS (COST $1,896,470) .................. 1,968,754
-------------

RIGHTS - 0.0%
900,000 United Mexican States Warrants 0% due 06/30/03 ........ 0
2,500 Republic of Venezuela, due 04/15/20 ................... 0
-------------
TOTAL RIGHTS (COST $0) ................................ 0
-------------
FOREIGN GOVERNMENT OBLIGATIONS - 2.5%
CAD 880,000 Canada Government Note, 9.75%, due 06/01/21 ........... 817,701
SEK 7,200,000 Kingdom of Sweden, 6%, due 03/09/05 ................... 865,468
SEK 4,500,000 Kingdom of Sweden (1033), 10.25%, due 05/05/03 ........ 676,463
-------------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (COST $2,550,936) $ 2,359,632
-------------
COMMERCIAL PAPER - 24.6%
2,500,000 Barclays US Funding Corp. ............................. 2,494,250
2,500,000 Beneficial ............................................ 2,493,088
2,000,000 GECC .................................................. 1,996,433
2,500,000 IBM Credit ............................................ 2,497,717
2,500,000 Metlife Funding ....................................... 2,486,150
2,500,000 Philip Morris Cos, Inc ................................ 2,492,319
2,500,000 Prudential Funding .................................... 2,489,997
2,500,000 TransAmerica Corp. .................................... 2,489,286
2,500,000 Warner Lambert ........................................ 2,491,490
1,539,689 Investors Cash Reserve ................................ 1,539,689
-------------
TOTAL COMMERCIAL PAPER
(COST $23,379,029) .................................. 23,470,419
-------------

TOTAL INVESTMENTS - 116.7%
(Identified Cost $111,562,469) (f) ................................. 111,245,749
OTHER LIABILITIES IN EXCESS OF ASSETS - (16.7%) ...................... (15,919,866)
-------------
NET ASSETS - 100.0% .................................................. $ 95,325,883
=============
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These
securities may be resold in transactions exempt from registration, normally to qualified
institutional buyers.
(b) Security purchased on a delayed delivery basis.
(c) Represents a variable rate note. Interest rate disclosed represents
current rate at 04/30/97.
(d) Preferred Stock.
(e) Effective yield (calculated at the date of purchase) is the yield at which the bond accretes on
an annual basis until maturity date.
(f) For Federal income tax purposes, the cost of securities owned at April 30, 1997 was
substantially the same as the cost of securities for financial statement purposes.
</TABLE>

<PAGE>

REPUBLIC FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS -- APRIL 30, 1997 (UNAUDITED)
OPEN FORWARD FOREIGN CURRENCY CONTRACTS

<TABLE>
<CAPTION>
PRINCIPAL NET
VALUE UNREALIZED
EXPIRATION LOCAL VALUE APPRECIATION/
DATE CONTRACT TO DELIVER CURRENCY COST US$ (NOTE 2) DEPRECIATION
---------- ------------------- --------- -------- -------- -------------
CONTRACTS TO BUY:
<C> <C> <C> <C> <C> <C>
05/27/97 Canadian Dollar 45,000 $ 32,650 $ 32,255 $ (395)
05/28/97 Swedish Krona 90,000 11,976 11,509 (467)
-------
(862)
-------

CONTRACTS TO SELL:
05/27/97 Canadian Dollar 1,195,000 882,635 856,550 26,086
05/28/97 Swedish Krona 5,865,000 791,754 750,028 41,726
05/28/97 Swedish Krona 6,800,000 888,889 869,598 19,291
-------
87,103
-------
NET UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS 86,241
=======
</TABLE>

SCHEDULE OF OPEN FINANCIAL FUTURES CONTRACTS
<TABLE>
<CAPTION>
NET
APPRECIATION
EXPIRATION NUMBER OF CONTRACT (DEPRECIATION)
DATE CONTRACTS CONTRACTS VALUE OF CONTRACTS
---------- --------- --------- -------- --------------
<C> <C> <C> <C> <C>
PURCHASED
06/26/97 14 US 2YR Note Fut June 97 $2,877,219 $(6,869)

SOLD
06/02/97 61 US 5YR Note Fut June 97 6,422,156 82,541
-------
NET UNREALIZED APPRECIATION ON OPEN FUTURES CONTRACTS $75,672
=======
</TABLE>

<PAGE>

REPUBLIC INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
APRIL 30, 1997

<TABLE>
<CAPTION>
VALUE
SECURITY DESCRIPTION SHARES (NOTE 2)
- -------------------- ------ --------
<S> <C> <C>
COMMON STOCKS - 93.1%
ARGENTINA - 0.8%
Perez Companc ADR ......................................... 59,000 $ 935,703
Telecom Argentina ADR ..................................... 6,000 300,000
YPF Sociedad Anonima ADR .................................. 6,000 165,750
------------
1,401,453
------------
AUSTRALIA - 4.8%
Coca-Cola Amatil Ltd. ..................................... 163,725 1,871,915
Brambles Industries Ltd. .................................. 79,000 1,429,492
Lend Lease Corp., Ltd. .................................... 60,861 1,164,878
News Corp., Ltd. ADS ...................................... 43,000 795,500
Western Mining Corp. Holding Ltd. ......................... 267,400 1,585,046
Westpac Banking Corp. ..................................... 363,400 1,958,528
------------
8,805,359
------------
BRAZIL - 1.1%
Centrais Electro Brasil ADR ............................... 21,000 480,585
Telecommunicacos Brasileiras ADR .......................... 13,500 1,549,125
------------
2,029,710
------------
CANADA - 6.5%
Alcan Aluminum Ltd. ....................................... 37,800 1,280,475
Bombardier, Inc. Class B .................................. 15,100 306,143
Cominco Ltd. .............................................. 36,000 927,000
Imasco Ltd. ............................................... 52,000 1,417,488
Inco Ltd. ................................................. 35,430 1,133,760
Inco Ltd., Class VBN ...................................... 7,250 151,924
Northern Telecom Ltd. ..................................... 14,000 1,016,750
Rogers Communications Class B ............................. 53,000 279,077
Royal Bank of Canada ...................................... 48,500 1,940,556
Seagrams Co., Ltd. ........................................ 20,300 776,475
Suncor Ltd. ............................................... 23,000 1,043,625
Thomson Corp. ............................................. 80,000 1,667,801
------------
11,941,073
------------
DENMARK - 0.3%
Tele Danmark A/S ADR ...................................... 21,300 529,838
------------

FINLAND - 0.6%
Nokia AB-A ................................................ 17,000 1,050,947
------------

FRANCE - 5.2%
Bougues ................................................... 9,000 844,063
Pechiney Ord Class A ...................................... 28,385 1,060,940
Peugeot SA ................................................ 13,000 1,294,985
Renault SA ................................................ 29,300 694,258
Sidel ..................................................... 16,000 1,149,970
Synthelabo ................................................ 9,600 1,143,935
Societe National Elf-Aquitaine ............................ 16,500 1,601,200
Television Francaise ...................................... 10,000 965,281
Valeo ..................................................... 13,318 822,028
------------
9,576,660
------------
GERMANY - 5.3%
Commerzbank AG ............................................ 37,500 1,006,573
Mannesmann AG ............................................. 9,550 3,758,191
Munchener Ruck INH ........................................ 125 205,865
Munchener Ruck Nam 50% paid ............................... 190 460,589
Siemens AG ................................................ 10,000 542,040
Thyssen AG ................................................ 7,000 1,527,015
Volkswagen N/V VZG ........................................ 600 297,486
Volkswagen AG ............................................. 3,000 1,908,697
------------
9,706,456
------------
HONG KONG - 2.8%
Citic Pacific Ltd. ........................................ 230,000 1,244,030
Hong Kong Electric Holdings ............................... 354,000 1,252,111
Hong Kong Telecom ......................................... 792,000 1,359,771
Swire Pacific Class A ..................................... 153,000 1,180,098
------------
5,036,010
------------
INDONESIA - 0.2%
Pt Indonesia Satellite ADR ................................ 12,000 330,000
------------

IRELAND - 0.5%
Allied Irish Banks Plc .................................... 130,600 932,342
------------

ITALY - 3.0%
Alleanza Assicurraziona Spa Azione Nom .................... 82,300 559,760
Alleanza Assicuraz Di Risp It 2000 ........................ 79,530 393,595
Italcementi Fabriche Riunit ITL 2000 ...................... 6,300 35,166
SEAT SPA N/V RISP ......................................... 250,000 49,613
SEAT SPA Ord .............................................. 2,000,000 617,327
Stet Risp Non CVT ITL 1000 ................................ 250,000 926,077
Telecom Italia Mobile-DrNc ITL 100 ........................ 988,000 1,825,599
Telecom Italia Spa ITL 1000 ............................... 420,500 1,113,880
------------
5,521,017
------------
JAPAN - 24.3%
Acom Co. Ltd. ............................................. 22,500 917,717
Adventest Corp. ........................................... 35,970 1,996,760
Asahi Breweries Ltd. ...................................... 69,000 760,630
Banyu Pharmaceutical Co. .................................. 47,000 721,654
Bridgestone Corp. ......................................... 82,000 1,743,307
Chudenko Corp. ............................................ 7,865 200,650
Dai-Ni-Denden ............................................. 208 1,380,661
East Japan Railway ........................................ 280 1,210,394
Fuji Photo Film ........................................... 25,000 954,724
Higashi Nihon House ....................................... 33,000 324,803
Honda Motor Co., Ltd. ..................................... 40,000 1,240,945
Honda Motor Co., Ltd. ADR ................................. 6,000 375,000
Japan Airlines ............................................ 280,000 1,111,181
Jusco Co. ................................................. 46,000 1,412,598
Kawasaki Heavy Industries ................................. 78,000 307,701
Kawasaki Kisen ............................................ 122,000 211,339
Kurita Water Industries ................................... 30,000 633,071
Kyocera Corp. ADR ......................................... 3,000 361,500
Kyocera Corp. ............................................. 24,100 1,442,205
Minebea Co., Ltd. ......................................... 118,000 984,882
Mitsubishi Corp. .......................................... 121,000 1,133,780
Mitsubishi Chemical Corp. ................................. 133,000 447,173
Murata Manufacturing Co., Ltd. ............................ 18,000 670,394
NEC Corp. ................................................. 98,000 1,196,063
Nichiei Co., Ltd. ......................................... 16,400 1,291,339
Nintendo Corp. ............................................ 13,300 964,512
NKK Corp. ................................................. 145,000 312,835
Nippon Telegraph & Telephone Corp. ........................ 122 859,764
Nikon Corp. ............................................... 149,000 2,135,276
Nomura Securities Co., Ltd. ............................... 89,000 995,118
Rohm Co. Ltd. ............................................. 20,000 1,524,409
Sankyo Co., Ltd. .......................................... 45,500 1,218,110
Sekisui House Ltd. ........................................ 127,000 1,130,000
Shiseido Co. .............................................. 96,000 1,375,748
Soft Bank Corp. ........................................... 13,286 779,376
Sony Corp. ................................................ 20,200 1,469,669
Sumitomo Bank ............................................. 150,000 1,712,598
Sumitomo Realty & Development ............................. 158,000 1,120,929
Suzuki Motor Corp. ........................................ 101,000 1,073,622
Tokyo Electron Ltd. ....................................... 63,400 2,446,142
Toyota Motor Corp. ........................................ 31,000 898,268
Yasuda Fire & Marine Insurance ............................ 129,000 597,260
Wako Securities ........................................... 158,000 740,236
------------
44,384,341
------------
KOREA - 0.6%
Samsung Electronics GDP ................................... 24,000 1,128,000
------------

MALAYSIA - 1.7%
Edaran Otomobil Berhard ................................... 100,000 944,110
New Straits Times Press Berhard ........................... 127,000 708,282
Renong Berhad ............................................. 256,000 350,811
Sime Darby Berhad ......................................... 361,000 1,114,508
------------
3,117,711
------------
MEXICO - 1.9%
Grupo Financiero Banamex Series "L" Shares ................ 55,337 110,751
Grupo Financieri Banamex Accival series "B" NPV ........... 261,800 560,871
Panamerican Beverages, Inc. Class A ....................... 40,000 1,160,000
Telefonos De Mexico ADR ................................... 37,900 1,568,113
------------
3,399,735
------------
NETHERLANDS - 3.9%
Aegon NV .................................................. 16,500 1,169,582
ASM Lithography Holding NV ................................ 17,000 1,270,514
KON AHOLD NV .............................................. 23,000 1,571,256
Philips Electronics NV .................................... 40,100 2,094,753
Philips Electronics NV ADR ................................ 18,000 963,000
------------
7,069,105
------------
NEW ZEALAND - 0.4%
Telecom New Zealand ....................................... 149,000 667,928
------------

NORWAY - 1.3%
Norsk Hydro ASA ........................................... 20,000 974,733
Orkla AS A-AKSJER ......................................... 17,000 1,425,441
------------
2,400,174
------------
PERU - 0.6%
Telefonica Del Peru ADR ................................... 45,000 1,080,000
------------

PHILIPPINES - 0.1%
Philippine Long Distance Tel ADR .......................... 4,000 223,000
------------
PORTUGAL - 0.9%
Portugal Telecom S.A. ADR ................................. 43,800 1,620,600
------------

SINGAPORE - 0.8%
City Developments ......................................... 35,000 282,862
Singapore Press Holdings Ltd. ............................. 62,400 1,155,156
------------
1,438,018
------------
SPAIN - 2.3%
Banco Santander ........................................... 17,400 1,311,228
Corporacion Mapfre New ESB 500 ............................ 338 17,251
Corporacion Mapfre ESB 500 ................................ 9,000 471,672
Telefonica De Espana ...................................... 95,900 2,460,406
------------
4,260,557
------------
SWEDEN - 6.1%
ABB Ab-A .................................................. 127,000 1,545,278
AGA AB B Free ............................................. 34,100 445,326
Astra AB A Shares ADR ..................................... 12,000 492,000
Astra AB A-F .............................................. 62,900 2,572,499
Atlas Copco AB-Ser "B" Free ............................... 40,000 991,241
Autoliv AB ................................................ 11,450 416,496
Ericsson AB B Free ........................................ 53,660 1,695,516
Ericsson LM Telephone ADR ................................. 7,000 235,375
Hennes & Mauritz AB A-F ................................... 8,500 1,229,177
Incentive AB-B ............................................ 12,000 787,387
Volvo Aktiebolag B Free ................................... 26,500 666,826
------------
11,077,121
------------
SWITZERLAND - 5.2%
Asea Brown Boverei AG A Inhaber ........................... 950 1,151,222
Asea Brown Boverei AG-REG New ............................. 425 99,109
Baloise Holdings .......................................... 343 724,189
Credit Suisse Holdings Group, Reg ......................... 12,005 1,352,906
Holderbank Finan Glaris Bearer ............................ 1,630 1,269,253
Nestle .................................................... 1,489 1,809,443
Novartis AG Reg ........................................... 1,794 2,365,206
Swiss Air-Reg ............................................. 900 788,187
------------
9,559,515
------------
TAIWAN - 1.2%
ACER Inc GDR .............................................. 105,980 1,345,946
China Steel Corp. GDR ..................................... 35,000 786,625
------------
2,132,571
------------
THAILAND - 0.2%
Bangkok Bank Co., Ltd. .................................... 45,000 416,762
------------

UNITED KINGDOM - 10.8%
Bank Of Scotland .......................................... 396,800 2,384,145
BAT Industries Plc ........................................ 95,200 805,441
BICC Plc .................................................. 120,090 449,508
BOC Group ................................................. 10,000 153,540
British Petroleum Plc ..................................... 46,000 528,872
British Petroleum Plc ADR ................................. 4,700 646,838
British Sky Broadcasting Plc .............................. 29,800 275,110
Commercial Union Plc ...................................... 80,000 886,649
Electrocomponents Plc ..................................... 95,000 609,368
English China Clays Plc ................................... 189,000 635,318
HSBC Holdings Plc ......................................... 59,300 1,560,016
Laporte Plc ............................................... 80,000 863,265
Lloyds TSB Group Plc ...................................... 190,000 1,740,171
Morgan Crucible Company Plc ............................... 151,800 1,069,845
National Westminister Bank Plc ............................ 120,000 1,422,536
Reckitt and Colman Plc .................................... 129,390 1,759,725
Reuters Holdings Plc ...................................... 80,000 824,292
Shell Transport & Trading ADR ............................. 3,400 361,675
Shell Transport & Trading Plc ............................. 33,000 584,117
Zeneca Group Plc .......................................... 71,000 2,143,946
Zeneca Group Plc ADR ...................................... 300 27,113
------------
19,731,489
------------
TOTAL COMMON STOCK (COST $149,810,372) .................... 170,567,490
------------

RIGHTS - 0.0%
MALAYSIA
Renong Berhad Warrants Issue 5/22/96 Exp 11/21/00 ......... 32,000 17,592
Renong Berhad 4% ICULS 2001 Convertible ................... 51,200 18,152
------------
TOTAL RIGHTS (COST $29,171) ............................... 35,744
------------

PREFERRED STOCK - 0.1%
CANADA
INCO Ltd Series E 5.5% Convertible
(COST $133,480) ......................................... 2,639 132,940
------------

PRINCIPAL
AMOUNT
---------
LONG TERM CORPORATE DEBT - 0.8%
JAPAN
Fujitsu Ltd. Convertible Ser 81.9% DTD 12/22/94
Due 3/29/03 ............................................. JPY 15,000,000 157,559
Fujitsu Ltd. Convertible Ser 102% DTD 12/22/94
Due 3/31/04 ............................................. JPY 19,000,000 199,724
Fujitsu Ltd. Convertible Ser 91.95% DTD 12/22/94
Due 3/31/03 ............................................. JPY 31,000,000 325,134
Sankyo Co. Ltd. 0.70% DTD 3/31/94 Due 3/30/01 ............. JPY 35,000,000 422,756
Sumitomo Bank Intl Fin NV 0.75% DTD 6/26/96
Due 5/31/01 ............................................. JPY 50,000,000 420,512
------------
TOTAL LONG TERM CORPORATE DEBT
(COST $1,486,193) ....................................... 1,525,685
------------

SHARES
------
SHORT TERM INVESTMENTS - 5.5%
Investors Cash Reserve Fund ............................... 10,109,356 10,109,356
------------
TOTAL INVESTMENTS - 99.8%
Identified Cost ($161,568,572)(a) ....................... 182,371,215

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2% 369,185
------------
TOTAL NET ASSETS - 100.0% ................................. $182,740,400
============
- -------------------------------------------------------------------------------------------------
ADR = American depository receipt GDR = Global depositary receipt
ADS = American depository share JPT = Japanese Yen

(a) For Federal income tax purposes, the cost of securities owned at April 30, 1997 was
substantially the same as the cost of securities for financial statement purposes.
</TABLE>

<PAGE>

REPUBLIC INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
APRIL 30, 1997
SCHEDULE OF OPEN FORWARD FOREIGN CURRENCY CONTRACTS (CONTINUED)

<TABLE>
<CAPTION>
PRINCIPAL NET
VALUE UNREALIZED
EXPIRATION LOCAL VALUE APPRECIATION/
DATE CONTRACT TO DELIVER CURRENCY COST U.S.$ (NOTE 2) (DEPRECIATION)
- ---------- ------------------- --------- ---------- -------- --------------
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS TO BUY:
<S> <C> <C> <C> <C> <C>
05/05/97 Australian Dollar 156,638 122,270 $ 122,191 $ (79)
05/06/97 Australian Dollar 84,971 66,419 66,287 (132)
05/06/97 Australian Dollar 143,255 112,007 111,756 (251)
05/30/97 Swiss Franc 4,760 3,242 3,258 16
06/30/97 Swiss Franc 526,158 368,277 361,350 (6,927)
05/12/97 German Deutsche Mark 606,991 360,596 351,545 (9,051)
06/06/97 German Deutsche Mark 790,823 475,111 459,785 (15,326)
05/12/97 French Franc 954,533 168,283 163,969 (4,314)
05/07/97 Great British Pound 93,149 151,218 151,433 215
08/18/97 Great British Pound 548,378 899,888 893,464 (6,424)
05/01/97 Japanese Yen 13,718,326 108,703 108,039 (664)
05/01/97 Japanese Yen 6,341,375 50,058 49,942 (116)
05/02/97 Japanese Yen 3,662,671 28,879 28,851 (28)
05/02/97 Japanese Yen 9,478,500 74,722 74,662 (60)
05/02/97 Japanese Yen 2,722,941 21,512 21,449 (63)
05/02/97 Japanese Yen 8,445,333 66,613 66,524 (89)
05/19/97 Japanese Yen 9,900,000 96,126 78,234 (17,892)
05/19/97 Japanese Yen 9,943,200 89,417 78,576 (10,841)
05/30/97 Japanese Yen 21,500,000 206,890 170,259 (36,631)
05/30/97 Japanese Yen 21,546,000 178,568 170,623 (7,945)
05/30/97 Japanese Yen 21,547,750 178,464 170,637 (7,827)
06/06/97 Japanese Yen 108,348,379 895,945 858,861 (37,084)
06/10/97 Japanese Yen 44,287,510 364,746 351,259 (13,487)
10/31/97 Japanese Yen 56,453,000 478,456 457,776 (20,680)
05/05/97 Netherlands Guilder 660,513 338,985 339,601 614
06/06/97 Norwegian Krone 1,561,838 230,632 220,440 (10,192)
--------- ---------- -----------
6,136,027 $5,930,770 $ (205,257)
--------- ---------- -----------
</TABLE>

REPUBLIC INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
APRIL 30, 1997
SCHEDULE OF OPEN FORWARD FOREIGN CURRENCY CONTRACTS (CONTINUED)

<TABLE>
<CAPTION>
PRINCIPAL NET
VALUE UNREALIZED
EXPIRATION LOCAL VALUE APPRECIATION/
DATE CONTRACT TO DELIVER CURRENCY COST U.S.$ (NOTE 2) (DEPRECIATION)
---------- ------------------- --------- ---------- -------- --------------
<S> <C> <C> <C> <C> <C>
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS TO SELL:
05/27/97 Swiss Franc 406,698 279,000 $ 278,165 $ 835
06/30/97 Swiss Franc 526,158 362,493 361,350 1,143
05/12/97 German Deutsche Mark 606,991 365,000 351,545 13,455
05/14/97 German Deutsche Mark 569,318 339,790 329,849 9,941
05/27/97 German Deutsche Mark 361,080 215,000 209,709 5,291
06/06/97 German Deutsche Mark 790,823 464,000 459,785 4,215
05/12/97 French Franc 954,533 170,000 163,969 6,031
05/27/97 French Franc 1,671,795 295,000 287,865 7,135
05/21/97 British Pound 663,746 1,068,000 1,081,471 (13,471)
05/27/97 British Pound 405,139 660,530 682,979 (22,449)
08/18/97 British Pound 548,378 885,000 893,464 (8,464)
11/14/97 Hong Kong Dollar 2,837,328 365,000 365,965 (965)
05/19/97 Japanese Yen 19,843,200 195,000 156,810 38,190
05/30/97 Japanese Yen 64,593,750 625,000 511,518 113,482
06/06/97 Japanese Yen 108,348,379 899,000 858,861 40,139
06/10/97 Japanese Yen 44,287,510 370,142 351,259 18,883
10/31/97 Japanese Yen 112,906,374 1,038,000 915,555 122,445
06/06/97 Norwegian Krone 1,561,838 225,000 220,440 4,560
05/05/97 Swedish Krona 1,218,189 155,500 155,310 190
06/06/97 Swedish Krona 2,837,456 370,000 363,057 6,943
--------- ---------- -----------
9,346,455 $8,998,926 $ 347,529
--------- ---------- -----------

NET UNREALISED APPRECIATION ON OPEN FORWARD
FOREIGN CURRENCY CONTRACTS ............................................................... $ 142,272
==========
</TABLE>
<PAGE>

REPUBLIC INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
APRIL 30, 1997
INDUSTRY DIVERSIFICATION (UNAUDITED)

PERCENT OF
PORTFOLIO
----------
Energy ........................................................... 3.7%
Electric & Gas ................................................... 0.9%
Building Materials & Components .................................. 0.7%
Chemicals ........................................................ 1.0%
Metals: Nonferous ................................................ 3.4%
Metals: Steel .................................................... 1.4%
Miscellaneous Materials & Commodities ............................ 0.3%
Aerospace & Military Technology .................................. 0.2%
Construction & Housing ........................................... 1.4%
Data Processing & Reproduction ................................... 1.1%
Electrical & Electronics ......................................... 6.0%
Electronic Components ............................................ 3.2%
Electronic Instruments ........................................... 2.3%
Industrial Components ............................................ 3.0%
Machinery & Engineering .......................................... 3.7%
Appliances & Household Durables .................................. 3.1%
Automobiles ...................................................... 5.1%
Beverages & Tobacco .............................................. 2.5%
Food & Household Products ........................................ 2.0%
Health & Personal Care ........................................... 6.8%
Recreation, Other Consumer Products .............................. 1.1%
Broadcasting & Publishing ........................................ 4.0%
Business & Public Services ....................................... 1.2%
Merchandising .................................................... 2.3%
Telecommunications ............................................... 9.7%
Transportation: Airlines ......................................... 1.0%
Transportation: Rail & Road ...................................... 0.7%
Transportation: Shipping ......................................... 0.1%
Wholesale & International Trade .................................. 0.6%
Finance .......................................................... 10.2%
Financial Services ............................................... 2.2%
Insurance ........................................................ 3.0%
Real Estate ...................................................... 0.8%
Multi-Industry ................................................... 5.2%
------

94.1%
Cash & Equivalent Investments .................................... 5.9%
------

100.0%
=====

See notes to financial statements.
<PAGE>

REPUBLIC SMALL CAP EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
APRIL 30, 1997

<TABLE>
<CAPTION>
VALUE
SECURITY DESCRIPTION SHARES (NOTE 2)
- -------------------- ------ --------
<S> <C> <C>
COMMON STOCKS - 91.3%
AGRICULTURAL PRODUCTS - 0.5%
AGCO Corp. ................................................... 32,080 $ 830,070
------------

AIRLINES - 0.3%
Atlas Air, Inc.* ............................................. 15,600 429,000
------------

APPAREL & TEXTILES - 0.6%
NineWest Group, Inc.* ........................................ 23,730 940,301
------------

BANKS & CREDIT COMPANIES - 0.2%
TCF Financial Corp. .......................................... 6,600 269,775
------------

BROADCASTING - 5.8%
American Radio Systems Corp.* ................................ 39,785 1,163,711
Clear Channel Communications ................................. 33,800 1,639,300
Cox Radio, Inc. Class A* ..................................... 600 12,150
Emmis Broadcasting Corp. Class A* ............................ 8,000 280,000
Heftel Broadcasting Corp.* ................................... 7,700 385,000
Heritage Media Corp. ......................................... 135,775 2,477,893
Jacor Communications, Inc. ................................... 39,425 1,108,827
Lin Television Corp.* ........................................ 40,955 1,694,512
------------
8,761,393
------------
BUILDING - 0.8%
Newport News Shipbuilding .................................... 83,800 1,257,000
------------

BUSINESS MACHINES - 2.0%
Affiliated Computer Services ................................. 119,390 3,104,140
------------

BUSINESS SERVICES - 13.9%
Accustaff, Inc. .............................................. 77,364 1,411,892
ADT Ltd. ..................................................... 114,500 3,134,437
America Online, Inc. ......................................... 9,600 433,200
American List Corp. .......................................... 12,870 297,619
BDM International, Inc. ...................................... 17,560 408,270
BISYS Group, Inc.*,+ ......................................... 26,725 855,200
Claremont Technology Group* .................................. 36,500 492,750
Computer Sciences Corp. ...................................... 10,760 672,500
Danka Business Systems Plc ADR ............................... 45,895 1,402,665
Dendrite International, Inc.* ................................ 7,062 59,144
DST Systems, Inc.* ........................................... 32,330 917,364
Equity Corporation International ............................. 18,685 401,728
Fine Host Corp.* ............................................. 28,200 712,050
Fiserv, Inc. Corp. ........................................... 38,850 1,466,587
Franklin Quest Co.* .......................................... 17,400 367,575
Global Directmail Corp.* ..................................... 26,150 460,894
HPR, Inc. .................................................... 8,200 115,825
Interim Services, Inc.* ...................................... 54,012 2,092,964
May & Speh, Inc.* ............................................ 52,100 384,238
Moneygram Payment Systems* ................................... 65,400 637,650
National Processing, Inc.* ................................... 57,800 404,600
PMT Services ................................................. 46,800 555,750
Renaissance Solutions, Inc.* ................................. 5,500 119,625
Rural/Metro Corp.* ........................................... 7,955 228,706
SPS Transaction Services Corp. ............................... 49,890 898,020
Superior Consultant Holdings* ................................ 15,700 361,100
Technology Solutions Company ................................. 34,800 917,850
Transaction Systems Architects Inc. Class A .................. 19,535 586,050
Walsh International* ......................................... 38,880 340,200
------------
21,136,453
------------
CELLULAR PHONES - 0.2%
Corecomm, Inc ................................................ 17,295 252,939
------------

COMPUTER & OFFICE EQUIPMENT - 1.4%
BT Office Products International ............................. 17,335 132,179
Ceridian Corp. ............................................... 16,400 547,350
Corporate Express, Inc. ...................................... 62,600 626,000
Viking Products, Inc. ........................................ 55,400 754,825
------------
2,060,354
------------
COMPUTER SOFTWARE - PC - 1.2%
Apex PC Solutions* ........................................... 32,600 224,125
Intuit, Inc. ................................................. 9,400 207,975
Quantum Corp. ................................................ 16,100 671,169
Spectrum Holobyte, Inc.* ..................................... 60,495 370,532
Symantec Corp. ............................................... 29,120 418,600
------------
1,892,401
------------
COMPUTER SOFTWARE & SERVICES - 14.9%
Acxiom Corp. ................................................. 15,600 204,750
Adobe Systems, Inc. .......................................... 46,315 1,812,073
American Business Information ................................ 44,145 838,755
Black Box Corp. .............................................. 16,100 380,363
BMC Software, Inc. ........................................... 14,220 615,015
Cadence Design Systems, Inc. ................................. 158,913 5,085,215
Catalyst International, Inc.* ................................ 23,250 58,125
Clarify, Inc. ................................................ 42,800 366,475
Cognos, Inc. ................................................. 29,570 750,339
Compuware Corp. .............................................. 58,400 2,204,600
Control Data Systems, Inc. ................................... 82,955 1,099,153
Enterprise Systems, Inc.* .................................... 11,500 267,375
HNC Software ................................................. 21,300 564,450
Information Resources, Inc. .................................. 14,500 192,125
Intelligroup, Inc.* .......................................... 9,400 92,825
JDA Software Group, Inc.* .................................... 12,700 320,675
Mecon, Inc.* ................................................. 24,000 84,000
Metromail Corp.* ............................................. 33,800 663,325
Premier Research Worldwide* .................................. 3,900 37,538
Pure Atria Corp.* ............................................ 25,500 248,625
SCB Computer Technology, Inc.* ............................... 8,180 143,150
Simulation Sciences, Inc.* ................................... 27,800 283,213
Sterling Software Inc. ....................................... 59,900 1,826,950
Sybase, Inc. ................................................. 35,946 530,204
Synopsys, Inc. ............................................... 74,828 2,385,142
System Software Association, Inc. ............................ 60,145 323,279
USCS International, Inc.* .................................... 89,400 1,475,100
Xionics Document Tech, Inc.* ................................. 33,200 385,950
------------
23,238,789
------------
CONSTRUCTION SERVICES - 0.1%
Barnett, Inc.* ............................................... 6,435 119,048
------------

CONSUMER GOODS & SERVICES - 1.5%
Alternative Resources Corp. .................................. 61,270 888,415
Blyth Industries, Inc. ....................................... 12,150 479,925
Meta Group, Inc.* ............................................ 15,280 259,760
USA Detergents, Inc. ......................................... 8,900 101,238
US Rentals, Inc.* ............................................ 25,600 486,400
------------
2,215,738
------------

CONTAINERS - 0.3%
Aptargroup, Inc. ............................................. 10,700 428,000
------------

ELECTRONICS - 2.6%
Actel Corp.* ................................................. 45,800 818,675
Belden, Inc. ................................................. 22,345 687,109
Lattice Semiconductor ........................................ 11,600 648,150
Microchip Technology, Inc. ................................... 30,882 965,063
Sierra Semiconductor ......................................... 46,900 791,438
------------
3,910,435
------------

ELECTRICAL EQUIPMENT - 6.0%
Altera Corp. ................................................. 12,120 600,698
Analog Devices ............................................... 120,640 3,227,119
Burr-Brown Corp. ............................................. 33,262 981,229
Cooper & Chyan Technology* ................................... 19,200 465,600
Dupont Photomasks, Inc.* ..................................... 11,315 541,706
Kulicke & Soffa Industries ................................... 23,400 653,738
LSI Logic Corp. .............................................. 10,130 387,473
Phototronics Inc. ............................................ 19,600 678,650
Ultratech Stepper, Inc. ...................................... 52,800 947,100
VLSI Technology, Inc.* ....................................... 31,100 618,113
------------
9,101,426
------------

FINANCIAL SERVICES - 3.8%
Advanta Corp. Class B ........................................ 13,240 294,590
BA Merchant Services, Inc. Class A* .......................... 26,200 366,800
Franklin Resources, Inc. ..................................... 62,230 3,679,348
PHH Corp. .................................................... 28,700 1,391,949
------------
5,732,687
------------

FOOD & BEVERAGE PRODUCTS - 0.8%
Buffetts, Inc. ............................................... 71,094 542,092
Smiths Food & Drug Centers Class B ........................... 12,700 425,450
Suiza Foods Corp.* ........................................... 9,100 260,488
------------
1,228,030
------------

INSURANCE - 2.6%
Equitable of Iowa Companies .................................. 49,700 2,429,087
Penncorp Financial Group, Inc. ............................... 19,800 680,625
Reliastar Financial Corp. .................................... 3,200 193,600
Security Connecticut Corp. ................................... 13,100 604,238
------------
3,907,550
------------

MACHINERY - 0.6%
Greenfield Industries, Inc. .................................. 35,600 725,350
Special Devices, Inc.* ....................................... 7,600 120,650
------------
846,000
------------
MEDICAL & HEALTH PRODUCTS - 0.4%
KOS Pharmaceuticals, Inc.* ................................... 12,700 285,750
Transition Systems, Inc.* .................................... 17,600 211,200
Uromed Corp.* ................................................ 13,635 52,836
------------
549,786
------------
MEDICAL, HEALTH TECHNOLOGY & SERVICES - 12.4%
Amerisource Health Corp. ..................................... 15,300 682,763
Apache Medical Systems, Inc.* ................................ 7,200 36,000
Cardinal Health, Inc. ........................................ 9,062 482,552
Compdent Corp.* .............................................. 51,995 838,419
CRA Managed Care, Inc.* ...................................... 6,200 218,550
Foundation Health Systems* ................................... 1 14
FPA Medical Management, Inc. ................................. 15,400 250,250
Genesis Health Ventures, Inc. ................................ 24,715 738,361
HCIA, Inc.* .................................................. 63,700 1,313,812
Healthsouth Corp. ............................................ 57,608 1,137,757
Health Management Associates Class A ......................... 65,916 1,763,252
Healthsource, Inc. ........................................... 18,000 378,000
Hologic, Inc. ................................................ 8,600 178,450
Horizon/CMS Healthcare Corp.* ................................ 80,500 1,277,937
IDX Systems Corp.* ........................................... 20,200 600,950
Integrated Living Communities* ............................... 17,300 129,750
Lincare Holdings, Inc. ....................................... 27,265 1,070,150
Orthodonic Centers of America ................................ 7,800 93,600
Pacificare Health Systems Class A ............................ 19,875 1,525,406
Pacificare Health Systems Class B* ........................... 1,190 95,498
Pediatric Services of America* ............................... 37,260 628,763
Physician Sales & Service .................................... 18,245 264,553
Quorum Health Group, Inc.* ................................... 17,200 535,350
Regency Health Services Inc.* ................................ 27,450 288,225
Renal Treatment Centers, Inc. ................................ 10,400 224,900
Safeguard Health Enterprises* ................................ 14,750 184,375
Schein Henry, Inc.* .......................................... 5,400 149,850
Steris Corp. ................................................. 12,500 409,375
St. Jude Medical, Inc. ....................................... 23,795 773,338
Trigon Healthcare, Inc.* ..................................... 8,200 155,800
Vivra, Inc. .................................................. 93,090 2,408,704
------------
18,834,704
------------
METALS AND MINERALS - 0.2%
Titanium Metals Corp.* ....................................... 10,400 269,100
------------

NON RETAIL STORES - 0.3%
Micro Warehouse, Inc. ........................................ 29,080 501,630
------------

OIL SERVICES - 1.2%
Global Industries Ltd. ....................................... 43,400 911,400
National-Oilwell, Inc.* ...................................... 7,700 299,338
Weatherford Enterra, Inc. .................................... 18,500 587,375
------------
1,798,113
------------
OIL - 0.2%
Barrett Resources Corp. ...................................... 9,310 304,903
------------

POLLUTION CONTROL - 0.3%
U.S.A Waste Services, Inc.* .................................. 15,746 515,682
------------

PRINTING & PUBLISHING - 0.9%
Harte Hanks Communications ................................... 19,300 525,925
Pulitzer Publishing Co. ...................................... 17,162 770,145
------------
1,296,070
------------
RAILROAD - 0.4%
Wisconsin Central Transport .................................. 17,035 557,896
------------

REAL ESTATE - 0.1%
Kilroy Realty Corp.* ......................................... 4,400 103,400
------------

RESTAURANTS, LODGING & HOSPITALITY - 5.7%
Applebee's International, Inc. ............................... 32,345 756,065
Capstar Hotel Co.* ........................................... 35,800 1,015,825
Doubletree Corp.* ............................................ 12,040 505,680
Harrah's Entertainment, Inc. ................................. 53,765 860,240
HFS, Inc. .................................................... 20,375 1,207,219
Mirage Resorts, Inc. ......................................... 14,095 283,662
Outback Steakhouse, Inc. ..................................... 23,985 470,706
Prime Hospitality Corp. ...................................... 71,600 1,190,350
Promus Hotel Corp.* .......................................... 16,985 598,721
Rio Hotel and Casino, Inc.* .................................. 7,570 105,034
Sholodge, Inc. ............................................... 12,700 139,700
Sonic Corp. .................................................. 28,485 377,426
TaCo Cabana Class A .......................................... 21,420 101,745
Wyndham Hotel Corp.* ......................................... 36,150 998,644
------------
8,611,017
------------
RETAIL STORES - 5.3%
Anntaylor Stores Corp.* ...................................... 36,900 894,825
Dollar General Corp. ......................................... 45,219 1,430,043
General Nutrition Companies .................................. 62,400 1,341,600
Gymboree Corp. ............................................... 36,695 1,015,993
Mazel Stores, Inc.* .......................................... 20,800 301,600
Petco Animal Supplies, Inc. .................................. 15,300 327,038
Rite Aid Corp. ............................................... 52,699 2,424,165
Talbots, Inc. ................................................ 13,700 369,900
------------
8,105,164
------------
SPECIAL PRODUCTS & SERVICES - 0.5%
Catalina Marketing Corp. ..................................... 14,000 441,000
Central Parking Corp. ........................................ 9,770 268,675
------------
709,675
------------
TELECOMMUNICATIONS - 2.4%
Adtran, Inc. ................................................. 14,800 438,450
Cabletron Systems, Inc. ...................................... 31,390 1,082,955
Cable Design Technologies .................................... 37,165 701,489
Glenayre Technologies, Inc. .................................. 68,500 676,438
Proxim, Inc.* ................................................ 13,700 275,713
Transaction Network Services ................................. 40,700 457,875
VDI Media* ................................................... 14,000 87,500
------------
3,720,420
------------
OTHER - 0.9%
Student Loan Corp. ........................................... 36,300 1,311,338
------------
TOTAL COMMON STOCKS (COST $140,121,875) ...................... 138,850,427
------------

U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.8%
FHLB Disc Corp., due 05/01/97, 5.28% ......................... 3,600,000 3,600,000
Federal Home Loan Mortgage Corp., due 05/13/97, 5.355% ....... 3,300,000 3,294,110
Federal Home Loan Mortgage Corp., due 05/19/97, 5.35% ........ 3,300,000 3,291,173
FNMA, due 05/23/97, 5.35% .................................... 3,200,000 3,189,538
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $13,374,819) ......................................... 13,374,821
------------
TOTAL INVESTMENTS - 100.1%
(Identified Cost $155,352,980)(a) .......................... 152,225,248

OTHER LIABILITIES IN EXCESS OF ASSETS - (0.1)% (135,183)
------------
TOTAL NET ASSETS - 100.0% .................................... $152,090,065
============
- ------------------------------------------------------------------------------------------------
* - Non-Income Producing Security.
+ - Affiliated Company.
ADR - American Depository Receipt.
(a) For Federal income tax purposes, the cost of securities owned at April 30, 1997 was
substantially the same as the cost of securities for financial statement purposes.
</TABLE>
See notes to financial statements.
<PAGE>

REPUBLIC PORTFOLIOS
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
APRIL 30, 1997
<TABLE>
<CAPTION>
FIXED INTERNATIONAL SMALL CAP
INCOME EQUITY EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------- ------------
<S> <C> <C> <C>
ASSETS:
Investments in securities, at value (cost
$111,562,469, $161,568,572, and
$155,352,980, respectively) .................. $111,245,749 $182,371,215 $152,225,248
Receivable for investments sold ................ 5,803,842 388,236 1,000,758
Interest receivable ............................ 895,111 34,476 --
Dividends receivable ........................... -- 832,926 9,241
Cash ........................................... 123,888 766,223 5,794
Unrealized appreciation on open forward
foreign currency contracts ................... 87,103 393,726 --
Unamortized organization expenses .............. 36,780 36,672 14,263
Prepaid expenses ............................... 1,400 12,108 13,756
------------ ------------ ------------
Total Assets ..................................... 118,193,873 184,835,582 153,269,060
------------ ------------ ------------

LIABILITIES:
Payable for investments purchased .............. 22,805,992 1,741,653 1,068,845
Variation margin payable on futures
contracts .................................... 14,313 -- --
Unrealized depreciation on open forward
foreign currency contracts ................... 862 251,454 --
Sub-advisory fees payable ...................... 24,093 72,620 78,535
Audit fees payable ............................. 9,019 9,019 9,019
Custodian fees payable ......................... 5,360 6,236 5,737
Administration fees payable .................... 3,795 7,251 8,424
Fund accounting fees payable ................... 3,213 3,964 6,720
Other accrued expenses ......................... 1,343 2,985 1,715
------------ ------------ ------------
Total Liabilities ................................ 22,867,990 2,095,182 1,178,995
------------ ------------ ------------
NET ASSETS:
Applicable to investors' beneficial interest ... $ 95,325,883 $182,740,400 $152,090,065
============ ============ ============

See notes to financial statements.

</TABLE>

<PAGE>

REPUBLIC PORTFOLIOS
STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED APRIL 30, 1997

<TABLE>
<CAPTION>
FIXED INTERNATIONAL SMALL CAP
INCOME EQUITY EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- --------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest income .................................... $2,554,669 $ 258,172 $ 326,435
Dividend income (net of foreign withholding tax
of $0, $240,808 and $143, respectively) .......... 20,262 1,360,231 116,872
---------- ----------- -----------
Total investment income .............................. 2,574,931 1,618,403 443,307
---------- ----------- -----------
EXPENSES:
Investment manager and sub-advisory fees ........... 204,000 582,616 644,842
Administration fees ................................ 19,227 39,484 35,744
Fund accounting fees ............................... 20,000 25,000 25,000
Custodian fees and expenses ........................ 25,858 87,793 32,668
Audit fees ......................................... 9,019 9,019 9,019
Amortization of organization expenses .............. 6,697 6,757 5,738
Legal fees ......................................... 8,077 16,669 15,616
Trustees' fees ..................................... 2,353 5,068 4,887
Insurance expense .................................. 1,448 3,077 2,926
Other expenses ..................................... 9,930 15,051 9,704
---------- ----------- -----------
Total expenses ................................. 306,609 790,534 786,144
Voluntary fee reductions ....................... (76,892) (197,417) (178,721)
---------- ----------- -----------
Total net expenses ............................. 229,717 593,117 607,423
---------- ----------- -----------
Net Investment Income ................................ 2,345,214 1,025,286 (164,116)
---------- ----------- -----------
NET REALIZED/UNREALIZED GAINS (LOSSES) ON
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gains (losses) on:
Investment transactions .......................... 945,817 2,644,944 4,096,584
Foreign currency transactions .................... (188,338) 768,299 --
Futures .......................................... (124,404) -- --
Net unrealized appreciation (depreciation) on
investments ...................................... (1,054,237) 11,886,864 (6,158,173)
Net unrealized appreciation (depreciation) on
foreign currency contracts and translations ...... 6,317 (52,626) --
Net unrealized depreciation on futures contracts ... (75,672) -- --
---------- ----------- -----------

Net realized/unrealized gains (losses) on
investments and foreign currency transactions ...... (490,517) 15,247,481 (2,061,589)
---------- ----------- -----------

Net Increase (Decrease) in Net Assets resulting
from Operations .................................... $1,854,697 $16,272,767 $(2,225,705)
========== =========== ===========
</TABLE>

See notes to financial statements.

<PAGE>

REPUBLIC FIXED INCOME PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
APRIL 30, 1997 OCTOBER 31,
(UNAUDITED) 1996
----------------- ----------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income ............................... $ 2,345,214 $ 2,797,404
Net realized gains on investment and foreign currency
transactions ...................................... 633,075 86,604
Net change in unrealized appreciation (depreciation)
on investments and foreign currency transactions .. (1,123,592) 539,871
----------- -----------
Change in net assets resulting from operations ........ 1,854,697 3,423,879
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Contributions ....................................... 36,191,211 35,186,698
Withdrawals ......................................... (6,898,407) (4,454,722)
----------- -----------
Change in net assets from capital share transactions .. 29,292,804 30,731,976
----------- -----------
CHANGE IN NET ASSETS .................................. 31,147,501 34,155,855
NET ASSETS:
Beginning of period ................................. 64,178,382 30,022,527
----------- -----------
End of period ....................................... $95,325,883 $64,178,382
=========== ===========
</TABLE>

See notes to financial statements.

<PAGE>

REPUBLIC INTERNATIONAL EQUITY PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
APRIL 30, 1997 OCTOBER 31,
(UNAUDITED) 1996
-------------- -----------
<S> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income ............................... $ 1,025,286 $ 1,107,451
Net realized gains on investment and foreign currency
transactions ...................................... 3,413,243 2,417,998
Net change in unrealized appreciation on investments
and foreign currency transactions ................. 11,834,238 7,391,200
------------ ------------
Change in net assets resulting from operations ........ 16,272,767 10,916,649
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Contributions ....................................... 43,602,786 90,808,909
Withdrawals ......................................... (12,373,677) (6,415,942)
------------ ------------
Change in net assets from capital share transactions .. 31,229,109 84,392,967
------------ ------------
CHANGE IN NET ASSETS .................................. 47,501,876 95,309,616
NET ASSETS:
Beginning of period ................................. 135,238,524 39,928,908
------------ ------------
End of period ....................................... $182,740,400 $135,238,524
============ ============
</TABLE>

See notes to financial statements.

<PAGE>

REPUBLIC SMALL CAP EQUITY PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE PERIOD
SEPTEMBER 3,
1996
FOR THE SIX (COMMENCEMENT
MONTHS ENDED OF OPERATIONS) TO
APRIL 30, 1997 OCTOBER 31,
(UNAUDITED) 1996
-------------- -----------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment loss ............................ $ (164,116) $ (12,942)
Net realized gains on investment transactions .. 4,096,584 283,247
Net change in unrealized appreciation
(depreciation) on investments ................ (6,158,173) 3,030,441
------------ --------------
Change in net assets resulting from operations ... (2,225,705) 3,300,746
------------ --------------
CAPITAL SHARE TRANSACTIONS:
Contributions .................................. 48,725,229 116,600,020
Withdrawals .................................... (14,310,325) --
------------ --------------
Change in net assets from capital share
transactions ................................... 34,414,904 116,600,020
------------ --------------
CHANGE IN NET ASSETS ............................. 32,189,199 1,199,007,656
NET ASSETS:
Beginning of period ............................ 119,900,866 100
------------ --------------
End of period .................................. $152,090,065 $ 119,900,866
============ ==============
</TABLE>

See notes to financial statements.

<PAGE>

REPUBLIC PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS - APRIL 30, 1997
(UNAUDITED)

1. ORGANIZATION. The Fixed Income Portfolio, International Equity Portfolio and
Small Cap Equity Portfolio (collectively the "Portfolios") are diversified
series of the Republic Portfolios (the "Portfolio Trust"), an open-end
management investment company, which currently has only these three series.
The Portfolio Trust was organized as a master trust fund under the laws of
the State of New York on November 1, 1994. The Declaration of Trust permits
the Trustees to issue an unlimited number of beneficial interests in the
Portfolios.

The investment objective of the Fixed Income Portfolio is to realize
above-average total return over a market cycle of three to five years,
consistent with reasonable risk, through investment in a diversified
portfolio of U.S. Government securities, corporate bonds (including bonds
rated below investment grade commonly referred to as "junk bonds"), foreign
fixed-income securities, mortgage backed securities of domestic issuers and
other fixed-income securities. The Fixed Income Portfolio's average weighted
maturity will ordinarily exceed five years.

The investment objective of the International Equity Portfolio is to
seek long-term growth of capital and future income through investment
primarily in securities of non-U.S. issuers (including American Depository
Receipts ("ADRs") and U.S. registered securities) and securities whose
principal markets are outside of the United States.

The investment objective of the Small Cap Equity Portfolio is to seek
long-term growth of capital by investing primarily in equity securities of
small- and medium-sized companies that are early in their life cycle but
which may have potential to become major enterprises ("emerging growth
companies").

Republic National Bank of New York ("Republic" or the "Manager") serves
as investment manager to the Portfolios. BISYS Fund Services, Inc., ("BISYS")
serves as administrator to the Portfolios.

2. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the
significant accounting policies followed by the Portfolios in the preparation
of their financial statements. The policies are in conformity with U.S.
generally accepted accounting principles. The preparation of financial
statements requires management to make estimates and assumptions that affect
the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.

SECURITIES VALUATION: The net asset value of each Portfolio is determined
each day on which the New York Stock Exchange ("NYSE") is open for trading.
Each Sub-Adviser typically completes its trading on behalf of the Portfolio
in various markets before 4:00 p.m. and the value of the portfolio securities
is determined when the primary market for those securities closes for the
day. Foreign currency exchange rates are also determined prior to 4:00 p.m.,
however, if extraordinary events occur that are expected to affect the value
of a portfolio security after the close of the primary exchange on which it
is traded, the security will be valued at fair value as determined in good
faith under the direction of the Board of Trustees of the Portfolio Trust.

Equity securities are valued at the last reported sales price on the
securities exchange on which such securities are primarily traded or at the
last reported sales price on the NASDAQ National Securities Market on the
date of valuation.

Bonds and other fixed-income securities which are traded
over-the-counter and on a stock exchange will be valued according to the
broadest and most representative market, and it is expected that for bonds
and other fixed income securities this ordinarily will be the
over-the-counter market. Bonds and other fixed income securities (other than
short-term obligations but including listed issues) in the portfolio may be
valued on the basis of valuations furnished by a pricing service, use of
which has been approved by the Board of Trustees of the Portfolio Trust. In
making such valuations, the pricing service utilizes both dealer-supplied
valuations and electronic data processing techniques which take into account
appropriate factors such as institutional-size trading in similar groups of
securities, yield, quality, coupon rate, maturity, type of issue, trading
characteristics and other market data, without exclusive reliance upon quoted
prices or exchange or over-the-counter prices, since such valuations are
believed to reflect more accurately the fair value of such securities.
Short-term debt obligations are valued at amortized cost, which constitutes
fair value as determined by the Board of Trustees of the Portfolio Trust.

Futures contracts are normally valued at the settlement price on the
exchange on which they are traded. Portfolio securities (other than
short-term obligations) for which there are no such valuations are valued at
fair value as determined in good faith under the direction of the Board of
Trustees of the Portfolio Trust.

Bonds and other fixed income securities listed on a foreign exchange are
valued at the last quoted sales price available before the time when assets
are valued.

FOREIGN CURRENCY TRANSLATION:
The accounting records of the Portfolios are maintained in U.S. dollars.
Foreign currency amounts are translated into U.S. dollars at the current rate
of exchange to determine the value of investments, assets and liabilities.
Purchases and sales of securities, and income and expenses are translated at
the prevailing rate of exchange on the respective dates of such transactions.
The Portfolios do not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized gain or loss
from investments.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS:
The Portfolios may enter into forward foreign currency exchange contracts in
connection with planned purchases or sales of securities, or to hedge the
U.S. dollar value of portfolio securities denominated in a particular
currency. The Portfolios could be exposed to risks if the counter-parties to
the contracts are unable to meet the terms of their contracts and from
unanticipated movements in the value of a foreign currency relative to the
U.S. dollar. The forward foreign currency exchange contracts are adjusted by
the daily exchange rate of the underlying currency and any gains or losses
are recorded for financial statement purposes as unrealized gains or losses
until the contract settlement date.

FUTURES:
A futures contract is an agreement to purchase/sell a specified quantity of
an underlying instrument at a specified future date or to make/receive a cash
payment based on the value of a securities index. The price at which the
purchase and sale will take place is fixed when the Portfolio enters into the
contract. Upon entering into such a contract the Fixed Income Portfolio is
required to pledge to the broker an amount of cash and/or securities equal to
the minimum "initial margin" requirements of the exchange. Pursuant to the
contract, the Fixed Income Portfolio agrees to receive from or pay to the
broker an amount of cash equal to the daily fluctuation in value of the
contract. Such receipts or payments are known as "variation margin" and are
recorded by the Fixed Income Portfolio as unrealized gains or losses. When
the contract is closed, the Fixed Income Portfolio records a realized gain or
loss equal to the difference between the value of the contract at the time it
was opened and the value at the time when it was closed. The Fixed Income
Portfolio invests in futures contracts solely for the purpose of hedging its
existing portfolio securities, or securities the Fixed Income Portfolio
intends to purchase, against fluctuations in value caused by changes in
prevailing market interest rates. The use of futures transactions involves
the risk of imperfect correlation in movements in the price of futures
contracts, interest rates and the underlying hedged assets, and the possible
inability of counterparts to meet the terms of their contracts. The summary
of open financial futures contracts at April 30, 1997 is included in the
Fixed Income Portfolio's Schedule of Investments which is included elsewhere
in this report.

SECURITIES TRANSACTIONS AND RELATED INCOME:
Securities transactions are accounted for on a trade date basis. Interest
income, including accretion of discount and amortization of premium, is
accrued daily. Dividend income and other distributions from the portfolio
securities are recorded on the ex-dividend date, except, if the ex- dividend
date has passed, certain dividends from foreign securities are recorded as
the Portfolio is informed of the ex-dividend date. Dividend income is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured. Realized gains and losses on securities transactions are determined
on the identified cost basis.

EXPENSES ALLOCATION:
Expenses incurred by the Portfolio Trust with respect to any two or more
Portfolios in the Trust are allocated in proportion to the net assets of each
Portfolio, except when allocations of direct expenses to each Portfolio can
otherwise be made fairly. Expenses directly attributable to a Portfolio are
charged to that Portfolio.

TAXES:
The Portfolios will be treated as a partnership for U.S. federal income tax
purposes and is therefore not subject to U.S. federal income tax. As such,
each investor in the Portfolios will be taxed on its share of the Portfolio's
ordinary income and capital gains. It is intended that the Portfolios will be
managed in such a way that an investor will be able to satisfy the
requirements of the Internal Revenue Code applicable to regulated investment
companies.

Income received by the Portfolio from sources within foreign countries
may be subject to withholding and other income or similar taxes imposed by
such countries.

UNAMORTIZED ORGANIZATION EXPENSES:
Each Portfolio incurred certain costs in connection with their organization.
Such costs have been deferred and are being amortized on a straight-line
basis over a five year period from the commencement of operations.

3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT MANAGEMENT:
Republic National Bank of New York ("Republic" or the "Manager") serves as
the Investment Manager to the Portfolios pursuant to an Investment Management
Contract with the Portfolio Trust. Subject to the general guidance and the
policies set by the Trustees of the Portfolio Trust, Republic provides
general supervision over the investment management functions performed by the
Sub-Advisers. For its services under the Investment Management Contracts, the
Manager is entitled to receive from the Portfolio, fees payable monthly, at
the annual rate of 0.20% of the Fixed Income Portfolio's average daily net
assets and at the annual rate of 0.25% of each of the International Equity
Portfolio's and Small Cap Equity Portfolio's average daily net assets. For
the six months ended April 30, 1997 the Manager waived these fees for each
Portfolio.

SUB-ADVISORY:
Miller, Anderson & Sherrerd (the "Fixed Income Sub-Adviser") continuously
manages the investment portfolio of the Fixed Income Portfolio pursuant to a
Sub-Advisory Agreement with the Manager. For its services, the Fixed Income
Sub-Adviser is paid a fee by the Fixed Income Portfolio, computed daily and
based on the Fixed Income Portfolio's average daily net assets, equal on an
annual basis to 0.375% of the net assets up to $50 million, 0.25% of the net
assets over $50 million up to $95 million, $300,000 on net assets over $95
million up to $150 million, 0.20% of net assets over $150 million up to $250
million, and 0.15% of net assets over $250 million.

Capital Guardian Trust Company (the "International Equity Sub- Adviser")
continuously manages the investment portfolio of the International Equity
Portfolio pursuant to a Sub-Advisory Agreement with the Manager. For its
services, the International Equity Sub-Adviser is paid a fee by the
International Equity Portfolio, computed daily and based on the International
Equity Portfolio's average daily net assets, equal on an annual basis to
0.70% of the net assets up to $25 million, 0.55% of the net assets over $25
million up to $50 million, 0.425% of net assets over $50 million up to $250
million, and 0.375% of net assets over $250 million.

MFS Institutional Advisors, Inc. (the "Small Cap Equity Sub-Adviser")
continuously manages the investment portfolio of the Small Cap Equity
Portfolio pursuant to a Sub-Advisory Agreement with the Manager. For its
services, the Sub-Adviser is paid a fee by the Small Cap Equity Portfolio,
computed daily and based on the Small Cap Equity Portfolio's average daily
net assets, equal on an annual basis to 0.75% of the net assets up to $50
million and 0.60% of the net assets in excess of $50 million.

It is the responsibility of the Sub-Advisers not only to make investment
decisions for their respective Portfolio, but also to place purchase and sale
orders for the portfolio transactions of their respective Portfolio. For the
six months ended April 30, 1997 the sub- advisory fees for each Portfolio
were as follows:

Fixed Income Portfolio ..................................... $127,108
International Equity Portfolio ............................. 385,199
Small Cap Equity Portfolio ................................. 466,121

ADMINISTRATION:
Pursuant to an Administrative Services Agreement, BISYS Fund Services Ireland
Ltd., ("BISYS") provides the Portfolios with general office facilities, and
supervises the overall administration of the Portfolios including, among
other responsibilities, assisting in the preparation and filing of all
documents required for compliance by the Portfolios with applicable laws and
regulations and arranges for the maintenance of books and records of the
Portfolios. For its services to the Portfolios, BISYS receives from each
Portfolio, fees payable monthly, equal on an annual basis to 0.05% of the
first $1 billion of a Portfolio's average daily assets; 0.04% of the next $1
billion of such assets; and 0.035% of such assets in excess of $2 billion.
For the six months ended April 30, 1997 BISYS earned the following fees as
Administrator for each Portfolio.

Fixed Income Portfolio ...................................... $19,227
International Equity Portfolio .............................. 39,484
Small Cap Equity Portfolio .................................. 35,744

FUND ACCOUNTING:
Pursuant to a Fund Accounting Agreement, Investors Bank and Trust Co.,
("IBT") serves as fund accounting agent to the Portfolios. For its services
to the Fixed Income Portfolio, International Equity Portfolio and Small Cap
Equity Portfolio, IBT receives fees payable monthly equal on an annual basis
to $40,000, $50,000 and $50,000 respectively. For the six months ended April
30, 1997, the following fees were incurred for these services.

Fixed Income Portfolio ...................................... $20,000
International Equity Portfolio .............................. 25,000
Small Cap Equity Portfolio .................................. 25,000

TRUSTEES' FEES:
The fees paid and out-of-pocket expenses reimbursed to the Trustees for the
six months ended April 30, 1997 were as follows:

Fixed Income Portfolio ...................................... $2,353
International Equity Portfolio ............................... 5,068
Small Cap Equity Portfolio ................................... 4,887

4. INVESTMENT TRANSACTIONS. During the six months ended April 30, 1997, each
Portfolio purchased and sold portfolio securities, excluding short- term
securities, in the following amounts:

PURCHASES SALES
--------- -----
Fixed Income Portfolio ............. $216,847,957 $190,791,098
International Equity Portfolio ..... 52,964,000 18,679,551
Small Cap Equity Portfolio ......... 84,172,557 58,852,462

5. CONCENTRATION OF CREDIT RISK. The Fixed Income Portfolio had the following
concentrations by security type at April 30, 1997 (as a percentage of total
investments):

Asset-Backed Securities ...................................... 1.2%
Collateralized Mortgage Obligations .......................... 6.1%
Commercial Paper ............................................. 21.1%
Corporate Bonds .............................................. 12.9%
Foreign Government Obligations ............................... 2.1%
U.S. Government Agency Obligations ........................... 27.0%
U.S. Treasury Obligations .................................... 27.8%
Yankee Bonds ................................................. 1.8%
-----
100.0%
-----

<PAGE>

REPUBLIC FIXED INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE SIX JANUARY 9, 1995
MONTHS ENDED FOR THE (COMMENCEMENT
APRIL 30, 1997 YEAR ENDED OF OPERATIONS) TO
(UNAUDITED) OCTOBER 31, 1996 OCTOBER 31, 1995
-------------- ---------------- -----------------
<S> <C> <C> <C>
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period (000) ... $95,326 $64,178 $30,023
Ratio of expenses to average net
assets ............................ 0.60%(b) 0.67% 0.46%(b)
Ratio of net investment income to
average net assets ................ 6.09%(b) 5.66% 6.04%(b)
Ratio of expenses to average net
assets (a) ........................ 0.80%(b) 0.90% 1.00%(b)
Ratio of net investment income to
average net assets (a) ............ 5.89%(b) 5.43% 5.51%(b)
Portfolio turnover .................. 260.92% 152.00% 100.00%

See notes to financial statements.

<PAGE>

REPUBLIC INTERNATIONAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE SIX JANUARY 9, 1995
MONTHS ENDED FOR THE (COMMENCEMENT
APRIL 30, 1997 YEAR ENDED OF OPERATIONS) TO
(UNAUDITED) OCTOBER 31, 1996 OCTOBER 31, 1995
-------------- ---------------- -----------------
<S> <C> <C> <C>
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period (000) ... $182,740 $135,239 $39,929
Ratio of expenses to average net
assets ............................ 0.75%(b) 0.83% 0.64%(b)
Ratio of net investment income to
average net assets ................ 1.30%(b) 1.14% 1.55%(b)
Ratio of expenses to average net
assets (a) ........................ 1.00%(b) 1.10% 1.39%(b)
Ratio of net investment income to
average net assets (a) ............ 1.05%(b) 0.87% 0.80%(b)
Portfolio turnover .................. 12.48% 23.30% 3.07%
Average commission rate paid (c) .... $0.005 $0.003 --

(a) During the period, certain fees were voluntarily reduced and expenses reimbursed. If such
voluntary fee reductions and expense reimbursements had not occurred, the ratios would have been
as indicated.
(b) Annualized.
(c) Represents the dollar amount of commissions paid on Portfolio transactions divided by the total
number of shares purchased and sold for which commissions were charged.
</TABLE>

See notes to financial statements.

<PAGE>

REPUBLIC SMALL CAP EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE SIX SEPTEMBER 3, 1996
MONTHS ENDED (COMMENCEMENT
APRIL 30, 1997 OF OPERATIONS) TO
(UNAUDITED) OCTOBER 31, 1996
-------------- -----------------
<S> <C> <C>
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period (000) ................. $152,090 $119,901
Ratio of expenses to average net assets ........... 0.85%(b) 0.82%
Ratio of net investment loss to average net assets (0.23)%(b) (0.11)%
Ratio of expenses to average net assets (a) ....... 1.10%(b) 1.10%
Ratio of net investment loss to average net assets
(a) (0.48)%(b) (0.39)%(b)
Portfolio turnover ................................ 44.48% 50.55%
Average commission rate paid (c) .................. $0.057 $0.009

(a) During the period, certain fees were voluntarily reduced. If such voluntary fee reductions and
expense reimbursements had not occurred, the ratios would have been as indicated.
(b) Annualized.
(c) Represents the dollar amount of commissions paid on Portfolio transactions divided by the total
number of shares purchased and sold for which commissions were charged.

See notes to financial statements.
</TABLE>
<PAGE>

REPUBLIC NEW YORK TAX-FREE BOND FUND
REPUBLIC EQUITY FUND
REPUBLIC FIXED INCOME FUND
REPUBLIC INTERNATIONAL EQUITY FUND
REPUBLIC SMALL CAP EQUITY FUND

REPUBLIC FAMILY OF FUNDS: SUB-ADVISERS
CUSTOMER SERVICE REPUBLIC EQUITY FUND
Republic National Bank of New York Alliance Capital Management, L.P.
452 Fifth Avenue 1345 Avenue of the Americas
New York, NY 10018 New York, NY 10105
(800) 782-8183
Brinson Partners, Inc.
INVESTMENT ADVISER 209 South LaSalle Street
Republic National Bank of New York Chicago, IL 60604
452 Fifth Avenue
New York, NY 10018 REPUBLIC FIXED INCOME FUND
Miller Anderson & Sherrerd
ADMINISTRATOR, DISTRIBUTOR AND SPONSOR One Tower Bridge
BISYS Fund Services West Conshohocken, PA 19428
3435 Stelzer Road
Columbus,OH 43219 REPUBLIC INTERNATIONAL EQUITY
Capital Guardian Trust Company
CUSTODIAN AND TRANSFER AGENT 11100 Santa Monica Boulevard
Investors Bank & Trust Company Los Angeles, CA 90025
89 South Street
Boston, MA 02111 REPUBLIC SMALL CAP EQUITY FUND
MFS Institutional Advisors, Inc.
INDEPENDENT AUDITORS 500 Boylston Street
KPMG Peat Marwick LLP Boston, MA 02116
99 High Street
Boston, MA 02110

LEGAL COUNSEL
Dechert Price & Rhoads
1500 K Street, N.W.
Washington, D.C. 20005

RFFAC (6/97)