NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2000
(UNAUDITED)
6. 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. 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.
The New York Tax-Free Bond Fund had the following concentrations by municipal funding source at April 30,
2000 (as a percentage of total investments):
56
Airport..................................................... 3.00%
Development................................................. 3.96%
Facilities.................................................. 5.96%
General Obligation.......................................... 16.65%
Higher Education............................................ 17.86%
Medical..................................................... 11.32%
Multifamily Housing......................................... 4.31%
Nursing Homes............................................... 1.51%
Pollution Control........................................... 3.39%
Power....................................................... 4.42%
Single Family Housing....................................... 7.66%
Transportation.............................................. 17.42%
Utilities................................................... 2.54%
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100.00%
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REPUBLIC PORTFOLIO TRUST SCHEDULE OF PORTFOLIO INVESTMENTS
REPUBLIC FIXED INCOME PORTFOLIO APRIL 30, 2000 (UNAUDITED)
CORPORATE OBLIGATIONS - 28.9%