THE REPUBLIC FUNDS
Republic Overseas Equity Fund
Supplement dated October 1, 1996
to Prospectus dated August 1, 1996
Effective October 1, 1996, BISYS Fund Services serves as Administrator,
Distributor and Sponsor for the Trust on substantially the same terms as
Signature Broker-Dealer Services Inc.
In addition, the Trust has changed the telephone number for shareholder
services to (888) 525-5757. Shareholders should continue to direct mail to the
address(es) referenced in their Fund's Prospectus.
The following information is added to the Prospectus immediately
following the first paragraph of the section titled "PERFORMANCE INFORMATION":
The following table sets forth the average annual total returns of all
relevant institutional private accounts and collective investment
vehicles managed by the Sub-Adviser with general investment objectives
and policies substantially similar to the Fund and the Portfolio and
which have been managed as the Portfolio has been, and is expected to
be, managed.
The composite data is provided to illustrate the past performance of
the Sub-Adviser in managing substantially similar accounts as measured
against the specified market index and does not represent the
performance of the Fund or the Portfolio. While the Fund was not
operational before August 1, 1996 and has no performance history to
compare to the Sub-Adviser composite or the specified index, the
Portfolio has been operational since January 9, 1995. Accordingly, a
Fund composite reflecting the Portfolio's performance, adjusted to
assume that all charges, expenses and fees of the Fund currently in
effect were deducted during the relevant time periods, is also provided
below. Investors should not consider this composite performance data as
an indication of future performance of the Fund, the Portfolio or the
Sub-Adviser.
The institutional private accounts and collective investment vehicles
that are included in the Sub-Adviser's composite are not subject to the
diversification requirements, specific tax restrictions and investment
limitations imposed on the Fund and the Portfolio by the Investment
Company Act of 1940 or Subchapter M of the Internal Revenue Code.
Consequently, the performance results of the Sub-Adviser's composite
could have been adversely affected if the institutional private
accounts and collective investment vehicles included in the composite
had been regulated as investment companies under the federal securities
laws.
The Sub-Adviser's composite returns (which reflect the reinvestment of
all dividends) for each period are based upon the Sub-Adviser's
historical results, but have been adjusted by assuming that all
charges, expenses and fees of the Fund and the Portfolio which are
currently in effect (as measured by the current expense ratios of the
Fund and the Portfolio) were deducted during such periods, and are
calculated in accordance with
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Securities and Exchange Commission guidelines. The investment results
of the Sub- Adviser's composite presented below are unaudited and are
not intended to predict or suggest the returns that might be
experienced by the Fund or an individual investing in the Fund.
Annualized Returns
Sub-Adviser MSCI EAFE
Composite Index(2) Fund Composite
1 Year(1).................. 16.21% 13.62% 16.75%
Since Portfolio Inception
(1/9/95)................... N/A 12.59% 13.45%
5 Years(1)................. 12.24% 10.33% N/A
10 Years(1)................ 11.52% 10.57% N/A
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(1) Through June 30, 1996.
(2) The Morgan Stanley Capital International (MSCI) EAFE Index includes
1112 companies in twenty countries representing the stock markets of
Europe, Australia, New Zealand and the Far East. The combined market
capitalization of these companies represents approximately 60% of the
aggregate market value of the stock exchanges. The MSCI EAFE Index is
capitalization weighted in U.S. dollars and includes dividends.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
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THE REPUBLIC FUNDS
Republic Bond Fund
Supplement dated October 1, 1996
to Prospectus dated August 1, 1996
Effective October 1, 1996, BISYS Fund Services serves as Administrator,
Distributor and Sponsor for the Trust on substantially the same terms as
Signature Broker-Dealer Services Inc.
In addition, the Trust has changed the telephone number for shareholder
services to (888) 525-5757. Shareholders should continue to direct mail to the
address(es) referenced in their Fund's Prospectus.
The following information is added to the Prospectus immediately
following the first paragraph of the section titled "PERFORMANCE INFORMATION":
The following table sets forth the average annual total returns of all
institutional separate accounts managed by the Sub-Adviser with
investment objectives, policies and restrictions substantially similar
to the Fund and the Portfolio and which have been managed as the
Portfolio has been, and is expected to be, managed.
The composite data is provided to illustrate the past performance of
the Sub-Adviser in managing substantially similar accounts as measured
against the specified market index and does not represent the
performance of the Fund or the Portfolio. While the Fund was not
operational before August 1, 1996 and has no performance history to
compare to the Sub-Adviser composite or the specified index, the
Portfolio has been operational since January 9, 1995. Accordingly, a
Fund composite reflecting the Portfolio's performance, adjusted to
assume that all charges, expenses and fees of the Fund currently in
effect were deducted during the relevant time periods, is also provided
below. Investors should not consider this composite performance data as
an indication of future performance of the Fund, the Portfolio or the
Sub-Adviser.
The institutional separate accounts that are included in the
Sub-Adviser's composite are not subject to the diversification
requirements, specific tax restrictions and investment limitations
imposed on the Fund and the Portfolio by the Investment Company Act of
1940 or Subchapter M of the Internal Revenue Code. Consequently, the
performance results of the Sub-Adviser's composite could have been
adversely affected if the institutional separate accounts included in
the composite had been regulated as investment companies under the
federal securities laws.
Returns for each period assume reinvestment of all net investment
income, are adjusted to assume that all charges, expenses and fees of
the Fund and the Portfolio which are currently in effect (as measured
by the current expense ratios of the Fund and the Portfolio) were
deducted during such periods, and are calculated in accordance with
Securities and Exchange Commission guidelines. The investment results
of the Sub- Adviser's composite presented below are unaudited and are
not intended to predict or suggest the returns that might be
experienced by the Fund or an individual investing in the Fund.
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Annualized Returns
Sub-Adviser Salomon BIG
Composite Index(2) Fund Composite
1 Year(1)................... 7.62% 4.98% 5.56%
Since Portfolio Inception
1/9/95....................... N/A 11.21% 10.66%
5 Years(1).................. 9.29% 8.34% N/A
10 Years(1)................. 8.72% 8.61% N/A
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(1) Through June 30, 1996.
(2) The Salomon Broad Investment Grade Bond Index is a
market-capitalization-based total return index containing U.S. fixed
rate issues having a maturity of greater than one year and at least $25
million outstanding. The Salomon BIG Index includes Treasury,
Government-sponsored, mortgage-backed, and investment grade corporate
issues.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
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