<PAGE>
PRESIDENT'S MESSAGE
June 1996
Dear Shareholder:
We are pleased to present you with the Republic Fixed Income Fund semi-
annual report for the six months ended April 30, 1996. In this report, we have
provided you with a letter from the Investment Manager, Republic National Bank
of New York.
We hope you find this letter 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 six months ended April
30, 1996 also follow. We look forward to servicing your financial needs and
appreciate your continued support.
Respectfully submitted,
/s/ Philip Coolidge
Philip W. Coolidge
President
<PAGE>
LETTER TO SHAREHOLDERS FROM INVESTMENT MANAGER
June 1996
DEAR SHAREHOLDER:
We are pleased to present the semi-annual report for the Republic Fixed
Income Fund (the "Fund") for the period ending April 30, 1996. For the six
month period, the Fund produced a total return of 0.89%, outpacing the -0.02%
return of the Lipper A Rated Bond Fund Index and the 0.42% return of the
Salomon Brothers Broad Bond Index. For the latest twelve months ending April
30, 1996 the Fund earned 9.56%, outperforming the 8.79% increase for the
Lipper Index and the 8.56% advance for the Salomon index. Standardized average
annual total returns as of the most recent calendar quarter are presented
below.
The fiscal year began with expectations of further easings by the Federal
Reserve to stimulate what appeared to be a softening US economy. While the Fed
did lower short-term rates by 25 basis points in December 1995 and an
additional 25 basis points in January 1996, subsequently released economic
reports were brighter than expected, reducing fears of a recession and the
prospects for further Fed easings.
Due to our view that the economy was stronger than the prevailing opinion
indicated, we maintained the portfolio's duration (a measure of interest rate
sensitivity) at slightly less than the benchmark during most of the period.
While this proved beneficial, we now find more value in the bond market as the
second half of the fiscal year begins and have begun to re-position the
portfolio to have a duration slightly greater than the benchmark. We currently
do not foresee an acceleration of inflation and feel the odds are against any
Fed action in the near term.
As of April 30, 1996 the Republic Fixed Income Portfolio, in which the
Fund invests all of its investable assets, was broadly diversified in 129
issues. The mortgage position continues to represent a significant portion of
the portfolio at 47.2%, followed by US Treasuries at 18.7%, corporate bonds at
12.6%, and foreign government bonds at 11.5%.
We thank you for your continued support.
Sincerely,
Republic National Bank
Standardized Average Annual Total Returns
One Since
As of March 31, 1996 Year Inception*
- ------------------------------ -------- --------
Republic Fixed Income Fund 11.40% 12.71%
Lipper A Rated Bond Fund Index 11.21% 13.42%
Salomon Broad Bond Index 10.87% n/a
*January 9, 1995
Lipper A Rated Bond Fund Index: an equally weighted composite composed of the
30 largest mutual funds within this investment objective.
Salomon Broad Bond Index: a market capitalization weighted index which
includes fixed rate Treasury, government sponsored, corporate and mortgage
securities. All issues mature in one year or more and have at least $50
million face amount outstanding for entry to the Index.
As with any fund, the performance data quoted represents past performance and
is no guarantee of future results.
<PAGE>
REPUBLIC FIXED INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
APRIL 30, 1996
ASSETS:
Investment in Republic Fixed Income Portfolio ("Portfolio"), at
value (Note 1) .................................................. $39,348,221
Receivable from affiliate (Note 3) ................................ 59,419
Deferred organization expense (Note 2) ............................ 42,280
-----------
Total Assets ................................................ 39,449,920
-----------
LIABILITIES:
Distributions payable from net investment income .................. 138,008
Administration fee payable (Note 3) ............................... 111
Other accrued expenses ............................................ 9,036
-----------
Total Liabilities ........................................... 147,155
-----------
NET ASSETS:
Applicable to 3,778,428 shares of beneficial interest outstanding
(par value $0.001, unlimited number of authorized shares) ....... $39,302,765
===========
REPRESENTED BY:
Paid-in capital ................................................... $39,625,691
Undistributed net investment income ............................... 37,525
Net unrealized depreciation from Portfolio ........................ (508,895)
Accumulated net realized gain from Portfolio ...................... 148,444
-----------
Net Assets .................................................. $39,302,765
===========
Net Asset Value Per Share ......................................... $10.40
======
See accompanying notes to financial statements
<PAGE>
REPUBLIC FIXED INCOME FUND
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED APRIL 30, 1996
NET INVESTMENT INCOME FROM PORTFOLIO (NOTE 2):
Interest income .................................................. $ 997,356
Allocated expenses ............................................... (108,074)
---------
Net investment income from Portfolio ......................... 889,282
EXPENSES (NOTE 3):
Registration fees ................................... $ 21,924
Transfer agent fees ................................. 17,897
Administration fees ................................. 12,500
Audit ............................................... 10,132
Reports to shareholders ............................. 9,004
Fund accounting fees ................................ 6,000
Amortization of organization expenses (Note 2) ...... 5,713
Trustee fees ........................................ 3,366
Insurance fees ...................................... 2,266
Legal ............................................... 367
Miscellaneous ....................................... 3,459
--------
Total expenses .................................... 92,628
Less: reimbursement of expenses ................... (58,646)
Less: waiver of expenses .......................... (11,176)
--------
Net expenses ................................................. 22,806
---------
NET INVESTMENT INCOME ............................................ 866,476
---------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM PORTFOLIO:
Net realized gain (loss) on:
Investments .................................................. (41,272)
Foreign currency transactions ................................ 216,291
Net unrealized depreciation from Portfolio ....................... (847,628)
---------
Net realized and unrealized loss from Portfolio .................. (672,609)
---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............. $ 193,867
=========
See accompanying notes to financial statements
<PAGE>
REPUBLIC FIXED INCOME FUND
STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD
FOR THE JANUARY 9, 1995
SIX MONTHS (COMMENCEMENT
ENDED OF OPERATIONS)
APRIL 30, 1996 TO
(UNAUDITED) OCTOBER 31, 1995
--------------- ----------------
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS:
Net investment income ..................... $ 866,476 $ 755,512
Net realized gain from Portfolio .......... 175,019 995,337
Net unrealized appreciation (depreciation)
from Portfolio .......................... (847,628) 338,733
----------- -----------
Net increase in net assets resulting from
operations .............................. 193,867 2,089,582
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ..................... (866,477) (755,512)
Net realized capital gains ................ (984,386) --
----------- -----------
Total distributions to shareholders ....... (1,850,863) (755,512)
----------- -----------
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST:
Proceeds from sales of shares ............. 14,099,008 24,295,445
Net asset value of shares issued to
shareholders from reinvestment of dividends 1,566,135 743,683
Cost of shares redeemed ................... (833,389) (245,291)
----------- -----------
Net increase in net assets resulting from
capital share transactions .............. 14,831,754 24,793,837
----------- -----------
TOTAL INCREASE IN NET ASSETS .............. 13,174,758 26,127,907
NET ASSETS:
Beginning of period ....................... 26,128,007 100
----------- -----------
End of period (including undistributed net
income of $37,525 for both periods) $39,302,765 $26,128,007
=========== ===========
OTHER INFORMATION:
Shares sold ............................... 1,326,605 2,338,505
Shares issued in reinvestment of dividends 145,746 69,311
Shares redeemed ........................... (78,556) (23,183)
----------- -----------
Net increase in shares outstanding .... 1,393,795 2,384,633
=========== ===========
See accompanying notes to financial statements
<PAGE>
REPUBLIC FIXED INCOME FUND
FINANCIAL HIGHLIGHTS
FOR THE FOR THE PERIOD
SIX MONTHS JANUARY 9, 1995
ENDED (COMMENCEMENT
APRIL 30, 1996 OF OPERATIONS) TO
(UNAUDITED) OCTOBER 31, 1995
--------- -----------------
SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD:
Net asset value, beginning of period $10.96 $10.00
------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............. 0.29 0.46
Net realized and unrealized gain
(loss) from Portfolio ........... (0.19) 0.96
------ ------
Total increase from investment
operations ...................... 0.10 1.42
------ ------
LESS DISTRIBUTIONS FROM:
Net investment income ............. (0.29) (0.46)
Net realized capital gains ........ (0.37) --
------ ------
Total distributions to shareholders (0.66) (0.46)
------ ------
Net asset value, end of period ...... $10.40 $10.96
====== ======
TOTAL RETURN ........................ 0.89%(a) 14.37%(a)
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $39,303 $26,128
Ratio of expenses to average net
assets (b) ...................... 0.83%(c) 0.91%(c)
Ratio of net investment income to
average net assets (b) .......... 5.49%(c) 5.63%(c)
- ------------------------------------------------------------------------------
(a) Not annualized.
(b) Reflects a voluntary expense limitation and waiver of fees by affiliated
parties of the Fund. If this limitation had not been in effect, the
annualized ratios of expenses and net investment income to average net
assets for the six months ended April 30, 1996 and the period January 9,
1995 (commencement of operations) to October 31, 1995 would have been:
Ratio of expenses to average net assets 1.30%(c) 1.72%(c)
Ratio of net investment income to
average net assets ............. 5.01%(c) 4.82%(c)
(c) Annualized.
See accompanying notes to financial statements
<PAGE>
REPUBLIC FIXED INCOME FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
APRIL 30, 1996
1. DESCRIPTION AND SHARES OF THE FUND. Republic Fixed Income Fund (the
"Fund") is a diversified separate series of the Republic Funds (the
"Trust"), a Massachusetts business trust organized on April 22, 1987,
which currently consists of six portfolios, each of which has different
and distinct investment objectives and policies. The Fund commenced
operations on January 9, 1995. The financial statements for the other five
portfolios are presented separately. The Declaration of Trust permits the
Trustees to create additional portfolios. The Trust is registered under
the Investment Company Act of 1940, as amended (the "Act"), as an open-
end, management investment company.
The Fund's investment objective is to seek to realize above-average
total return over a market cycle of three to five years, consistent with
reasonable risk, by investing primarily in a diversified portfolio of U.S.
Government securities, corporate bonds (including bonds rated below
investment grade and commonly referred to as "junk bonds"), foreign fixed
income securities, mortgage-backed securities of domestic issuers and
other fixed-income securities. The Fund invests all of its investable
assets in Republic Fixed Income Portfolio (the "Portfolio"). The Portfolio
is a diversified open-end management investment company which has the same
investment objective as the Fund. The value of such investment reflects
the Fund's proportionate interest (76.2% at April 30, 1996) in the net
assets of the Portfolio. The performance of the Fund is directly affected
by the performance of the Portfolio. The financial statements of the
Portfolio, including the schedule of investments, are included elsewhere
in this report and should be read in conjunction with the Fund's financial
statements.
Republic National Bank of New York ("Republic" or the "Manager") acts
as Investment Manager to the Portfolio, Miller Anderson & Sherrerd acts as
Sub-Adviser ("Sub-Adviser") to the Portfolio and Signature Broker-Dealer
Services, Inc. ("Signature") acts as Administrator of the Trust and the
Portfolio and Distributor and Sponsor ("Sponsor") of the Trust.
2. SIGNIFICANT ACCOUNTING POLICIES. The preparation of financial statements
in conformity with generally accepted accounting principals requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates. The following is a summary of
the Fund's significant accounting policies:
(A) Investment Valuation: Valuation of securities by the Portfolio is
discussed in Note 1 of the Portfolio's Notes to Financial Statements which
are included elsewhere in this report.
(B) Investment Income: All the net investment income and realized and
unrealized gain and loss of the Portfolio is allocated pro rata among the
Fund and other investors in the Portfolio each day.
(C) Dividends and Distributions: Dividends substantially equal to all
of the Fund's net investment income earned during the month are
distributed in that month to the Fund's shareholders of record.
The Fund's net realized short-term and long-term capital gains, if
any, are distributed to shareholders annually. Additional distributions
are also made to the Fund's shareholders to the extent necessary to avoid
application of the 4% non-deductible federal excise tax.
Income and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to realized
gains on foreign currency transactions. For the period ended October 31,
1995, the Fund reclassified the effects of certain differences between the
financial statement amounts and distributions determined in accordance
with income tax regulations. These differences increased undistributed net
investment income and decreased accumulated net realized gain by $37,525.
(D) Expenses: Expenses incurred by the Trust with respect to any two
or more funds in the Trust are allocated in proportion to the net assets
of each fund in the Trust, except when allocations of direct expenses to
each fund can otherwise be made fairly. Expenses directly attributable to
a fund are charged to that fund. The Fund's share of the Portfolio's
expenses are charged against and reduce the amount of the Fund's
investment in the Portfolio.
(E) Deferred Organization Expenses: The Fund incurred organization
expenses in the amount of $57,280. These costs were deferred and are being
amortized by the Fund on a straight-line basis over a five-year period
from the commencement of operations.
(F) Federal Income Taxes: The 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 Fund will be exempt
from regular federal income taxes to the extent that it distributes
substantially all of its net investment income and net realized gains to
its shareholders.
3. TRANSACTIONS WITH AFFILIATES.
(A) Administration: Pursuant to an Administrative Services Agreement,
Signature provides the Fund with general office facilities, and supervises
the overall administration of the Fund including, among other
responsibilities, the preparation and filing of all documents required for
compliance by the Fund with applicable laws and regulations and arranging
for the maintenance of books and records of the Fund. For its services to
the Fund, Signature receives from the Fund fees payable monthly equal on
an annual basis (for the Fund's then-current fiscal year) to 0.05% of the
Fund's average daily net assets up to $100 million. Signature receives no
compensation from the Fund with respect to the Fund's assets over $100
million. The administrative services fees of the Fund are subject to an
annual minimum fee of $25,000. For the six months ended April 30, 1996,
Signature's fee for these services aggregated $12,500, of which $8,551 was
waived.
(B) Fund Accounting: Pursuant to a fund accounting agreement,
Signature Financial Services, Inc. ("SFSI") serves as fund accounting
agent to the Fund. For its services to the Fund, SFSI receives from the
Fund fees payable monthly equal on an annual basis to $12,000. For the six
months ended April 30, 1996 SFSI's fee for these services aggregated
$6,000, of which $2,625 was waived.
(C) Reimbursement and Waiver of Expenses: The Manager and Sponsor
have voluntarily agreed to waive a portion of their fees, and to the
extent necessary, reimburse the Fund for additional expenses during the
six months ended April 30, 1996. Expenses of the Fund were voluntarily
limited to no more than 83% of the average daily net assets on an
annualized basis, accordingly, the Manager and Sponsor waived fees and
reimbursed expenses aggregating $69,822.
(D) Trustees' Fees and Expenses: The fees and expenses of the Trustees
amounted to $3,366, for the six months ended April 30, 1996.
4. INVESTMENT TRANSACTIONS. Additions and reductions in the Fund's
investment in the Portfolio amounted to $14,099,008 and $1,086,813,
respectively for the period.
5. PROPOSED REORGANIZATION. A special shareholder meeting has been called
for June 18, 1996 to consider and vote on a Plan of Reorganization. Under
the Plan of Reorganization all of the assets and liabilities of the Fund
will be transferred to the Republic Fixed Income Fund, (the "Successor
Fund") a new series of Republic Advisor Funds Trust, and each shareholder
of the Fund will receive, for his or her Fund shares, an equal number of
shares of the Successor Fund, (the "New Shares"). The shareholder's New
Shares will have a total net asset value equal to the total net asset
value of the shareholder's Fund shares immediately prior to the
consummation of the Reorganization. New Shares will be issued to the Fund
in consideration of the transfer to the Successor Fund of all assets and
liabilities of the Fund. Immediately thereafter, the Fund will liquidate
and distribute the New Shares to the shareholders. The new fund will be
managed according to the same investment objective, policies and
restrictions as the current fund. The proposed reorganization, intended to
be a tax-free reorganization, is described in more detail in the proxy
statement dated May 17, 1996 and mailed to shareholders on or about the
same date.
<PAGE>
REPUBLIC FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
APRIL 30, 1996
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT SECURITY DESCRIPTION VALUE
--------- -------------------- -----
CORPORATE OBLIGATIONS -- 12.6%
BANKING -- 0.3%
<S> <C> <C>
$ 49,000 Blue Bell Funding, 11.85%, due 5/1/99 ...................... $ 48,516
100,000 First National Bank of Chicago, 8.08%, due 1/15/18 ......... 101,494
-----------
150,010
-----------
BROADCASTING AND PUBLISHING -- 1.7%
205,000 Comcast Corporation, 9.375%, due 5/15/05 ................... 204,743
200,000 Continental Cablevision, 8.3%, due 5/15/06 ................. 206,250
100,000 Continental Cablevision, 9.5%, due 8/1/13 .................. 109,250
185,000 Paramount Communications, 8.25%, due 8/1/22 ................ 175,785
110,000 Rogers Cable Systems Ltd., 10.00%, due 3/15/05 ............. 112,888
70,000 Time Warner Inc., 9.15%, due 2/1/23 ........................ 72,636
-----------
881,552
-----------
CONSUMER GOODS -- 0.7%
350,000 RJR Nabisco (New), 8.75%, due 4/15/04 ...................... 347,119
-----------
ENERGY -- 0.9%
150,000 Excel Paralubes Funding, 7.43%, due 11/1/15 ................ 142,560
180,000 Mobil Energy, 8.665%, due 1/1/17 ........................... 181,474
150,000 PT Paiton Energy, 9.34%, due 2/15/14 ....................... 148,298
-----------
472,332
-----------
FINANCE -- 1.0%
150,000 DR Structured Financial, 7.43%, due 8/15/18 ................ 104,019
90,000 Firemans Fund Mortgage Corporation, 8.875%, due 10/15/01 ... 96,501
70,000 K-Mart Funding Corp, 8.8%, due 7/1/10 ...................... 60,093
225,000 News America Holdings, 10.125%, due 10/15/12 ............... 255,537
-----------
516,150
-----------
HEALTHCARE -- 0.3%
175,000 Columbia/HCA Healthcare, 7.69%, due 6/15/25 ................ 170,890
-----------
INDUSTRIAL -- 1.1%
150,000 Owens-Illinois, 11.00%, due 12/1/03 ........................ 163,875
150,000 Oxymar, 7.50%, due 2/15/16 ................................. 138,530
199,718 Scotia Pacific Holdings, 7.95%, due 7/20/15 ................ 197,200
100,000 Westpoint Stevens SR Notes, 8.75%, due 12/15/01 ............ 99,250
-----------
598,855
-----------
INSURANCE -- 3.1%
275,000 John Hancock, 7.375%, due 2/15/24 .......................... 249,972
250,000 Mass Mutual Life 144A, 7.625%, due 11/15/23 (a) ............ 240,160
250,000 Metropolitan Life 144A, 7.45%, due 11/1/23 (a) ............. 224,423
250,000 Mutual Life Insurance Company of NY, 0.00%, due 08/15/24 ... 196,175
250,000 New York Life 144A, 7.50%, due 12/15/23 (a) ................ 231,396
250,000 Principal Mutual Insurance Company, 7.875%, due 3/1/24 ..... 229,432
150,000 Prudential Insurance, 8.30%, due 7/1/25 .................... 146,912
75,000 Reliance Group Holdings, 9.00%, due 11/15/00 ............... 74,626
-----------
1,593,096
-----------
RETAIL -- 0.8%
195,000 Federated Department Stores, 8.125%, due 10/15/02 .......... 193,050
274,000 Southland Corporation, 5.00%, due 12/15/03 ................. 215,090
-----------
408,140
-----------
TECHNOLOGY -- 0.4%
195,000 Digital Equipment, 8.625%, due 11/1/12 ..................... 198,580
-----------
TELECOMMUNICATIONS -- 1.6%
155,000 360 Communications, 7.50%, due 3/1/06 ...................... 148,133
50,000 AT&T Corporation, 8.35%, due 1/15/25 ....................... 51,871
150,000 ITT Corp, 7.75%, due 11/15/25 .............................. 140,580
145,000 Lenfest Communications, 8.375%, due 11/1/05 ................ 136,993
50,000 Tele Communications Inc., 10.125%, due 4/15/22 ............. 54,768
250,000 Tele Communications Inc., 9.25%, due 1/15/23 ............... 243,317
60,000 Tele Communications Inc., 7.875%, due 2/15/26 .............. 52,106
-----------
827,768
-----------
TRANSPORTATION -- 0.7%
140,000 Continental Airlines, 9.50%, due 10/15/13 .................. 139,300
250,000 National Car Rental, 7.35%, due 10/20/03 ................... 247,723
-----------
387,023
-----------
TOTAL CORPORATE OBLIGATIONS (COST $6,686,242)............... 6,551,515
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 6.6%
150,000 American Southwest Financial, 7.40%, due 11/17/04 .......... 149,828
125,949 American Southwest Financial 1993-2, 7.30%, due 1/18/09 .... 123,668
173,392 Asset Securitization Corporation, 1995-D1, 7.59%,
due 8/11/27 .............................................. 175,473
198,740 Asset Securitization Corporation, 1995-MD4, 7.10%,
due 8/13/29 .............................................. 195,493
125,000 Beverly Finance, 94-1, 8.36%, due 7/15/04 .................. 128,314
175,000 CBM Funding Corp., 1996, 7.08%, due 2/1/13 ................. 170,550
149,689 CMS 1996-1, 7.25%, due 1/25/26 ............................. 142,269
123,989 CMSI 1995-2, 7.50%, due 4/25/25 ............................ 118,195
146,072 CWMBS 1993-C, 6.50%, due 1/25/24 ........................... 131,635
200,000 DLJMA, 6.85%, due 12/17/27 ................................. 191,582
131,441 First Boston Mortgage Security Corp., 8.625%, due 7/25/23 .. 133,070
145,717 First Boston Mortgage Security Corp., 1993-5, 7.30%,
due 7/25/23 .............................................. 135,269
199,346 General Electric Mortgage Corp., 1995-9, 7.50%, due 11/25/25 193,193
197,312 Independent National Mortgage Corp., 1994-0, 7.875%,
due 9/25/24 .............................................. 187,747
98,221 JP Morgan, 1995-C1, 7.268%, due 7/25/10 .................... 97,790
100,000 Lakewood Mall, 7.0%, due 8/13/10 ........................... 96,698
150,000 Mortgage Capital Funding Inc., 7.60%, due 5/25/27 .......... 151,188
225,000 Merrill Lynch Mortgage Investors, 7.42%, due 3/25/26 ....... 222,331
51,722 Mid-State Trust IV, 8.33%, due 4/1/30 ...................... 53,527
100,000 Residential Funding Mortgage Security, 6.97%, due 8/28/23 .. 90,216
146,140 Residential Funding Mortgage Security, 1993-S43, 6.50%, due
11/25/23 ................................................. 131,607
124,272 Residential Funding Mortgage Security, 1995-S11, 7.50%, due
9/25/25 .................................................. 120,370
174,269 Residential Funding Mortgage Security, 1995-S16, 7.50%, due
11/25/25 ................................................. 167,282
149,552 Residential Funding Mortgage Security, 1995-R20, 7.50%, due
12/25/25 ................................................. 143,610
-----------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(COST $3,560,252)......................................... 3,450,905
-----------
ASSET-BACKED OBLIGATIONS -- 1.9%
100,000 Aircraft Lease Portfolio Securitizations, 1994-1 A4, 7.80%,
due 9/15/04 .............................................. 102,130
99,493 Aircraft Lease Portfolio Securitizations, 1994-1 C, 9.35%,
due 9/15/04 .............................................. 101,632
120,000 Aircraft Lease Portfolio Securitizations, Class B, 6.475%,
due 3/15/19 .............................................. 120,000
239,020 Carousel Center Financial - C, 7.527%, due 10/15/07 ........ 236,178
100,000 Carousel Center Financial - A1, 6.828%, due 11/15/07 ....... 97,285
24,962 Jet Equipment Trust 144A, 10.91%, due 6/15/06 (a) .......... 28,207
175,000 Jet Equipment Trust, 10.00%, due 6/15/12 ................... 197,713
100,000 Jet Equipment Trust, 9.71%, due 8/15/13 .................... 103,376
-----------
TOTAL ASSET-BACKED OBLIGATIONS (COST $981,212).............. 986,521
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 37.8%
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 15.5%
126,733 11.0%, due 9/1/16 .......................................... 140,753
483,514 9.5%, due 12/1/16 .......................................... 513,885
441,000 10.0%, due 9/1/17 .......................................... 480,002
105,846 10.5%, due 11/1/18 ......................................... 116,761
1,000,000 7.5%, due 2/15/23 (b) ...................................... 989,380
700,000 7.0%, due 2/15/25 (b) ...................................... 675,717
2,000,000 7.5%, due 3/15/25 (b) ...................................... 1,978,760
225,000 7.0%, due 6/15/25 (b) ...................................... 217,195
3,050,000 7.0%, due 8/15/25 (b) ...................................... 2,944,195
-----------
8,056,648
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 12.3%
123,266 10.50%, due 12/1/16 ........................................ 136,186
135,131 10.00%, due 5/01/22 ........................................ 148,330
2,000,000 7.00%, due 10/01/23 (b) .................................... 1,928,120
500,000 7.00%, due 9/01/25 (b) ..................................... 482,030
2,850,000 7.00%, due 11/15/25 (b) .................................... 2,747,571
1,000,000 7.00%, due 12/15/25 (b) .................................... 964,060
-----------
6,406,297
-----------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 10.0%
28,407 13.5%, due 11/15/14 ........................................ 33,272
44,744 11.5%, due 2/15/16 ......................................... 50,854
2,500,000 7.0%, due 1/15/24 (b) ...................................... 2,406,250
350,000 7.0%, due 11/15/24 (b) ..................................... 336,875
525,000 7.0%, due 11/15/25 (b) ..................................... 505,312
600,000 7.5%, due 2/15/26 (b) ...................................... 592,878
1,275,000 7.5%, due 2/15/26 (b) ...................................... 1,259,866
-----------
5,185,307
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $19,826,448)........................................ 19,648,252
-----------
U.S. GOVERNMENT AGENCY COLLATERALIZED
MORTGAGE OBLIGATIONS -- 0.9%
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 0.4%
265,000 5.55%, due 11/15/23 (c) .................................... 181,870
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 0.5%
113,704 FNMA 93 205G, 0.00%, due 9/25/23 ........................... 57,762
50,270 FNMA 93 235H, 0.00%, due 9/25/23 ........................... 33,681
149,198 FNMA 93 237E, 0.00%, due 11/25/23 .......................... 96,620
30,899 FNMA 93 243C, 0.00%, due 11/25/23 .......................... 19,034
72,637 FNMA 94 25C, 0.00%, due 11/25/23 ........................... 44,294
-----------
251,391
-----------
TOTAL U.S. GOVERNMENT AGENCY
COLLATERALIZED MORTGAGE OBLIGATIONS
(COST $436,115)........................................... 433,261
-----------
U.S. TREASURY OBLIGATIONS -- 18.7%
5,050,000 US Treasury Note, 7.00%, due 4/15/99 ....................... 5,152,571
5,300,000 US Treasury Strip, 0.00%, due 2/15/19 ...................... 1,031,905
2,825,000 US Treasury Strip, 0.00%, due 8/15/20 ...................... 493,864
2,550,000 US Treasury Bond, 8.75%, due 8/15/20 ....................... 3,032,905
-----------
TOTAL U.S. TREASURY OBLIGATIONS (COST $10,043,533) ......... 9,711,245
-----------
YANKEE BONDS -- 1.6%
505,000 Argentina, 5.25%, due 3/31/23 .............................. 275,225
260,000 Brazil, Par Z-l, 4.25%, due 4/15/24 ........................ 136,500
250,000 Mexico, Par Bond Series A, 6.25%, due 12/31/19 ............. 165,313
236,153 YPF Sociedad Anonima, 7.5%, due 10/26/02 ................... 237,628
-----------
TOTAL YANKEE BONDS (COST $761,449).......................... 814,666
-----------
FOREIGN GOVERNMENT OBLIGATIONS -- 11.5%
CAD 950,000 Canada, 8.50%, due 4/01/02 ................................. 737,048
DKK 4,275,000 Denmark, 8.0%, due 3/15/06 ................................. 761,441
NLG 1,475,000 Netherlands, 5.75%, due 1/15/04 ............................ 847,038
DEM 2,850,000 Treuhandanstalt, 7.125%, due 1/29/03 ....................... 1,984,889
DEM 1,975,000 Treuhandanstalt, 7.50%, due 9/9/04 ......................... 1,392,252
GBP 170,000 United Kingdom, 9.125%, due 2/21/01 ........................ 234,770
-----------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(COST $6,208,223) ........................................ 5,957,438
-----------
SHORT-TERM OBLIGATIONS -- 1.3%
$ 150,000 Caterpillar Financial, 5.5125%, due 6/20/97 ................ 150,015
175,000 Dean Witter Discover, 5.618%, due 3/6/97 ................... 175,130
175,000 Marshall & Ilsley, 5.50%, due 5/26/97 (c) .................. 175,232
175,000 Wells Fargo & Company, 5.4375%, due 8/16/96 (c) ............ 175,127
-----------
TOTAL SHORT-TERM OBLIGATIONS (COST $674,813) ............... 675,504
-----------
REPURCHASE AGREEMENTS 42.8%
22,202,233 Salomon Brothers, 4.81%, dated 4/30/96, due 5/01/96,
proceeds $22,205,200 (collateralized by $3,273,918 U.S.
Treasury Note, 11.25%, due 02/15/15, valued at $4,784,435
and $16,643,909 U.S. Treasury Note, 7.875%, due 11/15/04,
valued at $18,513,517) (Cost $22,202,233) ................ 22,202,233
-----------
TOTAL INVESTMENTS -- 135.7%
(Identified cost $71,380,520)(d) ............................................ 70,431,540
LIABILITIES LESS OTHER ASSETS -- (35.7%) ...................................... (18,522,524)
-----------
TOTAL NET ASSETS -- 100.0% .................................................... $51,909,016
===========
<FN>
- ----------
(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 4/30/96.
(d) For Federal income tax purposes, the cost of securities owned at April 30,
1996 was substantially the same as the cost of securities for financial
statement purposes.
</TABLE>
<PAGE>
REPUBLIC FIXED INCOME PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
APRIL 30, 1996
ASSETS:
Investment at value (cost $49,178,287) .......................... $48,229,307
Repurchase agreements (cost $22,202,233) ........................ 22,202,233
Interest receivable ............................................. 411,156
Receivable for investments sold ................................. 9,075
Variation Margin receivable on Futures Contracts ................ 4,645
Net unrealized appreciation of Forward Foreign Currency Contracts 102,477
Unamortized organization expenses ............................... 50,219
-----------
Total Assets .............................................. 71,009,112
-----------
LIABILITIES:
Payable for investments purchased ............................... 19,045,941
Sub-advisory fee payable (Note 2) ............................... 15,840
Administration fee payable (Note 2) ............................. 2,112
Accrued expenses and other liabilities .......................... 36,203
-----------
Total Liabilities ......................................... 19,100,096
-----------
NET ASSETS:
Applicable to investors' beneficial interest .................... $51,909,016
===========
See accompanying notes to financial statements
<PAGE>
REPUBLIC FIXED INCOME PORTFOLIO
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED APRIL 30, 1996
INVESTMENT INCOME (NOTE 1):
Interest income ................................................. $1,303,405
EXPENSES (NOTE 2):
Sub-advisory fees ................................. $ 77,821
Fund accounting fees .............................. 20,000
Custody fees ...................................... 12,149
Audit fees ........................................ 11,119
Administration fees ............................... 10,376
Amortization of organization expenses ............. 6,865
Trustees' fees and expenses ....................... 3,767
Insurance expense ................................. 2,266
Legal fees ........................................ 650
Reports to shareholders ........................... 371
Other expenses .................................... 1,426
---------
Total expenses .................................. 146,810
Less: reimbursement of expenses ................. (5,000)
---------
Net expenses ................................................ 141,810
----------
NET INVESTMENT INCOME ........................................... 1,161,595
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments ................................................. (69,783)
Foreign currency transactions ............................... 292,539
Net unrealized depreciation of investments ...................... (1,361,688)
Net unrealized appreciation of futures contracts ................ 4,645
Net unrealized appreciation of foreign currency contracts and
translations .................................................. 160,179
----------
Net realized and unrealized loss on investments and foreign
currency transactions ......................................... (974,108)
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............ $ 187,487
==========
See accompanying notes to financial statements
<PAGE>
REPUBLIC FIXED INCOME PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
FOR THE FOR THE PERIOD
SIX MONTHS JANUARY 9, 1995
ENDED (COMMENCEMENT
APRIL 30, 1996 OF OPERATIONS)TO
(UNAUDITED) OCTOBER 31, 1995
--------------- ----------------
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS:
Net investment income ..................... $ 1,161,595 $ 869,764
Net realized gain from investment and
foreign currency transactions ............. 222,756 1,056,225
Net unrealized appreciation (depreciation)
of investments and foreign currency
translations ............................ (1,196,864) 349,074
----------- -----------
Net increase in net assets resulting from
operations .............................. 187,487 2,275,063
----------- -----------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST:
Additions ................................. 22,876,853 28,059,930
Reductions ................................ (1,177,851) (362,566)
----------- -----------
Net increase in net assets from transactions
in investors' beneficial interest ....... 21,699,002 27,697,364
----------- -----------
NET INCREASE IN NET ASSETS ................ 21,886,489 29,972,427
NET ASSETS:
Beginning of period ....................... 30,022,527 50,100
----------- -----------
End of period ............................. $51,909,016 $30,022,527
=========== ===========
- ------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR THE FOR THE PERIOD
SIX MONTHS JANUARY 9, 1995
ENDED (COMMENCEMENT
APRIL 30, 1996 OF OPERATIONS) TO
(UNAUDITED) OCTOBER 31, 1995
--------------- ----------------
RATIOS AND SUPPLEMENTAL DATA:
Net Assets at end of Period (in thousands) $51,909 $30,023
Ratios:
Expenses to average net assets(a) ....... 0.68%(b) 0.46%(b)
Net investment income to average net
assets(a) ............................. 5.60%(b) 6.04%(b)
Portfolio turnover ...................... 2.17%(c) 100%(c)
(a) Reflects a voluntary expense limitation and waiver of fees by affiliated
parties of the Portfolio. If this limitation and waiver had not been in
effect, the annualized ratios of net investment income and expenses to
average net assets for the six months ended April 30, 1996 and the period
January 9, 1995 (commencement of operations) to October 1995 would have
been:
Expenses to average net assets ....... 0.71%(b) 1.00%(b)
Net investment income to average net
assets ............................ 5.57%(b) 5.51%(b)
(b) Annualized.
(c) Not Annualized.
See accompanying notes to financial statements
<PAGE>
REPUBLIC FIXED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
APRIL 30, 1996
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. The Fixed Income
Portfolio (the "Portfolio") is a diversified separate series of Republic
Portfolios, which is registered under the Investment Company Act of 1940,
as amended (the "Act"), as a no-load, open-end management investment
company. The Portfolio is a series of the Republic Portfolios (the
"Portfolio Trust") which was organized as a master trust fund under the
laws of the State of New York on November 21, 1994. The Portfolio was
initially capitalized with an investment of $50,000 from Republic Fixed
Income Fund Ltd., a Cayman Islands exempted company, and $100 from
Republic Fixed Income Fund. The Portfolio commenced operations on January
9, 1995. The Declaration of Trust permits the Trustees to issue an
unlimited number of beneficial interests in the Portfolio.
The preparation of financial statements in conformity with generally
accepted accounting principals requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
The following is a summary of the significant accounting policies of
the Portfolio:
(A) Investment Security Valuations: The net asset value of the
Portfolio is determined on each day on which the New York Stock Exchange
is open for trading. 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.
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. 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.
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.
(B) Foreign Currency Translation: The accounting records of the
Portfolio 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 Portfolio
does not isolate that portion of the results of operations resulting from
changes in foreign exchange rates on investments from the 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.
(C) Forward Foreign Currency Exchange Contracts: The Portfolio 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
Portfolio 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. At April 30, 1996, the
Portfolio had open forward currency contracts as follows:
<TABLE>
<CAPTION>
SUMMARY OF OPEN FORWARD FOREIGN CURRENCY CONTRACTS
AT APRIL 30, 1996
-----------------------------------------------------------------------------------------------------------------
PRINCIPAL
VALUE U.S. DOLLAR NET UNREALIZED
LOCAL EXPIRATION VALUE AT APPRECIATION/
CONTRACTS TO BUY CURRENCY DATE PROCEEDS 4/30/96 (DEPRECIATION)
---------------- -------- ---------- -------- ------- --------------
<S> <C> <C> <C> <C> <C>
Canadian Dollar 685,000 6/14/96 $ 504,611 $ 503,422 $ (1,189)
French Franc 2,800,000 6/04/96 553,313 541,923 (11,390)
--------
(12,579)
--------
CONTRACTS TO SELL
-----------------
Canadian Dollar 1,605,000 6/14/96 1,172,043 1,179,555 (7,512)
Deutsche Mark 2,705,000 5/06/96 1,830,179 1,766,226 63,953
Deutsche Mark 1,095,000 7/19/96 730,731 718,323 12,408
Deutsche Mark 1,870,000 7/24/96 1,240,530 1,227,153 13,377
Danish Krone 655,000 7/11/96 113,715 111,279 2,436
Danish Krone 3,980,000 7/19/96 685,015 676,449 8,566
French Franc 2,800,000 6/04/96 556,406 541,923 14,483
Netherlands Guilder 1,455,000 7/25/96 861,967 854,622 7,345
--------
115,056
--------
Net unrealized appreciation on forward foreign currency contracts ................. $102,477
========
</TABLE>
(D) 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
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 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 Portfolio as unrealized gains or losses. When the
contract is closed, the 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 Portfolio invests in
futures contracts solely for the purpose of hedging its existing portfolio
securities, or securities the 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
counterparties to meet the terms of their contracts. At April 30, 1996 the
Portfolio had open financial futures contracts as follows:
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF OPEN FINANCIAL FUTURES CONTRACTS
APRIL 30, 1996
NUMBER PRINCIPAL UNREALIZED
OF AMOUNT APPRECIATION
CONTRACTS OF CONTRACTS EXPIRATION AT 4/30/96
--------- ------------ ---------- ------------
SHORT:
<S> <C> <C> <C> <C>
Five-Year U.S. Treasury .............. 18 1,800,000 6/28/96 $4,645
======
</TABLE>
(E) When-Issued Security Transactions: The Portfolio may purchase or
sell securities on a when-issued or forward commitment basis. Payment and
delivery may take place a month or more after the date of the transaction.
The price of the underlying securities and the date when the securities
will be delivered and paid for are fixed at the time the transaction is
negotiated. The Portfolio may receive compensation for interest forgone in
a delayed delivery transaction. The custodian identifies these securities
as segregated assets in its records with a value at least equal to the
amount of the purchase commitment.
(F) Income: Securities transactions are recorded on a trade date
basis. Interest income is recorded on an accrual basis. Realized gains and
losses are determined on the basis of specific indentification.
(G) Expenses: 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.
(H) Taxes: There is, at present, no direct taxation in the Cayman
Islands, and therefore, interest and capital gains derived by the
Portfolio are not subject to taxes in that jurisdiction.
2. TRANSACTIONS WITH AFFILIATES.
(A) Investment Management: Republic National Bank of New York
("Republic" or the "Manager") is the investment manager to the Portfolio
pursuant to an investment management agreement with the Portfolio Trust.
For its services, the investment manager receives no compensation from the
Portfolio.
(B) Sub-Advisory: Miller Anderson & Sherrerd (the "Sub-Advisor")
continuously manages the investment portfolio of the Portfolio pursuant to a
Sub-Advisory Agreement with the Manager. For its services, the sub-Adviser
is paid a fee by the Portfolio, computed daily and based on the Portfolio's
average daily net assets, equal to 0.375% of net assets up to $50 million,
0.25% of the net assets over $50 million up to $95 million, $300,000 when
net assets are over $95 million and less than $150 million, 0.20% of net
assets over $150 million up to $250 million, and 0.15% of net assets over
$250 million. It is the responsibility of the Sub-Adviser not only to make
investment decisions for the Portfolio, but also to place purchase and sale
orders for the portfolio transactions of the Portfolio. For the six months
ended April 30, 1996, Miller Anderson & Sherrerd's fees for these services
aggregated $77,821.
(C) Administration: Pursuant to an Administrative Services Agreement,
Signature Financial Group (Cayman) Ltd. ("Signature (Cayman)") provides
the Portfolio with general office facilities, and supervises the overall
administration of the Portfolio including, among other responsibilities,
the preparation and filing of all documents required for compliance by the
Portfolio with applicable laws and regulations and arranging for the
maintenance of books and records of the Portfolio. For its services to the
Portfolio, Signature (Cayman) receives from the Portfolio fees payable
monthly equal on an annual basis (for the Portfolio's then-current fiscal
year) to 0.05% of the Portfolio's average daily net assets. For the six
months ended April 30, 1996, Signature (Cayman)'s fee for these services
aggregated $10,376.
(D) Fund Accounting: Pursuant to a fund accounting agrement,
Signature Financial Services, Inc. ("SFSI") serves as fund accounting
agent to the Portfolio. For its services to the Portfolio, SFSI receives
fees payable monthly equal on an annual basis to $40,000. For the six
months ended April 30, 1996, SFSI's fee for these services aggregated
$20,000, of which $5,000 was waived.
(E) Trustees' Fees and Expenses: The fees and expenses of the
Trustees amounted to $3,767 for the six months ended April 30, 1996.
3. INVESTMENT TRANSACTIONS. Investment transactions (excluding short-term
investments) for the six months ended April 30, 1996 were as follows:
COST OF PROCEEDS
PURCHASES FROM SALES
--------- ----------
US Government and Agency Obligations ....... $ 87,603,675 $68,832,039
Corporate and Collateralized Obligations ... 12,429,781 5,830,930
------------ -----------
$100,033,456 $74,662,969
------------ -----------
<PAGE>
REPUBLIC FUNDS
- ---------------
- ----------
REPUBLIC
FIXED INCOME
FUND
INVESTMENT MANAGER
REPUBLIC NATIONAL BANK OF NEW YORK
452 FIFTH AVENUE
NEW YORK, NY 10018
SUB-ADVISER
MILLER, ANDERSON & SHERRERD, LLP
ONE TOWER BRIDGE
WEST CONSHOHOCKEN, PA 19428-2899
ADMINISTRATOR, DISTRIBUTOR, AND SPONSOR
SIGNATURE BROKER-DEALER SERVICES, INC.
6 ST. JAMES AVENUE
BOSTON, MA 02116
CUSTODIAN AND TRANSFER AGENT
INVESTORS BANK & TRUST COMPANY
89 SOUTH STREET
BOSTON, MA 02116
REPUBLIC FUNDS
- --------------
REPUBLIC
FIXED INCOME
FUND
SEMI-ANNUAL REPORT
APRIL 30, 1996
