NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 1996
1. ORGANIZATION. Republic Fixed Income Fund (the "Fund") is a diversified separate series of the Republic
Advisor Funds Trust (the "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 Fund is
the successor to Republic Fixed Income Fund (the "Predecessor Fund"), a series of Republic Funds which
commenced operations on January 9, 1995. The Fund assumed all of the assets and liabilities of the Predecessor
Fund in a reorganization effective July 31, 1996. The financial statements for the other two funds are presented
separately. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as a no-
load open-end management investment company.
The Fund's investment objective is 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 (66.14% at October 31, 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 In