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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE JOHN SEIBERT
TITLE SUPERVISOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<INTEREST-INCOME> 304393
<OTHER-INCOME> (602504)
<EXPENSES-NET> 196391
<NET-INVESTMENT-INCOME> 717368
<REALIZED-GAINS-CURRENT> 1941290
<APPREC-INCREASE-CURRENT> 5449722
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<DISTRIBUTIONS-OF-INCOME> 790956
<DISTRIBUTIONS-OF-GAINS> 31193
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<SHARES-REINVESTED> 68777
<NET-CHANGE-IN-ASSETS> 62733140
<ACCUMULATED-NII-PRIOR> 65437
<ACCUMULATED-GAINS-PRIOR> 491504
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 216523
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<PER-SHARE-NAV-BEGIN> 10.80
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 1.31
<PER-SHARE-DIVIDEND> .16
<PER-SHARE-DISTRIBUTIONS> .01
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<PER-SHARE-NAV-END> 12.05
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001010296
<NAME> RAFT SMALL CAP EQUITY FUND
<SERIES>
<NUMBER> 03
<NAME> RAFT SMALL CAP EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1996
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<INVESTMENTS-AT-VALUE> 83931180
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</TABLE>
The Board of Trustees
Republic Advisor Funds Trust:
In planning and performing our audit of the financial
statements of Republic Fixed Income Fund, a portfolio
of Republic Advisor Funds Trust, for the year ended
October 31, 1996, we considered its internal control
structure, including procedures for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal
control structure.
The management of Republic Fixed Income Fund is
responsible for establishing and maintaining an internal
control structure. In fulfilling this responsibility,
estimates and judgments by management are required to
assess the expected benefit and related costs of internal
control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance
that assets are safeguarded against loss from unauthorized
use or disposition and that transactions are executed in
accordance with management's authorization and recorded
properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
to future periods is subject to the risks that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal control
structure that might be material weaknesses under
standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in
which the design or operation of the specific internal
control structure elements does not reduce to a relatively
low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being
audited may occur and not be detected within a timely
period by employees in the normal course of performing
their assigned functions. However, we noted no matters
involving the internal control structure, including procedures
for safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1996.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
KPMG Peat Marwick LLP
December 23, 1996
The Board of Trustees
Republic Advisor Funds Trust:
In planning and performing our audit of the financial
statements of Republic International Equity Fund, a
portfolio of Republic Advisor Funds Trust, for the year
ended October 31, 1996, we considered its internal
control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control
structure.
The management of Republic International Equity Fund
is responsible for establishing and maintaining an internal
control structure. In fulfilling this responsibility, estimates
and judgments by management are required to assess the
expected benefit and related costs of internal control
structure policies and procedures. Two of the objectives
of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance
with management's authorization and recorded properly to
permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be detected.
Also, projection of any evaluation of the structure to future
periods is subject to the risks that it may become inadequate
because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which
the design or operation of the specific internal control
structure elements does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be
material in relation to the financial statements being audited
may occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as
defined above as of October 31, 1996.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
KPMG Peat Marwick LLP
December 23, 1996
The Board of Trustees
Republic Advisor Funds Trust:
In planning and performing our audit of the financial
statements of Republic Fixed Income Fund, a portfolio of
Republic Advisor Funds Trust, for the year ended October
31, 1996, we considered its internal control structure,
including procedures for safeguarding securities, in order
to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to
provide assurance on the internal control structure.
The management of Republic Fixed Income Fund is
responsible for establishing and maintaining an internal
control structure. In fulfilling this responsibility, estimates
and judgments by management are required to assess the
expected benefit and related costs of internal control
structure policies and procedures. Two of the objectives
of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in
accordance with management's authorization and recorded
properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
to future periods is subject to the risks that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established
by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or
operation of the specific internal control structure elements
does not reduce to a relatively low level the risk that errors
or irregularities in amounts that would be material in relation
to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal
course of performing their assigned functions. However,
we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of
October 31, 1996.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
December 23, 1996
